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Convertible Senior Notes (Tables)

12 Months Ended

Dec. 31, 2019

Convertible Notes Payable [Abstract]



	Convertible Date	Initial Conversion Price per Share		Initial Conversion Rate per $1,000 Par Value	Initial Number of Shares
					(in thousands)
2022 Notes	February 1, 2022	$	134.75	7.42 shares	5,807
2018 Notes	July 1, 2018	$	73.88	13.54 shares	7,783

The 2022 Notes consisted of the following (in thousands):



	December 31, 2019			December 31, 2018
Liability component:
Principal:
2022 Notes	$	782,491		$	782,500
Less: debt issuance cost and debt discount, net of amortization
2022 Notes	(87,510		)	(120,793		)
Net carrying amount	$	694,981		$	661,707



	2022 Notes
Equity component recorded at issuance:
Note	$	162,039
Issuance cost	(2,148		)
Net amount recorded in equity	$	159,891

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The estimated fair value of the 2022 Notes at December 31, 2019 and 2018 based on the closing trading price per $100 of the Notes was as follows (in thousands):



	December 31, 2019		December 31, 2018
2022 Notes	$	1,645,970	$	1,105,281

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,
	2019		2018		2017
Amortization of debt issuance cost
2022 Notes	$	1,606	$	1,531	$	860
2018 Notes	—		1,131		1,911
Amortization of debt discount
2022 Notes	31,677		30,159		16,921
2018 Notes	—		19,912		33,702
Total	$	33,283	$	52,733	$	53,394
Effective interest rate of the liability component
2022 Notes	4.75%
2018 Notes	6.50%

Schedule Of Note Hedge Transactions



	Purchase		Initial Shares	Shares as of December 31, 2019

	(in thousands)
2022 Note Hedge	$	128,017	5,807	5,807
2018 Note Hedge	$	135,815	7,783	—

Schedule of Warrants



	Proceeds		Shares	Strike Price		First Expiration Date	Shares as of December 31, 2019
	(in thousands)		(in thousands)				(in thousands)
2022 Warrants	$	54,071	5,807	$	203.40	September 1, 2022	5,807
2018 Warrants	$	84,525	7,783	$	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