Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2018

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, 2018			December 31, 2017
Carrying value, long-term	$	251.0		$	247.2
Unamortized discount and deferred financing costs	49.0			52.8
Principal amount	$	300.0		$	300.0
Carrying amount of equity component, net of equity issuance costs	$	54.5		$	54.5
Remaining amortization period (years)	5.5			6.0
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, 2018			December 31, 2017
	(In millions)
Term loan, bearing interest at variable rates (rate of 4.34% as of June 30, 2018), maturing in June 2021	$	360.0		$	370.0
Unamortized deferred financing costs	(1.4		)	(1.7		)
Total senior debt	358.6			368.3
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	(49.0		)	(52.8		)
Total convertible senior notes	251.0			247.2
Capital lease, payable in monthly installments, maturing in 2022	1.8			0.9
Total other debt	1.8			0.9
Total debt, net of unamortized discount and deferred financing costs	611.4			616.4
Less: Amounts due within one year	(30.4		)	(25.0		)
Total long-term debt, net of unamortized discount and deferred financing costs	$	581.0		$	591.4

Schedule of Actual Ratios and Required Ratios Under Financial Covenants

The key financial covenants are as follows:

Financial Covenant	Actual Ratios as of June 30, 2018	Required Ratios
Consolidated Interest Coverage Ratio, as defined under the Senior Credit Facility	11.75 to 1.00	Not less than: 3.00 to 1.00
Consolidated Net Leverage Ratio, as defined under the Senior Credit Facility	2.42 to 1.00	Not greater than: 3.75 to 1.00

Schedule of Interest Expense components

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

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
	(In millions)
Interest expense-contractual interest	$	1.7	$	1.7	$	3.4	$	3.4
Interest expense-amortization of debt discount	1.8		1.7		3.5		3.3
Interest expense-amortization of deferred financing costs	0.2		0.2		0.3		0.3