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Debt | 9 Months Ended
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Sep. 30, 2021
Debt |
Debt | 7. Debt Our debt consists of:
|  | September 30, |  |  | December 31, |
(In thousands) |  | 2021 |  |  | 2020 |
2023 Notes |  | $ | 240,984 |  |  | $ | 240,984 |
2025 Notes |  |  | 192,500 |  |  |  | 192,500 |
Total debt |  |  | 433,484 |  |  |  | 433,484 |
Unamortized debt discount and issuance costs |  |  | (41,189 | ) |  |  | (47,967 | )
Net long-term debt |  | $ | 392,295 |  |  | $ | 385,517 |
Convertible Senior Notes Due 2025 In accordance with accounting guidance for debt with conversion and other options, we separately account for the liability and equity components of the 2025 Notes by allocating the proceeds between the liability component and the embedded conversion option (“equity component”) due to our ability to settle the conversion obligation of the 2025 Notes in cash, common stock or a combination of cash and common stock, at our option. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature using the income approach. The allocation was performed in a manner that reflected our non-convertible debt borrowing rate for similar debt. The equity component of the 2025 Notes was recognized as a debt discount and represents the difference between the proceeds from the issuance of the 2025 Notes and the fair value of the liability of the 2025 Notes on the date of issuance. The excess of the principal amount of the liability component over its carrying amount (“debt discount”) is amortized to interest expense using the effective interest method over the term of the 2025 Notes. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. Our outstanding 2025 Notes balances consisted of the following:
|  | September 30, |  |  | December 31, |
(In thousands) |  | 2021 |  |  | 2020 |
Liability component |  |  |  |  |  |
Principal |  | $ | 192,500 |  |  | $ | 192,500 |
Debt discount and issuance costs, net |  |  | (40,420 | ) |  |  | (46,766 | )
Net carrying amount |  | $ | 152,080 |  |  | $ | 145,734 |
Equity component, net |  | $ | 65,361 |  |  | $ | 65,361 |
The following table sets forth total interest expense recognized related to the 2025 Notes for the three and nine months ended September 30, 2021 and 2020:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Contractual interest expense |  | $ | 1,203 |  |  | $ | 1,203 |  |  | $ | 3,609 |  |  | $ | 3,609 |
Amortization of debt issuance costs |  |  | 166 |  |  |  | 152 |  |  |  | 487 |  |  |  | 446 |
Amortization of debt discount |  |  | 1,997 |  |  |  | 1,828 |  |  |  | 5,859 |  |  |  | 5,363 |
Total interest and amortization expense |  | $ | 3,366 |  |  | $ | 3,183 |  |  | $ | 9,955 |  |  | $ | 9,418 |
Debt Maturities The aggregate scheduled maturities of our long-term debt as of September 30, 2021 were as follows:
(In thousands) |  |  |
Years ending December 31: |  |  |
Remainder of 2021 |  | $ | — |
2022 |  |  | — |
2023 |  |  | 240,984 |
2024 |  |  | — |
2025 |  |  | 192,500 |
Total |  | $ | 433,484 |

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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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