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Debt and Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Summary of Total Debt
Total debt was as follows: 
 December 31,
(In thousands)20222021
2023 Term A Loan bearing interest at a variable interest rate (LIBOR plus applicable margin(1)(2))
$— $170,875 
2024 Term B Loan bearing interest at a variable interest rate (LIBOR plus applicable margin(1)(3))
— 293,660 
2027 Term A Loan bearing interest at a variable interest rate (SOFR plus applicable margin (1)(4))
410,248 — 
Notes Payable due on January 1, 2022(1)
— 758 
Total debt$410,248 $465,293 
(1)Net of unaccreted discount and unamortized debt issue costs, as applicable.
(2)Applicable margin of 1.75% at December 31, 2021.
(3)Subject to a minimum rate (“LIBOR floor”) of 0.00% plus applicable margin of 3.50% at December 31, 2021.
(4)Subject to minimum rate (“SOFR floor”) of 0.00% plus applicable margin of 1.50% at December 31, 2022.
Summary of Contractual Principal Payments The following table presents contractual principal payments for the next years:
(In thousands) 
2023$20,750 
202420,750 
202520,750 
202620,750 
2027332,000 
Schedule of Interest Rate Swap Transaction
As of December 31, 2022, the Company has an interest rate swap agreement, entered into in December 2018, which converts a portion of the interest rate payments on the Company’s Term Loan Facility from variable to fixed:
 
Swap AmendmentEffective date  Maturity Date  Notional Amount  Variable Rate  Fixed Rate
2018 SwapApril 2020  November 2024  $250 million  1-month SOFR  2.89%