Financial Reporting By Business Segments

12 Months Ended

Dec. 31, 2021

Financial Reporting By Business Segments

Financial Reporting By Business Segments

13. 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 and the AC Hotel;

● Entertainment, which includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, the Company’s other Nashville-based attractions, and the Company’s investment in the Circle joint venture; 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.

	2021		2020		2019
Revenues:
Hospitality	$	786,583	$	466,045	$	1,421,446
Entertainment		152,790		58,430		183,120
Corporate and Other		—		—		—
Total	$	939,373	$	524,475	$	1,604,566
Depreciation and amortization:
Hospitality	$	203,675	$	198,073	$	201,068
Entertainment		14,655		14,371		11,150
Corporate and Other		2,027		2,638		1,629
Total	$	220,357	$	215,082	$	213,847
Operating income (loss):
Hospitality	$	(38,013)	$	(204,868)	$	263,203
Entertainment		20,382		(34,242)		45,361
Corporate and Other		(40,624)		(31,433)		(37,911)
Preopening costs (1)		(737)		(1,665)		(3,122)
Gain on sale of assets (2)		317		1,161		—
Credit loss on held-to-maturity securities (3)		—		(32,784)		—
Total operating income (loss)		(58,675)		(303,831)		267,531
Interest expense		(125,347)		(115,783)		(131,620)
Interest income		5,685		7,304		11,769
Loss on extinguishment of debt		(2,949)		—		(494)
Loss from unconsolidated joint ventures (4)		(8,963)		(6,451)		(1,110)
Other gains and (losses), net		405		(14,976)		693
Income (loss) before income taxes	$	(189,844)	$	(433,737)	$	146,769

(1) Preopening costs for 2021 relate to the Hospitality segment. Preopening costs for 2020 include $0.3 million and $1.4 million for the Hospitality and Entertainment segments, respectively. Preopening costs for 2019 include $1.3 million and $1.9 million for the Hospitality and Entertainment segments, respectively.

(2) Gain on sale of assets for 2021 and 2020 relates to the Hospitality segment.

(3) Credit loss on held-to-maturity securities for 2020 relates to the Hospitality segment.

(4) Loss from unconsolidated joint ventures relates to the Entertainment segment.

	December 31,		December 31,
	2021		2020
Identifiable assets:
Hospitality	$	3,266,679	$	3,279,238
Entertainment		214,270		185,178
Corporate and Other		99,576		92,079
Total identifiable assets	$	3,580,525	$	3,556,495

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

	2021		2020		2019
Hospitality	$	73,199	$	146,654	$	120,899
Entertainment		3,560		13,697		25,000
Corporate and other		667		5,112		6,642
Total capital expenditures	$	77,426	$	165,463	$	152,541