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CONVERTIBLE NOTES (Tables)
 3 Months Ended
Mar. 31, 2024
CONVERTIBLE NOTES [Abstract]  
Schedule of convertible note obligations included in the condensed consolidated balance sheets
Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of March 31, 2024:
Fair Value (1)
(In thousands)Principal AmountUnamortized Debt Discount and Issuance CostsNet Carrying AmountAmountLeveling
2030 Convertible Notes - 2.000%
$572,993 $(4,174)$568,819 $652,971 2
2028 Convertible Notes - 0.375%
949,042 (9,871)939,171 881,764 2
2027 Convertible Notes - 0.375%
563,822 (5,007)558,815 532,513 2
2025 Convertible Notes - 1.000% (2)
249,172 (362)248,810 278,437 2
Convertible note obligations included in the condensed consolidated balance sheet consisted of the following as of December 31, 2023:
Fair Value (1)
(In thousands)Principal AmountUnamortized Debt Discount and Issuance CostsNet Carrying AmountAmountLeveling
2030 Convertible Notes - 2.000%
$572,993 $(4,349)$568,644 $684,475 2
2028 Convertible Notes - 0.375%
949,042 (10,499)938,543 887,354 2
2027 Convertible Notes - 0.375%
563,822 (5,429)558,393 549,839 2
2025 Convertible Notes - 1.000%
249,172 (476)248,696 293,300 2
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(1)The fair values are based on observable market prices for this debt, which is traded in less active markets and therefore is classified as a Level 2 fair value measurement.
(2)The Company’s convertible notes due in 2025 (the “2025 Notes”) mature on January 15, 2025 and are included in convertible notes, net, current portion on the condensed consolidated balance sheet as of March 31, 2024. The 2025 Notes were included in convertible notes, net, less current portion as of December 31, 2023.
Schedule of allocation of transaction costs related to convertible debt The following table summarizes the original issuance costs at the time of issuance for each set of Notes:
(In thousands)
2030 Convertible Notes$4,938 
2028 Convertible Notes24,453 
2027 Convertible Notes14,285 
2025 Convertible Notes17,646 
Schedule of interest expense
Interest expense on the Notes includes the following:
Three Months Ended March 31,
(In thousands)20242023
Debt issuance costs amortization$1,315 $1,378 
Debt discount amortization25 31 
Gain on settlements of convertible notes— (10,324)
Coupon interest expense4,906 3,354 
Total interest expense (income) on convertible notes$6,246 $(5,561)
Schedule of effective interest rates related to convertible debt
The following table summarizes the effective interest rates of the Notes:
Three Months Ended March 31,
20242023
2030 Convertible Notes2.12 %2.12 %
2028 Convertible Notes0.64 %0.64 %
2027 Convertible Notes0.67 %0.67 %
2025 Convertible Notes1.18 %1.18 %