INDEBTEDNESS (Tables)

3 Months Ended

Mar. 31, 2021

Net Carrying Amount of Convertible Notes

The net carrying amount of the Notes were as follows (in thousands):


	Principal outstanding		Unamortized debt issuance costs		Net carrying value
March 31, 2021
2027 Notes	$	575,000	$	(8,790)	$	566,210
2026 Notes	575,000		(8,652)		566,348
2025 Notes	1,000,000		(11,918)		988,082
2023 Notes	862,500		(2,925)		859,575
2022 Notes	4,698		(24)		4,674
Total	$	3,017,198	$	(32,309)	$	2,984,889

As discussed above, upon the adoption of ASU No. 2020-06, the Company reversed the separation of the debt and equity components of the notes, and accounted for the Notes wholly as debt. Additionally, the issuance costs of the Notes were accounted for as debt issuance costs in its entirety. Refer to Note 1, Description of Business and Summary of Significant Accounting Policies for further details on the impact of adoption.


	Principal outstanding		Unamortized debt discount		Unamortized debt issuance costs		Net carrying value








December 31, 2020
2027 Notes	$	575,000	$	(109,134)	$	(7,370)	$	458,496
2026 Notes	575,000		(85,085)		(7,711)		482,204
2025 Notes	1,000,000		(130,335)		(11,333)		858,332
2023 Notes	862,500		(79,980)		(2,474)		780,046
2022 Notes	8,545		(629)		(70)		7,846
Total	$	3,021,045	$	(405,163)	$	(28,958)	$	2,586,924

The net carrying amount of the equity component of the Notes as of December 31, 2020 were as follows (in thousands):


	Amount allocated to conversion option		Less: allocated issuance costs		Equity component, net








December 31, 2020
2027 Notes	$	111,000	$	(1,793)	$	109,207
2026 Notes	87,000		(1,405)		85,595
2025 Notes	154,600		(2,342)		152,258
2023 Notes	155,250		(1,231)		154,019
2022 Notes	1,674		(45)		1,629
Total	$	509,524	$	(6,816)	$	502,708

Interest Expense on Convertible Notes

The Company recognized interest expense on the Notes as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Contractual interest expense	$	1,728	$	1,373
Amortization of debt issuance costs (i)	1,832		12,528
Total	$	3,560	$	13,901

(i) Upon adoption of ASU No. 2020-06, the debt discount associated with the equity component on debt was reversed which resulted in a decrease in the amount of non-cash interest expense to be recognized going forward.