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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes the Company’s Debt:
December 31,
20202021
Senior bank debt$349.8 $349.9 
Senior notes1,091.9 1,093.5 
Junior subordinated notes556.4 751.4 
Junior convertible securities 314.0 295.6 
Debt$2,312.1 $2,490.4 
The Company’s senior notes, junior subordinated notes, and junior convertible securities are carried at amortized cost. Unamortized discounts and debt issuance costs are presented within the Consolidated Balance Sheets as an adjustment to the carrying value of the associated debt.
Senior Bank Debt
The Company has a $1.25 billion senior unsecured multicurrency revolving credit facility and a $350.0 million senior unsecured term loan facility. The Company amended and restated the revolver in October 2021, extending the maturity from January 18, 2024 to October 23, 2026, and amended the term loan in January 2021 and June 2021, and further amended and restated the term loan in October 2021, extending the maturity from January 18, 2023 to October 23, 2026. Through these amendments, the Company also reduced applicable rates for the revolver and the term loan, and provided for customary LIBOR succession provisions. Subject to certain conditions, the Company may increase the commitments under the revolver by up to an additional $500.0 million and may borrow up to an additional $75.0 million under the term loan. The Company pays interest on any outstanding obligations under the credit facilities at specified rates, currently based either on an applicable LIBOR or prime rate, plus a marginal rate determined based on its credit rating. As of December 31, 2021, the interest rate for the Company’s outstanding borrowings under the credit facilities was LIBOR plus 0.85%.
The credit facilities contain financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on priority indebtedness, asset dispositions, and fundamental corporate changes, and certain customary events of default.
As of December 31, 2020 and 2021, the Company had no outstanding borrowings under the revolver. As of December 31, 2020 and 2021, the Company had outstanding borrowings under the term loan of $350.0 million, and the weighted average interest rate on outstanding borrowings was 1.02% and 0.95%, respectively. The Company pays commitment fees on the unused portion of its revolver. For the years ended December 31, 2020 and 2021, these fees amounted to $1.5 million.
Senior Notes
As of December 31, 2021, the Company had senior notes outstanding. The carrying value of the senior notes is accreted to the principal amount at maturity over the remaining life of the underlying instrument.
The principal terms of the senior notes outstanding as of December 31, 2021 were as follows:
2024
Senior Notes		2025
Senior Notes		2030
Senior Notes
Issue dateFebruary 2014February 2015June 2020
Maturity dateFebruary 2024August 2025June 2030
Par value (in millions)$400.0 $350.0 $350.0 
Stated coupon4.25 %3.50 %3.30 %
Coupon frequencySemi-annuallySemi-annuallySemi-annually
Potential call dateAny timeAny timeAny time
Call priceAs definedAs definedAs defined
The senior notes may be redeemed, in whole or in part, at any time, in the case of the 2024 and 2025 senior notes, and at any time prior to March 15, 2030, in the case of the 2030 senior notes. In each case, the senior notes may be redeemed at a make-whole redemption price, plus accrued and unpaid interest. The make-whole redemption price, in each case, is equal to the greater of 100% of the principal amount of the notes to be redeemed and the remaining principal and interest payments on the notes being redeemed (excluding accrued but unpaid interest to, but not including, the redemption date) discounted to their present value as of the redemption date at the applicable treasury rate plus 0.25%, in the case of the 2024 and the 2025 senior notes, and to their present value as of the redemption date on a semi-annual basis at the applicable treasury rate plus 0.40%, in the case of the 2030 senior notes.
Junior Subordinated Notes
As of December 31, 2021, the Company had junior subordinated notes outstanding. The carrying value of the junior subordinated notes is accreted to the principal amount at maturity over the remaining life of the underlying instrument.
The principal terms of the junior subordinated notes outstanding as of December 31, 2021 were as follows:
2059
Junior Subordinated Notes		2060
Junior Subordinated Notes		2061
Junior Subordinated Notes
Issue dateMarch 2019September 2020July 2021
Maturity dateMarch 2059September 2060September 2061
Par value (in millions)$300.0 $275.0 $200.0 
Stated coupon5.875 %4.75 %4.20 %
Coupon frequencyQuarterlyQuarterlyQuarterly
Potential call dateMarch 2024September 2025September 2026
Call priceAs definedAs definedAs defined
ListingNYSENYSENYSE
The junior subordinated notes may be redeemed at any time, in whole or in part, on or after March 30, 2024, in the case of the 2059 junior subordinated notes, on or after September 30, 2025, in the case of the 2060 junior subordinated notes, and on or after September 30, 2026, in the case of the 2061 junior subordinated notes. In each case, the junior subordinated notes may be redeemed at 100% of the principal amount of the notes being redeemed, plus any accrued and unpaid interest thereon.  Prior to the applicable redemption date, at the Company’s option, the applicable junior subordinated notes may also be redeemed, in whole but not in part, at 100% of the principal amount, plus any accrued and unpaid interest, if certain changes in tax laws, regulations, or interpretations occur; or at 102% of the principal amount, plus any accrued and unpaid interest, if a rating agency makes certain changes relating to the equity credit criteria for securities with features similar to the applicable notes.
The Company may, at its option, and subject to certain conditions and restrictions, defer interest payments subject to the terms of the junior subordinated notes.
As of December 31, 2021, the effective interest rates of the 2024, the 2025, and the 2030 senior notes were 4.43%, 3.67%, and 3.39%, respectively. As of December 31, 2021, the effective interest rates of the 2059, the 2060, and the 2061 junior subordinated notes were 5.90%, 4.78%, and 4.21%, respectively.
Junior Convertible Securities
The following table summarizes the Company’s 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, 2020December 31, 2021
 Carrying
Value		Principal Amount
at Maturity		Carrying
Value		Principal Amount
at Maturity
Junior convertible securities(1)
$318.4 $430.8 $299.5 $401.0 
__________________________
(1)The carrying value is accreted to the principal amount at maturity over a remaining life of 16 years.
The junior convertible securities bear interest at a rate of 5.15% per annum, payable quarterly in cash. 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, subject to its stock trading at or above certain specified levels over specified times periods, and may also repurchase junior subordinated notes in the open market or in privately negotiated transactions from time to time at management’s discretion. 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. The Company estimates that these deductions will generate annual deferred tax liabilities of approximately $9 million. During the year ended December 31, 2021, the Company paid $33.0 million to repurchase a portion of our junior convertible securities, resulting in reductions of $29.9 million and $7.1 million in Debt and Additional paid-in capital, respectively. As a result of these repurchases, the Company also reduced our Deferred income tax liability (net) by $7.0 million.