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Financial Reporting By Business Segments | 9 Months Ended
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Sep. 30, 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 | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019 |
Revenues: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Hospitality | ​ | $ | 57,978 | ​ | $ | 328,257 | ​ | $ | 353,954 | ​ | $ | 1,022,896 | ​
Entertainment | ​ |  | 12,271 | ​ |  | 51,530 | ​ |  | 44,006 | ​ |  | 135,385 | ​
Corporate and Other | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Total | ​ | $ | 70,249 | ​ | $ | 379,787 | ​ | $ | 397,960 | ​ | $ | 1,158,281 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Hospitality | ​ | $ | 49,310 | ​ | $ | 50,445 | ​ | $ | 148,667 | ​ | $ | 150,909 | ​
Entertainment | ​ |  | 3,985 | ​ |  | 3,132 | ​ |  | 10,492 | ​ |  | 8,441 | ​
Corporate and Other | ​ |  | 581 | ​ |  | 421 | ​ |  | 2,073 | ​ |  | 1,210 | ​
Total | ​ | $ | 53,876 | ​ | $ | 53,998 | ​ | $ | 161,232 | ​ | $ | 160,560 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Hospitality | ​ | $ | (78,322) | ​ | $ | 52,116 | ​ | $ | (154,633) | ​ | $ | 191,563 | ​
Entertainment | ​ |  | (9,057) | ​ |  | 14,376 | ​ |  | (26,632) | ​ |  | 34,222 | ​
Corporate and Other | ​ |  | (7,880) | ​ |  | (9,825) | ​ |  | (24,766) | ​ |  | (27,728) | ​
Preopening costs (1) | ​ |  | (96) | ​ |  | (164) | ​ |  | (1,597) | ​ |  | (2,274) | ​
Gain on sale of assets (2) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,261 | ​ | ​ | — | ​
Credit loss on held-to-maturity securities (3) | ​ | ​ | (7,811) | ​ | ​ | — | ​ | ​ | (32,784) | ​ | ​ | — | ​
Total operating income (loss) | ​ |  | (103,166) | ​ |  | 56,503 | ​ |  | (239,151) | ​ |  | 195,783 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ |  | (28,127) | ​ |  | (35,261) | ​ |  | (87,527) | ​ |  | (100,840) | ​
Interest income | ​ |  | 1,540 | ​ |  | 2,878 | ​ |  | 5,765 | ​ |  | 8,756 | ​
Loss from extinguishment of debt | ​ | ​ | — | ​ | ​ | (494) | ​ | ​ | — | ​ | ​ | (494) | ​
Loss from unconsolidated joint ventures | ​ |  | (1,767) | ​ |  | (308) | ​ |  | (5,482) | ​ |  | (475) | ​
Other gains and (losses), net | ​ |  | 1,729 | ​ |  | 1,109 | ​ |  | (14,831) | ​ |  | 857 | ​
Income (loss) before income taxes | ​ | $ | (129,791) | ​ | $ | 24,427 | ​ | $ | (341,226) | ​ | $ | 103,587 | ​
| (1) | Preopening costs for the three months ended September 30, 2020 relates to the Hospitality segment. Preopening costs for the nine months ended September 30, 2020 include $0.2 million and $1.4 million for the Hospitality and Entertainment segments, respectively. Preopening costs for the three months ended September 30, 2019 relate to the Entertainment segment. Preopening costs of the nine months ended September 30, 2019 include $0.6 million and $1.6 million for the Hospitality and Entertainment segments, respectively.
| (2) | Gain on sale of assets for the nine months ended September 30, 2020 relates to the Hospitality segment.
| (3) | Credit loss on held-to-maturity securities for the three months and nine months ended September 30, 2020 relates to the Hospitality segment.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31,
​ | ​ | 2020 | ​ | 2019
Identifiable assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 3,310,128 | ​ | $ | 3,494,084
Entertainment | ​ |  | 188,848 | ​ |  | 181,036
Corporate and Other | ​ |  | 88,775 | ​ |  | 413,348
Total identifiable assets | ​ | $ | 3,587,751 | ​ | $ | 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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