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DEBT
 3 Months Ended
Mar. 31, 2025
DEBT  
DEBT

10.

DEBT

The Company’s long-term debt consisted of the following:

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​

​

​

​

​

​

​

​

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March 31,

​

December 31,

​

    

2025

    

2024

Term loan

​

$

200,000

​

$

375,000

Revolving credit facility

​

 

—

​

 

—

Total debt

​

 

200,000

​

 

375,000

Less: unamortized debt issuance costs

​

 

(941)

​

 

(1,049)

Total debt, net of unamortized debt issuance costs

​

 

199,059

​

 

373,951

Less: current portion of long-term debt

​

 

—

​

 

—

Long-term debt

​

$

199,059

​

$

373,951

​

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 March 31, 2025, 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 5.30% as of March 31, 2025. No borrowings were outstanding under the Revolving Credit Facility as of March 31, 2025. In April 2025, the Company repaid the remaining outstanding balance of $200.0 million on the Term Loan.

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 March 31, 2025, the interest rate on borrowings under the line of credit was 5.5%. As of March 31, 2025, 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.