Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Changes in Conversion Rate for Convertible Notes

The following table illustrates the conversion rate at the date of issuance of the 2024 Notes:

2024 Notes
Conversion Rate per $1,000 principal amount (1)	15.3227
Conversion Price (2)	65.2626
Contingent Conversion Price (3)	84.8413
Aggregate shares to be issued upon conversion (4)	3,056,879

(1) Represents the number of shares of Common Stock hypothetically issuable per each $1,000 principal amount of 2024 Notes, subject to adjustments upon the occurrence of certain specified events in accordance with the terms of the Indenture.

(2) Represents $1,000 divided by the conversion rate as of such date. The conversion price reflects the strike price of the embedded option within the 2024 Notes. If the Company's share price exceeds the conversion price at conversion, the noteholders would be entitled to receive additional consideration either in cash, shares or a combination thereof, the form of which is at the sole discretion of the Company.

(3) Prior to November 1, 2023, the notes are convertible only in the following circumstances: (1) during any fiscal quarter commencing after July 1, 2017, and only during any such fiscal quarter, if the last reported sale price of the Company's common stock was greater than or equal to 130% of the applicable conversion price for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter, (2) during the five consecutive business day period following any ten consecutive trading day period (the "measurement period") in which the trading price per $1,000 principal amount of 2024 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate on each such trading day or (3) upon the occurrence of specified corporate events. On or after November 1, 2023, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of the foregoing circumstances. If the Company undergoes a fundamental change (as defined in the Indenture), holders of the notes may require the Company to repurchase all or a portion of their notes for cash at a repurchase price equal to 100% of the principal amount to be repurchased, plus any accrued and unpaid interest. As of September 30, 2022, none of the conditions permitting the holders of the 2024 Notes to convert had been met. Therefore, the 2024 Notes are classified as long-term debt.

(4) This represents the number of shares hypothetically issuable upon conversion of 100% of the outstanding aggregate principal amount of the 2024 Notes at each date; however, the terms of the 2024 Notes state that the Company may pay or deliver, as the case may be, cash, shares of the Company's common stock or a combination of cash and shares of common stock, at the Company's election. The Company currently intends to settle the aggregate principal amount in cash. Amounts due in excess of the principal, if any, also may be settled in cash, shares of the Company's common stock or a combination of cash and shares of common stock, at the Company's election.

Schedule of Equity and Liability Components in Convertible Debt

The carrying amount of the equity component and the principal amount of the liability component, the unamortized discount and the net carrying value of the liability are as follows:

	2024 Notes
	September 30, 2022		December 31, 2021
In thousands
Principal amount of liability	$	199,500	$	199,500
Unamortized discount(1)	—		7,624
Carrying value of liability	$	199,500	$	191,876
Equity component(1)	$	—	$	20,408

Interest Expense Associated with Convertible Notes

Interest expense associated with the 2024 Notes consisted of the following:

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2022		October 1, 2021		September 30, 2022		October 1, 2021
In thousands
Contractual coupon rate of interest	$	1,621	$	1,621	$	4,863	$	4,863
Accretion of convertible notes discount(1)	—		707		—		2,191
Interest expense - convertible notes	$	1,621	$	2,328	$	4,863	$	7,054

(1)In accordance with ASU 2020-06, entities that previously required separate accounting for conversion features will report less interest expense as those conversion features were recorded as debt discounts which were amortized over the term of the debt. Refer to Note 2, Recent Accounting Standards, for further information on the adoption of ASU 2020-06.

Schedule of Line of Credit Facilities

The following table shows the amounts available for borrowing under the Company's revolving credit facility:

	September 30, 2022		December 31, 2021
In thousands
Total facility	$	800,000	$	800,000
Amounts outstanding, excluding letters of credit	412,000		—
Amounts available for borrowing, excluding letters of credit	388,000		800,000
Letters of credit under the credit facility(1)(2)	51,630		92,646
Amounts available for borrowing	$	336,370	$	707,354
Amounts available for borrowing subject to EBITDA, as defined by the Credit Agreement	$	30,221	$	409,914

Schedule of Long-term Debt Instruments

The Company has long-term debt as follows:

	September 30, 2022		December 31, 2021
In thousands
Revolving credit agreement(1)	$	412,000	$	—
Convertible notes	199,500		191,876
Total	611,500		191,876
Less current portion	—		—
Total excluding current portion	$	611,500	$	191,876