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Credit Facility

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Credit Facility

13. Credit Facility

The following table provides a summary of the Company’s outstanding borrowings under its credit facility:

		December 31, 2020								December 31, 2019
		Term Loan				Revolver				Term Loan				Revolver
Amount borrowed		$	179,000			$	—			$	200,000			$	—
Amounts repaid			(179,000	)			—				(21,000	)			—
Amounts outstanding			—				—				179,000				—
Unamortized issuance costs			—				—				(3,044	)			671
Carrying amount		$	—			$	—			$	175,956			$	671
Effective interest rate			4.15	%			n/a				5.32	%			n/a

On June 16, 2020, the Company terminated its credit facility by repaying all amounts outstanding under its term loan and terminating the revolver. A loss on extinguishment of debt of $2,387 was recognized which represented the write-off of the remaining unamortized issuance costs.

Interest expense recognized on the credit facility during the years ended December 31, 2020 and 2019 was $4,086 and $11,240, respectively. The fair value of the Company’s debt (classified as Level 2 within the fair value hierarchy) was $176,986 at December 31, 2019. 

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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