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LONG-TERM DEBT, NET (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consists of:
September 30, 2021December 31, 2020
(In thousands)
Revolving Credit Facility due February 13, 2025 (the “Credit Facility”)
$— $— 
Term Loan due February 13, 2027 (the “Term Loan”)
425,000 425,000 
5.00% Senior Notes due December 15, 2027 (the “5.00% Senior Notes”); interest payable each June 15 and December 15
450,000 450,000 
4.625% Senior Notes due June 1, 2028 (the “4.625% Senior Notes”); interest payable each June 1 and December 1
500,000 500,000 
5.625% Senior Notes due February 15, 2029 (the “5.625% Senior Notes”); interest payable each February 15 and August 15
350,000 350,000 
4.125% Senior Notes due August 1, 2030 (the “4.125% Senior Notes”); interest payable each February 1 and August 1
500,000 500,000 
0.875% Exchangeable Senior Notes due October 1, 2022 (the “2022 Exchangeable Notes”); interest payable each April 1 and October 1
517,499 517,500 
0.875% Exchangeable Senior Notes due June 15, 2026 (the “2026 Exchangeable Notes”); interest payable each June 15 and December 15
575,000 575,000 
2.00% Exchangeable Senior Notes due January 15, 2030 (the “2030 Exchangeable Notes”); interest payable each January 15 and July 15
575,000 575,000 
Total debt3,892,499 3,892,500 
Less: Unamortized original issue discount
5,422 6,029 
Less: Unamortized debt issuance costs39,181 45,541 
Total long-term debt, net$3,847,896 $3,840,930 
The following table presents details of the exchangeable features:
Number of shares of the Company’s Common Stock into which each $1,000 of Principal of the Exchangeable Notes is Exchangeable(a)
Approximate Equivalent Exchange Price per Share(a)
Exchangeable Date
2022 Exchangeable Notes22.7331$43.99 July 1, 2022
2026 Exchangeable Notes11.4259$87.52 March 15, 2026
2030 Exchangeable Notes11.8739$84.22 October 15, 2029
______________________
(a)Subject to adjustment upon the occurrence of specified events.
Schedule of If-Converted Value in Excess of Principal
The following table presents the if-converted value that exceeded the principal of each note based on the Company’s stock price on September 30, 2021 and December 31, 2020.
September 30, 2021December 31, 2020
(In millions)
2022 Exchangeable Notes$1,329.4 $1,261.2 
2026 Exchangeable Notes$456.4 $418.3 
2030 Exchangeable Notes$496.8 $457.2 
Schedule of Exchangeable Notes Hedges and Warrants
The following table sets forth the components of the Exchangeable Senior Notes within long-term debt, net:
September 30, 2021December 31, 2020
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Principal$517,499 $575,000 $575,000 $517,500 $575,000 $575,000 
Less: Unamortized debt issuance costs3,754 7,522 8,883 6,511 8,700 9,627 
Net carrying value included in long-term debt, net$513,745 $567,478 $566,117 $510,989 $566,300 $565,373 
The following tables present details of the Exchangeable Notes Hedges and Warrants as of September 30, 2021 following the unwind transactions described above:
Number of Shares(a)
Approximate Equivalent Exchange Price per Share(a)
(Shares in millions)
2022 Exchangeable Notes Hedge2.4$43.99 
2026 Exchangeable Notes Hedge6.6$87.52 
2030 Exchangeable Notes Hedge6.8$84.22 
Number of Shares(a)
Weighted Average Strike Price per Share(a)
(Shares in millions)
2022 Exchangeable Notes Warrants2.4$68.22 
2026 Exchangeable Notes Warrants6.6$134.76 
2030 Exchangeable Notes Warrants6.8$134.82 
______________________
(a)Subject to adjustment upon the occurrence of specified events.
Schedule of Interest Expense, Exchangeable Notes
The following table sets forth interest expense recognized related to the Exchangeable Senior Notes:
Three Months Ended September 30, 2021Three Months Ended September 30, 2020
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Contractual interest expense$1,132 $1,257 $2,875 $1,132 $1,257 $2,875 
Amortization of debt issuance costs930 390 244 915 386 239 
Total interest expense recognized$2,062 $1,647 $3,119 $2,047 $1,643 $3,114 
Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes2022 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Contractual interest expense$3,396 $3,773 $8,625 $3,396 $3,773 $8,625 
Amortization of debt issuance costs2,757 1,178 744 2,718 1,146 711 
Total interest expense recognized$6,153 $4,951 $9,369 $6,114 $4,919 $9,336