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Interest Expense | 9 Months Ended
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Sep. 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 September 30, |  | For the Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (Dollars in thousands)
Interest incurred on debt | $ | 13,526 |  |  | $ | 20,893 |  |  | $ | 44,476 |  |  | $ | 64,285 |
Accretion of original issue discount on 2018 Term Loans | 815 |  |  | 549 |  |  | 2,658 |  |  | 1,647 |
Amortization of debt issuance and modification costs | 1,707 |  |  | 1,032 |  |  | 7,075 |  |  | 3,094 |
Total interest expense | $ | 16,048 |  |  | $ | 22,474 |  |  | $ | 54,209 |  |  | $ | 69,026 |
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 September 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 September 30, 2021, we made prepayments for a total of $100.0 million under our 2018 Term Loan Facility. In connection with this, we recorded $0.5 million of accelerated accretion of the original issue discount and we recorded $0.9 million of accelerated amortization of the debt issuance costs. During the nine months ended September 30, 2021, we made prepayments for a total of $300.0 million under our 2018 Term Loan Facility. In connection with this, we recorded $1.8 million of accelerated accretion of the original issue discount and $2.9 million of accelerated amortization of the debt issuance costs. 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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