Inventory Financing Agreements

12 Months Ended

Dec. 31, 2018

Inventory Financing Agreements [Abstract]

Inventory Financing Agreements

Inventory Financing Agreements

The Company has entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms and conditions, as described below. These amounts are classified separately as Accounts payable-inventory financing on the Consolidated Balance Sheets. The Company does not incur any interest expense associated with these agreements as balances are paid when they are due.

Amounts included in accounts payable-inventory financing are as follows:

	December 31,
(in millions)	2018		2017
Revolving Loan inventory financing agreement(1)	$	406.3	$	480.9
Other inventory financing agreements	23.0		17.1
Accounts payable-inventory financing	$	429.3	$	498.0

(1)

The Senior Secured Asset-Based Revolving Credit Facility includes an inventory floorplan sub-facility that enables the Company to maintain an inventory financing agreement with a financial intermediary to facilitate the purchase of inventory from certain vendors on more favorable terms than offered directly by the vendors.