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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 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):
|  | December 31, 2023 |  | December 31, 2022
|  | Carrying Value (1) |  | Fair Value |  | Carrying Value (1) |  | Fair Value
4.00% Senior Notes |  | $ | 750.0 |  |  | $ | 697.5 |  |  | $ | 750.0 |  |  | $ | 633.9 |
Real estate related |  | 90.9 |  |  | 83.1 |  |  | 99.2 |  |  | 90.5 |
Total |  | $ | 840.9 |  |  | $ | 780.6 |  |  | $ | 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 Consolidated Balance Sheets, were as follows (in millions):
|  | December 31,
|  | 2023 |  | 2022
Assets: |  |  |  |
Other current assets |  | $ | 1.2 |  |  | $ | 0.1 |
Other long-term assets (1) |  | 88.1 |  |  | 109.2 |
Total assets |  | $ | 89.3 |  |  | $ | 109.3 |
Liabilities: |  |  |  |
Accrued expenses and other current liabilities |  | $ | — |  |  | $ | — |
Long-term interest rate swap liabilities |  | — |  |  | — |
Total liabilities |  | $ | — |  |  | $ | — |
(1) As of December 31, 2023, the balance included gross fair value of $3.7 million related to 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)
|  | Years Ended December 31,
Derivatives in Cash Flow Hedging Relationship |  | 2023 |  | 2022 |  | 2021
Interest rate swaps |  | $ | 10.4 |  |  | $ | 84.1 |  |  | $ | 22.6 |
|  | Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
Statement of Operations Classification |  | Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Floorplan interest expense, net |  | $ | 15.4 |  |  | $ | 0.8 |  |  | $ | (3.7) |
Other interest expense, net |  | $ | 17.9 |  |  | $ | 2.4 |  |  | $ | (4.1) |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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