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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Summary of Convertible Debt | The following table summarizes information regarding the Company’s convertible debt:
| September 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 | (11,478) |  |  | (12,995) |
2027 Notes, net | 588,522 |  |  | 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 | (5,429) |  |  | (6,860) |
2024 Notes, net | 489,571 |  |  | 488,140 |
Total convertible debt, net | $ | 1,078,093 |  |  | $ | 1,075,145 |
Fair value of fixed rate convertible debt (1): |  |  |
2027 Notes | $ | 600,858 |  |  | $ | 627,090 |
2024 Notes | 510,954 |  |  | 530,714 |
Total fair value of fixed rate convertible debt | $ | 1,111,812 |  |  | $ | 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.
Summary of Interest Expense on Debt | Interest expense on the Company’s convertible debt consisted of the following:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Coupon interest expense | $ | 2,617 |  |  | $ | 4,255 |  |  | $ | 7,849 |  |  | $ | 9,443 |
Accretion of discount on convertible notes | 835 |  |  | 4,696 |  |  | 2,503 |  |  | 13,201 |
Amortization of debt issuance costs | 148 |  |  | 535 |  |  | 445 |  |  | 1,565 |
Total interest expense on convertible debt | $ | 3,600 |  |  | $ | 9,486 |  |  | $ | 10,797 |  |  | $ | 24,209 |

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