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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
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 fixed rate long-term debt were as follows (in millions):
|  | September 30, 2024 |  | December 31, 2023
|  | Carrying Value (1) |  | Fair Value |  | Carrying Value (1) |  | Fair Value
4.00% Senior Notes |  | $ | 750.0 |  |  | $ | 715.3 |  |  | $ | 750.0 |  |  | $ | 697.5 |
6.375% Senior Notes |  | 500.0 |  |  | 508.9 |  |  | — |  |  | — |
Real estate related |  | 143.0 |  |  | 141.9 |  |  | 90.9 |  |  | 83.1 |
Total |  | $ | 1,393.0 |  |  | $ | 1,366.0 |  |  | $ | 840.9 |  |  | $ | 780.6 |
(1) Carrying value excludes unamortized debt issuance costs.
Schedule of Asset and Liabilities Recorded at Fair Value | Assets associated with the Company’s interest rate swaps, as reflected gross in the Condensed Consolidated Balance Sheets, were as follows (in millions):
|  | September 30, 2024 |  | December 31, 2023
Assets: |  |  |  |
Other current assets (1) |  | $ | 0.5 |  |  | $ | 1.2 |
Other long-term assets (2) |  | 64.8 |  |  | 88.1 |
Total assets |  | $ | 65.4 |  |  | $ | 89.3 |
(1) As of September 30, 2024, the balance included gross fair value of $0.1 million related to the de-designated swaps as described below. (2) As of September 30, 2024 and December 31, 2023, the balance included gross fair value of $2.9 million and $3.7 million, respectively, related to the de-designated swaps as described below.
Schedule of 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 September 30, |  | Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationship |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest rate swaps |  | $ | (14.7) |  |  | $ | 15.1 |  |  | $ | 4.9 |  |  | $ | 27.3 |
|  | Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
Statement of Operations Classification |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Floorplan interest expense |  | $ | 5.4 |  |  | $ | 4.1 |  |  | $ | 16.1 |  |  | $ | 11.2 |
Other interest expense, net |  | $ | 4.3 |  |  | $ | 4.7 |  |  | $ | 13.3 |  |  | $ | 13.2 |

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