Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt

Summary of Debt and Finance Lease Obligations

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

	2020		2019
$700M Revolving Credit Facility, less unamortized DFCs of $7,579 and $0	$	98,421	$	—
$300M Term Loan A, less unamortized DFCs of $2,321 and $2,478		297,679		297,522
$500M Term Loan B, less unamortized DFCs of $3,524 and $4,501		377,726		381,749
$400M Senior Notes, less unamortized DFCs of $2,301 and $3,222		397,699		396,778
$700M Senior Notes, less unamortized DFCs of $10,676 and $11,808, plus unamortized premium of $2,167 and $2,434		691,491		690,626
$800M Term Loan (Gaylord Rockies JV), less unamortized DFCs of $6,103 and $8,015		793,897		791,985
Finance lease obligations		1,095		1,308
Total debt	$	2,658,008	$	2,559,968

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
	2021		2022		2023		2024		2025		Thereafter		Total
$700M Revolving Credit Facility	$	—	$	—	$	—	$	106,000	$	—	$	—	$	106,000
$300M Term Loan A		—		—		—		—		300,000		—		300,000
$500M Term Loan B		5,000		5,000		5,000		366,250		—		—		381,250
$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	$	1,205,000	$	472,250	$	300,000	$	700,000	$	2,687,250

(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
						Asset (Liability) Balance
		Strike			Notional	December 31,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount	2020		2019
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500	$	(2,206)	$	959
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(2,206)		959
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(2,206)		956
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023	$ 87,500		(2,222)		934
Gaylord Rockies Loan	Interest Rate Swap	1.6500%	1-month LIBOR	August 1, 2022	$ 800,000		(18,979)		(2,174)
						$	(27,819)	$	1,634

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)
	2020		2019		into Income (Expense)	2020		2019
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	(39,958)	$	3,539	Interest expense	$	(10,505)	$	1,905
Total derivatives	$	(39,958)	$	3,539		$	(10,505)	$	1,905