Long-Term Debt |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | Long-Term Debt Convertible Senior Notes On September 14, 2021, the Company issued an aggregate of $750.0 million in principal amount of its 1.25% Convertible Senior Notes due October 1, 2026 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture dated as of September 14, 2021, between the Company and U.S. Bank National Association, as trustee (the “Indenture”). Pursuant to the purchase agreement between the Company and the initial purchasers of the Notes, the Company granted the initial purchasers an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes were first issued, up to an additional $100.0 million principal amount of Notes. The Notes issued on September 14, 2021 include the $100.0 million principal amount of Notes issued pursuant to the full exercise by the initial purchasers of such option. During the three months ended March 31, 2024, the Company repurchased $75.0 million principal amount of the Notes for $57.8 million and recognized a net gain of $16.1 million, which is included in other income, net on the Condensed Consolidated Statements of Comprehensive Income (Loss). During the year ended December 31, 2024, the Company repurchased $192.3 million principal amount of the Notes for $156.1 million. During the three months ended March 31, 2025, there were no repurchases related to the Notes. The following is a summary of the Company’s Notes for the periods indicated:
As of March 31, 2025 and December 31, 2024, the estimated fair value of the Notes were approximately $478 million and $446 million, respectively. The estimated fair value of the Notes was determined based on the actual bid price of the Notes on March 31, 2025 and December 31, 2024, and are classified as Level 2 within the fair value hierarchy.
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