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Interest Expense | 3 Months Ended
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Mar. 31, 2022
Interest and Debt Expense [Abstract] |
Interest Expense | Interest Expense The following table presents the components of interest expense:
|  |  | For the Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
|  |  |  |  | (Dollars in thousands)
Interest incurred on debt |  |  |  |  | $ | 11,358 |  |  | $ | 16,865 |
Accretion of original issue discount on 2018 Term Loan Facility |  |  |  |  | 527 |  |  | 1,271 |
Amortization of debt issuance and modification costs |  |  |  |  | 1,244 |  |  | 4,031 |
Mark-to-market gain on de-designated interest rate swap |  |  |  |  | (3,917) |  |  | — |
Total interest expense |  |  |  |  | $ | 9,212 |  |  | $ | 22,167 |
Interest Rates The 2020 Senior Secured Notes carry a fixed interest rate of 4.625%. The 2018 Term Loan Facility had an effective interest rate of 3.50% as of March 31, 2022 and December 31, 2021. See Note 4, "Debt and Liquidity" for details of these transactions. During the three months ended March 31, 2022 we made prepayments for a total of $70.0 million, under our 2018 Term Loan Facility. In connection with this, we recorded $0.3 million of accelerated accretion of the original issue discount and we recorded $0.5 million of accelerated amortization of the debt issuance costs. During the three months ended March 31, 2021 we made prepayments for a total of $150.0 million under our 2018 Term Loan Facility. In connection with this, we recorded $0.9 million of accelerated accretion of the original issue discount and $1.5 million accelerated amortization of the debt issuance cost. 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 4, "Debt and Liquidity" for details of the Second Amendment. 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 for the 2018 Term Loan Facility. See Note 9, "Fair Value Measurements and 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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