CONVERTIBLE NOTES (Tables)

12 Months Ended

Dec. 31, 2023

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

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(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	%