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Convertible Securities | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Convertible Securities | Convertible Securities At December 31, 2018, the Company had junior convertible trust preferred securities outstanding (the “junior convertible securities”). The carrying value and principal amount at maturity of the junior convertible securities were as follows:
|  | December 31, 2017 |  | December 31, 2018
|  | Carrying Value |  | Principal Amount at Maturity |  | Carrying Value |  | Principal Amount at Maturity
Junior convertible securities(1) |  | $ | 309.9 |  |  | $ | 430.8 |  |  | $ | 312.5 |  |  | $ | 430.8 |
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(1) | The carrying value is accreted to the principal amount at maturity over a remaining life of 19 years.
The junior convertible securities bear interest at a rate of 5.15% per annum, payable quarterly in cash. Effective August 10, 2018 and in accordance with the convertible securities indenture, the Company adjusted the conversion rate of the junior convertible securities from 0.2500 shares of common stock to 0.2525 shares of common stock per $50.00 junior convertible security, equivalent to an adjusted conversion price of $198.02 per share of common stock. The adjustment was the result of the Company’s cumulative declared dividends on its common stock since the initiation of its dividend through August 2018. Holders of the junior convertible securities have no rights to put these securities to the Company. Upon conversion, holders will receive cash or shares of the Company’s common stock, or a combination thereof, at the Company’s election. The Company may redeem the junior convertible securities if the closing price of its common stock exceeds $257.43 per share for 20 trading days in a period of 30 consecutive trading days. The junior convertible securities are considered contingent payment debt instruments under federal income tax regulations, which require the Company to deduct interest in an amount greater than its reported interest expense. These deductions will generate annual deferred tax liabilities of $7.8 million. These deferred tax liabilities will be reclassified directly to stockholders’ equity if the Company’s common stock is trading above certain thresholds at the time of the conversion of the securities.

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- Definition Information about convertible debt arrangements, which may include amounts of borrowings, the underlying arrangements, repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, and other matters important to users of the financial statements. + References No definition available. + Details
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