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INDEBTEDNESS (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Net Carrying Amount of Convertible Notes | The net carrying amount of the Notes were as follows (in thousands):
| Principal outstanding |  |  |  | Unamortized debt issuance costs |  | Net carrying value
September 30, 2021 |  |  |  |  |  |  |
2031 Senior Notes | $ | 1,000,000 |  |  |  |  | $ | (13,580) |  |  | $ | 986,420 |
2026 Senior Notes | 1,000,000 |  |  |  |  | (13,076) |  |  | 986,924 |
2027 Convertible Notes | 575,000 |  |  |  |  | (8,127) |  |  | 566,873 |
2026 Convertible Notes | 575,000 |  |  |  |  | (7,805) |  |  | 567,195 |
2025 Convertible Notes | 1,000,000 |  |  |  |  | (10,401) |  |  | 989,599 |
2023 Convertible Notes | 642,488 |  |  |  |  | (1,670) |  |  | 640,818 |
2022 Convertible Notes | 4,665 |  |  |  |  | (28) |  |  | 4,637 |
Total | $ | 4,797,153 |  |  |  |  | $ | (54,687) |  |  | $ | 4,742,466 |
As discussed above, upon the adoption of ASU No. 2020-06, the Company reversed the separation of the debt and equity components of the Convertible Notes, and accounted for the Convertible Notes wholly as debt. Additionally, the issuance costs of the Notes were accounted for as debt issuance costs in its entirety. Refer to Note 1, Description of Business and Summary of Significant Accounting Policies for further details on the impact of adoption.
| Principal outstanding |  | Unamortized debt discount |  | Unamortized debt issuance costs |  | Net carrying value
December 31, 2020 |  |  |  |  |  |  |
2027 Convertible Notes | $ | 575,000 |  |  | $ | (109,134) |  |  | $ | (7,370) |  |  | $ | 458,496 |
2026 Convertible Notes | 575,000 |  |  | (85,085) |  |  | (7,711) |  |  | 482,204 |
2025 Convertible Notes | 1,000,000 |  |  | (130,335) |  |  | (11,333) |  |  | 858,332 |
2023 Convertible Notes | 862,500 |  |  | (79,980) |  |  | (2,474) |  |  | 780,046 |
2022 Convertible Notes | 8,545 |  |  | (629) |  |  | (70) |  |  | 7,846 |
Total | $ | 3,021,045 |  |  | $ | (405,163) |  |  | $ | (28,958) |  |  | $ | 2,586,924 |
The net carrying amount of the equity component of the Convertible Notes as of December 31, 2020 were as follows (in thousands):
| Amount allocated to conversion option |  | Less: allocated issuance costs |  | Equity component, net
December 31, 2020 |  |  |  |  |
2027 Convertible Notes | $ | 111,000 |  |  | $ | (1,793) |  |  | $ | 109,207 |
2026 Convertible Notes | 87,000 |  |  | (1,405) |  |  | 85,595 |
2025 Convertible Notes | 154,600 |  |  | (2,342) |  |  | 152,258 |
2023 Convertible Notes | 155,250 |  |  | (1,231) |  |  | 154,019 |
2022 Convertible Notes | 1,674 |  |  | (45) |  |  | 1,629 |
Total | $ | 509,524 |  |  | $ | (6,816) |  |  | $ | 502,708 |
Interest Expense on Convertible Notes | The Company recognized interest expense on the Notes as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Contractual interest expense | $ | 17,047 |  |  | $ | 1,544 |  |  | $ | 27,272 |  |  | $ | 4,482 |
Amortization of debt issuance costs (i) | 2,868 |  |  | 17,516 |  |  | 7,005 |  |  | 47,624 |
Total | $ | 19,915 |  |  | $ | 19,060 |  |  | $ | 34,277 |  |  | $ | 52,106 |
(i) Upon adoption of ASU No. 2020-06, the debt discount associated with the equity component on convertible debt outstanding was reversed which resulted in a decrease in the amount of non-cash interest expense to be recognized going forward.

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