XML 36 R16.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Interest Expense | 12 Months Ended
--- | ---
Dec. 31, 2021
Interest and Debt Expense [Abstract] |
Interest Expense | Interest Expense The following table presents an analysis of interest expense:
| For the Year Ended December 31
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Interest incurred on debt | $ | 56,731 |  |  | $ | 83,555 |  |  | $ | 121,010 |
Accretion of original issue discount on 2018 Term Loan Facility | 3,387 |  |  | 5,340 |  |  | 2,196 |
Amortization of debt issuance and modification costs | 8,642 |  |  | 9,179 |  |  | 4,125 |
Total interest expense | $ | 68,760 |  |  | $ | 98,074 |  |  | $ | 127,331 |
Interest rates The 2020 Senior Secured Notes carry a fixed interest rate of 4.625%. The 2018 Term Loan Facility had an interest rate of 3.50% as of December 31, 2021, 4.50% as of December 31, 2020 and 5.30% as of December 31, 2019. See Note 5, "Debt and Liquidity" for details of these transactions. In 2021 we made prepayments for a total of $400 million under our 2018 Term Loan Facility. In connection with this, we recorded $2.3 million of accelerated accretion of the original issue discount and we recorded $3.7 million of accelerated amortization of the debt issuance costs. We also recorded $1.6 million of modification costs related to the 2018 Term Loan Facility repricing in the first quarter of 2021. See Note 5, "Debt and Liquidity" for details of the Second Amendment. In December 2020, the proceeds from the issuance of the $500 million 2020 Senior Secured Notes were used to repay $500 million of principal on the 2018 Term Loan Facility. The repayment of the 2018 Term Loan Facility was accounted for as a partial debt extinguishment and triggered $3.2 million of accelerated accretion of the original issue discount and $5.2 million of accelerated amortization of the debt issuance costs. The 2020 Senior Secured Notes were accounted for as new debt and the related debt issuance costs were deferred. 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 ("USD LIBOR") for a portion of our outstanding debt. See Note 8, " Fair Value Measurements and Derivative Instruments" for details of these transactions.

X
- References No definition available. + Details
Name: | us-gaap_InterestAndDebtExpenseAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration