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CONVERTIBLE SENIOR NOTES (Tables) | 3 Months Ended
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Oct. 31, 2020
Debt Disclosure [Abstract] |
Net Proceeds from Notes | The total net proceeds from the 2023 Notes are as follows:
| Amount
| (in thousands)
Principal amount | $ | 575,000 |
Less: initial purchasers' discount | (10,781) |
Less: cost of the bond hedges | (143,175) |
Add: proceeds from the sale of warrants | 87,975 |
Less: other issuance costs | (707) |
Net proceeds | $ | 508,312 |
Components of Notes | The 2023 Notes consisted of the following:
| As of
| July 31, 2020 |  | October 31, 2020
| (in thousands)
Principal amounts: |  |  |
Principal | $ | 575,000 |  |  | $ | 575,000 |
Unamortized debt discount (1) | (80,298) |  |  | (72,573) |
Unamortized debt issuance costs (1) | (4,480) |  |  | (4,049) |
Net carrying amount | $ | 490,222 |  |  | $ | 498,378 |
Carrying amount of equity component (2) | $ | 148,598 |  |  | $ | 148,598 |
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(1)Included in the condensed consolidated balance sheets within convertible senior notes, net and amortized over the remaining life of the 2023 Notes using the effective interest rate method. The effective interest rate is 6.62%. (2)Included in the condensed consolidated balance sheets within additional paid-in capital, net of $3.0 million in equity issuance costs. The 2026 Notes consisted of the following:
| As of October 31, 2020
| (in thousands)
Principal amounts: |
Principal | $ | 750,000 |
Unamortized debt discount (conversion feature) (1) | (227,723) |
Unamortized debt issuance costs (1) | (26,018) |
Net carrying amount | $ | 496,259 |
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(1)Included in the condensed consolidated balance sheets within convertible senior notes, net and amortized over the remaining life of the 2026 Notes using the effective interest rate method. The effective interest rate is 7.05%.
Interest Expense Recognized | The following table sets forth the total interest expense recognized related to the 2023 Notes:
| Three Months Ended October 31, |  |
| 2019 |  | 2020 |  |  |  |
| (in thousands)
Interest expense related to amortization of debt discount | $ | 7,232 |  |  | $ | 7,725 |  |  |  |  |
Interest expense related to amortization of debt issuance costs | 403 |  |  | 431 |  |  |  |  |
Total interest expense | $ | 7,635 |  |  | $ | 8,156 |  |  |  |  |
The following table sets forth the total interest expense recognized related to the 2026 Notes:
| Three Months Ended October 31, 2020 |  |
| (in thousands)
Interest expense related to amortization of debt discount | $ | 3,187 |  |  |  |  |
Interest expense related to amortization of debt issuance costs | 365 |  |  |  |  |
Non-cash interest expense | 1,952 |  |  |  |  |
Total interest expense | $ | 5,504 |  |  |  |  |

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