Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables)

9 Months Ended

Sep. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2015

(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	6,680		$	—		$	1,650,830	$	353,871		$	—		$	2,011,381
Cash and cash equivalents - unrestricted		81			857			26		39,376			—			40,340
Cash and cash equivalents - restricted		—			—			—		21,854			—			21,854
Notes receivable		—			—			—		149,569			—			149,569
Trade receivables, less allowance		—			—			—		63,807			—			63,807
Deferred financing costs		—			26,688			—		—			—			26,688
Prepaid expenses and other assets		7,049			—			119,580		63,159			(122,111	)		67,677
Intercompany receivables, net		—			—			1,221,423		—			(1,221,423	)		—
Investments		982,189			2,795,064			531,809		697,380			(5,006,442	)		—
Total assets	$	995,999		$	2,822,609		$	3,523,668	$	1,389,016		$	(6,349,976	)	$	2,381,316
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,468,900		$	—	$	682		$	—		$	1,469,582
Accounts payable and accrued liabilities		348			17,636			1,167		266,755			(122,408	)		163,498
Deferred income tax liabilities, net		6,970			—			593		1,313			—			8,876
Deferred management rights proceeds		—			—			—		183,877			—			183,877
Dividends payable		36,616			—			—		—			—			36,616
Other liabilities		—			—			83,405		61,785			283			145,473
Intercompany payables, net		578,671			432,332			—		210,406			(1,221,409	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		513			1			1		2,387			(2,389	)		513
Additional paid-in-capital		885,351			1,032,505			2,812,431		1,213,325			(5,058,261	)		885,351
Treasury stock		(9,647	)		—			—		—			—			(9,647	)
Accumulated deficit		(476,261	)		(128,765	)		626,071		(524,952	)		27,646			(476,261	)
Accumulated other comprehensive loss		(26,562	)		—			—		(26,562	)		26,562			(26,562	)
Total stockholders’ equity		373,394			903,741			3,438,503		664,198			(5,006,442	)		373,394
Total liabilities and stockholders’ equity	$	995,999		$	2,822,609		$	3,523,668	$	1,389,016		$	(6,349,976	)	$	2,381,316

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2014

(in thousands)	Parent Guarantor			Issuer			Guarantors		Non- Guarantors			Eliminations			Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	6,574		$	—		$	1,691,996	$	337,691		$	—		$	2,036,261
Cash and cash equivalents - unrestricted		392			1,001			36		74,979			—			76,408
Cash and cash equivalents - restricted		—			—			—		17,410			—			17,410
Notes receivable		—			—			—		149,612			—			149,612
Trade receivables, less allowance		—			—			—		45,188			—			45,188
Deferred financing costs		—			21,646			—		—			—			21,646
Prepaid expenses and other assets		16,908			33			75,335		50,713			(76,368	)		66,621
Intercompany receivables, net		—			219,772			1,073,805		—			(1,293,577	)		—
Investments		1,587,425			2,767,163			526,645		695,896			(5,577,129	)		—
Total assets	$	1,611,299		$	3,009,615		$	3,367,817	$	1,371,489		$	(6,947,074	)	$	2,413,146
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—		$	1,340,500		$	—	$	1,055		$	—		$	1,341,555
Accounts payable and accrued liabilities		36			7,248			216		235,999			(76,651	)		166,848
Deferred income tax liabilities, net		7,258			—			616		6,410			—			14,284
Deferred management rights proceeds		—			—			—		183,423			—			183,423
Dividends payable		29,133			—			—		—			—			29,133
Derivative liabilities		134,477			—			—		—			—			134,477
Other liabilities		—			—			79,382		62,354			283			142,019
Intercompany payables, net		1,038,988			—			—		254,589			(1,293,577	)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—			—			—		—			—			—
Common stock		510			1			1		2,387			(2,389	)		510
Additional paid-in-capital		882,193			1,741,705			2,803,719		1,183,941			(5,729,365	)		882,193
Treasury stock		(8,002	)		—			—		—			—			(8,002	)
Accumulated deficit		(446,963	)		(79,839	)		483,883		(532,338	)		128,294			(446,963	)
Accumulated other comprehensive loss		(26,331	)		—			—		(26,331	)		26,331			(26,331	)
Total stockholders’ equity		401,407			1,661,867			3,287,603		627,659			(5,577,129	)		401,407
Total liabilities and stockholders’ equity	$	1,611,299		$	3,009,615		$	3,367,817	$	1,371,489		$	(6,947,074	)	$	2,413,146

Condensed Consolidating Statement of Operations and Comprehensive Income

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2015

(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	92,828		$	—		$	92,828
Food and beverage		—			—			—			108,558			—			108,558
Other hotel revenue		—			—			74,846			27,685			(79,075	)		23,456
Entertainment (previously Opry and Attractions)		57			—			—			27,966			(45	)		27,978
Total revenues		57			—			74,846			257,037			(79,120	)		252,820
Operating expenses:
Rooms		—			—			—			27,347			—			27,347
Food and beverage		—			—			—			63,797			—			63,797
Other hotel expenses		—			—			10,935			133,909			(74,736	)		70,108
Management fees		—			—			—			3,213			—			3,213
Total hotel operating expenses		—			—			10,935			228,266			(74,736	)		164,465
Entertainment (previously Opry and Attractions)		—			—			—			19,000			(46	)		18,954
Corporate		78			374			—			7,565			—			8,017
Corporate overhead allocation		2,482			—			1,856			—			(4,338	)		—
Preopening costs		—			—			—			118			—			118
Depreciation and amortization		32			—			14,730			13,736			—			28,498
Total operating expenses		2,592			374			27,521			268,685			(79,120	)		220,052
Operating income (loss)		(2,535	)		(374	)		47,325			(11,648	)		—			32,768
Interest expense		—			(16,140	)		10			(8	)		—			(16,138	)
Interest income		—			—			—			2,982			—			2,982
Other gains and (losses), net		—			—			—			2,467			—			2,467
Income (loss) before income taxes		(2,535	)		(16,514	)		47,335			(6,207	)		—			22,079
(Provision) benefit for income taxes		(135	)		(22	)		(61	)		4,830			—			4,612
Equity in subsidiaries’ earnings, net		29,361			—			—			—			(29,361	)		—
Net income (loss)	$	26,691		$	(16,536	)	$	47,274		$	(1,377	)	$	(29,361	)	$	26,691
Comprehensive income (loss)	$	26,364		$	(16,536	)	$	47,274		$	(1,704	)	$	(29,034	)	$	26,364

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2014

(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	92,378		$	—		$	92,378
Food and beverage		—			—			—			104,175			—			104,175
Other hotel revenue		—			—			71,800			28,712			(77,963	)		22,549
Entertainment (previously Opry and Attractions)		132			—			—			25,826			(45	)		25,913
Total revenues		132			—			71,800			251,091			(78,008	)		245,015
Operating expenses:
Rooms		—			—			—			28,397			—			28,397
Food and beverage		—			—			—			60,508			—			60,508
Other hotel expenses		—			—			11,201			132,341			(71,679	)		71,863
Management fees		—			—			—			3,622			—			3,622
Total hotel operating expenses		—			—			11,201			224,868			(71,679	)		164,390
Entertainment (previously Opry and Attractions)		—			—			—			16,602			(45	)		16,557
Corporate		47			276			—			6,629			—			6,952
Corporate overhead allocation		3,327			—			2,957			—			(6,284	)		—
Depreciation and amortization		32			—			14,837			13,164			—			28,033
Total operating expenses		3,406			276			28,995			261,263			(78,008	)		215,932
Operating income (loss)		(3,274	)		(276	)		42,805			(10,172	)		—			29,083
Interest expense		(5,021	)		(12,123	)		—			9			—			(17,135	)
Interest income		—			—			—			3,001			—			3,001
Other gains and (losses), net		(1,569	)		—			—			1,287			—			(282	)
Income (loss) before income taxes		(9,864	)		(12,399	)		42,805			(5,875	)		—			14,667
(Provision) benefit for income taxes		6			—			(89	)		546			—			463
Equity in subsidiaries’ earnings, net		24,988			—			—			—			(24,988	)		—
Net income (loss)	$	15,130		$	(12,399	)	$	42,716		$	(5,329	)	$	(24,988	)	$	15,130
Comprehensive income (loss)	$	15,079		$	(12,399	)	$	42,716		$	(5,380	)	$	(24,937	)	$	15,079

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2015

(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	292,089		$	—		$	292,089
Food and beverage		—			—			—			345,931			—			345,931
Other hotel revenue		—			—			225,182			82,038			(238,109	)		69,111
Entertainment (previously Opry and Attractions)		172			—			—			72,863			(162	)		72,873
Total revenues		172			—			225,182			792,921			(238,271	)		780,004
Operating expenses:
Rooms		—			—			—			80,216			—			80,216
Food and beverage		—			—			—			193,661			—			193,661
Other hotel expenses		—			—			32,803			402,566			(224,856	)		210,513
Management fees		—			—			—			10,516			—			10,516
Total hotel operating expenses		—			—			32,803			686,959			(224,856	)		494,906
Entertainment (previously Opry and Attractions)		—			—			—			48,938			(163	)		48,775
Corporate		251			1,023			2			20,108			—			21,384
Corporate overhead allocation		7,481			—			5,771			—			(13,252	)		—
Preopening costs		—			—			—			909			—			909
Impairment and other charges		—			—			—			2,890			—			2,890
Depreciation and amortization		95			—			44,245			41,127			—			85,467
Total operating expenses		7,827			1,023			82,821			800,931			(238,271	)		654,331
Operating income (loss)		(7,655	)		(1,023	)		142,361			(8,010	)		—			125,673
Interest expense		—			(47,903	)		12			126			—			(47,765	)
Interest income		—			—			—			9,383			—			9,383
Other gains and (losses), net		(20,246	)		—			—			2,142			—			(18,104	)
Income (loss) before income taxes		(27,901	)		(48,926	)		142,373			3,641			—			69,187
(Provision) benefit for income taxes		(135	)		—			(185	)		3,745			—			3,425
Equity in subsidiaries’ earnings, net		100,648			—			—			—			(100,648	)		—
Net income (loss)	$	72,612		$	(48,926	)	$	142,188		$	7,386		$	(100,648	)	$	72,612
Comprehensive income (loss)	$	72,381		$	(48,926	)	$	142,188		$	7,155		$	(100,417	)	$	72,381

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2014

(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Rooms	$	—		$	—		$	—		$	282,836		$	—		$	282,836
Food and beverage		—			—			—			331,378			—			331,378
Other hotel revenue		—			—			214,586			85,405			(229,970	)		70,021
Entertainment (previously Opry and Attractions)		216			—			—			65,004			(76	)		65,144
Total revenues		216			—			214,586			764,623			(230,046	)		749,379
Operating expenses:
Rooms		—			—			—			82,778			—			82,778
Food and beverage		—			—			—			184,748			—			184,748
Other hotel expenses		—			—			34,069			393,043			(214,324	)		212,788
Management fees		—			—			—			11,485			—			11,485
Total hotel operating expenses		—			—			34,069			672,054			(214,324	)		491,799
Entertainment (previously Opry and Attractions)		—			—			—			44,315			(76	)		44,239
Corporate		66			896			1			18,744			—			19,707
Corporate overhead allocation		8,726			—			6,920			—			(15,646	)		—
Depreciation and amortization		53			—			44,654			39,561			—			84,268
Total operating expenses		8,845			896			85,644			774,674			(230,046	)		640,013
Operating income (loss)		(8,629	)		(896	)		128,942			(10,051	)		—			109,366
Interest expense		(16,917	)		(31,360	)		—			—			—			(48,277	)
Interest income		—			—			—			9,070			—			9,070
Loss on extinguishment of debt		(2,148	)		—			—			—			—			(2,148	)
Other gains and (losses), net		(6,065	)		—			—			1,457			—			(4,608	)
Income (loss) before income taxes		(33,759	)		(32,256	)		128,942			476			—			63,403
(Provision) benefit for income taxes		6			—			(1,000	)		1,365			—			371
Equity in subsidiaries’ earnings, net		97,527			—			—			—			(97,527	)		—
Net income (loss)	$	63,774		$	(32,256	)	$	127,942		$	1,841		$	(97,527	)	$	63,774
Comprehensive income (loss)	$	63,623		$	(32,256	)	$	127,942		$	1,690		$	(97,376	)	$	63,623

Condensed Consolidating Statement of Cash Flows

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2015

(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	238,543		$	(117,399	)	$	2,754		$	27,070		$	—	$	150,968
Purchases of property and equipment		(199	)		—			(2,764	)		(60,389	)		—		(63,352	)
Proceeds from sale of Peterson LOI		10,000			—			—			—			—		10,000
Increase in restricted cash and cash equivalents		—			—			—			(4,444	)		—		(4,444	)
Other investing activities		—			—			—			2,533			—		2,533
Net cash provided by (used in) investing activities		9,801			—			(2,764	)		(62,300	)		—		(55,263	)
Net borrowings under credit facility		—			(268,600	)		—			—			—		(268,600	)
Repayments under term loan B		—			(3,000	)		—			—			—		(3,000	)
Issuance of senior notes		—			400,000			—			—			—		400,000
Repurchase of common stock warrants		(154,681	)		—			—			—			—		(154,681	)
Deferred financing costs paid		—			(11,145	)		—			—			—		(11,145	)
Payment of dividend		(95,404	)		—			—			—			—		(95,404	)
Proceeds from exercise of stock option and purchase plans		1,430			—			—			—			—		1,430
Other financing activities, net		—			—			—			(373	)		—		(373	)
Net cash provided by (used in) financing activities		(248,655	)		117,255			—			(373	)		—		(131,773	)
Net change in cash and cash equivalents		(311	)		(144	)		(10	)		(35,603	)		—		(36,068	)
Cash and cash equivalents at beginning of period		392			1,001			36			74,979			—		76,408
Cash and cash equivalents at end of period	$	81		$	857		$	26		$	39,376		$	—	$	40,340

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2014

(in thousands)	Parent Guarantor			Issuer			Guarantors			Non- Guarantors			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	316,879		$	(168,110	)	$	51		$	8,394		$	—	$	157,214
Purchases of property and equipment		(6,650	)		(2,893	)		(10	)		(41,175	)		—		(50,728	)
Decrease in restricted cash and cash equivalents		—			—			—			5,936			—		5,936
Other investing activities		—			—			—			8,011			—		8,011
Net cash used in investing activities		(6,650	)		(2,893	)		(10	)		(27,228	)		—		(36,781	)
Net borrowings under credit facility		—			17,500			—			—			—		17,500
Net borrowings under term loan B		—			399,000			—			—			—		399,000
Repurchase and conversion of convertible notes		(126,542	)		—			—			—			—		(126,542	)
Repurchase of common stock warrants		(108,331	)		—			—			—			—		(108,331	)
Deferred financing costs paid		—			(8,428	)		—			—			—		(8,428	)
Payment of dividend		(81,352	)		—			—			—			—		(81,352	)
Proceeds from exercise of stock option and purchase plans		6,119			—			—			—			—		6,119
Other financing activities, net		—			—			—			(445	)		—		(445	)
Net cash provided by (used in) financing activities		(310,106	)		408,072			—			(445	)		—		97,521
Net change in cash and cash equivalents		123			237,069			41			(19,279	)		—		217,954
Cash and cash equivalents at beginning of period		—			714			—			60,865			—		61,579
Cash and cash equivalents at end of period	$	123		$	237,783		$	41		$	41,586		$	—	$	279,533