| Schedule of Convertible Senior Notes |
The following table summarizes further details of the Notes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Notes | | Issuance Date | | Maturity Date | | Principal Amount (in thousands) | | Coupon Interest Rate | | Effective Interest Rate | | 2033 Notes | | May 19, 2025 | | May 15, 2033 | (1) | | $ | 1,725,000 | | | 0.250 | % | | 0.484 | % | | 2032 Notes | | May 22, 2026 | | May 15, 2032 | | | $ | 1,750,000 | | | 0.000 | % | | 0.231 | % | | 2030 Notes | | May 22, 2026 | | May 15, 2030 | | | $ | 1,750,000 | | | 0.000 | % | | 0.348 | % | | 2029 Notes | | August 18, 2023 | | February 15, 2029 | | | $ | 1,265,000 | | | 1.125 | % | | 1.388 | % | | 2027 Notes | | August 16, 2019 | | September 1, 2027 | | | $ | 1,150,000 | | | 0.375 | % | | 0.539 | % |
(1) Holders of the 2033 Notes have the right to require the Company to repurchase for cash all or a portion of their 2033 Notes on May 15, 2031 if the last reported sale price of the Company’s common stock on the trading day immediately preceding the business day immediately preceding May 15, 2031 is less than the conversion price per share. The repurchase price will be equal to 100% of the principal amount of the 2033 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the optional repurchase date. The conversion rights for the outstanding Notes as of June 30, 2026 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | Notes | | Conversion Date | | Conversion Rate (1) | | Conversion Price per Share (1) | | | | 2033 Notes | | January 15, 2033 | | 10.7513 | | $ | 93.01 | | | | | 2032 Notes | | January 15, 2032 | | 5.2408 | | $ | 190.81 | | | | | 2030 Notes | | January 15, 2030 | | 4.9650 | | $ | 201.41 | | | | | 2029 Notes | | October 15, 2028 | | 7.9170 | | $ | 126.31 | | | | | 2027 Notes | | May 1, 2027 | | 8.6073 | | $ | 116.18 | | | |
(1) The conversion rate for the Notes is established as a number of shares of the Company's common stock per $1,000 principal amount of the Notes, that is equivalent to the conversion price per share, subject to adjustments in certain events. Upon the occurrence of certain corporate events the Company will increase the conversion rate for a holder that elects to convert its Notes. The Notes consisted of the following components as of June 30, 2026 and December 31, 2025 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2033 Notes | | 2032 Notes | | 2030 Notes | | 2029 Notes | | 2027 Notes | | Total | | As of June 30, 2026 | | | | | | | | | | | | Principal | $ | 1,725,000 | | | $ | 1,750,000 | | | $ | 1,750,000 | | | $ | 1,265,000 | | | $ | 1,150,000 | | | $ | 7,640,000 | | | Less: issuance costs, net of amortization | (19,424) | | | (23,624) | | | (23,412) | | | (8,586) | | | (2,126) | | | (77,172) | | | Net carrying amount | $ | 1,705,576 | | | $ | 1,726,376 | | | $ | 1,726,588 | | | $ | 1,256,414 | | | $ | 1,147,874 | | | $ | 7,562,828 | | | | | | | | | | | | | | Estimated fair value (1) | $ | 2,522,054 | | | $ | 1,611,155 | | | $ | 1,650,023 | | | $ | 1,509,891 | | | $ | 1,381,875 | | | $ | 8,674,998 | | | | | | | | | | | | | | | As of December 31, 2025 | | | | | | | | | | | | Principal | $ | 1,725,000 | | | $ | — | | | $ | — | | | $ | 1,265,000 | | | $ | 1,150,000 | | | $ | 4,140,000 | | | Less: issuance costs, net of amortization | (21,390) | | | — | | | — | | | (10,187) | | | (3,068) | | | (34,645) | | | Net carrying amount | $ | 1,703,610 | | | $ | — | | | $ | — | | | $ | 1,254,813 | | | $ | 1,146,932 | | | $ | 4,105,355 | | | | | | | | | | | | | | Estimated fair value (1) | $ | 1,918,062 | | | $ | — | | | $ | — | | | $ | 1,254,981 | | | $ | 1,158,407 | | | $ | 4,331,450 | |
(1) The fair values were determined based on the quoted prices of the Notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 within the fair value hierarchy. The following table summarizes the main terms impacting the note hedges and warrants (in thousands, except per share data): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2033 Notes | | 2032 Notes | | 2030 Notes | | 2029 Notes | | 2027 Notes | | | | Note hedge transaction costs | $ | 605,820 | | | $ | 553,700 | | | $ | 340,025 | | | $ | 236,555 | | | $ | 312,225 | | | | | Shares covered by note hedge transactions | 18,546 | | | 9,171 | | | 8,689 | | | 10,015 | | | 9,898 | | | | | Shares related to warrant transactions | 18,546 | | | 9,171 | | | 8,689 | | | 10,015 | | | 9,898 | | | | | Strike price per share related to warrant transactions | $ | 155.02 | | | $ | 282.68 | | | $ | 247.35 | | | $ | 180.44 | | | $ | 178.74 | | | | | Aggregate proceeds from sale of warrants | $ | 330,855 | | | $ | 384,475 | | | $ | 272,650 | | | $ | 90,195 | | | $ | 185,150 | | | |
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| Schedule of Interest Expense |
Interest expense, together with ongoing commitment fees under the terms of the Company's credit agreements, included in the interim condensed consolidated statements of income for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months
Ended June 30, | | For the Six Months
Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Amortization of debt issuance costs | $ | 3,416 | | | $ | 2,022 | | | $ | 6,059 | | | $ | 3,981 | | | Coupon interest payable on 2033 Notes | 1,078 | | | 491 | | | 2,156 | | | 491 | | | Coupon interest payable on 2029 Notes | 3,558 | | | 3,558 | | | 7,116 | | | 7,116 | | | Coupon interest payable on 2027 Notes | 1,078 | | | 1,078 | | | 2,156 | | | 2,156 | | | Coupon interest payable on 2025 Notes | — | | | 124 | | | — | | | 483 | | | Interest payable and commitment fees under the credit agreements | 332 | | | 1,305 | | | 727 | | | 1,455 | | | Capitalization of interest expense | (384) | | | (377) | | | (879) | | | (731) | | | Total interest expense | $ | 9,078 | | | $ | 8,201 | | | $ | 17,335 | | | $ | 14,951 | |
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