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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2023
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):
|  | March 31, 2023 |  | December 31, 2022
|  | Carrying Value (1) |  | Fair Value |  | Carrying Value (1) |  | Fair Value
4.00% Senior Notes |  | $ | 750.0 |  |  | $ | 660.7 |  |  | $ | 750.0 |  |  | $ | 633.9 |
Real estate related |  | 97.2 |  |  | 88.9 |  |  | 99.2 |  |  | 90.5 |
Total |  | $ | 847.2 |  |  | $ | 749.6 |  |  | $ | 849.2 |  |  | $ | 724.4 |
(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):
|  | March 31, 2023 |  | December 31, 2022
Assets: |  |  |  |
Other current assets |  | $ | 0.1 |  |  | $ | 0.1 |
Other long-term assets (1) |  | 92.9 |  |  | 109.2 |
Total assets |  | $ | 93.0 |  |  | $ | 109.3 |
Liabilities: |  |  |  |
Accrued expenses and other current liabilities |  | $ | — |  |  | $ | — |
Other long-term liabilities |  | — |  |  | — |
Total liabilities |  | $ | — |  |  | $ | — |
(1) As of March 31, 2023, the balance included gross fair value of $4.0 million of the de-designated swaps as described below.
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 (Loss) Income, Net of Tax, Recognized in Other Comprehensive (Loss) Income
|  | Three Months Ended March 31, |  |
Derivatives in Cash Flow Hedging Relationship |  | 2023 |  | 2022 |  |  |  |
Interest rate swaps |  | $ | (6.7) |  |  | $ | 34.0 |  |  |  |  |
|  | Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
Statement of Operations Classification |  | Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Floorplan interest expense |  | $ | 3.3 |  |  | $ | (1.3) |  |  |  |  |
Other interest expense, net |  | $ | 4.2 |  |  | $ | (1.2) |  |  |  |  |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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