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DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

Proceeds from the Notes and Capped Call Transactions:

(in thousands)						Amount
Principal						$	600,000
Less: issuance costs						(14,527)
Less: Capped Call Transactions						(51,900)
						$	533,573

Contractual Obligation, Fiscal Year Maturity Schedule

Net carrying amount of the liability component:

(in thousands)			December 31, 2020
Principal			$	600,000
Unamortized debt discount			(71,222)
Unamortized issuance costs			(10,575)
			$	518,203

Net carrying amount of the equity component, included in additional paid-in capital:

(in thousands)			December 31, 2020
Conversion options (1)			$	61,604

(1) Net of issuance costs and taxes.

Interest expense related to the Notes:

(in thousands)			2020
Contractual interest expense (0.75% coupon)			$	3,825
Amortization of debt discount (1)			12,898
Amortization of issuance costs (1)			1,915
			$	18,638

(1) Amortized based upon an effective interest rate of 4.31%.

Future payments of principal and contractual interest:

			December 31, 2020
(in thousands)			Principal						Interest						Total
2021			—						4,500						4,500
2022			—						4,500						4,500
2023			—						4,500						4,500
2024			—						4,500						4,500
2025			600,000						1,488						601,488
			$	600,000					$	19,488					$	619,488

Schedule of Derivative Instruments

Change in value of Capped Call Transactions:

(in thousands)			Year Ended December 31, 2020
Value at issuance			$	51,900
Fair value adjustment			31,697
Balance as of December 31,			$	83,597

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Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation.

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