XML 53 R45.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Debt and Finance Lease Obligations (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Debt and Finance Lease Obligations

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

 

 

 

June 30,

 

 

December 31,

 

(in thousands, except interest rates)

 

2024

 

 

2023

 

Debt:

 

 

 

 

 

 

2021 Credit Facility - Term Loan B
9.6% interest rate at June 30, 2024 and 10.5% at December 31, 2023, due through 2028(1)

 

$

319,000

 

 

$

321,000

 

2021 Credit Facility - Revolving Credit Facility - Viad Corp borrowings
8.5% interest rate at June 30, 2024 and at December 31, 2023, due through 2026(1)

 

 

80,500

 

 

 

57,000

 

2021 Credit Facility - Revolving Credit Facility - Brewster, Inc. borrowings
8.0% interest rate at June 30, 2024, due through 2026(1)

 

 

4,386

 

 

 

—

 

Jasper Term Loan
6.5% interest rate at June 30, 2024 and December 31, 2023, due through 2028(1)

 

 

12,255

 

 

 

12,655

 

Jasper Revolving Credit Facility
9.5% weighted-average interest rate at June 30, 2024 and December 31, 2023, due through 2028(1)

 

 

2,193

 

 

 

3,020

 

FlyOver Iceland Credit Facility
9.3% interest rate at June 30, 2024 and 8.9% at December 31, 2023, due through 2029(1)

 

 

3,953

 

 

 

4,049

 

FlyOver Iceland Term Loans
13.8% weighted-average interest rate at June 30, 2024 and at December 31, 2023, due through 2024(1)

 

 

405

 

 

 

475

 

Less unamortized debt issuance costs

 

 

(8,640

)

 

 

(9,453

)

Total debt

 

 

414,052

 

 

 

388,746

 

Finance obligations:

 

 

 

 

 

 

Finance lease obligations (2)
9.2% weighted-average interest rate at June 30, 2024 and December 31, 2023, due through 2067

 

 

63,270

 

 

 

63,929

 

Financing arrangements

 

 

4,974

 

 

 

—

 

Total debt and finance obligations (3)(4)

 

 

482,296

 

 

 

452,675

 

Current portion

 

 

(12,948

)

 

 

(8,371

)

Long-term debt and finance obligations

 

$

469,348

 

 

$

444,304

 
(1)
Represents the weighted-average interest rate in effect as of the end of the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs, commitment fees, or any expense or income related to the Interest Rate Cap as discussed in Note 12 – Derivative.
(2)
Refer to Note 20 – Leases and Other for additional information.
(3)
The estimated fair value of total debt and finance leases was $390.0 million as of June 30, 2024 and $349.8 million as of December 31, 2023. 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 for additional information.
Cash paid for interest on debt was $24.0 million during the six months ended June 30, 2024 and $23.4 million during the six months ended June 30, 2023.
Schedule of Changes to Our Financing Arrangements

Changes to our financing arrangements are as follows:

(in thousands)

 

 

 

Balance at December 31, 2023

 

$

—

 

Additions

 

 

13,062

 

Payments

 

 

(7,986

)

Foreign currency translation adjustment

 

 

(102

)

Balance at June 30, 2024

 

$

4,974