Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt [Abstract]

Debt Facilities

The following table summarizes the Company’s debt facilities as of March 31, 2024 and December 31, 2023:

Facility or Arrangement	Original Principal Amount	Balance as of March 31, 2024(1)(2)	Balance as of December 31, 2023(1)(2)	Interest Rate	Repayment Terms
Credit Agreement term loan facility	$400.0 million	$375.0 million	$385.0 million	Variable 30 day: 7.43%	21% of the principal amount is payable in increasing quarterly installments over a five-year period that began on September 30, 2022, with the remainder payable at the end of the five-year term.
Credit Agreement revolving credit facility		$110.0 million	$120.0 million	Variable 30 day: 7.43%	Revolving line of credit expires June 14, 2027.

(1) As of March 31, 2024 and December 31, 2023, the current portion of the Company’s debt (i.e., becoming due in the next 12 months) included $20.0 million and $25.0 million, respectively, of the balance of its term loan under the Credit Agreement and $10.0 million and zero, respectively, of the balance under the revolving line of credit.

(2) The carrying value of the debt reflects the amounts stated in the above table, less debt issuance costs of $1.8 million and $2.0 million as of March 31, 2024 and December 31, 2023, respectively, related to the Credit Agreement, which are not reflected in this table.