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Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
As of September 30, 2022As of December 31, 2021
Maturity DateInterest RateAmountInterest RateAmount
Credit Facility
Senior unsecured revolving loan facilityDecember 2026Variable$101.6 Variable$316.4 
Term Loan
Senior unsecured term loan facilityDecember 2026Variable984.5 Variable1,420.0 
Unsecured Senior Notes
Senior notes due 2024December 20245.500 %575.0 5.500 %575.0 
Senior notes due 2025May 20254.125 %600.0 4.125 %600.0 
Senior notes due 2028April 20284.250 %600.0 4.250 %600.0 
Senior notes due 2029February 20293.250 %700.0 3.250 %700.0 
Senior notes due 2026December 20262.670 %1,000.0 2.670 %1,000.0 
Senior notes due 2028December 20283.276 %500.0 3.276 %500.0 
Senior notes due 2031December 20313.569 %1,000.0 3.569 %1,000.0 
Total unsecured senior notes4,975.0 4,975.0 
Receivable financing liability124.3 179.5 
Other long-term obligations12.2 13.6 
Unamortized discounts and deferred financing fees(39.8)(46.0)
Current maturities of long-term debt(57.8)(102.7)
Total long-term debt$6,100.0 $6,755.8 
As of September 30, 2022, the Company is in compliance with the covenants under its credit agreements and indentures.
Credit Facility
The Company has a variable rate senior unsecured revolving loan facility (the “Revolving Loan Facility”) from which it may draw tranches denominated in US dollars, British pounds or Euros. The interest rate is based on LIBOR plus a margin or an alternate base rate plus a margin, where the margin is based on the Company’s senior unsecured rating. The Revolving Loan Facility is used by the Company for borrowings, issuances of letters of credit and floorplan financing. As of September 30, 2022, the Company could have borrowed up to an additional $1.1 billion under the Revolving Loan Facility. As of September 30, 2022, the Revolving Loan Facility had less than $1 million of undrawn letters of credit and $429 million reserved for the floorplan sub-facility.
Term Loan
The senior unsecured term loan facility (the “Term Loan Facility”) has a variable interest rate, which has effectively been capped through the use of interest rate caps. The interest rate is based on LIBOR plus a margin, where the margin is determined by the Company’s senior unsecured credit rating. During the three months ended September 30, 2022, the Company prepaid $400 million on the Term Loan Facility without penalty. In total, the Company paid $436 million during the nine months ended September 30, 2022. As a result of the prepayment, no additional mandatory payments are required on the remaining principal amount until its maturity date.
Unsecured Senior Notes
The unsecured senior notes have a fixed interest rate, which is paid semi-annually.
Receivable Financing
As a result of the Sirius acquisition, the Company assumed liabilities related to receivable financing. Such amounts relate to certain accounts receivable transferred to third-party financial companies that did not qualify as a sale under the terms of the agreements. The proceeds from these arrangements are recognized as a liability and the associated accounts receivable remains on the Consolidated Balance Sheet until the liability is settled. The Company did not execute any transfers under these agreements during the nine months ended September 30, 2022.
Fair Value
The fair values of the unsecured senior notes were estimated using quoted market prices for identical liabilities that are traded in over-the-counter secondary markets. The fair value of the Term Loan Facility was estimated using dealer quotes for identical liabilities in markets that are not considered active. The unsecured senior notes and Term Loan Facility were classified as Level 2 within the fair value hierarchy. The carrying value of the Revolving Loan Facility approximates fair value.
The approximate fair values and related carrying values of the Company’s long-term debt, including current maturities and excluding unamortized discount and unamortized deferred financing costs, were as follows:
September 30, 2022December 31, 2021
Fair value$5,494.7 $6,996.0 
Carrying value6,197.6 6,904.5