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Organization and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

Below is a summary of the changes in our consolidated balance sheets we originally reported as of December 31, 2020 and 2021 under the ASC 470-20 legacy guidance compared to our adjusted consolidated balance sheets under the new ASU 2020-06 guidance we adopted and reflective of our four-for-one forward stock split:

Consolidated Balance Sheet			As of December 31, 2020
(In millions)			As Previously Reported						ASU 2020-06 Adjustment						Stock Split Adjustment						As Adjusted
Deferred tax assets			$	216.4					$	91.3					$	—					$	307.7
Long-term senior convertible notes			1,667.2						365.9						—						2,033.1
Common stock			0.1						—						0.3						0.4
Additional paid-in-capital			2,125.3						(398.5)						(0.3)						1,726.5
Accumulated deficit			$	(202.1)					$	123.9					$	—					$	(78.2)

Consolidated Balance Sheet			As of December 31, 2021
(In millions)			As Previously Reported						ASU 2020-06 Adjustment						Stock Split Adjustment						As Adjusted
Deferred tax assets			$	220.8					$	69.7					$	—					$	290.5
Long-term senior convertible notes			1,702.7						279.1						—						1,981.8
Common stock			0.1						—						0.3						0.4
Additional paid-in-capital			2,504.5						(395.5)						(0.3)						2,108.7
Retained earnings (Accumulated deficit)			$	(47.4)					$	186.1					$	—					$	138.7

Below is a summary of the changes in our consolidated statements of operations for the three and nine months ended September 30, 2021 we originally reported under the ASC 470-20 legacy guidance compared to our adjusted consolidated statements of operations under the new ASU 2020-06 guidance we adopted and reflective of our four-for-one forward stock split:

Consolidated Statement of Operations			Three Months Ended September 30, 2021
(In millions, except per share data)			As Previously Reported						ASU 2020-06 Adjustment						As Adjusted
Interest expense			$	(25.1)					$	20.5					$	(4.6)
Income before income taxes			90.7						21.3						112.0
Income tax expense			19.8						4.9						24.7
Net income			70.9						16.4						87.3
Basic net income per share			0.18						0.05						0.23
Diluted net income per share (1)			$	0.18					$	0.03					$	0.21
Shares used to compute diluted net income per share			402.0						28.3						430.3
Consolidated Statement of Operations			Nine Months Ended September 30, 2021
(In millions, except per share data)			As Previously Reported						ASU 2020-06 Adjustment						As Adjusted
Interest expense			$	(75.1)					$	61.0					$	(14.1)
Income (Loss) before taxes			188.6						61.8						250.4
Income tax expense (benefit)			14.5						13.7						28.2
Net income			174.1						48.1						222.2
Basic net income per share			0.45						0.12						0.57
Diluted net income per share (2)			$	0.44					$	0.10					$	0.54
Shares used to compute diluted net income per share			399.3						28.6						427.9

(1) Dilutive net income used for diluted net income per share under ASU 2020-06 includes $2.8 million add back of interest expense, net of tax, attributable to assumed conversion of senior convertible notes.

(2) Dilutive net income used for diluted net income per share under ASU 2020-06 includes $8.6 million add back of interest expense, net of tax, attributable to assumed conversion of senior convertible notes.

Below is a summary of our consolidated balance sheet as of September 30, 2022 and consolidated statements of operations for the three and nine months ended September 30, 2022 under the ASC 470-20 legacy guidance compared to the new ASU 2020-06 guidance we adopted.

Consolidated Balance Sheet			As of September 30, 2022
(In millions)			As computed under ASC 470-20						ASU 2020-06 Adjustment						As reported under ASU 2020-06
Prepaid and other current assets			$	168.6					$	(17.1)					$	151.5
Deferred tax assets			271.3						71.0						342.3
Long-term senior convertible notes			1,753.1						215.7						1,968.8
Additional paid-in-capital			2,466.5						(394.4)						2,072.1
Retained earnings			$	155.5					$	232.6					$	388.1

Consolidated Statement of Operations			Three Months Ended September 30, 2022
(In millions, except per share data)			As computed under ASC 470-20						ASU 2020-06 Adjustment						As reported under ASU 2020-06
Interest expense			$	(25.5)					$	20.9					$	(4.6)
Income before income taxes			125.3						20.9						146.2
Income tax expense			40.8						4.2						45.0
Net income			84.5						16.7						101.2
Basic net income per share			0.22						0.04						0.26
Diluted net income per share (1)			$	0.21					$	0.03					$	0.24
Shares used to compute diluted net income per share			398.9						26.9						425.8
Consolidated Statement of Operations			Nine Months Ended September 30, 2022
(In millions, except per share data)			As computed under ASC 470-20						ASU 2020-06 Adjustment						As reported under ASU 2020-06
Loss on extinguishment of debt			$	(0.4)					$	0.4					$	—
Interest expense			(76.0)						62.1						(13.9)
Income before income taxes			195.1						62.5						257.6
Income tax expense (benefit)			(7.8)						16.0						8.2
Net income			202.9						46.5						249.4
Basic net income per share (2)			0.52						0.12						0.64
Diluted net income per share			$	0.51					$	0.09					$	0.60
Shares used to compute diluted net income per share			401.1						26.9						428.0

(1) Dilutive net income used for diluted net income per share under ASU 2020-06 includes $2.8 million add back of interest expense, net of tax, attributable to assumed conversion of senior convertible notes.

(2) Dilutive net income used for diluted net income per share under ASU 2020-06 includes $8.3 million add back of interest expense, net of tax, attributable to assumed conversion of senior convertible notes.

Schedule of Basic and Diluted Net Income per Share

The following table sets forth the computation of basic and diluted net income per share for the periods shown.

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2022						2021						2022						2021
									As Adjusted												As Adjusted
Net income			$	101.2					$	87.3					$	249.4					$	222.2
Add back interest expense, net of tax attributable to assumed conversion of senior convertible notes			2.8						2.8						8.3						8.6
Net income - diluted			$	104.0					$	90.1					$	257.7					$	230.8
Net income per common share
Basic			$	0.26					$	0.23					$	0.64					$	0.57
Diluted			$	0.24					$	0.21					$	0.60					$	0.54
Basic weighted average shares outstanding			389.8						387.4						390.4						386.5
Dilutive potential common stock outstanding:
Restricted stock units			0.5						2.0						0.9						2.1
Warrants			8.6						12.6						9.8						10.8
Senior convertible notes			26.9						28.3						26.9						28.5
Diluted weighted average shares outstanding			425.8						430.3						428.0						427.9

Schedule of Outstanding Anti-dilutive Securities Excluded from Diluted Net Income per Share

Outstanding anti-dilutive securities not included in the diluted net income per share attributable to common stockholders calculations were as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions)			2022						2021						2022						2021
									As Adjusted												As Adjusted
Restricted stock units			1.3						—						0.5						—

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Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

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Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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