CONVERTIBLE DEBT (Tables)

12 Months Ended

Dec. 31, 2019

CONVERTIBLE DEBT

Schedule of debt, net of discounts and deferred financing costs

Convertible note obligations included in the consolidated balance sheets consisted of the following:

							December 31,
(In thousands)	Coupon Interest Rate		Effective Interest Rate		Fair Value of Liability Component at Issuance (1)		2019		2018
2027 Convertible notes	0.375	%	6.3	%	$	472,501	$	747,500	$	—
2025 Convertible notes	1.000	%	6.0	%	299,187		415,049		908,500
Total Convertible notes							1,162,549		908,500
Less: Debt discount (2)							(342,463)		(227,403)
Less: Debt issuance costs (3)							(16,481)		(16,348)
Net convertible debt including current maturities							$	803,605	$	664,749

(1) As each of the convertible instruments may be settled in cash upon conversion, for accounting purposes, they were separated into a liability component and an equity component. The amount allocated to the equity component is the difference between the principal value of the instrument and the fair value of the liability component at issuance. The resulting debt discount is being amortized to interest expense at the respective effective interest rate over the contractual term of the debt. In March 2019, a portion of the 2025 Convertible Notes were extinguished. The fair value of the liability component at issuance reflected above represents the liability value at issuance for the applicable portion of the 2025 Notes which remain outstanding at December 31, 2019. The fair value of the liability component of the 2025 Notes at December 31, 2018 was $654.8 million with the equity component being $267.9 million including a $14.2 million premium.

(2) The unamortized discount consists of the following:

	December 31,
(In thousands)	2019		2018
2027 Convertible notes	$	253,340	$	—
2025 Convertible notes	89,123		227,403
Total unamortized discount	$	342,463	$	227,403

(3) Debt issuance costs consist of the following:

	December 31,
(In thousands)	2019		2018
2027 Convertible notes	$	10,251	$	—
2025 Convertible notes	6,230		16,348
Total debt issuance costs	$	16,481	$	16,348

Schedule of Interest Expense

Interest expense for all indebtedness includes the following:

	Year Ended December 31,
(In thousands)	2019		2018		2017
Debt issuance costs amortization	$	2,661	$	2,273	$	—
Debt discount amortization	39,595		26,291		—
Loss on settlement of convertible notes	10,558		—		—
Coupon interest expense	7,325		7,823		—
Total interest expense on convertible notes	60,139		36,387		—
Other interest expense	1,460		402		206
Total interest expense	$	61,599	$	36,789	$	206

The remaining period over which the unamortized debt discount will be recognized as non-cash interest expense is 5.05 years and 7.21 years for the 2025 Notes and 2027 Notes, respectively.