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DEBT

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

DEBT

DEBT

Long-term debt consisted of the following (in millions):

						March 31, 2021						December 31, 2020
4.00% Senior Notes due August 15, 2028						$	550.0					$	550.0
Acquisition Line						48.2						47.8
Other Debt:
Real estate related						609.4						619.8
Finance leases						123.8						124.8
Other						26.1						20.0
Total other debt						759.3						764.6
Total debt						1,357.5						1,362.4
Less: unamortized debt issuance costs						10.5						11.0
Less: current maturities						64.3						56.7
Total long-term debt						$	1,282.6					$	1,294.7

Acquisition Line

The proceeds of the Acquisition Line (as defined in Note 10. Floorplan Notes Payable) are used for working capital, general corporate and acquisition purposes. As of March 31, 2021, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as defined in Note 10. Floorplan Notes Payable), totaled $48.2 million. The average interest rate on this facility was 1.16% during the three months ended March 31, 2021.

Real Estate Related

The Company has mortgage loans in the U.S., U.K. and Brazil that are paid in installments. As of March 31, 2021, borrowings outstanding under these facilities totaled $609.4 million, gross of debt issuance costs, comprised of $507.4 million in the U.S., $91.0 million in the U.K. and $11.1 million in Brazil.

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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

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- References

No definition available.

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