v3.26.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
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):
March 31, 2026December 31, 2025
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
4.00% Senior Notes
$750.0 $725.2 $750.0 $737.2 
6.375% Senior Notes
500.0 503.6 500.0 516.6 
Real estate related128.1 127.9 130.0 130.3 
Total$1,378.1 $1,356.7 $1,380.0 $1,384.1 
(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):
 March 31, 2026December 31, 2025
Assets:
Other current assets (1)
$5.0 $4.9 
Other long-term assets (2)
39.3 40.6 
Total assets$44.3 $45.5 
(1) As of March 31, 2026 and December 31, 2025, the balance included gross fair value of $0.7 million and $—, respectively, related to the de-designated swaps as described below.
(2) As of March 31, 2026 and December 31, 2025, the balance included gross fair value of $2.2 million for both periods 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 March 31,
Derivatives in Cash Flow Hedging Relationship20262025
Interest rate swaps$2.9 $(4.9)
 Amount Reclassified from Other Comprehensive Income (Loss) into Statements of Operations
Statement of Operations ClassificationThree Months Ended March 31,
20262025
Floorplan interest expense$2.7 $4.0 
Other interest expense, net$2.1 $2.9