CONVERTIBLE NOTES (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of convertible note obligations included in the condensed consolidated balance sheets

Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of September 30, 2021:


							Fair Value (2)
(In thousands)	Principal Amount		Unamortized Debt Discount and Issuance Costs		Net Carrying Amount		Amount		Leveling
2028 Convertible notes - 0.375%	$	1,150,000	$	(19,596)	$	1,130,404	$	1,222,968	2
2027 Convertible notes - 0.375%	747,500		(12,257)		735,243		834,285		2
2025 Convertible notes - 1.000% (1)	315,005		(1,901)		313,104		455,204		2

Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of December 31, 2020:


							Fair Value (2)
(In thousands)	Principal Amount		Unamortized Debt Discount and Issuance Costs		Net Carrying Amount		Amount		Leveling
2028 Convertible notes - 0.375%	$	1,150,000	$	(21,878)	$	1,128,122	$	1,526,625	2
2027 Convertible notes - 0.375%	747,500		(13,937)		733,563		992,306		2
2025 Convertible notes - 1.000% (1)	315,049		(2,333)		312,716		601,744		2

______________

(1)Based on the Company’s share price on the days leading up to September 30, 2021 and December 31, 2020, holders of the 2025 Convertible Notes have the right to convert their debentures. As a result, the 2025 Convertible Notes are included within convertible notes, net, current portion on the condensed consolidated balance sheets. Some holders did convert their debentures, resulting in a decrease of the principal amount of the 2025 Convertible Notes.

(2)The fair values are based on observable market prices for this debt, which is traded in active markets and therefore is classified as a Level 2 fair value measurement.

Schedule of allocation of transaction costs related to convertible debt

The following table summarizes the original issuance costs at the time of issuance for each set of Notes:


(In thousands)
January 2025 Notes	$	10,284
June 2025 Notes	7,362
2027 Notes	14,285
2028 Notes	24,453

Schedule of interest expense

Interest expense includes the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2021		2020		2021		2020
Debt issuance costs amortization	$	1,444	$	1,443	$	4,284	$	3,860
Debt discount amortization	37		37		110		94
Loss on settlement of convertible notes	—		—		—		50,819
Coupon interest expense	2,566		2,567		7,699		7,065
Total interest expense on convertible notes	4,047		4,047		12,093		61,838
Other interest expense	633		431		1,855		1,544
Total interest expense	$	4,680	$	4,478	$	13,948	$	63,382