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Borrowings

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Borrowings

Note 5. Borrowings

Artisan’s borrowings consist of the following as of September 30, 2019 and December 31, 2018:

			Maturity						As of September 30, 2019						As of December 31, 2018						Interest Rate Per Annum
Revolving credit agreement			August 2022						$	—					$	—					NA
Senior notes
Series B			August 2019						—						50,000						5.32		%
Series C			August 2022						90,000						90,000						5.82		%
Series D			August 2025						60,000						60,000						4.29		%
Series E			August 2027						50,000						—						4.53		%
Total borrowings									$	200,000					$	200,000

The fair value of borrowings was approximately $203.2 million as of September 30, 2019. Fair value was determined based on future cash flows, discounted to present value using current market interest rates. The inputs are categorized as Level 2 in the fair value hierarchy, as defined in Note 4, “Fair Value Measurements”.

On August 16, 2019, Holdings issued $50 million of 4.53% Series E senior notes and used the proceeds to repay the $50 million of 5.32% Series B senior notes that matured on August 16, 2019.

Interest expense incurred on the unsecured notes and revolving credit agreement was $2.6 million and $2.7 million for the three months ended September 30, 2019 and 2018, respectively, and $7.9 million and $8.0 million for the nine months ended September 30, 2019 and 2018, respectively.

As of September 30, 2019, the aggregate maturities of debt obligations, based on their contractual terms, are as follows:

2019			$	—
2020			—
2021			—
2022			90,000
2023			—
Thereafter			110,000
Total			$	200,000

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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