Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the Company's total outstanding borrowings related to the 2021 Credit Agreement (in thousands):

	December 31, 2021		Maturity Date
Revolving Credit Facility	$	—	April 20, 2026
Term Loan A-1	585,000		April 20, 2026
Term Loan A-2	170,000		April 20, 2024
Total borrowings under the 2021 Credit Agreement	755,000
Less: unamortized debt discount and debt issuance costs related to term loans	(6,489)
Total borrowings, net	$	748,511
Less: current portion of debt	$	(30,000)
Carrying value as of December 31, 2021	$	718,511

The effective interest rate for the borrowings under the 2021 Credit Agreement is 1.84% as of December 31, 2021. The following sets forth the interest expense recognized related to the borrowings under the 2021 Credit Agreement included in interest expense in the accompanying condensed consolidated statements of income (in thousands):

	For the year ended
	2021
Contractual interest expense - Revolving Credit Facility	$	(618)
Contractual interest expense - Term Loans	(9,341)
Amortization of debt discount and debt issuance costs	(2,542)
Total	$	(12,501)

summarizes the interest expense and related amortization of debt issuance costs associated with the terminated debt agreements incurred through the Closing Date, included in interest expense in the accompanying condensed consolidated statements of income (in thousands).

	Years Ended December 31,
	2021		2020		2019
Contractual interest expense - 2019 Credit Agreement	$	(313)	$	(610)	$	(1,565)
Unsecured bridge loan facility commitment fee	(6,407)		—		—
Amortization of debt issuance costs	(1,484)		(397)		(461)
Total	$	(8,204)	$	(1,007)	$	(2,026)

The net carrying value of the Convertible Senior Notes, net of unamortized debt discount and unamortized debt issuance costs were as follows (in thousands):

	December 31, 2021
Convertible Senior Notes due 2026	$	600,000
Less: unamortized debt discount and debt issuance costs	(7,235)
Carrying value as of December 31, 2021	$	592,765

As of December 31, 2021, the effective interest rate as for the Convertible Senior Notes is 0.53%. The following sets forth the interest expense recognized related to the Convertible Senior Notes (in thousands):

	For the year ended
	2021
Contractual interest expense	$	(1,217)
Amortization of debt discount and debt issuance costs	(1,382)
Total	$	(2,599)

Schedule of Maturities of Long-term Debt

As of December 31, 2021, the required annual maturities related to the 2021 Credit Agreement and the Convertible Senior Notes due 2026 were as follows (in thousands):

Year ending December 31,	Annual Maturities
2022	$	30,000
2023	30,000
2024	30,000
2025	30,000
2026	1,235,000
Total required maturities	$	1,355,000