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Long-term Debt
 6 Months Ended
Jun. 30, 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)June 30,
2022		December 31,
2021
2021 Term Loan Facility$185,250 $190,000 
2021 Revolving Credit Facility25,000 — 
Debt issuance costs(2,815)(3,201)
Total debt$207,435 $186,799 
Less: current portion, net of debt issuance costs of $751 and $770, respectively
(8,749)(8,730)
Total long-term debt$198,686 $178,069 
Loans under the 2021 Credit Facilities will mature on July 29, 2026. Loans under the 2021 Term Loan Facility amortize quarterly, beginning on the first business day after December 31, 2021 and ending with June 30, 2026, by an amount equal to 1.25% of the aggregate outstanding principal amount of the term loans initially made and will mature on July 29, 2026. Accordingly, the amount of mandatory quarterly principal payable amount under the 2021 Term Loan within the next twelve months has been classified within the current portion of long-term debt and the remaining balance as long-term debt, net of current portion on the consolidated balance sheets. The 2021 Revolving Credit Facility does not amortize and will mature on July 29, 2026 and has been classified as non-current within long-term debt, net of current portion on the consolidated balance sheet.
The Company incurred interest expense on the 2021 Term Loan Facility of $1.7 million and $2.2 million for the three months ended June 30, 2022 and 2021, respectively, and $3.0 million and $4.5 million for the six months ended June 30, 2022 and 2021, respectively. The Company incurred interest expense on the 2021 Revolving Credit Facility of $0.2 million and $0.3 million for the three and six months ended June 30, 2022, respectively. Interest expense included amortization of debt issuance costs on the 2021 Credit Facility of $0.2 million and $0.3 million for the three months ended June 30, 2022 and 2021, respectively, and $0.4 million and $0.7 million for the six months ended June 30, 2022 and 2021, respectively. Accrued interest was $1.8 million as of June 30, 2022 and $1.7 million as of December 31, 2021, and is included within accrued expenses on the consolidated balance sheets.
The expected future principal payments for all borrowings as of June 30, 2022 was as follows:
(in thousands)Contractual maturity
2022–Remaining Period$4,750 
20239,500 
20249,500 
20259,500 
2026177,000 
Debt and issuance costs210,250 
Unamortized debt issuance costs(2,815)
Total debt$207,435 
The carrying amount of the 2021 Term Loan Facility and the 2021 Revolving Credit Facility 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 of the valuation hierarchy.