Debt (Tables)

6 Months Ended

Jun. 30, 2020

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)	June 30, 2020		December 31, 2019
Senior Convertible Notes due 2022	$	151.9	$	890.8
Senior Convertible Notes due 2023	2,108.2		1,260.0
Senior Convertible Notes due 2025	1,239.2		*
Total fair value of outstanding senior convertible notes	$	3,499.3	$	2,150.8

* Not Applicable

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)	June 30, 2020			December 31, 2019
Principal amount:
Senior Convertible Notes due 2022	$	37.2		$	400.0
Senior Convertible Notes due 2023	850.0			850.0
Senior Convertible Notes due 2025	1,207.5			—
Total principal amount	2,094.7			1,250.0
Unamortized debt discount	(414.2		)	(177.2		)
Unamortized debt issuance costs	(21.7		)	(13.1		)
Carrying amount of liability component	$	1,658.8		$	1,059.7

Carrying amount of equity component	$	467.7		$	242.2

Remaining amortization period of debt discount on the liability component:
Senior Convertible Notes due 2022	1.9 years			2.5 years
Senior Convertible Notes due 2023	3.4 years			4.0 years
Senior Convertible Notes due 2025	5.4 years			*

* Not Applicable

Schedule of Converted Value of Notes

For our senior convertible notes for which the if-converted value exceeded the principal amount, the amount in excess of principal is as follows as of the dates indicated:



(In millions)	June 30, 2020		December 31, 2019
Senior Convertible Notes due 2022	$	115.0	$	486.2
Senior Convertible Notes due 2023	1,272.8		372.4
Total by which the notes’ if-converted value exceeds their principal amount	$	1,387.8	$	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 June 30,						Six Months Ended June 30,
(Dollars in millions)	2020			2019			2020			2019
Cash interest expense:
Contractual coupon interest ⁽¹⁾	$	2.4		$	2.4		$	4.7		$	4.7
Non-cash interest expense:
Accretion of debt discount	16.5			11.3			28.3			22.6
Amortization of debt issuance costs	1.1			0.9			2.0			1.8
Total interest expense recognized on senior notes	$	20.0		$	14.6		$	35.0		$	29.1

Effective interest rates:
Senior Convertible Notes due 2022	5.1		%	5.1		%	5.1		%	5.1		%
Senior Convertible Notes due 2023	5.6		%	5.6		%	5.6		%	5.6		%
Senior Convertible Notes due 2025	5.5		%	*			5.5		%	*

⁽¹⁾Interest on the 2022 Notes began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year. Interest on the 2023 Notes began accruing upon issuance and is payable semi-annually on June 1 and December 1 of each year. Interest on the 2025 Notes began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year.

* Not Applicable

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)	June 30, 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