Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of impact resulting from reclassification of debt issuance costs

The impact of the reclassification of debt issuance costs on our outstanding debt obligations as of December 31, 2015 is as follows.

	December 31, 2015
(In millions)	As previously reported		Adjustment			As Adjusted
Convertible Senior Notes, interest at 5% per annum, due May 2017	$	333.5	$	(2.0	)	$	331.5
Convertible Senior Notes, interest at 2% per annum, due April 2020	500.0		(9.2		)	490.8
Convertible Junior Subordinated Debentures, interest at 9% per annum, due April 2063	389.5		—			389.5
Total long-term debt	$	1,223.0	$	(11.2	)	$	1,211.8

Long-term debt

The principal amounts of our debt obligations and their aggregate carrying value as of June 30, 2016 and December 31, 2015 were as follows.

(In millions)	June 30, 2016			December 31, 2015
FHLB Advance, interest at 1.91% per annum, due February 2023	$	155.0		$	—
Convertible Senior Notes, interest at 5% per annum, due May 2017 (1)	145.0			333.5
Convertible Senior Notes, interest at 2% per annum, due April 2020 (2) (3)	500.0			500.0
Convertible Junior Subordinated Debentures, interest at 9% per annum, due April 2063 (4)	256.9			389.5
Long-term debt, par value	1,056.9			1,223.0
Less: Debt issuance costs on convertible senior notes	(8.7		)	(11.2		)
Long-term debt, carrying value	$	1,048.2		$	1,211.8

⁽¹⁾  Convertible at any time prior to maturity at the holder’s option, at an initial conversion rate, which is subject to adjustment, of 74.4186 shares per $1,000 principal amount, representing an initial conversion price of approximately $13.44 per share.

⁽²⁾  Prior to January 1, 2020, the 2% Convertible Senior Notes are convertible only upon satisfaction of one or more conditions. One such condition is that during any calendar quarter commencing after March 31, 2014, the last reported sale price of our common stock for each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter be greater than or equal to 130% of the applicable conversion price on each applicable trading day. The 2% Notes are convertible at an initial conversion rate, which is subject to adjustment, of 143.8332 shares per $1,000 principal amount, representing an initial conversion price of approximately $6.95 per share. 130% of such conversion price is $9.03. On or after January 1, 2020, holders may convert their notes irrespective of satisfaction of the conditions.

⁽³⁾  Prior to April 10, 2017, the notes will not be redeemable. On any business day on or after April 10, 2017 we may redeem for cash all or part of the notes, at our option, at a redemption rate equal to 100% of the principal amount of the notes being redeemed, plus any accrued and unpaid interest, if the closing sale price of our common stock exceeds 130% of the then prevailing conversion price of the notes for each of at least 20 of the 30 consecutive trading days preceding notice of the redemption.

⁽⁴⁾  Convertible at any time prior to maturity at the holder’s option, at an initial conversion rate, which is subject to adjustment, of 74.0741 shares per $1,000 principal amount, representing an initial conversion price of approximately $13.50 per share. If a holder elects to convert their debentures, deferred interest owed on the debentures being converted is also converted into shares of our common stock. The conversion rate for any deferred interest is based on the average price that our shares traded at during a 5-day period immediately prior to the election to convert. In lieu of issuing shares of common stock upon conversion of the debentures, we may, at our option, make a cash payment to converting holders for all or some of the shares of our common stock otherwise issuable upon conversion.

Interest payments made

Interest payments on our debt obligations appear below.

	Six Months Ended June 30,
(In millions)	2016		2015
FHLB Advance, interest at 1.91% per annum, due February 2023	$	0.9	$	—
Senior Notes, interest at 5.375% per annum, due November 2015	—		1.7
Convertible Senior Notes, interest at 5% per annum, due May 2017	6.9		8.6
Convertible Senior Notes, interest at 2% per annum, due April 2020	5.0		5.0
Convertible Junior Subordinated Debentures, interest at 9% per annum, due April 2063	15.9		17.5
Total interest payments	$	28.7	$	32.8