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Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Summary of Long-term Debt | Long-term debt consists of the following (in thousands):
| December 31,
| 2022 |  | 2021
4.625% Senior Notes | $ | 460,038 |  |  | $ | 641,276 |
Convertible Notes: |  |  |
1.75% Convertible Notes | 550,000 |  |  | 550,000 |
Total Notes | 1,010,038 |  |  | 1,191,276 |
Less: Unamortized discount | (2,764) |  |  | (91,593) |
Deferred issuance costs | (8,221) |  |  | (9,056) |
Total debt | 999,053 |  |  | 1,090,627 |
Less: current portion | — |  |  | (54,609) |
Total long-term debt, less current portion | $ | 999,053 |  |  | $ | 1,036,018 |
Future Principal Payments for Debt | At December 31, 2022, future principal and interest payments for debt are as follows (in thousands):
| Principal |  | Interest
2023 | $ | — |  |  | $ | 30,902 |
2024 | — |  |  | 30,902 |
2025 | — |  |  | 30,902 |
2026 | 550,000 |  |  | 30,902 |
2027 | — |  |  | 21,276 |
Thereafter | 460,038 |  |  | 63,830 |
| $ | 1,010,038 |  |  | $ | 208,714 |
Schedule of Repurchase Agreements | epurchases of 4.625% Senior Notes on the open market (excluding those from a tender offer) were as follows (in thousands):
| Year ended December 31,
| 2022 |  | 2021
Principal repurchased | $ | 181,238 |  |  | $ | 25,391 |
Aggregate purchase price | $ | 167,661 |  |  | $ | 26,035 |
(Gain) loss on repurchase (1) | $ | (12,060) |  |  | $ | 644 |
(1)Presented within ‘Gain (loss) on debt extinguishment, net’ on the Consolidated Statements of Operations.
Schedule of Debt | The following table provides additional information on the 4.625% Senior Notes (in thousands):
| December 31,
| 2022 |  | 2021
Principal amount of 4.625% Senior Notes | $ | 460,038 |  |  | $ | 641,276 |
Less: Unamortized discount | (2,764) |  |  | (4,259) |
Less: Debt issuance costs | (874) |  |  | (1,339) |
Net carrying amount of 4.625% Senior Notes | $ | 456,400 |  |  | $ | 635,678 |
The following table provides the components of interest expense related to 4.625% Senior Notes (in thousands):
| Year ended December 31,
| 2022 |  | 2021 |  | 2020
Coupon interest expense | $ | 24,500 |  |  | $ | 33,899 |  |  | $ | 8,094 |
Non-cash amortization of discount on 4.625% Senior Notes | 333 |  |  | 529 |  |  | 103 |
Amortization of debt issuance costs | 109 |  |  | 66 |  |  | 29 |
Total interest expense related to 4.625% Senior Notes | $ | 24,942 |  |  | $ | 34,494 |  |  | $ | 8,226 |
Components of Interest Expense Related to Convertible Notes | The following table provides the components of interest expense related to the 3.25% Convertible Notes (in thousands):
| Year ended December 31,
| 2021 |  | 2020
Coupon interest expense | $ | 5,994 |  |  | $ | 13,080 |
Non-cash amortization of discount on 3.25% Convertible Notes | 4,645 |  |  | 9,717 |
Amortization of debt issuance costs | 855 |  |  | 1,749 |
Total interest expense related to 3.25% Convertible Notes | $ | 11,494 |  |  | $ | 24,546 |
The following table provides the components of interest expense related to the 1.75% Convertible Notes (in thousands):
| Year Ended December 31,
| 2022 (1) |  | 2021 |  | 2020
Coupon interest expense | $ | 9,776 |  |  | $ | 9,625 |  |  | $ | 9,653 |
Non-cash amortization of discount on 1.75% Convertible Notes | — |  |  | 15,338 |  |  | 14,563 |
Amortization of debt issuance costs | 1,858 |  |  | 1,173 |  |  | 1,098 |
Total interest expense related to 1.75% Convertible Notes | $ | 11,634 |  |  | $ | 26,136 |  |  | $ | 25,314 |
(1)On January 1, 2022 the Company adopted ASU 2020-06 using the modified retrospective method. At the time of adoption, the Company de-recognized the remaining unamortized debt discount. No amortization of debt discount was recorded during the year ended December 31, 2022.
Additional Information Related to Convertible Notes | The following table provides additional information related to the 1.75% Convertible Notes (in thousands):
| December 31,
| 2022 |  | 2021
Additional paid-in capital | $ | — |  |  | $ | 88,137 |
Principal amount of 1.75% Convertible Notes | $ | 550,000 |  |  | $ | 550,000 |
Less: Unamortized discount of the liability component | — |  |  | (87,334) |
Less: Carrying amount of debt issuance costs | (7,347) |  |  | (7,717) |
Net carrying amount of 1.75% Convertible Notes | $ | 542,653 |  |  | $ | 454,949 |

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