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Borrowings | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Borrowings | Note 5. Borrowings Artisan’s borrowings consist of the following as of September 30, 2020 and December 31, 2019:
| Maturity |  | Outstanding Balance |  |  |  | Interest Rate Per Annum
Revolving credit agreement | August 2022 |  | $ | — |  |  |  |  | NA
Senior notes |  |  |  |  |  |  |
Series C | August 2022 |  | 90,000 |  |  |  |  | 5.82 | %
Series D | August 2025 |  | 60,000 |  |  |  |  | 4.29 | %
Series E | August 2027 |  | 50,000 |  |  |  |  | 4.53 | %
Total borrowings |  |  | $ | 200,000 |  |  |  |  |
The fair value of borrowings was approximately $205.3 million as of September 30, 2020. 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”. Interest expense incurred on the unsecured notes and revolving credit agreement was $2.6 million for the three months ended September 30, 2020 and 2019, and $7.7 million and $7.9 million for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, 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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