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Interest Expense | 12 Months Ended
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Dec. 31, 2022
Interest and Debt Expense [Abstract] |
Interest Expense | Interest Expense The following table presents an analysis of interest expense:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Interest incurred on debt | $ | 43,609 |  |  | $ | 56,731 |  |  | $ | 83,555 |
Accretion of original issue discount on 2018 Term Loan Facility | 1,200 |  |  | 3,387 |  |  | 5,340 |
Amortization of debt issuance and modification costs | 3,475 |  |  | 8,642 |  |  | 9,179 |
Unrealized mark-to-market gain on de-designated interest rate swap | (7,111) |  |  | — |  |  | — |
Gain upon partial termination of embedded derivative | (4,605) |  |  | — |  |  | — |
Total interest expense | $ | 36,568 |  |  | $ | 68,760 |  |  | $ | 98,074 |
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 7.38% as of December 31, 2022, 3.50% as of December 31, 2021 and 4.50% as of December 31, 2020. The Company has several interest rate swap contracts to fix its cash flows associated with the risk in variability in the one-month USD London Interbank Offered Rate ("USD LIBOR") for the 2018 Term Loan Facility. The interest rate swaps fixed the cash flows associated with the payments on our Term Loan Facility to an effective fixed interest rate of 4.2% throughout 2022. See Note 5, "Debt and Liquidity" for details of our debt and Note 8, "Fair Value Measurements and Derivative Instruments" for additional details on our interest rate swaps and embedded derivative. In 2022, the Company made voluntary prepayments of $110.0 million under its 2018 Term Loan Facility. In connection with this, the Company recorded $0.5 million of accelerated accretion of the original issue discount and $0.8 million of accelerated amortization of the debt issuance cost. In 2021, the Company made voluntary prepayments of $400.0 million under its 2018 Term Loan Facility. In connection with this, the Company recorded $2.3 million of accelerated accretion of the original issue discount and $3.7 million of accelerated amortization of the debt issuance costs. The Company also recorded $1.6 million of modification costs related to the 2018 Term Loan Facility repricing in the first quarter of 2021. In December 2020, the proceeds from the issuance of the $500.0 million 2020 Senior Secured Notes were used to repay $500.0 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.

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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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