Borrowings (Tables)

6 Months Ended

Jun. 30, 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)	June 30, 2020		December 31, 2019
3.25% convertible senior notes	$	160.9	$	156.8
Revolving credit facility	100.0		—
Total	260.9		156.8
Less current maturities	100.0		—
Total long-term debt	$	160.9	$	156.8

Contractual Obligation, Fiscal Year Maturity Schedule

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

(in millions)	Q3-Q4 2020		2021		2022		2023		2024
Debt principal payments	$	—	$	272.5	$	—	$	—	$	—

Schedule of Convertible Debt

The Notes consist of the following:

(in millions)	June 30, 2020		December 31, 2019
Liability component:
Principal	$	172.5	$	172.5
Less debt issuance costs and debt discount, net of amortization	(11.6)		(15.7)
Total	160.9		156.8
Less current maturities (1)	—		—
Long-term portion	$	160.9	$	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 June 30,				Six Months Ended June 30,
(in millions)	2020		2019		2020		2019
3.25% coupon	$	1.4	$	1.4	$	2.8	$	2.8
Amortization of debt issuance costs	0.3		0.2		0.5		0.4
Amortization of debt discount	1.8		1.7		3.6		3.4
Total	$	3.5	$	3.3	$	6.9	$	6.6

Schedule of Revolving Credit Facilities

Revolving credit facility borrowings consist of the following:

(in millions)	June 30, 2020		December 31, 2019
$400.0 million revolving credit facility	$	100.0	$	—
Less current maturities	100.0		—
Long-term portion	$	—	$	—