Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Convertible Senior Notes

The following table summarizes further details of the Notes:

Notes	Issuance Date	Maturity Date	Principal Amount (in thousands)		Coupon Interest Rate		Effective Interest Rate
2029 Notes	August 18, 2023	February 15, 2029	$	1,265,000	1.125	%	1.388	%
2027 Notes	August 16, 2019	September 1, 2027	$	1,150,000	0.375	%	0.539	%
2025 Notes	May 21, 2018	May 1, 2025	$	1,150,000	0.125	%	0.350	%

The conversion rights of the Notes are as follows:

Notes	Conversion Date	Conversion Rate (1)	Conversion Price per Share (1)
2029 Notes	October 15, 2028	7.9170	$	126.31
2027 Notes	May 1, 2027	8.6073	$	116.18
2025 Notes	January 1, 2025	10.5150	$	95.10

(1) The conversion rate for the Notes is established as a number of shares of the Company's commons stock per $1,000 principal amount of the Notes, that is equivalent to the conversion price per share, subject to adjustments in certain events. Upon the occurrence of certain corporate events the Company will increase the conversion rate for a holder that elects to convert its Notes.

The Notes consisted of the following components as of December 31, 2023 and 2022 (in thousands):

	2029 Notes		2027 Notes		2025 Notes		Total
As of December 31, 2023
Principal	$	1,265,000	$	1,150,000	$	1,150,000	$	3,565,000
Less: issuance costs, net of amortization	(16,478)		(6,831)		(3,462)		(26,771)
Net carrying amount	$	1,248,522	$	1,143,169	$	1,146,538	$	3,538,229
Estimated fair value (1)	$	1,376,915	$	1,289,219	$	1,467,274	$	4,133,408
As of December 31, 2022
Principal	$	—	$	1,150,000	$	1,150,000	$	2,300,000
Less: issuance costs, net of amortization	—		(8,707)		(6,035)		(14,742)
Net carrying amount	$	—	$	1,141,293	$	1,143,965	$	2,285,258
Estimated fair value (1)	$	—	$	1,111,038	$	1,209,076	$	2,320,114

(1) The fair values were determined based on the quoted prices of the Notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 within the fair value hierarchy.

The following table summarizes the main terms impacting the note hedges and warrants (in thousands, except per share data):

	2029 Notes		2027 Notes		2025 Notes
Note hedge transaction costs	$	236,555	$	312,225	$	261,740
Shares covered by note hedge transactions	10,015		9,898		12,093
Shares related to warrant transactions	10,015		9,898		12,093
Strike price per share related to warrant transactions	$	180.44	$	178.74	$	149.18
Aggregate proceeds from sale of warrants	$	90,195	$	185,150	$	119,945

Schedule of Interest Expense

Interest expense, together with ongoing commitment fees under the terms of the Company's credit agreements, included in the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):

	2023		2022		2021
Amortization of debt discount and issuance costs	$	5,803	$	4,688	$	69,697
Coupon interest payable on 2029 Notes	5,218		—		—
Coupon interest payable on 2027 Notes	4,312		4,312		4,313
Coupon interest payable on 2025 Notes	1,436		1,437		1,437
Interest payable and commitment fees under the credit agreements	1,402		952		557
Capitalization of interest expense	(462)		(293)		(3,672)
Total interest expense	$	17,709	$	11,096	$	72,332

Prior to the adoption of the new guidance for accounting for convertible instruments on January 1, 2022, the Company also amortized as interest expense the value of debt discounts of the 2027 Notes and the 2025 Notes.