Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt

Summary of Debt and Finance Lease Obligations

The Company’s debt and finance lease obligations at June 30, 2023 and December 31, 2022 consisted of (in thousands):

	June 30,		December 31,
	2023		2022
$700M Revolving Credit Facility, interest at SOFR plus 1.50%, maturing May 18, 2027	$	—	$	—
$500M Term Loan B, interest at SOFR plus 2.75%, maturing May 18, 2030		498,750		371,250
$400M Senior Notes, interest at 7.25%, maturing July 15, 2028		400,000		—
$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 SOFR plus 2.50%, maturing July 2, 2024		800,000		800,000
$300M OEG Term Loan, interest at SOFR plus 5.00%, maturing June 16, 2029		297,750		299,250
$65M OEG Revolver, interest at SOFR plus 4.75%, maturing June 16, 2027		7,000		—
Block 21 CMBS Loan, interest at 5.58%, maturing January 5, 2026		133,263		134,636
Finance lease obligations		744		685
Unamortized deferred financing costs		(41,998)		(30,482)
Unamortized discounts and premiums, net		(15,446)		(12,747)
Total debt	$	3,380,063	$	2,862,592

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

The estimated fair value of the Company’s derivative financial instruments at June 30, 2023 and December 31, 2022 is as follows (in thousands):

							Estimated Fair Value
							Asset (Liability) Balance
		Strike			Notional		June 30,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount		2023		2022
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$	87,500	$	-	$	1,096
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023		87,500		-		1,096
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023		87,500		-		1,096
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023		87,500		-		1,093
Gaylord Rockies Term Loan	Interest Rate Swap	3.3410%	1-month LIBOR	August 1, 2023		800,000		1,276		6,969
Gaylord Rockies Term Loan (1)	Interest Rate Swap	5.2105%	Daily SOFR	July 2, 2024		800,000		197		-
OEG Term Loan	Interest Rate Swap	4.5330%	3-month SOFR	December 18, 2025		100,000		23		(1,164)
							$	1,496	$	10,186

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
	June 30,				Accumulated OCI	June 30,
	2023		2022		into Income (Expense)	2023		2022
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	2,477	$	2,119	Interest expense	$	4,888	$	(2,175)
Total derivatives	$	2,477	$	2,119		$	4,888	$	(2,175)

	Amount of Gain (Loss)					Amount of Gain (Loss)
	Recognized in OCI on					Reclassified from Accumulated
	Derivative				Location of Gain (Loss)	OCI into Income (Expense)
	Six Months Ended				Reclassified from	Six Months Ended
	June 30,				Accumulated OCI	June 30,
	2023		2022		into Income (Expense)	2023		2022
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	1,467	$	8,189	Interest expense	$	10,156	$	(6,124)
Total derivatives	$	1,467	$	8,189		$	10,156	$	(6,124)