Financial Reporting By Business Segments

3 Months Ended

Mar. 31, 2020

Financial Reporting By Business Segments

Financial Reporting By Business Segments

16. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

The Company’s operations are organized into three principal business segments:

● Hospitality, which includes Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord National, 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, the Company’s equity investment in Circle, and the Company’s Nashville-based attractions; and

● Corporate and Other, which includes the Company’s corporate expenses.

The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):

	Three Months Ended
	March 31,
	2020		2019
Revenues:
Hospitality	$	285,671	$	337,510
Entertainment		27,359		33,265
Corporate and Other		—		—
Total	$	313,030	$	370,775
Depreciation and amortization:
Hospitality	$	49,769	$	50,133
Entertainment		3,105		2,479
Corporate and Other		471		397
Total	$	53,345	$	53,009
Operating income:
Hospitality	$	23,817	$	60,354
Entertainment		(5,092)		5,145
Corporate and Other		(8,607)		(9,401)
Preopening costs (1)		(801)		(2,134)
Gain on sale of assets (2)		1,261		—
Credit loss on held-to-maturity securities (3)		(5,828)		—
Total operating income		4,750		53,964
Interest expense		(29,358)		(32,087)
Interest income		2,371		2,908
Loss from unconsolidated joint ventures		(1,895)		—
Other gains and (losses), net		195		(141)
Income (loss) before income taxes	$	(23,937)	$	24,644

(1) Preopening costs for the three months ended March 31, 2020 include $0.1 million and $0.7 million for the Hospitality and Entertainment segments, respectively. Preopening costs for the three months ended March 31, 2019 include $0.7 million and $1.4 million for the Hospitality and Entertainment segments, respectively.

(2) Gain on sale of assets for the three months ended March 31, 2020 relates to the Hospitality segment.

(3) Credit loss on held-to-maturity securities for the three months ended March 31, 2020 relates to the Hospitality segment.

	March 31,		December 31,
	2020		2019
Identifiable assets:
Hospitality	$	3,462,739	$	3,494,084
Entertainment		192,696		181,036
Corporate and Other		689,367		413,348
Total identifiable assets	$	4,344,802	$	4,088,468