XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.23.3

INDEBTEDNESS | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
INDEBTEDNESS | INDEBTEDNESS The components of indebtedness were as follows as of September 30, 2023 (in thousands, except percentages):
Indebtedness |  | Effective Interest Rate |  | Principal Amount |  | Unamortized Debt Discount and Issuance Costs |  | Net Carrying Amount |  |  |  |
0.50% 2026 Convertible Notes due on June 1, 2026 |  | 0.98 | % |  | $ | 1,373,013 |  |  | $ | (18,134) |  |  | $ | 1,354,879 |  |  |  |  |
3.38% 2028 Senior Notes due on October 1, 2028 |  | 3.57 | % |  | 1,000,000 |  |  | (8,623) |  |  | 991,377 |  |  |  |  |
3.63% 2031 Senior Notes due on October 1, 2031 |  | 3.77 | % |  | 737,457 |  |  | (7,114) |  |  | 730,343 |  |  |  |  |
Total |  |  |  | $ | 3,110,470 |  |  | $ | (33,871) |  |  | $ | 3,076,599 |  |  |  |  |
The components of indebtedness were as follows as of December 31, 2022 (in thousands, except percentages):
Indebtedness |  | Effective Interest Rate |  | Principal Amount |  | Unamortized Debt Discount and Issuance Costs |  | Net Carrying Amount |  |  |  |
0.50% 2026 Convertible Notes due on June 1, 2026 |  | 0.98 | % |  | $ | 1,437,500 |  |  | $ | (23,339) |  |  | $ | 1,414,161 |  |  |  |  |
3.38% 2028 Senior Notes due on October 1, 2028 |  | 3.57 | % |  | 1,000,000 |  |  | (10,022) |  |  | 989,978 |  |  |  |  |
3.63% 2031 Senior Notes due on October 1, 2031 |  | 3.77 | % |  | 1,000,000 |  |  | (10,691) |  |  | 989,309 |  |  |  |  |
Total |  |  |  | $ | 3,437,500 |  |  | $ | (44,052) |  |  | $ | 3,393,448 |  |  |  |  |
Convertible senior notes In May 2021, the Company issued an aggregate principal amount of $1.4 billion of convertible senior notes due in 2026 (the “2026 Convertible Notes”) pursuant to an indenture, dated May 18, 2021 (the “Convertible Notes Indenture”), between the Company and U.S. Bank National Association, as trustee. The 2026 Convertible Notes were offered and sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). In June 2023, the Company paid $45.5 million to repurchase $64.5 million of aggregate principal amount of the 2026 Convertible Notes with a carrying value of $63.6 million, net of unamortized issuance costs and original issue discount of $0.9 million and legal fees of $0.3 million. The Company recorded a corresponding net gain on extinguishment of long-term debt during the nine months ended September 30, 2023 of $17.8 million in other (income) expense, net within the condensed consolidated statements of operations. Senior notes In September 2021, the Company completed the issuance of an aggregate principal amount of $1.0 billion of senior notes due on October 1, 2028 (the “2028 Senior Notes”) and an aggregate principal amount of $1.0 billion of senior notes due on October 1, 2031 (the “2031 Senior Notes” and together with the 2028 Senior Notes, the “Senior Notes”). The Senior Notes were issued within the United States only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. In August and September 2023, the Company paid $177.2 million to repurchase $262.5 million of aggregate principal amount of the 2031 Senior Notes with a carrying value of $259.9 million, net of unamortized issuance costs of $2.6 million and legal fees of $1.1 million. The Company recorded a corresponding net gain on extinguishment of long-term debt during the three and nine months ended September 30, 2023 of $81.6 million in other (income) expense, net within the condensed consolidated statements of operations.The indenture governing the Senior Notes contains customary covenants that restrict the ability of the Company and certain of its subsidiaries to incur debt and liens. The Company is not aware of any instances of non-compliance with the covenants as of September 30, 2023. Interest The following table summarizes the interest expense for the 2026 Convertible Notes, the 2028 Senior Notes, and the 2031 Senior Notes (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Coupon interest |  | $ | 18,510 |  |  | $ | 19,296 |  |  | $ | 57,095 |  |  | $ | 57,937 |  |  |  |  |
Amortization of debt discount and issuance costs |  | 2,262 |  |  | 2,204 |  |  | 6,665 |  |  | 6,442 |  |  |  |  |
Total |  | $ | 20,772 |  |  | $ | 21,500 |  |  | $ | 63,760 |  |  | $ | 64,379 |  |  |  |  |
Debt discounts and debt issuance costs are amortized to interest expense using the effective interest method over the contractual term of the respective note.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration