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Borrowings and Debt
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Borrowings and Debt
The Company’s borrowings and long-term debt was comprised of the following as of the dates indicated (in millions):
 
March 31, 2020
 
December 31, 2019
(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(1)
$
220.0

 
$
220.0

 
2
 
$
140.0

 
$
140.0

 
2
$275 million 4.80% Senior Notes Due
July 27, 2026(2)
272.5

 
245.7

 
2
 
272.4

 
287.2

 
2
$125 million 5.125% Senior Notes Due August 1, 2031(2)
121.4

 
88.1

 
2
 
121.4

 
126.4

 
2
Total third party borrowings
$
613.9

 
$
553.8

 
 
 
$
533.8

 
$
553.6

 
 
Non-recourse borrowings:
 
 
 
 
 
 
 
 
 
 
 
Non-recourse seed capital facility expiring January 15, 2021(1)
$
21.7

 
$
21.7

 
2
 
$
35.0

 
$
35.0

 
2
Total non-recourse borrowing
$
21.7

 
$
21.7

 
 
 
$
35.0

 
$
35.0

 
 
Total borrowings
$
635.6

 
$
575.5

 
 
 
$
568.8

 
$
588.6

 
 
 
 
(1)
Fair value approximates carrying value because the credit facilities have variable interest rates based on selected short term market rates.
(2)
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.