Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2016

Other Debt:



	As of December 31,
	2016		2015
	(In millions)
Delayed draw term loan	$	—	$	13.0
Capital lease	—		0.3
Unamortized deferred financing costs	—		(0.3		)
Total other debt	$	—	$	13.0



	As of December 31,
	2016			2015
	(In millions)
Senior debt	$	388.0		$	91.8
Senior secured notes	—			449.4
Convertible senior notes	240.0			—
Convertible subordinated notes	35.6			84.8
Other debt	—			13.0
Total debt, carrying amount	663.6			639.0
Less: Amounts due within one year	(55.6		)	(5.3		)
Total long-term debt, carrying amount	$	608.0		$	633.7

As of December 31, 2016, the 2¼% Notes consisted of the following (in millions, except years, percentages, conversion rate, and conversion price):



Carrying value, long-term	$	240.0
Unamortized discount and deferred financing costs	60.0
Principal amount	$	300.0
Carrying amount of equity component, net of equity issuance costs	$	54.5
Remaining amortization period (years)	7.0
Effective interest rate	5.8		%
Conversion rate (shares of common stock per $1,000 principal amount)	38.4615
Conversion price (per share of common stock)	$	26.00

The following table presents the interest expense components for the 2¼% Notes for fiscal 2016 (in millions):



Interest expense-contractual interest	$	0.3
Interest expense-amortization of debt discount	0.3
Interest expense-amortization of deferred financing costs (1)	—

________

(1) Less than $0.1 million.

Convertible Senior Notes:



	As of December 31,
	2016			2015
	(In millions)
Senior convertible notes, bearing interest at 2.25% per annum, interest payments due in June and December, maturing in December 2023	$	300.0		$	—
Unamortized discount and deferred financing costs	(60.0		)	—
Total convertible senior notes	$	240.0		$	—

Senior Secured Notes:



	As of December 31,
	2016		2015
	(In millions)
Senior secured notes, bearing interest at 7.125% per annum, interest payments due in March and September, maturing in March 2021	$	—	$	460.0
Unamortized deferred financing costs	—		(10.6		)
Total senior secured notes	$	—	$	449.4

Senior Debt:



	As of December 31,
	2016			2015
	(In millions)
Term loan, bearing interest at variable rates (rate of 3.02% as of December 31, 2016), maturing in June 2021	$	390.0		$	92.5
Unamortized deferred financing costs	(2.0		)	(0.7		)
Total senior debt	$	388.0		$	91.8

Convertible Subordinated Notes:



	As of December 31,
	2016		2015
	(In millions)
Convertible subordinated debentures, bearing interest at 2.25% per annum, interest payments due in May and November, maturing in November 2024	$	—	$	0.2
Convertible subordinated debentures, bearing interest at 4.0625% per annum, interest payments due in June and December, maturing in December 2039	35.6		84.6
Total convertible subordinated notes	$	35.6	$	84.8

Schedule of Maturities of Long-Term Debt

As of December 31, 2016, the earlier of the Company’s contractual debt principal maturities or the next debt redemption date that could be exercised at the option of the debt holder, are summarized by fiscal year:



	Total		2017		2018		2019		2020		2021		2023
	(In millions)
Senior debt	$	390.0	$	20.0	$	25.0	$	30.0	$	35.0	$	280.0	$	—
Convertible senior notes	300.0		—		—		—		—		—		300.0
Convertible subordinated notes (1)	35.6		35.6		—		—		—		—		—
Total debt principal	$	725.6	$	55.6	$	25.0	$	30.0	$	35.0	$	280.0	$	300.0

_______

(1)

In December 2016, the Company notified holders of its 4¹/₁₆% Debentures that the Company would redeem, on February 3, 2017, all of their 4¹/₁₆% Debentures at a purchase price equal to 100% of the principal amount of the 4¹/₁₆% Debentures to be redeemed, plus any accrued and unpaid interest. In January 2017, $35.6 million of the 4¹/₁₆% Debentures (the entire amount outstanding as of December 31, 2016) were converted to 3.9 million shares of common stock.

Schedule of Actual Ratios and Required Ratios Under Financial Covenants



Financial Covenant	Actual Ratios as of December 31, 2016	Required Ratios
Consolidated Interest Coverage Ratio, as defined under the Senior Credit Facility	11.07 to 1.00	Not less than: 3.00 to 1.00
Consolidated Net Leverage Ratio, as defined under the Senior Credit Facility	2.59 to 1.00	Not greater than: 4.00 to 1.00