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Debt (Tables)
12 Months Ended
Dec. 31, 2022
Debt  
Summary of Debt and Finance Lease Obligations

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

​

​

​

​

​

​

​

​

    

2022

    

2021

$700M Revolving Credit Facility

​

$

—

​

$

190,000

$300M Term Loan A

​

 

—

​

 

300,000

$500M Term Loan B

​

 

371,250

​

 

376,250

$600M Senior Notes

​

​

600,000

​

​

600,000

$700M Senior Notes

​

​

700,000

​

​

700,000

$800M Gaylord Rockies Term Loan

​

​

800,000

​

​

800,000

$300M OEG Term Loan (Note 2)

​

 

299,250

​

 

—

$65M OEG Revolver (Note 2)

​

 

—

​

 

—

Block 21 CMBS Loan

​

​

134,636

​

​

—

Finance lease obligations

​

 

685

​

 

884

Unamortized deferred financing costs

​

​

(30,482)

​

​

(32,203)

Unamortized premium (discount)

​

​

(12,747)

​

​

1,888

Total debt

​

$

2,862,592

​

$

2,936,819

​

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

​

​

​

​

2023

​

2024

​

2025

​

2026

​

2027

​

Thereafter

​

Total

$700M Revolving Credit Facility

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

$500M Term Loan B

​

5,000

​

​

366,250

​

​

—

​

​

—

​

​

—

​

​

—

​

​

371,250

$600M 4.50% Senior Notes

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

600,000

​

​

600,000

$700M 4.75% Senior Notes

​

—

​

​

—

​

​

—

​

​

—

​

​

700,000

​

​

—

​

​

700,000

$800M Gaylord Rockies Term Loan (1)

​

800,000

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

800,000

$300M OEG Term Loan

​

3,000

​

​

3,000

​

​

3,000

​

​

3,000

​

​

3,000

​

​

284,250

​

​

299,250

$65M OEG Revolver

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Block 21 CMBS Loan

​

2,765

​

​

2,904

​

​

3,094

​

​

125,873

​

​

—

​

​

—

​

​

134,636

Total

$

810,765

​

$

372,154

​

$

6,094

​

$

128,873

​

$

703,000

​

$

884,250

​

$

2,905,136

(1)$800 Million Gaylord Rockies Term Loan includes three, one-year extension options, subject to certain requirements.

​

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

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Estimated Fair Value

​

​

​

​

​

​

​

​

​

​

​

​

Asset (Liability) Balance

​

​

​

​

Strike

​

​

​

​

​

Notional

​

December 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

​

$

1,096

​

$

(733)

Term Loan B

​

Interest Rate Swap

​

1.2235%

​

1-month LIBOR

​

May 11, 2023

​

$ 87,500

​

​

1,096

​

​

(733)

Term Loan B

​

Interest Rate Swap

​

1.2235%

​

1-month LIBOR

​

May 11, 2023

​

$ 87,500

​

​

1,096

​

​

(733)

Term Loan B

​

Interest Rate Swap

​

1.2315%

​

1-month LIBOR

​

May 11, 2023

​

$ 87,500

​

​

1,093

​

​

(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

​

​

6,969

​

​

-

OEG Term Loan

​

Interest Rate Swap

​

4.5330%

​

3-month SOFR

​

December 18, 2025

​

$ 100,000

​

​

(1,164)

​

​

-

​

​

​

​

​

​

​

​

​

​

​

​

$

10,186

​

$

(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 consolidated statements of operations and comprehensive income (loss) 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)

​

​

2022

​

2021

   

into Income (Expense)

   

2022

​

2021

Derivatives in Cash Flow Hedging Relationships:

   

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps

​

$

16,007

​

$

1,955

​

Interest expense

​

$

(3,541)

​

$

(16,501)

Total derivatives

​

$

16,007

​

$

1,955

​

​

​

​

​

$

(3,541)

​

$

(16,501)

​