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LONG-TERM DEBT, NET (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consists of:
March 31, 2023December 31, 2022
(In thousands)
Credit Facility due February 13, 2025
$— $— 
Term Loan due February 13, 2027
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 
3.625% Senior Notes due October 1, 2031 (the “3.625% Senior Notes”); interest payable each April 1 and October 1 commencing on April 1, 2022
500,000 500,000 
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 debt3,875,000 3,875,000 
Less: Unamortized original issue discount
4,148 4,366 
Less: Unamortized debt issuance costs33,530 34,908 
Total long-term debt, net$3,837,322 $3,835,726 
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
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 Interest Expense, Exchangeable Notes
The following table sets forth interest expense recognized related to the Exchangeable Notes:
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
2026 Exchangeable Notes2030 Exchangeable Notes
2022 Exchangeable Notes(a)
2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Contractual interest expense$1,258 $2,875 $186 $1,258 $2,875 
Amortization of debt issuance costs391 250 150 386 245 
Total interest expense recognized$1,649 $3,125 $336 $1,644 $3,120 
______________________
(a)The Company’s 0.875% Exchangeable Senior Notes due October 1, 2022 (the “2022 Exchangeable Notes”), the outstanding balance of which was fully redeemed during the year ended December 31, 2022.
Schedule of Exchangeable Notes Hedges and Warrants
The following table sets forth the components of the outstanding Exchangeable Notes as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
2026 Exchangeable Notes2030 Exchangeable Notes2026 Exchangeable Notes2030 Exchangeable Notes
(In thousands)
Principal$575,000 $575,000 $575,000 $575,000 
Less: Unamortized debt issuance costs5,171 7,395 5,562 7,645 
Net carrying value included in long-term debt, net$569,829 $567,605 $569,438 $567,355 
The following tables present details of the Exchangeable Notes Hedges and Warrants outstanding at March 31, 2023:
Number of Shares(a)
Approximate Equivalent Exchange Price per Share(a)
(Shares in millions)
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 Warrants (b)
0.4$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.
(b)The outstanding 2022 Exchangeable Notes Warrants at March 31, 2023 are exercised ratably over 80 trading days, which commenced on the first trading date following the expiration date through April 27, 2023. No cash or shares were provided on exercise as the Company’s stock price was below the strike price.