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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies |
10. | COMMITMENTS AND CONTINGENCIES
We are a defendant in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Many of these litigation matters are covered by insurance (including insurance provided through a consolidated captive insurance company as further discussed below), but they may nevertheless be subject to large deductibles and the amounts being claimed may exceed the available insurance. Although we cannot determine the ultimate liability for these matters, based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity. In order to better manage our global insurance program and support our risk management efforts, we supplement our traditional insurance coverage for certain types of claims by using a wholly-owned captive insurance company. The level of risk retained by our captive insurance company, with respect to professional indemnity claims, is up to $2.5 million per claim, inclusive of the deductible. When a potential loss event occurs, management estimates the ultimate cost of the claim and accrues the related cost in Other current and long-term liabilities on our Condensed Consolidated Balance Sheets when probable and estimable. The following table shows the professional indemnity accrual activity and related payments.
(in millions) |
December 31, 2015 | $ | 19.2 |
New claims | 5.7 |
Prior year claims adjustments | (1.7 | )
Claims paid | (5.4 | )
June 30, 2016 | $ | 17.8 |
December 31, 2014 | $ | 9.2 |
New claims | 2.5 |
Prior year claims adjustments | 0.2 |
Claims paid | — |
June 30, 2015 | $ | 11.9 |

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