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Long-Term Debt, Net (Tables)
9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Net Carrying Amounts of the Convertible Notes
The carrying amount and fair value of our Convertible Notes were as follows as of the dates indicated. As disclosed in Note 2, we early adopted ASU 2020-06 as of January 1, 2021 on a modified retrospective basis which adoption is reflected in the following table (in thousands).
September 30,
2021
January 1,
2021
Principal amount:
2024 Convertible Notes$90,936 $460,000 
2027 Convertible Notes805,000 — 
Total Principal Amount$895,936 $460,000 
Unamortized debt discount:
2024 Convertible Notes$(1,685)$(10,211)
2027 Convertible Notes(18,546)— 
Total unamortized debt discount$(20,231)$(10,211)
Carrying amount:
2024 Convertible Notes$89,251 $449,789 
2027 Convertible Notes786,454 — 
Total carrying amount$875,705 $449,789 
Fair value based on trading levels (Level 2):
2024 Convertible Notes$162,068 $861,738 
2027 Convertible Notes731,351 — 
Total fair value of outstanding notes$893,419 $861,738 
Remaining amortization per period of debt discount (in years):
2024 Convertible Notes3.23.9
2027 Convertible Notes5.4n/a
Interest Income and Interest Expense Disclosure
The following table summarizes the components of interest expense and the effective interest rates for each of our Convertible Notes for the periods shown (in thousands).
Three Months Ended
 September 30,
Nine Months Ended
September 30,
2021202020212020
Coupon Interest:
2024 Convertible Notes$284 $1,438 $1,621 $4,313 
2027 Convertible Notes$503 $— $1,174 $— 
Total Coupon Interest$787 $1,438 $2,795 $4,313 
Amortization of debt discount:
2024 Convertible Notes$126 $3,552 $712 $10,522 
2027 Convertible Notes$842 $— $1,962 $— 
Total amortization of debt discount$968 $3,552 $2,674 $10,522 
Interest expense:
2024 Convertible Notes$410 $4,990 $2,333 $14,835 
2027 Convertible Notes$1,345 $— $3,136 $— 
Total interest expense$1,755 $4,990 $5,469 $14,835 
Effective interest rates:
2024 Convertible Notes1.8 %5.1 %1.8 %5.1 %
2027 Convertible Notes0.7 %n/a0.7 %n/a