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FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivatives and Fair Value [Abstract] |
Schedule of Carrying Values and Fair Values of Liabilities | A summary of the carrying values and fair values of our Notes and our mortgage notes payable is as follows:
| As of December 31,
| 2024 |  | 2023
| (In millions)
Carrying Value: |  |  |
4.50% Senior Notes due 2028 | $ | 403.4 |  |  | $ | 402.8 |
4.625% Senior Notes due 2029 | 791.9 |  |  | 790.4 |
4.75% Senior Notes due 2030 | 442.8 |  |  | 442.2 |
5.00% Senior Notes due 2032 | 593.0 |  |  | 592.3 |
Mortgage notes payable | 29.6 |  |  | 31.9 |
Total carrying value | $ | 2,260.6 |  |  | $ | 2,259.7 |
Fair Value: |  |  |
4.50% Senior Notes due 2028 | $ | 385.8 |  |  | $ | 384.8 |
4.625% Senior Notes due 2029 | 742.0 |  |  | 744.0 |
4.75% Senior Notes due 2030 | 412.7 |  |  | 410.3 |
5.00% Senior Notes due 2032 | 546.0 |  |  | 546.0 |
Mortgage notes payable | 29.3 |  |  | 31.9 |
Total fair value | $ | 2,115.8 |  |  | $ | 2,117.0 |
Schedule of Derivative Instruments | The following table provides information on the attributes of each swap as of December 31, 2024:
Inception Date |  | Notional Principal at Inception |  | Notional Value as of December 31, 2024 |  | Notional Principal at Maturity |  | Maturity Date
|  | (In millions) |  |
January 2022 |  | $ | 300.0 |  |  | $ | 258.8 |  |  | $ | 228.8 |  |  | December 2026
January 2022 |  | $ | 250.0 |  |  | $ | 250.0 |  |  | $ | 250.0 |  |  | December 2031
May 2021 |  | $ | 184.4 |  |  | $ | 158.6 |  |  | $ | 110.6 |  |  | May 2031
July 2020 |  | $ | 93.5 |  |  | $ | 71.0 |  |  | $ | 50.6 |  |  | December 2028
July 2020 |  | $ | 85.5 |  |  | $ | 62.7 |  |  | $ | 57.3 |  |  | November 2025
June 2015 |  | $ | 100.0 |  |  | $ | 53.5 |  |  | $ | 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 consolidated balance sheets:
| As of December 31,
| 2024 |  | 2023
| (In millions)
Other current assets | $ | 20.3 |  |  | $ | 27.5 |
Other long-term assets | 56.3 |  |  | 52.3 |
Total fair value | $ | 76.6 |  |  | $ | 79.8 |
Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income |
For the Year Ended December 31, |  | Results Recognized in Accumulated Other Comprehensive Income (Loss) (Effective Portion) |  | Location of Results Reclassified from Accumulated Other Comprehensive Loss to Earnings |  | Results Reclassified from Accumulated Other Comprehensive Income (Loss) to Earnings
2024 |  | $ | 31.0 |  |  | Other interest expense, net |  | $ | (34.2) |
2023 |  | $ | 12.1 |  |  | Other interest expense, net |  | $ | (34.7) |
2022 |  | $ | 100.8 |  |  | Other interest expense, net |  | $ | (2.4) |
Schedule of Fair Value, Assets Measured on Recurring 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 December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In millions)
Cash equivalents | $ | 12.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 12.7 |
Short-term investments | 3.5 |  |  | 10.9 |  |  | — |  |  | 14.4 |
U.S Treasury | 2.6 |  | — |  |  | — |  |  | 2.6 |
Municipal | — |  |  | 10.6 |  |  | — |  |  | 10.6 |
Corporate | — |  |  | 151.9 |  |  | — |  |  | 151.9 |
Mortgage and other asset backed securities | — |  |  | 169.1 |  |  | — |  |  | 169.1 |
Total | $ | 6.1 |  |  | $ | 342.5 |  |  | $ | — |  |  | $ | 348.6 |
| 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 |
Debt Securities, Available-for-sale | Information about the effect of our available-for-sale debt securities in the accompanying consolidated statements of income and consolidated statements of comprehensive income, is as follows (in millions):
For the Year Ended December 31, |  | Results Recognized in Accumulated Other Comprehensive Income (Loss) (Effective Portion) |  | Location of Results Reclassified from Accumulated Other Comprehensive Loss to Earnings |  | Results Reclassified from Accumulated Other Comprehensive Income (Loss) to Earnings
2024 |  | $ | (1.9) |  |  | Revenue-Finance and Insurance, net |  | $ | 0.6 |
2023 |  | $ | 4.1 |  |  | Revenue-Finance and Insurance, net |  | $ | (1.1) |
2022 |  | $ | (6.0) |  |  | Revenue-Finance and Insurance, net |  | $ | (1.9) |

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- 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
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- 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
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- 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
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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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