Debt

12 Months Ended

Dec. 31, 2019

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.