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DEBT | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
DEBT | DEBT Convertible Notes As of June 30, 2023, 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, 2023 |  | December 31, 2022
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes) | $ | 600,000 |  |  | $ | 600,000 |
Unamortized discount net of deferred offering costs | (7,924) |  |  | (8,941) |
2027 Notes, net | 592,076 |  |  | 591,059 |
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes) | 495,000 |  |  | 495,000 |
Unamortized discount net of deferred offering costs | (2,082) |  |  | (3,040) |
2024 Notes, net | 492,918 |  |  | 491,960 |
Total convertible debt, net | $ | 1,084,994 |  |  | $ | 1,083,019 |
Fair value of fixed-rate convertible debt (1): |  |  |
2027 Notes | $ | 606,984 |  |  | $ | 647,370 |
2024 Notes | 486,887 |  |  | 526,230 |
Total fair value of fixed-rate convertible debt | $ | 1,093,871 |  |  | $ | 1,173,600 |
(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 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Interest expense on the Company’s convertible debt consisted of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Coupon interest expense | $ | 2,617 |  |  | $ | 2,617 |  |  | $ | 5,233 |  |  | $ | 5,233 |
Accretion of discount on convertible notes | 834 |  |  | 837 |  |  | 1,673 |  |  | 1,673 |
Amortization of debt issuance costs | 149 |  |  | 148 |  |  | 297 |  |  | 297 |
Total interest expense on convertible debt | $ | 3,600 |  |  | $ | 3,602 |  |  | $ | 7,203 |  |  | $ | 7,203 |
See Note 10 - Debt to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 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, 2023, 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. At the end of July 2023, the Company sent a notice of termination to the administrative agent for the credit facility, and such termination of the credit facility is expected to be effective in early August 2023.

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