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Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Maturities of Long-term Debt | The amount payable in each year as of December 31, 2020 is set forth in the table below (in thousands):
2021 |  | $ | 12,500 |
2022 |  |  | 12,500 |
2023 |  |  | 15,625 |
2024 |  |  | 68,750 |
Total remaining principal payments |  | $ | 109,375 |
Summary of Company's Total Outstanding Borrowings | The following table summarizes the Company’s total outstanding borrowings as of the dates indicated (in thousands):
Description: |  | December 31, 2020 |  |  | December 31, 2019 |
Term loan facility (1) |  | $ | 109,375 |  |  | $ | 118,750 |
Revolving credit facility (1) (2) |  |  | — |  |  |  | 14,000 |
Principal amount outstanding (3) |  |  | 109,375 |  |  |  | 132,750 |
Less: Deferred financing fees |  |  | (1,576 | ) |  |  | (2,205 | )
Net carrying amount |  | $ | 107,799 |  |  | $ | 130,545 |
(1) | The contractual annualized interest rate as of December 31, 2020 on the Term loan facility was 2.1875%, which consisted of LIBOR of 0.1875% plus a margin of 2.0%. However, the Company has an interest rate swap contract that effectively converts the floating LIBOR base rates on a portion of the amounts outstanding to a fixed base rate. Refer to Note 6 – Derivatives and Hedging for further information on the swap.
(2) | The Company had $74.1 million of available borrowing capacity on the Revolving Credit Facility (not including the expansion feature) as of December 31, 2020.
(3) | The weighted average annual effective rate on the Company's total debt outstanding for the years ended December 31, 2020 and 2019 was 2.73% and 4.71%, respectively.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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