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Long-Term Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The balances of current and noncurrent portions of debt consisted of the following as of June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
(in thousands)CurrentNoncurrentTotalCurrentNoncurrentTotal
Term Loan$11,813 $250,425 $262,238 $8,438 $257,175 $265,613 
Less: Debt financing fees(379)(820)(1,199)(379)(1,009)(1,388)
Total$11,434 $249,605 $261,039 $8,059 $256,166 $264,225 
2022 Credit Agreement
On September 7, 2022, the Company amended and restated its prior credit agreement (as amended and restated the "2022 Credit Agreement"), which includes a $270.0 million term loan (the "2022 Term Loan Facility") and a $190.0 million revolving credit facility (the "2022 Revolving Credit Facility" and, together with the 2022 Term Loan Facility, the "2022 Credit Facilities").
The 2022 Term Loan Facility matures on September 7, 2027. We have elected to pay interest on borrowings under the 2022 Term Loan Facility based on the SOFR rate. The interest rate in effect for the 2022 Term Loan Facility as of June 30, 2024 was 7.694% per annum. Due to its variable interest rates, the carrying amount of debt approximates fair value based on the present value of future cash flows using Level 2 inputs.
The 2022 Revolving Credit Facility terminates on September 7, 2027. As of June 30, 2024, the Company had no balance outstanding and $190.0 million of borrowing availability under the 2022 Revolving Credit Facility.
We were in compliance with all debt covenants as of June 30, 2024.