Financial Reporting by Business Segments

12 Months Ended

Dec. 31, 2011

Financial Reporting by Business Segments [Abstract]

Financial Reporting by Business Segments

17. Financial Reporting By Business Segments

The Company’s continuing operations are organized into three principal business segments:

• Hospitality, which includes the Gaylord Opryland Resort and Convention Center, the Gaylord Palms Resort and Convention Center, the Gaylord Texan Resort and Convention Center, the Gaylord National Resort and Convention Center and the Radisson Hotel at Opryland, as well as the Company’s previous investments in two joint ventures;

• Opry and Attractions, which includes the Grand Ole Opry, WSM-AM, and the Company’s Nashville-based attractions; and

• Corporate and Other, which includes the Company’s corporate expenses.

The following information (amounts in thousands) from continuing operations is derived directly from the segments’ internal financial reports used for corporate management purposes.

	2011			2010			2009
REVENUES:
Hospitality	$	886,634		$	722,938		$	814,154
Opry and Attractions		65,386			46,918			58,599
Corporate and Other		124			105			92
Total revenues	$	952,144		$	769,961		$	872,845
DEPRECIATION AND AMORTIZATION:
Hospitality	$	109,521		$	91,117		$	101,444
Opry and Attractions		5,261			4,710			4,674
Corporate and Other		10,507			9,734			10,449
Total depreciation and amortization	$	125,289		$	105,561		$	116,567
OPERATING INCOME (LOSS):
Hospitality	$	130,939		$	91,705		$	112,171
Opry and Attractions		8,760			1,237			5,050
Corporate and Other		(58,535	)		(61,320	)		(60,378	)
Casualty loss		(1,225	)		(42,321	)		—
Preopening costs		(408	)		(55,287	)		—
Total operating income (loss)		79,531			(65,986	)		56,843
Interest expense, net of amounts capitalized		(74,673	)		(81,426	)		(76,592	)
Interest income		12,460			13,124			15,087
Income (loss) from unconsolidated companies		1,086			608			(5	)
Gain on extinguishment of debt		—			1,299			18,677
Other gains and (losses)		(916	)		(535	)		2,847
Income (loss) before income taxes and discontinued operations	$	17,488		$	(132,916	)	$	16,857

	December 31, 2011		December 31, 2010
IDENTIFIABLE ASSETS:
Hospitality	$	2,320,853	$	2,309,800
Opry and Attractions		78,482		78,453
Corporate and Other		163,675		232,279
Discontinued operations		390		401
Total identifiable assets	$	2,563,400	$	2,620,933

The following table represents the capital expenditures for continuing operations by segment for the years ended December 31 (amounts in thousands):

	2011		2010		2009
CAPITAL EXPENDITURES:
Hospitality	$	110,151	$	159,576	$	42,995
Opry and Attractions		4,745		23,767		3,626
Corporate and other		17,696		11,304		6,444
Total capital expenditures	$	132,592	$	194,647	$	53,065