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Financial Reporting By Business Segments | 12 Months Ended
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Dec. 31, 2020
Financial Reporting By Business Segments |
Financial Reporting By Business Segments | 15. Financial Reporting By Business Segments The Company’s continuing operations are organized into the following principal business segments:
| ● | Hospitality, which includes the Gaylord Hotels properties, the Inn at Opryland and the AC Hotel;
| ● | Entertainment, which includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, the Company’s other Nashville-based attractions, and the Company’s investment in the Circle joint venture; and
| ● | Corporate and Other, which includes the Company’s corporate expenses.
The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used for corporate management purposes.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
Revenues: |  | ​ |  |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 466,045 | ​ | $ | 1,421,446 | ​ | $ | 1,127,903
Entertainment | ​ |  | 58,430 | ​ |  | 183,120 | ​ |  | 147,215
Corporate and Other | ​ |  | — | ​ |  | — | ​ |  | —
Total | ​ | $ | 524,475 | ​ | $ | 1,604,566 | ​ | $ | 1,275,118
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization: | ​ |  |  | ​ |  |  | ​ |  |
Hospitality | ​ | $ | 198,073 | ​ | $ | 201,068 | ​ | $ | 108,779
Entertainment | ​ |  | 14,371 | ​ |  | 11,150 | ​ |  | 10,280
Corporate and Other | ​ |  | 2,638 | ​ |  | 1,629 | ​ |  | 1,817
Total | ​ | $ | 215,082 | ​ | $ | 213,847 | ​ | $ | 120,876
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss): | ​ |  |  | ​ |  |  | ​ |  |
Hospitality | ​ | $ | (204,868) | ​ | $ | 263,203 | ​ | $ | 247,885
Entertainment | ​ |  | (34,242) | ​ |  | 45,361 | ​ |  | 27,686
Corporate and Other | ​ |  | (31,433) | ​ |  | (37,911) | ​ |  | (32,650)
Preopening costs (1) | ​ |  | (1,665) | ​ |  | (3,122) | ​ |  | (4,869)
Gain on sale of assets (2) | ​ | ​ | 1,161 | ​ | ​ | — | ​ | ​ | —
Credit loss on held-to-maturity securities (3) | ​ | ​ | (32,784) | ​ | ​ | — | ​ | ​ | —
Impairment charges (4) | ​ |  | — | ​ |  | — | ​ |  | (23,783)
Total operating income (loss) | ​ |  | (303,831) | ​ |  | 267,531 | ​ |  | 214,269
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ |  | (115,783) | ​ |  | (131,620) | ​ |  | (74,961)
Interest income | ​ |  | 7,304 | ​ |  | 11,769 | ​ |  | 10,469
Loss from extinguishment of debt | ​ | ​ | — | ​ | ​ | (494) | ​ | ​ | —
Income (loss) from unconsolidated joint ventures (5) | ​ |  | (6,451) | ​ |  | (1,110) | ​ |  | 125,005
Other gains and (losses), net | ​ |  | (14,976) | ​ |  | 693 | ​ |  | 1,633
Income (loss) before income taxes | ​ | $ | (433,737) | ​ | $ | 146,769 | ​ | $ | 276,415
| (1) | Preopening costs for 2020 include $0.3 million and $1.4 million for the Hospitality and Entertainment segments, respectively. Preopening costs for 2019 include $1.3 million and $1.9 million for the Hospitality and Entertainment segments, respectively. Preopening costs for 2018 include $2.9 million and $1.9 million for the Hospitality and Entertainment segments, respectively.
| (2) | Gain on sale of assets for 2020 relates to the Hospitality segment.
| (3) | Credit loss on held-to-maturity securities for 2020 relates to the Hospitality segment.
| (4) | Impairment charges for 2018 relate to the Entertainment segment.
| (5) | Loss from unconsolidated joint ventures for 2020 and 2019 relates to the Entertainment segment. Income from unconsolidated joint ventures for 2018 includes $124.4 million (which includes the gain discussed in Note 4) and $0.6 million for the Hospitality and Entertainment segments, respectively.
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |  | December 31,
​ | ​ | 2020 | ​ | 2019
Identifiable assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 3,279,238 | ​ | $ | 3,494,084
Entertainment | ​ |  | 185,178 | ​ |  | 181,036
Corporate and Other | ​ |  | 92,079 | ​ |  | 413,348
Total identifiable assets | ​ | $ | 3,556,495 | ​ | $ | 4,088,468
​ The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
Hospitality | ​ | $ | 146,654 | ​ | $ | 120,899 | ​ | $ | 142,738
Entertainment | ​ |  | 13,697 | ​ |  | 25,000 | ​ |  | 44,863
Corporate and other | ​ |  | 5,112 | ​ |  | 6,642 | ​ |  | 616
Total capital expenditures | ​ | $ | 165,463 | ​ | $ | 152,541 | ​ | $ | 188,217
​ ​

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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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