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Interest Expense
 3 Months Ended
Mar. 31, 2021
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,
20212020
 (Dollars in thousands)
Interest incurred on debt$16,865 $24,092 
Accretion of original issue discount on 2018 Term Loans1,271 549 
Amortization of debt issuance and modification costs4,031 1,031 
Total interest expense$22,167 $25,672 
Interest Rates
The 2020 Senior Notes carry a fixed interest rate of 4.625%. The 2018 Credit Agreement had an effective interest rate of 3.50% as of March 31, 2021 and 4.50% as of December 31, 2020. See Note 4 "Debt and Liquidity" for details of these transactions.
In connection with the $150 million prepayment of the borrowings under our 2018 Term Loan Facility in the first quarter of 2021, we recorded $1.5 million of accelerated amortization of the debt issuance costs and $0.9 million accelerated accretion of the original issue discount, for the three months ended March 31, 2021. We also recorded $1.6 million of modification costs related to the term loan repricing. See Note 4 "Debt and Liquidity" for details of these transactions.
The Company has several interest rate swap contracts to fix our cash flows associated with the risk in variability in the one-month U.S. London Interbank Offered Rate ("US LIBO") for a portion of our outstanding debt. See Note 9 "Derivative Instruments" for details of these transactions.