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Interest Expense | 3 Months Ended
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Mar. 31, 2023
Interest and Debt Expense [Abstract] |
Interest Expense | Interest Expense The following table presents the components of interest expense:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (Dollars in thousands)
Interest incurred on debt |  |  |  |  | $ | 10,622 |  |  | $ | 11,358 |
Accretion of original issue discount on 2018 Term Loan Facility |  |  |  |  | 168 |  |  | 527 |
Amortization of debt issuance costs and modification costs |  |  |  |  | 655 |  |  | 1,244 |
Unrealized mark-to-market loss (gain) on de-designated interest rate swap |  |  |  |  | 1,361 |  |  | (3,917) |
Total interest expense |  |  |  |  | $ | 12,806 |  |  | $ | 9,212 |
The 2020 Senior Secured Notes carry a fixed interest rate of 4.625%. The 2018 Term Loan Facility had an effective interest rate of 7.84% and 7.38% as of March 31, 2023 and December 31, 2022, respectively. The Company has 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 2018 Term Loan Facility to an effective fixed interest rate of 4.2% in the first quarters of 2023 and 2022. See Note 4, “Debt and Liquidity” for details of our debt and Note 9, “Fair Value Measurements and Derivative Instruments” for additional details on our interest rate swaps and embedded derivative. In the first quarter of 2022, we made voluntary prepayments 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 $0.5 million of accelerated amortization of the debt issuance cost. We did not make any voluntary prepayments under our 2018 Term Loan facility in the first quarter of 2023.

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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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