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INDEBTEDNESS (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Amounts Drawn on Facilities by Year of Maturity
The table below summarizes the amounts drawn on these facilities by year of maturity (in thousands):
  March 31, 2022
2023$64,558 
2024144,439 
Total$208,997 
Deferred debt issuance costs(248)
Total funding debt, net of deferred debt issuance costs$208,749 
Net Carrying Amount of Convertible Notes
The net carrying amount of the Notes were as follows (in thousands):
Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
March 31, 2022
2031 Senior Notes$1,000,000 $(12,884)$987,116 
2026 Senior Notes1,000,000 (11,688)988,312 
2027 Convertible Notes575,000 (7,465)567,535 
2026 Convertible Notes575,000 (6,961)568,039 
2025 Convertible Notes1,000,000 (8,891)991,109 
2023 Convertible Notes460,630 (830)459,800 
Total$4,610,630 $(48,719)$4,561,911 


Principal OutstandingUnamortized Debt Issuance CostsNet Carrying Value
December 31, 2021
2031 Senior Notes$1,000,000 $(13,226)$986,774 
2026 Senior Notes1,000,000 (12,374)987,626 
2027 Convertible Notes575,000 (7,792)567,208 
2026 Convertible Notes575,000 (7,379)567,621 
2025 Convertible Notes1,000,000 (9,639)990,361 
2023 Convertible Notes460,630 (1,012)459,618 
2022 Convertible Notes455 — 455 
Total$4,611,085 $(51,422)$4,559,663 
Interest Expense on Convertible Notes
The Company recognized interest expense on the Notes as follows (in thousands, except for percentages):
Three Months Ended
March 31,
20222021
Contractual interest expense$16,466 $1,728 
Amortization of debt issuance costs (i)2,703 1,832 
Total$19,169 $3,560 

    (i) Upon adoption of ASU 2020-06, the debt discount associated with the equity component on convertible debt outstanding was reversed which resulted in a decrease in the amount of non-cash interest expense to be recognized going forward.
Effective Interest Rates on Convertible Notes Prior to and After the Adoption of ASU 2020-06
Effective interest rates for the Company's Convertible Notes prior to and after the adoption of ASU 2020-06 were as follows:
Prior to Adoption of ASU 2020-06Post Adoption of ASU 2020-06
2027 Convertible Notes3.66 %0.30 %
2026 Convertible Notes3.35 %0.49 %
2025 Convertible Notes3.81 %0.43 %
2023 Convertible Notes4.69 %0.66 %
2022 Convertible Notes5.34 %0.93 %