Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consists of the following (in thousands): 

	December 31,
	2020		2019
Term Loan (matures December 2021)	$	29,750	$	33,250
2022 Notes (mature May 2022)	35,000		125,000
2023 Notes (mature September 2023)	30,000		125,000
2026 Notes (mature February 2026)	200,000		—
MARAD Debt (matures February 2027)	56,410		63,610
Nordea Q5000 Loan (matures January 2021) (1)	53,572		89,286
Unamortized debt discounts	(45,692)		(22,540)
Unamortized debt issuance costs	(9,477)		(7,753)
Total debt	349,563		405,853
Less current maturities	(90,651)		(99,731)
Long-term debt	$	258,912	$	306,122

(1)We repaid the Nordea Q5000 Loan in January 2021.

Schedule of maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of December 31, 2020 are as follows (in thousands): 

	Term Loan		2022 Notes		2023 Notes		2026 Notes		MARAD Debt		Nordea Q5000 Loan		Total
Less than one year	$	29,750	$	—	$	—	$	—	$	7,560	$	53,572	$	90,882
One to two years	—		35,000		—		—		7,937		—		42,937
Two to three years	—		—		30,000		—		8,333		—		38,333
Three to four years	—		—		—		—		8,749		—		8,749
Four to five years	—		—		—		—		9,186		—		9,186
Over five years	—		—		—		200,000		14,645		—		214,645
Gross debt	29,750		35,000		30,000		200,000		56,410		53,572		404,732
Unamortized debt discounts (1)	—		(1,325)		(2,651)		(41,716)		—		—		(45,692)
Unamortized debt issuance costs (2)	(191)		(198)		(427)		(5,572)		(3,049)		(40)		(9,477)
Total debt	29,559		33,477		26,922		152,712		53,361		53,532		349,563
Less current maturities	(29,559)		—		—		—		(7,560)		(53,532)		(90,651)
Long-term debt	$	—	$	33,477	$	26,922	$	152,712	$	45,801	$	—	$	258,912

(1)The 2022 Notes, the 2023 Notes and the 2026 Notes will increase to their face amounts through accretion of their debt discounts to interest expense through May 2022, September 2023 and February 2026, respectively. See Note 2 for future accounting changes related to these discounts.

(2)Debt issuance costs are amortized to interest expense over the term of the applicable debt agreement.

Schedule of components of net interest expense

The following table details the components of our net interest expense (in thousands): 

	Year Ended December 31,
	2020		2019		2018
Interest expense	$	30,538	$	31,186	$	32,617
Capitalized interest (1)	(1,182)		(20,246)		(15,629)
Interest income	(825)		(2,607)		(3,237)
Net interest expense	$	28,531	$	8,333	$	13,751

(1)The significant reduction in capitalized interest in 2020 was attributable to the conclusion of our planned major capital commitments following the completion of the Q7000.