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Financial Reporting By Business Segments | 9 Months Ended
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Sep. 30, 2023
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, JW Marriott Hill Country (effective June 30, 2023), 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, | ​
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Revenues: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Hospitality | ​ | $ | 446,198 | ​ | $ | 390,602 | ​ | $ | 1,288,322 | ​ | $ | 1,053,515 | ​
Entertainment | ​ |  | 82,313 | ​ |  | 77,153 | ​ |  | 236,751 | ​ |  | 183,579 | ​
Corporate and Other | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Total | ​ | $ | 528,511 | ​ | $ | 467,755 | ​ | $ | 1,525,073 | ​ | $ | 1,237,094 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation and amortization: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Hospitality | ​ | $ | 52,466 | ​ | $ | 42,517 | ​ | $ | 137,987 | ​ | $ | 146,804 | ​
Entertainment | ​ |  | 5,400 | ​ |  | 5,249 | ​ |  | 16,067 | ​ |  | 13,293 | ​
Corporate and Other | ​ |  | 220 | ​ |  | 203 | ​ |  | 646 | ​ |  | 615 | ​
Total | ​ | $ | 58,086 | ​ | $ | 47,969 | ​ | $ | 154,700 | ​ | $ | 160,712 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating income (loss): | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​
Hospitality | ​ | $ | 91,723 | ​ | $ | 88,901 | ​ | $ | 305,526 | ​ | $ | 205,142 | ​
Entertainment | ​ |  | 20,691 | ​ |  | 17,756 | ​ |  | 55,940 | ​ |  | 38,737 | ​
Corporate and Other | ​ |  | (10,323) | ​ |  | (9,652) | ​ |  | (31,228) | ​ |  | (32,038) | ​
Preopening costs | ​ |  | (168) | ​ |  | — | ​ |  | (425) | ​ |  | (525) | ​
Loss on sale of assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (469) | ​
Total operating income | ​ |  | 101,923 | ​ |  | 97,005 | ​ |  | 329,813 | ​ |  | 210,847 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ |  | (58,521) | ​ |  | (40,092) | ​ |  | (150,228) | ​ |  | (105,987) | ​
Interest income | ​ |  | 6,112 | ​ |  | 1,378 | ​ |  | 13,977 | ​ |  | 4,138 | ​
Loss on extinguishment of debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2,252) | ​ | ​ | (1,547) | ​
Loss from unconsolidated joint ventures (1) | ​ |  | (12,566) | ​ |  | (2,720) | ​ |  | (17,525) | ​ |  | (8,348) | ​
Other gains and (losses), net | ​ |  | 5,993 | ​ |  | 2,058 | ​ |  | 5,470 | ​ |  | 2,222 | ​
Income before income taxes | ​ | $ | 42,941 | ​ | $ | 57,629 | ​ | $ | 179,255 | ​ | $ | 101,325 | ​
| (1) | Loss from unconsolidated joint ventures relates to the Entertainment segment.
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, |  | December 31,
​ | ​ | 2023 | ​ | 2022
Total assets: |  | ​ |  |  | ​ |
Hospitality | ​ | $ | 4,038,490 | ​ | $ | 3,314,444
Entertainment | ​ |  | 533,490 | ​ |  | 502,913
Corporate and Other | ​ |  | 491,853 | ​ |  | 223,266
Total identifiable assets | ​ | $ | 5,063,833 | ​ | $ | 4,040,623
​

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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