v3.23.1
Debt and Lease Obligations
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt and Lease Obligations Debt and Lease Obligations
A summary of the carrying value of the debt and lease obligations are as follows:
(In thousands)March 31,
2023		December 31,
2022
Term loan (7.1% as of March 31, 2023)
Principal$983,221 $983,221 
Unamortized debt premium and issuance costs(2,323)(2,563)
980,898 980,658 
Lease obligations21,504 22,348 
Total debt and lease obligations1,002,402 1,003,006 
Less: Current portion of long term debt and lease obligations(4,176)(3,917)
Long-term portion$998,226 $999,089 
At March 31, 2023, there are no principal payments due under the Company’s aggregate term loans until maturity on August 3, 2025.
Including the impact of the interest rate swap contracts, at March 31, 2023, the Company's aggregate term loans had an effective interest rate of 4.8%.
Leases
The Company has entered into operating leases for certain properties that expire at various times through 2030. The Company determines if an arrangement is a lease at inception.
At March 31, 2023 and December 31, 2022, right of use assets related to operating leases are included in property and equipment, net on the condensed consolidated balance sheets (see Note 2. Property and Equipment). As of March 31, 2023 and December 31, 2022, the Company had no outstanding financing leases. Lease liabilities for operating leases are included in the current and non-current portions of long-term debt and lease obligations on the condensed consolidated balance sheets.
The table below shows the composition of lease expense:
Three Months Ended
(In thousands)March 31, 2023March 31, 2022
Operating lease expense$1,663 $1,603 
Short-term lease expense505 373 
Variable lease expense402 382 
$2,570 $2,358