Information Concerning Guarantor and Non-Guarantor Subsidiaries

9 Months Ended

Sep. 30, 2011

Information Concerning Guarantor and Non-Guarantor Subsidiaries [Abstract]

INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES

17. INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES:

Not all of the Company’s subsidiaries have guaranteed the Company’s Convertible Notes and the Senior Notes. The Company’s Convertible Notes and Senior Notes are guaranteed on a senior unsecured basis by generally all of the Company’s significant active domestic subsidiaries (the “Guarantors”). Certain discontinued operations and inactive subsidiaries (the “Non-Guarantors”) do not guarantee the Company’s Convertible Notes and Senior Notes.

The following condensed consolidating financial information includes certain allocations of revenues and expenses based on management’s best estimates, which are not necessarily indicative of financial position, results of operations and cash flows that these entities would have achieved on a stand alone basis.

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Statement of Operations

For the Three Months Ended September 30, 2011

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues	$	1,525		$	225,227		$	—		$	(1,520	)	$	225,232
Operating expenses:
Operating costs		—			135,817			—			—			135,817
Selling, general and administrative		4,417			38,287			—			—			42,704
Casualty loss		100			62			—			—			162
Preopening costs		41			304			—			—			345
Management fees		—			1,520			—			(1,520	)		—
Depreciation and amortization		944			31,423			—			—			32,367
Operating income (loss)		(3,977	)		17,814			—			—			13,837
Interest expense, net of amounts capitalized		(18,317	)		(30,244	)		(103	)		30,589			(18,075	)
Interest income		26,055			3,716			4,017			(30,589	)		3,199
Income from unconsolidated companies		—			761			—			—			761
Other gains and (losses), net		—			(444	)		—			—			(444	)
Income (loss) before income taxes		3,761			(8,397	)		3,914			—			(722	)
(Provision) benefit for income taxes		(1,702	)		2,925			(2,160	)		—			(937	)
Equity in subsidiaries’ losses, net		(3,665	)		—			—			3,665			—
Income (loss) from continuing operations		(1,606	)		(5,472	)		1,754			3,665			(1,659	)
Income from discontinued operations, net of taxes		—			1			52			—			53
Net income (loss)	$	(1,606	)	$	(5,471	)	$	1,806		$	3,665		$	(1,606	)

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Statement of Operations

For the Three Months Ended September 30, 2010

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues	$	2,422		$	158,266		$	—		$	(2,416	)	$	158,272
Operating expenses:
Operating costs		—			98,497			—			1			98,498
Selling, general and administrative		7,638			28,011			—			(1	)		35,648
Casualty loss		1,052			4,962			—			—			6,014
Preopening costs		—			25,474			—			—			25,474
Management fees		—			2,416			—			(2,416	)		—
Depreciation and amortization		1,074			24,180			—			—			25,254
Operating loss		(7,342	)		(25,274	)		—			—			(32,616	)
Interest expense, net of amounts capitalized		(20,956	)		(28,916	)		(96	)		29,634			(20,334	)
Interest income		24,614			4,549			3,815			(29,634	)		3,344
Other gains and (losses), net		(58	)		435			—			—			377
Income (loss) before income taxes		(3,742	)		(49,206	)		3,719			—			(49,229	)
(Provision) benefit for income taxes		2,770			15,931			(1,298	)		—			17,403
Equity in subsidiaries’ losses, net		(30,808	)		—			—			30,808			—
Income (loss) from continuing operations		(31,780	)		(33,275	)		2,421			30,808			(31,826	)
Income (loss) from discontinued operations, net of taxes		—			(11	)		57			—			46
Net income (loss)	$	(31,780	)	$	(33,286	)	$	2,478		$	30,808		$	(31,780	)

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Statement of Operations

For the Nine Months Ended September 30, 2011

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues	$	4,461		$	682,756		$	—		$	(4,472	)	$	682,745
Operating expenses:
Operating costs		—			402,469			—			(28	)		402,441
Selling, general and administrative		12,759			116,071			—			—			128,830
Casualty loss		148			482			—			—			630
Preopening costs		41			345			—			—			386
Management fees		—			4,444			—			(4,444	)		—
Depreciation and amortization		2,973			87,722			—			—			90,695
Operating income (loss)		(11,460	)		71,223			—			—			59,763
Interest expense, net of amounts capitalized		(60,838	)		(90,770	)		(303	)		91,650			(60,261	)
Interest income		78,129			11,441			11,768			(91,650	)		9,688
Income from unconsolidated companies		—			1,086			—			—			1,086
Other gains and (losses), net		—			(494	)		—			—			(494	)
Income before income taxes		5,831			(7,514	)		11,465			—			9,782
(Provision) benefit for income taxes		(2,542	)		2,526			(4,753	)		—			(4,769	)
Equity in subsidiaries’ earnings, net		1,785			—			—			(1,785	)		—
Income (loss) from continuing operations		5,074			(4,988	)		6,712			(1,785	)		5,013
Income from discontinued operations, net of taxes		—			23			38			—			61
Net income (loss)	$	5,074		$	(4,965	)	$	6,750		$	(1,785	)	$	5,074

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Statement of Operations

For the Nine Months Ended September 30, 2010

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues	$	5,696		$	556,661		$	—		$	(5,725	)	$	556,632
Operating expenses:
Operating costs		—			333,808			—			(9	)		333,799
Selling, general and administrative		17,338			96,538			—			(38	)		113,838
Casualty loss		4,852			32,509			—			—			37,361
Preopening costs		—			31,714			—			—			31,714
Management fees		—			5,678			—			(5,678	)		—
Depreciation and amortization		3,529			74,747			—			—			78,276
Operating loss		(20,023	)		(18,333	)		—			—			(38,356	)
Interest expense, net of amounts capitalized		(62,210	)		(86,986	)		(251	)		88,518			(60,929	)
Interest income		72,825			14,372			11,173			(88,518	)		9,852
Income from unconsolidated companies		—			117			—			—			117
Net gain on extinguishment of debt		1,299			—			—			—			1,299
Other gains and (losses), net		(54	)		271			—			—			217
Income (loss) before income taxes		(8,163	)		(90,559	)		10,922			—			(87,800	)
(Provision) benefit for income taxes		3,550			28,416			(3,841	)		—			28,125
Equity in subsidiaries’ losses, net		(51,737	)		—			—			51,737			—
Income (loss) from continuing operations		(56,350	)		(62,143	)		7,081			51,737			(59,675	)
Income from discontinued operations, net of taxes		—			23			3,302			—			3,325
Net income (loss)	$	(56,350	)	$	(62,120	)	$	10,383		$	51,737		$	(56,350	)

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Balance Sheet

September 30, 2011

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents — unrestricted	$	8,378		$	3,744		$	—		$	—		$	12,122
Cash and cash equivalents — restricted		1,150			—			—			—			1,150
Trade receivables, net		—			49,871			—			—			49,871
Deferred income taxes		104			4,760			680			—			5,544
Other current assets		4,094			55,155			—			(126	)		59,123
Intercompany receivables, net		1,765,720			—			298,403			(2,064,123	)		—
Total current assets		1,779,446			113,530			299,083			(2,064,249	)		127,810
Property and equipment, net of accumulated depreciation		41,373			2,158,819			—			—			2,200,192
Notes receivable, net of current portion		—			141,742			—			—			141,742
Long-term deferred financing costs		17,169			—			—			—			17,169
Other long-term assets		658,339			360,813			—			(967,724	)		51,428
Long-term assets of discontinued operations		—			—			401			—			401
Total assets	$	2,496,327		$	2,774,904		$	299,484		$	(3,031,973	)	$	2,538,742
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	—		$	746		$	—		$	—		$	746
Accounts payable and accrued liabilities		12,599			149,177			—			(421	)		161,355
Estimated fair value of derivative liabilities		345			—			—			—			345
Intercompany payables, net		—			1,975,152			88,971			(2,064,123	)		—
Current liabilities of discontinued operations		—			—			281			—			281
Total current liabilities		12,944			2,125,075			89,252			(2,064,544	)		162,727
Long-term debt and capital lease obligations, net of current portion		1,068,121			1,835			—			—			1,069,956
Deferred income taxes		(20,244	)		131,375			(229	)		—			110,902
Other long-term liabilities		57,557			83,899			—			295			141,751
Long-term liabilities of discontinued operations		—			—			451			—			451
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		484			2,388			1			(2,389	)		484
Additional paid-in capital		926,668			1,081,063			(40,127	)		(1,040,936	)		926,668
Treasury stock		(4,599	)		—			—			—			(4,599	)
Retained earnings		475,668			(650,731	)		250,136			75,601			150,674
Other stockholders’ equity		(20,272	)		—			—			—			(20,272	)
Total stockholders’ equity		1,377,949			432,720			210,010			(967,724	)		1,052,955
Total liabilities and stockholders’ equity	$	2,496,327		$	2,774,904		$	299,484		$	(3,031,973	)	$	2,538,742

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Balance Sheet

December 31, 2010

(in thousands)	Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS:
Current assets:
Cash and cash equivalents — unrestricted	$	117,913		$	6,485		$	—		$	—		$	124,398
Cash and cash equivalents — restricted		1,150			—			—			—			1,150
Trade receivables, net		—			31,793			—			—			31,793
Estimated fair value of derivative assets		22			—			—			—			22
Deferred income taxes		67			5,748			680			—			6,495
Other current assets		3,364			45,754			—			(126	)		48,992
Intercompany receivables, net		1,744,290			—			287,087			(2,031,377	)		—
Total current assets		1,866,806			89,780			287,767			(2,031,503	)		212,850
Property and equipment, net of accumulated depreciation		38,686			2,162,759			—			—			2,201,445
Notes receivable, net of current portion		—			142,651			—			—			142,651
Long-term deferred financing costs		12,521			—			—			—			12,521
Other long-term assets		654,722			362,282			—			(965,939	)		51,065
Long-term assets of discontinued operations		—			—			401			—			401
Total assets	$	2,572,735		$	2,757,472		$	288,168		$	(2,997,442	)	$	2,620,933
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	58,396		$	178		$	—		$	—		$	58,574
Accounts payable and accrued liabilities		14,622			161,142			—			(421	)		175,343
Estimated fair value of derivative liabilities		12,475			—			—			—			12,475
Intercompany payables, net		—			1,947,054			84,323			(2,031,377	)		—
Current liabilities of discontinued operations		—			—			357			—			357
Total current liabilities		85,493			2,108,374			84,680			(2,031,798	)		246,749
Long-term debt and capital lease obligations, net of current portion		1,100,335			306			—			—			1,100,641
Deferred income taxes		(26,398	)		127,768			(230	)		—			101,140
Other long-term liabilities		58,559			83,346			—			295			142,200
Long-term liabilities of discontinued operations		—			—			451			—			451
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		481			2,388			1			(2,389	)		481
Additional paid-in capital		916,359			1,081,056			(40,120	)		(1,040,936	)		916,359
Treasury stock		(4,599	)		—			—			—			(4,599	)
Retained earnings		470,594			(645,766	)		243,386			77,386			145,600
Accumulated other comprehensive loss		(28,089	)		—			—			—			(28,089	)
Total stockholders’ equity		1,354,746			437,678			203,267			(965,939	)		1,029,752
Total liabilities and stockholders’ equity	$	2,572,735		$	2,757,472		$	288,168		$	(2,997,442	)	$	2,620,933

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2011

(in thousands)	Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by continuing operating activities	$	682		$	82,202		$	21		$	—	$	82,905
Net cash provided by (used in) discontinued operating activities		—			37			(21	)		—		16
Net cash provided by operating activities		682			82,239			—			—		82,921
Purchases of property and equipment		(4,428	)		(89,416	)		—			—		(93,844	)
Collection of notes receivable		—			2,465			—			—		2,465
Other investing activities		10			2,192			—			—		2,202
Net cash used in investing activities — continuing operations		(4,418	)		(84,759	)		—			—		(89,177	)
Net cash used investing activities — discontinued operations		—			—			—			—		—
Net cash used in investing activities		(4,418	)		(84,759	)		—			—		(89,177	)
Net repayments under credit facility		(100,000	)		—			—			—		(100,000	)
Deferred financing costs paid		(10,074	)		—			—			—		(10,074	)
Proceeds from exercise of stock option and purchase plans		4,275			—			—			—		4,275
Other financing activities, net		—			(221	)		—			—		(221	)
Net cash used in financing activities — continuing operations		(105,799	)		(221	)		—			—		(106,020	)
Net cash provided by financing activities — discontinued operations		—			—			—			—		—
Net cash used in financing activities		(105,799	)		(221	)		—			—		(106,020	)
Net change in cash and cash equivalents		(109,535	)		(2,741	)		—			—		(112,276	)
Cash and cash equivalents at beginning of period		117,913			6,485			—			—		124,398
Cash and cash equivalents at end of period	$	8,378		$	3,744		$	—		$	—	$	12,122

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Statement of Cash Flows

For the Nine Months Ended September 30, 2010

(in thousands)	Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by (used in) continuing operating activities	$	(18,938	)	$	106,154		$	816		$	—	$	88,032
Net cash provided by discontinued operating activities		—			23			644			—		667
Net cash provided by (used in) operating activities		(18,938	)		106,177			1,460			—		88,699
Purchases of property and equipment		(1,669	)		(108,264	)		—			—		(109,933	)
Collection of notes receivable		—			4,073			—			—		4,073
Other investing activities		—			130			—			—		130
Net cash used in investing activities — continuing operations		(1,669	)		(104,061	)		—			—		(105,730	)
Net cash used investing activities — discontinued operations		—			—			(1,460	)		—		(1,460	)
Net cash used in investing activities		(1,669	)		(104,061	)		(1,460	)		—		(107,190	)
Repurchases of senior notes		(26,965	)		—			—			—		(26,965	)
Proceeds from exercise of stock option and purchase plans		2,297			—			—			—		2,297
Other financing activities, net		411			(1,335	)		—			—		(924	)
Net cash used in financing activities — continuing operations		(24,257	)		(1,335	)		—			—		(25,592	)
Net cash provided by financing activities — discontinued operations		—			—			—			—		—
Net cash used in financing activities		(24,257	)		(1,335	)		—			—		(25,592	)
Net change in cash and cash equivalents		(44,864	)		781			—			—		(44,083	)
Cash and cash equivalents at beginning of period		175,871			4,158			—			—		180,029
Cash and cash equivalents at end of period	$	131,007		$	4,939		$	—		$	—	$	135,946