Interest Expense

3 Months Ended

Mar. 31, 2020

Interest and Debt Expense [Abstract]

Interest Expense

Interest Expense

The following tables present the components of interest expense: 

	For the Three Months Ended March 31,
	2020		2019
	(Dollars in thousands)
Interest incurred on debt	$	24,092	$	32,120
Accretion of fair value adjustment on Senior Notes	549		549
Amortization of debt issuance costs	1,031		1,031
Total interest expense	$	25,672	$	33,700

Interest Rates

The 2018 Credit Agreement had an effective interest rate of 4.50% as of March 31, 2020 and 5.30% as of December 31, 2019. During the third quarter of 2019, the Company entered into four interest rate swap contracts to fix our cash flows associated with the risk in variability in the one-month US London Interbank Offered Rate ("US LIBOR") for a portion of our outstanding debt. See Note 10 "Derivative Instruments" for details of these transactions.