XML 25 R13.htm IDEA: XBRL DOCUMENT
v3.20.2

Debt | 6 Months Ended
--- | ---
Jun. 30, 2020
Debt Disclosure [Abstract] |
Debt | Debt The Company's debt consists of the following:
(in thousands) |  | June 30, 2020 |  | December 31, 2019
Senior Secured Term Loan due 2023: |  |  |  |
Principal |  | $ | 150,000 |  |  | $ | 150,000 |
Less: debt discount (1) |  | (1,909) |  |  | (2,315) |
Less: deferred financing (1) |  | (257) |  |  | (311) |
Net carrying value of the Senior Secured Term Loan |  | $ | 147,834 |  |  | $ | 147,374 |
Convertible Notes due 2023 (2): |  |  |  |
Principal |  | $ | 2,825 |  |  | $ | 2,825 |
Less: debt discount (1) |  | (591) |  |  | (659) |
Less: deferred financing (1) |  | (31) |  |  | (35) |
Net carrying value of the Convertible Notes |  | $ | 2,203 |  |  | $ | 2,131 |
______________________________ (1) Included in the Consolidated Balance Sheets within Convertible Notes and Senior Secured Term Loan and amortized to interest expense over the remaining life of the Convertible Notes and Senior Secured Term Loan using the effective interest rate method. (2) The Convertible Notes are currently convertible as the last reported sale price of the Company's common stock was equal to or more than 130% of the conversion price for at least 20 trading days of the 30 consecutive trading days ending on the last day of the quarter. During the six months ended June 30, 2019, the Company entered into separate, privately negotiated Exchange Agreements with a limited number of holders ("the Holders") of the unsecured Convertible Senior Notes due in 2023 ("the Convertible Notes"). Under the terms of the Exchange Agreements, the Holders agreed to exchange an aggregate principal amount of $247.2 million of Convertible Notes held by them in exchange for an aggregate of approximately 44.0 million shares of Company common stock, par value $0.01 per share. In addition, pursuant to the Exchange Agreements, the Company made aggregate cash payments of $1.3 million to the Holders to satisfy accrued and unpaid interest to the closing date of the transactions, along with cash in lieu of fractional shares. These transactions resulted in $215.0 million in additional paid-in-capital and common stock of $0.4 million on the Consolidated Balance Sheets as of June 30, 2019. Additionally, the Company recognized a net loss on the exchange of debt of $36.1 million and $4.5 million on the Consolidated Statements of Operations for the quarters ended March 31, 2019 and June 30, 2019, respectively. During the six months ended June 30, 2019, the Company terminated the Capped Call Confirmations related to the exchange of the Convertible Notes for proceeds of $19.9 million. The following table sets forth interest expense recognized related to the Company's debt for the three and six months ended June 30, 2020 and 2019, respectively:
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Contractual interest expense |  | $ | 3,410 |  |  | $ | 4,146 |  |  | $ | 6,995 |  |  | $ | 8,959 |
Amortization of debt discount |  | $ | 268 |  |  | $ | 423 |  |  | $ | 474 |  |  | $ | 1,982 |
Amortization of deferred financing |  | $ | 33 |  |  | $ | 39 |  |  | $ | 58 |  |  | $ | 122 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration