v3.24.2.u1
DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Convertible Notes
As of June 30, 2024, the Company had outstanding fixed-rate notes with varying maturities for an undiscounted aggregate principal amount of $1.1 billion (collectively, the Notes). The Notes are senior subordinated convertible obligations, and interest is payable in arrears, semi-annually. The following table summarizes information regarding the Company’s convertible debt:
June 30,
2024		December 31,
2023
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)
$495,000 $495,000 
Unamortized discount net of deferred offering costs(163)(1,123)
2024 Notes, net (1)
494,837 493,877 
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes)
600,000 600,000 
Unamortized discount net of deferred offering costs(5,884)(6,905)
2027 Notes, net
594,116 593,095 
Total convertible debt, net$1,088,953 $1,086,972 
Fair value of fixed-rate convertible debt (2):
2024 Notes
$492,447 $488,288 
2027 Notes
576,102 619,260 
Total fair value of fixed-rate convertible debt$1,068,549 $1,107,548 
(1)    The Company’s convertible notes due in 2024 matured on August 1, 2024, subsequent to quarter-end. Substantially all holders of the 2024 Notes were repaid with cash, totaling approximately $495.0 million. No gain or loss was incurred upon the extinguishment.
(2)     The fair value of the Company’s fixed-rate convertible debt is based on open-market trades and is classified as Level 1 in the fair value hierarchy. For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Interest expense on the Company’s convertible debt consisted of the following: 
Three Months Ended
June 30,		Six Months Ended
June 30,
2024202320242023
Coupon interest expense$2,617 $2,617 $5,233 $5,233 
Accretion of discount on convertible notes843 834 1,684 1,673 
Amortization of debt issuance costs148 149 297 297 
Total interest expense on convertible debt$3,608 $3,600 $7,214 $7,203 
See Note 10 - Debt to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for additional information related to the Company’s convertible debt.