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Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 millions):

		September 30, 2019								December 31, 2018
		Carrying Value(1)				Fair Value				Carrying Value(1)				Fair Value
5.00% Senior Notes		$	546.1			$	558.6			$	545.0			$	521.6
5.25% Senior Notes		297.9				309.1				297.5				286.5
Real estate related		44.8				45.2				79.7				76.2
Total		$	888.8			$	912.9			$	922.2			$	884.3

(1)Carrying value excludes unamortized debt issuance costs

Asset and liabilities recorded at fair value

Assets and liabilities associated with the Company’s interest rate swaps, within Level 2 of the hierarchy framework, as reflected in the accompanying balance sheets were as follows (in millions):

		September 30, 2019				December 31, 2018
Assets from interest rate risk management activities:
Prepaid expenses and other current assets		$	—			$	0.4
Other assets		0.3				13.1
Total		$	0.3			$	13.5
Liabilities from interest rate risk management activities:
Accrued expenses and other current liabilities		$	0.5			$	0.1
Other liabilities		13.9				1.7
Total		$	14.4			$	1.8

Impact of interest rate derivative instruments

The following tables present the impact of the Company’s interest rate swaps (in millions):

		Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss)
		Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationship		2019				2018
Interest rate swaps		$	(19.2	)		$	14.0
		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		Nine Months Ended September 30,
		2019				2018
Floorplan interest expense, net		$	0.4			$	(4.0	)
Other interest expense, net		$	0.3			$	(0.5	)

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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