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Debt | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
DEBT | DEBT Long-term debt consisted of the following (in millions):
|  | March 31, 2020 |  | December 31, 2019
5.00% Senior Notes due June 1, 2022 |  | $ | 550.0 |  |  | $ | 550.0 |
5.25% Senior Notes redeemed April 2, 2020 (1) |  | 300.0 |  |  | 300.0 |
Acquisition Line |  | 68.1 |  |  | 72.5 |
Real estate related |  | 455.9 |  |  | 453.3 |
Finance leases |  | 87.4 |  |  | 83.0 |
Other |  | 38.4 |  |  | 42.8 |
Total debt |  | 1,499.8 |  |  | 1,501.7 |
Less: unamortized discount on 5.00% and 5.25% Notes |  | (5.1 | ) |  | (5.6 | )
Less: unamortized debt issuance costs |  | (2.3 | ) |  | (4.8 | )
Less: current maturities (1) |  | (354.7 | ) |  | (59.1 | )
Long-term debt |  | $ | 1,137.7 |  |  | $ | 1,432.1 |
(1) The Company’s 5.25% Senior Notes were fully redeemed on April 2, 2020 and therefore the debt balance of $297.5 million, net of unamortized discount and debt issuance costs, was included in current maturities as of March 31, 2020. See Subsequent 5.25% Senior Notes Redemption and Debt Refinancing for further discussion. Acquisition Line The proceeds of the Acquisition Line are used for working capital, general corporate and acquisition purposes. As of March 31, 2020, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as described in Note 10, “Floorplan Notes Payable”), totaled $68.1 million. The average interest rate on this facility was 1.85% during the three months ended March 31, 2020, 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 March 31, 2020, borrowings outstanding under these facilities totaled $455.9 million, gross of debt issuance costs, comprised of $366.0 million in the U.S., $78.9 million in the U.K. and $11.0 million in Brazil. Subsequent 5.25% Senior Notes Redemption and Debt Refinancing On April 2, 2020, the Company fully redeemed $300.0 million in aggregate principal amount of its outstanding 5.25% Senior Notes due June 2023, at a premium of 102.625%. The total redemption price, consisting of the principal amount of the notes redeemed plus associated premium, amounted to $307.9 million. The Company recognized a loss on redemption of $10.4 million which included write offs of unamortized discount in the amount of $1.9 million and unamortized premium in the amount of $0.6 million. Additionally, the Company paid accrued interest of $4.6 million. The redemption was funded through a combination of Acquisition Line borrowings, mortgage borrowings and excess cash. Additional mortgage debt will be funded during the second quarter of 2020 to provide supplemental liquidity. From April 1, 2020 through the date of this filing, the Company entered into additional mortgage loans in the U.S. totaling approximately $130 million.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: 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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