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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Convertible Senior Notes | The following table summarizes further details of the Notes:
Notes |  | Issuance Date |  | Maturity Date |  | Principal Amount (in thousands) |  | Coupon Interest Rate |  | Effective Interest Rate
2029 Notes |  | August 18, 2023 |  | February 15, 2029 |  | $ | 1,265,000 |  |  | 1.125 | % |  | 1.388 | %
2027 Notes |  | August 16, 2019 |  | September 1, 2027 |  | $ | 1,150,000 |  |  | 0.375 | % |  | 0.539 | %
2025 Notes |  | May 21, 2018 |  | May 1, 2025 |  | $ | 1,150,000 |  |  | 0.125 | % |  | 0.350 | %
The conversion rights of the Notes are as follows:
Notes |  | Conversion Date |  | Conversion Rate (1) |  | Conversion Price per Share (1) |  |
2029 Notes |  | October 15, 2028 |  | 7.9170 |  | $ | 126.31 |  |  |
2027 Notes |  | May 1, 2027 |  | 8.6073 |  | $ | 116.18 |  |  |
2025 Notes |  | January 1, 2025 |  | 10.5150 |  | $ | 95.10 |  |  |
(1) The conversion rate for the Notes is established as a number of shares of the Company's commons stock per $1,000 principal amount of the Notes, that is equivalent to the conversion price per share, subject to adjustments in certain events. Upon the occurrence of certain corporate events the Company will increase the conversion rate for a holder that elects to convert its Notes. The Notes consisted of the following components as of December 31, 2023 and 2022 (in thousands):
| 2029 Notes |  | 2027 Notes |  | 2025 Notes |  | Total
As of December 31, 2023 |  |  |  |  |  |  |
Principal | $ | 1,265,000 |  |  | $ | 1,150,000 |  |  | $ | 1,150,000 |  |  | $ | 3,565,000 |
Less: issuance costs, net of amortization | (16,478) |  |  | (6,831) |  |  | (3,462) |  |  | (26,771) |
Net carrying amount | $ | 1,248,522 |  |  | $ | 1,143,169 |  |  | $ | 1,146,538 |  |  | $ | 3,538,229 |
Estimated fair value (1) | $ | 1,376,915 |  |  | $ | 1,289,219 |  |  | $ | 1,467,274 |  |  | $ | 4,133,408 |
As of December 31, 2022 |  |  |  |  |  |  |
Principal | $ | — |  |  | $ | 1,150,000 |  |  | $ | 1,150,000 |  |  | $ | 2,300,000 |
Less: issuance costs, net of amortization | — |  |  | (8,707) |  |  | (6,035) |  |  | (14,742) |
Net carrying amount | $ | — |  |  | $ | 1,141,293 |  |  | $ | 1,143,965 |  |  | $ | 2,285,258 |
Estimated fair value (1) | $ | — |  |  | $ | 1,111,038 |  |  | $ | 1,209,076 |  |  | $ | 2,320,114 |
(1) The fair values were determined based on the quoted prices of the Notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 within the fair value hierarchy. The following table summarizes the main terms impacting the note hedges and warrants (in thousands, except per share data):
| 2029 Notes |  | 2027 Notes |  | 2025 Notes
Note hedge transaction costs | $ | 236,555 |  |  | $ | 312,225 |  |  | $ | 261,740 |
Shares covered by note hedge transactions | 10,015 |  |  | 9,898 |  |  | 12,093 |
Shares related to warrant transactions | 10,015 |  |  | 9,898 |  |  | 12,093 |
Strike price per share related to warrant transactions | $ | 180.44 |  |  | $ | 178.74 |  |  | $ | 149.18 |
Aggregate proceeds from sale of warrants | $ | 90,195 |  |  | $ | 185,150 |  |  | $ | 119,945 |
Schedule of Interest Expense | Interest expense, together with ongoing commitment fees under the terms of the Company's credit agreements, included in the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Amortization of debt discount and issuance costs | $ | 5,803 |  |  | $ | 4,688 |  |  | $ | 69,697 |
Coupon interest payable on 2029 Notes | 5,218 |  |  | — |  |  | — |
Coupon interest payable on 2027 Notes | 4,312 |  |  | 4,312 |  |  | 4,313 |
Coupon interest payable on 2025 Notes | 1,436 |  |  | 1,437 |  |  | 1,437 |
Interest payable and commitment fees under the credit agreements | 1,402 |  |  | 952 |  |  | 557 |
Capitalization of interest expense | (462) |  |  | (293) |  |  | (3,672) |
Total interest expense | $ | 17,709 |  |  | $ | 11,096 |  |  | $ | 72,332 |
Prior to the adoption of the new guidance for accounting for convertible instruments on January 1, 2022, the Company also amortized as interest expense the value of debt discounts of the 2027 Notes and the 2025 Notes.

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