CONVERTIBLE NOTES (Tables)

9 Months Ended

Sep. 30, 2022

CONVERTIBLE NOTES [Abstract]

Schedule of convertible note obligations included in the condensed consolidated balance sheets

Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of September 30, 2022:

							Fair Value (1)
(In thousands)	Principal Amount		Unamortized Debt Discount and Issuance Costs		Net Carrying Amount		Amount		Leveling
2028 Convertible notes - 0.375%	$	1,150,000	$	(16,545)	$	1,133,455	$	733,999	2
2027 Convertible notes - 0.375%	747,500		(10,011)		737,489		521,987		2
2025 Convertible notes - 1.000%	315,005		(1,324)		313,681		281,142		2

Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of December 31, 2021:

							Fair Value (1)
(In thousands)	Principal Amount		Unamortized Debt Discount and Issuance Costs		Net Carrying Amount		Amount		Leveling
2028 Convertible notes - 0.375%	$	1,150,000	$	(18,826)	$	1,131,174	$	1,139,650	2
2027 Convertible notes - 0.375%	747,500		(11,691)		735,809		771,794		2
2025 Convertible notes - 1.000%	315,005		(1,756)		313,249		415,473		2

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(1)The fair values are based on observable market prices for this debt, which is traded in less active markets and therefore is classified as a Level 2 fair value measurement.

Schedule of allocation of transaction costs related to convertible debt

The following table summarizes the original issuance costs at the time of issuance for each set of Notes:

(In thousands)
January 2025 Notes	$	10,284
June 2025 Notes	7,362
2027 Notes	14,285
2028 Notes	24,453

Schedule of interest expense

Interest expense includes the following:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Debt issuance costs amortization	$	1,444	$	1,444	$	4,284	$	4,284
Debt discount amortization	37		37		110		110
Coupon interest expense	2,566		2,566		7,699		7,699
Total interest expense on convertible notes	$	4,047	$	4,047	$	12,093	$	12,093

Schedule of effective interest rates related to convertible debt

The following table summarizes the effective interest rates of the Notes:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
2025 Convertible Notes	1.18	%	1.18	%	1.18	%	1.18	%
2027 Convertible Notes	0.68	%	0.68	%	0.67	%	0.67	%
2028 Convertible Notes	0.64	%	0.64	%	0.64	%	0.64	%