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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
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)20242023
Principal amount:
Senior Convertible Notes due 2025$1,207.5 $1,207.5 
Senior Convertible Notes due 20281,250.0 1,250.0 
Total principal amount2,457.5 2,457.5 
Unamortized debt issuance costs(16.1)(23.3)
Carrying amount of senior convertible notes$2,441.4 $2,434.2 
Schedule of Converted Value of Notes
For our senior convertible notes for which the if-converted value exceeded the principal amount, the amount in excess of principal was as follows as of the dates indicated:
December 31,
(In millions)20242023
Senior Convertible Notes due 2025$— $56.1 
Senior Convertible Notes due 2028— 33.6 
Total by which the notes’ if-converted value exceeds their principal amount$— $89.7 
The following table summarizes key details of the 2023 Notes, 2025 Notes, and 2028 Notes:
Senior Convertible NotesOffering Completion DateMaturity DateStated Interest RateAggregate Principal Amount
Issued
Net Proceeds(1)
Initial Conversion Rate(2)
(per $1,000 principal amount)
Conversion Price
(per share)
Settlement Methods(3)
2023 Notes(4)
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 are calculated by deducting the initial purchasers’ discounts and estimated costs directly related to the offering from the aggregate principal amount of the applicable series of notes.
(2) Subject to adjustments as defined in the applicable indentures.
(3) The 2025 Notes and 2028 Notes may be settled in cash, stock, or a combination thereof, solely at our discretion. The 2023 Notes, while outstanding, could be settled in cash, stock, or a combination thereof, solely at our discretion.
(4) The 2023 Notes matured on December 1, 2023 and are no longer outstanding.
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 our senior convertible notes for the periods shown:
Twelve Months Ended
December 31,
(In millions)202420232022
Cash interest expense:
Contractual coupon interest (1)
$7.7 $9.1 $8.8 
Non-cash interest expense:
Amortization of debt issuance costs7.2 7.3 5.9 
Total interest expense recognized on senior notes$14.9 $16.4 $14.7 
Effective interest rate:
Senior Convertible Notes due 2023 (2)
*1.1 %1.1 %
Senior Convertible Notes due 20250.5 %0.5 %0.5 %
Senior Convertible Notes due 20280.7 %0.7 %*
(1) Interest on our unsecured senior convertible notes due 2023, or the 2023 Notes, began accruing upon issuance and was payable semi-annually on June 1 and December 1 of each year until the 2023 Notes matured on December 1, 2023. Interest on our unsecured senior convertible notes due 2025, or the 2025 Notes, began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year. Interest on our unsecured senior convertible notes due 2028, or 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 2023 Notes matured on December 1, 2023 and are no longer outstanding.
* Not applicable as no notes were outstanding in the relevant period.
Schedule of Conversion Activity for Senior Convertible Notes See the following table for the details of conversion activity for the 2023 Notes for the fiscal year ended December 31, 2023:
Fiscal PeriodConverted NotesAggregate Principal Amount ConvertedShares Issued for SettlementShares Received from Exercise of 2023 Note Hedge
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)2024
Available principal amount $200.0 
Letters of credit sub-facility25.0 
Outstanding borrowings — 
Outstanding letters of credit7.7 
Total available balance$192.3 
The minimum and maximum range of applicable rates per annum with respect to any ABR Loan, Term Benchmark Revolving Loan, or RFR Revolving Loan, each as defined in the Amended Credit Agreement under the captions “ABR Spread”, “Term Benchmark”, and “RFR Spread”, or “Unused Commitment Fee Rate”, respectively, are outlined in the following table:
RangeABR SpreadTerm Benchmark/RFR SpreadUnused Commitment Fee Rate
Minimum
0.375%
1.375%
0.175%
Maximum
1.000%
2.000%
0.250%