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Debt (Tables)
 9 Months Ended
Sep. 30, 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)September 30, 2020December 31, 2019
Senior Convertible Notes due 2022*$890.8 
Senior Convertible Notes due 2023$2,151.8 1,260.0 
Senior Convertible Notes due 20251,279.5 *
Total fair value of outstanding senior convertible notes$3,431.3 $2,150.8 
* Not applicable as no notes were outstanding at this date.
For more information on the carrying values of our senior convertible notes, see Note 4, “Debt.”
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
(In millions)September 30, 2020December 31, 2019
Principal amount:
Senior Convertible Notes due 2022$— $400.0 
Senior Convertible Notes due 2023850.0 850.0 
Senior Convertible Notes due 20251,207.5 — 
Total principal amount2,057.5 1,250.0 
Unamortized debt discount(391.4)(177.2)
Unamortized debt issuance costs(20.3)(13.1)
Carrying amount of liability component$1,645.8 $1,059.7 
Carrying amount of equity component$461.0 $242.2 
Remaining amortization period of debt discount on the liability component:
Senior Convertible Notes due 2022*2.5 years
Senior Convertible Notes due 20233.2 years4.0 years
Senior Convertible Notes due 20255.1 years*
* Not applicable as no notes were outstanding at this date.
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)September 30, 2020December 31, 2019
Senior Convertible Notes due 2022*$486.2 
Senior Convertible Notes due 2023$1,293.6 372.4 
Total by which the notes’ if-converted value exceeds their principal amount
$1,293.6 $858.6 
  * Not applicable as no notes were outstanding at this date.
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
September 30,		Nine Months Ended
September 30,
(Dollars in millions)2020201920202019
Cash interest expense:
Contractual coupon interest (1)
$2.4 $2.4 $7.1 $7.1 
Non-cash interest expense:
Accretion of debt discount 20.0 11.5 48.3 34.1 
Amortization of debt issuance costs1.1 0.9 3.1 2.7 
Total interest expense recognized on senior notes$23.5 $14.8 $58.5 $43.9 
Effective interest rates:
Senior Convertible Notes due 2022 (2)
5.1 %5.1 %5.1 %5.1 %
Senior Convertible Notes due 20235.6 %5.6 %5.6 %5.6 %
Senior Convertible Notes due 20255.5 %*5.5 %*
(1) Interest on the 2022 Notes began accruing upon issuance and was 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.
(2) The effective interest rate presented represents the rate applicable for the period outstanding. The Senior Convertible Notes due 2022 were fully redeemed by July 31, 2020 as described below.
* Not applicable as no notes were outstanding at this date.
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)September 30, 2020
Available principal amount $200.0 
Letters of credit sub-facility10.0 
Outstanding borrowings — 
Outstanding letters of credit5.4 
Total available balance$194.6