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Debt (Tables)

3 Months Ended

Mar. 31, 2020

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)	March 31, 2020				December 31, 2019
0.75% Senior Convertible Notes due 2022	$	1,088.9			$	890.8
0.75% Senior Convertible Notes due 2023	1,474.0				1,260.0
Total fair value of outstanding senior convertible notes	$	2,562.9			$	2,150.8

For more information on the carrying values of our senior convertible notes, see Note 4, “Debt.”

The carrying amounts of our senior convertible notes were as follows as of the dates indicated:

(In millions)	March 31, 2020				December 31, 2019
Principal amount of 0.75% Senior Convertible Notes due 2022	$	400.0			$	400.0
Principal amount of 0.75% Senior Convertible Notes due 2023	850.0				850.0
Unamortized debt discount	(165.4		)		(177.2		)
Unamortized debt issuance costs	(12.2		)		(13.1		)
Carrying amount of liability component	1,072.4				1,059.7
Carrying amount of equity component	$	242.2			$	242.2

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:

(In millions)	March 31, 2020				December 31, 2019
Senior Convertible Notes due 2022	$	686.9			$	486.2
Senior Convertible Notes due 2023	598.1				372.4
Total by which the notes’ if-converted value exceeds their principal amount	$	1,285.0			$	858.6

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.

	Three Months Ended March 31,
(Dollars in millions)	2020				2019
Cash interest expense
Contractual coupon interest	$	2.3			$	2.3
Non-cash interest expense
Accretion of debt discount (1)	11.8				11.3
Amortization of debt issuance costs	0.9				0.9
Total interest expense recognized on senior notes	$	15.0			$	14.5
Effective interest rates:
0.75% Senior Convertible Notes due 2022	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 while 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 as of the date indicated:

(In millions)	March 31, 2020
Available principal amount	$	200.0
Letters of credit sub-facility	10.0
Outstanding borrowings	—
Outstanding letters of credit	5.4
Total available balance	$	194.6

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- Definition

Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components.

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