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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Long-Term Debt [Abstract] |
Long-term debt instruments | Long-term debt consists of the following:
|  | December 31, 2021 |  |  | December 31, 2020 |
Credit facility |  | $ | - |  |  | $ | - |
Convertible senior notes, due 2025 |  |  | 465,344 |  |  |  | 406,268 |
Convertible senior debentures, due 2040 |  |  | - |  |  |  | 130 |
Deferred financing costs |  |  | (9,678 | ) |  |  | (11,512 | )
|  |  | 455,666 |  |  |  | 394,886 |
Less current portion |  |  | - |  |  |  | - |
|  | $ | 455,666 |  |  | $ | 394,886 |
Key terms of the convertible debt instruments | The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of December 31, 2021:
|  | Due 2025 |
Issuance date |  | June 12, 2018 |
Maturity date |  | June 15, 2025 |
Principal amount |  | $ | 465,344 |
Cash coupon rate (per annum) |  |  | 2.25 | %
Nonconvertible debt borrowing rate at issuance (per annum) |  |  | 5.50 | %
Conversion rate effective December 16, 2021 (per $1 principal amount) |  |  | 31.9492 |
Effective conversion price effective December 16, 2021 (per share) |  | $ | 31.30 |
130% of the conversion price (per share) |  | $ | 40.69 |
Liability and equity components of the convertible debt instruments | The carrying value of the convertible senior notes due 2025 was $465,344 as of December 31, 2021. The carrying value of the liability and equity components of the convertible debt instruments prior to the adoption of ASU No. 2020-06 are reflected in the Company’s consolidated balance sheet as follows:
|  | Principal amount of the convertible debt |  |  | Unamortized discount |  |  | Carrying value of liability component |  |  | Equity component (including temporary equity) - net carrying value |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes due 2025 |  | $ | 465,344 |  |  |  | (59,076 | ) |  | $ | 406,268 |  |  | $ | 66,127 |
Convertible senior debentures due 2040 |  | $ | 300 |  |  |  | (170 | ) |  | $ | 130 |  |  | $ | 121 |
Total |  | $ | 465,644 |  |  | $ | (59,246 | ) |  | $ | 406,398 |  |  | $ | 66,248 |
Convertible Debt Interest Expense | Interest expense related to the convertible debt instruments is reflected on the accompanying consolidated statements of operations for the years ended December 31:
|  | Contractual coupon interest |  |  | Non-cash amortization of debt discount |  |  | Other non-cash interest expense |  |  | Total interest expense related to the debentures |
2021 |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes due 2025 |  | $ | 10,470 |  |  |  | - |  |  |  | 1,733 |  |  | $ | 12,203 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes due 2025 |  | $ | 12,097 |  |  |  | 13,118 |  |  |  | 1,623 |  |  | $ | 26,838 |
Convertible senior debentures |  | $ | 88 |  |  |  | 43 |  |  |  | - |  |  | $ | 131 |
Total |  | $ | 12,185 |  |  | $ | 13,161 |  |  | $ | 1,623 |  |  | $ | 26,969 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes due 2025 |  | $ | 13,500 |  |  |  | 13,925 |  |  |  | 1,816 |  |  | $ | 29,241 |
Convertible senior debentures |  |  | 498 |  |  |  | 221 |  |  |  | (35 | ) |  |  | 684 |
Total |  | $ | 13,998 |  |  | $ | 14,146 |  |  | $ | 1,781 |  |  | $ | 29,925 |

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