Debt (Tables)
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6 Months Ended |
Jun. 30, 2022 |
Debt Disclosure [Abstract] |
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Schedule of Long-term Debt |
The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:
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June 30, 2022 |
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December 31, 2021 |
Issuance |
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Net Carrying Amount |
|
Estimated Fair Value |
|
Net Carrying Amount |
|
Estimated Fair Value |
2023 notes |
|
$ |
23,355 |
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$ |
21,264 |
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$ |
23,280 |
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$ |
34,487 |
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2025 notes |
|
652,164 |
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|
386,534 |
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650,783 |
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|
593,366 |
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2027 notes |
|
564,354 |
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|
268,962 |
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563,234 |
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|
467,814 |
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The following table summarizes borrowings under these facilities as of the periods presented:
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June 30, 2022 |
Lender |
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Borrowing Capacity |
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Outstanding Borrowings |
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Weighted-Average Interest Rate on Outstanding Borrowings |
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Maturity Date |
City National Bank |
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$ |
100,000 |
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$ |
36,151 |
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3.63 |
% |
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10/11/2022 |
Comerica Bank |
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75,000 |
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33,448 |
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3.80 |
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Upon lender demand |
Origin Bank |
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75,000 |
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35,000 |
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4.31 |
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9/30/2022 |
People's United Bank, National Association |
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50,000 |
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21,695 |
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3.47 |
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10/19/2022 |
Prosperity Bank |
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150,000 |
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81,268 |
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3.71 |
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9/30/2022 |
Republic Bank & Trust Company |
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75,000 |
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31,906 |
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3.32 |
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8/17/2022 |
Wells Fargo Bank, N.A. |
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135,000 |
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44,964 |
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3.52 |
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As determined by lender |
Western Alliance Bank |
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25,000 |
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13,871 |
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3.18 |
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12/2/2022 |
Total |
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$ |
685,000 |
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$ |
298,303 |
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— |
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— |
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December 31, 2021 |
Lender |
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Borrowing Capacity |
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Outstanding Borrowings |
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Weighted-Average Interest Rate on Outstanding Borrowings |
Western Alliance Bank |
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$ |
50,000 |
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$ |
17,089 |
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3.00 |
% |
Texas Capital Bank, N.A. |
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40,000 |
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11,852 |
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3.01 |
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Flagstar Bank, FSB |
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25,000 |
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4,102 |
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3.00 |
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Total |
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$ |
115,000 |
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$ |
33,043 |
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— |
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The following table summarizes borrowings under this facility as of the periods presented:
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June 30, 2022 |
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December 31, 2021 |
Lender |
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Borrowing Capacity |
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Outstanding Borrowings |
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Weighted-Average Interest Rate on Outstanding Borrowings |
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Borrowing Capacity |
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Outstanding Borrowings |
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Weighted-Average Interest Rate on Outstanding Borrowings |
Goldman Sachs Bank USA |
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$ |
400,000 |
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$ |
156,540 |
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4.55 |
% |
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$ |
200,000 |
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$ |
199,781 |
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3.30 |
% |
|
Convertible Debt |
We have issued convertible senior notes with the following characteristics:
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Issuance |
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Maturity Date |
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Stated Cash Interest Rate |
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Effective Interest Rate |
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First Interest Payment Date |
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Semi-Annual Interest Payment Dates |
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Conversion Rate |
2023 notes |
|
July 15, 2023 |
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1.75 |
% |
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2.45 |
% |
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January 15, 2019 |
|
January 15; July 15 |
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32.7332 |
2025 notes |
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October 15, 2025 |
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— |
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0.42 |
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— |
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— |
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13.7920 |
2027 notes |
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April 1, 2027 |
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0.50 |
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0.90 |
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October 1, 2021 |
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April 1; October 1 |
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10.6920 |
The components of our convertible senior notes were as follows:
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June 30, 2022 |
Issuance |
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Aggregate Principal Amount |
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Unamortized Debt Discount |
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Unamortized Debt Issuance Costs |
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Net Carrying Amount |
2023 notes |
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$ |
23,512 |
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$ |
— |
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$ |
157 |
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$ |
23,355 |
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2025 notes |
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661,250 |
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— |
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9,086 |
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652,164 |
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2027 notes |
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575,000 |
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— |
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10,646 |
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564,354 |
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December 31, 2021 |
Issuance |
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Aggregate Principal Amount |
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Unamortized Debt Discount |
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Unamortized Debt Issuance Costs |
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Net Carrying Amount |
2023 notes |
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$ |
23,512 |
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$ |
— |
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$ |
232 |
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$ |
23,280 |
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2025 notes |
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661,250 |
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— |
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10,467 |
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650,783 |
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2027 notes |
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575,000 |
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— |
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11,766 |
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563,234 |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
2023 notes |
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Contractual interest expense |
$ |
103 |
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$ |
104 |
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$ |
206 |
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$ |
208 |
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Amortization of debt discount |
— |
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— |
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— |
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— |
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Amortization of debt issuance costs |
38 |
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39 |
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75 |
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110 |
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Total interest expense |
$ |
141 |
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$ |
143 |
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$ |
281 |
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$ |
318 |
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2025 notes |
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Contractual interest expense |
— |
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— |
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— |
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— |
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Amortization of debt discount |
— |
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— |
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— |
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— |
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Amortization of debt issuance costs |
690 |
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|
690 |
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1,380 |
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|
1,380 |
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Total interest expense |
$ |
690 |
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$ |
690 |
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$ |
1,380 |
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$ |
1,380 |
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2027 notes |
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Contractual interest expense |
719 |
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|
715 |
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1,438 |
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|
749 |
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Amortization of debt discount |
— |
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— |
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— |
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— |
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Amortization of debt issuance costs |
560 |
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|
557 |
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1,120 |
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|
585 |
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Total interest expense |
$ |
1,279 |
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$ |
1,272 |
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$ |
2,558 |
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$ |
1,334 |
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Total |
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Contractual interest expense |
822 |
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819 |
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1,644 |
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|
957 |
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Amortization of debt discount |
— |
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— |
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— |
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— |
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Amortization of debt issuance costs |
1,288 |
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1,286 |
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2,575 |
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2,075 |
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Total interest expense |
$ |
2,110 |
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$ |
2,105 |
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$ |
4,219 |
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$ |
3,032 |
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Interest Income and Interest Expense Disclosure |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2022 |
|
2021 |
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2022 |
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2021 |
2023 notes |
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Contractual interest expense |
$ |
103 |
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$ |
104 |
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$ |
206 |
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$ |
208 |
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Amortization of debt discount |
— |
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— |
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— |
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— |
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Amortization of debt issuance costs |
38 |
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39 |
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75 |
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110 |
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Total interest expense |
$ |
141 |
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$ |
143 |
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$ |
281 |
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$ |
318 |
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2025 notes |
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Contractual interest expense |
— |
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— |
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— |
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— |
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Amortization of debt discount |
— |
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— |
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— |
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— |
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Amortization of debt issuance costs |
690 |
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|
690 |
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1,380 |
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1,380 |
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Total interest expense |
$ |
690 |
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$ |
690 |
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$ |
1,380 |
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$ |
1,380 |
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2027 notes |
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Contractual interest expense |
719 |
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|
715 |
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1,438 |
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|
749 |
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Amortization of debt discount |
— |
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— |
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— |
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— |
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Amortization of debt issuance costs |
560 |
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|
557 |
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1,120 |
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|
585 |
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Total interest expense |
$ |
1,279 |
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$ |
1,272 |
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$ |
2,558 |
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$ |
1,334 |
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Total |
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Contractual interest expense |
822 |
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819 |
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1,644 |
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|
957 |
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Amortization of debt discount |
— |
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— |
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— |
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— |
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Amortization of debt issuance costs |
1,288 |
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1,286 |
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|
2,575 |
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|
2,075 |
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Total interest expense |
$ |
2,110 |
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$ |
2,105 |
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$ |
4,219 |
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$ |
3,032 |
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