Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt

Long-term debt consisted of the following (in thousands):

	September 30,		December 31,
	2024		2023
Bank credit facility - term loan	$	285,000	$	300,000
Bank credit facility - revolving facility	168,000		133,000
Principal amount of long-term debt	453,000		433,000
Less: debt issuance costs	(2,659)		(3,656)
Total debt	450,341		429,344
Less: current portion	(30,000)		(22,500)
Long-term debt, less current portion	$	420,341	$	406,844

Borrowings under our term loan and revolving facility mature in October 2026. As of September 30, 2024, the interest rate on our outstanding term loan borrowings and weighted average interest rate on our aggregate outstanding revolving facility was 8.05% and 7.94%, respectively. We had letters of credit outstanding of $0.8 million as of September 30, 2024 and December 31, 2023.

Future required term loan and revolving facility payments as of September 30, 2024 are as follows (in thousands):

Year Ending	Term Loan		Revolving Facility		Total
Remainder of 2024	$	7,500	$	—	$	7,500
2025	30,000		—		30,000
2026	247,500		168,000		415,500
Total	$	285,000	$	168,000	$	453,000

We were in compliance with required ratios and other terms and conditions under our credit agreement as of September 30, 2024.