DEBT (Tables)

3 Months Ended

Mar. 31, 2024

DEBT

Summary of Debt and Finance Lease Obligations

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

	March 31,		December 31,
	2024		2023
$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		295,000		496,250
$400M Senior Notes, interest at 7.25%, maturing July 15, 2028		400,000		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
$1B Senior Notes, interest at 6.50%, maturing April 1, 2032		1,000,000		—
$800M Gaylord Rockies Term Loan, interest at SOFR plus 2.50%, maturing July 2, 2024		—		800,000
$300M OEG Term Loan, interest at SOFR plus 5.00%, maturing June 16, 2029		295,500		296,250
$65M OEG Revolver, interest at SOFR plus 4.25%, maturing June 16, 2027		22,000		5,000
Block 21 CMBS Loan, interest at 5.58%, maturing January 5, 2026		131,150		131,871
Finance lease obligations		117		138
Unamortized deferred financing costs		(52,430)		(38,309)
Unamortized discounts and premiums, net		(13,523)		(14,172)
Total debt	$	3,377,814	$	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 March 31, 2024 and December 31, 2023 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		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		106		(848)
							$	106	$	(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
	March 31,				Accumulated OCI	March 31,
	2024		2023		into Income (Expense)	2024		2023
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	1,975	$	(1,010)	Interest expense	$	547	$	5,268
Total derivatives	$	1,975	$	(1,010)		$	547	$	5,268