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Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consisted of the following (in thousands):
March 31,December 31,
 20222021
Bank credit facility - term loan$56,425 $60,175 
Bank credit facility - revolver loans249,375 226,559 
Principal amount of long-term debt305,800 286,734 
Less debt issuance costs(1,955)(2,165)
Total long-term debt303,845 284,569 
Less current portion(14,162)(14,162)
Long-term debt, less current portion$289,683 $270,407 

We had letters of credit outstanding totaling $1.0 million as of March 31, 2022 and December 31, 2021.

We pay interest on the term and revolving loan borrowings at LIBOR plus a base margin or at a base rate (typically the prime rate) plus a base margin. As of March 31, 2022, the LIBOR margin was 2.25% and the base margin was 3.50%. The margins increase or decrease in increments as our Total Funded Debt/EBITDA Ratio increases or decreases. As of March 31, 2022, interest rates on our outstanding debt ranged from 4.00% to 5.75%, and the effective interest rate on our aggregate outstanding debt was 4.09%.

Interest expense incurred on bank loan borrowings and interest rate hedges was $3.4 million and $2.7 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was no hedged portion of our debt as our two remaining hedges expired in February and March of 2022. As of December 31, 2021, the portion of our debt with interest rate swap agreements was $75 million.

Our required term and revolver loan principal payments after March 31, 2022 are as follows (in thousands):
Year EndingTerm LoanRevolver LoanTotal
Remainder of 2022$11,250 $— $11,250 
202315,000 — 15,000 
202430,175 249,375 279,550 
     Total$56,425 $249,375 $305,800 
We were in compliance with required ratios and other terms and conditions under our loan agreement as of March 31, 2022.