Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Convertible Subordinated Notes:



	As of December 31,
	2017		2016
	(In millions)
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

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



	As of December 31,
	2017			2016
Carrying value, long-term	$	247.2		$	240.0
Unamortized discount and deferred financing costs	52.8			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)	6.0			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

Based on the Company's closing stock price of $31.20 on December 31, 2017, the if-converted value of the 2¼% Notes exceeded the aggregate principal amount of the 2¼% Notes by $60.0 million.

The following table presents the interest expense components for the 2¼% Notes:



	Year-Ended December 31,
	2017		2016
	(In millions)
Interest expense-contractual interest	$	6.8	$	0.3
Interest expense-amortization of debt discount	6.7		0.3
Interest expense-amortization of deferred financing costs (1)	0.6		—

________

(1) Less than $0.1 million in fiscal 2016.



	As of December 31,
	2017		2016
	(In millions)
Capital lease obligations	$	0.9	$	—
Total capital lease obligations	$	0.9	$	—

Senior Debt:



	As of December 31,
	2017			2016
	(In millions)
Term loan, bearing interest at variable rates (rate of 3.82% as of December 31, 2017), maturing in June 2021	$	370.0		$	390.0
Unamortized deferred financing costs	(1.7		)	(2.0		)
Total senior debt	$	368.3		$	388.0

Convertible Senior Notes:



	As of December 31,
	2017			2016
	(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		$	300.0
Unamortized discount and deferred financing costs	(52.8		)	(60.0		)
Total convertible senior notes	$	247.2		$	240.0



	As of December 31,
	2017			2016
	(In millions)
Senior debt	$	368.3		$	388.0
Convertible senior notes	247.2			240.0
Convertible subordinated notes	—			35.6
Capital lease obligations	0.9			—
Total debt, carrying amount	616.4			663.6
Less: Amounts due within one year	(25.0		)	(55.6		)
Total long-term debt, carrying amount	$	591.4		$	608.0

Schedule of Maturities of Long-Term Debt

As of December 31, 2017, 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		2018		2019		2020		2021		Thereafter
	(In millions)
Senior debt	$	370.0	$	25.0	$	30.0	$	35.0	$	280.0	$	—
Convertible senior notes	300.0		—		—		—		—		300.0
Total debt principal	$	670.0	$	25.0	$	30.0	$	35.0	$	280.0	$	300.0

Schedule of Actual Ratios and Required Ratios Under Financial Covenants



Financial Covenant	Actual Ratios as of December 31, 2017	Required Ratios
Consolidated Interest Coverage Ratio, as defined under the Senior Credit Facility	10.13 to 1.00	Not less than: 3.00 to 1.00
Consolidated Net Leverage Ratio, as defined under the Senior Credit Facility	2.64 to 1.00	Not greater than: 3.75 to 1.00

Schedule of Future Minimum Rental Payment of Capital Leases

The future minimum rental commitments under non-cancelable capital leases as of December 31, 2017 were as follows (in millions):



Fiscal 2018	$	0.2
Fiscal 2019	0.2
Fiscal 2020	0.2
Fiscal 2021	0.2
Fiscal 2022	0.2
Total minimum rentals	1.0
Less: imputed interest	(0.1		)
Present value of minimum capital lease payments	$	0.9