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CONVERTIBLE NOTES (Tables) | 9 Months Ended
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Sep. 30, 2023
CONVERTIBLE NOTES [Abstract] |
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, 2023:
|  |  |  |  |  |  |  | Fair Value (1)
(In thousands) |  | Principal Amount |  | Unamortized Debt Discount and Issuance Costs |  | Net Carrying Amount |  | Amount |  | Leveling
2030 Convertible Notes - 2.000% |  | $ | 572,993 |  |  | $ | (4,527) |  |  | $ | 568,466 |  |  | $ | 645,511 |  |  | 2
2028 Convertible Notes - 0.375% |  | 949,042 |  |  | (11,134) |  |  | 937,908 |  |  | 811,431 |  |  | 2
2027 Convertible Notes - 0.375% |  | 563,822 |  |  | (5,856) |  |  | 557,966 |  |  | 513,078 |  |  | 2
2025 Convertible Notes - 1.000% |  | 249,172 |  |  | (591) |  |  | 248,581 |  |  | 276,152 |  |  | 2
Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of December 31, 2022:
|  |  |  |  |  |  |  | Fair Value (1)
(In thousands) |  | Principal Amount |  | Unamortized Debt Discount and Issuance Costs |  | Net Carrying Amount |  | Amount |  | Leveling
2028 Convertible Notes - 0.375% |  | $ | 1,150,000 |  |  | $ | (15,775) |  |  | $ | 1,134,225 |  |  | $ | 908,500 |  |  | 2
2027 Convertible Notes - 0.375% |  | 747,500 |  |  | (9,445) |  |  | 738,055 |  |  | 612,950 |  |  | 2
2025 Convertible Notes - 1.000% |  | 315,005 |  |  | (1,179) |  |  | 313,826 |  |  | 326,808 |  |  | 2
______________ (1)The fair values are based on observable market prices for this debt, which is traded in less 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) |  |
2030 Convertible Notes |  | $ | 4,938 |
2028 Convertible Notes |  | 24,453 |
2027 Convertible Notes |  | 14,285 |
2025 Convertible Notes |  | 17,646 |
Schedule of interest expense | Interest expense on the Notes includes the following:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Debt issuance costs amortization |  | $ | 1,329 |  |  | $ | 1,444 |  |  | $ | 4,021 |  |  | $ | 4,284 |
Debt discount amortization |  | 25 |  |  | 37 |  |  | 81 |  |  | 110 |
Gain on settlements of convertible notes |  | — |  |  | — |  |  | (10,324) |  |  | — |
Coupon interest expense |  | 4,906 |  |  | 2,566 |  |  | 13,166 |  |  | 7,699 |
Total interest expense (income) on convertible notes |  | $ | 6,260 |  |  | $ | 4,047 |  |  | $ | 6,944 |  |  | $ | 12,093 |
Schedule of effective interest rates related to convertible debt | The following table summarizes the effective interest rates of the Notes:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
2030 Convertible Notes |  | 2.12 | % |  | — | % |  | 2.09 | % |  | — | %
2028 Convertible Notes |  | 0.64 | % |  | 0.64 | % |  | 0.63 | % |  | 0.64 | %
2027 Convertible Notes |  | 0.68 | % |  | 0.68 | % |  | 0.67 | % |  | 0.67 | %
2025 Convertible Notes |  | 1.18 | % |  | 1.18 | % |  | 1.17 | % |  | 1.18 | %

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