Debt (Tables)

12 Months Ended

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