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Debt | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | Note 7 — Debt Convertible Notes 2031 Notes The following table presents the total amo unt of interest cost recognized relating to the 2031 Notes (in thousands):
|  | Three Months Ended |
|  | March 31, 2026 |  |  | March 31, 2025 |
Contractual interest expense |  | $ | 3,281 |  |  | $ | — |
Amortization of debt issuance costs |  |  | 746 |  |  |  | — |
Total interest expense recognized |  | $ | 4,027 |  |  | $ | — |
The effective interest rate of the 2031 Notes was 2.23% as of March 31, 2026. As of March 31, 2026, the unamortized debt issuance cost for the 2031 Notes was $18.8 million and will be amortized over approximately 5.6 years. 2027 Notes The following table presents the total amo unt of interest cost recognized relating to the 2027 Notes (in thousands):
|  | Three Months Ended |
|  | March 31, 2026 |  |  | March 31, 2025 |
Contractual interest expense |  | $ | 1,230 |  |  | $ | 4,726 |
Amortization of debt issuance costs |  |  | 204 |  |  |  | 746 |
Total interest expense recognized |  | $ | 1,434 |  |  | $ | 5,472 |
The effective interest rate of the 2027 Notes was 4.2% as of March 31, 2026 and 2025. As of March 31, 2026, the unamortized debt issuance cost for the 2027 Notes was $1.2 million and will be amortized over approximately 1.3 years. During the three months ended March 31, 2026, the conditions allowing holders of the 2027 Notes to convert were not met. As a result, the 2027 Notes are not convertible as of March 31, 2026. 2026 Notes The following table presents the total amo unt of interest cost recognized relating to the 2026 Notes (in thousands):
|  | Three Months Ended |
|  | March 31, 2026 |  |  | March 31, 2025 |
Contractual interest expense |  | $ | 211 |  |  | $ | 211 |
Amortization of debt issuance costs |  |  | 27 |  |  |  | 26 |
Total interest expense recognized |  | $ | 238 |  |  | $ | 237 |
The effective interest rate of the 2026 Notes was 4.6% as of March 31, 2026 and 2025. As of March 31, 2026, the unamortized debt issuance cost for the 2026 Notes was $0.1 million and will be amortized over approximately 0.6 years. The 2026 Notes are convertible at March 31, 2026 at the option of the holder and classified as current on the condensed consolidated balance sheet. As of March 31, 2026, the estimated fair value of the 2031 Notes, 2027 Notes, and 2026 Notes was $957.1 million, $205.4 million and $132.7 million, respectively, and was based upon observable, Level 2 inputs, including pricing information from recent trades of the Convertible Notes.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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