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Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The components of debt consisted of the following:
March 31, 2025December 31, 2024
(in millions)
Maturity Date
Amount
Amount
Equipment financing
2025$6.7 $8.6 
Mortgage
202560.3 61.0 
Convertible Senior Notes
2026674.8 800.0 
Equipment financing
19.8 17.5 
Equipment financing
202821.9 23.4 
Revolving Credit Facility2030— — 
Term Loan B
2031481.2 482.5 
Senior Unsecured Notes
2033450.0 — 
Unamortized debt discount2025 - 2033(4.4)(5.4)
Debt issuance costs2025 - 2033(14.9)(7.7)
Total debt, net1,695.4 1,379.9 
Less: current portion83.183.8
Total long-term debt, net$1,612.3 $1,296.1 
Equipment Financing
The Company has two outstanding loans secured by manufacturing lines located at the Company’s Acton, Massachusetts manufacturing facility. Additionally, in 2023, the Company entered into an arrangement under which the Company may obtain up to $24.0 million of financing for manufacturing equipment. The Company’s obligation reflects payments made to date by the third-party bank to the equipment manufacturer, net of discount and less repayment of principal. The financing obligation will mature 36 months following the date the lender has completed their inspection of the equipment, which is included in property, plant and equipment on the consolidated balance sheets.

Convertible Senior Notes
The Company’s 0.375% Convertible Senior Notes due September 2026 (the “Convertible Senior Notes”) have an effective interest rate of 0.76%. The components of interest expense related to the Convertible Senior Notes for the three months ended March 31, 2025 and 2024 were as follows:
Three Months Ended March 31,
(in millions)
20252024
Contractual interest expense
$0.8 $0.8 
Amortization of debt issuance costs
0.7 0.7 
  Total interest recognized on the Convertible Notes
$1.5 $1.5 
As of March 31, 2025 and December 31, 2024, unamortized issuance costs associated with the Convertible Notes were $3.7 million and $5.1 million, respectively.
The Convertible Notes are convertible into cash, shares of the Company’s common stock, or the combination of cash and shares of common stock, at the Company’s election, at an initial conversion rate of 4.4105 shares of common stock per $1,000 principal amount of the notes, which is equivalent to a conversion price of $226.73 per share, subject to adjustment under certain circumstances. The notes will be convertible at the holder’s election, from June 1, 2026 through August 28, 2026 and prior to then under certain circumstances as set forth in the agreement. Additionally, on or after September 6, 2023, the Company may redeem for cash all or a portion of the Convertible Notes, if its stock price has been equal to or greater than $294.75 for at least 20 of the prior 30 consecutive trading days including the date which the Company provides notice of redemption.
Additional interest of 0.5% per annum is payable if the Company fails to timely file required documents or reports with the Securities and Exchange Commission (“SEC”). If the Company merges or consolidates with a foreign entity, the Company may be required to pay additional taxes. The Company determined that the higher interest payments and tax payments required in certain circumstances were embedded derivatives that should be bifurcated and accounted for at fair value. The Company assessed the value of the embedded derivatives at each balance sheet date and determined they had nominal value.
In conjunction with the issuance of the Convertible Notes, the Company purchased Capped Calls on the Company’s common stock with certain counterparties to reduce the potential dilution to its common stock (or, in the event the conversion is settled in cash, to provide a source of cash to settle a portion of its cash payment obligation) if, at the time of conversion, its stock price exceeds the conversion price under the Convertible Notes. The Capped Calls have an initial strike price of $335.90 per share, which represents a premium of 100% over the last reported sale price of the Company’s common stock of $167.95 per share on the date of the transaction. The Capped Calls cover 3.5 million shares of common stock and are recorded within stockholders’ equity on the consolidated balance sheets.
In March 2025, the Company repurchased $125.2 million in principal ($124.5 million net of issuance costs) of its 0.375% Convertible Senior Notes for $162.5 million in cash. The debt repurchase resulted in a $39.5 million loss on extinguishment, including transaction costs. Additionally, the Company received $23.1 million of proceeds from the settlement of a portion of the capped calls options that corresponds to the amount of Convertible Senior Notes repurchased.
In April 2025, the Company repurchased an additional $294.8 million in principal ($293.2 million net of issuance costs) of the Convertible Senior Notes for $377.6 million in cash. This debt repurchase resulted in an $84.4 million loss on extinguishment. Additionally, the Company received $52.6 million of proceeds from the settlement of capped calls options associated with the repurchase of the Convertible Senior Notes. Following this transaction, the Company has approximately $380.0 million aggregate principal amount of Convertible Senior Notes outstanding. The remaining capped call options cover 1.7 million shares of common stock.
Revolving Credit Facility
In March 2025, the Company upsized the borrowing capacity under its Revolving Credit Facility to $500 million and extended the maturity date to March 2030.
Senior Unsecured Notes
In March 2025, the Company issued $450 million aggregate principal amount of 6.5% senior unsecured notes due April 2033, which have an effective interest rate of 6.84%. The net proceeds of $440.7 million were used to repurchase a portion of the Convertible Senior Notes. The senior unsecured notes contains leverage and fixed charge coverage ratio covenants, both of which are measured upon the incurrence of future debt, as well as other customary covenants.
Carrying Value
At the end of each period, the carrying value of the Company’s debt was comprised of the following:
(in millions)
March 31, 2025December 31, 2024
Convertible Notes$671.1 $794.9 
Term Loan B
475.3 475.1 
Senior Unsecured Notes
440.7 — 
Equipment financings48.2 49.3 
Mortgage60.1 60.6 
  Total debt, net$1,695.4 $1,379.9