Debt and Finance Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Long-term Debt and Finance Lease Obligations

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

	December 31,
(in thousands, except interest rates)	2020			2019
2018 Credit Facility, 4.5% weighted-average interest rate at December 31, 2020 and 3.9% at December 31, 2019, due through 2023⁽¹⁾	$	266,762		$	311,464
FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at December 31, 2020 and 2019, due through 2023⁽¹⁾		5,820			5,607
FlyOver Iceland Term Loans, 3.8% weighted-average interest rate at December 31, 2020, due through 2024⁽¹⁾		705			—
Less unamortized debt issuance costs		(2,737	)		(1,836	)
Total debt⁽²⁾		270,550			315,235
Finance lease obligations, 8.0% weighted-average interest rate at December 31, 2020 and 7.7% at December 31, 2019, due through 2039		23,141			25,257
Total debt and finance lease obligations⁽³⁾		293,691			340,492
Current portion⁽⁴⁾		(8,335	)		(5,330	)
Long-term debt and finance lease obligations	$	285,356		$	335,162

⁽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 weighted-average interest rate on total debt (including unamortized debt issuance costs and commitment fees) was 4.6% for 2020, 4.2% for 2019 and 4.3% for 2018. The estimated fair value of total debt and finance leases was $254.0 million as of December 31, 2020 and $304.0 million as of December 31, 2019. 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.

⁽³⁾	Cash paid for interest on debt was $14.0 million during 2020, $11.9 million during 2019, and $8.5 million during 2018.

⁽⁴⁾

Subsequent to the filing of our 2019 Form 10-K, we identified a correction related to the classification of the 2018 Credit Facility (as defined below) from current to long-term given that the 2018 Credit Facility’s contractual maturity was not within 12 months of the balance sheet date, and we were in compliance with all applicable covenants as of December 31, 2019. As a result, we corrected the classification of the debt on the accompanying Consolidated Balance Sheet and the disclosure related to classification of debt in the table above as of December 31, 2019 to present the 2018 Credit Facility as long-term. Except for this change, the correction had no impact upon this Annual Report on Form 10-K. We determined that the error is not material to the previously issued financial statements.

Schedule of Aggregate Annual Maturities of Long-term Debt

Aggregate annual maturities of long-term debt (excluding finance leases) as of December 31, 2020 are as follows:

(in thousands)	Credit Facilities
Year ending December 31,
2021	$	5,820
2022		53
2023		267,306
2024		108
2025		—
Thereafter		—
Total	$	273,287

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details