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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following table summarizes our outstanding borrowings:
| Rate |  | Maturity Date |  | September 30, 2024 |  | December 31, 2023
2024 Credit Agreement |  |  |  |  |  |  |
Revolving credit facility | S + 1.125% |  | September 2029 |  | $ | — |  |  | $ | — |
2021 Credit Agreement |  |  |  |  |  |  |
Revolving credit facility | S + 1.125% |  | April 2026 |  | — |  |  | — |
Term Loan A-1 | S + 1.125% |  | April 2026 |  | — |  |  | 50,000 |
Convertible Senior Notes due 2026 | 0.25% |  | March 2026 |  | 600,000 |  |  | 600,000 |
Total borrowings |  |  |  |  | 600,000 |  |  | 650,000 |
Less: unamortized debt discount and debt issuance costs |  |  |  |  | (2,498) |  |  | (3,993) |
Total borrowings, net |  |  |  |  | 597,502 |  |  | 646,007 |
Less: current portion of debt |  |  |  |  | — |  |  | (49,801) |
Carrying value |  |  |  |  | $ | 597,502 |  |  | $ | 596,206 |
The following sets forth the interest expense recognized related to the borrowings and commitment fees for unused portions under the 2024 Credit Agreement, 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 September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Contractual interest expense - 2024 Revolving Credit Facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Contractual interest expense - 2021 Revolving Credit Facility | (212) |  |  | (319) |  |  | (671) |  |  | (1,257) |
Contractual interest expense - Term Loans | — |  |  | (3,787) |  |  | (761) |  |  | (13,993) |
Contractual interest expense - Convertible Senior Notes | (375) |  |  | (375) |  |  | (1,125) |  |  | (1,125) |
Amortization of debt discount and debt issuance costs | (648) |  |  | (1,327) |  |  | (2,115) |  |  | (3,504) |
Total | $ | (1,235) |  |  | $ | (5,808) |  |  | $ | (4,672) |  |  | $ | (19,879) |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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