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Interest Expense | 9 Months Ended
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Sep. 30, 2022
Interest and Debt Expense [Abstract] |
Interest Expense | Interest Expense The following table presents the components of interest expense:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (Dollars in thousands)
Interest incurred on debt | $ | 10,458 |  |  | $ | 13,526 |  |  | $ | 32,743 |  |  | $ | 44,476 |
Accretion of original issue discount on 2018 Term Loan Facility | 178 |  |  | 815 |  |  | 1,043 |  |  | 2,658 |
Amortization of debt issuance costs and modification costs | 642 |  |  | 1,707 |  |  | 2,818 |  |  | 7,075 |
Unrealized mark-to-market gain on de-designated interest rate swap | (249) |  |  | — |  |  | (6,964) |  |  | — |
Gain upon partial termination of embedded derivative | (4,605) |  |  | — |  |  | (4,605) |  |  | — |
Total interest expense | $ | 6,424 |  |  | $ | 16,048 |  |  | $ | 25,035 |  |  | $ | 54,209 |
The 2020 Senior Secured Notes carry a fixed interest rate of 4.625%. The 2018 Term Loan Facility had an effective interest rate of 6.12% and 3.50% as of September 30, 2022 and December 31, 2021, respectively. See Note 4, "Debt and Liquidity" for details of these transactions. During the nine months ended September 30, 2022, we made voluntary prepayments of $110.0 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 $0.8 million of accelerated amortization of the debt issuance cost. We did not make any voluntary prepayments under our 2018 Term Loan facility in the third quarter of 2022. During the three and nine months ended September 30, 2021, we made voluntary prepayments of $100.0 million and $300.0 million, respectively, under our 2018 Term Loan Facility. In connection with this, we recorded $0.5 million and $1.8 million, respectively, of accelerated accretion of the original issue discount and $0.9 million and $2.9 million, respectively, of 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. The Company has interest rate swap contracts to fix the cash flows associated with the risk in variability in the one-month USD London Interbank Offered Rate ("LIBOR") 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 https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260 + Details
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