v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following table presents the outstanding principal amount and carrying value of short- and long-term debt as of the dates indicated (in thousands):
As of September 30, 2026
2025 Notes2021 Notes2020 Notes2019 NotesTotal
Principal$700,000 $1,000,000 $650,000 $649,887 $2,999,887 
Unamortized debt issuance costs8,409 3,246 1,094 — 12,749 
Net carrying value$691,591 $996,754 $648,906 $649,887 $2,987,138 
As of December 31, 2025
2025 Notes2021 Notes2020 Notes2019 NotesTotal
Principal$700,000 $1,000,000 $650,000 $649,887 $2,999,887 
Unamortized debt issuance costs10,110 4,671 1,989 879 17,649 
Net carrying value$689,890 $995,329 $648,011 $649,008 $2,982,238 
Schedule of Maturities of Convertible Notes
The terms of the Notes are summarized below:
Convertible NotesMaturity DateContractual Convertibility Date (1)
Initial Conversion Rate per $1,000 Principal (2)
Initial Conversion PriceAnnual Effective Interest Rate
2025 NotesJune 15, 2030February 15, 203011.6570 $85.79 1.3 %
2021 Notes
June 15, 2028February 15, 20284.0518 246.80 0.4 %
2020 Notes
September 1, 2027May 1, 20275.0007 199.97 0.3 %
2019 Notes
October 1, 2026June 1, 202611.4040 87.69 0.3 %
(1)The 2019 Notes became freely convertible at the option of holders on June 1, 2026 and remained so through the close of business on September 29, 2026, the second scheduled trading day immediately preceding their October 1, 2026 maturity date. None of the conditions permitting early conversion of the 2025 Notes, 2021 Notes, or 2020 Notes were met during the quarter ended September 30, 2026.
(2)The initial conversion rate will be subject to adjustment upon the occurrence of certain specified events, including certain distributions and dividends to all or substantially all of the holders of the Company’s common stock.
Schedule of Capped Call Transactions
The initial terms of the Company’s outstanding Capped Call Transactions are presented below:
Capped Call TransactionsExpiration Date (1)Notes Maturity DateInitial Cap Price per ShareCap Price Premium
2021 Capped Call TransactionsJune 13, 2028June 15, 2028$340.42 100 %
2020 Capped Call TransactionsAugust 30, 2027September 1, 2027327.83150 %
2019 Capped Call TransactionsSeptember 29, 2026October 1, 2026148.63150 %
(1) The Capped Call Transactions Expiration Dates are determined based on the earlier of (i) the last day any convertible securities remain outstanding and (ii) the second scheduled trading day immediately preceding the Notes' Maturity Date. The dates included in the table above represent the second scheduled trading day immediately preceding the Notes’ Maturity Date. The 2019 Capped Call Transactions expired unexercised and no shares of the Company’s common stock or cash were delivered to the Company.