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v3.25.3

Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt The components of debt consisted of the following:
|  |  | September 30, 2025 |  | December 31, 2024
(in millions) | Maturity Date |  | Amount |  | Amount
Equipment financing | 2025 |  | 2.7 |  |  | 8.7 |
Mortgage | 2025 |  | 59.1 |  |  | 60.9 |
Convertible Senior Notes | 2026 |  | — |  |  | 800.0 |
Equipment financings | 2028 |  | 38.1 |  |  | 40.8 |
Revolving Credit Facility | 2030 |  | — |  |  | — |
Term Loan B | 2031 |  | 478.8 |  |  | 482.5 |
Senior Unsecured Notes | 2033 |  | 450.0 |  |  | — |
Unamortized debt discount | 2025 - 2033 |  | (3.6) |  |  | (5.4) |
Debt issuance costs | 2025 - 2033 |  | (10.1) |  |  | (7.7) |
Total debt, net |  |  | 1,014.8 |  |  | 1,379.8 |
Less: current portion |  |  | 79.9 |  |  | 83.8 |
Total long-term debt, net |  |  | $ | 934.9 |  |  | $ | 1,296.1 |
Convertible Senior Notes During the three months ended September 30, 2025, the Company paid $510.7 million in cash to redeem all of the remaining 0.375% Convertible Senior Notes due September 2026 (the “Convertible Notes”) that were previously outstanding. The difference between the cash paid and the $380.1 million aggregate principal amount outstanding ($378.5 million net of issuance costs) upon conversion was recorded to additional paid in capital. During the nine months ended September 30, 2025, the Company repurchased all outstanding Convertible Notes ($796.0 million net of issuance costs) for $1,052.2 million in cash, which resulted in a $123.9 million loss on extinguishment and a $132.3 million decrease to additional paid in capital for the portion that was converted. Additionally, during the three and nine months ended September 30, 2025, the Company received proceeds from the settlement of capped calls options totaling $88.9 million and $164.6 million, respectively. The Company’s Convertible Notes had an effective interest rate of 1.25%. The components of interest expense related to the Convertible Notes were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Contractual interest expense | $ | 0.2 |  |  | $ | 0.8 |  |  | $ | 1.4 |  |  | $ | 2.3 |
Amortization of debt issuance costs | 1.7 |  |  | 0.8 |  |  | 2.9 |  |  | 2.3 |
Total interest recognized on the Convertible Notes | $ | 1.9 |  |  | $ | 1.5 |  |  | $ | 4.2 |  |  | $ | 4.5 |
Senior Secured Credit Agreement 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. In June 2025, the Company amended its Term Loan B to bear interest at a rate of Secured Overnight Financing Rate (“SOFR”) plus 2.00%. At the same time, the Company amended its Revolving Credit Facility such that borrowings bear interest at a rate of SOFR plus an applicable margin of 1.50% to 2.00% based on the Company’s total leverage ratio. 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 Notes. The senior unsecured notes contain 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) | September 30, 2025 |  | December 31, 2024
Convertible Senior Notes | $ | — |  |  | $ | 794.9 |
Term Loan B | 474.0 |  |  | 475.1 |
Senior Unsecured Notes | 441.2 |  |  | — |
Equipment financings | 40.6 |  |  | 49.3 |
Mortgage | 59.0 |  |  | 60.6 |
Total debt, net | $ | 1,014.8 |  |  | $ | 1,379.8 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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