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Interest Expense | 3 Months Ended
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Mar. 31, 2020
Interest and Debt Expense [Abstract] |
Interest Expense | Interest Expense The following tables present the components of interest expense:
| For the Three Months Ended March 31,
| 2020 |  | 2019
| (Dollars in thousands)
Interest incurred on debt | $ | 24,092 |  |  | $ | 32,120 |
Accretion of fair value adjustment on Senior Notes | 549 |  |  | 549 |
Amortization of debt issuance costs | 1,031 |  |  | 1,031 |
Total interest expense | $ | 25,672 |  |  | $ | 33,700 |
Interest Rates The 2018 Credit Agreement had an effective interest rate of 4.50% as of March 31, 2020 and 5.30% as of December 31, 2019. During the third quarter of 2019, the Company entered into four interest rate swap contracts to fix our cash flows associated with the risk in variability in the one-month US London Interbank Offered Rate ("US LIBOR") for a portion of our outstanding debt. See Note 10 "Derivative Instruments" for details of these transactions.

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- Definition The entire disclosure for interest income and interest expense for enterprises that derive a significant portion of their revenue from interest collected on investments, loans, and securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 220 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.1-12) -URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260 + Details
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