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Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
June 30, 2025December 31, 2024
Maturity DateInterest RateAmountAmount
Credit Facility
Senior unsecured revolving loan facilityDecember 2026Variable$— $— 
Term Loan
Senior unsecured term loan facilityDecember 2026Variable634.5 634.5 
Unsecured Senior Notes
Senior notes due 2025May 20254.125%— 211.1 
Senior notes due 2026December 20262.670%1,000.0 1,000.0 
Senior notes due 2028April 20284.250%600.0 600.0 
Senior notes due 2028December 20283.276%500.0 500.0 
Senior notes due 2029February 20293.250%700.0 700.0 
Senior notes due 2030March 20305.100%600.0 600.0 
Senior notes due 2031December 20313.569%1,000.0 1,000.0 
Senior notes due 2034August 20345.550%600.0 600.0 
Total unsecured senior notes5,000.0 5,211.1 
Receivable financing liability20.2 21.2 
Other long-term obligations6.9 8.8 
Unamortized debt issuance costs and discount(28.9)(32.8)
Current maturities of long-term debt(9.5)(235.8)
Total long-term debt$5,623.2 $5,607.0 
As of June 30, 2025, 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 Secured Overnight Financing Rate (“SOFR”) plus a spread adjustment and a margin 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 June 30, 2025, the Company could have borrowed up to an additional $1.2 billion under the Revolving Loan Facility. As of June 30, 2025, the Revolving Loan Facility had $387 million reserved for the floorplan sub-facility.
Term Loan
The senior unsecured term loan facility (the “Term Loan Facility”) has a variable interest rate. The interest rate is based on SOFR plus a spread adjustment and a margin based on the Company’s senior unsecured rating. No mandatory payments are required on the remaining principal amount until its maturity date on December 1, 2026.
Unsecured Senior Notes
The unsecured senior notes have a fixed interest rate, which is paid semi-annually. In May 2025, the Company repaid the $211 million remaining aggregate principal amount of the 4.125% Senior Notes due 2025 (the “2025 Notes”) at maturity.
Receivable Financing
The receivable financing liability relates to certain accounts receivable transferred to third-party financial institutions that did not qualify as a sale under the terms of the agreements. While the terms of such agreements are on a nonrecourse basis, the transfers of accounts receivable could not achieve certain criteria that would allow derecognition of the accounts receivable. 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. During the six months ended June 30, 2025, the Company executed $14 million of transfers under these agreements.
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 and other market observable inputs for comparable liabilities. 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 debt issuance costs, were as follows:
June 30, 2025December 31, 2024
Fair value$5,503.7 $5,602.8 
Carrying value$5,661.6 $5,875.6