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Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
The components of debt consisted of the following:
(in millions)
June 30, 2021December 31, 2020
1.375% Convertible Senior Notes due November 2024
$32.1 $402.5 
0.375% Convertible Senior Notes due September 2026
800.0 800.0 
Term loan due May 2028500.0 — 
Equipment financing due May 202419.2 22.2 
Equipment financing due November 202533.0 36.4 
5.15% Mortgage due November 2025
68.7 69.7 
Unamortized debt discount(179.9)(252.5)
Debt issuance costs(17.0)(19.0)
Total debt1,256.1 1,059.3 
Less: current portion20.9 15.6 
Total long-term debt$1,235.2 $1,043.7 
1.375% Convertible Senior Notes
During the three months ended June 30, 2021, the Company repurchased $370.4 million in principal ($305.7 million net of discount and issuance costs) of its 1.375% Convertible Senior Notes due November 2024 (“1.375% Notes”) for $460.8 million in cash and the issuance of 2.2 million shares with a fair value of $622.7 million. The debt repurchase resulted in a $40.1 million loss on extinguishment, including cash paid to the note holders as an inducement to convert and transaction costs.
Senior Secured Credit Agreement
In May 2021, the Company entered into a senior secured credit agreement (the “Credit Agreement”), which includes a $500 million seven year senior secured term loan B (the “Term Loan”) for net proceeds of $489.5 million, which was used to fund the cash portion of the repurchase of the 1.375% Notes discussed above. The Term Loan bears interest at a rate of LIBOR plus 3.25%, with a 0.50% LIBOR floor, and contains leverage and fixed charge coverage ratio covenants, both of which are measured upon the occurrence of future debt. In addition, the Term Loan contains other customary covenants, none of which are considered restrictive to the Company’s operations.
Under the same agreement, the Company obtained a $60 million three year senior secured revolving credit facility (the “Revolving Credit Facility”), which bears interest at a rate of LIBOR plus an applicable margin of 2.75% to 3.25% based on the Company’s net leverage ratio. The Revolving Credit Facility contains a covenant to maintain a certain leverage ratio when there are amounts outstanding, in addition to other customary covenants, none of which are considered restrictive to the Company’s operations. No amount was outstanding under the Revolving Credit Facility at June 30, 2021.
Borrowings under the Credit Agreement are guaranteed by the Company’s wholly owned domestic subsidiaries, and are secured by substantially all assets of the Company and of each subsidiary guarantor, subject to certain exceptions. Additionally, borrowings under the Credit Agreement are senior to all of the Company’s unsecured indebtedness, including the convertible notes.
Fair Value of Debt
The carrying amount and the estimated fair value of the Company’s debt were as follows:
June 30, 2021December 31, 2020
(in millions)
Carrying
Value		Estimated
Fair Value		Carrying
Value
Estimated
Fair Value (1)
1.375% Convertible Senior Notes due November 2024 (1)
$26.6 $95.8 $323.9 $1,104.2 
0.375% Convertible Senior Notes due September 2026 (1)
623.8 980.9 609.2 902.0 
Term loan due May 2028 (2)
486.7 $500.6 $— $— 
  Total$1,137.1 $1,577.3 $933.1 $2,006.2 
(1) Convertible debt is classified as Level 2 in the fair value hierarchy. Fair value was determined using the Company’s quoted stock price and the contractual conversion rate.
(2) Term debt is classified as Level 1 in the fair value hierarchy. Fair value was determined using quoted market prices.
The fair values of the mortgage and equipment financings approximate their carrying values.