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.