Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt

Summary of Debt and Finance Lease Obligations

The Company’s debt and finance lease obligations at March 31, 2021 and December 31, 2020 consisted of (in thousands):

	March 31,		December 31,
	2021		2020
$700M Revolving Credit Facility, interest at LIBOR plus 1.95%, maturing March 31, 2024, less unamortized deferred financing costs of $0 and $7,579 (1)	$	—	$	98,421
$300M Term Loan A, interest at LIBOR plus 1.90%, maturing March 31, 2025, less unamortized deferred financing costs of $2,190 and $2,321		297,810		297,679
$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024, less unamortized deferred financing costs of $3,274 and $3,524		376,726		377,726
$400M Senior Notes, interest at 5.0%, maturing April 15, 2023, less unamortized deferred financing costs of $0 and $2,301		—		397,699
$600M Senior Notes, interest at 4.50%, maturing February 15, 2029, less unamortized deferred financing costs of $10,168 and $0		589,832		—
$700M Senior Notes, interest at 4.75%, maturing October 15, 2027, less unamortized deferred financing costs of $10,336 and $10,676, plus unamortized premium of $2,097 and $2,167		691,761		691,491
$800M Term Loan (Gaylord Rockies JV), interest at LIBOR plus 2.50%, maturing July 2, 2023, less unamortized deferred financing costs of $5,515 and $6,103		794,485		793,897
Finance lease obligations		1,038		1,095
Total debt	$	2,751,652	$	2,658,008

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, 2021 and December 31, 2020 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	2021		2020
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500	$	(1,828)	$	(2,206)
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(1,829)		(2,206)
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(1,829)		(2,206)
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023	$ 87,500		(1,843)		(2,222)
Gaylord Rockies Loan	Interest Rate Swap	1.6500%	1-month LIBOR	August 1, 2022	$ 800,000		(15,887)		(18,979)
						$	(23,216)	$	(27,819)

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
	March 31,				Accumulated OCI	March 31,
	2021		2020		into Income (Expense)	2021		2020
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	602	$	(35,947)	Interest expense	$	(4,001)	$	452
Total derivatives	$	602	$	(35,947)		$	(4,001)	$	452