Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt

(Thousands)	March 31, 2023		December 31, 2022
Borrowings under Credit Agreement	$	145,155	$	143,250
Borrowings under the Term Loan Facility	281,250		285,000
Foreign debt	10,366		7,541
Total debt outstanding	436,771		435,791
Current portion of long-term debt	(27,727)		(21,105)
Gross long-term debt	409,044		414,686
Unamortized deferred financing fees	(3,562)		(3,810)
Long-term debt	$	405,482	$	410,876

As of March 31, 2023 and December 31, 2022, the Company had $145.2 million outstanding at an average interest rate of 6.42% and $143.3 million outstanding at an average interest rate of 6.08%, respectively, under its revolving credit facility. The available borrowing capacity under the revolving credit facility as of March 31, 2023 was $186.8 million. The Company has the option to repay or borrow additional funds under the revolving credit facility until the maturity date in 2026. The amended and restated credit agreement governing the revolving credit facility (Credit Agreement) includes covenants subject to a maximum leverage ratio and a minimum fixed charge coverage ratio. We were in compliance with all of our debt covenants as of March 31, 2023.

The balance outstanding on the term loan facility as of March 31, 2023 and December 31, 2022 was $281.3 million and $285.0 million, respectively.

At both March 31, 2023 and December 31, 2022, there was $46.5 million outstanding against the letters of credit sub-facility.