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
202120202019
 (Dollars in thousands)
Interest incurred on debt$56,731 $83,555 $121,010 
Accretion of original issue discount on 2018 Term Loan Facility3,387 5,340 2,196 
Amortization of debt issuance and modification costs8,642 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.