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Long-Term Debt | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following (in thousands):
| March 31, 2022 |  | December 31, 2021
Macau Related: |  |  |
WM Cayman II Revolver, due 2025 (1) | $ | 1,283,922 |  |  | $ | 1,287,766 |
WML 4 7/8% Senior Notes, due 2024 | 600,000 |  |  | 600,000 |
WML 5 1/2% Senior Notes, due 2026 | 1,000,000 |  |  | 1,000,000 |
WML 5 1/2% Senior Notes, due 2027 | 750,000 |  |  | 750,000 |
WML 5 5/8% Senior Notes, due 2028 | 1,350,000 |  |  | 1,350,000 |
WML 5 1/8% Senior Notes, due 2029 | 1,000,000 |  |  | 1,000,000 |
U.S. and Corporate Related: |  |  |
WRF Credit Facilities (2): |  |  |
WRF Term Loan, due 2024 | 875,000 |  |  | 887,500 |
WLV 4 1/4% Senior Notes, due 2023 | 500,000 |  |  | 500,000 |
WLV 5 1/2% Senior Notes, due 2025 | 1,780,000 |  |  | 1,780,000 |
WLV 5 1/4% Senior Notes, due 2027 | 880,000 |  |  | 880,000 |
WRF 7 3/4% Senior Notes, due 2025 | 600,000 |  |  | 600,000 |
WRF 5 1/8% Senior Notes, due 2029 | 750,000 |  |  | 750,000 |
Retail Term Loan, due 2025 (3) | 615,000 |  |  | 615,000 |
| 11,983,922 |  |  | 12,000,266 |
Less: Unamortized debt issuance costs and original issue discounts and premium, net | (61,028) |  |  | (65,720) |
| 11,922,894 |  |  | 11,934,546 |
Less: Current portion of long-term debt | (50,000) |  |  | (50,000) |
Total long-term debt, net of current portion | $ | 11,872,894 |  |  | $ | 11,884,546 |
(1) The borrowings under the WM Cayman II Revolver bear interest at LIBOR or HIBOR plus a margin of 1.875% to 2.875% per annum based on WM Cayman II’s leverage ratio on a consolidated basis. Approximately $268.2 million and $1.02 billion of the WM Cayman II Revolver bears interest at a rate of LIBOR plus 2.625% per year and HIBOR plus 2.625% per year, respectively. As of March 31, 2022, the weighted average interest rate was approximately 2.96%. As of March 31, 2022, the available borrowing capacity under the WM Cayman II Revolver was $211.9 million. (2) The WRF Credit Facilities bear interest at a rate of LIBOR plus 1.75% per year. As of March 31, 2022, the weighted average interest rate was approximately 2.21%. Additionally, as of March 31, 2022, the available borrowing capacity under the WRF Revolver was $835.6 million, net of $14.4 million in outstanding letters of credit. (3) The Retail Term Loan bears interest at a rate of LIBOR plus 1.70% per year. As of March 31, 2022, the effective interest rate was 2.70%. WM Cayman II Revolver Amendment On May 5, 2022, WM Cayman II and its lenders agreed to waive certain financial covenants in the facility agreement under the WM Cayman II Revolver in respect of the relevant periods ending on the following applicable test dates: (a) June 30, 2022; (b) September 30, 2022; (c) December 31, 2022; and (d) March 31, 2023; and to provide for a floor on the interest rate margin of 2.625% per annum through June 30, 2023. WML, as guarantor, may be subject to certain restrictions on payments of dividends or distributions to its shareholders, unless certain financial criteria have been satisfied through the facility agreement. Debt Covenant Compliance As of March 31, 2022, management believes the Company was in compliance with all debt covenants. Fair Value of Long-Term Debt The estimated fair value of the Company's long-term debt as of March 31, 2022 and December 31, 2021, was approximately $11.34 billion and $11.72 billion, respectively, compared to its carrying value, excluding debt issuance costs and original issue discount and premium, of $11.98 billion and $12.00 billion, respectively. The estimated fair value of the Company's long-term debt is based on recent trades, if available, and indicative pricing from market information (Level 2 inputs).

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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