Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt

Summary of Debt and Finance Lease Obligations

The Company’s debt and finance lease obligations at March 31, 2022 and December 31, 2021 consisted of (in thousands):

	March 31,		December 31,
	2022		2021
$700M Revolving Credit Facility, interest at LIBOR plus 2.25%, maturing March 31, 2024	$	190,000	$	190,000
$300M Term Loan A, interest at LIBOR plus 2.25%, maturing March 31, 2025		300,000		300,000
$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024		375,000		376,250
$600M Senior Notes, interest at 4.50%, maturing February 15, 2029		600,000		600,000
$700M Senior Notes, interest at 4.75%, maturing October 15, 2027		700,000		700,000
$800M Gaylord Rockies Term Loan, interest at LIBOR plus 2.50%, maturing July 2, 2023		800,000		800,000
Finance lease obligations		819		884
Unamortized deferred financing costs		(29,974)		(32,203)
Unamortized premium		1,815		1,888
Total debt	$	2,937,660	$	2,936,819

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

The estimated fair value of the Company’s derivative financial instruments at March 31, 2022 and December 31, 2021 is as follows (in thousands):

						Estimated Fair Value
						Asset (Liability) Balance
		Strike			Notional	March 31,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount	2022		2021
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500	$	655	$	(733)
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		655		(733)
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		652		(733)
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023	$ 87,500		645		(742)
Gaylord Rockies Term Loan	Interest Rate Swap	1.6500%	1-month LIBOR	August 1, 2022	$ 800,000		(1,951)		(6,421)
						$	656	$	(9,362)

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

The effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations for the respective periods is as follows (in thousands):

	Amount of Gain (Loss)					Amount of Gain (Loss)
	Recognized in OCI on					Reclassified from Accumulated
	Derivative				Location of Gain (Loss)	OCI into Income (Expense)
	Three Months Ended				Reclassified from	Three Months Ended
	March 31,				Accumulated OCI	March 31,
	2022		2021		into Income (Expense)	2022		2021
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	6,070	$	602	Interest expense	$	(3,949)	$	(4,001)
Total derivatives	$	6,070	$	602		$	(3,949)	$	(4,001)