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Convertible Senior Notes (Tables)

3 Months Ended

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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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

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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.

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