XML 40 R24.htm IDEA: XBRL DOCUMENT v3.23.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The fair value, based on trading prices (Level 1 inputs), of our senior convertible notes were as follows as of the dates indicated:
Fair Value Measurements Using Level 1
(In millions)September 30, 2023December 31, 2022
Senior Convertible Notes due 2023$281.3 $2,136.2 
Senior Convertible Notes due 20251,140.5 1,314.9 
Senior Convertible Notes due 20281,109.4 — 
Total fair value of outstanding senior convertible notes$2,531.2 $3,451.1 
The carrying amounts of our senior convertible notes were as follows as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Principal amount:
Senior Convertible Notes due 2023$124.3 $774.8 
Senior Convertible Notes due 20251,207.5 1,207.5 
Senior Convertible Notes due 20281,250.0 — 
Total principal amount2,581.8 1,982.3 
Unamortized debt issuance costs(25.2)(12.0)
Carrying amount of senior convertible notes$2,556.6 $1,970.3 
Schedule of Converted Value of Notes
For our senior convertible notes for which the if-converted value exceeded the principal amount, the amount in excess of principal was as follows as of the dates indicated:
(In millions)September 30, 2023December 31, 2022
Senior Convertible Notes due 2023$158.1 $1,361.5 
Senior Convertible Notes due 2025— 33.6
Senior Convertible Notes due 2028— — 
Total by which the notes’ if-converted value exceeds their principal amount
$158.1 $1,395.1 
Schedule of Other Income (Expense), Net
The following table summarizes the components of interest expense and the effective interest rates for each of our senior convertible notes for the periods shown:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In millions)2023202220232022
Cash interest expense:
Contractual coupon interest (1)
$1.8 $2.3 $7.0 $6.7 
Non-cash interest expense:
Amortization of debt issuance costs2.0 1.4 5.5 4.3 
Total interest expense recognized on senior notes$3.8 $3.7 $12.5 $11.0 
Effective interest rate:
Senior Convertible Notes due 20231.1 %1.1 %1.1 %1.1 %
Senior Convertible Notes due 20250.5 %0.5 %0.5 %0.5 %
Senior Convertible Notes due 20280.7 %*0.7 %*
(1) Interest on the 2023 Notes began accruing upon issuance and is payable semi-annually on June 1 and December 1 of each year. Interest on the 2025 Notes began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year. Interest on the 2028 Notes began accruing upon issuance and is payable semi-annually on May 15 and November 15 of each year.
* Not applicable as no notes were outstanding at this date.
Schedule of Availability and Outstanding Borrowings on Credit Agreement
Information related to availability and outstanding borrowings on our Amended Credit Agreement is as follows as of the date indicated:
(In millions)September 30, 2023
Available principal amount 200.0 
Letters of credit sub-facility25.0 
Outstanding borrowings — 
Outstanding letters of credit7.3 
Total available balance$192.7