DEBT (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Debt Disclosure [Abstract] |
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| Schedule of long-term debt instruments |
The carrying value of the Company’s outstanding debt is summarized as follows (in thousands): | | | | | | | | | | | | | September 30, | | December 31, | | 2022 | | 2021 | | Term loan B facility maturing December 2026 | $ | 343,719 | | | $ | 359,497 | | 0.750% Convertible senior notes due August 2025 | 395,510 | | | 330,627 | | 3.375% Convertible senior notes due May 2024 | 8,641 | | | 201,249 | | 2.375% Convertible senior notes due April 2022 (1) | — | | | 157,857 | | | Total | $ | 747,870 | | | $ | 1,049,230 | |
(1) The 2022 Notes (as defined below) matured on April 1, 2022.
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| Schedule of composition of the Company's debt and financing obligations |
The total debt composition of the Term Loan is as follows (in thousands): | | | | | | | | | | | | | September 30, | | December 31, | | 2022 | | 2021 | | Term Loan maturing December 2026 | $ | 356,250 | | | $ | 375,000 | | | Deferred financing costs | (3,578) | | | (4,443) | | | Discount on debt | (8,953) | | | (11,060) | | | Total debt, net of debt discount and deferred financing costs | $ | 343,719 | | | $ | 359,497 | | | | | | | | | | | | | | | | | |
The total debt composition of the 2025 Notes is as follows (in thousands): | | | | | | | | | | | | | September 30, | | December 31, | | 2022 | | 2021 | 0.750% convertible senior notes due August 2025 | $ | 402,500 | | | $ | 402,500 | | | Deferred financing costs | (6,990) | | | (7,155) | | | Discount on debt | — | | | (64,718) | | | Total debt, net of debt discount and deferred financing costs | $ | 395,510 | | | $ | 330,627 | |
The total debt composition of the 2022 Notes is as follows (in thousands): | | | | | | | | | | | | | September 30, | | December 31, | | 2022 | | 2021 | 2.375% convertible senior notes due April 2022 | $ | — | | | $ | 160,000 | | | Deferred financing costs | — | | | (223) | | | Discount on debt | — | | | (1,920) | | | Total debt, net of debt discount and deferred financing costs | $ | — | | | $ | 157,857 | |
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| Schedule of total interest expense recognized related to the Notes |
The following table sets forth the total interest expense recognized in the periods presented (dollar amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2022 | | 2021 | | 2022 | | 2021 | | Contractual interest expense | $ | 9,343 | | | $ | 1,704 | | | $ | 26,724 | | | $ | 5,122 | | | Amortization of debt issuance costs | 903 | | | 666 | | | 2,956 | | | 1,976 | | | Amortization of debt discount | 695 | | | 5,844 | | | 2,107 | | | 17,245 | | Capitalized interest and other (Note 6) | (1,085) | | | (881) | | | (2,852) | | | (3,016) | | | Total | $ | 9,856 | | | $ | 7,333 | | | $ | 28,935 | | | $ | 21,327 | | | | | | | | | | | Effective interest rate on total debt | 5.42 | % | | 6.70 | % | | 5.66 | % | | 6.70 | % |
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