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Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consisted of the following (in thousands):
March 31,December 31,
 20232022
Bank credit facility - term loan$97,500 $100,000 
Bank credit facility - revolver loans256,498 188,610 
Principal amount of long-term debt353,998 288,610 
Less debt issuance costs(2,143)(2,310)
Total long-term debt351,855 286,300 
Less current portion(10,000)(10,000)
Long-term debt, less current portion$341,855 $276,300 

Borrowings under our term and revolving credit facilities mature in October 2025. As of March 31, 2023, the interest rate on our outstanding term debt and weighted average interest rate on our aggregate outstanding revolver debt was 7.51% and 7.69%, respectively. Interest expense incurred on bank credit facilities was approximately $6.4 million and $3.4 million for the three months ended March 31, 2023 and 2022, respectively. We had letters of credit outstanding of $0.7 million and $1.0 million as of March 31, 2023 and December 31, 2022, respectively.

Future required term and revolver loan payments as of March 31, 2023 are as follows (in thousands):

Year EndingTerm LoanRevolver LoanTotal
Remainder of 2023$7,500 $— $7,500 
202410,000 — 10,000 
202580,000 256,498 336,498 
     Total$97,500 $256,498 $353,998 
We were in compliance with required ratios and other terms and conditions under our loan agreement as of March 31, 2023.