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DEBT (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Convertible Debt | The following table summarizes information regarding the Company’s convertible debt:
| June 30, 2024 |  | December 31, 2023
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes) | $ | 495,000 |  |  | $ | 495,000 |
Unamortized discount net of deferred offering costs | (163) |  |  | (1,123) |
2024 Notes, net (1) | 494,837 |  |  | 493,877 |
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes) | 600,000 |  |  | 600,000 |
Unamortized discount net of deferred offering costs | (5,884) |  |  | (6,905) |
2027 Notes, net | 594,116 |  |  | 593,095 |
Total convertible debt, net | $ | 1,088,953 |  |  | $ | 1,086,972 |
Fair value of fixed-rate convertible debt (2): |  |  |
2024 Notes | $ | 492,447 |  |  | $ | 488,288 |
2027 Notes | 576,102 |  |  | 619,260 |
Total fair value of fixed-rate convertible debt | $ | 1,068,549 |  |  | $ | 1,107,548 |
(1) The Company’s convertible notes due in 2024 matured on August 1, 2024, subsequent to quarter-end. Substantially all holders of the 2024 Notes were repaid with cash, totaling approximately $495.0 million. No gain or loss was incurred upon the extinguishment. (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, 2023.
Schedule of Interest Expense on Convertible Debt | Interest expense on the Company’s convertible debt consisted of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Coupon interest expense | $ | 2,617 |  |  | $ | 2,617 |  |  | $ | 5,233 |  |  | $ | 5,233 |
Accretion of discount on convertible notes | 843 |  |  | 834 |  |  | 1,684 |  |  | 1,673 |
Amortization of debt issuance costs | 148 |  |  | 149 |  |  | 297 |  |  | 297 |
Total interest expense on convertible debt | $ | 3,608 |  |  | $ | 3,600 |  |  | $ | 7,214 |  |  | $ | 7,203 |

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