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Commitments, Contingencies and Off-Balance Sheet Arrangements (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]  
Contractual Obligations Our future minimum cash payments, including interest, associated with our contractual obligations pursuant to the Senior Notes, Note purchase agreements, Credit Agreement, Premium Financing Debt Facility, operating leases and purchase commitments at December 31, 2021 were as follows (in millions):

 

 

 

Payments Due by Period

 

Contractual Obligations

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Total

 

Senior Notes

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,600.0

 

 

$

1,600.0

 

Note purchase agreements

 

 

200.0

 

 

 

250.0

 

 

 

475.0

 

 

 

200.0

 

 

 

640.0

 

 

 

2,683.0

 

 

 

4,448.0

 

Credit Agreement

 

 

45.0

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

45.0

 

Premium Financing Debt Facility

 

 

228.4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

228.4

 

Interest on debt

 

 

236.5

 

 

 

229.0

 

 

 

212.3

 

 

 

197.7

 

 

 

178.8

 

 

 

1,568.5

 

 

 

2,622.8

 

Total debt obligations

 

 

709.9

 

 

 

479.0

 

 

 

687.3

 

 

 

397.7

 

 

 

818.8

 

 

 

5,851.5

 

 

 

8,944.2

 

Operating lease obligations

 

 

101.6

 

 

 

94.5

 

 

 

67.9

 

 

 

51.4

 

 

 

39.0

 

 

 

77.3

 

 

 

431.7

 

Less sublease arrangements

 

 

(0.8

)

 

 

(0.6

)

 

 

(0.3

)

 

 

(0.3

)

 

 

(0.2

)

 

 

(0.3

)

 

 

(2.5

)

Outstanding purchase obligations

 

 

71.5

 

 

 

60.7

 

 

 

38.1

 

 

 

30.4

 

 

 

11.2

 

 

 

26.2

 

 

 

238.1

 

Total contractual obligations

 

$

882.2

 

 

$

633.6

 

 

$

793.0

 

 

$

479.2

 

 

$

868.8

 

 

$

5,954.7

 

 

$

9,611.5

 

 
Off-Balance Sheet Commitments

Off-Balance Sheet Commitments - Our total unrecorded commitments associated with outstanding letters of credit, financial guarantees and funding commitments at December 31, 2021 were as follows (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Amount of Commitment Expiration by Period

 

 

Amounts

 

Off-Balance Sheet  Commitments

 

2022

 

 

2023

 

 

2024

 

 

2025

 

 

2026

 

 

Thereafter

 

 

Committed

 

Letters of credit

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

17.0

 

 

$

17.0

 

Financial guarantees

 

 

1.3

 

 

 

1.4

 

 

 

2.0

 

 

 

0.2

 

 

 

0.1

 

 

 

0.1

 

 

 

5.1

 

Funding commitments

 

 

0.5

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.5

 

Total  commitments

 

$

1.8

 

 

$

1.4

 

 

$

2.0

 

 

$

0.2

 

 

$

0.1

 

 

$

17.1

 

 

$

22.6

 
Outstanding Letters of Credit and Funding Commitments

Our commitments associated with outstanding letters of credit, financial guarantees and funding commitments at December 31, 2021 were as follows (all dollar amounts in table are in millions):

 

Description, Purpose and Trigger

 

Collateral

 

Compensation

to Us

 

Maximum

Exposure

 

 

Liability

Recorded

 

Other investments

 

 

 

 

 

 

 

 

 

 

 

 

Funding commitment to an equity investment -

   to be funded in 2022

 

None

 

None

 

$

0.5

 

 

$

—

 

Trigger - Agreed conditions met

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

Credit support under letters of credit (LOC) for

   deductibles due by us on our own insurance

   coverages - expires after 2026

 

None

 

None

 

 

9.4

 

 

 

18.3

 

Trigger - We do not reimburse the insurance

   companies for deductibles the insurance companies

   advance on our behalf

 

 

 

 

 

 

 

 

 

 

 

 

Credit enhancement under letters of credit for our

   captive insurance operations to meet minimum

   statutory capital requirements - expires after 2026

 

None

 

Reimbursement of LOC fees

 

 

6.1

 

 

 

—

 

Trigger - Dissolution or catastrophic financial

   results of the operation

 

 

 

 

 

 

 

 

 

 

 

 

Collateral related to claims funds held in a fiduciary

   capacity by a recent acquisition - expires 2022

 

None

 

None

 

 

0.9

 

 

 

—

 

Trigger - Claim payments are not made

 

 

 

 

 

 

 

 

 

 

 

 

Credit support under letters of credit in lieu of security

   deposits for two leases from acquisitions - expires after

   2023 and 2026

 

None

 

None

 

 

0.6

 

 

 

—

 

Trigger - Lease payments do not get made

 

 

 

 

 

 

 

 

 

 

 

 

Financial guarantees of loans to 5 Canadian-based

   employees - expires when loan balances are reduced

   to zero through May 2029 - Principal and interest

   are paid quarterly

 

(1)

 

None

 

 

1.0

 

 

 

—

 

Trigger - Default on loan payments

 

 

 

 

 

 

 

 

 

 

 

 

Financial guarantee of external loan to subsidiary in

   Chile - expires when loan balance is reduced to

   zero through July 2024 - Principal and interest are

   paid quarterly

 

None

 

None

 

 

4.1

 

 

 

—

 

Trigger - Default on loan payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

22.6

 

 

$

18.3

 

 

(1)

The guarantees are collateralized by shares in minority holdings of our Canadian operating companies.