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Debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of debt and related interest
The following table summarizes our total outstanding borrowings related to the 2021 Credit Agreement and Convertible Senior Notes:
RateMaturity DateJune 30, 2023December 31, 2022
2021 Credit Agreement
Revolving credit facility
S + 1.50%
April 2026$— $— 
Term Loan A-1
S + 1.50%
April 2026250,000 290,000 
Term Loan A-2
S + 1.25%
April 202425,000 105,000 
Convertible Senior Notes due 20260.25%March 2026600,000 600,000 
Total borrowings875,000 995,000 
Less: unamortized debt discount and debt issuance costs(5,926)(7,611)
Total borrowings, net869,074 987,389 
Less: current portion of debt(30,000)(30,000)
Carrying value$839,074 $957,389 
The weighted average interest rates for the borrowings under the 2021 Credit Agreement and Convertible Senior Notes due 2026 were 6.68% and 0.25%, as of June 30, 2023, respectively. During the six months ended June 30, 2023, the effective interest rates for our borrowings were 7.04% and 0.54% for the 2021 Credit Agreement and the Convertible Senior Notes, respectively. The following sets forth the interest expense recognized related to the borrowings under the 2021 Credit Agreement and Convertible Senior Notes and is included in interest expense in the accompanying condensed consolidated statements of income:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Contractual interest expense - Revolving Credit Facility$(625)$(315)$(937)$(628)
Contractual interest expense - Term Loans(4,565)(4,375)(10,206)(7,369)
Contractual interest expense - Convertible Senior Notes(375)(375)(750)(750)
Amortization of debt discount and debt issuance costs (822)(1,149)(2,178)(2,271)
Total $(6,387)$(6,214)$(14,071)$(11,018)