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Debt | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt | NOTE 5 – DEBT At September 30, 2024 and December 31, 2023, debt consisted of:
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Average Interest Rate |  | Outstanding Balance |  |  | Average Interest Rate |  | Outstanding Balance |
Term Loan |  |  |  | $ | 200,250 |  |  |  |  | $ | 207,750 |
Delayed-Draw Term Loan |  |  |  |  | 211,750 |  |  |  |  |  | 220,000 |
Revolving Credit |  |  |  |  | 10,000 |  |  |  |  |  | 6,340 |
Total before debt issuance costs |  | 6.8% |  |  | 422,000 |  |  | 6.7% |  |  | 434,090 |
Unamortized debt issuance costs |  |  |  |  | (2,854 | ) |  |  |  |  | (3,683 | )
Total |  |  |  | $ | 419,146 |  |  |  |  | $ | 430,407 |
|  | September 30, 2024 |  |  | December 31, 2023 |
Current portion of long-term debt |  | $ | 13,750 |  |  | $ | 26,000 |
Long-term debt - non-current |  |  | 405,396 |  |  |  | 404,407 |
Total |  | $ | 419,146 |  |  | $ | 430,407 |
As of September 30, 2024, the Company had $588.2 million of unused borrowing capacity under the $600.0 million revolving line of credit under a credit agreement with a group of lenders (the “Credit Facility”). The unused borrowing capacity is inclusive of outstanding letters of credit totaling $1.8 million. The average interest rate on borrowings under the Credit Facility was 6.8% for the nine months ended September 30, 2024 and 6.7% for the twelve months ended December 31, 2023, respectively. Inclusive of the impact of floating-to-fixed interest rate swaps (see “Note 7 – Derivative Instruments and Hedging Activities”), the average interest rate was 5.4% for the nine months ended September 30, 2024 and 5.6% for the twelve months ended December 31, 2023, respectively. Future contractual repayments of debt principal are as follows:
Payments due by |  | Term Loan |  |  | Delayed-Draw Term Loan |  |  | Revolving Credit |  |  | Total |
September 30, 2025 |  | $ | — |  |  | $ | 13,750 |  |  | $ | — |  |  | $ | 13,750 |
September 30, 2026 |  |  | — |  |  |  | 16,500 |  |  |  | — |  |  |  | 16,500 |
May 6, 2027 (Maturity) |  |  | 200,250 |  |  |  | 181,500 |  |  |  | 10,000 |  |  |  | 391,750 |
Total |  | $ | 200,250 |  |  | $ | 211,750 |  |  | $ | 10,000 |  |  | $ | 422,000 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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