XML 49 R26.htm IDEA: XBRL DOCUMENT v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
December 31,
(In millions)20232022
Principal amount:
Senior Convertible Notes due 2023$— $774.8 
Senior Convertible Notes due 20251,207.5 1,207.5 
Senior Convertible Notes due 20281,250.0 — 
Total principal amount2,457.5 1,982.3 
Unamortized debt issuance costs(23.3)(12.0)
Carrying amount of senior convertible notes$2,434.2 $1,970.3 
Schedule of Converted Value of Notes
For our senior convertible notes for which the if-converted value exceeded the principal amount, the amount in excess of principal was as follows as of the dates indicated:
December 31,
(In millions)20232022
Senior Convertible Notes due 2023$— $1,361.5 
Senior Convertible Notes due 202556.1 33.6 
Senior Convertible Notes due 202833.6 — 
Total by which the notes’ if-converted value exceeds their principal amount$89.7 $1,395.1 
The following table summarizes the key details for our unsecured senior convertible notes due 2023 (the “2023 Notes”), unsecured senior convertible notes due 2025 (the “2025 Notes”), and unsecured senior convertible notes due 2028 (the “2028 Notes”):
Senior Convertible Notes
Offering Completion Date
Maturity Date
Stated Interest Rate
Aggregate Principal Amount
Net Proceeds(1)
Initial Conversion Rate(2)
(per $1,000 principal amount)
Conversion Price
(per share)
Settlement Methods(3)
2023 Notes
November 2018
December 1, 2023
0.75%
$850.0 million
$836.6 million
24.3476 shares
$41.07
Cash and/or shares
2025 Notes
May 2020
November 15, 2025
0.25%
$1.21 billion
$1.19 billion
6.6620 shares
$150.11
Cash and/or shares
2028 Notes
May 2023
May 15, 2028
0.375%
$1.25 billion
$1.23 billion
6.1571 shares
$162.41
Cash and/or shares
(1) Net proceeds is calculated by deducting the aggregate principal amount from the initial purchasers’ discounts and estimated costs directly related to the offering.
(2) Subject to adjustments as defined in the indentures.
(3) The senior convertible notes may be settled in cash, stock, or a combination thereof, solely at our discretion.
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:
Twelve Months Ended
December 31,
(In millions)
202320222021
Cash interest expense:
Contractual coupon interest (1)
$9.1 $8.8 $9.3 
Non-cash interest expense:
Amortization of debt issuance costs7.3 5.9 6.0 
Total interest expense recognized on senior notes$16.4 $14.7 $15.3 
Effective interest rate:
Senior Convertible Notes due 2023 (2)
1.1 %1.1 %1.1 %
Senior Convertible Notes due 20250.5 %0.5 %0.5 %
Senior Convertible Notes due 20280.7 %**
(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. Interest on the 2028 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 2023 matured on December 1, 2023 and all outstanding principal was settled as described below.
* Not applicable as no notes were outstanding at this date.
Schedule of Conversion Activity for Senior Convertible Notes As a result, the 2023 Notes were convertible at the option of the holders from January 1, 2023 through August 31, 2023. Circumstance 5 was applicable to the 2023 Notes beginning September 1, 2023. The 2023 Notes matured on December 1, 2023 and were completely settled. See the following table for the details on the conversion activity:
Fiscal Period
Converted NotesAggregate Principal Amount ConvertedShares Issued for SettlementShares Received from Exercise of 2023 Note Hedge
1/1/2022 - 12/31/2022
2023 Notes
$17.5 million
0.4 million
0.3 million
1/1/2023 - 12/31/2023
2023 Notes
$774.8 million
12.2 million
12.2 million
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:
December 31,
(In millions)2023
Available principal amount $200.0 
Letters of credit sub-facility25.0 
Outstanding borrowings — 
Outstanding letters of credit7.4 
Total available balance$192.6 
The minimum and maximum range of applicable rates per annum with respect to any ABR Loan or, Term Benchmark Revolving Loan, RFR Revolving Loan (as defined in the Amended Credit Agreement) under the captions “ABR Spread”, “Term Benchmark/CDOR Spread”, “RFR Spread”, or “Unused Commitment Fee Rate”, respectively, are outlined in the following table:
RangeABR SpreadTerm Benchmark/CDOR Spread and RFR SpreadUnused Commitment Fee Rate
Minimum
0.375%
1.375%
0.175%
Maximum
1.000%
2.000%
0.250%