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Long-term Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Long-term Debt Long-term debt
On September 23, 2020, the Company entered into new senior secured credit facilities (“2020 Credit Facilities”) with a syndicate of banks and financial institutions, consisting of (a) $210.0 million term loan (“2020 Term Loan Facility”), which was fully drawn at close and (b) a revolving line of credit of $5.0 million (“2020 Revolving Credit Facility”). Proceeds from the $210.0 million term loan were used to (i) repay the 2019 Term Loan Facilities in full, (ii) pay $105.8 million in cash distributions to QLH Class A Unit Holders and certain QLH Class B Unit Holders, and (iii) pay related transaction expenses.
Long-term debt consisted of the following:
As of
(in thousands)June 30,
2021		December 31,
2020
2020 Term Loan$186,375 $186,375 
Debt issuance costs(3,031)(3,707)
$183,344 $182,668 
Less: current portion— — 
Total long-term debt$183,344 $182,668 
As of June 30, 2021 and December 31, 2020, the Company had no outstanding amount drawn on the 2020 Revolving Credit Facility.
The expected future principal payments for all borrowings as of June 30, 2021 were as follows:
(in thousands)Contractual maturity
2021–Remaining Period$— 
2022— 
2023186,375 
$186,375 
Unamortized debt issuance costs(3,031)
Total long-term debt$183,344 
The Company incurred interest expense of $2.2 million and $1.5 million during the three months ended June 30, 2021 and 2020, respectively and $4.5 million and $3.3 million during the six months ended June 30, 2021 and 2020, respectively. Interest expense included amortization of debt issuance costs of $0.3 million and $0.1 million for the three months ended June 30, 2021 and 2020, respectively and $0.7 million and $0.2 million for the six months ended June 30, 2021 and 2020, respectively. Accrued interest was $1.9 million and $0.7 million as of June 30, 2021 and December 31, 2020, respectively.
The carrying amount of the long-term debt under 2020 Credit 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.