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Debt | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
DEBT | DEBT Long-term debt, net of current maturities consisted of the following (in millions):
|  | December 31,
|  | 2019 |  | 2018
5.00% Senior Notes aggregate principal (1) |  | $ | 550.0 |  |  | $ | 550.0 |
5.25% Senior Notes aggregate principal (1) |  | 300.0 |  |  | 300.0 |
Acquisition Line |  | 72.5 |  |  | 31.8 |
Real estate related |  | 453.3 |  |  | 420.8 |
Finance leases (2) |  | 83.0 |  |  | 48.6 |
Other |  | 42.8 |  |  | 33.6 |
Total debt |  | 1,501.7 |  |  | 1,384.8 |
Less: unamortized discount on 5.00% notes & 5.25% notes |  | (5.6 | ) |  | (7.4 | )
Less: unamortized debt issuance costs |  | (4.8 | ) |  | (2.9 | )
Less: current maturities of long-term debt and short-term financing |  | (59.1 | ) |  | (93.0 | )
Long-term debt, net of current maturities |  | $ | 1,432.1 |  |  | $ | 1,281.5 |
(1) See Note 6 “Financial Instruments and Fair Value Measurements” for further discussion of the fair value. (2) Balances as of December 31, 2018 were unchanged under the optional transition method applied as part of the implementation of Topic 842. See Note 1 “Business and Summary of Significant Accounting Policies” and Note 10 “Leases” for further information. The aggregate annual maturities of long-term debt for the next five years, excluding unamortized discount and debt issuance costs, are as follows (in millions):
|  | Total
Years Ended December 31, |  |
2020 |  | $ | 58.2 |
2021 |  | 75.1 |
2022 |  | 598.7 |
2023 |  | 374.5 |
2024 |  | 152.8 |
Thereafter |  | 242.4 |
Total |  | $ | 1,501.7 |
Senior Notes The Company has the following Senior Notes issued as of December 31, 2019 (amount in millions):
Description |  | Principal Amount |  | Maturity Date |  | Interest Payment Date
5.00% Senior Notes |  | $550.0 |  | June 1, 2022 |  | June 1, December 1
5.25% Senior Notes |  | $300.0 |  | December 15, 2023 |  | June 15, December 15
The Company, at its option, may redeem some or all of the Senior Notes at the redemption prices (expressed as percentages of principal amount of the notes) set forth below, plus accrued and unpaid interest. 5.00% Senior Notes
Redemption Period |  | Redemption Price
June 1, 2019 - May 31, 2020 |  | 101.250%
June 1, 2020 and thereafter |  | 100.000%
5.25% Senior Notes
Redemption Period |  | Redemption Price
December 15, 2019 - December 14, 2020 |  | 102.625%
December 15, 2020 - December 14, 2021 |  | 101.313%
December 15, 2021 and thereafter |  | 100.000%
The Company may be required to purchase the Senior Notes if it sells certain assets or triggers the change in control provisions defined in the senior notes indenture. The notes are senior unsecured obligations and rank equal in right of payment to all of the Company’s existing and future senior unsecured debt and senior in right of payment to all of its future subordinated debt. The Senior Notes are guaranteed by substantially all of the Company’s U.S. subsidiaries. The U.S. subsidiary guarantees rank equally in the right of payment to all of the Company’s U.S. subsidiary guarantor’s existing and future subordinated debt. The 5.00% Senior Notes were registered with the SEC in June 2015, which require the disclosure of condensed consolidated financial information as required by Rule 3-10 of Regulation S-X. See Note 20 “Condensed Consolidated Financial Information.” Acquisition Line The proceeds of the Acquisition Line are used for working capital, general corporate and acquisition purposes. As of December 31, 2019, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as described in Note 12 “Floorplan Notes Payable”), totaled $72.5 million. The interest rate on this facility was 1.95% as of December 31, 2019, representing the applicable rate for borrowings in GBP. Real Estate Related The Company has mortgage loans in the U.S., U.K. and Brazil that are paid in monthly installments. As of December 31, 2019, borrowings outstanding under these facilities totaled $453.3 million, gross of debt issuance costs, comprised of $361.5 million in the U.S., $75.2 million in the U.K. and $16.6 million in Brazil. The Company’s mortgage loans are secured by real property owned by the Company. The carrying values of the related collateralized real estate as of December 31, 2019 and 2018 was $436.2 million and $390.3, respectively. The Brazilian mortgages are additionally secured by a guarantee from the Company.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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