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Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company’s Debt:

						December 31,
						2021						2022
Senior bank debt						$	349.9					$	349.9
Senior notes						1,093.5						1,095.2
Junior subordinated notes						751.4						751.6
Junior convertible securities						295.6						338.6
Debt						$	2,490.4					$	2,535.3

Schedule of Principal Terms of Senior and Junior Subordinated Notes

As of December 31, 2022, the Company had senior notes outstanding, the respective principal terms and effective interest rates of which are presented below:

						2024 Senior Notes						2025 Senior Notes						2030 Senior Notes
Issue date						February 2014						February 2015						June 2020
Maturity date						February 2024						August 2025						June 2030
Par value (in millions)						$	400.0					$	350.0					$	350.0
Stated coupon						4.25		%				3.50		%				3.30		%
Coupon frequency						Semi-annually						Semi-annually						Semi-annually
Potential call date						Any time						Any time						Any time
Call price						As defined						As defined						As defined
Effective interest rate						4.43		%				3.67		%				3.39		%

principal terms and effective interest rates of which are presented below:

2059 Junior Subordinated Notes

2060 Junior Subordinated Notes

2061 Junior Subordinated Notes

Issue date

March 2019

September 2020

July 2021

Maturity date

March 2059

September 2060

September 2061

Par value (in millions)

$

300.0

$

275.0

$

200.0

Stated coupon

5.875

%

4.75

%

4.20

%

Coupon frequency

Quarterly

Quarterly

Quarterly

Potential call date

March 2024

September 2025

September 2026

Call price

As defined

As defined

As defined

Listing

NYSE

NYSE

NYSE

Effective interest rate

5.91

%

4.78

%

4.22

%

Schedule of Convertible Securities

The following table presents interest expense recognized in connection with the junior convertible securities:

						December 31,
						2021						2022
Contractual interest expense						$	22.2					$	18.3
Amortization of debt issuance costs						0.4						0.2
Amortization of debt discount						3.1						—
Total						$	25.7					$	18.5

Effective interest rate 5.99  % 5.21  %

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