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Convertible Senior Notes (Tables)

12 Months Ended

Dec. 31, 2018

Convertible Notes Payable [Abstract]

The Notes consisted of the following (in thousands):



	December 31, 2018			December 31, 2017
Liability component:
Principal:
2022 Notes	$	782,500		$	782,500
2018 Notes	—			574,994
Less: debt issuance cost and debt discount, net of amortization
2022 Notes	(120,793		)	(152,482		)
2018 Notes	—			(31,576		)
Net carrying amount	$	661,707		$	1,173,436



	2022 Notes			2018 Notes
Equity component recorded at issuance:
Note	$	162,039		$	155,319
Issuance cost	(2,148		)	(3,257		)
Net amount recorded in equity	$	159,891		$	152,062



	Convertible Date	Initial Conversion Price per Share		Initial Conversion Rate per $1,000 Par Value	Initial Number of Shares
2022 Notes	February 1, 2022	$	134.75	7.42 shares	5,806,936
2018 Notes	July 1, 2018	$	73.88	13.54 shares	7,783,023

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair values of the Notes at December 31, 2018 and December 31, 2017 based on the closing trading price per $100 of the Notes were as follows (in thousands):



	December 31, 2018		December 31, 2017
2022 Notes	$	1,105,281	897,778
2018 Notes	$	—	$	1,015,554

Interest Income and Interest Expense Disclosure

The following table sets forth total interest expense recognized related to the Notes (in thousands):



	Year Ended December 31,
	2018		2017		2016
Amortization of debt issuance cost
2022 Notes	$	1,531	$	860	$	—
2018 Notes	1,131		1,911		1,785
Amortization of debt discount
2022 Notes	30,159		16,921		—
2018 Notes	19,912		33,702		31,493
Total	$	52,733	$	53,394	$	33,278
Effective interest rate of the liability component
2022 Notes	4.75%
2018 Notes	6.50%

Schedule Of Note Hedge Transactions

Schedule of Warrants



	Proceeds		Shares	Strike Price		First Expiration Date
	(in thousands)
2022 Warrants	$	54,071	5,806,936	$	203.40	September 1, 2022
2018 Warrants	$	84,525	7,783,023	$	107.46	February 1, 2019

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

(in thousands)

2022 Note Hedge

2018 Note Hedge