INDEBTEDNESS (Tables)

9 Months Ended

Sep. 30, 2021

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.