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Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of carrying value and fair value of the Company’s fixed rate long-term debt

The carrying value and fair value of the Company’s fixed rate long-term debt were as follows at the dates indicated (in thousands):

		June 30, 2019								December 31, 2018
		Carrying Value				Fair Value				Carrying Value				Fair Value
5.00% Senior Notes		$	544,591			$	556,930			$	543,730			$	521,626
5.25% Senior Notes		297,035				307,518				296,735				286,500
Real estate related		71,933				72,477				79,537				76,156
Total		$	913,559			$	936,925			$	920,002			$	884,282

Asset and liabilities recorded at fair value

Assets and liabilities associated with interest rate derivative instruments, within Level 2 of the hierarchy framework, as reflected in the accompanying balance sheets were as follows (in thousands):

		June 30, 2019				December 31, 2018
Assets from interest rate risk management activities
Prepaid expenses and other current assets		$	—			$	444
Other assets		1,006				13,132
Total		$	1,006			$	13,576
Liabilities from interest rate risk management activities
Accrued expenses and other current liabilities		$	748			$	115
Other liabilities		7,294				1,696
Total		$	8,042			$	1,811

Impact of interest rate derivative instruments

The following tables present the impact of the Company’s interest rate derivative instruments (in thousands):

		Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss)
		Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationship		2019				2018
Interest rate derivative instruments		$	(13,691	)		$	11,305
		Amount of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
Location of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations		Six Months Ended June 30,
		2019				2018
Floorplan interest expense, net		$	618			$	(2,999	)
Other interest expense, net		$	239			$	(390	)

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

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