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

12 Months Ended

Dec. 31, 2019

Description of the Business and Summary of Significant Accounting Policies

Estimated Useful Lives of Property and Equipment

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):

	2019		2018		2017
Debt interest paid	$	121,876	$	74,821	$	63,325
Capitalized interest		(1,618)		(10,013)		(6,645)
Cash paid for interest, net of capitalized interest	$	120,258	$	64,808	$	56,680

Summary of Prepaid Expense and Other Assets

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

	2019		2018
Prepaid expenses	$	18,888	$	15,732
Supplemental deferred compensation plan assets		29,174		24,687
Tax rebate receivables		20,389		17,143
Earnest money deposit for potential Block 21 acquisition		15,000		—
Inventories		10,329		9,823
Deferred financing costs on revolving credit facility		8,493		—
Derivative assets		3,808		—
Other		17,764		10,855
Total prepaid expenses and other assets	$	123,845	$	78,240

Summary of Estimated Amounts of Amortization Expense for Next Five Years

The gross carrying amount of intangible assets at December 31, 2019 and 2018 was $252.7 million and $252.2 million, respectively. Accumulated amortization of intangible assets at December 31, 2019 and 2018 was $45.6 million and $5.4 million, respectively. Amortization expense related to intangible assets during 2019, 2018 and 2017 was $40.2 million, $0.2 million and $0.1 million, respectively. The estimated amounts of amortization expense for the next five years are as follows (amounts in thousands):

2020	$	40,198
2021		40,198
2022		22,240
2023		4,282
2024		4,044
	$	110,962

Accounts Payable and Accrued Liabilities of Continuing Operations

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

	2019		2018
Trade accounts payable	$	40,238	$	77,620
Property and other taxes payable		57,668		35,947
Deferred revenues		76,744		69,280
Accrued salaries and benefits		35,303		21,544
Accrued interest payable		16,520		16,027
Other accrued liabilities		38,442		54,472
Total accounts payable and accrued liabilities	$	264,915	$	274,890

Other Liabilities

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

	2019		2018
Pension and postretirement benefits liability	$	32,670	$	34,712
Straight-line lease liability		—		100,068
Deferred compensation liability		29,174		24,687
Derivative liabilities		2,174		—
Other		953		1,576
Total other liabilities	$	64,971	$	161,043

Revenues Disaggregated by Major Source

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

	2019		2018		2017
Hotel group rooms	$	387,741	$	312,364	$	294,411
Hotel transient rooms		169,821		142,006		137,357
Hotel food and beverage - banquets		453,612		360,181		329,655
Hotel food and beverage - outlets		207,158		159,662		154,290
Hotel other		203,114		153,690		143,947
Entertainment admissions/ticketing		81,434		69,291		63,586
Entertainment food and beverage		63,815		45,961		31,901
Entertainment retail and other		37,871		31,963		29,572
Total revenues	$	1,604,566	$	1,275,118	$	1,184,719

Hospitality Segment Revenues Disaggregated by Location

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

	2019		2018		2017
Gaylord Opryland	$	385,610	$	365,999	$	337,764
Gaylord Palms		208,298		200,763		195,735
Gaylord Texan		292,548		260,418		230,085
Gaylord National		281,367		274,299		268,313
Gaylord Rockies		226,576		—		—
AC Hotel		11,725		10,761		11,805
Inn at Opryland and other		15,322		15,663		15,958
Total Hospitality segment revenues	$	1,421,446	$	1,127,903	$	1,059,660

Income Per Share

	2019
	Income		Shares	Per Share
Net income available to common stockholders	$	145,794	51,609	$	2.82
Effect of dilutive stock-based compensation		—	169		—
Effect of dilutive put rights		—	197		—
Net income available to common stockholders — assuming dilution	$	145,794	51,975	$	2.81

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

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