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Borrowings | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Borrowings | Note 5. Borrowings Artisan’s borrowings consist of the following as of December 31, 2019 and 2018:
| Maturity |  | As of December 31, 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 $202.8 million as of December 31, 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”. Senior notes - On August 16, 2017, Holdings issued $60 million of 4.29% Series D senior notes and used the proceeds to repay the $60 million of 4.98% Series A senior notes that matured on August 16, 2017. In addition, Holdings amended and extended its $100 million revolving credit facility for an additional five-year period. 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. The fixed interest rate on each series of unsecured notes is subject to a one percentage point increase in the event Holdings receives a below-investment grade rating and any such increase will continue to apply until an investment grade rating is received. Revolving credit agreement - Any loans outstanding under the revolving credit agreement bear interest at a rate per annum equal to, at the Company’s election, (i) LIBOR adjusted by a statutory reserve percentage plus an applicable margin ranging from 1.50% to 2.50%, depending on Holdings’ leverage ratio (as defined in the revolving credit agreement) or (ii) an alternate base rate equal to the highest of (a) Citibank, N.A.’s prime rate, (b) the federal funds effective rate plus 0.50%, and (c) the daily one-month LIBOR adjusted by a statutory reserve percentage plus 1.00%, plus, in each case, an applicable margin ranging from 0.50% to 1.50%, depending on Holdings’ leverage ratio. Unused commitments will bear interest at a rate that ranges from 0.175% to 0.500%, depending on Holdings’ leverage ratio. As of and for the year-ended December 31, 2019, there were no borrowings outstanding under the revolving credit agreement and the interest rate on the unused commitment was 0.175%. The unsecured notes and the revolving credit agreement contain certain restrictive financial covenants including a limitation on the leverage ratio of Holdings and a minimum interest coverage ratio. The Company was in compliance with all debt covenants as of December 31, 2019. Interest expense incurred on the unsecured notes and revolving credit agreement was $10.5 million, $10.6 million, and $10.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, the aggregate maturities of debt obligations, based on their contractual terms, are as follows:
2020 | $ | — |
2021 | — |
2022 | 90,000 |
2023 | — |
2024 | — |
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 + Details
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