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Debt (Tables) | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value, based on trading prices (Level 1), of our Senior Convertible Notes were as follows as of the dates indicated.
| Fair Value Measurements Using Level 1
(In millions) | September 30, 2019 |  | December 31, 2018
0.75% Senior Convertible Notes due 2022 | $ | 635.6 |  |  | $ | 540.2 |
0.75% Senior Convertible Notes due 2023 | 996.5 |  |  | 859.6 |
Total fair value of outstanding senior convertible notes | $ | 1,632.1 |  |  | $ | 1,399.8 |
The following table shows the net carrying values, fair values, and if-converted values in excess of principal amounts for each of our senior convertible notes.
(In millions) | September 30, 2019 |  | December 31, 2018
0.75% Senior Convertible Notes due 2022: |  |  |
Principal amount | $ | 400.0 |  |  | $ | 400.0 |
Unamortized debt discount | (40.7 | ) |  | (51.1 | )
Unamortized debt issuance costs | (5.0 | ) |  | (6.3 | )
Net carrying amount of Senior Convertible Notes due 2022 | 354.3 |  |  | 342.6 |
0.75% Senior Convertible Notes due 2023: |  |  |
Principal amount | 850.0 |  |  | 850.0 |
Unamortized debt discount | (148.1 | ) |  | (171.8 | )
Unamortized debt issuance costs | (9.1 | ) |  | (10.5 | )
Net carrying amount of Senior Convertible Notes due 2023 | 692.8 |  |  | 667.7 |
Total net carrying amount of senior convertible notes | $ | 1,047.1 |  |  | $ | 1,010.3 |
Fair value of outstanding senior convertible notes: |  |  |
Senior Convertible Notes due 2022 | $ | 635.6 |  |  | $ | 540.2 |
Senior Convertible Notes due 2023 | 996.5 |  |  | 859.6 |
Total fair value of outstanding senior convertible notes | $ | 1,632.1 |  |  | $ | 1,399.8 |
Amount by which the notes' if-converted value exceeds their principal amount: |  |  |
Senior Convertible Notes due 2022 | $ | 221.6 |  |  | $ | 125.4 |
Senior Convertible Notes due 2023 | 93.9 |  |  | — |
Total by which the notes' if-converted value exceeds their principal amount | $ | 315.5 |  |  | $ | 125.4 |
Schedule of Interest Expense | The following table summarizes the components of interest expense and the effective interest rates for each of our senior convertible notes for the periods shown.
(In millions) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Interest expense recognized: |  |  |  |  |  |  |
0.75% Senior Convertible Notes due 2022: |  |  |  |  |  |  |
Contractual coupon interest | $ | 0.8 |  |  | $ | 0.8 |  |  | $ | 2.3 |  |  | $ | 2.3 |
Accretion of debt discount | 3.5 |  |  | 3.4 |  |  | 10.4 |  |  | 10.0 |
Amortization of debt issuance costs | 0.4 |  |  | 0.4 |  |  | 1.2 |  |  | 1.2 |
Interest expense recognized on 2022 Notes | 4.7 |  |  | 4.6 |  |  | 13.9 |  |  | 13.5 |
0.75% Senior Convertible Notes due 2023: |  |  |  |  |  |  |
Contractual coupon interest | 1.6 |  |  | — |  |  | 4.8 |  |  | — |
Accretion of debt discount | 8.0 |  |  | — |  |  | 23.7 |  |  | — |
Amortization of debt issuance costs | 0.5 |  |  | — |  |  | 1.5 |  |  | — |
Interest expense recognized on 2023 Notes | 10.1 |  |  | — |  |  | 30.0 |  |  | — |
Total interest expense recognized on senior notes | $ | 14.8 |  |  | $ | 4.6 |  |  | $ | 43.9 |  |  | $ | 13.5 |
Effective interest rates: |  |  |  |  |  |  |
0.75% Senior Convertible Notes due 2022 | 5.1 | % |  | 5.1 | % |  | 5.1 | % |  | 5.1 | %
0.75% Senior Convertible Notes due 2023 | 5.6 | % |  | — |  |  | 5.6 | % |  | — |

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