XML 34 R25.htm IDEA: XBRL DOCUMENT v3.23.3
DEBT (Tables)
9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Convertible Debt The following table summarizes information regarding the Company’s convertible debt:
September 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(7,414)(8,941)
2027 Notes, net592,586 591,059 
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)
495,000 495,000 
Unamortized discount net of deferred offering costs(1,602)(3,040)
2024 Notes, net (1)
493,398 491,960 
Total convertible debt, net$1,085,984 $1,083,019 
Fair value of fixed-rate convertible debt (2):
2027 Notes
$595,278 $647,370 
2024 Notes
480,417 526,230 
Total fair value of fixed-rate convertible debt$1,075,695 $1,173,600 
(1)    As the 2024 Notes mature in August 2024, the outstanding principal of the 2024 Notes is classified as a current liability as of September 30, 2023.
(2)     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.
Schedule of Interest Expense on Convertible Debt
Interest expense on the Company’s convertible debt consisted of the following: 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
Coupon interest expense$2,616 $2,616 $7,849 $7,849 
Accretion of discount on convertible notes841 838 2,519 2,511 
Amortization of debt issuance costs148 148 445 445 
Total interest expense on convertible debt$3,605 $3,602 $10,813 $10,805