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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 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):
|  | June 30, 2023 |  | December 31, 2022
|  | Carrying Value (1) |  | Fair Value |  | Carrying Value (1) |  | Fair Value
4.00% Senior Notes |  | $ | 750.0 |  |  | $ | 660.9 |  |  | $ | 750.0 |  |  | $ | 633.9 |
Real estate related |  | 95.1 |  |  | 85.2 |  |  | 99.2 |  |  | 90.5 |
Total |  | $ | 845.1 |  |  | $ | 746.1 |  |  | $ | 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):
|  | June 30, 2023 |  | December 31, 2022
Assets: |  |  |  |
Other current assets |  | $ | 0.1 |  |  | $ | 0.1 |
Other long-term assets (1) |  | 109.9 |  |  | 109.2 |
Total assets |  | $ | 110.0 |  |  | $ | 109.3 |
Liabilities: |  |  |  |
Accrued expenses and other current liabilities |  | $ | — |  |  | $ | — |
Other long-term liabilities |  | — |  |  | — |
Total liabilities |  | $ | — |  |  | $ | — |
(1) As of June 30, 2023, the balance included gross fair value of $4.5 million of the de-designated swap 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 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 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Interest rate swaps |  | $ | 15.8 |  |  | $ | 19.0 |  |  | $ | 9.0 |  |  | $ | 53.0 |
|  | Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
Statement of Operations Classification |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Floorplan interest expense |  | $ | 3.8 |  |  | $ | (0.9) |  |  | $ | 7.1 |  |  | $ | (2.1) |
Other interest expense, net |  | $ | 0.3 |  |  | $ | (0.7) |  |  | $ | 4.5 |  |  | $ | (1.8) |

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