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Credit Facilities and Long-term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Outstanding Balances on Credit Facilities and Long-term Debt |
|  | December 31,
($ in millions) |  | 2023 |  | 2022
Floor plan notes payable: non-trade |  | $ | 2,288.5 |  |  | $ | 1,489.4 |
Floor plan notes payable |  | 1,347.0 |  |  | 627.2 |
Total floor plan debt |  | $ | 3,635.5 |  |  | $ | 2,116.6 |
Below is a summary of our outstanding balances on credit facilities and long-term debt:
|  |  |  | December 31,
($ in millions) |  | Maturity Dates |  | 2023 |  | 2022
Long-term debt: |  |  |  |  |  |
Used and service loaner vehicle inventory financing commitments |  | Various dates through Apr 2026 |  | $ | 902.8 |  |  | $ | 877.2 |
Revolving lines of credit |  | Various dates through Apr 2026 |  | 1,620.7 |  |  | 927.6 |
Warehouse facilities |  | Various dates through Jul 2026 |  | 587.0 |  |  | 930.0 |
Non-recourse notes payable |  | Various dates through Apr 2031 |  | 1,705.6 |  |  | 422.2 |
4.625% Senior notes due 2027 |  | Dec 2027 |  | 400.0 |  |  | 400.0 |
4.375% Senior notes due 2031 |  | Jan 2031 |  | 550.0 |  |  | 550.0 |
3.875% Senior notes due 2029 |  | Jun 2029 |  | 800.0 |  |  | 800.0 |
Real estate mortgages, finance lease obligations, and other debt |  | Various dates through Dec 2050 |  | 730.7 |  |  | 653.1 |
Total long-term debt |  |  |  | 7,296.8 |  |  | 5,560.1 |
Less: unamortized debt issuance costs |  |  |  | (31.8) |  |  | (29.1) |
Less: current maturities (net of current debt issuance costs) |  |  |  | (109.6) |  |  | (20.5) |
Long-term debt, net |  |  |  | $ | 7,155.4 |  |  | $ | 5,510.5 |
Schedule of Line of Credit Facilities | The annual interest rates associated with our floor plan commitments are as follows:
Commitment | Annual Interest Rate at December 31, 2023
New vehicle floor plan | 6.58%
Used vehicle floor plan | 6.88%
Service loaner floor plan | 6.68%
Revolving line of credit | 6.48%
Commitment | Annual Interest Rate at December 31, 2023
Wholesale flooring facility | 6.46%
Used vehicle flooring facility | 6.71%
Daily rental facility | 6.66%
Wholesale leasing facility | 6.76%
Working capital revolving facility | 6.71%
Schedule of Long-term Debt Instruments | In 2023, we issued $1.9 billion in non-recourse notes payable related to quarterly asset-backed term funding transactions. Below is a summary of outstanding non-recourse notes payable issued:
($ in millions) | Balance as of December 31, 2023 | Initial Principal Amount | Issuance Date | Interest Rate Range | Final Distribution Date
LAD Auto Receivables Trust 2021-1 Class A-D | $ | 97.4 |  | $ | 344.4 |  | 11/24/21 | 1.30% to 3.99% | Various dates through Nov 2029
LAD Auto Receivables Trust 2022-1 Class A-C | 150.6 |  | 298.1 |  | 08/17/22 | 5.21% to 6.85% | Various dates through Apr 2030
LAD Auto Receivables Trust 2023-1 Class A-D | 315.0 |  | 479.7 |  | 02/14/23 | 5.48% to 7.30% | Various dates through Jun 2030
LAD Auto Receivables Trust 2023-2 Class A-D | 402.1 |  | 556.7 |  | 05/24/23 | 5.42% to 6.30% | Various dates through Feb 2031
LAD Auto Receivables Trust 2023-3 Class A-D | 349.4 |  | 415.4 |  | 08/23/23 | 5.95% to 6.92% | Various dates through Dec 2030
LAD Auto Receivables Trust 2023-4 Class A-D | 391.1 |  | 421.2 |  | 11/15/23 | 5.71% to 7.37% | Various dates through Apr 2031
Total non-recourse notes payable | $ | 1,705.6 |  | $ | 2,515.5 |  |  |  |
Below is a summary of outstanding senior notes issued:
($ in millions) | Principal Amount | Earliest Redemption Date | % Currently Redeemable | Current Redemption Price | Maturity Date | Interest Payment Dates
4.625% Senior notes due 2027 | $400.0 | 12/15/22 | 100% | 102.313% | 12/15/27 | Jun 15, Dec 15
3.875% Senior notes due 2029 | 800.0 | 06/01/24 | 40% | 103.875% | 06/01/29 | Jun 1, Dec 1
4.375% Senior notes due 2031 | 550.0 | 10/15/25 | 40% | 104.375% | 01/15/31 | Jan 15, Jul 15
Total senior notes | $1,750.0 |  |  |  |  |
Schedule of Maturities of Long-term Debt | The schedule of future principal payments associated with real estate mortgages, finance lease liabilities, our senior notes and other debt as of December 31, 2023 was as follows:
Year Ending December 31, |  | ($ in millions)
2024 |  | $ | 82.3 |
2025 |  | 75.4 |
2026 |  | 51.0 |
2027 |  | 476.2 |
2028 |  | 109.6 |
Thereafter |  | 1,686.3 |
Total principal payments |  | $ | 2,480.8 |

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