Borrowings (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Borrowings (net of debt issuance costs, debt discount, and amortization) consist of the following:

(in millions)	March 31, 2020		December 31, 2019
3.25% convertible senior notes	$	158.8	$	156.8
Revolving credit facility	100.0		—
Total	258.8		156.8
Less current maturities (1)	—		—
Total long-term debt	$	258.8	$	156.8

⁽¹⁾ There are no required principal payments due under the 3.25% convertible senior notes or the revolving credit facility until maturities in November 2021 and October 2022, respectively.

Contractual Obligation, Fiscal Year Maturity Schedule

Total debt principal payments over the next five years are as follows:

(in millions)	Q2-Q4 2020		2021		2022		2023		2024
Debt principal payments	$	—	$	172.5	$	100.0	$	—	$	—

Schedule of Convertible Debt

The Notes consist of the following:

(in millions)	March 31, 2020		December 31, 2019
Liability component:
Principal	$	172.5	$	172.5
Less debt issuance costs and debt discount, net of amortization	(13.7)		(15.7)
Total	158.8		156.8
Less current maturities (1)	—		—
Long-term portion	$	158.8	$	156.8
Equity component (2)	$	29.9	$	29.9

⁽¹⁾ There are no required principal payments due until maturity in November 2021.

⁽²⁾ Recorded in the Consolidated Balance Sheets within additional paid-in capital, inclusive of the $1.3 million of issuance costs in equity.

Schedule of Convertible Debt Interest Expense

The following table sets forth total interest expense recognized related to the Notes:

	Three Months Ended March 31,
(in millions)	2020		2019
3.25% coupon	$	1.4	$	1.4
Amortization of debt issuance costs	0.2		0.2
Amortization of debt discount	1.8		1.7
Total	$	3.4	$	3.3

Schedule of Revolving Credit Facilities

Revolving credit facility borrowings consist of the following:

(in millions)	March 31, 2020		December 31, 2019
$400.0 million revolving credit facility due October 2022	$	100.0	$	—
Less current maturities (1)	—		—
Long-term portion	$	100.0	$	—