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CONVERTIBLE NOTES (Tables) | 12 Months Ended
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Dec. 31, 2023
CONVERTIBLE DEBT |
Schedule of debt, net of discounts and deferred financing costs | Convertible note obligations included in the consolidated balance sheet consisted of the following as of December 31, 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 |  |  | $ | (4,349) |  |  | $ | 568,644 |  |  | $ | 684,475 |  |  | 2
2028 Convertible Notes - 0.375% |  | 949,042 |  |  | (10,499) |  |  | 938,543 |  |  | 887,354 |  |  | 2
2027 Convertible Notes - 0.375% |  | 563,822 |  |  | (5,429) |  |  | 558,393 |  |  | 549,839 |  |  | 2
2025 Convertible Notes - 1.000% |  | 249,172 |  |  | (476) |  |  | 248,696 |  |  | 293,300 |  |  | 2
Convertible note obligations included in the 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:
|  | Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Debt issuance costs amortization |  | $ | 5,350 |  |  | $ | 5,727 |  |  | $ | 5,727 |
Debt discount amortization |  | 106 |  |  | 147 |  |  | 147 |
Gain on settlement of convertible notes |  | (10,324) |  |  | — |  |  | — |
Coupon interest expense |  | 18,072 |  |  | 10,266 |  |  | 10,266 |
Total interest expense on convertible notes |  | $ | 13,204 |  |  | $ | 16,140 |  |  | $ | 16,140 |
The following table summarizes the effective interest rates of the Notes:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
2030 Convertible Notes |  | 2.09 | % |  | — | % |  | — | %
2028 Convertible Notes |  | 0.63 | % |  | 0.64 | % |  | 0.64 | %
2027 Convertible Notes |  | 0.67 | % |  | 0.68 | % |  | 0.68 | %
2025 Convertible Notes |  | 1.17 | % |  | 1.18 | % |  | 1.18 | %

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