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Long-term Debt | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Long-term Debt | 11. Long-term Debt: The summary of long-term debt is as follows:
|  | March 31, 2023 |  | December 31, 2022
Senior Secured Term Loan Facility due June 2028 (the "2021 Term Loan Facility") |  | $ | 884,250 |  |  | $ | 886,500 |
ABL Facility |  | — |  |  | — |
Total debt |  | 884,250 |  |  | 886,500 |
Original issue discount |  | (7,152) |  |  | (7,472) |
Deferred financing costs |  | (3,970) |  |  | (4,158) |
Total debt, net of original issue discount and deferred financing costs |  | 873,128 |  |  | 874,870 |
Less: current portion |  | (9,000) |  |  | (9,000) |
Total long-term debt, excluding current portion |  | $ | 864,128 |  |  | $ | 865,870 |
In February 2023, the Company amended the 2021 Term Loan Facility to replace LIBOR with SOFR as the benchmark interest rate. Following this amendment, the 2021 Term Loan Facility bears interest at an adjusted term SOFR, which includes a credit spread adjustment of 10 basis points (with a 0.50% minimum floor) plus 2.75% per annum (or, depending on the Company’s first lien net leverage ratio, 2.50%). The interest rate on the 2021 Term Loan Facility was 7.325% as of March 31, 2023. Also in February 2023, the Company amended its senior secured asset-based revolving credit facility (the “ABL Facility”) to replace LIBOR with SOFR as the benchmark interest rate. Following this amendment, the borrowings under the ABL Facility bear interest at a rate equal to an adjusted term SOFR rate or the base rate, which includes a credit spread adjustment of 10 basis points, plus a margin of between 1.25% to 1.75% or 0.25% to 0.75%, respectively. The interest rate on the ABL Facility was 8.50% as of March 31, 2023. Fair Value of Debt The fair value of a financial instrument is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. As of March 31, 2023 and December 31, 2022, the fair value of the senior secured term loan facility was $876,513 and $870,986, respectively. The fair value is classified as Level 2 based upon the fair value hierarchy (see Note 4 to these condensed consolidated financial statements for further information on fair value measurements).

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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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