XML 38 R16.htm IDEA: XBRL DOCUMENT v3.22.4
Interest Expense
 12 Months Ended
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,
202220212020
 (Dollars in thousands)
Interest incurred on debt$43,609 $56,731 $83,555 
Accretion of original issue discount on 2018 Term Loan Facility1,200 3,387 5,340 
Amortization of debt issuance and modification costs3,475 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.