XML 54 R43.htm IDEA: XBRL DOCUMENT v3.21.2
Debt and Finance Lease Obligations (Tables)
9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Debt and Finance Lease Obligations

The components of debt and finance lease obligations consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands, except interest rates)

 

2021

 

 

2020

 

2021 Credit Facility, 5.5% weighted-average interest rate at September 30, 2021, due through 2028(1)

 

$

400,000

 

 

$

 

2018 Credit Facility, 4.5% weighted-average interest rate at December 31, 2020

 

 

 

 

 

266,762

 

FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at September 30, 2021 and December 31, 2020, due through 2023(1)

 

 

5,619

 

 

 

5,820

 

FlyOver Iceland Term Loans, 3.8% weighted-average interest rate at September 30, 2021 and December 31, 2020, due through 2024(1)

 

 

689

 

 

 

705

 

Less unamortized debt issuance costs

 

 

(15,525

)

 

 

(2,737

)

Total debt

 

 

390,783

 

 

 

270,550

 

Finance lease obligations, 9.1% weighted-average interest rate at September 30, 2021 and 8.0% at December 31, 2020, due through 2067(2)

 

 

63,597

 

 

 

23,141

 

Total debt and finance lease obligations (3)(4)

 

 

454,380

 

 

 

293,691

 

Current portion

 

 

(8,218

)

 

 

(8,335

)

Long-term debt and finance lease obligations

 

$

446,162

 

 

$

285,356

 

(1)
Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.
(2)
The increase in finance lease obligations is primarily due to the commencement of Pursuit’s new Sky Lagoon attraction in Iceland during the first quarter of 2021, which has a 46-year lease term.
(3)
The estimated fair value of total debt and finance leases was $310.5 million as of September 30, 2021 and $254.0 million as of December 31, 2020. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements.
(4)
Cash paid for interest on debt was $14.9 million for the nine months ended September 30, 2021 and $12.1 million for the nine months ended September 30, 2020.