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Long-Term Obligations (Tables) | 3 Months Ended
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Jun. 30, 2023
LOng-Term Obligations Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The carrying values of our long-term debt consist of the following (in thousands):
| Effective Interest Rate |  | As of June 30, 2023 |  | Effective Interest Rate |  | As of December 31, 2022 |  |
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |
Term Loan A — principal | 7.52 | % |  | $ | 823,438 |  |  | 3.99 | % |  | $ | 834,000 |  |  |
Term Loan B — principal | 7.86 | % |  | 839,375 |  |  | 4.61 | % |  | 843,625 |  |  |
Revolving Credit Facility — principal | — | % |  | — |  |  | — | % |  | — |  |  |
Less unamortized debt issuance costs(1) |  |  | (21,718) |  |  |  |  | (24,262) |  |  |
Total carrying value of long-term debt |  |  | 1,641,095 |  |  |  |  | 1,653,363 |  |  |
Less current portion of long-term debt |  |  | 40,375 |  |  |  |  | 29,688 |  |  |
Long-term debt, net |  |  | $ | 1,600,720 |  |  |  |  | $ | 1,623,675 |  |  |
_______________________________ (1) Comprised of $10.9 million and $10.8 million relating to the Term Loan A and the Term Loan B, respectively, as of June 30, 2023.
Schedule of Maturities of Long-term Debt | As of June 30, 2023, the aggregate amount of principal repayments of our long-term debt (including any current portion) for each of the next five years is approximately (in thousands):
Remainder of 2023 |  | $ | 14,875 |
2024 |  | 51,000 |
2025 |  | 51,000 |
2026 |  | 72,250 |
2027 |  | 672,563 |
2028 |  | 8,500 |
Thereafter |  | 792,625 |
Total |  | $ | 1,662,813 |
Interest expense on long term debt | The following table presents the total interest expense related to our long-term debt (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Contractual interest | $ | 30,836 |  |  | $ | 12,622 |  |  | $ | 60,099 |  |  | $ | 22,639 |
Amortization of debt issuance costs | 1,703 |  |  | 1,799 |  |  | 3,404 |  |  | 3,442 |
Commitment fee — Revolving Credit Facility | 383 |  |  | 309 |  |  | 751 |  |  | 661 |
Total long-term debt-related interest expense | $ | 32,922 |  |  | $ | 14,730 |  |  | 64,254 |  |  | 26,742 |
Applicable Margin Based on Leverage Ratio | Effective on the first Adjustment Date, as defined in the Credit Agreement, occurring subsequent to our quarter ending June 30, 2022, the applicable margin for the Term Loan A and borrowings under the Revolving Credit Facility will be determined by reference to the leverage ratio in effect from time to time as set forth in the following table:
Leverage Ratio | Applicable Margin for Term SOFR Loans | Applicable Margin for Base Rate Loans | Commitment Fee Rate
Greater than 4.00 to 1.0 | 2.25% | 1.25% | 0.35%
Less than or equal to 4.00 to 1.0 but greater than 3.00 to 1.0 | 2.00% | 1.00% | 0.30%
Less than or equal to 3.00 to 1.0 but greater than 2.50 to 1.0 | 1.75% | 0.75% | 0.25%
Less than or equal to 2.50 to 1.0 but greater than 2.00 to 1.0 | 1.50% | 0.50% | 0.20%
Less than or equal to 2.00 to 1.0 | 1.25% | 0.25% | 0.15%

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