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Debt
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consisted of the following (in thousands):
June 30,December 31,
 20222021
Bank credit facility - term loan$52,675 $60,175 
Bank credit facility - revolver loans257,681 226,559 
Principal amount of long-term debt310,356 286,734 
Less debt issuance costs(1,746)(2,165)
Total long-term debt308,610 284,569 
Less current portion(14,162)(14,162)
Long-term debt, less current portion$294,448 $270,407 

We had letters of credit outstanding totaling $1.2 million and $1.0 million as of June 30, 2022 and December 31, 2021, respectively.

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 June 30, 2022, the LIBOR margin was 2.25% and the base margin was 4.75%. The margins increase or decrease in increments as our Total Funded Debt/EBITDA Ratio increases or decreases. As of June 30, 2022, interest rates on our outstanding debt ranged from 4.62% to 7.00%, and the effective interest rate on our aggregate outstanding debt was 5.06%.

Interest expense incurred on bank loan borrowings and interest rate hedges was $3.7 million and $2.4 million for the three months ended June 30, 2022 and 2021, respectively, and $7.1 million and $5.1 million for the six months ended June 30, 2022 and 2021, respectively. As of June 30, 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 June 30, 2022 are as follows (in thousands):
Year EndingTerm LoanRevolver LoanTotal
Remainder of 2022$7,500 $— $7,500 
202315,000 — 15,000 
202430,175 257,681 287,856 
     Total$52,675 $257,681 $310,356 
We were in compliance with required ratios and other terms and conditions under our loan agreement as of June 30, 2022.