v3.26.1
FINANCIAL INSTRUMENTS AND FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Fair Values of Liabilities
A summary of the carrying values and fair values of our subordinated long-term debt notes and our mortgage notes payable bearing interest at fixed rates is as follows:
As of
June 30, 2026December 31, 2025
(In millions)
Carrying Value:
4.50% Senior Notes due 2028
$404.2 $403.9 
4.625% Senior Notes due 2029
794.2 793.4 
4.75% Senior Notes due 2030
443.5 443.2 
5.00% Senior Notes due 2032
594.3 593.9 
Mortgage notes payable bearing interest at fixed rates26.0 27.2 
Total carrying value$2,262.1 $2,261.6 
Fair Value:
4.50% Senior Notes due 2028
$399.5 $399.9 
4.625% Senior Notes due 2029
776.0 778.0 
4.75% Senior Notes due 2030
431.7 433.9 
5.00% Senior Notes due 2032
573.0 579.0 
Mortgage notes payable bearing interest at fixed rates26.6 27.7 
Total fair value$2,206.7 $2,218.5 
Schedule of Derivative Instruments
The following table provides information on the attributes of each swap as of June 30, 2026:
Inception DateNotional Principal at InceptionNotional Value as of June 30, 2026Notional Principal at MaturityMaturity Date
(In millions)
January 2022$300.0 $236.3 $228.8 December 2026
January 2022$250.0 $250.0 $250.0 December 2031
May 2021$184.4 $147.5 $110.6 May 2031
July 2020$93.5 $63.2 $50.6 December 2028
February 2026$250.0 $245.8 $194.3 July 2030
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 condensed consolidated balance sheets:
As of
June 30, 2026December 31, 2025
(In millions)
Other current assets$14.6 $13.2 
Other long-term assets38.8 33.8 
Total fair value$53.4 $47.0 
Schedule of Derivative Instruments Effect on Accumulated Other Comprehensive Income Information about the effects of our interest rate swap agreements in the accompanying condensed consolidated statements of income and condensed consolidated statements of comprehensive income, is as follows (in millions):
For the Three Months Ended June 30,Results Recognized in Accumulated Other Comprehensive Income/(Loss)
(Effective Portion)
Location of Results Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
Results Reclassified from Accumulated Other Comprehensive Income/(Loss)
to Earnings
2026$6.1 Other interest expense, net$(1.4)
2025$(2.4)Other interest expense, net$(6.1)
For the Six Months Ended June 30,Results Recognized in Accumulated Other Comprehensive Income/(Loss)
(Effective Portion)
Location of Results Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
Results Reclassified from Accumulated Other Comprehensive Income/(Loss)
to Earnings
2026$9.3 Other interest expense, net$(2.9)
2025$(9.9)Other interest expense, net$(12.3)
Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring 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 June 30, 2026
Level 1Level 2Level 3Total
(In millions)
Cash equivalents$3.3 $— $— $3.3 
Short-term investments0.8 4.5 — 5.3 
U.S. Treasuries2.7 — — 2.7 
Municipal— 4.9 — 4.9 
Corporate0.3 162.4 — 162.7 
Mortgage and other asset-backed securities— 246.1 — 246.1 
Total$3.9 $417.9 $— $421.8 
As of December 31, 2025
Level 1Level 2Level 3Total
(In millions)
Cash equivalents$6.7 $— $— $6.7 
Short-term investments0.5 — — 0.5 
U.S. Treasuries2.6 — — 2.6 
Municipal— 5.0 — 5.0 
Corporate0.3 166.7 — 167.0 
Mortgage and other asset-backed securities— 240.1 — 240.1 
Total$3.5 $411.8 $— $415.3 
Schedule of Debt Securities, Available-for-Sale
Information about the effects of our available-for-sale debt securities in the accompanying condensed consolidated statements of income and condensed consolidated statements of comprehensive income, is as follows (in millions):
For the Three Months Ended June 30,Results Recognized in Accumulated Other Comprehensive Income/(Loss)
(Effective Portion)
Location of Results Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
Results Reclassified from Accumulated Other Comprehensive Income/(Loss)
to Earnings
2026$(1.6)Revenue-Finance and insurance, net$0.2 
2025$1.3 Revenue-Finance and insurance, net$(0.1)
For the Six Months Ended June 30,Results Recognized in Accumulated Other Comprehensive Income/(Loss)
(Effective Portion)
Location of Results Reclassified from Accumulated Other Comprehensive Income/(Loss) to Earnings
Results Reclassified from Accumulated Other Comprehensive Income/(Loss)
to Earnings
2026$(6.0)Revenue-Finance and insurance, net$0.3 
2025$5.2 Revenue-Finance and insurance, net$—