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

12 Months Ended

Dec. 31, 2023

Description of the Business and Summary of Significant Accounting Policies

Summary of Net Assets Acquired

The Company determined that the acquisition represents an asset acquisition and has capitalized transaction costs and allocated the purchase price to the relative fair values of assets acquired and liabilities assumed, adjusted for working capital adjustments as set forth in the purchase agreement and transaction costs, as follows (amounts in thousands):

Property and equipment	$	772,821
Cash and cash equivalents - unrestricted		12,690
Cash and cash equivalents - restricted		5,477
Trade receivables		14,743
Prepaid expenses and other assets		3,953
Intangible assets		25,097
Total assets acquired		834,781
Accounts payable and accrued liabilities		(25,148)
Total liabilities assumed		(25,148)
Net assets acquired	$	809,633

Summary of Purchase Price Allocation for the Acquired Assets and Liabilities of Block 21

As a result, the Company allocated the purchase price, adjusted for working capital adjustments as defined in the purchase agreement, as follows (amounts in thousands):

Property and equipment	$	237,159
Cash and cash equivalents - unrestricted		8,493
Cash and cash equivalents - restricted		12,450
Trade receivables		1,405
Prepaid expenses and other assets		1,085
Intangible assets		1,723
Total assets acquired		262,315
Debt		(132,531)
Accounts payable and accrued liabilities		(14,774)
Other liabilities		(75)
Total liabilities assumed		(147,380)
Net assets acquired	$	114,935

Estimated Useful Lives of Property and Equipment

Property and equipment are generally depreciated using the straight-line method over the following estimated useful lives:

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):

	2023		2022		2021
Debt interest paid	$	183,479	$	135,467	$	113,669
Capitalized interest		(2,483)		(183)		(2,922)
Cash paid for interest, net of capitalized interest	$	180,996	$	135,284	$	110,747

Summary of Prepaid Expense and Other Assets

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

	2023		2022
Prepaid expenses	$	22,458	$	19,377
Supplemental deferred compensation plan assets		33,073		29,245
Tax rebate receivables		34,324		22,181
Inventories		14,007		12,041
Right-of-use assets for operating leases		18,134		18,910
Deferred financing costs on revolving credit facilities		8,420		5,757
Derivative assets		—		11,350
Other		24,394		15,309
Total prepaid expenses and other assets	$	154,810	$	134,170

Summary of Estimated Amounts of Amortization Expense for Next Five Years

The estimated amounts of amortization expense for the next five years are as follows (amounts in thousands):

2024	$	8,083
2025		7,694
2026		7,275
2027		5,446
2028		5,329
	$	33,827

Accounts Payable and Accrued Liabilities of Continuing Operations

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

	2023		2022
Trade accounts payable	$	57,030	$	38,628
Property and other taxes payable		90,558		73,461
Deferred revenues		159,762		136,479
Accrued salaries and benefits		57,502		58,219
Interest payable		39,870		23,111
Other accrued liabilities		59,998		55,261
Total accounts payable and accrued liabilities	$	464,720	$	385,159

Other Liabilities

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

	2023		2022
Pension and postretirement benefits liability	$	17,404	$	21,148
Deferred compensation liability		33,073		29,245
Derivative liabilities		1,322		1,164
Other		14,859		13,267
Total other liabilities	$	66,658	$	64,824

Revenues Disaggregated by Major Source

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

	2023		2022		2021
Hotel group rooms	$	462,674	$	364,835	$	131,404
Hotel transient rooms		238,464		230,709		197,470
Hotel food and beverage - banquets		569,803		440,364		140,186
Hotel food and beverage - outlets		261,993		226,645		139,303
Hotel other		300,544		275,421		178,220
Entertainment admissions/ticketing		124,647		107,377		62,768
Entertainment food and beverage		107,335		89,931		51,515
Entertainment produced content		5,764		4,984		5,919
Entertainment retail and other		86,912		65,703		32,588
Total revenues	$	2,158,136	$	1,805,969	$	939,373

Hospitality Segment Revenues Disaggregated by Location

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

	2023		2022		2021
Gaylord Opryland	$	474,884	$	424,188	$	238,567
Gaylord Palms		309,616		279,578		139,130
Gaylord Texan		358,399		307,318		180,031
Gaylord National		307,139		249,849		79,419
Gaylord Rockies		266,737		253,326		135,942
JW Marriott Hill Country		92,813		—		—
AC Hotel		11,997		10,419		5,838
Inn at Opryland and other		11,893		13,296		7,656
Total Hospitality segment revenues	$	1,833,478	$	1,537,974	$	786,583

Income Per Share

Net income (loss) per share amounts are calculated as follows for the years ended December 31 (income (loss) and share amounts in thousands):

		2023		2022		2021
Numerator:
Net income (loss) available to common stockholders	$	311,217	$	128,993	$	(176,966)
Denominator:
Weighted average shares outstanding - basic		57,750		55,140		55,047
Effect of dilutive stock-based compensation		311		237		—
Weighted average shares outstanding - diluted		58,061		55,377		55,047
Basic income (loss) per share available to common stockholders	$	5.39	$	2.34	$	(3.21)
Diluted income (loss) per share available to common stockholders	$	5.36	$	2.33	$	(3.21)