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Debt | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt consisted of the following (in thousands):
| September 30, |  | December 31,
| 2024 |  | 2023
Bank credit facility - term loan | $ | 285,000 |  |  | $ | 300,000 |
Bank credit facility - revolving facility | 168,000 |  |  | 133,000 |
Principal amount of long-term debt | 453,000 |  |  | 433,000 |
Less: debt issuance costs | (2,659) |  |  | (3,656) |
Total debt | 450,341 |  |  | 429,344 |
Less: current portion | (30,000) |  |  | (22,500) |
Long-term debt, less current portion | $ | 420,341 |  |  | $ | 406,844 |
Borrowings under our term loan and revolving facility mature in October 2026. As of September 30, 2024, the interest rate on our outstanding term loan borrowings and weighted average interest rate on our aggregate outstanding revolving facility was 8.05% and 7.94%, respectively. We had letters of credit outstanding of $0.8 million as of September 30, 2024 and December 31, 2023. Future required term loan and revolving facility payments as of September 30, 2024 are as follows (in thousands):
Year Ending |  | Term Loan |  | Revolving Facility |  | Total
Remainder of 2024 |  | $ | 7,500 |  |  | $ | — |  |  | $ | 7,500 |
2025 |  | 30,000 |  |  | — |  |  | 30,000 |
2026 |  | 247,500 |  |  | 168,000 |  |  | 415,500 |
Total |  | $ | 285,000 |  |  | $ | 168,000 |  |  | $ | 453,000 |
We were in compliance with required ratios and other terms and conditions under our credit agreement as of September 30, 2024.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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