Description of the Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Estimated Useful Lives of Property and Equipment

Property and equipment are generally depreciated using the straight-line method over the following estimated useful lives:

Buildings	40 years
Land improvements	20 years
Furniture,  fixtures and equipment	5-8 years
Leasehold improvements	The shorter of the lease term or useful life

Cash Paid for Interest

Cash paid for interest for the years ended December 31 was comprised of (amounts in thousands):

	2018		2017		2016
Debt interest paid	$	74,821	$	63,325	$	60,780
Capitalized interest		(10,013)		(6,645)		(1,721)
Cash paid for interest, net of capitalized interest	$	64,808	$	56,680	$	59,059

Summary of Prepaid Expense and Other Assets

Prepaid expenses and other assets at December 31 consist of (amounts in thousands):

	2018		2017
Prepaid expenses	$	15,732	$	14,526
Inventories		9,823		8,052
Supplemental deferred compensation plan assets		24,687		25,055
Other		27,998		20,198
Total prepaid expenses and other assets	$	78,240	$	67,831

Summary of Estimated Amounts of Amortization Expense for Next Five Years

The estimated amounts of amortization expense for the next five years are as follows (amounts in thousands): 

2019	$	40,125
2020		40,125
2021		40,125
2022		22,196
2023		4,267
	$	146,838

Accounts Payable and Accrued Liabilities of Continuing Operations

Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands):

	2018		2017
Trade accounts payable	$	77,620	$	32,663
Property and other taxes payable		35,947		34,282
Deferred revenues		69,280		51,232
Accrued salaries and benefits		21,544		25,178
Accrued interest payable		16,027		11,179
Other accrued liabilities		54,472		25,115
Total accounts payable and accrued liabilities	$	274,890	$	179,649

Other Liabilities

Other liabilities at December 31 consist of (amounts in thousands):

	2018		2017
Pension and postretirement benefits liability	$	34,712	$	34,763
Straight-line lease liability		100,068		95,078
Deferred compensation liability		24,687		25,055
Other		1,576		949
Total other liabilities	$	161,043	$	155,845

Revenues Disaggregated by Major Source

The Company’s revenues disaggregated by major source are as follows (in thousands):

	2018		2017		2016
Hotel group rooms	$	312,364	$	294,411	$	291,950
Hotel transient rooms		142,006		137,357		128,061
Hotel food and beverage - banquets		360,181		329,655		324,246
Hotel food and beverage - outlets		159,662		154,290		153,247
Hotel other		153,690		143,947		142,139
Entertainment admissions/ticketing		69,291		63,586		54,028
Entertainment food and beverage		45,961		31,901		28,059
Entertainment retail and other		31,963		29,572		27,477
Total revenues	$	1,275,118	$	1,184,719	$	1,149,207

Hospitality Segment Revenues Disaggregated by Location

The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):

	2018		2017		2016
Gaylord Opryland	$	365,999	$	337,764	$	331,828
Gaylord Palms		200,763		195,735		195,719
Gaylord Texan		260,418		230,085		231,179
Gaylord National		274,299		268,313		255,846
AC Hotel		10,761		11,805		9,992
Inn at Opryland and other		15,663		15,958		15,079
Total Hospitality segment revenues	$	1,127,903	$	1,059,660	$	1,039,643

Income Per Share

Net income per share amounts are calculated as follows for the years ended December 31 (income and share amounts in thousands):

	2018
	Income		Shares	Per Share
Net income	$	264,670	51,294	$	5.16
Effect of dilutive stock-based compensation		—	213		—
Net income — assuming dilution	$	264,670	51,507	$	5.14

	2017
	Income		Shares	Per Share
Net income	$	176,100	51,147	$	3.44
Effect of dilutive stock-based compensation		—	224		—
Net income — assuming dilution	$	176,100	51,371	$	3.43

	2016
	Income		Shares	Per Share
Net income	$	159,366	51,009	$	3.12
Effect of dilutive stock-based compensation		—	303		—
Net income — assuming dilution	$	159,366	51,312	$	3.11