XML 31 R19.htm IDEA: XBRL DOCUMENT v3.22.2.2
DEBT
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
Debt consisted of the following (in millions):
September 30, 2022December 31, 2021
4.00% Senior Notes due August 15, 2028
$750.0 $750.0 
Acquisition Line200.0 329.3 
Other Debt:
Real estate related807.7 627.7 
Finance leases 174.5 172.7 
Other20.9 166.9 
Total other debt1,003.0 967.4 
Total debt1,953.0 2,046.7 
Less: unamortized debt issuance costs10.711.0
Less: current maturities141.5220.4
Total long-term debt$1,800.9 $1,815.3 
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 September 30, 2022, borrowings under the Acquisition Line, a component of the Revolving Credit Facility (as defined in Note 10. Floorplan Notes Payable), totaled $200.0 million. The average interest rate on this facility was 2.90% during the three months ended September 30, 2022.
Real Estate Related
The Company has mortgage loans in the U.S. and the U.K. that are paid in installments. As of September 30, 2022, borrowings outstanding under these facilities totaled $807.7 million, gross of debt issuance costs, comprised of $718.7 million in the U.S. and $89.0 million in the U.K.
Bridge Facility
In connection with the Prime Acquisition, the Company entered into a commitment letter with Wells Fargo Bank (“Bridge Facility”) to provide a portion of the debt financing. As of December 31, 2021, borrowings outstanding under the Bridge Facility totaled $140.0 million, and is reflected within Other, under Other Debt in the table above, and reflected within current maturities. During the three months ended March 31, 2022, the Company paid off the total outstanding borrowings under the Bridge Facility of $140.0 million.