Borrowings and Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of long term debt

The Company’s borrowings were comprised of the following as of the dates indicated (in millions):

	December 31, 2019					December 31, 2018
(in millions)	Carrying value		Fair Value		Fair Value Level	Carrying value		Fair Value		Fair Value Level
Third party borrowings:
$450 million revolving credit facility expiring August 22, 2022(2)(3)	$	140.0	$	140.0	2	$	—	$	—
$275 million 4.80% Senior Notes Due July 27, 2026(1)	272.4		287.2		2	272.2		266.0		2
$125 million 5.125% Senior Notes Due August 1, 2031(1)	121.4		126.4		2	121.1		102.3		2
Total third party borrowings	$	533.8	$	553.6		$	393.3	$	368.3
Non-recourse borrowing:
Non-recourse seed capital facility expiring January 15, 2021(3)	$	35.0	$	35.0	2	$	—	$	—
Total non-recourse borrowing	$	35.0	$	35.0		$	—	$	—
Total borrowings	$	568.8	$	588.6		$	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.

Schedule of aggregate maturities of debt commitments

As of December 31, 2019, the aggregate maturities of debt commitments, based on their contractual terms, are as follows:

	Future minimum debt commitments
2020	$	—
2021	35.0
2022	140.0
2023	—
2024	—
Thereafter	400.0
Total	$	575.0