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Debt (Tables) | 3 Months Ended
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Mar. 31, 2023
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) | March 31, 2023 |  | December 31, 2022
Senior Convertible Notes due 2023 | $ | 2,189.0 |  |  | $ | 2,136.2 |
Senior Convertible Notes due 2025 | 1,298.2 |  |  | 1,314.9 |
Total fair value of outstanding senior convertible notes | $ | 3,487.2 |  |  | $ | 3,451.1 |
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
(In millions) | March 31, 2023 |  | December 31, 2022
Principal amount: |  |  |
Senior Convertible Notes due 2023 | $ | 774.8 |  |  | $ | 774.8 |
Senior Convertible Notes due 2025 | 1,207.5 |  |  | 1,207.5 |
Total principal amount | 1,982.3 |  |  | 1,982.3 |
Unamortized debt issuance costs | (10.6) |  |  | (12.0) |
Carrying amount of senior convertible notes | $ | 1,971.7 |  |  | $ | 1,970.3 |
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) | March 31, 2023 |  | December 31, 2022
Senior Convertible Notes due 2023 | $ | 1,416.9 |  |  | $ | 1,361.5 |
Senior Convertible Notes due 2025 | 42.6 |  |  | 33.6
Total by which the notes’ if-converted value exceeds their principal amount | $ | 1,459.5 |  |  | $ | 1,395.1 |
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 March 31, |  |
(In millions) | 2023 |  | 2022 |  |  |  |
Cash interest expense: |  |  |  |  |  |  |
Contractual coupon interest (1) | $ | 2.2 |  |  | $ | 2.2 |  |  |  |  |
Non-cash interest expense: |  |  |  |  |  |  |
Amortization of debt issuance costs | 1.5 |  |  | 1.5 |  |  |  |  |
Total interest expense recognized on senior notes | $ | 3.7 |  |  | $ | 3.7 |  |  |  |  |
Effective interest rate: |  |  |  |  |  |  |
Senior Convertible Notes due 2023 | 1.1 | % |  | 1.1 | % |  |  |  |
Senior Convertible Notes due 2025 | 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) | March 31, 2023
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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- 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
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