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Convertible Debt, Net (Tables)

12 Months Ended

Dec. 31, 2019

Outstanding Convertible Debt and Related Deferred Financing Costs

The components of outstanding convertible debt consisted of the following:



	As of December 31,
(in millions)	2019			2018
1.25% Convertible Senior Notes, due September 2021	$	—		$	345.0
1.375% Convertible Senior Notes, due November 2024	402.5			402.5
0.375% Convertible Senior Notes, due September 2026	800.0			—
Unamortized debt discount	(294.8		)	(143.6		)
Debt issuance costs	(19.8		)	(11.9		)
Total convertible debt, net	$	887.9		$	592.0

Summary of Carrying Amount and Estimated Fair Value of Convertible Debt

The carrying amount and the estimated fair value of the Company’s convertible debt, which is based on the Level 2 quoted market prices as of December 31, 2019 and 2018 are as follows:



	As of December 31,
	2019				2,019	2018
(in millions)	Carrying Value		Estimated Fair Value ⁽¹⁾			Carrying Value		Estimated Fair Value ⁽¹⁾
1.25% Convertible Senior Notes	—		—			301.0		483.9
1.375% Convertible Senior Notes	306.9		512.8			291.0		426.0
0.375% Convertible Senior Notes	581.0		840.0			—		—
Total	$	887.9	$	1,352.8		$	592.0	$	909.9

⁽¹⁾ Fair value was determined using market prices obtained from third-party pricing sources.

- 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.

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+ Details