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Convertible Senior Notes | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Convertible Senior Notes | Convertible Senior Notes In August 2019, we issued $345.0 million aggregate principal amount of 1.125% convertible senior notes due 2026 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, including the exercise in full by the initial purchasers of their option to purchase an additional $45.0 million principal amount (the “Notes”). The Notes were issued pursuant to an indenture and are senior, unsecured obligations of the Company. The Notes bear interest at a fixed rate of 1.125% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2020. Proceeds from the issuance of the Notes totaled $335.9 million, net of initial purchaser discounts and issuance costs. The initial conversion rate is 12.4756 shares of our common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $80.16 per share, subject to adjustment upon the occurrence of specified events. Interest expense representing the amortization of the debt discount and issuance costs as well as contractual interest expense is amortized to interest expense at an effective interest rate of 4.3% over the term of the Notes. The net carrying amount of the liability and equity components of the Notes was as follows (in thousands):
| June 30, 2020 |  | December 31, 2019
Liability component: |  |  |
Principal | $ | 345,000 |  |  | $ | 345,000 |
Unamortized discount | (53,327) |  |  | (57,247) |
Unamortized issuance costs | (6,662) |  |  | (7,152) |
Net carrying amount | $ | 285,011 |  |  | $ | 280,601 |
Equity component, net of purchase discounts and issuance costs | $ | 58,560 |  |  | $ | 58,560 |
Interest expense related to the Notes is as follows (in thousands):
| Three Months Ended June 30, 2020 |  | Six Months Ended June 30, 2020
Contractual interest expense | $ | 970 |  |  | $ | 1,940 |
Amortization of debt discount | 1,967 |  |  | 3,920 |
Amortization of issuance costs | 246 |  |  | 490 |
Total interest expense | $ | 3,183 |  |  | $ | 6,350 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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