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Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
 
December 31,
(Dollars in millions)
2019
 
2018
0.75% Senior Convertible Notes due 2022:
 
 
 
Principal amount
$
400.0

 
$
400.0

Unamortized debt discount
(37.2
)
 
(51.1
)
Unamortized debt issuance costs
(4.6
)
 
(6.3
)
Net carrying amount of Senior Convertible Notes due 2022
358.2

 
342.6

 
 
 
 
0.75% Senior Convertible Notes due 2023:
 
 
 
Principal amount
850.0

 
850.0

Unamortized debt discount
(140.0
)
 
(171.8
)
Unamortized debt issuance costs
(8.5
)
 
(10.5
)
Net carrying amount of Senior Convertible Notes due 2023
701.5

 
667.7

 
 
 
 
Total net carrying amount of senior convertible notes
$
1,059.7

 
$
1,010.3

 
 
 
 
Carrying value of equity component of convertible senior notes, net of debt issuance costs
 
 
 
Senior Convertible Notes due 2022
$
70.6

 
$
70.6

Senior Convertible Notes due 2023
$
171.6

 
$
171.6

 
 
 
 
Remaining amortization period of debt discount on the liability component
 
 
 
Senior Convertible Notes due 2022
2.5 years

 
3.5 years

Senior Convertible Notes due 2023
4.0 years

 
5.0 years
Schedule of Converted Value of Notes
The amount by which the notes’ if-converted value exceeds their principal amount is as of the dates indicated:
 
December 31,
(In millions)
2019
 
2018
Senior Convertible Notes due 2022
$
486.2

 
$
125.4

Senior Convertible Notes due 2023
372.4

 
—

Total by which the notes’ if-converted value exceeds their principal amount
$
858.6

 
$
125.4
Schedule of Components of Interest Expense and Effective Interest Rates of Senior Convertible Notes
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.
(Dollars in millions)
Twelve Months Ended
December 31,
 
2019
 
2018
 
2017
Interest expense recognized:
 
 
 
 
 
0.75% Senior Convertible Notes due 2022:
 
 
 
 
 
Contractual coupon interest
$
3.0

 
$
3.0

 
$
1.9

Accretion of debt discount (1)
13.9

 
13.4

 
8.2

Amortization of debt issuance costs
1.7

 
1.6

 
1.0

Interest expense recognized on 2022 Notes
18.6

 
18.0

 
11.1

 
 
 
 
 
 
0.75% Senior Convertible Notes due 2023:
 
 
 
 
 
Contractual coupon interest
6.3

 
0.5

 
—

Accretion of debt discount (2)
31.9

 
2.6

 
—

Amortization of debt issuance costs
2.0

 
0.2

 
—

Interest expense recognized on 2023 Notes
40.2

 
3.3

 
—

 
 
 
 
 
 
Total interest expense recognized on senior notes
$
58.8

 
$
21.3

 
$
11.1

 
 
 
 
 
 
Effective interest rates:
 
 
 
 
 
0.75% Senior Convertible Notes due 2022
5.1
%
 
5.1
%
 
5.1
%
0.75% Senior Convertible Notes due 2023
5.6
%
 
5.6
%
 
—

(1) The discount on the 2022 Notes is being amortized through May 15, 2022. Interest on the 2022 Notes began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year.
(2) The discount on the 2023 Notes is being amortized through December 1, 2023. Interest on the 2023 Notes began accruing upon issuance and is payable semi-annually on June 1 and December 1 of each year.
Schedule of Availability and Outstanding Borrowings on Credit Agreement Information related to availability and outstanding borrowings on our Credit Agreement is as follows:
 
December 31,
(In millions)
2019
Available principal amount
$
200.0

Letters of credit sub-facility
10.0

Outstanding borrowings
—

Outstanding letters of credit
4.4

Total available balance
195.6