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Long-Term Obligations and Commitments (Tables) | 12 Months Ended
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Dec. 31, 2023
Long-Term Obligations and Commitments [Abstract] |
Long-Term Obligations | The carrying value of our long-term obligations was as follows (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
1.75% convertible senior notes |  | $ | 562,285 |  |  | $ | — |
0% convertible senior notes |  |  | 625,380 |  |  |  | 622,242 |
0.125% convertible senior notes |  |  | — |  |  |  | 544,504 |
Liability related to sale of future royalties |  |  | 513,736 |  |  |  | — |
Lease liabilities |  |  | 178,969 |  |  |  | 186,156 |
Mortgage debt |  |  | 8,859 |  |  |  | 8,998 |
Other obligations |  |  | 33,714 |  |  |  | 7,295 |
Total |  | $ | 1,922,943 |  |  | $ | 1,369,195 |
Less: current portion |  |  | (8,831 | ) |  |  | (7,535 | )
Total Long-Term Obligations |  | $ | 1,914,112 |  |  | $ | 1,361,660 |
Convertible Notes [Abstract] |
Debt Maturity Schedules | Annual convertible and mortgage debt maturities, including fixed and determinable interest, at December 31, 2023 are as follows (in thousands):
2024 |  | $ | 55,298 |
2025 |  |  | 10,657 |
2026 |  |  | 643,157 |
2027 |  |  | 10,509 |
2028 |  |  | 580,277 |
Thereafter |  |  | 8,462 |
Total debt and mortgage maturities |  | $ | 1,308,360 |
Less: Current portion included in other current liabilities |  |  | (157 | )
Less: Fixed and determinable interest |  |  | (47,138 | )
Less: Debt issuance costs |  |  | (20,061 | )
Total debt |  | $ | 1,241,004 |
Amounts Related to Operating Leases | Amounts related to our operating leases were as follows (dollar amounts in millions):
|  | At December 31, 2023 |
Right-of-use operating lease assets |  | $ | 171.9 |
Operating lease liabilities |  | $ | 179.0 |
Weighted average remaining lease term |  | 13.0 years |
Weighted average discount rate |  |  | 6.9 | %
Future Payments for Operating Lease Liabilities | As of December 31, 2023, the future payments for our operating lease liabilities are as follows (in thousands):
|  | Operating Leases |
Year ending December 31, |  |  |
2024 |  | $ | 20,398 |
2025 |  |  | 20,645 |
2026 |  |  | 20,781 |
2027 |  |  | 20,800 |
2028 |  |  | 20,774 |
Thereafter |  |  | 176,138 |
Total minimum lease payments |  |  | 279,536 |
Less: Imputed interest |  |  | (100,567 | )
Less: Current portion (included in other current liabilities) |  |  | (8,094 | )
Total long-term lease liabilities |  | $ | 170,875 |
Liability Related to Sale of Future Royalties | The following is a summary of our liability related to sale of future royalties for the year ended December 31, 2023 (in thousands):
Proceeds from sale of future royalties |  | $ | 500,000 |
Royalty payments to Royalty Pharma |  |  | (44,628 | )
Interest expense related to sale of future royalties |  |  | 68,238 |
Liability related to sale of future royalties as of December 31, 2023 |  |  | 523,610 |
Issuance costs related to sale of future royalties |  |  | (10,434 | )
Amortization of issuance costs related to sale of future royalties as of December 31, 2023 |  |  | 560 |
Net liability related to sale of future royalties as of December 31, 2023 |  | $ | 513,736 |
1.75% Notes [Member] |
Convertible Notes [Abstract] |
Convertible Senior Notes | At December 31, 2023, we had the following 1.75% Notes outstanding (in millions, except interest rate and price per share data):
|  | 1.75% Notes |
Outstanding principal balance |  | $ | 575.0 |
Unamortized debt issuance costs |  | $ | 12.7 |
Maturity date |  | June 2028 |
Interest rate |  |  | 1.75 | %
Effective interest rate |  |  | 2.3 | %
Conversion price per share |  | $ | 53.73 |
Total shares of common stock subject to conversion |  |  | 10.7 |
0% Notes [Member] |
Convertible Notes [Abstract] |
Convertible Senior Notes | At December 31, 2023, we had the following 0% Notes outstanding (in millions, except interest rate and price per share data):
|  | 0% Notes |
Outstanding principal balance |  | $ | 632.5 |
Unamortized debt issuance costs |  | $ | 7.2 |
Maturity date |  | April 2026 |
Interest rate |  |  | 0 | %
Effective interest rate |  |  | 0.5 | %
Conversion price per share |  | $ | 57.84 |
Effective conversion price per share with call spread |  | $ | 76.39 |
Total shares of common stock subject to conversion |  |  | 10.9 |
0.125% Notes [Member] |
Convertible Notes [Abstract] |
Convertible Senior Notes | At December 31, 2023, we had the following 0.125% Notes outstanding with interest payable semi-annually (in millions, except interest rate and price per share data):
|  | 0.125% Notes |
Outstanding principal balance |  | $ | 44.5 |
Unamortized debt issuance costs |  | $ | 0.2 |
Maturity date |  | December 2024 |
Interest rate |  |  | 0.125 | %
Effective interest rate |  |  | 0.5 | %
Conversion price per share |  | $ | 83.28 |
Effective conversion price per share with call spread |  | $ | 123.38 |
Total shares of common stock subject to conversion, excluding shares related to 0.125% Notes we have repurchased and are currently holding in treasury |  |  | 0.5 |

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