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

12 Months Ended

Dec. 31, 2020

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, net of amounts from interest rate swaps, for the years ended December 31 was comprised of (amounts in thousands):

	2020		2019		2018
Debt interest paid	$	113,743	$	121,876	$	74,821
Capitalized interest		(3,753)		(1,618)		(10,013)
Cash paid for interest, net of capitalized interest	$	109,990	$	120,258	$	64,808

Summary of Prepaid Expense and Other Assets

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

	2020		2019
Prepaid expenses	$	19,447	$	18,888
Supplemental deferred compensation plan assets		31,277		29,174
Tax rebate receivables		27,096		20,389
Earnest money deposit for potential Block 21 acquisition		—		15,000
Inventories		7,157		10,329
Deferred financing costs on revolving credit facility		—		8,493
Derivative assets		—		3,808
Other		15,517		17,764
Total prepaid expenses and other assets	$	100,494	$	123,845

Summary of Estimated Amounts of Amortization Expense for Next Five Years

2021	$	40,198
2022		22,240
2023		4,282
2024		4,044
2025		4,038
	$	74,802

Accounts Payable and Accrued Liabilities of Continuing Operations

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

	2020		2019
Trade accounts payable	$	23,125	$	40,238
Property and other taxes payable		51,821		57,668
Deferred revenues		70,441		76,744
Accrued salaries and benefits		20,598		35,303
Accrued interest payable		14,263		16,520
Other accrued liabilities		22,873		38,442
Total accounts payable and accrued liabilities	$	203,121	$	264,915

Other Liabilities

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

	2020		2019
Pension and postretirement benefits liability	$	32,686	$	32,670
Deferred compensation liability		31,277		29,174
Derivative liabilities		27,819		2,174
Other		997		953
Total other liabilities	$	92,779	$	64,971

Revenues Disaggregated by Major Source

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

	2020		2019		2018
Hotel group rooms	$	88,606	$	387,741	$	312,364
Hotel transient rooms		83,112		169,821		142,006
Hotel food and beverage - banquets		116,624		453,612		360,181
Hotel food and beverage - outlets		70,914		207,158		159,662
Hotel other		106,789		203,114		153,690
Entertainment admissions/ticketing		16,564		81,434		69,291
Entertainment food and beverage		21,506		63,815		45,961
Entertainment retail and other		20,360		37,871		31,963
Total revenues	$	524,475	$	1,604,566	$	1,275,118

Hospitality Segment Revenues Disaggregated by Location

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

	2020		2019		2018
Gaylord Opryland	$	133,333	$	385,610	$	365,999
Gaylord Palms		77,819		208,298		200,763
Gaylord Texan		111,236		292,548		260,418
Gaylord National		52,026		281,367		274,299
Gaylord Rockies		84,715		226,576		—
AC Hotel		3,332		11,725		10,761
Inn at Opryland and other		3,584		15,322		15,663
Total Hospitality segment revenues	$	466,045	$	1,421,446	$	1,127,903

Income Per Share

	2020
	Income (Loss)		Shares	Per Share
Net income (loss) available to common stockholders	$	(417,391)	54,962	$	(7.59)
Effect of dilutive stock-based compensation		—	—		—
Net income (loss) available to common stockholders — assuming dilution	$	(417,391)	54,962	$	(7.59)

	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