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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Summary of Senior Subordinated Convertible Obligations | 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:
| December 31,
| 2021 |  | 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 | (10,971) |  |  | (12,995) |
2027 Notes, net | 589,029 |  |  | 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 | (4,952) |  |  | (6,860) |
2024 Notes, net | 490,048 |  |  | 488,140 |
Total convertible debt, net | $ | 1,079,077 |  |  | $ | 1,075,145 |
Fair value of fixed rate convertible debt (1): |  |  |
2027 Notes | $ | 625,122 |  |  | $ | 627,090 |
2024 Notes | 521,082 |  |  | 530,714 |
Total fair value of fixed rate convertible debt | $ | 1,146,204 |  |  | $ | 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. See Note 1 to these Consolidated Financial Statements for additional discussion of fair value measurements.
Summary of Interest Expense on Debt | Interest expense on the Company’s convertible debt consisted of the following:
| Years Ended December 31,
| 2021 |  | 2020 |  | 2019
Coupon interest expense | $ | 10,465 |  |  | $ | 12,350 |  |  | $ | 4,907 |
Accretion of discount on convertible notes | 3,339 |  |  | 14,682 |  |  | 15,917 |
Amortization of debt issuance costs | 593 |  |  | 1,829 |  |  | 2,031 |
Total interest expense on convertible debt | $ | 14,397 |  |  | $ | 28,861 |  |  | $ | 22,855 |

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