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Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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 4.00% Senior Notes and fixed-rate mortgages were as follows (in millions):

						December 31, 2020												December 31, 2019
						Carrying Value (1)						Fair Value						Carrying Value (1)						Fair Value
4.00% Senior Notes						$	550.0					$	567.0					$	—					$	—
Real estate related						84.3						77.0						40.7						41.1
Total						$	634.3					$	644.0					$	40.7					$	41.1

(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 as reflected in the Consolidated Balance Sheets were as follows (in millions):

						December 31,
						2020						2019
Assets:
Other current assets						$	1.9					$	—
Other long-term assets						0.3						1.9
Total assets						$	2.3					$	1.9
Liabilities:
Accrued expenses and other current liabilities						$	4.2					$	2.8
Long-term interest rate swap liabilities						40.6						4.4
Total liabilities						$	44.8					$	7.2

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)
						Years Ended December 31,
Derivatives in Cash Flow Hedging Relationship						2020						2019						2018
Interest rate swaps						$	(36.7)					$	(13.3)					$	6.5
						Amount of Income (Loss) Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
Income Statement Classification						Years Ended December 31,
						2020						2019						2018
Floorplan interest expense, net						$	(7.9)					$	(0.4)					$	(4.7)
Other interest expense, net						$	(2.9)					$	0.1					$	(0.5)

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