XML 43 R23.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value, based on trading prices (Level 1 inputs), of our senior convertible notes were as follows as of the dates indicated:
| Fair Value Measurements Using Level 1
(In millions) | September 30, 2022 |  | December 31, 2021
Senior Convertible Notes due 2023 | $ | 1,533.4 |  |  | $ | 2,589.6 |
Senior Convertible Notes due 2025 | 1,118.6 |  |  | 1,432.9 |
Total fair value of outstanding senior convertible notes | $ | 2,652.0 |  |  | $ | 4,022.5 |
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
(Dollars in millions) | September 30, 2022 |  | December 31, 2021
|  |  | As Adjusted
Principal amount: |  |  |
Senior Convertible Notes due 2023 | $ | 774.8 |  |  | $ | 792.3 |
Senior Convertible Notes due 2025 | 1,207.5 |  |  | 1,207.5 |
Total principal amount | 1,982.3 |  |  | 1,999.8 |
Unamortized debt issuance costs | (13.5) |  |  | (18.0) |
Carrying amount of senior convertible notes | $ | 1,968.8 |  |  | $ | 1,981.8 |
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 was as follows as of the dates indicated:
(In millions) | September 30, 2022 |  | December 31, 2021
Senior Convertible Notes due 2023 | $ | 749.5 |  |  | $ | 1,797.3 |
Senior Convertible Notes due 2025 | — |  |  | 141.8
Total by which the notes’ if-converted value exceeds their principal amount | $ | 749.5 |  |  | $ | 1,939.1 |
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) | 2022 |  | 2021 |  | 2022 |  | 2021
|  |  | As Adjusted |  |  |  | As Adjusted
Cash interest expense: |  |  |  |  |  |  |
Contractual coupon interest (1) | $ | 2.3 |  |  | $ | 2.4 |  |  | $ | 6.7 |  |  | $ | 7.0 |
Non-cash interest expense: |  |  |  |  |  |  |
Amortization of debt issuance costs | 1.4 |  |  | 1.5 |  |  | 4.3 |  |  | 4.5 |
Total interest expense recognized on senior notes | $ | 3.7 |  |  | $ | 3.9 |  |  | $ | 11.0 |  |  | $ | 11.5 |
Effective interest rate: |  |  |  |  |  |  |
Senior Convertible Notes due 2023 | 1.1 | % |  | 1.1 | % |  | 1.1 | % |  | 1.1 | %
Senior Convertible Notes due 2025 | 0.5 | % |  | 0.5 | % |  | 0.5 | % |  | 0.5 | %
(1) 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.
Schedule of Availability and Outstanding Borrowings on Credit Agreement | Information related to availability and outstanding borrowings on our Amended Credit Agreement is as follows as of the date indicated:
(In millions) | September 30, 2022
Available principal amount | $ | 200.0 |
Letters of credit sub-facility | 25.0 |
Outstanding borrowings | — |
Outstanding letters of credit | 7.3 |
Total available balance | $ | 192.7 |

X
- Definition Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount. + References No definition available. + Details
Name: | us-gaap_ConvertibleDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration