XML 45 R34.htm IDEA: XBRL DOCUMENT
v3.24.3

FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Carrying Values and Fair Values of Liabilities | A summary of the carrying values and fair values of our subordinated long-term debt is as follows:
| As of
| September 30, 2024 |  | December 31, 2023
| (In millions)
Carrying Value: |  |  |
4.50% Senior Notes due 2028 | $ | 403.2 |  |  | $ | 402.8 |
4.625% Senior Notes due 2029 | 791.5 |  |  | 790.4 |
4.75% Senior Notes due 2030 | 442.6 |  |  | 442.2 |
5.00% Senior Notes due 2032 | 592.8 |  |  | 592.3 |
Total carrying value | $ | 2,230.2 |  |  | $ | 2,227.7 |
Fair Value: |  |  |
4.50% Senior Notes due 2028 | $ | 391.8 |  |  | $ | 384.8 |
4.625% Senior Notes due 2029 | 758.0 |  |  | 744.0 |
4.75% Senior Notes due 2030 | 422.8 |  |  | 410.3 |
5.00% Senior Notes due 2032 | 564.0 |  |  | 546.0 |
Total fair value | $ | 2,136.6 |  |  | $ | 2,085.1 |
Schedule of Derivative Instruments | The following table provides information on the attributes of each swap as of September 30, 2024:
Inception Date |  | Notional Principal at Inception |  | Notional Value as of September 30, 2024 |  | Notional Principal at Maturity |  | Maturity Date
|  | (In millions) |  |
January 2022 |  | $ | 300.0 |  |  | $ | 262.5 |  |  | $ | 228.8 |  |  | December 2026
January 2022 |  | $ | 250.0 |  |  | $ | 250.0 |  |  | $ | 250.0 |  |  | December 2031
May 2021 |  | $ | 184.4 |  |  | $ | 160.4 |  |  | $ | 110.6 |  |  | May 2031
July 2020 |  | $ | 93.5 |  |  | $ | 72.3 |  |  | $ | 50.6 |  |  | December 2028
July 2020 |  | $ | 85.5 |  |  | $ | 64.0 |  |  | $ | 57.3 |  |  | November 2025
June 2015 |  | $ | 100.0 |  |  | $ | 54.8 |  |  | $ | 53.1 |  |  | February 2025
Schedule of Derivative Instruments Fair Value | The following table provides information regarding the fair value of our interest rate swap agreements and the impact on the condensed consolidated balance sheets:
| As of
| September 30, 2024 |  | December 31, 2023
| (In millions)
Other current assets | $ | 19.4 |  |  | $ | 27.5 |
Other long-term assets | 40.6 |  |  | 52.3 |
Total fair value | $ | 59.9 |  |  | $ | 79.8 |
Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income | Information about the effect of our interest rate swap agreements in the accompanying condensed consolidated statements of income and condensed consolidated statements of comprehensive income, is as follows (in millions):
For the Three Months Ended September 30, |  | Results Recognized in Accumulated Other Comprehensive Income/(Loss) |  | Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings |  | Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024 |  | $ | (20.3) |  |  | Other interest expense, net |  | $ | (8.9) |
2023 |  | $ | 20.6 |  |  | Other interest expense, net |  | $ | (9.2) |
For the Nine Months Ended September 30, |  | Results Recognized in Accumulated Other Comprehensive Income/(Loss) |  | Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings |  | Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024 |  | $ | 6.9 |  |  | Other interest expense, net |  | $ | (26.8) |
2023 |  | $ | 34.6 |  |  | Other interest expense, net |  | $ | (25.6) |
Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The table below presents the Company’s investment securities that are measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy within which those measurements fall:
| As of September 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In millions)
Cash equivalents | $ | 40.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 40.3 |
Short-term investments | 0.3 |  |  | 8.7 |  |  | — |  |  | 9.0 |
U.S. Treasury | 17.4 |  |  | — |  |  | — |  |  | 17.4 |
Municipal | — |  |  | 29.9 |  |  | — |  |  | 29.9 |
Corporate | — |  |  | 129.9 |  |  | — |  |  | 129.9 |
Mortgage and other asset-backed securities | — |  |  | 144.7 |  |  | — |  |  | 144.7 |
Total | $ | 17.7 |  |  | $ | 313.1 |  |  | $ | — |  |  | $ | 330.8 |
| As of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In millions)
Cash equivalents | $ | 4.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 4.8 |
Short-term investments | 2.0 |  |  | 4.2 |  |  | — |  |  | 6.2 |
U.S. Treasury | 13.5 |  | — |  |  | — |  |  | 13.5 |
Municipal | — |  |  | 30.1 |  |  | — |  |  | 30.1 |
Corporate | — |  |  | 132.2 |  |  | — |  |  | 132.2 |
Mortgage and other asset-backed securities | — |  |  | 150.9 |  |  | — |  |  | 150.9 |
Total | $ | 15.5 |  |  | $ | 317.4 |  |  | $ | — |  |  | $ | 332.9 |
Schedule of Debt Securities, Available-for-Sale | Information about the effect of our available-for-sale debt securities in the accompanying condensed consolidated statements of income and condensed consolidated statements of comprehensive income, is as follows (in millions):
For the Three Months Ended September 30, |  | Results Recognized in Accumulated Other Comprehensive Income/(Loss) |  | Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings |  | Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024 |  | $ | 10.0 |  |  | Revenue-Finance and insurance, net |  | $ | 0.3 |
2023 |  | $ | (5.1) |  |  | Revenue-Finance and insurance, net |  | $ | (1.4) |
For the Nine Months Ended September 30, |  | Results Recognized in Accumulated Other Comprehensive Income/(Loss) |  | Location of Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings |  | Amount Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
2024 |  | $ | 6.0 |  |  | Revenue-Finance and insurance, net |  | $ | 0.6 |
2023 |  | $ | (6.6) |  |  | Revenue-Finance and insurance, net |  | $ | (1.2) |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: 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 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration