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Long-Term Debt | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 6 – LONG-TERM DEBT At March 31, 2023 and December 31, 2022, long-term debt consisted of:
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Average Interest Rate |  | Outstanding Balance |  |  | Average Interest Rate |  | Outstanding Balance |
Term Loan |  |  |  | $ | 285,000 |  |  |  |  | $ | 288,750 |
Delayed-Draw Term Loan |  |  |  |  | 220,000 |  |  |  |  |  | 220,000 |
Revolving Credit |  |  |  |  | 97,721 |  |  |  |  |  | 52,616 |
Total before debt issuance costs |  | 6.3% |  |  | 602,721 |  |  | 3.3% |  |  | 561,366 |
Unamortized debt issuance costs |  |  |  |  | (4,742 | ) |  |  |  |  | (5,032 | )
Total |  |  |  | $ | 597,979 |  |  |  |  | $ | 556,334 |
As of March 31, 2023, the Company had unused delayed draw term loan facility $180.0 million (available through May 6, 2023, with an additional six-month extension upon request by the Company) and unused borrowing capacity under the $600.0 million revolving line of credit of $499.6 million under the Credit Facility. The unused borrowing capacity is inclusive of outstanding letters of credit totaling $2.7 million. Considering the financial, performance-based limitations, available borrowing capacity was $403.5 million as of March 31, 2023. The average interest rate on borrowings under the Credit Facility was 6.3% for the three-months period ended March 31, 2023 and 3.3% for the twelve-months period ended December 31, 2022. Inclusive of the impact of floating-to-fixed interest rate swaps (see “Note 8 — Derivative Instruments and Hedging Activities”), the average interest rate was 5.5% for the three-months period ended March 31, 2023 and 3.7% for the twelve-months period ended December 31, 2022. Future scheduled repayments of debt principal are as follows:
Payments due by |  | Term Loan |  |  | Delayed-Draw Term Loan |  |  | Revolving Credit |  |  | Total |
March 31, 2024 |  | $ | 15,000 |  |  | $ | 11,000 |  |  | $ | — |  |  | $ | 26,000 |
March 31, 2025 |  |  | 15,000 |  |  |  | 11,000 |  |  |  | — |  |  |  | 26,000 |
March 31, 2026 |  |  | 22,500 |  |  |  | 16,500 |  |  |  | — |  |  |  | 39,000 |
March 31, 2027 |  |  | 22,500 |  |  |  | 16,500 |  |  |  | — |  |  |  | 39,000 |
May 6, 2027 (Maturity) |  |  | 210,000 |  |  |  | 165,000 |  |  |  | 97,721 |  |  |  | 472,721 |
Total |  | $ | 285,000 |  |  | $ | 220,000 |  |  | $ | 97,721 |  |  | $ | 602,721 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
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