Debt and Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Total debt was as follows:



	December 31,
(In thousands)	2019		2018
Senior Secured Credit Facility (2023 Term A) due on November 27, 2023 paying interest at a variable interest rate (LIBOR plus applicable margin⁽¹⁾⁽²⁾)	$	207,261	$	217,791
Senior Secured Credit Facility (2024 Term B) due on November 27, 2024 paying interest at a variable interest rate (LIBOR plus applicable margin⁽¹⁾⁽³⁾)	317,936		320,515
Senior Secured Revolving Credit Facility⁽²⁾	—		—
Note Payable due on April 30, 2021⁽¹⁾	175		300
Notes Payable due on January 1, 2022⁽¹⁾	2,231		—
Total debt	$	527,603	$	538,606


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


(2)	Applicable margin of 2.00% and 2.25% at December 31, 2019 and December 31, 2018, respectively.

(3)

Subject to a minimum rate (“LIBOR floor”) of 0.0% plus applicable margin of 3.50% at December 31, 2019 and December 31, 2018.

Summary of Contractual Principal Payments

The following table presents contractual principal payments for the next five years:



(In thousands)
2020	$	15,311
2021	15,053
2022	20,508
2023	173,750
2024	308,750

Schedule of Interest Rate Swap Transaction

At December 31, 2019, the Company had 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 2023 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%

Schedule of Carrying Amount of Derivative Instruments on the Balance Sheet

At December 31, 2019 and 2018, the carrying amount of the derivatives on the Company’s balance sheets is as follows:



(In thousands)	December 31, 2019		December 31, 2018
Other long-term assets	$	—	$	1,683
Other long-term liabilities	14,452		4,059

For the year ended December 31, 2019, the Company recognized gains related to hedging activities on the Statement of Income and Comprehensive Income that offset the Company's interest expense as follows:



(In thousands)	December 31, 2019
Interest expense	$	677