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Commitments, Contingencies and Off-Balance Sheet Arrangements (Tables)
12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Contractual Obligations

Our future minimum cash payments, including interest, associated with our contractual obligations pursuant to the note purchase agreements, Credit Agreement, Premium Financing Debt Facility, operating leases and purchase commitments at December 31, 2016 were as follows (in millions):

 

     Payments Due by Period  
Contractual Obligations    2017     2018     2019     2020     2021      Thereafter     Total  

Note purchase agreements

   $ 300.0      $ 100.0      $ 100.0      $ 100.0      $ 75.0       $ 1,775.0      $ 2,450.0   

Credit Agreement

     278.0        —          —          —          —           —          278.0   

Premium Financing Debt Facility

     125.6        —          —          —          —           —          125.6   

Interest on debt

     113.5        93.3        89.0        84.4        79.5         280.5        740.2   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total debt obligations

     817.1        193.3        189.0        184.4        154.5         2,055.5        3,593.8   

Operating lease obligations

     101.1        83.8        68.4        56.4        45.8         112.9        468.4   

Less sublease arrangements

     (0.8     (0.4     (0.1     (0.1     —           (0.1     (1.5

Outstanding purchase obligations

     50.6        32.1        16.6        7.7        1.7         —          108.7   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 

Total contractual obligations

   $ 968.0      $ 308.8      $ 273.9      $ 248.4      $ 202.0       $ 2,168.3      $ 4,169.4   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

   

 

 

 
Off-Balance Sheet Commitments

Off-Balance Sheet Commitments - Our total unrecorded commitments associated with outstanding letters of credit, financial guarantees and funding commitments at December 31, 2016 were as follows (in millions):

 

                                               Total  
     Amount of Commitment Expiration by Period      Amounts  
Off-Balance Sheet Commitments    2017      2018      2019      2020      2021      Thereafter      Committed  

Letters of credit

   $ —         $ —         $ —         $ —         $ —         $ 21.1       $ 21.1   

Financial guarantees

     0.2         0.2         0.2         0.2         0.2         1.4         2.4   

Funding commitments

     2.7         —           —           —           —           0.7         3.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total commitments

   $ 2.9       $ 0.2       $ 0.2       $ 0.2       $ 0.2       $ 23.2       $ 26.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
Outstanding Letters of Credit and Funding Commitments

Our commitments associated with outstanding letters of credit, financial guarantees and funding commitments at December 31, 2016 were as follows (all dollar amounts in table are in millions):

 

           Compensation      Maximum      Liability  

Description, Purpose and Trigger

   Collateral     to Us      Exposure      Recorded  

Venture capital funds

          

Funding commitment to one fund - expires in 2023
Trigger - Agreed conditions met

     None        None       $ 0.7       $ —     

Other

          

Credit support under letters of credit for deductibles due by us on our own insurance coverages - expires after 2021
Trigger - We do not reimburse the insurance companies for deductibles the insurance companies advance on behalf of us

     None        None         9.3         12.3   

Credit enhancement under letters of credit for our captive insurance operations to meet minimum statutory capital requirements - expires after 2021
Trigger - Dissolution or catastrophic financial results of the operation

     None       
 
Reimbursement
of LOC fees
  
  
     6.3         —     

Credit support under letters of credit for clients’ claim funds held by our Bermuda captive insurance operation in a fiduciary capacity - expires after 2021
Trigger - Investments fall below prescribed levels

     None       
 
Reimbursement
of LOC fees
  
  
     5.0         —     

Funding commitments on a clean energy investment - expires when payment is made
Trigger - Agreed conditions met

     None        None         2.7         —     

Credit support under letters of credit in lieu of a security deposit for an acquisition’s lease - expires 2023
Trigger - Lease payments do not get made

     None        None         0.5         —     

Financial guarantees of loans to 8 Canadian-based employees - expires when loan balances are reduced to zero through May 2029 - Principal and interest payments are paid quarterly
Trigger - Default on loan payments

     (1)        None         2.4         —     
       

 

 

    

 

 

 
        $ 26.9       $ 12.3   
       

 

 

    

 

 

 

 

(1) The guarantees are collateralized by shares in minority holdings of our Canadian operating companies.