Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt

Summary of Debt and Finance Lease Obligations

The Company’s debt and finance lease obligations at September 30, 2022 and December 31, 2021 consisted of (in thousands):

	September 30,		December 31,
	2022		2021
$700M Revolving Credit Facility, interest at LIBOR plus 1.55%, maturing March 31, 2024	$	—	$	190,000
$300M Term Loan A, interest at LIBOR plus 2.25%, original maturity March 31, 2025		—		300,000
$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024		372,500		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
$300M OEG Term Loan, interest at SOFR plus 5.00%, maturing June 16, 2029 (Note 2)		300,000		—
$65M OEG Revolver, interest at SOFR plus 4.75%, maturing June 16, 2027 (Note 2)		—		—
Block 21 CMBS Loan, interest at 5.58%, maturing January 5, 2026		135,308		—
Finance lease obligations		721		884
Unamortized deferred financing costs		(32,200)		(32,203)
Unamortized premium (discount)		(13,248)		1,888
Total debt	$	2,863,081	$	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 September 30, 2022 and December 31, 2021 is as follows (in thousands):

						Estimated Fair Value
						Asset (Liability) Balance
		Strike			Notional	September 30,		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	$	1,586	$	(733)
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		1,586		(733)
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		1,586		(733)
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023	$ 87,500		1,579		(742)
Gaylord Rockies Term Loan	Interest Rate Swap	1.6500%	1-month LIBOR	August 1, 2022	$ 800,000		-		(6,421)
Gaylord Rockies Term Loan	Interest Rate Swap	3.3410%	1-month LIBOR	August 1, 2023	$ 800,000		6,318		-
						$	12,655	$	(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					Reclassified from Accumulated
	on Derivative				Location of Gain (Loss)	OCI into Income (Expense)
	Three Months Ended				Reclassified from	Three Months Ended
	September 30,				Accumulated OCI	September 30,
	2022		2021		into Income (Expense)	2022		2021
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	7,453	$	(546)	Interest expense	$	(251)	$	(4,187)
Total derivatives	$	7,453	$	(546)		$	(251)	$	(4,187)

	Amount of Gain (Loss)					Amount of Gain (Loss)
	Recognized in OCI on					Reclassified from Accumulated
	Derivative				Location of Gain (Loss)	OCI into Income (Expense)
	Nine Months Ended				Reclassified from	Nine Months Ended
	September 30,				Accumulated OCI	September 30,
	2022		2021		into Income (Expense)	2022		2021
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	15,642	$	(370)	Interest expense	$	(6,375)	$	(12,298)
Total derivatives	$	15,642	$	(370)		$	(6,375)	$	(12,298)