Financial Reporting By Business Segments

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Financial Reporting By Business Segments

14. Financial Reporting By Business Segments

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

	2013			2012			2011
REVENUES:
Hospitality	$	878,509		$	916,041		$	886,634
Opry and Attractions		76,053			70,553			65,510
Corporate and Other		—			—			—
Total revenues	$	954,562		$	986,594		$	952,144
DEPRECIATION AND AMORTIZATION:
Hospitality	$	103,147		$	107,343		$	109,521
Opry and Attractions		5,368			5,119			5,261
Corporate and Other		8,013			18,229			10,507
Total depreciation and amortization	$	116,528		$	130,691		$	125,289
OPERATING INCOME (LOSS):
Hospitality	$	121,556		$	150,210		$	130,939
Opry and Attractions		14,157			13,305			8,884
Corporate and Other		(34,305	)		(65,107	)		(58,659	)
REIT conversion costs		(22,190	)		(101,964	)		—
Casualty loss		(54	)		(858	)		(1,225	)
Preopening costs		—			(340	)		(408	)
Impairment and other charges (non-REIT conversion costs)		(2,976	)		—			—
Total operating income (loss)		76,188			(4,754	)		79,531
Interest expense, net of amounts capitalized		(60,916	)		(58,582	)		(74,673	)
Interest income		12,267			12,307			12,460
Income from unconsolidated companies		10			109			1,086
Loss on extinguishment of debt		(4,181	)		—			—
Other gains and (losses)		2,447			22,251			(916	)
Income (loss) before income taxes and discontinued operations	$	25,815		$	(28,669	)	$	17,488
	December 31, 2013			December 31, 2012
IDENTIFIABLE ASSETS:
Hospitality	$	2,237,888		$	2,340,342
Opry and Attractions		79,770			86,078
Corporate and Other		106,689			105,703
Discontinued operations		282			328
Total identifiable assets	$	2,424,629		$	2,532,451

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

	2013		2012		2011
CAPITAL EXPENDITURES:
Hospitality	$	32,266	$	73,170	$	110,151
Opry and Attractions		2,688		7,347		4,745
Corporate and other		2,005		14,716		17,696
Total capital expenditures	$	36,959	$	95,233	$	132,592