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DEBT (Tables)
9 Months Ended
Sep. 30, 2024
DEBT  
Summary of Debt and Finance Lease Obligations

The Company’s debt and finance lease obligations at September 30, 2024 and December 31, 2023 consisted of (in thousands):

September 30, 

December 31, 

    

2024

    

2023

$700M Revolving Credit Facility, interest at SOFR plus 1.50%, maturing May 18, 2027

$

$

Term Loan B, interest at SOFR plus 2.25%, maturing May 18, 2030

 

293,525

 

496,250

Senior Notes, interest at 4.75%, maturing October 15, 2027

 

700,000

 

700,000

Senior Notes, interest at 7.25%, maturing July 15, 2028

 

400,000

 

400,000

Senior Notes, interest at 4.50%, maturing February 15, 2029

 

600,000

 

600,000

Senior Notes, interest at 6.50%, maturing April 1, 2032

 

1,000,000

 

Gaylord Rockies Term Loan, interest at SOFR plus 2.50%, original maturity July 2, 2024

 

 

800,000

$80M OEG Revolver, interest at SOFR plus 3.50%, maturing June 28, 2029

 

16,000

 

5,000

OEG Term Loan, interest at SOFR plus 3.50%, maturing June 28, 2031

 

300,000

 

296,250

Block 21 CMBS Loan, interest at 5.58%, maturing January 5, 2026

129,718

131,871

Finance lease obligations

74

138

Unamortized deferred financing costs

(53,146)

(38,309)

Unamortized discounts and premiums, net

(12,729)

(14,172)

Total debt

$

3,373,442

$

3,377,028

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, 2024 and December 31, 2023 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

2024

2023

Gaylord Rockies Term Loan

Interest Rate Swap

5.2105%

Daily SOFR

July 2, 2024

$

800,000

$

-

$

(474)

OEG Term Loan

Interest Rate Swap

4.5330%

3-month SOFR

December 18, 2025

100,000

(984)

(848)

$

(984)

$

(1,322)

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 Derivatives

Location of Gain (Loss)

OCI into Income (Expense)

Three Months Ended

Reclassified from

Three Months Ended

September 30, 

Accumulated OCI

September 30, 

2024

2023

   

into Income (Expense)

   

2024

2023

   

Derivatives in Cash Flow Hedging Relationships:

   

Interest rate swaps

$

(1,048)

$

1,562

Interest expense

$

190

$

1,578

Total derivatives

$

(1,048)

$

1,562

$

190

$

1,578

Amount of Gain (Loss)

Amount of Gain (Loss)

Recognized in OCI on

Reclassified from Accumulated

Derivatives

Location of Gain (Loss)

OCI into Income (Expense)

Nine Months Ended

Reclassified from

Nine Months Ended

September 30, 

Accumulated OCI

September 30, 

2024

2023

   

into Income (Expense)

   

2024

2023

   

Derivatives in Cash Flow Hedging Relationships:

   

Interest rate swaps

$

1,278

$

3,029

Interest expense

$

939

$

11,734

Total derivatives

$

1,278

$

3,029

$

939

$

11,734