Financial Reporting by Business Segments

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Financial Reporting by Business Segments

15. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

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

• Hospitality, which includes Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord National and the Inn at Opryland;

• 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 from continuing operations is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Revenues:
Hospitality	$	222,831		$	233,047		$	432,412		$	459,095
Opry and Attractions		22,352			20,182			34,884			33,049
Corporate and Other		—			—			—			—
Total	$	245,183		$	253,229		$	467,296		$	492,144
Depreciation and amortization:
Hospitality	$	25,528		$	26,347		$	52,329		$	54,883
Opry and Attractions		1,319			1,278			2,685			2,563
Corporate and Other		2,207			2,629			6,049			5,242
Total	$	29,054		$	30,254		$	61,063		$	62,688
Operating income (loss):
Hospitality	$	38,026		$	46,423		$	61,434		$	86,459
Opry and Attractions		6,404			4,829			6,284			5,654
Corporate and Other		(8,843	)		(15,889	)		(19,351	)		(31,508	)
REIT conversion costs		(5,420	)		(3,375	)		(20,412	)		(6,428	)
Casualty loss		(17	)		(372	)		(49	)		(546	)
Preopening costs		—			(8	)		—			(339	)
Impairment and other charges (non-REIT conversion costs)		(1,247	)		—			(1,247	)		—
Total operating income		28,903			31,608			26,659			53,292
Interest expense, net of amounts capitalized		(17,424	)		(14,451	)		(30,747	)		(28,813	)
Interest income		3,052			3,021			6,103			6,175
Income from unconsolidated companies		—			109			—			109
Other gains and (losses), net		53			—			47			—
Income before income taxes and discontinued operations	$	14,584		$	20,287		$	2,062		$	30,763