XML 173 R15.htm IDEA: XBRL DOCUMENT v3.21.2
DEBT
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
Convertible Notes
As of June 30, 2021, the Company had outstanding fixed-rate notes with varying maturities for an undiscounted aggregate principal amount of $1.1 billion (collectively the Notes). The Notes are senior subordinated convertible obligations, and interest is payable in arrears, semi-annually. The following table summarizes information regarding the Company’s convertible debt:
June 30,
2021		December 31,
2020
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes)
$600,000 $600,000 
Unamortized discount net of deferred offering costs(11,984)(12,995)
2027 Notes, net588,016 587,005 
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)
495,000 495,000 
Unamortized discount net of deferred offering costs(5,906)(6,860)
2024 Notes, net489,094 488,140 
Total convertible debt, net$1,077,110 $1,075,145 
Fair value of fixed rate convertible debt (1):
2027 Notes
$604,026 $627,090 
2024 Notes
515,745 530,714 
Total fair value of fixed rate convertible debt$1,119,771 $1,157,804 
(1)    The fair value of the Company’s fixed-rate convertible debt is based on open market trades and is classified as Level 1 in the fair value hierarchy. For additional discussion of fair value measurements, see Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Interest expense on the Company’s convertible debt consisted of the following: 
Three Months Ended
June 30,		Six Months Ended June 30,
2021202020212020
Coupon interest expense$2,616 $3,016 $5,232 $5,188 
Accretion of discount on convertible notes834 4,395 1,668 8,505 
Amortization of debt issuance costs148 522 296 1,030 
Total interest expense on convertible debt$3,598 $7,933 $7,196 $14,723 
See Note 13 - Debt included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information related to the Company’s convertible debt.
Revolving Credit Facility
In October 2018, the Company entered into an unsecured revolving credit facility of up to $200.0 million which includes a letter of credit subfacility and a swingline loan subfacility. The credit facility is intended to finance ongoing working capital needs and for other general corporate purposes. In May 2021, the Company entered into an amendment agreement in respect of the credit facility, extending the maturity date from October 19, 2021 to May 28, 2024, among other changes. The amended credit facility contains financial covenants including a maximum leverage ratio and a minimum interest coverage ratio. As of June 30, 2021, there were no amounts outstanding under the credit facility and the Company and certain of its subsidiaries that serve as guarantors were in compliance with all covenants.