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Borrowings (Tables) | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Borrowings (net of debt issuance costs, debt discount, and amortization) consist of the following:
(in millions) | June 30, 2021 |  | December 31, 2020
3.25% convertible senior notes | $ | 169.5 |  |  | $ | 165.1 |
Revolving credit facility | — |  |  | — |
Total | 169.5 |  |  | 165.1 |
Less current maturities | 169.5 |  |  | 165.1 |
Total long-term debt | $ | — |  |  | $ | — |
Contractual Obligation, Fiscal Year Maturity Schedule | Total debt principal payments over the next five years are as follows:
(in millions) | Q3-Q4 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025
Debt principal payments | $ | 172.5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Convertible Debt | The Notes consist of the following:
(in millions) | June 30, 2021 |  | December 31, 2020
Liability component: |  |  |
Principal | $ | 172.5 |  |  | $ | 172.5 |
Less debt issuance costs and debt discount, net of amortization | (3.0) |  |  | (7.4) |
Total | 169.5 |  |  | 165.1 |
Less current maturities (1) | 169.5 |  |  | 165.1 |
Long-term portion | $ | — |  |  | $ | — |
Equity component (2) | $ | 29.9 |  |  | $ | 29.9 |
(1) There are no required principal payments due until maturity in November 2021. (2) Recorded in the Consolidated Balance Sheets within additional paid-in capital, inclusive of the $1.3 million of issuance costs in equity.
Schedule of Convertible Debt Interest Expense | The following table sets forth total interest expense recognized related to the Notes:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
3.25% coupon | $ | 1.4 |  |  | $ | 1.4 |  |  | $ | 2.8 |  |  | $ | 2.8 |
Amortization of debt issuance costs | 0.2 |  |  | 0.3 |  |  | 0.5 |  |  | 0.5 |
Amortization of debt discount | 2.0 |  |  | 1.8 |  |  | 3.9 |  |  | 3.6 |
Total | $ | 3.6 |  |  | $ | 3.5 |  |  | $ | 7.2 |  |  | $ | 6.9 |

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- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph (a) -Subparagraph (5) + Details
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- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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