Debt

12 Months Ended

Dec. 31, 2019

Debt - Consolidated debt of Old Republic and its subsidiaries is summarized below:



December 31:	2019				2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
4.875% Senior Notes due 2024	$	397.3	$	439.5	$	396.8	$	415.6
3.875% Senior Notes due 2026	546.2		580.0		545.7		523.3
Other miscellaneous debt	30.4		30.4		38.8		38.8
Total debt	$	974.0	$	1,050.0	$	981.4	$	977.9

On August 26, 2016, the Company completed a public offering of $550.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 3.875% per year and mature on August 26, 2026.

On September 23, 2014, the Company completed a public offering of $400.0 aggregate principal amount of Senior Notes. The notes bear interest at a rate of 4.875% per year and mature on October 1, 2024.

Scheduled maturities of the above debt at the respective year ends are as follows: 2020: $8.6; 2021: $21.7; 2022: $0; 2023: $0; 2024 and after: $950.0. During 2019, 2018 and 2017, $43.2, $47.2 and $64.5, respectively, of interest expense on debt was charged to consolidated operations.

Fair Value Measurements - The Company utilizes indicative market prices, which incorporate recent actual market transactions and current bid/ask quotations to estimate the fair value of outstanding debt securities that are classified within Level 2 of the fair value hierarchy as presented below. The Company uses an internally generated interest yield market matrix table, which incorporates maturity, coupon rate, credit quality, structure and current market conditions to estimate the fair value of its outstanding debt securities that are classified within Level 3.

The following table shows a summary of financial liabilities disclosed, but not carried, at fair value, segregated among the various input levels described in Note 1(d) above:



	Carrying		Fair
	Value		Value		Level 1		Level 2		Level 3
Financial Liabilities:
Debt:
December 31, 2019	$	974.0	$	1,050.0	$	—	$	1,019.5	$	30.4
December 31, 2018	$	981.4	$	977.9	$	—	$	939.0	$	38.8