14. Financial Reporting By Business Segments

The Company’s continuing operations are organized into the following principal business segments:

Hospitality, which includes the Gaylord Hotels properties, the Inn at Opryland, the AC Hotel, and the Company’s investment in the Gaylord Rockies joint venture;

Entertainment, which includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, and the Company’s other 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.


	2018		2017		2016
Revenues:
Hospitality	$	1,127,903	$	1,059,660	$	1,039,643
Entertainment		147,215		125,059		109,564
Corporate and Other		—		—		—
Total	$	1,275,118	$	1,184,719	$	1,149,207

Depreciation and amortization:
Hospitality	$	108,779	$	102,759	$	100,186
Entertainment		10,280		7,074		7,034
Corporate and Other		1,817		2,126		2,596
Total	$	120,876	$	111,959	$	109,816

Operating income:
Hospitality	$	247,885	$	223,302	$	217,018
Entertainment		27,686		33,472		27,903
Corporate and Other		(32,650)		(33,513)		(29,479)
Preopening costs (1)		(4,869)		(1,926)		—
Impairment charges (2)		(23,783)		(35,418)		—
Total operating income		214,269		185,917		215,442
Interest expense		(74,961)		(66,051)		(63,906)
Interest income		10,469		11,818		11,500
Income (loss) from joint ventures (3)		125,005		(4,402)		(2,794)
Other gains and (losses), net		1,633		(337)		2,524
Income before income taxes	$	276,415	$	126,945	$	162,766

(1)

Preopening costs for 2018 include $2.9 million and $1.9 million for the Hospitality and Entertainment segments, respectively. Preopening costs for 2017 include $0.3 million and $1.6 million for the Hospitality and Entertainment segments, respectively.

(2)

Impairment charges for 2018 relate to the Entertainment segment. Impairment charges for 2017 relate to the Hospitality segment.

(3)

Income from joint ventures for 2018 includes $124.4 million (which includes the gain discussed in Note 4) and $0.6 million for the Hospitality and Entertainment segments, respectively. Loss from joint ventures for 2017 includes $1.9 million and $2.5 million for the Hospitality and Entertainment segments, respectively. Loss from joint ventures for 2016 includes $1.2 million and $1.6 million for the Hospitality and Entertainment segments, respectively.


	December 31,		December 31,
	2018		2017
Identifiable assets:
Hospitality	$	3,547,638	$	2,256,395
Entertainment		155,412		132,671
Corporate and Other		150,833		135,162
Total identifiable assets	$	3,853,883	$	2,524,228

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


	2018		2017		2016
Hospitality	$	142,738	$	163,227	$	96,372
Entertainment		44,863		18,814		20,940
Corporate and other		616		524		665
Total capital expenditures	$	188,217	$	182,565	$	117,977