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Convertible Senior Notes (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Derivative Liabilities Measured at Fair Value | The following table presents a reconciliation of the beginning and ending balances for the derivative liability measured at fair value using significant unobservable inputs (Level 3).
(in millions) | Amount
Balance as of December 31, 2023 | $ | — |
Initial fair value | 126.6 |
Change in fair value | 9.6 |
Balance as of March 31, 2024 | $ | 136.2 |
Schedule of Notes Net of Discount and Deferred Financing Costs | The following table presents a summary of charges recognized in connection with the bifurcation of the conversion feature of the 2024 Notes in the first quarter of 2024.
(in millions) | Amount
Accretion of debt discount | $ | 79.1 |
Change in fair value | 9.6 |
Charges associated with convertible senior notes | $ | 88.7 |
The following table presents a summary of the 2024 Notes as of March 31, 2024.
| Principal Amount |  | Unamortized Debt |  | Net Carrying Amount |  | Fair Value
(in millions) |  | Issuance Costs |  | Discount |  |  | Amount |  | Leveling
Convertible senior notes | $ | 170.4 |  |  | $ | (0.1) |  |  | $ | (47.5) |  |  | $ | 122.8 |  |  | $ | 309.5 |  |  | Level 2
The following table presents a summary of the 2024 Notes as of December 31, 2023.
| Principal Amount |  | Unamortized Debt |  | Net Carrying Amount |  | Fair Value
(in millions) |  | Issuance Costs |  | Discount |  |  | Amount |  | Leveling
Convertible senior notes | $ | 170.4 |  |  | $ | (0.3) |  |  | $ | — |  |  | $ | 170.1 |  |  | $ | 295.7 |  |  | Level 2

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