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LONG-TERM DEBT (Tables) | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | The following table sets forth the components of the Exchangeable Notes as of September 30, 2019 and December 31, 2018 (in thousands):
|  | 2022 Exchangeable Notes |  | 2026 Exchangeable Notes |  | 2030 Exchangeable Notes
September 30, 2019 |  |  |  |  |  |
Liability component: |  |  |  |  |  |
Principal |  | $ | 517,500 |  |  | $ | 575,000 |  |  | $ | 575,000 |
Less: unamortized original issue discount |  | 44,259 |  |  | 133,188 |  |  | 184,943 |
Net carrying value of the liability component |  | $ | 473,241 |  |  | $ | 441,812 |  |  | $ | 390,057 |
Equity component |  | $ | 70,363 |  |  | $ | 138,796 |  |  | $ | 189,213 |
|  | 2022 Exchangeable Notes |  |  |  |
December 31, 2018 |  |  |  |  |  |
Liability component: |  |  |  |  |  |
Principal |  | $ | 517,500 |  |  |  |  |
Less: unamortized original issue discount |  | 54,025 |  |  |  |  |
Net carrying value of the liability component |  | $ | 463,475 |  |  |  |  |
Equity component |  | $ | 70,363 |  |  |  |  |
The following table sets forth interest expense recognized related to the Exchangeable Notes (in thousands):
|  | Three Months Ended September 30, 2019
|  | 2022 Exchangeable Notes |  | 2026 Exchangeable Notes |  | 2030 Exchangeable Notes
Contractual interest expense |  | $ | 1,132 |  |  | $ | 1,258 |  |  | $ | 2,875 |
Amortization of original issue discount |  | 3,006 |  |  | 4,109 |  |  | 3,124 |
Amortization of debt issuance costs |  | 375 |  |  | 294 |  |  | 148 |
Total interest expense recognized |  | $ | 4,513 |  |  | $ | 5,661 |  |  | $ | 6,147 |
|  | Nine Months Ended September 30, 2019
|  | 2022 Exchangeable Notes |  | 2026 Exchangeable Notes |  | 2030 Exchangeable Notes
Contractual interest expense |  | $ | 3,396 |  |  | $ | 1,705 |  |  | $ | 3,897 |
Amortization of original issue discount |  | 9,765 |  |  | 5,608 |  |  | 4,270 |
Amortization of debt issuance costs |  | 2,117 |  |  | 425 |  |  | 233 |
Total interest expense recognized |  | $ | 15,278 |  |  | $ | 7,738 |  |  | $ | 8,400 |
|  | Three Months Ended September 30, 2018 |  | Nine Months Ended September 30, 2018
|  | 2022 Exchangeable Notes
Contractual interest expense |  | $ | 1,138 |  |  | $ | 3,396 |
Amortization of original issue discount |  | 3,299 |  |  | 9,802 |
Amortization of debt issuance costs |  | 865 |  |  | 2,619 |
Total interest expense recognized |  | $ | 5,302 |  |  | $ | 15,817 |
The following table presents detail of the exchangeable feature:
|  | Number of shares of the Company's Common Stock into which each $1,000 of Principal of the Exchangeable Notes is Exchangeable* |  | Approximate Equivalent Exchange Price per Share* |  | Exchangeable Date
2022 Exchangeable Notes |  | 6.5713 |  | $ | 152.18 |  |  | July 1, 2022
2026 Exchangeable Notes |  | 3.3028 |  | $ | 302.77 |  |  | March 15, 2026
2030 Exchangeable Notes |  | 3.4323 |  | $ | 291.35 |  |  | October 15, 2029
_____________________ * Subject to adjustment upon the occurrence of specified events. At September 30, 2019 and December 31, 2018, long-term debt consists of:
| September 30, 2019 |  | December 31, 2018
| (In thousands)
MTCH Debt: |  |  |
MTCH Term Loan due November 16, 2022 | $ | 425,000 |  |  | $ | 425,000 |
MTCH Credit Facility due December 7, 2023 | — |  |  | 260,000 |
6.375% Senior Notes due June 1, 2024 (the "6.375% MTCH Senior Notes"); interest payable each June 1 and December 1 | 400,000 |  |  | 400,000 |
5.00% Senior Notes due December 15, 2027 (the "5.00% MTCH Senior Notes"); interest payable each June 15 and December 15 | 450,000 |  |  | 450,000 |
5.625% Senior Notes due February 15, 2029 (the "5.625% MTCH Senior Notes"); interest payable each February 15 and August 15 | 350,000 |  |  | — |
Total MTCH long-term debt | 1,625,000 |  |  | 1,535,000 |
Less: unamortized original issue discount | 6,586 |  |  | 7,352 |
Less: unamortized debt issuance costs | 15,786 |  |  | 11,737 |
Total MTCH debt, net | 1,602,628 |  |  | 1,515,911 |
ANGI Debt: |  |  |
ANGI Term Loan due November 5, 2023 | 250,938 |  |  | 261,250 |
Less: current portion of ANGI Term Loan | 13,750 |  |  | 13,750 |
Less: unamortized debt issuance costs | 1,942 |  |  | 2,529 |
Total ANGI debt, net | 235,246 |  |  | 244,971 |
IAC Debt: |  |  |
0.875% Exchangeable Senior Notes due October 1, 2022 (the "2022 Exchangeable Notes"); interest payable each April 1 and October 1 | 517,500 |  |  | 517,500 |
0.875% Exchangeable Senior Notes due June 15, 2026 (the "2026 Exchangeable Notes"); interest payable each June 15 and December 15; commencing on December 15, 2019 | 575,000 |  |  | — |
2.00% Exchangeable Senior Notes due January 15, 2030 (the "2030 Exchangeable Notes"); interest payable each January 15 and July 15; commencing on January 15, 2020 | 575,000 |  |  | — |
4.75% Senior Notes due December 15, 2022 (the "4.75% Senior Notes"); interest payable each June 15 and December 15 | — |  |  | 34,489 |
Total IAC long-term debt | 1,667,500 |  |  | 551,989 |
Less: unamortized original issue discount | 362,390 |  |  | 54,025 |
Less: unamortized debt issuance costs | 31,102 |  |  | 13,298 |
Total IAC debt, net | 1,274,008 |  |  | 484,666 |
Total long-term debt, net | $ | 3,111,882 |  |  | $ | 2,245,548 |
Schedule of Exchangeable Notes Hedges and Warrants | The following tables presents details of the Exchangeable Notes Hedges and Warrants (shares in millions):
|  | Number of Shares* |  | Approximate Equivalent Exchange Price per Share*
2022 Exchangeable Notes Hedge |  | 3.4 |  |  | $ | 152.18 |
2026 Exchangeable Notes Hedge |  | 1.9 |  |  | $ | 302.77 |
2030 Exchangeable Notes Hedge |  | 2.0 |  |  | $ | 291.35 |
|  | Number of Shares* |  | Strike Price per Share*
2022 Exchangeable Notes Warrants |  | 3.4 |  |  | $ | 229.70 |
2026 Exchangeable Notes Warrants |  | 1.9 |  |  | $ | 457.02 |
2030 Exchangeable Notes Warrants |  | 2.0 |  |  | $ | 457.02 |
_____________________ * Subject to adjustment upon the occurrence of specified events.
Schedule of Maturities of Long-term Debt | Maturities of long-term debt as of September 30, 2019 (in thousands):
Remainder of 2019 | $ | 3,438 |
2020 | 13,750 |
2021 | 13,750 |
2022 | 970,000 |
2023 | 192,500 |
After 2023 | 2,350,000 |
Total | 3,543,438 |
Less: current portion of long-term debt | 13,750 |
Less: unamortized original issue discount | 368,976 |
Less: unamortized debt issuance costs | 48,830 |
Total long-term debt, net | $ | 3,111,882 |

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