Financial Reporting By Business Segments

12 Months Ended

Dec. 31, 2015

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;

• Entertainment, previously referred to as 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.

	2015			2014			2013
REVENUES:
Hospitality	$	994,603		$	954,166		$	878,509
Entertainment (previously Opry and Attractions)		97,521			86,825			76,053
Corporate and Other		—			—			—
Total revenues	$	1,092,124		$	1,040,991		$	954,562
DEPRECIATION AND AMORTIZATION:
Hospitality	$	105,876		$	103,422		$	103,147
Entertainment (previously Opry and Attractions)		5,747			5,258			5,368
Corporate and Other		2,760			3,598			8,013
Total depreciation and amortization	$	114,383		$	112,278		$	116,528
OPERATING INCOME (LOSS):
Hospitality	$	189,434		$	162,535		$	121,556
Entertainment (previously Opry and Attractions)		24,411			21,752			14,157
Corporate and Other		(31,674	)		(31,171	)		(34,305	)
REIT conversion costs		—			—			(22,190	)
Casualty loss		—			—			(54	)
Preopening costs		(909	)		(11	)		—
Impairment and other charges		(19,200	)		—			(2,976	)
Total operating income		162,062			153,105			76,188
Interest expense, net of amounts capitalized		(63,901	)		(61,447	)		(60,916	)
Interest income		12,384			12,075			12,267
Loss on extinguishment of debt		—			(2,148	)		(4,181	)
Other gains and (losses)		(10,889	)		23,400			2,332
Income before income taxes	$	99,656		$	124,985		$	25,690

	December 31, 2015		December 31, 2014
IDENTIFIABLE ASSETS:
Hospitality	$	2,141,675	$	2,207,043
Entertainment (previously Opry and Attractions)		90,167		80,127
Corporate and Other		99,592		104,330
Total identifiable assets	$	2,331,434	$	2,391,500

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

	2015		2014		2013
CAPITAL EXPENDITURES:
Hospitality	$	65,651	$	46,440	$	32,266
Entertainment (previously Opry and Attractions)		13,477		4,760		2,688
Corporate and other		687		7,177		2,005
Total capital expenditures	$	79,815	$	58,377	$	36,959