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LONG-TERM DEBT (Tables)

9 Months Ended

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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