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Debt and Short-Term Borrowings (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Summary of total debt | Debt at June 30, 2024 and December 31, 2023 was as follows:
(In thousands) |  | June 30, 2024 |  | December 31, 2023
2027 Term A Loan bearing interest at a variable interest rate (SOFR plus applicable margin(1)(2)) |  | $ | 438,021 |  |  | $ | 449,450 |
2030 Term B Loan bearing interest at a variable interest rate (SOFR plus applicable margin(1)(3)) |  | 521,847 |  |  | 521,233 |
Deferred consideration from Business Combinations |  | 11,505 |  |  | 19,467 |
Note payable due September 1, 2030(1) |  | 7,325 |  |  | 7,403 |
Total debt |  | $ | 978,698 |  |  | $ | 997,553 |
(1)Net of unaccreted discount and unamortized debt issue costs, as applicable. (2)Subject to a minimum rate ("SOFR floor") of 0.00% plus applicable margin of 2.00% at June 30, 2024 and 1.50% at December 31, 2023. (3)Subject to a SOFR floor of 0.50% plus applicable margin of 3.25% at June 30, 2024 and an applicable margin of 3.50% at December 31, 2023.
Summary of interest rate swap transaction |
Swap Agreement |  | Effective date |  | Maturity Date |  | Notional Amount |  | Variable Rate |  | Fixed Rate
2018 Swap |  | April 2020 |  | November 2024 |  | $250 million |  | 1-month SOFR |  | 2.929%
2023 Swap |  | November 2024 |  | December 2027 |  | $250 million |  | 1-month SOFR |  | 3.375%
2024 Swap |  | March 2024 |  | October 2027 |  | $150 million |  | 1-month SOFR |  | 4.182%
2024 Swap |  | March 2024 |  | October 2027 |  | $150 million |  | 1-month SOFR |  | 4.172%

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