Debt (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 (in thousands):

	2029 Notes		2027 Notes		2025 Notes		Total
As of March 31, 2024
Principal	$	1,265,000	$	1,150,000	$	1,150,000	$	3,565,000
Less: issuance costs, net of amortization	(15,701)		(6,361)		(2,818)		(24,880)
Net carrying amount	$	1,249,299	$	1,143,639	$	1,147,182	$	3,540,120
Estimated fair value (1)	$	1,300,837	$	1,215,665	$	1,359,473	$	3,875,975
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

(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 cost	$	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 interim condensed consolidated statements of income for the three months ended March 31, 2024 and 2023 was as follows (in thousands):

	For the Three Months Ended March 31,
	2024		2023
Amortization of debt issuance costs	$	1,946	$	1,166
Coupon interest payable on 2029 Notes	3,558		—
Coupon interest payable on 2027 Notes	1,078		1,078
Coupon interest payable on 2025 Notes	359		359
Interest payable and commitment fees under the 2022 credit agreement	141		146
Capitalization of interest expense	(264)		(68)
Total interest expense	$	6,818	$	2,681