Debt (Tables)

9 Months Ended

Sep. 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):

	September 30, 2021		Maturity Date
Revolving Credit Facility	$	—	April 20, 2026
Term Loan A-1	592,500		April 20, 2026
Term Loan A-2	250,000		April 20, 2024
Total borrowings under the 2021 Credit Agreement	842,500
Less: unamortized debt discount and debt issuance costs related to term loans	(6,965)
Total borrowings, net	$	835,535
Less: current portion of debt	$	(30,000)
Carrying value as of September 30, 2021	$	805,535

The effective interest rate for the borrowings under the 2021 Credit Agreement is 3.25% as of September 30, 2021. The following sets forth the interest expense recognized related to the borrowings under the 2021 Credit Agreement included in interest expense in the accompanying condensed consolidated statements of income (in thousands):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2021
Contractual interest expense - Revolving Credit Facility	$	(84)	$	(618)
Contractual interest expense - Term Loans	(3,492)		(6,153)
Amortization of debt discount and debt issuance costs	(692)		(1,223)
Total	$	(4,268)	$	(7,994)

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2021
Contractual interest expense - 2019 Credit Agreement	$	—	$	(313)
Unsecured bridge loan facility commitment fee	—		(6,407)
Amortization of debt issuance costs	—		(1,489)
Total	$	—	$	(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):

	September 30, 2021
Convertible Senior Notes due 2026	$	600,000
Less: unamortized debt discount and debt issuance costs	(7,665)
Carrying value as of September 30, 2021	$	592,335

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 the accompanying condensed consolidated statements of income. The fair value of our convertible senior notes due 2026 is determined based on quoted market prices for a similar liability when traded as an asset in an active market, a Level 2 input. We believe the fair value amount of our Convertible Senior Notes is approximately $659.4 million at September 30, 2021.

As of September 30, 2021, the effective interest rate as for the Convertible Senior Notes is 1.19%. The following sets forth the interest expense recognized related to the Convertible Senior Notes (in thousands):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2021
Contractual interest expense	$	(379)	$	(838)
Amortization of debt discount and debt issuance costs	(430)		(953)
Total	$	(809)	$	(1,791)