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Notes Receivable | 9 Months Ended
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Sep. 30, 2020
Notes Receivable |
Notes Receivable | 6. NOTES RECEIVABLE: As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, in connection with the development of Gaylord National, the Company holds two issuances of governmental bonds (“Series A bond” and “Series B bond”) with a total carrying value and approximate fair value of $70.4 million and $110.1 million at September 30, 2020 and December 31, 2019, respectively, net of credit loss reserve of $38.0 million and $0, respectively. The Company receives debt service and principal payments thereon, payable from property tax increments, hotel taxes and special hotel rental taxes generated from Gaylord National through the maturity dates of July 1, 2034 and September 1, 2037, respectively. The Company records interest income over the life of the notes using the effective interest method. The Company has the intent and ability to hold these bonds to maturity. In the first quarter of 2020, the Company recorded an initial transition adjustment of $5.2 million and has since performed its quarterly assessment of credit losses under the newly adopted credit loss standard discussed in Note 1, which considers the estimate of projected tax revenues that will service the Series B bond over its remaining term. These tax revenue projections were updated each quarter in connection with the Company’s preparation of its condensed consolidated financial statements included herein as a result of the closure of Gaylord National during the COVID-19 pandemic and to reflect updated industry projections as to future anticipated operations of the hotel. As a result of these reduced tax revenue projections over the remaining life of the Series B bond, the Company increased its credit loss reserve by $7.8 million and $32.8 million in the three months and nine months ended September 30, 2020. At September 30, 2020, the Series B bond is fully reserved. The Series A bond is of higher priority than other tranches which fall between the Company’s two issuances. During the three months ended September 30, 2020 and 2019, the Company recorded interest income of $1.5 million and $2.5 million, respectively, on these bonds. During the nine months ended September 30, 2020 and 2019, the Company recorded interest income of $4.7 million and $7.7 million, respectively, on these bonds. The Company received payments of $8.8 million and $11.3 million during the nine months ended September 30, 2020 and 2019, respectively, relating to these bonds. At September 30, 2020 and December 31, 2019, before consideration of the credit loss reserve, the Company had accrued interest receivable related to these bonds of $39.4 million and $38.2 million, respectively.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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