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Form 10-Q 

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                      .

Delaware									68-0397820
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)
770 Lindaro Street			San Rafael			California			94901
(Address of principal executive offices)									(Zip Code)

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001

BMRN

The Nasdaq Global Select Market

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

									Page
PART I.						FINANCIAL INFORMATION			4
Item 1.						Financial Statements			4
						Condensed Consolidated Balance Sheets as of September 30, 2020 (Unaudited) and December 31, 2019			4
						Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the three and nine months ended September 30, 2020 and 2019			5
						Condensed Consolidated Statement of Stockholders’ Equity (Unaudited) for the three and nine months ended September 30, 2020 and 2019			6
						Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2020 and 2019			7
						Notes to Condensed Consolidated Financial Statements (Unaudited)			8
Item 2.						Management’s Discussion and Analysis of Financial Condition and Results of Operations			28
Item 3.						Quantitative and Qualitative Disclosures about Market Risk			43
Item 4.						Controls and Procedures			43
PART II.						OTHER INFORMATION			44
Item 1.						Legal Proceedings			44
Item 1A.						Risk Factors			44
Item 2.						Unregistered Sales of Equity Securities and Use of Proceeds			73
Item 3.						Defaults Upon Senior Securities			73
Item 4.						Mine Safety Disclosures			73
Item 5.						Other Information			73
Item 6.						Exhibits			74
SIGNATURES									76

BioMarin®, Brineura®, Kuvan®, Naglazyme®, Palynziq® and Vimizim® are our registered trademarks. Aldurazyme® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this report are the property of their respective owners.

			September 30, 2020						December 31, 2019 (1)
ASSETS			(unaudited)
Current assets:
Cash and cash equivalents			$	1,015,675					$	437,446
Short-term investments			489,998						316,361
Accounts receivable, net			411,712						377,404
Inventory			700,847						680,275
Other current assets			120,747						130,657
Total current assets			2,738,979						1,942,143
Noncurrent assets:
Long-term investments			265,122						411,978
Property, plant and equipment, net			1,015,062						1,010,868
Intangible assets, net			427,172						456,580
Goodwill			196,199						197,039
Deferred tax assets			1,396,547						549,422
Other assets			119,009						122,009
Total assets			$	6,158,090					$	4,690,039
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities			$	480,403					$	570,621
Short-term convertible debt, net			374,290						361,882
Total current liabilities			854,693						932,503
Noncurrent liabilities:
Long-term convertible debt, net			1,074,164						486,238
Long-term contingent consideration			54,103						50,793
Other long-term liabilities			121,237						98,124
Total liabilities			2,104,197						1,567,658
Stockholders’ equity:
Common stock, $0.001 par value: 500,000,000 shares authorized; 181,492,344 and 179,838,114 shares issued and outstanding, respectively.			181						180
Additional paid-in capital			4,937,791						4,832,707
Company common stock held by Nonqualified Deferred Compensation Plan (the NQDC)			(10,756)						(9,961)
Accumulated other comprehensive income			10,385						20,164
Accumulated deficit			(883,708)						(1,720,709)
Total stockholders’ equity			4,053,893						3,122,381
Total liabilities and stockholders’ equity			$	6,158,090					$	4,690,039

(1)December 31, 2019 balances were derived from the audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 27, 2020.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
REVENUES:
Net product revenues			$	460,741					$	450,900					$	1,368,816					$	1,224,458
Royalty and other revenues			16,043						10,197						39,522						25,147
Total revenues			476,784						461,097						1,408,338						1,249,605
OPERATING EXPENSES:
Cost of sales			188,793						96,949						398,134						263,567
Research and development			147,053						172,963						471,449						542,195
Selling, general and administrative			179,450						170,112						542,157						493,024
Intangible asset amortization and contingent consideration			17,429						17,063						48,018						57,114
Gain on sale of nonfinancial assets			—						—						(59,495)						(15,000)
Total operating expenses			532,725						457,087						1,400,263						1,340,900
INCOME (LOSS) FROM OPERATIONS			(55,941)						4,010						8,075						(91,295)
Equity in the loss of BioMarin/Genzyme LLC			(921)						(551)						(1,077)						(780)
Interest income			4,004						5,340						13,539						17,537
Interest expense			(9,597)						(2,937)						(24,560)						(16,530)
Other income, net			1,239						3,960						1,886						6,038
INCOME (LOSS) BEFORE INCOME TAXES			(61,216)						9,822						(2,137)						(85,030)
Benefit from income taxes			(846,019)						(45,214)						(839,138)						(46,158)
NET INCOME (LOSS)			$	784,803					$	55,036					$	837,001					$	(38,872)
NET INCOME (LOSS) PER SHARE, BASIC			$	4.33					$	0.31					$	4.63					$	(0.22)
NET INCOME (LOSS) PER SHARE, DILUTED			$	4.01					$	0.30					$	4.39					$	(0.22)
Weighted average common shares outstanding, basic			181,142						179,289						180,592						178,873
Weighted average common shares outstanding, diluted			197,674						185,924						194,959						178,873
COMPREHENSIVE INCOME (LOSS)			$	765,138					$	74,600					$	827,222					$	(7,140)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Shares of common stock, beginning balances (1)			181,148						179,433						179,838						178,253
Issuances under equity incentive plans			344						171						2,172						1,351
Repurchase of common stock			—						—						(518)						—
Shares of common stock, ending balances			181,492						179,604						181,492						179,604
Total stockholders' equity, beginning balances (1)			$	3,236,679					$	2,960,954					$	3,122,381					$	2,967,940
Common stock:
Beginning balances (1)			181						179						180						178
Issuances under equity incentive plans, net of tax			—						1						1						2
Ending balance			181						180						181						180
Additional paid-in capital:
Beginning balance (1)			4,885,637						4,744,316						4,832,707						4,669,926
Issuances under equity incentive plans, net of tax			7,319						(1,294)						17,601						(19,183)
Stock-based compensation			44,757						40,144						136,688						122,212
Repurchase of common stock			—						—						(50,000)						—
Common stock held by the NQDC			78						(250)						795						(692)
Accounting impact of NQDC Plan change			—						—						—						10,653
Ending balance			4,937,791						4,782,916						4,937,791						4,782,916
Treasury stock:
Beginning balance (1)			—						—						—						—
Purchase of treasury stock			—						—						(50,000)						—
Retirement of treasury stock			—						—						50,000						—
Ending balance			—						—						—						—
Company common stock held by the NQDC:
Beginning balance (1)			(10,678)						(10,211)						(9,961)						(13,301)
Common stock held by the NQDC			(78)						250						(795)						692
Accounting impact of NQDC Plan change			—						—						—						2,648
Ending balance			(10,756)						(9,961)						(10,756)						(9,961)
Accumulated other comprehensive income:
Beginning balance (1)			30,050						17,439						20,164						5,271
Other comprehensive income (loss)			(19,665)						19,564						(9,779)						31,732
Ending balance			10,385						37,003						10,385						37,003
Accumulated Deficit:
Beginning balance (1)			(1,668,511)						(1,790,769)						(1,720,709)						(1,694,134)
Impact of change in accounting principles			—						—						—						(2,727)
Net income (loss)			784,803						55,036						837,001						(38,872)
Ending balance			(883,708)						(1,735,733)						(883,708)						(1,735,733)
Total stockholders' equity, ending balances			$	4,053,893					$	3,074,405					$	4,053,893					$	3,074,405

(1)The beginning balances for the nine-month periods were derived from the audited Consolidated Financial Statements included in Company’s Annual Report on Form 10-K for the years ended December 31, 2019 and 2018, respectively, filed with the SEC on February 27, 2020.

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 

			Nine Months Ended September 30,
			2020						2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)			$	837,001					$	(38,872)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			77,814						79,510
Non-cash interest expense			14,766						9,395
Amortization of premium (accretion of discount) on investments			175						(1,897)
Stock-based compensation			142,125						121,763
Gain on sale of nonfinancial assets			(59,495)						(15,000)
Inventory write-off, net of stock-based compensation			75,609						—
Deferred income taxes			(854,199)						(59,780)
Unrealized foreign exchange loss			9,082						784
Non-cash changes in the fair value of contingent consideration			1,352						5,646
Other			388						(18)
Changes in operating assets and liabilities:
Accounts receivable, net			(32,915)						(61,803)
Inventory			(73,310)						(52,571)
Other current assets			32,848						(13,259)
Other assets			(5,543)						(7,112)
Accounts payable and accrued liabilities			(76,174)						21,747
Other long-term liabilities			9,225						2,386
Net cash provided by (used in) operating activities			98,749						(9,081)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment			(83,286)						(94,241)
Maturities and sales of investments			345,224						635,678
Purchases of available-for-sale securities			(369,942)						(528,497)
Proceeds from sale of nonfinancial assets			67,159						15,000
Purchase of intangible assets			(14,369)						(8,323)
Investment in convertible note			(8,709)						—
Other			(725)						(1,747)
Net cash provided by (used in) investing activities			(64,648)						17,870
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercises of awards under equity incentive plans			60,268						21,768
Taxes paid related to net share settlement of equity awards			(42,667)						(40,951)
Payment of contingent acquisition consideration			—						(57,508)
Repurchase of common stock			(50,000)						—
Proceeds from convertible senior subordinated note offering, net			585,752						—
Principal repayments of financing leases			(6,080)						(2,025)
Net cash provided by (used in) financing activities			547,273						(78,716)
Effect of exchange rate changes on cash			(3,145)						(835)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			578,229						(70,762)
Cash and cash equivalents:
Beginning of period			$	437,446					$	493,982
End of period			$	1,015,675					$	423,220
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for income taxes			$	4,355					$	6,088
Cash paid for interest			$	5,615					$	5,777
SUPPLEMENTAL CASH FLOW DISCLOSURES FOR NON-CASH INVESTING AND FINANCING ACTIVITIES:
Decrease in accounts payable and accrued liabilities related to fixed assets			$	(13,281)					$	(5,801)
Increase (decrease) in accounts payable and accrued liabilities related to intangible assets			$	(3,043)					$	2,053

On January 1, 2020, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (ASU 2016-13), as amended, using a modified retrospective approach. The standard has amended the guidance for measuring and recording credit losses on financial assets measured at amortized cost by replacing the incurred-loss model with an expected-loss model. This new standard also requires that credit losses related to available-for-sale debt securities be recorded as an allowance through net income rather than by reducing the carrying amount under the current, other-than-temporary impairment model. Results for reporting periods beginning January 1, 2020 are presented under ASU 2016-13 and the adoption of this standard had no impact on the Company’s Financial Statements.

Management performed an evaluation of the Company’s activities through the date of filing of this Quarterly Report on Form 10-Q, and has concluded that, except for the maturity and settlement of our convertible debt discussed in Note 12 - Debt, there were no subsequent events or transactions that occurred subsequent to the balance sheet date prior to filing this Quarterly Report on Form 10-Q that would require recognition or disclosure in the Condensed Consolidated Financial Statements.

There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2020, as compared to the significant accounting policies disclosed in Note 3 – Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Except as described in Note 2 – Basis of Presentation, there have been no new accounting pronouncements adopted by the Company or new accounting pronouncements issued by the FASB during the nine months ended September 30, 2020, as compared to the recent accounting pronouncements described in Note 4 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, that the Company believes are of significance or potential significance to the Company.

All marketable securities were classified as available-for-sale at September 30, 2020 and December 31, 2019.

The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented:

			September 30, 2020
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Aggregate Fair Value						Cash and Cash Equivalents						Short-term Marketable Securities (1)						Long-term Marketable Securities (2)
Level 1:
Cash			$	378,705					$	—					$	—					$	378,705					$	378,705					$	—					$	—
Level 2:
Money market instruments			557,006						—						—						557,006						557,006						—						—
Corporate debt securities			435,954						4,558						(14)						440,498						—						280,000						160,498
U.S. government agency securities			361,336						2,182						(1)						363,517						79,964						199,559						83,994
Asset-backed securities			23,430						129						—						23,559						—						3,639						19,920
Commercial paper			6,800						—						—						6,800						—						6,800						—
Foreign and other			549						161						—						710						—						—						710
Subtotal			1,385,075						7,030						(15)						1,392,090						636,970						489,998						265,122
Total			$	1,763,780					$	7,030					$	(15)					$	1,770,795					$	1,015,675					$	489,998					$	265,122

			December 31, 2019
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Aggregate Fair Value						Cash and Cash Equivalents						Short-term Marketable Securities (1)						Long-term Marketable Securities (2)
Level 1:
Cash			$	259,347					$	—					$	—					$	259,347					$	259,347					$	—					$	—
Level 2:
Money market instruments			173,100						—						—						173,100						173,100						—						—
Corporate debt securities			518,523						3,575						(12)						522,086						—						233,294						288,792
U.S. government agency securities			209,633						993						(67)						210,559						4,999						83,067						122,493
Foreign and other			549						145						(1)						693						—						—						693
Subtotal			901,805						4,713						(80)						906,438						178,099						316,361						411,978
Total			$	1,161,152					$	4,713					$	(80)					$	1,165,785					$	437,446					$	316,361					$	411,978

Intangible assets consisted of the following:

			September 30, 2020						December 31, 2019
Intangible assets:
Finite-lived intangible assets			$	638,468					$	652,734
Accumulated amortization			(211,296)						(196,154)
Net carrying value			$	427,172					$	456,580

Property, plant and equipment, net consisted of the following: 

			September 30, 2020						December 31, 2019
Building and improvements			$	756,479					$	725,906
Manufacturing and laboratory equipment			402,357						366,951
Computer hardware and software			187,722						167,554
Land			90,418						90,418
Leasehold improvements			52,479						51,324
Furniture and equipment			39,360						38,569
Land improvements			7,349						7,349
Construction-in-progress			92,581						111,897
			1,628,745						1,559,968
Accumulated depreciation			(613,683)						(549,100)
Total property, plant and equipment, net			$	1,015,062					$	1,010,868

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Depreciation expense			$	22,187					$	24,238					$	65,749					$	67,206
Depreciation capitalized into inventory			$	10,883					$	9,807					$	34,053					$	24,894

Inventory consisted of the following:

			September 30, 2020						December 31, 2019
Raw materials			$	73,857					$	74,442
Work-in-process			296,685						349,978
Finished goods			330,305						255,855
Total inventory			$	700,847					$	680,275

			September 30, 2020						December 31, 2019
Accounts payable and accrued operating expenses			$	218,021					$	240,981
Accrued compensation expense			137,415						192,467
Accrued rebates payable			65,999						57,163
Accrued royalties payable			20,426						30,797
Lease liabilities			10,930						10,700
Value added taxes payable			7,222						8,395
Forward foreign currency exchange contracts			7,774						10,448
Deferred revenue			3,240						13,037
Other			9,376						6,633
Total accounts payable and accrued liabilities			$	480,403					$	570,621

The Company measures certain financial assets and liabilities at fair value in accordance with the policy described in Note 3 – Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

The following tables present the classification within the fair value hierarchy of financial assets and liabilities not disclosed elsewhere in these Condensed Consolidated Financial Statements that are remeasured on a recurring basis as of September 30, 2020 and December 31, 2019. Other than the Company’s fixed-rate convertible debt disclosed in Note 12 – Debt, there were no financial assets or liabilities that were remeasured using a quoted price in active markets for identical assets (Level 1) as of September 30, 2020 or December 31, 2019.

			Fair Value Measurements at September 30, 2020
						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Assets:
Other current assets:
NQDC Plan assets						$	1,902					$	—					$	1,902
Other assets:
NQDC Plan assets						17,652						—						17,652
Restricted investments (1)						2,987						—						2,987
Total other assets						20,639						—						20,639
Total assets						$	22,541					$	—					$	22,541
Liabilities:
Current liabilities:
NQDC Plan liability						$	1,902					$	—					$	1,902
Other long-term liabilities:
NQDC Plan liability						17,652						—						17,652
Contingent consideration						—						54,103						54,103
Total other long-term liabilities						17,652						54,103						71,755
Total liabilities						$	19,554					$	54,103					$	73,657

									Fair Value Measurements at December 31, 2019
									Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Assets:
Other current assets:
NQDC Plan assets									$	1,177					$	—					$	1,177
Other assets:
NQDC Plan assets									16,288						—						16,288
Restricted investments (1)									3,168						—						3,168
Total other assets									19,456						—						19,456
Total assets									$	20,633					$	—					$	20,633
Liabilities:
Current liabilities:
NQDC Plan liability									$	1,177					$	—					$	1,177
Other long-term liabilities:
NQDC Plan liability									16,288						—						16,288
Contingent consideration									—						50,793						50,793
Total other long-term liabilities									16,288						50,793						67,081
Total liabilities									$	17,465					$	50,793					$	68,258

(1)    The restricted investments at September 30, 2020 and December 31, 2019 secure the Company's irrevocable standby letters of credit obtained in connection with certain commercial agreements.

There were no transfers between levels during the three and nine months ended September 30, 2020. The following table represents a roll forward of contingent consideration.

Contingent consideration at December 31, 2019			$	50,793
Changes in fair value of contingent consideration			1,352
Foreign exchange remeasurement of Euro denominated contingent acquisition consideration			1,958
Contingent consideration at September 30, 2020			$	54,103

The following table summarizes the aggregate notional amounts for the Company’s derivatives designated as hedging instruments outstanding as of the periods presented.

Foreign Exchange Contracts			September 30, 2020						December 31, 2019
Sell			$	729,998					$	820,546
Purchase			$	163,116					$	212,348

The following table summarizes the aggregate notional amounts for the Company’s derivatives not designated as hedging instruments outstanding as of the periods presented.

Foreign Exchange Contracts			September 30, 2020						December 31, 2019
Sell			$	41,031					$	77,335
Purchase			$	30,031					$	30,818

The fair value carrying amounts of the Company’s derivatives, as classified within the fair value hierarchy, were as follows:

Balance Sheet Location			September 30, 2020						December 31, 2019
Derivatives designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets			$	13,537					$	19,584
Other assets			4,621						13,539
Subtotal			$	18,158					$	33,123
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities			$	7,704					$	8,184
Other long-term liabilities			4,406						5,493
Subtotal			$	12,110					$	13,677
Derivatives not designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets			$	16					$	469
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities			$	70					$	2,264
Total Derivatives Assets			$	18,174					$	33,592
Total Derivatives Liabilities			$	12,180					$	15,941

(1)    For additional discussion of fair value measurements, see Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

The following tables summarize the impact of gains and losses from the Company's derivatives on its Condensed Consolidated Statements of Comprehensive Income (Loss) for the periods presented.

			Three Months Ended
			September 30, 2020												September 30, 2019
Derivatives Designated as Cash Flow Hedging Instruments									Cash Flow Hedging Gains (Losses) Reclassified into Earnings												Cash Flow Hedging Gains (Losses) Reclassified into Earnings
Net product revenues as reported			$	460,741					$	2,693					$	450,900					$	6,196
Operating expenses as reported			$	532,725					$	(815)					$	457,087					$	(1,388)
Derivatives Not Designated as Hedging Instruments									Gains (Losses) Recognized in Earnings												Gains (Losses) Recognized in Earnings
Operating expenses									$	4,166											$	(1,286)

			Nine Months Ended
			September 30, 2020												September 30, 2019
Derivatives Designated as Cash Flow Hedging Instruments									Cash Flow Hedging Gains (Losses) Reclassified into Earnings												Cash Flow Hedging Gains (Losses) Reclassified into Earnings
Net product revenues as reported			$	1,368,816					$	17,301					$	1,224,458					$	11,171
Operating expenses as reported			$	1,400,263					$	(4,274)					$	1,340,900					$	(1,885)
Derivatives Not Designated as Hedging Instruments									Gains (Losses) Recognized in Earnings												Gains (Losses) Recognized in Earnings
Operating expenses									$	9,600											$	(5,182)

As of September 30, 2020, the Company expected to reclassify unrealized gains of $4.8 million from Accumulated Other Comprehensive Income (AOCI) to earnings as the forecasted revenue and operating expense transactions occur over the next 12 months. For additional discussion of balances in AOCI see Note 13 – Accumulated Other Comprehensive Income.

The following table presents the Company’s right-of-use (ROU) assets and lease liabilities as of September 30, 2020: 

Lease Classification						Classification						September 30, 2020						December 31, 2019
Assets:
Operating						Other Assets						$	45,764					$	49,045
Financing						Other Assets						12,018						10,389
Total ROU assets												$	57,782					$	59,434
Liabilities:
Current:
Operating						Accounts payable and accrued liabilities						$	7,813					$	7,451
Financing						Accounts payable and accrued liabilities						3,117						3,249
Noncurrent:
Operating						Other long-term liabilities						40,831						44,092
Financing						Other long-term liabilities						4,570						6,708
Total lease liabilities												$	56,331					$	61,500

Maturities of lease liabilities as of September 30, 2020 by fiscal year were as follows: 

Maturity of Lease Liabilities						Operating						Financing						Total
Remainder of 2020						$	3,460					$	940					$	4,400
2021						9,908						3,080						12,988
2022						9,095						2,375						11,470
2023						8,055						1,797						9,852
2024						6,253						48						6,301
Thereafter						21,714						20						21,734
Total lease payments						58,485						8,260						66,745
Less: Interest						(9,841)						(573)						(10,414)
Present value of lease liabilities						$	48,644					$	7,687					$	56,331

												Three Months Ended September 30,												Nine Months Ended September 30,
Lease Cost						Classification						2020						2019						2020						2019
Operating (1)						Operating Expenses						$	3,227					$	3,535					$	8,953					$	9,946
Financing:
Amortization						Operating Expenses						841						600						2,307						1,811
Interest expense						Operating Expenses						111						142						352						455
Total lease costs												$	4,179					$	4,277					$	11,612					$	12,212

Other Information						September 30, 2020						September 30, 2019
Weighted average remaining lease term (in years):
Operating leases						7.1						8.0
Financing leases						2.8						4.2
Weighted average discount rate:
Operating leases						5.1		%				5.2		%
Financing leases						5.2		%				5.4		%

						Nine Months Ended September 30,
Supplemental Cash Flow Information						2020						2019
Cash paid for amounts included in the measurement of lease liabilities:
Cash used in operating activities:
Operating leases						$	7,007					$	5,918
Financing leases						$	354					$	454
Cash used in financing activities:
Financing leases						$	6,080					$	2,027
ROU assets obtained in exchange for lease obligations:
Operating leases						$	3,299					$	9,268
Financing leases						$	3,941					$	72

As of September 30, 2020, the Company had outstanding fixed-rate notes with varying maturities for an undiscounted aggregate principal amount of $1.5 billion (collectively the Notes). The Notes are senior subordinated convertible obligations, and interest is payable in arrears, semi-annually. The following table summarizes information regarding the Company’s convertible debt: 

			September 30, 2020						December 31, 2019
1.25% senior subordinated convertible notes due in May 2027 (the 2027 Notes)			$	600,000					$	—
Unamortized discount			(12,792)						—
Unamortized deferred offering costs			(709)						—
2027 Notes, net			586,499						—
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)			495,000						495,000
Unamortized discount			(5,470)						(6,533)
Unamortized deferred offering costs			(1,865)						(2,229)
2024 Notes, net			487,665						486,238
1.50% senior subordinated convertible notes due in October 2020 (the 2020 Notes)			374,993						374,993
Unamortized discount			(649)						(12,078)
Unamortized deferred offering costs			(54)						(1,033)
2020 Notes, net (1)			374,290						361,882
Total convertible debt, net			$	1,448,454					$	848,120
Fair value of fixed rate convertible debt (2):
2027 Notes			$	590,010					$	—
2024 Notes			517,730						521,839
2020 Notes			374,997						405,679
Total fair value of fixed rate convertible debt			$	1,482,737					$	927,518

(1)    The 2020 Notes are classified as a current liability in the periods presented because they matured on October 15, 2020 and were settled in cash for approximately $375.0 million. No shares were issued in connection with the settlement as the Company’s share price did not exceed the conversion price of $94.15, as measured over a 25-day averaging period, and the capped call transaction entered into concurrently with the issuance of notes was not triggered. The Company incurred no gain or loss upon the extinguishment of the 2020 Notes.

(2)    The fair value of the Company’s fixed-rate convertible debt is based on open market trades and is classified as Level 1 in the fair value hierarchy. For additional discussion of fair value measurements, see Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

Interest expense on the Company’s convertible debt consisted of the following: 

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
Accretion of discount on convertible notes			$	4,696					$	4,005					$	13,201					$	11,860
Coupon interest expense			4,255						2,271						9,443						6,681
Amortization of debt issuance costs			535						508						1,565						1,522
Total interest expense on convertible debt			$	9,486					$	6,784					$	24,209					$	20,063

See Note 13 - Debt in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 for additional information related to the Company’s convertible debt.

The following table summarizes amounts reclassified out of AOCI and their effect on the Company’s Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2020 and 2019. 

			Condensed Consolidated Statement of Comprehensive Income (Loss) Classification						Three Months Ended September 30,												Nine Months Ended September 30,
									2020						2019						2020						2019
Gains (losses) on cash flow hedges:
Forward contracts			Net product revenues						$	2,693					$	6,196					$	17,301					$	11,171
Forward contracts			Operating expenses						(815)						(1,388)						(4,274)						(1,885)
Total gain (loss) on cash flow hedges									$	1,878					$	4,808					$	13,027					$	9,286

The following tables summarize changes in the accumulated balances for each component of AOCI, including current period other comprehensive income (loss) and reclassifications out of AOCI for the three and nine months ended September 30, 2020 and 2019.

			Three Months Ended September 30, 2020
			Unrealized Gains (Losses) on Cash Flow Hedges						Unrealized Gains (Losses) on Available for-Sale Debt Securities						Other						Total
AOCI balance at June 30, 2020			$	22,963					$	7,087					$	—					$	30,050
Other comprehensive income (loss) before      reclassifications			(16,094)						(2,201)						—						(18,295)
Less: net gain (loss) reclassified from AOCI			1,878						—						—						1,878
Tax effect			—						508						—						508
Net current-period other comprehensive income (loss)			(17,972)						(1,693)						—						(19,665)
AOCI balance at September 30, 2020			$	4,991					$	5,394					$	—					$	10,385

			Three Months Ended September 30, 2019
			Unrealized Gains (Losses) on Cash Flow Hedges						Unrealized Gains (Losses) on Available for-Sale Debt Securities						Other						Total
AOCI balance at June 30, 2019			$	14,181					$	3,271					$	(13)					$	17,439
Other comprehensive income (loss) before      reclassifications			23,973						522						(3)						24,492
Less: gain (loss) reclassified from AOCI			4,808						—						—						4,808
Tax effect			—						(120)						—						(120)
Net current-period other comprehensive income (loss)			19,165						402						(3)						19,564
AOCI balance at September 30, 2019			$	33,346					$	3,673					$	(16)					$	37,003