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Interest Expense | 6 Months Ended
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Jun. 30, 2021
Interest and Debt Expense [Abstract] |
Interest Expense | Interest Expense The following tables present the components of interest expense:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (Dollars in thousands)
Interest incurred on debt | $ | 14,085 |  |  | $ | 19,300 |  |  | $ | 30,950 |  |  | $ | 43,392 |
Accretion of original issue discount on 2018 Term Loans | 572 |  |  | 549 |  |  | 1,843 |  |  | 1,098 |
Amortization of debt issuance and modification costs | 1,337 |  |  | 1,031 |  |  | 5,368 |  |  | 2,062 |
Total interest expense | $ | 15,994 |  |  | $ | 20,880 |  |  | $ | 38,161 |  |  | $ | 46,552 |
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 June 30, 2021 and 4.50% as of December 31, 2020. See Note 4 "Debt and Liquidity" for details of these transactions. During the three months ended June 30, 2021, we made a prepayment of $50.0 million under our 2018 Term Loan Facility. In connection with this, we recorded $0.4 million of accelerated amortization of the debt issuance costs and $0.3 million of accelerated accretion of the original issue discount. During the six months ended June 30, 2021, we made prepayments for a total of $200.0 million under our 2018 Term Loan Facility. In connection with this, we recorded $2.0 million of accelerated amortization of the debt issuance costs and $1.2 million of accelerated accretion of the original issue discount. We also recorded $1.6 million of modification costs related to the term loan repricing in the first quarter of 2021. See Note 4 "Debt and Liquidity" for details of these transactions. The Company has several interest rate swap contracts to fix the cash flows associated with the risk in variability in the one-month USD. London Interbank Offered Rate ("USD LIBOR") for the 2018 Credit Agreement debt. See Note 9 "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=120399700&loc=SL114874048-224260 + Details
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