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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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