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LONG-TERM DEBT (Tables) | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | 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. The following table sets forth the components of the Exchangeable Notes as of March 31, 2020 and December 31, 2019 (in thousands):
|  | March 31, 2020
|  | 2022 Exchangeable Notes |  | 2026 Exchangeable Notes |  | 2030 Exchangeable Notes
Liability component: |  |  |  |  |  |
Principal |  | $ | 517,500 |  |  | $ | 575,000 |  |  | $ | 575,000 |
Less: unamortized original issue discount |  | 37,314 |  |  | 124,820 |  |  | 178,554 |
Net carrying value of the liability component |  | $ | 480,186 |  |  | $ | 450,180 |  |  | $ | 396,446 |
Equity component |  | $ | 70,363 |  |  | $ | 138,796 |  |  | $ | 189,213 |
|  | December 31, 2019
|  | 2022 Exchangeable Notes |  | 2026 Exchangeable Notes |  | 2030 Exchangeable Notes
Liability component: |  |  |  |  |  |
Principal |  | $ | 517,500 |  |  | $ | 575,000 |  |  | $ | 575,000 |
Less: unamortized original issue discount |  | 40,768 |  |  | 129,037 |  |  | 181,800 |
Net carrying value of the liability component |  | $ | 476,732 |  |  | $ | 445,963 |  |  | $ | 393,200 |
Equity component |  | $ | 70,363 |  |  | $ | 138,796 |  |  | $ | 189,213 |
The following table sets forth interest expense recognized related to the Exchangeable Notes (in thousands):
|  | Three Months Ended March 31, 2020
|  | 2022 Exchangeable Notes |  | 2026 Exchangeable Notes |  | 2030 Exchangeable Notes
Contractual interest expense |  | $ | 1,132 |  |  | $ | 1,258 |  |  | $ | 2,875 |
Amortization of original issue discount |  | 3,454 |  |  | 4,217 |  |  | 3,246 |
Amortization of debt issuance costs |  | 855 |  |  | 319 |  |  | 176 |
Total interest expense recognized |  | $ | 5,441 |  |  | $ | 5,794 |  |  | $ | 6,297 |
|  | Three Months Ended March 31, 2019 |  |  |  |
|  | 2022 Exchangeable Notes |  |  |  |
Contractual interest expense |  | $ | 1,132 |  |  |  |  |
Amortization of original issue discount |  | 3,363 |  |  |  |  |
Amortization of debt issuance costs |  | 871 |  |  |  |  |
Total interest expense recognized |  | $ | 5,366 |  |  |  |  |
Long-term debt consists of:
| March 31, 2020 |  | December 31, 2019
| (In thousands)
MTCH debt: |  |  |
MTCH Term Loan due February 13, 2027 | $ | 425,000 |  |  | $ | 425,000 |
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 |  |  | 350,000 |
4.125% Senior Notes due August 1, 2030 (the "4.125% MTCH Senior Notes"); interest payable each February 1 and August 1; commencing August 1, 2020 | 500,000 |  |  | — |
Total MTCH long-term debt | 2,125,000 |  |  | 1,625,000 |
Less: unamortized original issue discount | 6,618 |  |  | 6,282 |
Less: unamortized debt issuance costs | 20,428 |  |  | 15,235 |
Total MTCH debt, net | 2,097,954 |  |  | 1,603,483 |
ANGI debt: |  |  |
ANGI Term Loan due November 5, 2023 | 244,063 |  |  | 247,500 |
Less: current portion of ANGI Term Loan | 13,750 |  |  | 13,750 |
Less: unamortized debt issuance costs | 1,670 |  |  | 1,804 |
Total ANGI debt, net | 228,643 |  |  | 231,946 |
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 | 575,000 |  |  | 575,000 |
2.00% Exchangeable Senior Notes due January 15, 2030 (the "2030 Exchangeable Notes"); interest payable each January 15 and July 15 | 575,000 |  |  | 575,000 |
Total IAC long-term debt | 1,667,500 |  |  | 1,667,500 |
Less: unamortized original issue discount | 340,688 |  |  | 351,605 |
Less: unamortized debt issuance costs | 28,401 |  |  | 29,752 |
Total IAC debt, net | 1,298,411 |  |  | 1,286,143 |
Total long-term debt, net | $ | 3,625,008 |  |  | $ | 3,121,572 |
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 | Long-term debt maturities as of March 31, 2020 are summarized in the table below:
| (In thousands)
Remainder of 2020 | $ | 10,313 |
2021 | 13,750 |
2022 | 545,000 |
2023 | 192,500 |
2024 | 400,000 |
Thereafter | 2,875,000 |
Total | 4,036,563 |
Less: current portion of long-term debt | 13,750 |
Less: unamortized original issue discount | 347,306 |
Less: unamortized debt issuance costs | 50,499 |
Total long-term debt, net | $ | 3,625,008 |

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