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Long-term Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Long-term Debt Long-term debt
On July 29, 2021, the Company entered into an amendment (the "First Amendment") to the 2020 Credit Agreement dated as of September 23, 2020, with the lenders from time-to-time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (as amended by the First Amendment, the “Amended Credit Agreement”). The Amended Credit Agreement provides for a new senior secured term loan facility in an aggregate principal amount of $190.0 million (the "2021 Term Loan Facility"), the proceeds of which were used to refinance all $186.4 million of the existing term loans outstanding and the unpaid interest thereof as of the date of the First Amendment, fees related to these transactions, and to provide cash for general corporate purposes, and a new senior secured revolving credit facility with commitments in an aggregate amount of $50.0 million (the "2021 Revolving Credit Facility" and, together with the 2021 Term Loan Facility, the "2021 Credit Facilities"), which replaced the existing revolving credit facility under the 2020 Credit Agreement.
Long-term debt consisted of the following:
As of
(in thousands)March 31,
2022		December 31,
2021
2021 Term Loan$187,625 $190,000 
Debt issuance costs(3,007)(3,201)
Total debt$184,618 $186,799 
Less: current portion, net of debt issuance costs of $760 and $770, respectively
(8,740)(8,730)
Total long-term debt$175,878 $178,069 
As of March 31, 2022 and December 31, 2021, the Company had no outstanding amounts drawn on the 2021 Revolving Credit Facility.
The expected future principal payments for all borrowings as of March 31, 2022 was as follows:
(in thousands)Contractual maturity
2022–Remaining Period$7,125 
20239,500 
20249,500 
20259,500 
2026152,000 
Debt and issuance costs187,625 
Unamortized debt issuance costs(3,007)
Total debt$184,618 
The Company incurred interest expense of $1.4 million and $2.3 million for the three months ended March 31, 2022 and 2021, respectively. Interest expense included $0.2 million and $0.3 million of amortization of debt issuance costs for the three months ended March 31, 2022 and 2021, respectively. Accrued interest was immaterial as of March 31, 2022 and $1.7 million as of December 31, 2021, and is included within accrued expenses on the consolidated balance sheets.
The carrying amount of the current and long-term debt under the 2021 Term Loan Facilities approximates the fair values thereof as the borrowings have a variable interest rate structure with no prepayment penalties and are classified within the Level 2 hierarchy.