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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2022
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, 2022December 31, 2021
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
4.00% Senior Notes
$750.0 $638.3 $750.0 $748.4 
Real estate related103.3 96.1 81.3 78.7 
Total$853.3 $734.4 $831.3 $827.1 
(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 gross in the Condensed Consolidated Balance Sheets, were as follows (in millions):
 June 30, 2022December 31, 2021
Assets:
Other current assets$0.1 $— 
Other long-term assets75.7 13.8 
Total assets$75.8 $13.8 
Liabilities:
Accrued expenses and other current liabilities$— $0.1 
Other long-term liabilities— 11.1 
Total liabilities$— $11.2 
Impact of interest rate derivative instruments 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 Relationship2022202120222021
Interest rate swaps$19.0 $(11.1)$53.0 $16.7 
 Amount of Loss Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
Statement of Operations ClassificationThree Months Ended June 30,Six Months Ended June 30,
2022202120222021
Floorplan interest expense$(0.9)$(1.4)$(2.1)$(3.7)
Other interest expense, net$(0.7)$(1.0)$(1.8)$(1.9)