XML 38 R27.htm IDEA: XBRL DOCUMENT v3.24.3
DEBT (Tables)
9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Convertible Debt The following table summarizes information regarding the Company’s convertible debt:
September 30,
2024
December 31,
2023
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)
$— $495,000 
Unamortized discount net of deferred offering costs— (1,123)
2024 Notes, net (1)
— 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(5,373)(6,905)
2027 Notes, net
594,627 593,095 
Total convertible debt, net$594,627 $1,086,972 
Fair value of fixed-rate convertible debt (2):
2024 Notes
$— $488,288 
2027 Notes
571,998 619,260 
Total fair value of fixed-rate convertible debt$571,998 $1,107,548 
(1)    The Company’s convertible notes due in 2024 matured on August 1, 2024. 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
September 30,
Nine Months Ended
September 30,
2024202320242023
Coupon interest expense$2,456 $2,616 $7,689 $7,849 
Accretion of discount on convertible notes606 841 2,290 2,519 
Amortization of debt issuance costs67 148 364 445 
Total interest expense on convertible debt$3,129 $3,605 $10,343 $10,813