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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)

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