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DEBT | 6 Months Ended
--- | ---
Jun. 30, 2024
DEBT |
DEBT |
11. | DEBT
The Company’s long-term debt consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2024 |  | 2023
Term loan | ​ | $ | 750,000 | ​ | $ | —
Revolving credit facility | ​ |  | — | ​ |  | —
Total debt | ​ |  | 750,000 | ​ |  | —
Less: unamortized debt issuance costs | ​ |  | (1,260) | ​ |  | —
Total debt, net of unamortized debt issuance costs | ​ |  | 748,740 | ​ |  | —
Less: current portion of long-term debt | ​ |  | — | ​ |  | —
Long-term debt | ​ | $ | 748,740 | ​ | $ | —
​ In May 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders, which provides for senior unsecured credit facilities in an aggregate principal amount of $1.50 billion (collectively, the “Credit Facilities”). The Credit Facilities consist of a $750.0 million term loan (the “Term Loan”) and up to $750.0 million in multicurrency revolving loan commitments (the “Revolving Credit Facility”). The Term Loan matures May 2027 and the Revolving Credit Facility matures May 2029. As of June 30, 2024, the Company was in compliance with all covenants under the Credit Facilities. Borrowings under the Credit Facilities bear interest at a variable rate per annum equal to the applicable rate plus margin (as defined in the Credit Facilities). The interest rate in effect on the Term Loan was 6.30% as of June 30, 2024. No borrowings were outstanding under the Revolving Credit Facility as of June 30, 2024. Borrowings under the Credit Facilities are due on the respective maturity date. Borrowings may be repaid at any time during the term of the Credit Facilities and, in the case of the Revolving Credit Facility, may be reborrowed prior to the maturity date. Additionally, the Company has a line of credit of up to $15.0 million with HSBC Bank (China) Company Limited, Shanghai Branch. At June 30, 2024, the interest rate on borrowings under the line of credit was 5.5%. As of June 30, 2024, no amount was outstanding on this line of credit. Based on Level 2 inputs, the carrying value of the Company’s debt approximates fair value, as borrowings are subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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