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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Summary of Long-term Debt | Long-term debt consists of the following (in thousands):
| December 31,
| 2023 |  | 2022
4.625% Senior Notes | $ | 460,038 |  |  | $ | 460,038 |
1.75% Convertible Notes | 550,000 |  |  | 550,000 |
Total Notes | 1,010,038 |  |  | 1,010,038 |
Credit Agreement | — |  |  | — |
Less: Unamortized discount | (2,463) |  |  | (2,764) |
Deferred issuance costs | (6,263) |  |  | (8,221) |
Total long-term debt | 1,001,312 |  |  | 999,053 |
Future Principal Payments for Debt | At December 31, 2023, future principal and interest payments for debt are as follows (in thousands):
| Principal |  | Interest
2024 | $ | — |  |  | $ | 30,902 |
2025 | — |  |  | 30,902 |
2026 | 550,000 |  |  | 30,902 |
2027 | — |  |  | 21,276 |
2028 | — |  |  | 21,276 |
Thereafter | 460,038 |  |  | 42,554 |
Total | $ | 1,010,038 |  |  | $ | 177,812 |
Schedule of Repurchase Agreements | Repurchases 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,
| 2023 |  | 2022
Principal amount of 4.625% Senior Notes | $ | 460,038 |  |  | $ | 460,038 |
Less: Unamortized discount | (2,463) |  |  | (2,764) |
Less: Debt issuance costs | (779) |  |  | (874) |
Net carrying amount of 4.625% Senior Notes | $ | 456,796 |  |  | $ | 456,400 |
The following table provides the components of interest expense related to 4.625% Senior Notes (in thousands):
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
Coupon interest expense | $ | 21,159 |  |  | $ | 24,500 |  |  | $ | 33,899 |
Non-cash amortization of discount on 4.625% Senior Notes | 301 |  |  | 333 |  |  | 529 |
Amortization of debt issuance costs | 95 |  |  | 109 |  |  | 66 |
Total interest expense related to 4.625% Senior Notes | $ | 21,555 |  |  | $ | 24,942 |  |  | $ | 34,494 |
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
Coupon interest expense | $ | 5,994 |
Non-cash amortization of discount on 3.25% Convertible Notes | 4,645 |
Amortization of debt issuance costs | 855 |
Total interest expense related to 3.25% Convertible Notes | $ | 11,494 |
The following table provides the components of interest expense related to the 1.75% Convertible Notes (in thousands):
| Year ended December 31,
| 2023 (1) |  | 2022 (1) |  | 2021
Coupon interest expense | $ | 17,369 |  |  | $ | 9,776 |  |  | $ | 9,625 |
Non-cash amortization of discount on 1.75% Convertible Notes | — |  |  | — |  |  | 15,338 |
Amortization of debt issuance costs | 1,863 |  |  | 1,858 |  |  | 1,173 |
Total interest expense related to 1.75% Convertible Notes | $ | 19,232 |  |  | $ | 11,634 |  |  | $ | 26,136 |
(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 years ended December 31, 2023 and December 31, 2022, respectively.
Additional Information Related to Convertible Notes | The following table provides additional information related to the 1.75% Convertible Notes (in thousands):
| December 31,
| 2023 |  | 2022
Principal amount of 1.75% Convertible Notes | $ | 550,000 |  |  | $ | 550,000 |
Less: Carrying amount of debt issuance costs | (5,484) |  |  | (7,347) |
Net carrying amount of 1.75% Convertible Notes | $ | 544,516 |  |  | $ | 542,653 |

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