Information Concerning Guarantor and Non-Guarantor Subsidiaries

3 Months Ended

Mar. 31, 2012

Information Concerning Guarantor and Non Guarantor Subsidiaries [Abstract]

INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES

14. 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 March 31, 2012

(in thousands)	Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues	$	2,798		$	239,011		$	—		$	(2,894	)	$	238,915
Operating expenses:
Operating costs		—			134,983			—			—			134,983
Selling, general and administrative		8,030			41,382			—			(103	)		49,309
Casualty loss		33			141			—			—			174
Preopening costs		13			318			—			—			331
Management fees		—			2,791			—			(2,791	)		—
Depreciation and amortization		769			31,665			—			—			32,434
Operating income (loss)		(6,047	)		27,731			—			—			21,684
Interest expense, net of amounts capitalized		(14,634	)		(29,828	)		(104	)		30,204			(14,362	)
Interest income		25,329			3,949			4,080			(30,204	)		3,154
Income (loss) before income taxes		4,648			1,852			3,976			—			10,476
Provision for income taxes		(1,951	)		(849	)		(1,669	)		—			(4,469	)
Equity in subsidiaries’ earnings, net		3,331			—			—			(3,331	)		—
Income from continuing operations		6,028			1,003			2,307			(3,331	)		6,007
Income from discontinued operations, net of taxes		—			—			21			—			21
Net income	$	6,028		$	1,003		$	2,328		$	(3,331	)	$	6,028
Comprehensive income	$	6,028		$	1,003		$	2,328		$	(3,331	)	$	6,028

Condensed Consolidating Statement of Operations

For the Three Months Ended March 31, 2011

(in thousands)	Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues	$	1,475		$	220,759		$	—		$	(1,496	)	$	220,738
Operating expenses:
Operating costs		—			133,906			—			(28	)		133,878
Selling, general and administrative		4,292			38,786			—			—			43,078
Casualty loss		—			(1	)		—			—			(1	)
Management fees		—			1,468			—			(1,468	)		—
Depreciation and amortization		1,027			28,030			—			—			29,057
Operating income (loss)		(3,844	)		18,570			—			—			14,726
Interest expense, net of amounts capitalized		(21,074	)		(29,984	)		(99	)		30,348			(20,809	)
Interest income		25,827			3,865			3,829			(30,348	)		3,173
Income from unconsolidated companies		—			173			—			—			173
Other gains and (losses), net		—			(191	)		—			—			(191	)
Income (loss) before income taxes		909			(7,567	)		3,730			—			(2,928	)
(Provision) benefit for income taxes		(475	)		2,891			(1,449	)		—			967
Equity in subsidiaries’ losses, net		(2,391	)		—			—			2,391			—
Income (loss) from continuing operations		(1,957	)		(4,676	)		2,281			2,391			(1,961	)
Income (loss) from discontinued operations, net of taxes		—			22			(18	)		—			4
Net income (loss)	$	(1,957	)	$	(4,654	)	$	2,263		$	2,391		$	(1,957	)
Comprehensive income (loss)	$	1,452		$	(4,654	)	$	2,263		$	2,391		$	1,452

Condensed Consolidating Balance Sheet

March 31, 2012

(in thousands)	Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents — unrestricted	$	16,100		$	3,762		$	—		$	—		$	19,862
Cash and cash equivalents — restricted		1,150			—			—			—			1,150
Trade receivables, net		—			62,975			—			—			62,975
Deferred income taxes		164			6,257			23			—			6,444
Other current assets		(2,970	)		43,997			—			(126	)		40,901
Intercompany receivables, net		1,760,398			—			306,358			(2,066,756	)		—
Total current assets		1,774,842			116,991			306,381			(2,066,882	)		131,332
Property and equipment, net of accumulated depreciation		46,993			2,158,668			—			—			2,205,661
Notes receivable, net of current portion		—			143,849			—			—			143,849
Long-term deferred financing costs		14,758			—			—			—			14,758
Other long-term assets		663,781			358,996			—			(970,084	)		52,693
Long-term assets of discontinued operations		—			—			376			—			376
Total assets	$	2,500,374		$	2,778,504		$	306,757		$	(3,036,966	)	$	2,548,669
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	—		$	763		$	—		$	—		$	763
Accounts payable and accrued liabilities		13,304			140,357			—			(417	)		153,244
Intercompany payables, net		—			1,976,173			90,583			(2,066,756	)		—
Current liabilities of discontinued operations		—			—			165			—			165
Total current liabilities		13,304			2,117,293			90,748			(2,067,173	)		154,172
Long-term debt and capital lease obligations, net of current portion		1,059,732			1,450			—			—			1,061,182
Deferred income taxes		(35,216	)		145,642			(81	)		—			110,345
Other long-term liabilities		84,709			84,668			—			291			169,668
Long-term liabilities of discontinued operations		—			—			451			—			451
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		489			2,388			1			(2,389	)		489
Additional paid-in capital		931,213			1,081,067			(40,129	)		(1,040,938	)		931,213
Treasury stock		(4,599	)		—			—			—			(4,599	)
Retained earnings		486,799			(654,004	)		255,767			73,243			161,805
Accumulated other comprehensive loss		(36,057	)		—			—			—			(36,057	)
Total stockholders’ equity		1,377,845			429,451			215,639			(970,084	)		1,052,851
Total liabilities and stockholders’ equity	$	2,500,374		$	2,778,504		$	306,757		$	(3,036,966	)	$	2,548,669

Condensed Consolidating Balance Sheet

December 31, 2011

(in thousands)	Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
ASSETS:
Current assets:
Cash and cash equivalents — unrestricted	$	37,562		$	6,826		$	—		$	—		$	44,388
Cash and cash equivalents — restricted		1,150			—			—			—			1,150
Trade receivables, net		—			41,939			—			—			41,939
Deferred income taxes		1,195			7,423			23			—			8,641
Other current assets		2,710			45,954			—			(126	)		48,538
Intercompany receivables, net		1,745,197			—			302,368			(2,047,565	)		—
Total current assets		1,787,814			102,142			302,391			(2,047,691	)		144,656
Property and equipment, net of accumulated depreciation		43,733			2,165,394			—			—			2,209,127
Notes receivable, net of current portion		—			142,567			—			—			142,567
Long-term deferred financing costs		15,947			—			—			—			15,947
Other long-term assets		658,167			359,297			—			(966,751	)		50,713
Long-term assets of discontinued operations		—			—			390			—			390
Total assets	$	2,505,661		$	2,769,400		$	302,781		$	(3,014,442	)	$	2,563,400
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	—		$	755		$	—		$	—		$	755
Accounts payable and accrued liabilities		17,934			151,458			—			(417	)		168,975
Intercompany payables, net		—			1,958,653			88,912			(2,047,565	)		—
Current liabilities of discontinued operations		—			—			186			—			186
Total current liabilities		17,934			2,110,866			89,098			(2,047,982	)		169,916
Long-term debt and capital lease obligations, net of current portion		1,071,426			1,644			—			—			1,073,070
Deferred income taxes		(36,586	)		144,886			(81	)		—			108,219
Other long-term liabilities		82,358			83,560			—			291			166,209
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		929,904			1,081,063			(40,127	)		(1,040,936	)		929,904
Treasury stock		(4,599	)		—			—			—			(4,599	)
Retained earnings		480,771			(655,007	)		253,439			76,574			155,777
Accumulated other comprehensive loss		(36,031	)		—			—			—			(36,031	)
Total stockholders’ equity		1,370,529			428,444			213,313			(966,751	)		1,045,535
Total liabilities and stockholders’ equity	$	2,505,661		$	2,769,400		$	302,781		$	(3,014,442	)	$	2,563,400

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2012

(in thousands)	Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by (used in) continuing operating activities	$	(6,782	)	$	20,697		$	(13	)	$	—	$	13,902
Net cash provided by discontinued operating activities		—			—			13			—		13
Net cash provided by (used in) operating activities		(6,782	)		20,697			—			—		13,915
Purchases of property and equipment		(2,912	)		(26,822	)		—			—		(29,734	)
Collection of notes receivable		—			2,870			—			—		2,870
Other investing activities		—			378			—			—		378
Net cash used in investing activities — continuing operations		(2,912	)		(23,574	)		—			—		(26,486	)
Net cash used investing activities — discontinued operations		—			—			—			—		—
Net cash used in investing activities		(2,912	)		(23,574	)		—			—		(26,486	)
Net repayments under credit facility		(15,000	)		—			—			—		(15,000	)
Proceeds from exercise of stock option and purchase plans		3,232			—			—			—		3,232
Other financing activities, net		—			(187	)		—			—		(187	)
Net cash used in financing activities — continuing operations		(11,768	)		(187	)		—			—		(11,955	)
Net cash provided by financing activities — discontinued operations		—			—			—			—		—
Net cash used in financing activities		(11,768	)		(187	)		—			—		(11,955	)
Net change in cash and cash equivalents		(21,462	)		(3,064	)		—			—		(24,526	)
Cash and cash equivalents at beginning of period		37,562			6,826			—			—		44,388
Cash and cash equivalents at end of period	$	16,100		$	3,762		$	—		$	—	$	19,862

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended March 31, 2011

(in thousands)	Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash (used in) provided by continuing operating activities	$	(37,264	)	$	29,248		$	64		$	—	$	(7,952	)
Net cash provided by (used in) discontinued operating activities		—			38			(64	)		—		(26	)
Net cash (used in) provided by operating activities		(37,264	)		29,286			—			—		(7,978	)
Purchases of property and equipment		(1,588	)		(35,909	)		—			—		(37,497	)
Collection of notes receivable		—			2,465			—			—		2,465
Other investing activities		4			1,566			—			—		1,570
Net cash used in investing activities — continuing operations		(1,584	)		(31,878	)		—			—		(33,462	)
Net cash used investing activities — discontinued operations		—			—			—			—		—
Net cash used in investing activities		(1,584	)		(31,878	)		—			—		(33,462	)
Proceeds from exercise of stock option and purchase plans		4,052			—			—			—		4,052
Other financing activities, net		—			(42	)		—			—		(42	)
Net cash provided by (used in) financing activities — continuing operations		4,052			(42	)		—			—		4,010
Net cash provided by financing activities — discontinued operations		—			—			—			—		—
Net cash provided by (used in) financing activities		4,052			(42	)		—			—		4,010
Net change in cash and cash equivalents		(34,796	)		(2,634	)		—			—		(37,430	)
Cash and cash equivalents at beginning of period		117,913			6,485			—			—		124,398
Cash and cash equivalents at end of period	$	83,117		$	3,851		$	—		$	—	$	86,968