Financial Reporting By Business Segments

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Financial Reporting By Business Segments

13. 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, the Inn at Opryland and the AC Hotel;

• 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.

	2014			2013			2012
REVENUES:
Hospitality	$	954,166		$	878,509		$	916,041
Opry and Attractions		86,825			76,053			70,553
Corporate and Other		—			—			—
Total revenues	$	1,040,991		$	954,562		$	986,594
DEPRECIATION AND AMORTIZATION:
Hospitality	$	103,422		$	103,147		$	107,343
Opry and Attractions		5,258			5,368			5,119
Corporate and Other		3,598			8,013			18,229
Total depreciation and amortization	$	112,278		$	116,528		$	130,691
OPERATING INCOME (LOSS):
Hospitality	$	162,535		$	121,556		$	150,210
Opry and Attractions		21,752			14,157			13,305
Corporate and Other		(31,171	)		(34,305	)		(65,107	)
REIT conversion costs		—			(22,190	)		(101,964	)
Casualty loss		—			(54	)		(858	)
Preopening costs		(11	)		—			(340	)
Impairment and other charges		—			(2,976	)		—
Total operating income (loss)		153,105			76,188			(4,754	)
Interest expense, net of amounts capitalized		(61,447	)		(60,916	)		(58,582	)
Interest income		12,075			12,267			12,307
Income from unconsolidated companies		—			10			109
Loss on extinguishment of debt		(2,148	)		(4,181	)		—
Other gains and (losses)		23,415			2,447			22,251
Income (loss) before income taxes and discontinued operations	$	125,000		$	25,815		$	(28,669	)

	December 31,		December 31,
	2014		2013
IDENTIFIABLE ASSETS:
Hospitality	$	2,207,043	$	2,237,888
Opry and Attractions		80,127		79,770
Corporate and Other		125,827		106,689
Discontinued operations		149		282
Total identifiable assets	$	2,413,146	$	2,424,629

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

	2014		2013		2012
CAPITAL EXPENDITURES:
Hospitality	$	46,440	$	32,266	$	73,170
Opry and Attractions		4,760		2,688		7,347
Corporate and other		7,177		2,005		14,716
Total capital expenditures	$	58,377	$	36,959	$	95,233