DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

DEBT

Our debt as of June 30, 2024 and December 31, 2023 consists of the following (amounts in thousands):

	As of June 30, 2024						As of December 31, 2023
	Principal		Debt Issuance Costs(1)		Total		Principal		Debt Issuance Costs		Total
Current portion of long-term debt	$	50,000	$	—	$	50,000	$	—	$	—	$	—
Long-term debt	$	—	$	—	$	—	$	250,000	$	(4,033)	$	245,967
Total debt	$	50,000	$	—	$	50,000	$	250,000	$	(4,033)	$	245,967

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(1)Debt issuance costs of $3.6 million included within Other assets on our consolidated balance sheets.

Revolving credit facility

For the six months ended June 30, 2024, we repaid a total of $200 million on our outstanding revolving credit facility. As of June 30, 2024, we had $50 million outstanding and $950 million available under our revolving credit facility. The interest rate on borrowings under our revolving credit facility as of June 30, 2024, was Term SOFR plus 1.20% for an all-in rate of 6.5%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $1.7 million and $5.6 million for the three and six months ended June 30, 2024, respectively, and $7.8 million and $16.3 million for the three and six months ended June 30, 2023, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under our revolving credit facility as of June 30, 2024.

On July 10, 2024, we repaid $25 million on our outstanding revolving credit facility, and on August 12, 2024, we plan to pay the remaining outstanding balance. We may repay any borrowings under our revolving credit facility at any time without premium or penalty.