Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Summary of debt and related interest

The following table summarizes the Company's total outstanding borrowings related to the 2021 Credit Agreement (in thousands):

	June 30, 2021		Maturity Date
Revolving Credit Facility	$	65,000	April 20, 2026
Term Loan A-1	600,000		April 20, 2026
Term Loan A-2	300,000		April 20, 2024
Total borrowings under the 2021 Credit Agreement	965,000
Less: unamortized debt discount and debt issuance costs related term loans	(7,441)
Total borrowings, net	$	957,559
Less: current portion of debt	$	(30,000)
Carrying value of long-term debt as of June 30, 2021	$	927,559

The effective interest rate for the borrowings under the 2021 Credit Agreement is 1.79% as of June 30, 2021. The following sets forth the interest expense recognized related to the borrowings under the 2021 Credit Agreement included in other (expense) income, net in the accompanying condensed consolidated statements of income (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2021		2021
Contractual interest expense - Revolving Credit Facility	$	(534)	$	(534)
Contractual interest expense - Term Loans	(2,660)		(2,660)
Amortization of debt discount and debt issuance costs	(531)		(531)
Total	$	(3,725)	$	(3,725)

Below summarizes the interest expense and related amortization of debt issuance costs associated with the terminated debt agreements incurred through the Closing Date, included in other (expense) income, net in the accompanying condensed consolidated statements of income (in thousands).

	Three Months Ended June 30,		Six Months Ended June 30,
	2021		2021
Contractual interest expense - 2019 Credit Agreement	$	(163)	$	(313)
Unsecured bridge loan facility commitment fee	(6,407)		(6,407)
Amortization of debt issuance costs	(1,340)		(1,489)
Total	$	(7,910)	$	(8,209)

The net carrying value of the Convertible Senior Notes, net of unamortized debt discount and unamortized debt issuance costs were as follows (in thousands):

	June 30, 2021
Convertible Senior Notes due 2026	$	600,000
Less: unamortized debt discount and debt issuance costs	(8,094)
Carrying value as of June 30, 2021	$	591,906

The carrying amount is the par value of the Convertible Senior Notes less the debt discount and debt issuance costs that are amortized to interest expense using the effective interest method over the term of the Convertible Senior Notes. Interest expense is included in other (expense) income, net in the accompanying condensed consolidated statements of income.

As of June 30, 2021, the effective interest rate as for the Convertible Senior Notes is 0.54%. The following sets forth the interest expense recognized related to the Convertible Senior Notes (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2021		2021
Contractual interest expense	$	(375)	$	(458)
Amortization of debt discount and debt issuance costs	(428)		(523)
Total	$	(803)	$	(981)

Schedule of interest income (expense)

Below are the components of other (expense) income, net included in the accompanying condensed consolidated statements of income:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Interest expense, including amortization of debt discounts and debt issuance costs	$	(12,438)	$	(251)	$	(12,915)	$	(502)
Interest income	492		752		1,202		2,244
Other	(253)		(31)		(398)		(282)
Total other (expense) income including interest expense, net	$	(12,199)	$	470	$	(12,111)	$	1,460