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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2021

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):

						June 30, 2021												December 31, 2020
						Carrying Value (1)						Fair Value						Carrying Value (1)						Fair Value
4.00% Senior Notes						$	550.0					$	559.3					$	550.0					$	567.0
Real estate related						81.0						73.9						84.3						77.0
Total						$	631.0					$	633.2					$	634.3					$	644.0

(1) Carrying value excludes unamortized debt issuance costs.

Schedule of assets and liabilities associated with interest rate derivative instruments

Assets and liabilities associated with the Company’s interest rate swaps as reflected gross in the Condensed Consolidated Balance Sheets were as follows (in millions):

						June 30, 2021						December 31, 2020
Assets:
Other current assets						$	—					$	1.9
Other long-term assets						10.8						0.3
Total assets						$	10.8					$	2.3
Liabilities:
Accrued expenses and other current liabilities (1)						$	2.1					$	4.2
Other long-term liabilities						23.0						40.6
Total liabilities						$	25.1					$	44.8

(1) As of June 30, 2021, the entire balance consisted of the gross fair value of the de-designated swaps as described below.

Schedule of cash flow hedges included in accumulated other comprehensive income (loss)

The following tables present the impact of the Company’s interest rate swaps designated as cash flow hedges (in millions):

						Amount of Unrealized Income (Loss), Net of Tax, Recognized in Other Comprehensive Income (Loss)
						Three Months Ended June 30,												Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationship						2021						2020						2021						2020
Interest rate swaps						$	(11.1)					$	(7.0)					$	16.7					$	(38.6)
						Amount of Loss Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
Income Statement Classification						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
Floorplan interest expense						$	(1.4)					$	(2.1)					$	(3.7)					$	(2.7)
Other interest expense, net						$	(1.0)					$	(0.7)					$	(1.9)					$	(0.8)

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

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