Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables)

9 Months Ended

Sep. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidating Balance Sheet

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

September 30, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,647,468	$	479,296	$	—	$	2,126,764
Cash and cash equivalents - unrestricted		58		2,508		192		83,267		—		86,025
Cash and cash equivalents - restricted		—		—		—		38,372		—		38,372
Notes receivable		—		—		—		108,696		—		108,696
Investment in Gaylord Rockies joint venture		—		—		—		89,403		—		89,403
Trade receivables, less allowance		—		—		—		80,595		—		80,595
Deferred income tax assets, net		—		—		(336)		40,785		—		40,449
Prepaid expenses and other assets		230		58		2		74,051		—		74,341
Intercompany receivables, net		—		—		1,846,754		—		(1,846,754)		—
Investments		995,468		2,890,033		650,362		1,384,814		(5,920,677)		—
Total assets	$	995,756	$	2,892,599	$	4,144,442	$	2,379,279	$	(7,767,431)	$	2,644,645
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—	$	1,692,803	$	—	$	624	$	—	$	1,693,427
Accounts payable and accrued liabilities		82		22,793		5,376		186,460		—		214,711
Dividends payable		44,668		—		—		—		—		44,668
Deferred management rights proceeds		—		—		—		174,784		—		174,784
Other liabilities		—		—		98,821		60,739		—		159,560
Intercompany payables, net		593,511		969,127		—		284,116		(1,846,754)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		513		1		1		2,387		(2,389)		513
Additional paid-in-capital		898,845		542,991		2,835,468		2,093,818		(5,472,277)		898,845
Treasury stock		(14,195)		—		—		—		—		(14,195)
Accumulated deficit		(504,577)		(335,116)		1,204,776		(400,558)		(469,102)		(504,577)
Accumulated other comprehensive loss		(23,091)		—		—		(23,091)		23,091		(23,091)
Total stockholders' equity		357,495		207,876		4,040,245		1,672,556		(5,920,677)		357,495
Total liabilities and stockholders' equity	$	995,756	$	2,892,599	$	4,144,442	$	2,379,279	$	(7,767,431)	$	2,644,645

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2017

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
ASSETS:
Property and equipment, net of accumulated depreciation	$	—	$	—	$	1,640,274	$	425,383	$	—	$	2,065,657
Cash and cash equivalents - unrestricted		38		759		36		56,724		—		57,557
Cash and cash equivalents - restricted		—		—		—		21,153		—		21,153
Notes receivable		—		—		—		111,423		—		111,423
Investment in Gaylord Rockies joint venture		—		—		—		88,685		—		88,685
Trade receivables, less allowance		—		—		—		57,520		—		57,520
Deferred income tax assets, net		—		—		(301)		50,418		—		50,117
Prepaid expenses and other assets		—		—		5		72,111		—		72,116
Intercompany receivables, net		—		—		1,717,157		—		(1,717,157)		—
Investments		1,006,461		2,890,032		651,006		1,364,814		(5,912,313)		—
Total assets	$	1,006,499	$	2,890,791	$	4,008,177	$	2,248,231	$	(7,629,470)	$	2,524,228
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Debt and capital lease obligations	$	—	$	1,590,753	$	—	$	639	$	—	$	1,591,392
Accounts payable and accrued liabilities		150		11,180		15,795		152,524		—		179,649
Dividends payable		42,129		—		—		—		—		42,129
Deferred management rights proceeds		—		—		—		177,057		—		177,057
Other liabilities		—		—		95,078		60,767		—		155,845
Intercompany payables, net		586,064		895,408		—		235,685		(1,717,157)		—
Commitments and contingencies
Stockholders’ equity:
Preferred stock		—		—		—		—		—		—
Common stock		512		1		1		2,387		(2,389)		512
Additional paid-in-capital		896,759		671,875		2,835,468		2,073,818		(5,581,161)		896,759
Treasury stock		(13,253)		—		—		—		—		(13,253)
Accumulated deficit		(479,170)		(278,426)		1,061,835		(427,954)		(355,455)		(479,170)
Accumulated other comprehensive loss		(26,692)		—		—		(26,692)		26,692		(26,692)
Total stockholders' equity		378,156		393,450		3,897,304		1,621,559		(5,912,313)		378,156
Total liabilities and stockholders' equity	$	1,006,499	$	2,890,791	$	4,008,177	$	2,248,231	$	(7,629,470)	$	2,524,228

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, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	103,181	$	—	$	103,181
Food and beverage		—		—		—		118,496		—		118,496
Other hotel revenue		—		—		76,592		32,691		(81,720)		27,563
Entertainment		—		—		—		43,009		—		43,009
Total revenues		—		—		76,592		297,377		(81,720)		292,249
Operating expenses:
Rooms		—		—		—		29,563		—		29,563
Food and beverage		—		—		—		67,305		—		67,305
Other hotel expenses		—		—		11,510		139,318		(76,478)		74,350
Management fees, net		—		—		—		6,558		—		6,558
Total hotel operating expenses		—		—		11,510		242,744		(76,478)		177,776
Entertainment		—		—		—		31,327		—		31,327
Corporate		63		410		—		6,739		—		7,212
Preopening costs		—		—		—		300		—		300
Corporate overhead allocation		2,873		—		2,369		—		(5,242)		—
Depreciation and amortization		—		—		15,548		15,446		—		30,994
Impairment and other charges		—		—		—		4,540		—		4,540
Total operating expenses		2,936		410		29,427		301,096		(81,720)		252,149
Operating income (loss)		(2,936)		(410)		47,165		(3,719)		—		40,100
Interest expense		—		(19,214)		—		(6)		—		(19,220)
Interest income		—		—		—		2,678		—		2,678
Loss from joint ventures		—		—		—		(985)		—		(985)
Other gains and (losses), net		—		—		—		1,881		—		1,881
Income (loss) before income taxes		(2,936)		(19,624)		47,165		(151)		—		24,454
Provision for income taxes		—		—		(78)		(1,785)		—		(1,863)
Equity in subsidiaries’ earnings, net		25,527		—		—		—		(25,527)		—
Net income (loss)	$	22,591	$	(19,624)	$	47,087	$	(1,936)	$	(25,527)	$	22,591
Comprehensive income (loss)	$	26,030	$	(19,624)	$	47,087	$	1,503	$	(28,966)	$	26,030

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2017

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	100,534	$	—	$	100,534
Food and beverage		—		—		—		104,437		—		104,437
Other hotel revenue		—		—		78,196		28,701		(82,278)		24,619
Entertainment		—		—		—		35,134		—		35,134
Total revenues		—		—		78,196		268,806		(82,278)		264,724
Operating expenses:
Rooms		—		—		—		27,575		—		27,575
Food and beverage		—		—		—		62,649		—		62,649
Other hotel expenses		—		—		11,177		139,209		(78,087)		72,299
Management fees, net		—		—		—		4,708		—		4,708
Total hotel operating expenses		—		—		11,177		234,141		(78,087)		167,231
Entertainment		—		—		—		22,652		(1)		22,651
Corporate		101		424		—		7,384		—		7,909
Preopening costs		—		—		—		877		—		877
Corporate overhead allocation		2,339		—		1,851		—		(4,190)		—
Depreciation and amortization		—		—		14,933		13,613		—		28,546
Total operating expenses		2,440		424		27,961		278,667		(82,278)		227,214
Operating income (loss)		(2,440)		(424)		50,235		(9,861)		—		37,510
Interest expense		—		(16,614)		—		(7)		—		(16,621)
Interest income		—		—		—		2,957		—		2,957
Loss from joint ventures		—		—		—		(899)		—		(899)
Other gains and (losses), net		—		—		—		1,453		—		1,453
Income (loss) before income taxes		(2,440)		(17,038)		50,235		(6,357)		—		24,400
(Provision) benefit for income taxes		—		—		590		(1,120)		—		(530)
Equity in subsidiaries’ earnings, net		26,310		—		—		—		(26,310)		—
Net income (loss)	$	23,870	$	(17,038)	$	50,825	$	(7,477)	$	(26,310)	$	23,870
Comprehensive income (loss)	$	25,434	$	(17,038)	$	50,825	$	(5,913)	$	(27,874)	$	25,434

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	332,490	$	—	$	332,490
Food and beverage		—		—		—		392,488		—		392,488
Other hotel revenue		—		—		229,608		95,305		(243,784)		81,129
Entertainment		—		—		—		108,470		(24)		108,446
Total revenues		—		—		229,608		928,753		(243,808)		914,553
Operating expenses:
Rooms		—		—		—		88,550		—		88,550
Food and beverage		—		—		—		211,677		—		211,677
Other hotel expenses		—		—		34,387		421,846		(229,268)		226,965
Management fees, net		—		—		—		22,323		—		22,323
Total hotel operating expenses		—		—		34,387		744,396		(229,268)		549,515
Entertainment		—		—		—		80,971		(24)		80,947
Corporate		188		1,135		2		21,856		—		23,181
Preopening costs		—		—		—		3,972		—		3,972
Corporate overhead allocation		7,983		—		6,533		—		(14,516)		—
Depreciation and amortization		—		—		45,583		44,072		—		89,655
Impairment and other charges		—		—		—		4,540		—		4,540
Total operating expenses		8,171		1,135		86,505		899,807		(243,808)		751,810
Operating income (loss)		(8,171)		(1,135)		143,103		28,946		—		162,743
Interest expense		—		(55,555)		—		(19)		—		(55,574)
Interest income		—		—		—		8,197		—		8,197
Loss from joint ventures		—		—		—		(2,227)		—		(2,227)
Other gains and (losses), net		—		—		—		2,085		—		2,085
Income (loss) before income taxes		(8,171)		(56,690)		143,103		36,982		—		115,224
Provision for income taxes		—		—		(162)		(9,586)		—		(9,748)
Equity in subsidiaries’ earnings, net		113,647		—		—		—		(113,647)		—
Net income (loss)	$	105,476	$	(56,690)	$	142,941	$	27,396	$	(113,647)	$	105,476
Comprehensive income (loss)	$	109,077	$	(56,690)	$	142,941	$	30,997	$	(117,248)	$	109,077

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2017

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantors		Eliminations		Consolidated
Revenues:
Rooms	$	—	$	—	$	—	$	314,577	$	—	$	314,577
Food and beverage		—		—		—		359,047		—		359,047
Other hotel revenue		—		—		236,517		85,278		(248,302)		73,493
Entertainment		—		—		—		92,451		(24)		92,427
Total revenues		—		—		236,517		851,353		(248,326)		839,544
Operating expenses:
Rooms		—		—		—		83,962		—		83,962
Food and beverage		—		—		—		200,091		—		200,091
Other hotel expenses		—		—		33,533		422,732		(236,192)		220,073
Management fees, net		—		—		—		16,417		—		16,417
Total hotel operating expenses		—		—		33,533		723,202		(236,192)		520,543
Entertainment		—		—		—		61,661		(24)		61,637
Corporate		191		1,226		2		21,367		—		22,786
Preopening costs		—		—		—		1,587		—		1,587
Corporate overhead allocation		6,768		—		5,342		—		(12,110)		—
Depreciation and amortization		—		—		44,617		39,245		—		83,862
Total operating expenses		6,959		1,226		83,494		847,062		(248,326)		690,415
Operating income (loss)		(6,959)		(1,226)		153,023		4,291		—		149,129
Interest expense		—		(49,620)		—		(20)		—		(49,640)
Interest income		—		—		—		8,874		—		8,874
Loss from joint ventures		—		—		—		(2,616)		—		(2,616)
Other gains and (losses), net		—		—		—		57		—		57
Income (loss) before income taxes		(6,959)		(50,846)		153,023		10,586		—		105,804
(Provision) benefit for income taxes		—		—		553		(2,575)		—		(2,022)
Equity in subsidiaries’ earnings, net		110,741		—		—		—		(110,741)		—
Net income (loss)	$	103,782	$	(50,846)	$	153,576	$	8,011	$	(110,741)	$	103,782
Comprehensive income (loss)	$	105,391	$	(50,846)	$	153,576	$	9,620	$	(112,350)	$	105,391

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, 2018

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	132,910	$	(94,109)	$	56,336	$	130,139	$	—	$	225,276
Purchases of property and equipment		—		—		(56,180)		(76,624)		—		(132,804)
Investment in other joint ventures		—		—		—		(2,199)		—		(2,199)
Purchase of remaining interest in Opry City Stage		—		—		—		(3,948)		—		(3,948)
Other investing activities		—		—		—		(3,591)		—		(3,591)
Net cash used in investing activities		—		—		(56,180)		(86,362)		—		(142,542)
Net borrowings under revolving credit facility		—		99,000		—		—		—		99,000
Repayments under term loan B		—		(2,500)		—		—		—		(2,500)
Deferred financing costs paid		—		(642)		—		—		—		(642)
Payment of dividends		(128,769)		—		—		—		—		(128,769)
Payment of tax withholdings for share-based compensation		(4,121)		—		—		—		—		(4,121)
Other financing activities		—		—		—		(15)		—		(15)
Net cash provided by (used in) financing activities		(132,890)		95,858		—		(15)		—		(37,047)
Net change in cash, cash equivalents, and restricted cash		20		1,749		156		43,762		—		45,687
Cash, cash equivalents, and restricted cash, beginning of period		38		759		36		77,877		—		78,710
Cash, cash equivalents, and restricted cash, end of period	$	58	$	2,508	$	192	$	121,639	$	—	$	124,397

RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 30, 2017

	Parent						Non-
(in thousands)	Guarantor		Issuer		Guarantors		Guarantor		Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	124,589	$	(60,255)	$	64,269	$	87,167	$	—	$	215,770
Purchases of property and equipment		—		—		(63,770)		(63,378)		—		(127,148)
Investment in Gaylord Rockies joint venture		—		—		—		(16,309)		—		(16,309)
Investment in other joint ventures		—		—		—		(6,819)		—		(6,819)
Other investing activities		—		—		—		(4,139)		—		(4,139)
Net cash used in investing activities		—		—		(63,770)		(90,645)		—		(154,415)
Net repayments under revolving credit facility		—		(235,900)		—		—		—		(235,900)
Borrowings under term loan A		—		200,000		—		—		—		200,000
Borrowings under term loan B		—		500,000		—		—		—		500,000
Repayments under term loan B		—		(392,500)		—		—		—		(392,500)
Deferred financing costs paid		—		(12,268)		—		—		—		(12,268)
Payment of dividends		(120,740)		—		—		—		—		(120,740)
Payment of tax withholdings for share-based compensation		(3,775)		—		—		—		—		(3,775)
Other financing activities		28		—		—		(15)		—		13
Net cash provided by (used in) financing activities		(124,487)		59,332		—		(15)		—		(65,170)
Net change in cash, cash equivalents, and restricted cash		102		(923)		499		(3,493)		—		(3,815)
Cash, cash equivalents, and restricted cash, beginning of period		28		1,234		23		79,905		—		81,190
Cash, cash equivalents, and restricted cash, end of period	$	130	$	311	$	522	$	76,412	$	—	$	77,375