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Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes the Company’s Debt:
|  | December 31, 2022 |  | March 31, 2023
Senior bank debt |  | $ | 349.9 |  |  | $ | 349.9 |
Senior notes |  | 1,095.2 |  |  | 1,095.6 |
Junior subordinated notes |  | 751.6 |  |  | 751.7 |
Junior convertible securities |  | 338.6 |  |  | 338.7 |
Debt |  | $ | 2,535.3 |  |  | $ | 2,535.9 |
Schedule of Principal Terms of Senior and Junior Subordinated Notes | The principal terms of the senior notes outstanding as of March 31, 2023 were as follows:
|  | 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
|  | 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
Schedule of Convertible Securities | The following table presents interest expense recognized in connection with the junior convertible securities:
|  | For the Three Months Ended March 31,
|  | 2022 |  | 2023
Contractual interest expense |  | $ | 5.0 |  |  | $ | 4.4 |
Amortization of debt issuance costs |  | 0.1 |  |  | 0.1 |
Total |  | $ | 5.1 |  |  | $ | 4.5 |
Effective interest rate |  | 5.24 | % |  | 5.21 | %

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