Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt

Summary of Debt and Finance Lease Obligations

The Company’s debt and finance lease obligations at December 31 consisted of (amounts in thousands):

	2019		2018
$700M Revolving Credit Facility, less unamortized DFCs of $0 and $6,542	$	—	$	518,458
$300M Term Loan A, less unamortized DFCs of $2,478 and $1,220		297,522		198,780
$500M Term Loan B, less unamortized DFCs of $4,501 and $5,307		381,749		485,943
$350M Senior Notes, less unamortized DFCs of $0 and $2,385		—		347,615
$400M Senior Notes, less unamortized DFCs of $3,222 and $4,097		396,778		395,903
$700M Senior Notes, less unamortized DFCs of $11,808 and $0, plus unamortized premium of $2,434 and $0		690,626		—
$800M Term Loan (Gaylord Rockies JV), less unamortized DFCs of $8,015 and $0		791,985		—
$500M Construction Loan (Gaylord Rockies JV), less unamortized DFCs of $0 and $1,807		—		457,090
$39M Mezzanine Loan (Gaylord Rockies JV), less unamortized DFCs of $0 and $227		—		37,488
Finance lease obligations		1,308		618
Total debt	$	2,559,968	$	2,441,895

Annual Maturities of Long-Term Debt Excluding Finance Lease Obligations

Annual maturities of long-term debt, excluding finance lease obligations, are as follows (amounts in thousands):

											Years
	2020		2021		2022		2023		2024		Thereafter		Total
$700M Revolving Credit Facility	$	—	$	—	$	—	$	—	$	—	$	—	$	—
$300M Term Loan A		—		—		—		—		—		300,000		300,000
$500M Term Loan B		5,000		5,000		5,000		5,000		366,250		—		386,250
$400M 5% Senior Notes		—		—		—		400,000		—		—		400,000
$700M 4.75% Senior Notes		—		—		—		—		—		700,000		700,000
$800M Term Loan (1)		—		—		—		800,000		—		—		800,000
Total	$	5,000	$	5,000	$	5,000	$	1,205,000	$	366,250	$	1,000,000	$	2,586,250

(1) The $800 million term loan is indebtedness of the Gaylord Rockies joint venture.

Schedule of Fair Value of the Company's Derivative Financial Instruments

The estimated fair value of the Company’s derivative financial instruments at December 31 is as follows (in thousands):

						Estimated Fair Value
		Strike			Notional	Asset (Liability) Balance
Hedged Debt	Type	Rate	Index	Maturity Date	Amount	2019		2018
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500	$	959	$	—
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		959		—
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		956		—
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023	$ 87,500		934		—
Gaylord Rockies Loan	Interest Rate Swap	1.6500%	1-month LIBOR	August 1, 2022	$ 800,000		(2,174)		—
						$	1,634	$	—

Summary of Effect of Derivative Financial Instruments on the Accompanying Condensed Consolidated Statements of Operations

The effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and comprehensive income for the years ended December 31 is as follows (in thousands):

	Amount of Gain (Loss)				Location of Gain (Loss)	Amount of Gain (Loss)
	Recognized in OCI				Reclassified from	Reclassified from Accumulated
	on Derivative				Accumulated OCI	OCI into Income (Expense)
	2019		2018		into Income (Expense)	2019		2018
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	3,539	$	—	Interest expense	$	1,905	$	—
Total derivatives	$	3,539	$	—		$	1,905	$	—