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Financial Reporting By Business Segments | 3 Months Ended
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Mar. 31, 2020
Financial Reporting By Business Segments |
Financial Reporting By Business Segments | 16. FINANCIAL REPORTING BY BUSINESS SEGMENTS: The Company’s operations are organized into three principal business segments:
| ● | Hospitality, which includes Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord National, the Inn at Opryland, the AC Hotel, and the Company’s investment in the Gaylord Rockies joint venture;
| ● | Entertainment, which includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, the Company’s equity investment in Circle, and the Company’s Nashville-based attractions; and
| ● | Corporate and Other, which includes the Company’s corporate expenses.
The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
​ |  | 2020 |  | 2019 |
Revenues: |  | ​ |  |  | ​ |  |
Hospitality | ​ | $ | 285,671 | ​ | $ | 337,510 | ​
Entertainment | ​ |  | 27,359 | ​ |  | 33,265 | ​
Corporate and Other | ​ |  | — | ​ |  | — | ​
Total | ​ | $ | 313,030 | ​ | $ | 370,775 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization: | ​ |  |  | ​ |  |  | ​
Hospitality | ​ | $ | 49,769 | ​ | $ | 50,133 | ​
Entertainment | ​ |  | 3,105 | ​ |  | 2,479 | ​
Corporate and Other | ​ |  | 471 | ​ |  | 397 | ​
Total | ​ | $ | 53,345 | ​ | $ | 53,009 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income: | ​ |  |  | ​ |  |  | ​
Hospitality | ​ | $ | 23,817 | ​ | $ | 60,354 | ​
Entertainment | ​ |  | (5,092) | ​ |  | 5,145 | ​
Corporate and Other | ​ |  | (8,607) | ​ |  | (9,401) | ​
Preopening costs (1) | ​ |  | (801) | ​ |  | (2,134) | ​
Gain on sale of assets (2) | ​ | ​ | 1,261 | ​ | ​ | — | ​
Credit loss on held-to-maturity securities (3) | ​ | ​ | (5,828) | ​ | ​ | — | ​
Total operating income | ​ |  | 4,750 | ​ |  | 53,964 | ​
Interest expense | ​ |  | (29,358) | ​ |  | (32,087) | ​
Interest income | ​ |  | 2,371 | ​ |  | 2,908 | ​
Loss from unconsolidated joint ventures | ​ |  | (1,895) | ​ |  | — | ​
Other gains and (losses), net | ​ |  | 195 | ​ |  | (141) | ​
Income (loss) before income taxes | ​ | $ | (23,937) | ​ | $ | 24,644 | ​
| (1) | Preopening costs for the three months ended March 31, 2020 include $0.1 million and $0.7 million for the Hospitality and Entertainment segments, respectively. Preopening costs for the three months ended March 31, 2019 include $0.7 million and $1.4 million for the Hospitality and Entertainment segments, respectively.
| (2) | Gain on sale of assets for the three months ended March 31, 2020 relates to the Hospitality segment.
| (3) | Credit loss on held-to-maturity securities for the three months ended March 31, 2020 relates to the Hospitality segment.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31,
​ | ​ | 2020 | ​ | 2019
Identifiable assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 3,462,739 | ​ | $ | 3,494,084
Entertainment | ​ |  | 192,696 | ​ |  | 181,036
Corporate and Other | ​ |  | 689,367 | ​ |  | 413,348
Total identifiable assets | ​ | $ | 4,344,802 | ​ | $ | 4,088,468
​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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