Debt |
3 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Convertible Senior Notes In 2021, the Company issued $2.0 billion aggregate principal amount of 0% convertible senior notes due 2026 (the "2026 Notes") pursuant to an indenture, dated March 8, 2021 (the "Indenture"), between the Company and U.S. Bank National Association, as trustee. As of both December 31, 2022 and March 31, 2023, total outstanding debt, net of unamortized debt discount and debit issuance costs, was $2.0 billion. For the three months ended March 31, 2022 and 2023, interest expense of $1.0 million was recorded for the 2026 Notes relating to amortization of the debt discount and debt issuance costs. As of March 31, 2023, the if-converted value of the 2026 Notes did not exceed the outstanding principal amount. As of March 31, 2023, the total estimated fair value of the 2026 Notes was $1.8 billion and was determined based on a market approach using actual bids and offers of the 2026 Notes in an over-the-counter market on the last trading day of the period, or Level 2 inputs. 2022 Credit Facility In 2022, the Company entered into a five-year unsecured Revolving Credit Agreement, which provides for initial commitments by a group of lenders led by Morgan Stanley Senior Funding, Inc. of $1.0 billion (“2022 Credit Facility”). The 2022 Credit Facility provides a $200.0 million sub-limit for the issuance of letters of credit. The 2022 Credit Facility contains customary events of default, affirmative and negative covenants, including restrictions on the Company’s and certain of its subsidiaries’ ability to incur debt and liens, undergo fundamental changes, as well as certain financial covenants. The Company was in compliance with all financial covenants as of March 31, 2023. No amounts were drawn under the 2022 Credit Facility as of December 31, 2022 and March 31, 2023, and outstanding letters of credit totaled $28.5 million as of both December 31, 2022 and March 31, 2023.
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