Insulet (PODD) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-33462
Entity Registrant Name	INSULET CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3523891
Entity Address, Address Line One	100 Nagog Park
Entity Address, City or Town	Acton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01720
City Area Code	978
Local Phone Number	600-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 Par Value Per Share
Trading Symbol	PODD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		68,873,869
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001145197
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 854.6	$ 907.2
Short-term investments	17.5	40.4
Accounts receivable trade, less allowance for credit losses of $3.7 and $2.9 (Note 16)	100.3	83.8
Inventories	197.8	154.3
Prepaid expenses and other current assets	82.7	63
Total current assets	1,252.9	1,248.7
Property, plant and equipment, net	505.5	478.7
Other intangible assets, net	33.4	28.7
Goodwill	39.9	39.8
Other assets	92	77
Total assets	1,923.7	1,872.9
Current Liabilities
Accounts payable	49.3	54.1
Accrued expenses and other current liabilities	143.1	138.1
Current portion of long-term debt	20.9	15.6
Total current liabilities	213.3	207.8
Total long-term debt	1,235.2	1,043.7
Other liabilities	16.1	17.8
Total liabilities	1,464.6	1,269.3
Commitments and contingencies (Note 10)
Stockholders’ Equity
Preferred stock, $.001 par value, 5,000,000 authorized; none issued and outstanding	0	0
Common stock, $.001 par value, 100,000,000 authorized; 68,610,078 and 66,017,444 issued and outstanding	0.1	0.1
Additional paid-in capital	1,149.6	1,264.3
Accumulated deficit	(691.3)	(666.3)
Accumulated other comprehensive income	0.7	5.5
Total stockholders’ equity	459.1	603.6
Total liabilities and stockholders’ equity	$ 1,923.7	$ 1,872.9

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3.7	$ 2.9
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	68,610,078	66,017,444
Common stock, outstanding (in shares)	68,610,078	66,017,444

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue (Related Party Transactions Note 16)	$ 263.2	$ 226.3	$ 515.5	$ 424.3
Cost of Goods and Services Sold	80.5	83.8	165.3	154.9
Gross profit	182.7	142.5	350.2	269.4
Operating expenses:
Research and development expenses	40.1	34.2	80.8	69.7
Selling, general and administrative expenses	116.3	80.8	226.8	164.7
Operating income	26.3	27.5	42.6	35
Interest expense, net	(16.4)	(11.1)	(29.8)	(21.2)
Loss on extinguishment of debt	(40.1)	0	(40.1)	0
Other income (expense), net	1.8	1	(0.8)	1
(Loss) income before income taxes	(28.4)	17.4	(28.1)	14.8
Income tax benefit (expense)	3.4	(3)	3.1	(2.5)
Net (loss) income	$ (25)	$ 14.4	$ (25)	$ 12.3
Net (loss) income per share:
Basic (in dollars per share)	$ (0.37)	$ 0.22	$ (0.38)	$ 0.19
Diluted (in dollars per share)	$ (0.37)	$ 0.22	$ (0.38)	$ 0.19
Weighted-average number of common shares outstanding (in thousands):
Basic (in shares)	66,696	64,371	66,406	63,627
Diluted (in shares)	66,696	65,579	66,406	64,970

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (25)	$ 14.4	$ (25)	$ 12.3
Other comprehensive (Loss) income, net of tax:
Foreign currency translation adjustment	(1.8)	0.6	(3.9)	(2.8)
Unrealized loss on cash flow hedges	(0.6)	0	(0.6)	0
Unrealized gain (loss) on available-for-sale debt securities, net of tax	(0.1)	(0.4)	(0.3)	0.4
Other comprehensive loss	(2.5)	0.2	(4.8)	(2.4)
Comprehensive (loss) income	$ (27.5)	$ 14.6	$ (29.8)	$ 9.9

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Convertible Senior Notes, 1.375%	Cumulative Effect, Period of Adoption, Adjustment	[1]	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	[1]	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2019					62,685,000
Beginning balance at Dec. 31, 2019	$ 75.9		$ (1.1)		$ 0.1	$ 749	$ (672)	$ (1.1)		$ (1.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					2,370,000
Issuance of common stock	477.5					477.5
Exercise of options to purchase common stock (in shares)					304,000
Exercise of options to purchase common stock	11.3					11.3
Issuance of shares for employee stock purchase plan (in shares)					19,000
Issuance of shares for employee stock purchase plan	2.9					2.9
Stock-based compensation expense	13.7					13.7
Restricted stock units vested, net of shares withheld for taxes (in shares)					226,000
Restricted stock units vested, net of shares withheld for taxes	(26.8)					(26.8)
Net (loss) income	12.3						12.3
Other comprehensive income (loss)	(2.4)									(2.4)
Ending balance (in shares) at Jun. 30, 2020					65,604,000
Ending balance at Jun. 30, 2020	563.3				$ 0.1	1,227.6	(660.8)			(3.6)
Beginning balance (in shares) at Mar. 31, 2020					63,058,000
Beginning balance at Mar. 31, 2020	59				$ 0.1	737.9	(675.2)			(3.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					2,370,000
Issuance of common stock	477.5					477.5
Exercise of options to purchase common stock (in shares)					131,000
Exercise of options to purchase common stock	5.1					5.1
Issuance of shares for employee stock purchase plan (in shares)					19,000
Issuance of shares for employee stock purchase plan	2.9					2.9
Stock-based compensation expense	5.8					5.8
Restricted stock units vested, net of shares withheld for taxes (in shares)					26,000
Restricted stock units vested, net of shares withheld for taxes	(1.6)					(1.6)
Net (loss) income	14.4						14.4
Other comprehensive income (loss)	0.2									0.2
Ending balance (in shares) at Jun. 30, 2020					65,604,000
Ending balance at Jun. 30, 2020	$ 563.3				$ 0.1	1,227.6	(660.8)			(3.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Debt, interest rate		1.375%
Beginning balance (in shares) at Dec. 31, 2020	66,017,444				66,017,000
Beginning balance at Dec. 31, 2020	$ 603.6				$ 0.1	1,264.3	(666.3)			5.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)					164,000
Exercise of options to purchase common stock	6.2					6.2
Issuance of shares for employee stock purchase plan (in shares)					17,000
Issuance of shares for employee stock purchase plan	3.8					3.8
Stock-based compensation expense	17.6					17.6
Restricted stock units vested, net of shares withheld for taxes (in shares)					170,000
Restricted stock units vested, net of shares withheld for taxes	(27.3)					(27.3)
Extinguishment of conversion feature, net of issuance costs	(737.7)					(737.7)
Issuance of shares for debt repayment (in shares)					2,242,000
Issuance of shares for debt repayment	622.7					622.7
Net (loss) income	(25)						(25)
Other comprehensive income (loss)	$ (4.8)									(4.8)
Ending balance (in shares) at Jun. 30, 2021	68,610,078				68,610,000
Ending balance at Jun. 30, 2021	$ 459.1				$ 0.1	1,149.6	(691.3)			0.7
Beginning balance (in shares) at Mar. 31, 2021					66,213,000
Beginning balance at Mar. 31, 2021	585.3				$ 0.1	1,248.3	(666.3)			3.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)					121,000
Exercise of options to purchase common stock	4.7					4.7
Issuance of shares for employee stock purchase plan (in shares)					17,000
Issuance of shares for employee stock purchase plan	3.8					3.8
Stock-based compensation expense	9					9
Restricted stock units vested, net of shares withheld for taxes (in shares)					17,000
Restricted stock units vested, net of shares withheld for taxes	(1.2)					(1.2)
Extinguishment of conversion feature, net of issuance costs	(737.7)					(737.7)
Issuance of shares for debt repayment (in shares)					2,242,000
Issuance of shares for debt repayment	622.7					622.7				0
Net (loss) income	(25)						(25)
Other comprehensive income (loss)	$ (2.5)									(2.5)
Ending balance (in shares) at Jun. 30, 2021	68,610,078				68,610,000
Ending balance at Jun. 30, 2021	$ 459.1				$ 0.1	$ 1,149.6	$ (691.3)			$ 0.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Debt, interest rate		1.375%
[1]	The Company recorded a cumulative effect adjustment to retained earnings to reflect the adoption of Accounting Standards Update 2016-13, Credit Losses (Topic 326) . Refer to Note 2 of Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2020.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net (loss) income	$ (25)	$ 12.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28	18.8
Non-cash interest expense	23.5	22.3
Stock-based compensation expense	17.6	13.7
Loss on extinguishment of debt	40.1	0
Provision for credit losses	2.1	2.6
Other	1.1	0
Changes in operating assets and liabilities:
Accounts receivable	(19.5)	(13.8)
Inventories	(45)	(2.8)
Prepaid expenses and other assets	(30)	(14)
Accounts payable	(4.4)	(9.8)
Accrued expenses and other liabilities	(5.3)	(6.5)
Net cash (used in) provided by operating activities	(16.8)	22.8
Cash flows from investing activities
Capital expenditures	(52.8)	(51.7)
Acquisition of intangible assets	(3.8)	(0.5)
Purchases of investments	0	(37.9)
Receipts from the maturity or sale of investments	22.5	170.7
Net cash provided by (used in) investing activities	(34.1)	80.6
Cash flows from financing activities
Proceeds from issuance of debt, net	489.5	0
Payment of debt issuance costs	(4)	0
Repayment of convertible debt	(460.8)	0
Repayment of equipment financings	(6.4)	0
Repayment of mortgage	(1)	0
Proceeds from issuance of common stock, net of issuance costs	0	477.5
Proceeds from exercise of stock options and issuance of common stock under employee stock purchase plan	10	14.2
Payment of withholding taxes in connection with vesting of restricted stock units	(27.3)	(26.8)
Net cash (used in) provided by financing activities	0	464.9
Effect of exchange rate changes on cash	(1.7)	(2.9)
Net (decrease) increase in cash, cash equivalents and restricted cash	(52.6)	565.4
Cash, cash equivalents and restricted cash at beginning of period (Note 3)	922	213.7
Cash, cash equivalents and restricted cash at end of period (Note 3)	869.4	779.1
Supplemental noncash information:
Purchases of property and equipment included in accounts payable and accrued expenses	5.6	4.5
Purchases of intangible assets included in accounts payable and accrued expenses	$ 3.5	$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements reflect the consolidated operations of Insulet Corporation and its subsidiaries (“Insulet” or the “Company”). The unaudited consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. In management’s opinion, the unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the interim results reported. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021, or for any other subsequent interim period. The year-end balance sheet data was derived from audited consolidated financial statements. These unaudited consolidated financial statements do not include all of the annual disclosures required by GAAP; accordingly, they should be read in conjunction with the Company’s audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Cloud Computing Arrangements As of June 30, 2021 and December 31, 2020, the Company had net capitalized implementation costs of $44.5 million and $24.2 million, respectively. Amortization expense recorded for the three months ended June 30, 2021 and 2020 was $0.8 million and $0.2 million, respectively, and $1.3 million and $0.5 million for the six months ended June 30, 2021 and 2020, respectively. Shipping and Handling Costs Shipping and handling costs are included in selling, general and administrative expenses and were $2.6 million and $1.9 million for the three months ended June 30, 2021 and 2020, respectively, and were $4.7 million and $3.8 million for the six months ended June 30, 2021 and 2020, respectively. Derivative Instruments The Company is exposed to certain risks relating to its business operations. Risks that relate to interest rate exposure are managed by using interest rate swaps. The Company recognizes derivative instruments as either assets or liabilities at fair value on the consolidated balance sheet. Changes in a derivative financial instrument’s fair value are recognized in earnings unless specific hedge criteria are met, in which case changes in fair value are recognized as adjustments to other comprehensive income. The Company has designated its interest rate swap contracts as cash flow hedges. Fair Value Measurements Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs: Level 1—observable inputs, such as quoted prices in active markets for identical assets or liabilities; Level 2—significant other observable inputs that are observable either directly or indirectly; and Level 3—significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. Certain of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other liabilities are carried at cost, which approximates their fair value because of their short-term maturity. See Notes 3 and 8 for financial assets and liabilities held at carrying amount on the consolidated balance sheet and Note 4 for investments measured at fair value on a recurring basis. Advertising Costs The Company expenses advertising costs as they are incurred. Advertising expenses were $12.0 million and $2.9 million for the three months ended June 30, 2021 and 2020, respectively, and were $21.4 million and $5.6 million for the six months ended June 30, 2021 and 2020, respectively. Recently Adopted Accounting Standards Effective January 1, 2021, the Company adopted Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 eliminates certain exceptions in the current guidance regarding the approach for intraperiod tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The adoption of this guidance did not have a significant impact on our consolidated financial statements.

Revenue and Contract Acquisitio

Revenue and Contract Acquisition Costs	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue and Contract Acquisition Costs	Revenue and Contract Acquisition Costs The following table summarizes the Company’s disaggregated revenue: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 U.S. Omnipod $ 150.5 $ 128.8 $ 293.8 $ 245.4 International Omnipod 91.6 73.2 181.5 146.3 Total Omnipod 242.1 202.0 475.3 391.7 Drug Delivery 21.1 24.3 40.2 32.6 Total revenue $ 263.2 $ 226.3 $ 515.5 $ 424.3 During the three and six months ended June 30, 2021 , the Company had two customers that in aggregate represented 26% and 25% of total revenue, respectively. During both the three and six months ended June 30, 2020 , the Company had two customers that in aggregate represented 21% of total revenue. At June 30, 2021, the Company had two customers that in aggregate accounted for 26% of consolidated net accounts receivable, compared with one customer that accounted for 15% of consolidated net accounts receivable at December 31, 2020. Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown: (in millions) June 30, 2021 December 31, 2020 Accrued expenses and other current liabilities $ 3.2 $ 5.4 Other liabilities 1.4 1.0 Total deferred revenue $ 4.6 $ 6.4 During the three months ended June 30, 2021 and 2020, the Company recognized $0.2 million and $0.1 million of revenue, respectively, that was included in deferred revenue at the beginning of each period. During the six months ended June 30, 2021 and 2020, the Company recognized $3.9 million and $1.6 million of revenue, respectively, that was included in deferred revenue at the beginning of each period. Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown: (in millions) June 30, 2021 December 31, 2020 Prepaid expenses and other current assets $ 12.3 $ 11.0 Other assets 24.4 21.9 Total capitalized contract acquisition costs, net $ 36.7 $ 32.9 The Company recognized $3.0 million and $2.6 million of amortization of capitalized contract acquisition costs during the three months ended June 30, 2021 and 2020, respectively. The Company recognized $6.0 million and $5.1 million of amortization of capitalized contract acquisition costs during the six months ended June 30, 2021 and 2020, respectively.

Cash and Cash Equivalents

Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 2021
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents The following table provides a summary of cash and cash equivalents: (in millions) June 30, 2021 December 31, 2020 Cash $ 238.9 $ 164.6 Money market mutual funds 612.9 739.8 Restricted cash 2.8 2.8 Total cash and cash equivalents 854.6 907.2 Restricted cash included in other assets 14.8 14.8 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 869.4 $ 922.0 The restricted cash included in other assets on the consolidated balance sheet is held as a compensating balance against long-term borrowings.

Investments

Investments	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Investments The Company’s investments in debt securities had maturity dates that range from one month to six months at June 30, 2021 . Realized gains or losses for both the three and six months ended June 30, 2021 and 2020 were insignificant. The following table provides amortized costs, gross unrealized gains and losses, fair values and the level in the fair value hierarchy for the Company’s investments: (in millions) Amortized Cost Gross Unrealized Gains Fair Value Level 1 Level 2 (1) June 30, 2021 U.S. government and agency bonds $ 15.0 $ — $ 15.0 $ 15.0 $ — Corporate bonds 2.0 — 2.0 — 2.0 Certificates of deposit 0.5 — 0.5 — 0.5 Total short-term investments $ 17.5 $ — $ 17.5 $ 15.0 $ 2.5 December 31, 2020 U.S. government and agency bonds $ 35.1 $ 0.2 $ 35.3 $ 35.3 $ — Corporate bonds 2.8 0.1 2.9 — 2.9 Certificates of deposit 2.2 — 2.2 — 2.2 Total short-term investments $ 40.1 $ 0.3 $ 40.4 $ 35.3 $ 5.1 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories At the end of each period, inventories were comprised of the following: (in millions) June 30, 2021 December 31, 2020 Raw materials $ 45.7 $ 30.7 Work-in-process 40.1 59.6 Finished goods 112.0 64.0 Total inventories $ 197.8 $ 154.3

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net The change in the carrying amount of goodwill for the six months ended June 30, 2021 was as follows: (in millions) Goodwill at December 31, 2020 $ 39.8 Foreign currency translation 0.1 Goodwill at June 30, 2021 $ 39.9 The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows: June 30, 2021 December 31, 2020 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.4 $ (20.9) $ 22.5 $ 43.3 $ (18.3) $ 25.0 Internal-use software 19.0 (9.5) 9.5 11.4 (8.6) 2.8 Intellectual property 1.6 (0.2) 1.4 1.1 (0.2) 0.9 Total intangible assets $ 64.0 $ (30.6) $ 33.4 $ 55.8 $ (27.1) $ 28.7 Amortization expense for intangible assets was $1.8 million and $0.7 million for the three months ended June 30, 2021 and 2020, respectively. Amortization expense for intangible assets was $3.5 million and $1.5 million for the six months ended June 30, 2021 and 2020, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities The components of accrued expenses and other current liabilities were as follows: (in millions) June 30, 2021 December 31, 2020 Employee compensation and related costs $ 49.3 $ 53.1 Professional and consulting services 22.9 19.1 Accrued rebates 20.6 13.1 Supplier purchases 4.5 7.1 Value added taxes payable 2.9 5.0 Income taxes payable 2.1 5.0 Accrued interest 1.2 1.8 Other 39.6 33.9 Accrued expenses and other current liabilities $ 143.1 $ 138.1 Product Warranty Costs The Company provides a four-year warranty on Personal Diabetes Managers (“PDMs”) sold in the United States and Europe and a five-year warranty on PDMs sold in Canada and may replace Pods that do not function in accordance with product specifications. The Company estimates its warranty obligation at the time the product is shipped based on historical experience and the estimated cost to service the claims. Since the Company continues to introduce new products and versions, the anticipated performance of the product over the warranty period is also considered in estimating warranty reserves. Warranty expense is recorded in cost of revenue in the consolidated statements of operations. Cost to service the claims reflects the current product cost. Reconciliations of the changes in the Company’s product warranty liability were as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Product warranty liability at beginning of period $ 6.7 $ 8.3 $ 6.7 $ 8.5 Warranty expense 2.3 2.7 4.9 5.2 Warranty claims settled (2.5) (2.9) (5.1) (5.6) Product warranty liability at the end of period $ 6.5 $ 8.1 $ 6.5 $ 8.1

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The components of debt consisted of the following: (in millions) June 30, 2021 December 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 2028 500.0 — Equipment financing due May 2024 19.2 22.2 Equipment financing due November 2025 33.0 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 debt 1,256.1 1,059.3 Less: current portion 20.9 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, 2021 December 31, 2020 (in millions) Carrying Estimated Carrying 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.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company manages interest rate exposure through the use of interest rate swap transactions with financial institutions acting as principal counterparties. In May 2021, the Company entered into two interest rate swap agreements that expire on April 30, 2025. Under the interest rate swap agreements, the Company receives variable rate interest payments and pays fixed interest rates on a total notional value of $480 million of its Term Loan. As a result of the interest rate swaps 96% of the Term Loan exposed to interest rate risk from changes in LIBOR is fixed at a rate of 4.20%. The Company has designated the interest rate swaps as cash flow hedges. The fair value of interest rate swaps, which are classified as Level 2 in the fair value hierarchy, represent the estimated amounts the Company would receive or pay to terminate the contracts and is determined using industry standard valuation models and market-based observable inputs, including credit risk and interest rate yield curves. At June 30, 2021, the fair value of the interest rate swaps was a liability of $0.7 million.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings Between May 5, 2015 and June 16, 2015, three class action lawsuits were filed by shareholders in the U.S. District Court, for the District of Massachusetts, against the Company and certain then current and former executives of the Company. Two suits subsequently were voluntarily dismissed. Arkansas Teacher Retirement System v. Insulet, et al., 1:15-cv-12345, alleged that the Company (and certain then current and former executives) committed violations of Sections 10(b) and 20(a) and Rule 10b-5 of the Securities Exchange Act of 1934 by making allegedly false and misleading statements about the Company’s business, operations and prospects. On February 8, 2018, the parties executed a binding stipulation of settlement, under which all claims were released, and a payment was made into an escrow account for the plaintiffs and the class they purport to represent. On August 6, 2018, the Court issued an order approving the settlement. On June 25, 2021, the Court issued an order on the plaintiffs’ motion for fees and expenses, a final judgement approving the settlement, and an order of dismissal with prejudice. The Company had previously accrued fees and expenses in connection with this matter for the amount of the final settlement liability that was not covered by insurance, the amount of which was not material to the Company’s consolidated financial statements. In addition, on April 26, 2017, a derivative action (Walker v. DeSisto, et al., 1:17-cv-10738) was filed, and on October 13, 2017, a second derivative action (Carnazza v. DeSisto, et al., 1:17-cv-11977) was filed, both on behalf of the Company, each by a shareholder in the U.S. District Court for the District of Massachusetts against the Company (as a nominal defendant) and certain individual then current and former officers and directors of the Company. The allegations in the actions are substantially similar to those alleged in the securities class action. The actions seek, among other things, damages, disgorgement of certain types of compensation or profits, and attorneys’ fees and costs. On July 11, 2018, the parties executed a binding stipulation of settlement, under which all claims were released, and a payment of attorneys’ fees and reimbursement of expenses will be paid to plaintiffs’ counsel, subject to the Court’s approval. On July 13, 2018, the plaintiffs filed a motion for preliminary approval of the settlement. On June 28, 2021, the Court issued an order preliminarily approving the proposed settlement and scheduling a hearing to decide whether the proposed settlement should be finally approved for September 9, 2021. The Company expects that such fees and expenses payable to plaintiff’s counsel will be covered by the Company’s insurance. In June 2020, Roche Diabetes Care, Inc. (“Roche”) filed a patent infringement lawsuit against the Company in the United States District Court for the District of Delaware alleging that the Company’s manufacture and sale of its Omnipod Insulin Management System, including OmniPods, Personal Diabetes Managers, and other components of the system, and kits in the United States infringed Roche’s now-expired U.S. Patent 7,931,613. Roche is seeking monetary damages and attorneys’ fees and costs. Since the patent expired in 2019, Roche is not seeking injunctive relief and the lawsuit will have no impact on ongoing sales of the Company’s products. The Company believes that it has meritorious defenses to Roche’s claims and intends to vigorously defend against them. The court has set a trial date of July 25, 2022 . At this time, based on available information regarding this litigation, the Company is unable to reasonably assess the ultimate outcome of this case or determine an estimate, or range of estimates, of potential losses, which could be material. In July 2020, the Company filed a patent infringement claim against Roche Diabetes Care Limited (“Roche Ltd.”) in the United Kingdom alleging that Roche Ltd.’s manufacture and sale of the Accu-Chek ® Solo insulin pump and its consumable components infringes European Patent No. 1 335 764 in the United Kingdom. The Company was seeking an injunction to last until expiry of the patent and monetary damages. A trial was held in May 2021 and the judge ultimately sided with Roche Ltd. on non-infringement and invalidity of the patent, which was slated to expire in August 2021. Accordingly, no injunction was issued and no monetary damages were awarded. The Company is, from time to time, involved in the normal course of business in various legal proceedings, including intellectual property, contract, employment and product liability suits. Other than as described above, the Company does not expect the outcome of these proceedings, either individually or in the aggregate, to have a material adverse effect on its results of operations.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Unrealized Loss on Cash Flow Hedges Accumulated Other Comprehensive Income Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Unrealized Loss on Cash Flow Hedges Accumulated Other Comprehensive Income Balance at beginning of period $ 3.1 $ 0.1 $ — $ 3.2 $ 5.2 $ 0.3 $ — $ 5.5 Other comprehensive loss before reclassifications (1.8) (0.1) (1.0) (2.9) (3.9) (0.3) (1.0) (5.2) Amounts reclassified to net loss $ — $ — $ 0.4 $ 0.4 $ — $ — $ 0.4 $ 0.4 Balance at the end of period $ 1.3 $ — $ (0.6) $ 0.7 $ 1.3 $ — $ (0.6) $ 0.7 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Balance at beginning of period $ (5.0) $ 1.2 $ (3.8) $ (1.6) $ 0.4 $ (1.2) Other comprehensive income (loss) 0.6 (0.4) 0.2 (2.8) 0.4 (2.4) Balance at the end of period $ (4.4) $ 0.8 $ (3.6) $ (4.4) $ 0.8 $ (3.6)

Interest Expense, Net

Interest Expense, Net	6 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
Interest Expense, Net	Interest Expense, Net Interest expense, net was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Contractual interest, net of interest rate swaps $ 6.8 $ 2.2 $ 10.5 $ 4.3 Accretion of debt discount 10.7 10.5 21.7 20.9 Amortization of debt issuance costs 1.0 0.7 1.8 1.4 Capitalized interest (1.9) (1.6) (3.8) (3.2) Interest expense, net of portion capitalized 16.6 11.8 30.2 23.4 Interest income (0.2) (0.7) (0.4) (2.2) Interest expense, net $ 16.4 $ 11.1 $ 29.8 $ 21.2

Stock-Based Compensation Expens

Stock-Based Compensation Expense	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Stock-Based Compensation Expense Compensation expense related to stock-based awards was recorded as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Cost of revenue $ 0.1 $ 0.1 $ 0.2 $ 0.2 Research and development expenses 2.0 2.3 3.9 5.0 Selling, general and administrative expenses 6.9 3.4 13.5 8.5 Total $ 9.0 $ 5.8 $ 17.6 $ 13.7

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company’s effective tax rate for the three and six months ended June 30, 2021 was 12.1% and 11.2%, compared with 17.2% and 17.0% for the three and six months ended June 30, 2020, respectively. Income tax benefits have not been recorded for losses in jurisdictions where valuation allowances exist against net deferred tax assets. The Company had a full valuation allowance against its net deferred tax assets in the United Kingdom and the United States at June 30, 2021, and a full valuation allowance against its net deferred tax assets in the United States at December 31, 2020. The Company had no uncertain tax positions at both June 30, 2021 and December 31, 2020.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	Net (Loss) Income Per Share Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding for the period. Diluted net (loss) income per share is computed using the weighted average number of common shares outstanding and, when dilutive, common share equivalents from outstanding stock options and restricted stock units (using the treasury-stock method), and potential common shares from the Company’s convertible notes (using the if-converted method). The weighted-average number of common shares used in the computation of basic and diluted net income per share were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Weighted average number of common shares outstanding, basic 66,696 64,371 66,406 63,627 Stock options — 1,087 — 1,130 Restricted stock units — 121 — 213 Weighted average number of common shares outstanding, diluted 66,696 65,579 66,406 64,970 The number of common share equivalents excluded from the computation of diluted net (loss) income per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 1.375% Convertible Senior Notes due November 2024 3,657 4,319 3,988 4,319 0.375% Convertible Senior Notes due September 2026 3,528 3,528 3,528 3,528 Restricted stock units 283 299 364 357 Stock options 788 67 809 52 Total 8,256 8,213 8,689 8,256

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsIn February 2021, the Company entered into a distribution agreement, the terms of which are consistent with those prevailing at arm's-length. The spouse of one of the members of the Company’s Board of Directors is an executive officer of the distributor. During the three and six months ended June 30, 2021, the Company recorded $3.3 million and $5.5 million, respectively, of net revenues from the distributor. At June 30, 2021, the Company had $1.3 million of net accounts receivable due from the distributor on its condensed consolidated balance sheet.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In July 2021, $20.0 million in principal of 1.375% Notes were converted into approximately 215,000 shares. In July 2021, the Company entered into a $43.1 million equipment financing transaction secured by machinery and equipment associated with one of its highly automated manufacturing lines located in Acton, Massachusetts. The equipment financing has a term of 7 years and an interest rate of approximately 4.25%.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements reflect the consolidated operations of Insulet Corporation and its subsidiaries (“Insulet” or the “Company”). The unaudited consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. In management’s opinion, the unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the interim results reported. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021, or for any other subsequent interim period. The year-end balance sheet data was derived from audited consolidated financial statements. These unaudited consolidated financial statements do not include all of the annual disclosures required by GAAP; accordingly, they should be read in conjunction with the Company’s audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Shipping and Handling costs	Shipping and Handling Costs Shipping and handling costs are included in selling, general and administrative expenses and were $2.6 million and $1.9 million for the three months ended June 30, 2021 and 2020, respectively, and were $4.7 million and $3.8 million for the six months ended June 30, 2021 and 2020, respectively.
Derivative Instruments	Derivative Instruments The Company is exposed to certain risks relating to its business operations. Risks that relate to interest rate exposure are managed by using interest rate swaps. The Company recognizes derivative instruments as either assets or liabilities at fair value on the consolidated balance sheet. Changes in a derivative financial instrument’s fair value are recognized in earnings unless specific hedge criteria are met, in which case changes in fair value are recognized as adjustments to other comprehensive income. The Company has designated its interest rate swap contracts as cash flow hedges.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs: Level 1—observable inputs, such as quoted prices in active markets for identical assets or liabilities; Level 2—significant other observable inputs that are observable either directly or indirectly; and Level 3—significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions.
Advertising Costs	Advertising CostsThe Company expenses advertising costs as they are incurred.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Effective January 1, 2021, the Company adopted Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . ASU 2019-12 eliminates certain exceptions in the current guidance regarding the approach for intraperiod tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The adoption of this guidance did not have a significant impact on our consolidated financial statements.
Product Warranty Costs	Product Warranty Costs The Company provides a four-year warranty on Personal Diabetes Managers (“PDMs”) sold in the United States and Europe and a five-year warranty

Revenue and Contract Acquisit_2

Revenue and Contract Acquisition Costs (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Summary of Revenue from Contracts with Customers	The following table summarizes the Company’s disaggregated revenue: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 U.S. Omnipod $ 150.5 $ 128.8 $ 293.8 $ 245.4 International Omnipod 91.6 73.2 181.5 146.3 Total Omnipod 242.1 202.0 475.3 391.7 Drug Delivery 21.1 24.3 40.2 32.6 Total revenue $ 263.2 $ 226.3 $ 515.5 $ 424.3
Summary of Deferred Revenue	Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown: (in millions) June 30, 2021 December 31, 2020 Accrued expenses and other current liabilities $ 3.2 $ 5.4 Other liabilities 1.4 1.0 Total deferred revenue $ 4.6 $ 6.4
Summary of Contract Acquisition Costs	Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown: (in millions) June 30, 2021 December 31, 2020 Prepaid expenses and other current assets $ 12.3 $ 11.0 Other assets 24.4 21.9 Total capitalized contract acquisition costs, net $ 36.7 $ 32.9

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	6 Months Ended
	Jun. 30, 2021
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a summary of cash and cash equivalents: (in millions) June 30, 2021 December 31, 2020 Cash $ 238.9 $ 164.6 Money market mutual funds 612.9 739.8 Restricted cash 2.8 2.8 Total cash and cash equivalents 854.6 907.2 Restricted cash included in other assets 14.8 14.8 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 869.4 $ 922.0
Schedule of Restricted Cash and Cash Equivalents	The following table provides a summary of cash and cash equivalents: (in millions) June 30, 2021 December 31, 2020 Cash $ 238.9 $ 164.6 Money market mutual funds 612.9 739.8 Restricted cash 2.8 2.8 Total cash and cash equivalents 854.6 907.2 Restricted cash included in other assets 14.8 14.8 Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 869.4 $ 922.0

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Investments	The following table provides amortized costs, gross unrealized gains and losses, fair values and the level in the fair value hierarchy for the Company’s investments: (in millions) Amortized Cost Gross Unrealized Gains Fair Value Level 1 Level 2 (1) June 30, 2021 U.S. government and agency bonds $ 15.0 $ — $ 15.0 $ 15.0 $ — Corporate bonds 2.0 — 2.0 — 2.0 Certificates of deposit 0.5 — 0.5 — 0.5 Total short-term investments $ 17.5 $ — $ 17.5 $ 15.0 $ 2.5 December 31, 2020 U.S. government and agency bonds $ 35.1 $ 0.2 $ 35.3 $ 35.3 $ — Corporate bonds 2.8 0.1 2.9 — 2.9 Certificates of deposit 2.2 — 2.2 — 2.2 Total short-term investments $ 40.1 $ 0.3 $ 40.4 $ 35.3 $ 5.1 (1) Fair value was determined using market prices obtained from third-party pricing sources.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	At the end of each period, inventories were comprised of the following: (in millions) June 30, 2021 December 31, 2020 Raw materials $ 45.7 $ 30.7 Work-in-process 40.1 59.6 Finished goods 112.0 64.0 Total inventories $ 197.8 $ 154.3

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill	The change in the carrying amount of goodwill for the six months ended June 30, 2021 was as follows: (in millions) Goodwill at December 31, 2020 $ 39.8 Foreign currency translation 0.1 Goodwill at June 30, 2021 $ 39.9
Schedule of Components of Other Intangible Assets	The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows: June 30, 2021 December 31, 2020 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.4 $ (20.9) $ 22.5 $ 43.3 $ (18.3) $ 25.0 Internal-use software 19.0 (9.5) 9.5 11.4 (8.6) 2.8 Intellectual property 1.6 (0.2) 1.4 1.1 (0.2) 0.9 Total intangible assets $ 64.0 $ (30.6) $ 33.4 $ 55.8 $ (27.1) $ 28.7

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of Components of Accrued Expenses and Other Current Liabilities	The components of accrued expenses and other current liabilities were as follows: (in millions) June 30, 2021 December 31, 2020 Employee compensation and related costs $ 49.3 $ 53.1 Professional and consulting services 22.9 19.1 Accrued rebates 20.6 13.1 Supplier purchases 4.5 7.1 Value added taxes payable 2.9 5.0 Income taxes payable 2.1 5.0 Accrued interest 1.2 1.8 Other 39.6 33.9 Accrued expenses and other current liabilities $ 143.1 $ 138.1
Schedule of Reconciliation of Changes in Product Warranty Liability	Reconciliations of the changes in the Company’s product warranty liability were as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Product warranty liability at beginning of period $ 6.7 $ 8.3 $ 6.7 $ 8.5 Warranty expense 2.3 2.7 4.9 5.2 Warranty claims settled (2.5) (2.9) (5.1) (5.6) Product warranty liability at the end of period $ 6.5 $ 8.1 $ 6.5 $ 8.1

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Outstanding Convertible Debt and Related Debt Issuance Costs	The components of debt consisted of the following: (in millions) June 30, 2021 December 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 2028 500.0 — Equipment financing due May 2024 19.2 22.2 Equipment financing due November 2025 33.0 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 debt 1,256.1 1,059.3 Less: current portion 20.9 15.6 Total long-term debt $ 1,235.2 $ 1,043.7
Schedule of Carrying Amount and Estimated Fair Value of Convertible Debt	The carrying amount and the estimated fair value of the Company’s debt were as follows: June 30, 2021 December 31, 2020 (in millions) Carrying Estimated Carrying 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.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (loss), net of tax	Changes in the components of accumulated other comprehensive income (loss), net of tax, were as follows: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Unrealized Loss on Cash Flow Hedges Accumulated Other Comprehensive Income Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Unrealized Loss on Cash Flow Hedges Accumulated Other Comprehensive Income Balance at beginning of period $ 3.1 $ 0.1 $ — $ 3.2 $ 5.2 $ 0.3 $ — $ 5.5 Other comprehensive loss before reclassifications (1.8) (0.1) (1.0) (2.9) (3.9) (0.3) (1.0) (5.2) Amounts reclassified to net loss $ — $ — $ 0.4 $ 0.4 $ — $ — $ 0.4 $ 0.4 Balance at the end of period $ 1.3 $ — $ (0.6) $ 0.7 $ 1.3 $ — $ (0.6) $ 0.7 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (in millions) Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Foreign Currency Translation Adjustment Unrealized Gain on Available-for-sale Securities Accumulated Other Comprehensive Loss Balance at beginning of period $ (5.0) $ 1.2 $ (3.8) $ (1.6) $ 0.4 $ (1.2) Other comprehensive income (loss) 0.6 (0.4) 0.2 (2.8) 0.4 (2.4) Balance at the end of period $ (4.4) $ 0.8 $ (3.6) $ (4.4) $ 0.8 $ (3.6)

Interest Expense, Net (Tables)

Interest Expense, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Other Income and Expenses [Abstract]
Schedule of Interest Expense	Interest expense, net was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Contractual interest, net of interest rate swaps $ 6.8 $ 2.2 $ 10.5 $ 4.3 Accretion of debt discount 10.7 10.5 21.7 20.9 Amortization of debt issuance costs 1.0 0.7 1.8 1.4 Capitalized interest (1.9) (1.6) (3.8) (3.2) Interest expense, net of portion capitalized 16.6 11.8 30.2 23.4 Interest income (0.2) (0.7) (0.4) (2.2) Interest expense, net $ 16.4 $ 11.1 $ 29.8 $ 21.2

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	Compensation expense related to stock-based awards was recorded as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2021 2020 2021 2020 Cost of revenue $ 0.1 $ 0.1 $ 0.2 $ 0.2 Research and development expenses 2.0 2.3 3.9 5.0 Selling, general and administrative expenses 6.9 3.4 13.5 8.5 Total $ 9.0 $ 5.8 $ 17.6 $ 13.7

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The weighted-average number of common shares used in the computation of basic and diluted net income per share were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Weighted average number of common shares outstanding, basic 66,696 64,371 66,406 63,627 Stock options — 1,087 — 1,130 Restricted stock units — 121 — 213 Weighted average number of common shares outstanding, diluted 66,696 65,579 66,406 64,970
Schedule of Antidilutive Securities	The number of common share equivalents excluded from the computation of diluted net (loss) income per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 1.375% Convertible Senior Notes due November 2024 3,657 4,319 3,988 4,319 0.375% Convertible Senior Notes due September 2026 3,528 3,528 3,528 3,528 Restricted stock units 283 299 364 357 Stock options 788 67 809 52 Total 8,256 8,213 8,689 8,256

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Reclassification [Line Items]
Capitalized implementation costs of cloud computing arrangements	$ 44.5		$ 44.5		$ 24.2
Amortization expense	0.8	$ 0.2	1.3	$ 0.5
Cost of Goods and Services Sold	80.5	83.8	165.3	154.9
Advertising expense	12	2.9	21.4	5.6
Shipping and Handling
Reclassification [Line Items]
Cost of Goods and Services Sold	$ 2.6	$ 1.9	$ 4.7	$ 3.8

Revenue and Contract Acquisit_3

Revenue and Contract Acquisition Costs - Summary of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue (Related Party Transactions Note 16)	$ 263.2	$ 226.3	$ 515.5	$ 424.3
U.S. Omnipod
Disaggregation of Revenue [Line Items]
Revenue (Related Party Transactions Note 16)	150.5	128.8	293.8	245.4
International Omnipod
Disaggregation of Revenue [Line Items]
Revenue (Related Party Transactions Note 16)	91.6	73.2	181.5	146.3
Total Omnipod
Disaggregation of Revenue [Line Items]
Revenue (Related Party Transactions Note 16)	242.1	202	475.3	391.7
Drug Delivery
Disaggregation of Revenue [Line Items]
Revenue (Related Party Transactions Note 16)	$ 21.1	$ 24.3	$ 40.2	$ 32.6

Revenue and Contract Acquisit_4

Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue recognized			$ 0.2	$ 0.1	$ 3.9	$ 1.6
Amortization of capitalized commission costs			3	$ 2.6	6	$ 5.1
Unbilled receivable	$ 18	$ 11.6	$ 18		$ 18
Sales Revenue | Customer Concentration Risk | Largest Two Customers
Disaggregation of Revenue [Line Items]
Concentration risk, percentage			26.00%	21.00%	25.00%	21.00%
Accounts Receivable | Customer Concentration Risk | Largest Two Customers
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	26.00%
Accounts Receivable | Customer Concentration Risk | Largest Customer
Disaggregation of Revenue [Line Items]
Concentration risk, percentage		15.00%

Revenue and Contract Acquisit_5

Revenue and Contract Acquisition Costs - Summary of Deferred Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Accrued expenses and other current liabilities	$ 3.2	$ 5.4
Other liabilities	1.4	1
Total deferred revenue	$ 4.6	$ 6.4

Revenue and Contract Acquisit_6

Revenue and Contract Acquisition Costs - Summary of Contract Acquisition Costs (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Prepaid expenses and other current assets	$ 12.3	$ 11
Other assets	24.4	21.9
Total capitalized contract acquisition costs, net	$ 36.7	$ 32.9

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 2.8	$ 2.8
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	869.4	922	$ 779.1	$ 213.7
Restricted cash included in other assets
Cash and Cash Equivalents [Line Items]
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	14.8	14.8
Cash
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	238.9	164.6
Money market mutual funds
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	612.9	739.8
Cash and Cash Equivalents
Cash and Cash Equivalents [Line Items]
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 854.6	$ 907.2

Investments - Narrative (Detail

Investments - Narrative (Details)	6 Months Ended
	Jun. 30, 2021
Minimum
Debt Securities, Available-for-sale [Line Items]
Derivative maturity date range	1 month
Maximum
Debt Securities, Available-for-sale [Line Items]
Derivative maturity date range	6 months

Investments - Summary of Amorti

Investments - Summary of Amortized Cost, Gross Unrealized Gains and Losses, Fair Value and Level in Fair Value Hierarchy for Investments (Details) - Short-term investments - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 17.5	$ 40.1
Gross Unrealized Gains	0	0.3
Fair Value	17.5	40.4
Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	15	35.3
Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2.5	5.1
U.S. government and agency bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	15	35.1
Gross Unrealized Gains	0	0.2
Fair Value	15	35.3
U.S. government and agency bonds | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	15	35.3
U.S. government and agency bonds | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2	2.8
Gross Unrealized Gains	0	0.1
Fair Value	2	2.9
Corporate bonds | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Corporate bonds | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	2	2.9
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	0.5	2.2
Gross Unrealized Gains	0	0
Fair Value	0.5	2.2
Certificates of deposit | Level 1 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Certificates of deposit | Level 2 | Recurring fair value measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0.5	$ 2.2

Inventories - Components of Inv

Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 45.7	$ 30.7
Work-in-process	40.1	59.6
Finished goods	112	64
Total inventories	$ 197.8	$ 154.3

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Summary of Changes in Carrying Amounts of Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Goodwill at December 31, 2020	$ 39.8
Foreign currency translation	0.1
Goodwill at June 30, 2021	$ 39.9

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Components of Other Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 64	$ 55.8
Accumulated Amortization	(30.6)	(27.1)
Net Book Value	33.4	28.7
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43.4	43.3
Accumulated Amortization	(20.9)	(18.3)
Net Book Value	22.5	25
Internal-use software
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19	11.4
Accumulated Amortization	(9.5)	(8.6)
Net Book Value	9.5	2.8
Intellectual property
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1.6	1.1
Accumulated Amortization	(0.2)	(0.2)
Net Book Value	$ 1.4	$ 0.9

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1.8	$ 0.7	$ 3.5	$ 1.5

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Employee compensation and related costs	$ 49.3	$ 53.1
Professional and consulting services	22.9	19.1
Accrued rebates	20.6	13.1
Supplier purchases	4.5	7.1
Value added taxes payable	2.9	5
Income taxes payable	2.1	5
Accrued interest	1.2	1.8
Other	39.6	33.9
Accrued expenses and other current liabilities	$ 143.1	$ 138.1

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Narrative (Details)	6 Months Ended
	Jun. 30, 2021
United States
Product Warranty Liability [Line Items]
Product warranty term for PDMs	4 years
CANADA
Product Warranty Liability [Line Items]
Product warranty term for PDMs	5 years

Accrued Expenses and Other Cu_5

Accrued Expenses and Other Current Liabilities - Product Warranty Liability (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product warranty liability at beginning of period	$ 6.7	$ 8.3	$ 6.7	$ 8.5
Warranty expense	2.3	2.7	4.9	5.2
Warranty claims settled	(2.5)	(2.9)	(5.1)	(5.6)
Product warranty liability at the end of period	$ 6.5	$ 8.1	$ 6.5	$ 8.1

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Debt Instrument [Line Items]
Unamortized debt discount	$ (179.9)	$ (252.5)
Debt issuance costs	(17)	(19)
Total debt	1,256.1	1,059.3
Less: current portion	20.9	15.6
Total long-term debt	$ 1,235.2	$ 1,043.7
Convertible Senior Notes, 1.375%
Debt Instrument [Line Items]
Debt, interest rate	1.375%		1.375%
Convertible Senior Notes .375%
Debt Instrument [Line Items]
Debt, interest rate	0.375%		0.375%
Convertible Debt | Convertible Senior Notes, 1.375%
Debt Instrument [Line Items]
Debt, interest rate	1.375%	1.375%
Long-term debt, gross	$ 32.1	$ 402.5
Convertible Debt | Convertible Senior Notes .375%
Debt Instrument [Line Items]
Debt, interest rate	0.375%	0.375%
Long-term debt, gross	$ 800	$ 800
Secured Debt | Term loan due May 2028
Debt Instrument [Line Items]
Long-term debt, gross	500	0
Secured Debt | Equipment financing due May 2024
Debt Instrument [Line Items]
Long-term debt, gross	19.2	22.2
Secured Debt | Equipment financing due November 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 33	$ 36.4
Secured Debt | 5.15% Mortgage due November 2025
Debt Instrument [Line Items]
Debt, interest rate	5.15%	5.15%
Long-term debt, gross	$ 68.7	$ 69.7

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) shares in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	May 01, 2021
Debt Instrument [Line Items]
Repayment of convertible debt				$ 460,800,000	$ 0
Issuance of shares for debt repayment		$ 622,700,000		622,700,000
Loss on extinguishment of debt		$ 40,100,000	$ 0	40,100,000	0
Proceeds from issuance of debt, net				$ 489,500,000	$ 0
Common Stock
Debt Instrument [Line Items]
Issuance of shares for debt repayment (in shares)		2,242		2,242
Convertible Senior Notes, 1.375%
Debt Instrument [Line Items]
Debt, interest rate		1.375%	1.375%	1.375%	1.375%
Senior Notes | Convertible Senior Notes, 1.375%
Debt Instrument [Line Items]
Debt repurchased face amount		$ 370,400,000		$ 370,400,000
Repurchase amount		$ 305,700,000		$ 305,700,000
Debt, interest rate		1.375%		1.375%
Issuance of shares for debt repayment (in shares)		2,200
Issuance of shares for debt repayment		$ 622,700,000
Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount of senior notes						$ 60,000,000
Debt instrument, term	3 years
Credit facility outstanding amount		$ 0		$ 0
Secured Debt | LIBOR | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)	2.75%
Secured Debt | LIBOR | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)	3.25%
Secured Debt | Senior Secured Term Loan B
Debt Instrument [Line Items]
Principal amount of senior notes						$ 500,000,000
Debt instrument, term	7 years
Proceeds from issuance of debt, net	$ 489,500,000
Secured Debt | Senior Secured Term Loan B | LIBOR
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)	3.25%
Debt, floor rate (in percent)	0.50%

Debt - Summary of Carrying Amou

Debt - Summary of Carrying Amount and Estimated Fair Value of Convertible Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Convertible Senior Notes, 1.375%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, interest rate	1.375%		1.375%
Convertible Senior Notes .375%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, interest rate	0.375%		0.375%
Level 2 | Estimated Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	$ 1,577.3	$ 2,006.2
Level 2 | Estimated Fair Value | Convertible Senior Notes, 1.375%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	95.8	1,104.2
Level 2 | Estimated Fair Value | Convertible Senior Notes .375%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	980.9	902
Level 2 | Estimated Fair Value | Term loan due May 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	500.6	0
Level 2 | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	1,137.1	933.1
Level 2 | Carrying Value | Convertible Senior Notes, 1.375%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	26.6	323.9
Level 2 | Carrying Value | Convertible Senior Notes .375%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	623.8	609.2
Level 2 | Carrying Value | Term loan due May 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	$ 486.7	$ 0

Derivative Instruments (Details

Derivative Instruments (Details) - Interest Rate Swap $ in Millions	1 Months Ended
	May 31, 2021agreement	Jun. 30, 2021USD ($)
Derivative [Line Items]
Number of instruments entered during period | agreement	2
Notional amount		$ 480
Percentage of debt hedged by interest rate derivatives		96.00%
Derivative liability		$ 0.7
LIBOR
Derivative [Line Items]
Derivative fixed interest rate		4.20%

Commitment and Contingencies (D

Commitment and Contingencies (Details)	1 Months Ended
	Jun. 16, 2015lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of class actions filed (in legal matters)	3
Number of class actions dismissed (in legal matters)	2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 585.3	$ 59	$ 603.6	$ 75.9
Other comprehensive loss before reclassifications	(2.9)		(5.2)
Amounts reclassified to net loss	0.4		0.4
Other comprehensive income (loss)	(2.5)	0.2	(4.8)	(2.4)
Ending balance	459.1	563.3	459.1	563.3
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3.1	(5)	5.2	(1.6)
Other comprehensive loss before reclassifications	(1.8)		(3.9)
Amounts reclassified to net loss	0		0
Other comprehensive income (loss)		0.6		(2.8)
Ending balance	1.3	(4.4)	1.3	(4.4)
Unrealized Gain on Available-for-sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0.1	1.2	0.3	0.4
Other comprehensive loss before reclassifications	(0.1)		(0.3)
Amounts reclassified to net loss	0		0
Other comprehensive income (loss)		(0.4)		0.4
Ending balance	0	0.8	0	0.8
Unrealized Loss on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0		0
Other comprehensive loss before reclassifications	(1)		(1)
Amounts reclassified to net loss	0.4		0.4
Ending balance	(0.6)		(0.6)
Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3.2	(3.8)	5.5	(1.2)
Other comprehensive income (loss)	(2.5)	0.2	(4.8)	(2.4)
Ending balance	$ 0.7	$ (3.6)	$ 0.7	$ (3.6)

Interest Expense, Net (Details)

Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Contractual interest, net of interest rate swaps	$ 6.8	$ 2.2	$ 10.5	$ 4.3
Accretion of debt discount	10.7	10.5	21.7	20.9
Amortization of debt issuance costs	1	0.7	1.8	1.4
Capitalized interest	(1.9)	(1.6)	(3.8)	(3.2)
Interest expense, net of portion capitalized	16.6	11.8	30.2	23.4
Interest income	(0.2)	(0.7)	(0.4)	(2.2)
Interest expense, net	$ 16.4	$ 11.1	$ 29.8	$ 21.2

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 9	$ 5.8	$ 17.6	$ 13.7
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0.1	0.1	0.2	0.2
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2	2.3	3.9	5
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 6.9	$ 3.4	$ 13.5	$ 8.5

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	12.10%	17.20%	11.20%	17.00%
Uncertain tax position		$ 0		$ 0	$ 0

Net (Loss) Income Per Share - C

Net (Loss) Income Per Share - Computation of Basic and Diluted Net Income per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of common shares outstanding, basic (in shares)	66,696	64,371	66,406	63,627
Weighted average number of common shares outstanding, diluted (in shares)	66,696	65,579	66,406	64,970
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0	1,087	0	1,130
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0	121	0	213

Net (Loss) Income Per Share - S

Net (Loss) Income Per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,256	8,213	8,689	8,256
1.375% Convertible Senior Notes due November 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,657	4,319	3,988	4,319
0.375% Convertible Senior Notes due September 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,528	3,528	3,528	3,528
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	283	299	364	357
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	788	67	809	52
1.375% Convertible Senior Notes due November 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt, interest rate	1.375%	1.375%	1.375%	1.375%
0.375% Convertible Senior Notes due September 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt, interest rate	0.375%	0.375%	0.375%	0.375%

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Related Party Transactions [Abstract]
Revenue from related party	$ 3.3	$ 5.5
Accounts receivable due from related party	$ 1.3	$ 1.3

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended
	Jul. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Convertible Senior Notes, 1.375%
Subsequent Event [Line Items]
Debt, interest rate		1.375%	1.375%
Senior Notes | Convertible Senior Notes, 1.375%
Subsequent Event [Line Items]
Debt, interest rate		1.375%
Senior Notes | Convertible Senior Notes, 1.375% | Subsequent event
Subsequent Event [Line Items]
Converted debt principal amount	$ 20
Debt, interest rate	1.375%
Shares issued (in shares)	215,000
Secured Debt | Equipment Financing Transaction | Subsequent event
Subsequent Event [Line Items]
Debt, interest rate	4.25%
Debt instrument, face amount	$ 43.1
Debt instrument, term	7 years

Uncategorized Items - podd-2021

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]