Long-Term Debt

3 Months Ended

Mar. 31, 2020

The disclosures below include details of the company’s debt. Debt of CIP is detailed in Note 16, “"Consolidated Investment Products".”



	March 31, 2020		December 31, 2019
$ in millions	Carrying Value ⁽²⁾	Fair Value	Carrying Value ⁽²⁾	Fair Value
$1.5 billion floating rate credit facility expiring August 11, 2022	508.0	508.0	—	—
Unsecured Senior Notes⁽¹⁾:
$600 million 3.125% - due November 30, 2022	598.3	599.5	598.1	617.5
$600 million 4.000% - due January 30, 2024	596.1	629.3	595.8	639.2
$500 million 3.750% - due January 15, 2026	496.3	521.3	496.1	533.0
$400 million 5.375% - due November 30, 2043	390.1	548.8	390.3	491.8
Long-term debt	2,588.8	2,806.9	2,080.3	2,281.5

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(1)	The company’s senior note indentures contain certain restrictions on mergers or consolidations. Beyond these items, there are no other restrictive covenants in the indentures.


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

The company maintains approximately $10.3 million in letters of credit from a variety of banks. The letters of credit are generally one-year automatically-renewable facilities and are maintained for various commercial reasons.