Borrowings and Debt (Tables)

3 Months Ended

Mar. 31, 2022

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):

	March 31, 2022					December 31, 2021
(in millions)	Carrying Value		Fair Value		Fair Value Level	Carrying Value		Fair Value		Fair Value Level
Revolving credit facility:
$125 million revolving credit facility expiring March 7, 2025(1)	$	88.0	$	88.0	2	$	—	$	—
Total revolving credit facility	$	88.0	$	88.0		$	—	$	—
Third party borrowings:
$275 million 4.80% Senior Notes Due July 27, 2026(2)	$	273.2	$	265.3	2	$	273.1	$	286.5	2
$125 million 5.125% Senior Notes Due August 1, 2031(2)(3)	—		—			121.8		126.4		2
Total third party borrowings	$	273.2	$	265.3		$	394.9	$	412.9

(1)Fair value approximates carrying value because the credit facility has 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.

(3)On January 18, 2022, the Company completed the full redemption of the $125 million aggregate principal amount outstanding of its 5.125% Senior Notes due August 1, 2031. As a result of this transaction, the Company recorded a $3.2 million loss on extinguishment of debt within the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022.