Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

	As of December 31,
	2020		2019
	(In millions)
Senior debt	$	307.1	$	326.3
Convertible senior notes	271.6		263.0
Finance leases (see Note 4)	45.6		47.7
Total debt, carrying amount	624.3		637.0
Less: Amounts due within one year	(299.9)		(284.7)
Total long-term debt, carrying amount	$	324.4	$	352.3

Senior Debt:

	As of December 31,
	2020		2019
	(In millions)
Term loan, bearing interest at variable rates (rate of 1.90% as of December 31, 2020), maturing in September 2023	$	308.5	$	328.1
Unamortized deferred financing costs	(1.4)		(1.8)
Total senior debt	$	307.1	$	326.3

Convertible Senior Notes:

	As of December 31,
	2020		2019
	(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	(28.4)		(37.0)
Total convertible senior notes	$	271.6	$	263.0

The following table summarizes the 2¼% Notes information (in millions, except years, percentages, conversion rate, and conversion price):

	As of December 31,
	2020			2019
Carrying value, long-term	$	271.6		$	263.0
Unamortized discount and deferred financing costs	28.4			37.0
Principal amount	$	300.0		$	300.0
Carrying amount of equity component, net of equity issuance costs	$	54.5		$	54.5
Remaining amortization period (years)	3.0			4.0
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

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

	Year Ended December 31,
	2020		2019		2018
	(In millions)
Interest expense-contractual interest	$	6.8	$	6.8	$	6.8
Interest expense-amortization of debt discount	7.9		7.5		7.1
Interest expense-amortization of deferred financing costs	0.6		0.6		0.6

Schedule of Maturities of Long-Term Debt

The following table presents as of December 31, 2020, the earlier of the Company’s contractual debt principal maturities excluding finance lease obligations or the next debt redemption date that could be exercised at the option of the debt holder by year excluding finance lease obligations:

	Total		2021		2022		2023
	(In millions)
Senior debt	$	308.5	$	26.3	$	28.4	$	253.8
Convertible senior notes	300.0		300.0		—		—
	$	608.5	$	326.3	$	28.4	$	253.8