|3 Months Ended|
Mar. 31, 2022
|Debt Disclosure [Abstract]|
Long-term debt consisted of the following (in thousands):
We had letters of credit outstanding totaling $1.0 million as of March 31, 2022 and December 31, 2021.
We pay interest on the term and revolving loan borrowings at LIBOR plus a base margin or at a base rate (typically the prime rate) plus a base margin. As of March 31, 2022, the LIBOR margin was 2.25% and the base margin was 3.50%. The margins increase or decrease in increments as our Total Funded Debt/EBITDA Ratio increases or decreases. As of March 31, 2022, interest rates on our outstanding debt ranged from 4.00% to 5.75%, and the effective interest rate on our aggregate outstanding debt was 4.09%.
Interest expense incurred on bank loan borrowings and interest rate hedges was $3.4 million and $2.7 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was no hedged portion of our debt as our two remaining hedges expired in February and March of 2022. As of December 31, 2021, the portion of our debt with interest rate swap agreements was $75 million.
Our required term and revolver loan principal payments after March 31, 2022 are as follows (in thousands):
We were in compliance with required ratios and other terms and conditions under our loan agreement as of March 31, 2022.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef