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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

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