Information Concerning Guarantor and Non-Guarantor Subsidiaries

6 Months Ended

Jun. 30, 2012

Information Concerning Guarantor and Non Guarantor Subsidiaries [Abstract]

INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES

15. 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 Guarantors are 100% owned, and the guarantees are full and unconditional and joint and several.

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 and Comprehensive Income

For the Three Months Ended June 30, 2012

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues	$	9,301		$	253,222		$	—		$	(9,294	)	$	253,229
Operating expenses:
Operating costs		—			139,216			—			—			139,216
Selling, general and administrative		8,387			43,384			—			—			51,771
Casualty loss		243			129			—			—			372
Preopening costs		9			(1	)		—			—			8
Management fees		—			9,294			—			(9,294	)		—
Depreciation and amortization		757			29,497			—			—			30,254
Operating income (loss)		(95	)		31,703			—			—			31,608
Interest expense, net of amounts capitalized		(14,660	)		(29,645	)		(105	)		29,959			(14,451	)
Interest income		25,132			3,716			4,132			(29,959	)		3,021
Income from unconsolidated companies		—			109			—			—			109
Income before income taxes and discontinued operations		10,377			5,883			4,027			—			20,287
Provision for income taxes		(5,688	)		(3,225	)		(2,401	)		—			(11,314	)
Equity in subsidiaries’ earnings, net		4,265			—			—			(4,265	)		—
Income from continuing operations		8,954			2,658			1,626			(4,265	)		8,973
Loss from discontinued operations, net of taxes		—			—			(19	)		—			(19	)
Net income	$	8,954		$	2,658		$	1,607		$	(4,265	)	$	8,954
Comprehensive income	$	8,954		$	2,658		$	1,607		$	(4,265	)	$	8,954

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Statement of Operations and Comprehensive Income

For the Three Months Ended June 30, 2011

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues	$	1,461		$	236,770		$	—		$	(1,456	)	$	236,775
Operating expenses:
Operating costs		—			132,746			—			—			132,746
Selling, general and administrative		4,050			38,998			—			—			43,048
Casualty loss		48			421			—			—			469
Preopening costs		—			41			—			—			41
Management fees		—			1,456			—			(1,456	)		—
Depreciation and amortization		1,002			28,269			—			—			29,271
Operating income (loss)		(3,639	)		34,839			—			—			31,200
Interest expense, net of amounts capitalized		(21,447	)		(30,542	)		(101	)		30,713			(21,377	)
Interest income		26,247			3,860			3,922			(30,713	)		3,316
Income from unconsolidated companies		—			152			—			—			152
Other gains and (losses), net		—			141			—			—			141
Income before income taxes and discontinued operations		1,161			8,450			3,821			—			13,432
Provision for income taxes		(365	)		(3,290	)		(1,144	)		—			(4,799	)
Equity in subsidiaries’ earnings, net		7,841			—			—			(7,841	)		—
Income from continuing operations		8,637			5,160			2,677			(7,841	)		8,633
Income from discontinued operations, net of taxes		—			—			4			—			4
Net income	$	8,637		$	5,160		$	2,681		$	(7,841	)	$	8,637
Comprehensive income	$	12,150		$	5,160		$	2,681		$	(7,841	)	$	12,150

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Statement of Operations and Comprehensive Income

For the Six Months Ended June 30, 2012

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues	$	12,099		$	492,233		$	—		$	(12,188	)	$	492,144
Operating expenses:
Operating costs		—			274,199			—			—			274,199
Selling, general and administrative		16,417			84,766			—			(103	)		101,080
Casualty loss		276			270			—			—			546
Preopening costs		22			317			—			—			339
Management fees		—			12,085			—			(12,085	)		—
Depreciation and amortization		1,526			61,162			—			—			62,688
Operating income (loss)		(6,142	)		59,434			—			—			53,292
Interest expense, net of amounts capitalized		(29,294	)		(59,473	)		(209	)		60,163			(28,813	)
Interest income		50,461			7,665			8,212			(60,163	)		6,175
Income from unconsolidated companies		—			109			—			—			109
Income before income taxes and discontinued operations		15,025			7,735			8,003			—			30,763
Provision for income taxes		(7,639	)		(4,074	)		(4,070	)		—			(15,783	)
Equity in subsidiaries’ earnings, net		7,596			—			—			(7,596	)		—
Income from continuing operations		14,982			3,661			3,933			(7,596	)		14,980
Income from discontinued operations, net of taxes		—			—			2			—			2
Net income	$	14,982		$	3,661		$	3,935		$	(7,596	)	$	14,982
Comprehensive income	$	14,982		$	3,661		$	3,935		$	(7,596	)	$	14,982

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Statement of Operations and Comprehensive Income

For the Six Months Ended June 30, 2011

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations			Consolidated
Revenues	$	2,936		$	457,529		$	—		$	(2,952	)	$	457,513
Operating expenses:
Operating costs		—			266,652			—			(28	)		266,624
Selling, general and administrative		8,342			77,784			—			—			86,126
Casualty loss		48			420			—			—			468
Preopening costs		—			41			—			—			41
Management fees		—			2,924			—			(2,924	)		—
Depreciation and amortization		2,029			56,299			—			—			58,328
Operating income (loss)		(7,483	)		53,409			—			—			45,926
Interest expense, net of amounts capitalized		(42,521	)		(60,526	)		(200	)		61,061			(42,186	)
Interest income		52,074			7,725			7,751			(61,061	)		6,489
Income from unconsolidated companies		—			325			—			—			325
Other gains and (losses), net		—			(50	)		—			—			(50	)
Income before income taxes and discontinued operations		2,070			883			7,551			—			10,504
Provision for income taxes		(840	)		(399	)		(2,593	)		—			(3,832	)
Equity in subsidiaries’ earnings, net		5,450			—			—			(5,450	)		—
Income from continuing operations		6,680			484			4,958			(5,450	)		6,672
Income (loss) from discontinued operations, net of taxes		—			22			(14	)		—			8
Net income	$	6,680		$	506		$	4,944		$	(5,450	)	$	6,680
Comprehensive income	$	13,602		$	506		$	4,944		$	(5,450	)	$	13,602

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Balance Sheet

June 30, 2012

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents — unrestricted	$	25,844		$	3,660		$	—		$	—		$	29,504
Cash and cash equivalents — restricted		1,150			—			—			—			1,150
Trade receivables, net		—			54,194			—			—			54,194
Deferred income taxes		88			4,882			23			—			4,993
Other current assets		1,746			42,777			—			(126	)		44,397
Intercompany receivables, net		1,730,974			—			310,422			(2,041,396	)		—
Total current assets		1,759,802			105,513			310,445			(2,041,522	)		134,238
Property and equipment, net of accumulated depreciation		48,481			2,152,135			—			—			2,200,616
Notes receivable, net of current portion		—			145,271			—			—			145,271
Long-term deferred financing costs		13,602			—			—			—			13,602
Other long-term assets		668,174			358,460			—			(974,349	)		52,285
Long-term assets of discontinued operations		—			—			335			—			335
Total assets	$	2,490,059		$	2,761,379		$	310,780		$	(3,015,871	)	$	2,546,347
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	—		$	750		$	—		$	—		$	750
Accounts payable and accrued liabilities		8,791			143,361			—			(417	)		151,735
Intercompany payables, net		—			1,948,379			93,017			(2,041,396	)		—
Current liabilities of discontinued operations		—			—			147			—			147
Total current liabilities		8,791			2,092,490			93,164			(2,041,813	)		152,632
Long-term debt and capital lease obligations, net of current portion		1,033,180			1,276			—			—			1,034,456
Deferred income taxes		(29,598	)		149,496			(81	)		—			119,817
Other long-term liabilities		84,480			86,008			—			291			170,779
Long-term liabilities of discontinued operations		—			—			451			—			451
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		491			2,388			1			(2,389	)		491
Additional paid-in capital		937,592			1,081,067			(40,129	)		(1,040,938	)		937,592
Treasury stock		(4,599	)		—			—			—			(4,599	)
Retained earnings		495,753			(651,346	)		257,374			68,978			170,759
Accumulated other comprehensive loss		(36,031	)		—			—			—			(36,031	)
Total stockholders’ equity		1,393,206			432,109			217,246			(974,349	)		1,068,212
Total liabilities and stockholders’ equity	$	2,490,059		$	2,761,379		$	310,780		$	(3,015,871	)	$	2,546,347

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Balance Sheet

December 31, 2011

							Non-
(in thousands)	Issuer			Guarantors			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

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Statement of Cash Flows

For the Six Months Ended June 30, 2012

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations		Consolidated
Net cash provided by (used in) continuing operating activities	$	32,560		$	46,590		$	(51	)	$	—	$	79,099
Net cash provided by discontinued operating activities		—			—			51			—		51
Net cash provided by operating activities		32,560			46,590			—			—		79,150
Purchases of property and equipment		(6,111	)		(52,677	)		—			—		(58,788	)
Collection of notes receivable		—			2,870			—			—		2,870
Other investing activities		—			424			—			—		424
Net cash used in investing activities — continuing operations		(6,111	)		(49,383	)		—			—		(55,494	)
Net cash used investing activities — discontinued operations		—			—			—			—		—
Net cash used in investing activities		(6,111	)		(49,383	)		—			—		(55,494	)
Net repayments under credit facility		(45,000	)		—			—			—		(45,000	)
Proceeds from exercise of stock option and purchase plans		6,833			—			—			—		6,833
Other financing activities, net		—			(373	)		—			—		(373	)
Net cash used in financing activities — continuing operations		(38,167	)		(373	)		—			—		(38,540	)
Net cash provided by financing activities — discontinued operations		—			—			—			—		—
Net cash used in financing activities		(38,167	)		(373	)		—			—		(38,540	)
Net change in cash and cash equivalents		(11,718	)		(3,166	)		—			—		(14,884	)
Cash and cash equivalents at beginning of period		37,562			6,826			—			—		44,388
Cash and cash equivalents at end of period	$	25,844		$	3,660		$	—		$	—	$	29,504

GAYLORD ENTERTAINMENT COMPANY AND SUBSIDIARIES

Condensed Consolidating Statement of Cash Flows

For the Six Months Ended June 30, 2011

							Non-
(in thousands)	Issuer			Guarantors			Guarantors			Eliminations		Consolidated
Net cash provided by (used in) continuing operating activities	$	(12,553	)	$	52,137		$	66		$	—	$	39,650
Net cash provided by (used in) discontinued operating activities		—			38			(66	)		—		(28	)
Net cash provided by (used in) operating activities		(12,553	)		52,175			—			—		39,622
Purchases of property and equipment		(2,247	)		(59,166	)		—			—		(61,413	)
Collection of notes receivable		—			2,465			—			—		2,465
Other investing activities		4			2,179			—			—		2,183
Net cash used in investing activities — continuing operations		(2,243	)		(54,522	)		—			—		(56,765	)
Net cash used in investing activities — discontinued operations		—			—			—			—		—
Net cash used in investing activities		(2,243	)		(54,522	)		—			—		(56,765	)
Proceeds from exercise of stock option and purchase plans		4,193			—			—			—		4,193
Other financing activities, net		—			(85	)		—			—		(85	)
Net cash provided by (used in) financing activities — continuing operations		4,193			(85	)		—			—		4,108
Net cash provided by financing activities — discontinued operations		—			—			—			—		—
Net cash provided by (used in) financing activities		4,193			(85	)		—			—		4,108
Net change in cash and cash equivalents		(10,603	)		(2,432	)		—			—		(13,035	)
Cash and cash equivalents at beginning of period		117,913			6,485			—			—		124,398
Cash and cash equivalents at end of period	$	107,310		$	4,053		$	—		$	—	$	111,363