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Financial Reporting By Business Segments | 9 Months Ended
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Sep. 30, 2022
Financial Reporting By Business Segments |
Financial Reporting By Business Segments | 18. FINANCIAL REPORTING BY BUSINESS SEGMENTS: The Company’s operations are organized into three principal business segments:
| ● | Hospitality, which includes the Gaylord Hotels properties, the Inn at Opryland and the AC Hotel;
| ● | Entertainment, which includes the OEG business, specifically the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Block 21, 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, | ​
​ |  | 2022 |  | 2021 |  | 2022 |  | 2021 |
Revenues: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Hospitality | ​ | $ | 390,602 | ​ | $ | 257,853 | ​ | $ | 1,053,515 | ​ | $ | 463,343 | ​
Entertainment | ​ |  | 77,153 | ​ |  | 49,053 | ​ |  | 183,579 | ​ |  | 98,599 | ​
Corporate and Other | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Total | ​ | $ | 467,755 | ​ | $ | 306,906 | ​ | $ | 1,237,094 | ​ | $ | 561,942 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Hospitality | ​ | $ | 42,517 | ​ | $ | 52,020 | ​ | $ | 146,804 | ​ | $ | 151,655 | ​
Entertainment | ​ |  | 5,249 | ​ |  | 3,506 | ​ |  | 13,293 | ​ |  | 10,728 | ​
Corporate and Other | ​ |  | 203 | ​ |  | 567 | ​ |  | 615 | ​ |  | 1,698 | ​
Total | ​ | $ | 47,969 | ​ | $ | 56,093 | ​ | $ | 160,712 | ​ | $ | 164,081 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Hospitality | ​ | $ | 88,901 | ​ | $ | 24,716 | ​ | $ | 205,142 | ​ | $ | (65,846) | ​
Entertainment | ​ |  | 17,756 | ​ |  | 12,080 | ​ |  | 38,737 | ​ |  | 10,074 | ​
Corporate and Other | ​ |  | (9,652) | ​ |  | (10,983) | ​ |  | (32,038) | ​ |  | (28,620) | ​
Preopening costs | ​ |  | — | ​ |  | (118) | ​ |  | (525) | ​ |  | (734) | ​
Gain (loss) on sale of assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (469) | ​ | ​ | 317 | ​
Total operating income (loss) | ​ |  | 97,005 | ​ |  | 25,695 | ​ |  | 210,847 | ​ |  | (84,809) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ |  | (40,092) | ​ |  | (32,413) | ​ |  | (105,987) | ​ |  | (93,056) | ​
Interest income | ​ |  | 1,378 | ​ |  | 1,433 | ​ |  | 4,138 | ​ |  | 4,254 | ​
Loss on extinguishment of debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,547) | ​ | ​ | (2,949) | ​
Loss from unconsolidated joint ventures | ​ |  | (2,720) | ​ |  | (2,312) | ​ |  | (8,348) | ​ |  | (5,831) | ​
Other gains and (losses), net | ​ |  | 2,058 | ​ |  | 53 | ​ |  | 2,222 | ​ |  | 254 | ​
Income (loss) before income taxes | ​ | $ | 57,629 | ​ | $ | (7,544) | ​ | $ | 101,325 | ​ | $ | (182,137) | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31,
​ | ​ | 2022 | ​ | 2021
Identifiable assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 3,258,745 | ​ | $ | 3,266,679
Entertainment | ​ |  | 492,911 | ​ |  | 214,270
Corporate and Other | ​ |  | 195,624 | ​ |  | 99,576
Total identifiable assets | ​ | $ | 3,947,280 | ​ | $ | 3,580,525
​

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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