Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Summary of Long-Term Debt

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

	June 30, 2017			December 31, 2016
Carrying value, long-term	$	243.6		$	240.0
Unamortized discount and deferred financing costs	56.4			60.0
Principal amount	$	300.0		$	300.0
Carrying amount of equity component, net of equity issuance costs	$	54.5		$	54.5
Remaining amortization period (years)	6.5			7.0
Effective interest rate	5.8		%	5.8		%
Conversion rate (shares of common stock per $1,000 principal amount)	38.4615			38.4615
Conversion price (per share of common stock)	$	26.00		$	26.00

	June 30, 2017			December 31, 2016
	(In millions)
Term loan, bearing interest at variable rates (rate of 3.48% as of June 30, 2017), maturing in June 2021	$	380.0		$	390.0
Unamortized deferred financing costs	(1.9		)	(2.0		)
Total senior debt	378.1			388.0
Senior convertible notes, bearing interest at 2.25% per annum, interest payments due in June and December, maturing in December 2023	300.0			300.0
Unamortized discount and deferred financing costs	(56.4		)	(60.0		)
Total convertible senior notes	243.6			240.0
Convertible subordinated debentures, bearing interest at 4.0625% per annum, interest payments due in June and December, maturing in December 2039	—			35.6
Total convertible subordinated notes	—			35.6
Total debt, net of unamortized discount and deferred financing costs	621.7			663.6
Less: Amounts due within one year	(19.9		)	(55.6		)
Total long-term debt, net of unamortized discount and deferred financing costs	$	601.8		$	608.0

Schedule of Actual Ratios and Required Ratios Under Financial Covenants

Financial Covenant	Actual Ratios as of June 30, 2017	Required Ratios
Consolidated Interest Coverage Ratio, as defined under the Senior Credit Facility	12.40 to 1.00	Not less than: 3.00 to 1.00
Consolidated Net Leverage Ratio, as defined under the Senior Credit Facility	2.12 to 1.00	Not greater than: 4.00 to 1.00

Schedule of Interest Expense components

The following table presents the interest expense components for the 2¼% Notes for the first half of fiscal 2017 (in millions):

Interest expense-contractual interest	$	3.4
Interest expense-amortization of debt discount	3.3
Interest expense-amortization of deferred financing costs	0.3
	$	7.0