XML 44 R35.htm IDEA: XBRL DOCUMENT
v3.23.3

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Components of Debt | The components of debt consisted of the following:
(in millions) | September 30, 2023 |  | December 31, 2022
Revolving Credit Facility expires June 2028 | $ | — |  |  | $ | — |
Equipment Financing due May 2024 | 4.4 |  |  | 9.5 |
Equipment Financing due November 2025 | 17.1 |  |  | 22.5 |
5.15% Mortgage due November 2025 | 63.8 |  |  | 65.5 |
0.375% Convertible Senior Notes due September 2026 | 800.0 |  |  | 800.0 |
Equipment Financing | 12.7 |  |  | — |
Term loan due May 2028 | 488.7 |  |  | 492.5 |
Equipment Financing due July 2028 | 30.4 |  |  | 34.4 |
Finance lease obligation(1) | 22.1 |  |  | — |
Unamortized debt discount | (6.8) |  |  | (7.6) |
Debt issuance costs | (12.0) |  |  | (15.0) |
Total debt, net | 1,420.4 |  |  | 1,401.8 |
Less: current portion | 49.8 |  |  | 27.5 |
Total long-term debt, net | $ | 1,370.6 |  |  | $ | 1,374.3 |
(1) Refer to Note 9 for information regarding our finance lease obligation.
Schedule of Carrying Amount and Estimated Fair Value of Convertible Debt | The carrying amount and the estimated fair value of the Company’s debt were as follows:
| September 30, 2023 |  | December 31, 2022
(in millions) | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value (1)
Term loan due May 2028(1) | $ | 479.9 |  |  | $ | 487.5 |  |  | $ | 482.1 |  |  | $ | 485.1 |
0.375% Convertible Senior Notes(2) | 791.1 |  |  | 562.7 |  |  | 788.8 |  |  | 1,038.7 |
Equipment financings(3) | 64.2 |  |  | 64.2 |  |  | 66.4 |  |  | 66.4 |
5.15% Mortgage(3) | 63.1 |  |  | 63.1 |  |  | 64.5 |  |  | 64.5 |
Total | $ | 1,398.3 |  |  | $ | 1,177.5 |  |  | $ | 1,401.8 |  |  | $ | 1,654.7 |
(1) Term debt is classified as Level 1 in the fair value hierarchy. Fair value was determined using quoted market prices. (2) The Notes are classified as Level 2 in the fair value hierarchy. Fair value was determined using the Company’s quoted stock price and the contractual conversion rate. (3) The equipment financings and mortgage are classified as Level 3 in the fair value hierarchy. The fair values of the financial liabilities approximate their carrying values and were determined using their cost bases.
Schedule of Interest Expense | The components of interest expense related to the Notes were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Contractual interest expense | $ | 0.8 |  |  | $ | 0.8 |  |  | $ | 2.3 |  |  | $ | 2.3 |
Amortization of debt issuance costs | 0.7 |  |  | 0.7 |  |  | 2.2 |  |  | 2.2 |
Total interest recognized on the Convertible Notes | $ | 1.5 |  |  | $ | 1.5 |  |  | $ | 4.5 |  |  | $ | 4.5 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration