Interest Expense

6 Months Ended

Jun. 30, 2021

Interest and Debt Expense [Abstract]

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.