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Debt | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt The following table summarizes the balances and availability of our 2026 Notes and 2024 Revolving Credit Facility:
| Outstanding (1) |  | Unutilized Amount |  | Interest Rate |  | Maturity Date
| June 30, 2024 |  | December 31, 2023 |  | June 30, 2024 |  | December 31, 2023 | June 30, 2024 |  | December 31, 2023 |
| (in thousands) |  |  |  |  |  |  |  |
2026 Notes | $ | 368,248 |  |  | $ | 366,999 |  |  | N/A |  | N/A |  | 0.125% |  |  | 0.125% |  |  | Sept. 1, 2026
2024 Revolving Credit Facility (3) | 889 |  |  | N/A |  | $ | 174,111 |  |  | N/A |  | 1.50% | (2) |  | N/A |  |  | May 3, 2029
(1) Represents the net carrying amount of our 2026 Notes and outstanding letters of credit under the 2024 Revolving Credit Facility. (2) Represents the rate on the outstanding letters of credit under the 2024 Revolving Credit Facility. (3) On May 3, 2024, the Company entered into the 2024 Credit Agreement to refinance the Company’s 2020 Revolving Credit Facility. Convertible Senior Notes On September 17, 2021, the Company issued $373.8 million aggregate principal amount of 0.125% 2026 Notes in a private offering. The initial conversion rate for the 2026 Notes is 20.0024 shares of the Company’s common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $49.99 per share of common stock. As of June 30, 2024, the conditions allowing holders of the 2026 Notes to convert were not met. The following table sets forth the interest expense related to the 2026 Notes:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands)
Contractual interest expense | $ | 117 |  |  | $ | 117 |  |  | $ | 234 |  |  | $ | 234 |
Amortization of issuance costs | 628 |  |  | 623 |  |  | 1,255 |  |  | 1,245 |
The effective interest rate on the 2026 Notes was 0.81% for both the three and six months ended June 30, 2024 and 2023. See Note 3 for additional information on the Company’s 2026 Notes. Credit Agreement On May 3, 2024, the Company entered into the 2024 Credit Agreement to refinance the Company’s 2020 Revolving Credit Facility. The 2024 Credit Agreement provides for the 2024 Revolving Credit Facility of $175.0 million, which may be increased or decreased under specific circumstances, with a $40.0 million letter of credit sublimit and a $50.0 million alternative currency sublimit. In addition, the 2024 Credit Agreement provides for the ability of the Company to request incremental term loan facilities, in a minimum amount of $5.0 million for each facility. The 2024 Credit Agreement is subject to a springing maturity date on or after June 2, 2026 in the event of certain conditions as defined in the 2024 Credit Agreement. The 2024 Credit Agreement contains customary representations and warranties, affirmative covenants, reporting obligations, negative covenants, and events of default. We were in compliance with such covenants as of June 30, 2024. As of June 30, 2024, debt issuance costs related to the 2024 Credit Agreement of $1.8 million were included in other assets in the condensed consolidated balance sheet. The interest rates applicable to revolving borrowings under the 2024 Credit Agreement are, at the Company’s option, either (i) for ABR Loans, a base rate, which is equal to the greater of (a) the Prime Rate, (b) the NYFRB Rate plus 0.5%, and (c) the Term SOFR Rate for a one month interest period plus 1%, subject to a 1% floor, (ii) for Term Benchmark Loans a benchmark rate, which is equal to the Term SOFR Rate, the EURIBOR Rate, the TIBOR Rate, the Term CORRA Rate, or the AUD Screen Rate, as applicable, subject to a 0% floor, or (iii) for RFR Loans, the Daily Simple RFR, subject to a 0% floor, plus in the case of each of clauses (i), (ii), and (iii) the Applicable Rate (each term as defined in the 2024 Credit Agreement). The Applicable Rate (i) for ABR Loans range from 0.50% to 1.25% per annum and (ii) Term Benchmark Loans and RFR Loans range from 1.50% to 2.25% per annum, in each case, based on the Senior Secured Net Leverage Ratio (each term as defined in the 2024 Credit Agreement). Base rate borrowings may only be made in dollars. The Company pays a commitment fee during the term of the 2024 Credit Agreement ranging from 0.25% to 0.40% per annum of the average daily undrawn portion of the revolving commitments based on the Senior Secured Net Leverage Ratio

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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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