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

12 Months Ended

Dec. 31, 2021

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):

	2021		2020		2019
Debt interest paid	$	113,669	$	113,743	$	121,876
Capitalized interest		(2,922)		(3,753)		(1,618)
Cash paid for interest, net of capitalized interest	$	110,747	$	109,990	$	120,258

Summary of Prepaid Expense and Other Assets

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

	2021		2020
Prepaid expenses	$	24,359	$	19,447
Supplemental deferred compensation plan assets		31,183		31,277
Tax rebate receivables		21,456		27,096
Inventories		8,369		7,157
Other		27,537		15,517
Total prepaid expenses and other assets	$	112,904	$	100,494

Summary of Estimated Amounts of Amortization Expense for Next Five Years

2022	$	22,240
2023		4,282
2024		4,044
2025		4,038
2026		4,038
	$	38,642

Accounts Payable and Accrued Liabilities of Continuing Operations

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

	2021		2020
Trade accounts payable	$	31,725	$	23,125
Property and other taxes payable		54,991		51,821
Deferred revenues		116,820		70,441
Accrued salaries and benefits		42,472		20,598
Accrued interest payable		20,313		14,263
Other accrued liabilities		38,398		22,873
Total accounts payable and accrued liabilities	$	304,719	$	203,121

Other Liabilities

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

	2021		2020
Pension and postretirement benefits liability	$	20,061	$	32,686
Deferred compensation liability		31,183		31,277
Derivative liabilities		9,362		27,819
Other		11,333		997
Total other liabilities	$	71,939	$	92,779

Revenues Disaggregated by Major Source

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

	2021		2020		2019
Hotel group rooms	$	131,404	$	88,606	$	387,741
Hotel transient rooms		197,470		83,112		169,821
Hotel food and beverage - banquets		140,186		116,624		453,612
Hotel food and beverage - outlets		139,303		70,914		207,158
Hotel other		178,220		106,789		203,114
Entertainment admissions/ticketing		62,768		16,564		81,434
Entertainment food and beverage		51,515		21,506		63,815
Entertainment produced content		5,919		4,708		3,759
Entertainment retail and other		32,588		15,652		34,112
Total revenues	$	939,373	$	524,475	$	1,604,566

Hospitality Segment Revenues Disaggregated by Location

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

	2021		2020		2019
Gaylord Opryland	$	238,567	$	133,333	$	385,610
Gaylord Palms		139,130		77,819		208,298
Gaylord Texan		180,031		111,236		292,548
Gaylord National		79,419		52,026		281,367
Gaylord Rockies		135,942		84,715		226,576
AC Hotel		5,838		3,332		11,725
Inn at Opryland		7,656		3,584		15,322
Total Hospitality segment revenues	$	786,583	$	466,045	$	1,421,446

Income Per Share

	2021
	Loss		Shares	Per Share
Net loss available to common stockholders	$	(176,966)	55,047	$	(3.21)
Effect of dilutive stock-based compensation		—	—		—
Net loss available to common stockholders — assuming dilution	$	(176,966)	55,047	$	(3.21)

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