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Convertible Debt, Net (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Outstanding Convertible Debt and Related Debt Issuance Costs

The components of outstanding convertible debt consisted of the following:


(in millions)	September 30, 2020		December 31, 2019
1.375% Convertible Senior Notes, due November 2024	$	402.5	$	402.5
0.375% Convertible Senior Notes, due September 2026	800.0		800.0
Unamortized debt discount	(263.4)		(294.8)
Debt issuance costs	(17.6)		(19.8)
Total convertible debt, net	$	921.5	$	887.9

Summary of Carrying Amount and Estimated Fair Value of Convertible Debt

The carrying amount and the estimated fair value of the Company’s convertible debt, which is based on the Level 2 quoted market prices, were as follows:


	September 30, 2020				December 31, 2019
(in millions)	Carrying Value		Estimated Fair Value (1)		Carrying Value		Estimated Fair Value (1)
1.375% Convertible Senior Notes, due November 2024	$	319.5	$	512.8	$	306.9	$	512.8
0.375% Convertible Senior Notes, due September 2026	602.0		1,022.8		581.0		840.0
Total	$	921.5	$	1,535.6	$	887.9	$	1,352.8

(1) Fair value was determined using market prices obtained from third-party pricing sources.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details