Debt and Short-Term Borrowings (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Summary of total debt

Total debt at March 31, 2020 and December 31, 2019 follows:

(In thousands)	March 31, 2020		December 31, 2019
2023 Term A Loan paying interest at a variable interest rate (LIBOR plus applicable margin(1)(2))	$	196,693	$	207,261
2024 Term B Loan paying interest at a variable interest rate (LIBOR plus applicable margin(1)(3))	308,401		317,936
Note payable due April 30, 2021(1)	143		175
Note payable due January 1, 2022(1)	1,339		2,231
Total debt	$	506,576	$	527,603

(1) Net of unaccreted discount and unamortized debt issue costs, as applicable.

(2) Applicable margin of 2.00% at March 31, 2020 and December 31, 2019.

(3)

Subject to a minimum rate ("LIBOR floor") of 0% plus applicable margin of 3.50% at March 31, 2020 and December 31, 2019.

Summary of interest rate swap transaction

As of March 31, 2020, the Company has two interest rate swap agreements, entered into in December 2015 and December 2018, which convert a portion of the interest rate payments on the Company's 2024 Term B Loan from variable to fixed: 

Swap Agreement	Effective date	Maturity Date	Notional Amount	Variable Rate	Fixed Rate
2015 Swap	January 2017	April 2020	$200 million	1-month LIBOR	1.9225%
2018 Swap	April 2020	November 2024	$250 million	1-month LIBOR	2.89%