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LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
On July 1, 2020, the Company entered into a second amended and restated credit agreement (the "2020 Credit Agreement"), which amended and restated in its entirety the 2017 Credit Agreement. See Note 15 for information regarding the Company's 2020 Credit Agreement and Senior Notes issuance and related debt issuance costs.

On October 19, 2017, the Company entered into an amended and restated credit agreement (the "2017 Credit Agreement"), which amended and restated in its entirety the then-existing credit agreement dated April 1, 2014. The 2017 Credit Agreement, through a syndicate of financial institutions as lenders and issuing banks, provided for a $750 million revolving credit facility with a term of five years, of which up to $20 million was available for the issuance of letters of credit. On March 25, 2020, the Company borrowed $745 million under the revolving credit facility. At June 30, 2020, $4.8 million of the revolving credit facility remained available.

The Company had an irrevocable standby letter of credit outstanding totaling $0.2 million as of June 30, 2020 and December 31, 2019, which is required to secure its San Francisco office lease. The letter of credit was established in 2014 and automatically renews annually through January 31, 2025.

The loans under the 2017 Credit Agreement bore interest, at the Company’s option, of either (i) during any interest period selected by the Company, at the London interbank offered rate for deposits in U.S. dollars with a maturity comparable to such interest period, adjusted for statutory reserves (“LIBOR”), plus an initial spread of 1.25% per annum, subject to adjustment based on the Company’s First Lien Secured Leverage Ratio (as defined in the 2017 Credit Agreement) or (ii) at the greatest of (x) the prime rate from time to time announced by JPMorgan Chase Bank, N.A., (y) the New York Federal Reserve Bank rate, plus ½ of 1% and (z) LIBOR for a one-month interest period plus 1.00%, plus an initial spread of 0.25% per annum, subject to adjustment based on the Company’s First Lien Secured Leverage Ratio. If any principal or interest on any amount payable by the Borrower under the 2017 Credit Agreement was not paid when due, the applicable interest rate on overdue principal would increase by 2.00% per annum and any other overdue amount would bear interest at rate of 2.00% per annum plus the rate applicable to base rate revolving loans. The obligations under the 2017 Credit Agreement were guaranteed by all material subsidiaries of the Company and were secured by a lien on substantially all of the assets of the Company and its material subsidiaries, in each case subject to certain exceptions, pursuant to security and guarantee agreements.
The 2017 Credit Agreement required the Company to maintain (i) a First Lien Secured Leverage Ratio not exceeding 3.50 to 1.00 and (ii) after the incurrence of additional indebtedness under certain specified exceptions in the 2017 Credit Agreement, a Total Leverage Ratio (as defined in the 2017 Credit Agreement) not exceeding 4.50 to 1.00. The 2017 Credit Agreement also included other covenants, including ones that, subject to certain exceptions, restricted the ability of the Company and its subsidiaries to (i) incur additional indebtedness, (ii) create, incur, assume or permit to exist any liens, (iii) enter into mergers, consolidations or similar transactions, (iv) make investments and acquisitions, (v) make certain dispositions of assets, (vi) make dividends, distributions and prepayments of certain indebtedness, and (vii) enter into certain transactions with affiliates. The Company had $745 million of debt outstanding at June 30, 2020 with a weighted average interest rate of 2.2% and no debt outstanding at December 31, 2019. Borrowings under the revolving credit facility are recorded on the Company's condensed consolidated balance sheets as long-term debt and were due in October 2022.