CONVERTIBLE NOTES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of debt, net of discounts and deferred financing costs

Convertible note obligations included in the consolidated balance sheet consisted of the following as of December 31, 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	$	(15,775)	$	1,134,225	$	908,500	2
2027 Convertible notes - 0.375%	747,500		(9,445)		738,055		612,950		2
2025 Convertible notes - 1.000%	315,005		(1,179)		313,826		326,808		2

Convertible note obligations included in the 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

____________________________

(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:


	Year Ended December 31,
(In thousands)	2022		2021		2020
Debt issuance costs amortization	$	5,727	$	5,727	$	5,303
Debt discount amortization	147		147		131
Loss on settlement of convertible notes	—		—		50,819
Coupon interest expense	10,266		10,266		9,631
Total interest expense on convertible notes	$	16,140	$	16,140	$	65,884

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


	Year Ended December 31,
	2022		2021		2020
2025 Convertible Notes	1.18	%	1.18	%	1.20	%
2027 Convertible Notes	0.68	%	0.68	%	0.68	%
2028 Convertible Notes	0.64	%	0.64	%	0.54	%