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| Debt | Note 7 — Debt Convertible Notes 2031 Notes The following table presents the total amount of interest cost recognized relating to the 2031 Notes (in thousands):
The effective interest rate of the 2031 Notes was 2.23% as of March 31, 2026. As of March 31, 2026, the unamortized debt issuance cost for the 2031 Notes was $18.8 million and will be amortized over approximately 5.6 years. 2027 Notes The following table presents the total amount of interest cost recognized relating to the 2027 Notes (in thousands):
The effective interest rate of the 2027 Notes was 4.2% as of March 31, 2026 and 2025. As of March 31, 2026, the unamortized debt issuance cost for the 2027 Notes was $1.2 million and will be amortized over approximately 1.3 years. During the three months ended March 31, 2026, the conditions allowing holders of the 2027 Notes to convert were not met. As a result, the 2027 Notes are not convertible as of March 31, 2026. 2026 Notes The following table presents the total amount of interest cost recognized relating to the 2026 Notes (in thousands):
The effective interest rate of the 2026 Notes was 4.6% as of March 31, 2026 and 2025. As of March 31, 2026, the unamortized debt issuance cost for the 2026 Notes was $0.1 million and will be amortized over approximately 0.6 years. The 2026 Notes are convertible at March 31, 2026 at the option of the holder and classified as current on the condensed consolidated balance sheet. As of March 31, 2026, the estimated fair value of the 2031 Notes, 2027 Notes, and 2026 Notes was $957.1 million, $205.4 million and $132.7 million, respectively, and was based upon observable, Level 2 inputs, including pricing information from recent trades of the Convertible Notes. |
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