We capitalize a portion of our interest on funds borrowed during the active construction period of major capital projects. Capitalized interest is added to the cost of the underlying assets and amortized over the useful lives of the assets.

The following is a summary of our interest costs for the years ended December 31, 2022, 2021 and 2020 (in thousands):


	For the Years Ended December 31,
	2022			2021		2020
Interest costs charged to expense	$	43,530		$	62,390	$	105,988
Amortization of deferred financing costs		3,058			4,661		5,892
Accretion of debt discount		456			419		13,907
Amortization of the purchase price of interest rate caps		157			2		—
Interest rate cap benefit		(8,329	)		—		—
Interest expense		38,872			67,472		125,787
Interest costs capitalized to property and equipment		920			4		—
Interest costs capitalized to software		472			311		885
Total interest costs	$	40,264		$	67,787	$	126,672