FINANCIAL REPORTING BY BUSINESS SEGMENTS

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

FINANCIAL REPORTING BY BUSINESS SEGMENTS

14. 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						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Revenues:
Hospitality	$	232,930		$	222,831		$	465,133		$	432,412
Opry and Attractions		24,983			22,352			39,231			34,884
Corporate and Other		—			—			—			—
Total	$	257,913		$	245,183		$	504,364		$	467,296
Depreciation and amortization:
Hospitality	$	26,003		$	25,528		$	51,517		$	52,329
Opry and Attractions		1,231			1,319			2,656			2,685
Corporate and Other		998			2,207			2,062			6,049
Total	$	28,232		$	29,054		$	56,235		$	61,063
Operating income (loss):
Hospitality	$	46,191		$	38,026		$	86,207		$	61,434
Opry and Attractions		8,341			6,404			8,893			6,284
Corporate and Other		(7,046	)		(8,843	)		(14,817	)		(19,351	)
REIT conversion costs		—			(5,420	)		—			(20,412	)
Casualty loss		—			(17	)		—			(49	)
Impairment and other charges (non-REIT conversion costs)		—			(1,247	)		—			(1,247	)
Total operating income		47,486			28,903			80,283			26,659
Interest expense		(15,472	)		(17,424	)		(31,142	)		(30,747	)
Interest income		3,038			3,052			6,069			6,103
Loss on extinguishment of debt		(2,148	)		—			(2,148	)		—
Other gains and (losses), net		(4,349	)		53			(4,349	)		47
Income before income taxes and discontinued operations	$	28,555		$	14,584		$	48,713		$	2,062