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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024 and December 31, 2023 (in thousands):
| 2029 Notes |  | 2027 Notes |  | 2025 Notes |  | Total
As of September 30, 2024 |  |  |  |  |  |  |
Principal | $ | 1,265,000 |  |  | $ | 1,150,000 |  |  | $ | 1,150,000 |  |  | $ | 3,565,000 |
Less: issuance costs, net of amortization | (14,139) |  |  | (5,422) |  |  | (1,529) |  |  | (21,090) |
Net carrying amount | $ | 1,250,861 |  |  | $ | 1,144,578 |  |  | $ | 1,148,471 |  |  | $ | 3,543,910 |
Estimated fair value (1) | $ | 1,281,546 |  |  | $ | 1,188,755 |  |  | $ | 1,278,099 |  |  | $ | 3,748,400 |
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 |
(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 cost | $ | 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 interim condensed consolidated statements of income for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Amortization of debt issuance costs | $ | 1,952 |  |  | $ | 1,528 |  |  | $ | 5,847 |  |  | $ | 3,861 |
Coupon interest payable on 2029 Notes | 3,558 |  |  | 1,660 |  |  | 10,674 |  |  | 1,660 |
Coupon interest payable on 2027 Notes | 1,078 |  |  | 1,078 |  |  | 3,234 |  |  | 3,234 |
Coupon interest payable on 2025 Notes | 359 |  |  | 359 |  |  | 1,077 |  |  | 1,077 |
Interest payable and commitment fees under the 2022 credit agreements | 149 |  |  | 486 |  |  | 464 |  |  | 1,254 |
Capitalization of interest expense | (361) |  |  | (124) |  |  | (914) |  |  | (261) |
Total interest expense | $ | 6,735 |  |  | $ | 4,987 |  |  | $ | 20,382 |  |  | $ | 10,825 |

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