Borrowings and Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of long term debt

The Company’s borrowings and long-term debt was comprised of the following as of the dates indicated (in millions):

	September 30, 2019					December 31, 2018
	Carrying value(1)		Fair Value		Fair Value Level	Carrying value(1)		Fair Value		Fair Value Level
$450 million revolving credit facility expiring August 22, 2022 (2) (3)	$	175.0	$	175.0	2	$	—	$	—
Non-recourse seed capital facility expiring July 17, 2020 (3)	$	35.0	$	35.0	2	$	—	$	—
Long-term bonds:
$275 million 4.80% Senior Notes Due July 27, 2026	$	272.3	$	285.9	2	$	272.2	$	266.0	2
$125 million 5.125% Senior Notes Due August 1, 2031	$	121.3	$	124.3	2	$	121.1	$	102.3	2
Total borrowings and long-term debt	$	603.6	$	620.2		$	393.3	$	368.3

(1) The difference between the principal amounts and the carrying values of the senior notes in the table above reflects the unamortized debt issuance costs and discounts.

(2) Revolving credit facility of $350 million set to expire on October 15, 2019 was terminated. A new revolving credit facility of $450 million was executed on August 20, 2019.

(3)

Fair value approximates carrying value because the credit facilities have variable interest rates based on selected short term market rates.