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Long-Term Debt, Net (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | Net Carrying Amounts of our Convertible Notes The carrying amount and fair value of our Convertible Notes were as follows (in thousands).
|  | March 31, 2024 |  | December 31, 2023
Principal amount |  |  |  |
2027 Convertible Notes |  | $ | 805,000 |  |  | $ | 805,000 |
2028 Convertible Notes |  | 720,000 |  |  | 720,000 |
Total principal amount |  | $ | 1,525,000 |  |  | $ | 1,525,000 |
Unamortized debt discount |  |  |  |
2027 Convertible Notes |  | $ | (10,094) |  |  | $ | (10,950) |
2028 Convertible Notes |  | (14,027) |  |  | (14,802) |
Total unamortized debt discount |  | $ | (24,121) |  |  | $ | (25,752) |
Carrying amount |  |  |  |
2027 Convertible Notes |  | $ | 794,906 |  |  | $ | 794,050 |
2028 Convertible Notes |  | 705,973 |  |  | 705,198 |
Total carrying amount |  | $ | 1,500,879 |  |  | $ | 1,499,248 |
Fair value based on trading levels (Level 2): |  |  |  |
2027 Convertible Notes |  | $ | 714,244 |  |  | $ | 695,826 |
2028 Convertible Notes |  | 702,403 |  |  | 670,522 |
Total fair value of outstanding notes |  | $ | 1,416,647 |  |  | $ | 1,366,348 |
Remaining amortization per period of debt discount (in years): |  |  |  |
2027 Convertible Notes |  | 2.9 |  | 3.2
2028 Convertible Notes |  | 4.4 |  | 4.6
Interest Income and Interest Expense Disclosure | The following table summarizes the components of interest expense and the effective interest rates for each of our Convertible Notes (in thousands).
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Coupon interest |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  | $ | 36 |  |  |  |
2027 Convertible Notes |  | 503 |  | 503 |  |  |  |
2028 Convertible Notes |  | 1,800 |  | 1,800 |  |  |  |
Total coupon interest |  | $ | 2,303 |  | $ | 2,339 |  |  |  |
Amortization of debt discount |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  | $ | 24 |  |  |  |
2027 Convertible Notes |  | 856 |  | 850 |  |  |  |
2028 Convertible Notes |  | 775 |  | 764 |  |  |  |
Total amortization of debt discount |  | $ | 1,631 |  | $ | 1,638 |  |  |  |
Interest expense |  |  |  |  |  |  |  |
2024 Convertible Notes |  | $ | — |  | $ | 60 |  |  |  |
2027 Convertible Notes |  | 1,359 |  | 1,353 |  |  |  |
2028 Convertible Notes |  | 2,575 |  | 2,564 |  |  |  |
Total interest expense |  | $ | 3,934 |  | $ | 3,977 |  |  |  |
Effective interest rates |  |  |  |  |  |  |  |
2027 Convertible Notes |  | 0.7 | % |  | 0.7 | % |  |  |  |
2028 Convertible Notes |  | 1.5 | % |  | 1.5 | % |  |  |  |

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