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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt and Related Interest | The following table summarizes our total outstanding borrowings related to the amended 2021 Credit Agreement and Convertible Senior Notes:
| Rate |  | Maturity Date |  | December 31, 2023 |  | December 31, 2022
2021 Credit Agreement |  |  |  |  |  |  |
Revolving credit facility | S + 1.25% |  | April 2026 |  | $ | — |  |  | $ | — |
Term Loan A-1 | S + 1.25% |  | April 2026 |  | 50,000 |  |  | 290,000 |
Term Loan A-2 | S + 1.00% |  | April 2024 |  | — |  |  | 105,000 |
Convertible Senior Notes due 2026 | 0.25% |  | March 2026 |  | 600,000 |  |  | 600,000 |
Total borrowings |  |  |  |  | 650,000 |  |  | 995,000 |
Less: unamortized debt discount and debt issuance costs |  |  |  |  | (3,993) |  |  | (7,611) |
Total borrowings, net |  |  |  |  | 646,007 |  |  | 987,389 |
Less: current portion of debt |  |  |  |  | (49,801) |  |  | (30,000) |
Carrying value |  |  |  |  | $ | 596,206 |  |  | $ | 957,389 |
The weighted average interest rates for the borrowings under the amended 2021 Credit Agreement and Convertible Senior Notes due 2026 were 6.71% and 0.25%, as of December 31, 2023, respectively. For the twelve months ended December 31, 2023, the effective interest rate was 7.63% for borrowing under the amended 2021 Credit Agreement and 0.54% for the Convertible Senior Notes. The following sets forth the interest expense recognized related to the borrowings under the amended 2021 Credit Agreement and Convertible Senior Notes and is included in interest expense in the accompanying consolidated statements of income:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Contractual interest expense - Revolving Credit Facility | $ | (1,539) |  |  | $ | (1,267) |  |  | $ | (1,244) |
Contractual interest expense - Term Loans | (16,016) |  |  | (18,583) |  |  | (9,341) |
Contractual interest expense - Convertible Senior Notes | (1,500) |  |  | (1,500) |  |  | (1,213) |
Amortization of debt discount and debt issuance costs | (4,574) |  |  | (7,029) |  |  | (3,297) |
Interest expense and amortization of debt issuance costs - terminated 2019 Credit Agreement and Senior Unsecured Bridge loan facility | — |  |  | — |  |  | (8,203) |
Total | $ | (23,629) |  |  | $ | (28,379) |  |  | $ | (23,298) |
Schedule of Maturities of Long-term Debt | As of December 31, 2023, the required annual maturities related to the amended 2021 Credit Agreement and the Convertible Senior Notes due 2026 were as follows:
Year ending December 31, | Annual Maturities
2024 | $ | 50,000 |
2025 | — |
2026 | 600,000 |
2027 | — |
2028 | — |
Total required maturities | $ | 650,000 |

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