Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'RHP | ' |
Entity Registrant Name | 'Ryman Hospitality Properties, Inc. | ' |
Entity Central Index Key | '0001040829 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 50,526,771 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | $2,084,247 | $2,148,999 | ' | ' |
Cash and cash equivalents-unrestricted | 52,090 | 97,170 | 24,230 | 44,388 |
Cash and cash equivalents-restricted | 18,557 | 6,210 | ' | ' |
Notes receivable | 145,206 | 149,400 | ' | ' |
Trade receivables, less allowance of $714 and $623, respectively | 52,746 | 55,343 | ' | ' |
Deferred financing costs | 20,527 | 11,347 | ' | ' |
Prepaid expenses and other assets | 67,439 | 63,982 | ' | ' |
Total assets | 2,440,812 | 2,532,451 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | 1,174,813 | 1,031,863 | ' | ' |
Accounts payable and accrued liabilities | 156,376 | 218,461 | ' | ' |
Deferred income tax liabilities, net | 31,200 | 88,938 | ' | ' |
Deferred management rights proceeds | 184,154 | 186,346 | ' | ' |
Dividends payable | 25,652 | ' | ' | ' |
Other liabilities | 126,602 | 153,245 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding | ' | ' | ' | ' |
Common stock, $.01 par value, 400,000 shares authorized, 50,526 and 52,596 shares issued and outstanding, respectively | 505 | 526 | ' | ' |
Additional paid-in capital | 1,223,546 | 1,250,975 | ' | ' |
Treasury stock of 465 and 456 shares, at cost | -7,533 | -7,234 | ' | ' |
Accumulated deficit | -459,637 | -366,066 | ' | ' |
Accumulated other comprehensive loss | -14,866 | -24,603 | ' | ' |
Total stockholders' equity | 742,015 | 853,598 | ' | ' |
Total liabilities and stockholders' equity | $2,440,812 | $2,532,451 | ' | ' |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $714 | $623 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 50,526,000 | 52,596,000 |
Common stock, shares outstanding | 50,526,000 | 52,596,000 |
Treasury stock, shares | 465,000 | 456,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Rooms | $83,804 | $86,173 | $265,386 | $273,689 |
Food and beverage | 88,193 | 89,865 | 285,690 | 299,165 |
Other hotel revenue | 27,307 | 31,903 | 80,640 | 94,182 |
Opry and Attractions | 21,892 | 20,188 | 56,776 | 53,237 |
Total revenues | 221,196 | 228,129 | 688,492 | 720,273 |
Operating expenses: | ' | ' | ' | ' |
Rooms | 26,369 | 24,933 | 78,020 | 72,698 |
Food and beverage | 55,920 | 56,791 | 177,574 | 179,049 |
Other hotel expenses | 65,718 | 72,175 | 203,869 | 219,905 |
Management fees | 3,253 | ' | 10,446 | ' |
Total hotel operating expenses | 151,260 | 153,899 | 469,909 | 471,652 |
Opry and Attractions | 15,411 | 14,216 | 41,326 | 39,048 |
Corporate | 5,699 | 11,217 | 19,001 | 37,483 |
REIT conversion costs | 971 | 51,371 | 21,383 | 57,799 |
Casualty loss | 26 | 173 | 75 | 719 |
Preopening costs | ' | 1 | ' | 340 |
Impairment and other charges (non-REIT conversion costs) | 110 | ' | 1,357 | ' |
Depreciation and amortization | 27,916 | 30,701 | 88,979 | 93,389 |
Total operating expenses | 201,393 | 261,578 | 642,030 | 700,430 |
Operating income (loss) | 19,803 | -33,449 | 46,462 | 19,843 |
Interest expense, net of amounts capitalized | -15,187 | -15,136 | -45,934 | -43,949 |
Interest income | 3,020 | 3,081 | 9,123 | 9,256 |
Income from unconsolidated companies | 10 | ' | 10 | 109 |
Loss on extinguishment of debt | -4,181 | ' | -4,181 | ' |
Other gains and (losses), net | 2,318 | 2,251 | 2,365 | 2,251 |
Income (loss) before income taxes and discontinued operations | 5,783 | -43,253 | 7,845 | -12,490 |
Benefit for income taxes | 12,450 | 16,581 | 80,526 | 798 |
Income (loss) from continuing operations | 18,233 | -26,672 | 88,371 | -11,692 |
Loss from discontinued operations, net of income taxes | -202 | -2 | -181 | ' |
Net income (loss) | 18,031 | -26,674 | 88,190 | -11,692 |
Loss on call spread modification related to convertible notes | ' | ' | -4,869 | ' |
Net income (loss) available to common shareholders | 18,031 | -26,674 | 83,321 | -11,692 |
Basic income (loss) per share available to common shareholders: | ' | ' | ' | ' |
Income (loss) from continuing operations | $0.36 | ($0.57) | $1.62 | ($0.24) |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' |
Net income (loss) | $0.36 | ($0.57) | $1.62 | ($0.24) |
Fully diluted income (loss) per share available to common shareholders: | ' | ' | ' | ' |
Income (loss) from continuing operations | $0.30 | ($0.57) | $1.33 | ($0.24) |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' |
Net income (loss) | $0.30 | ($0.57) | $1.33 | ($0.24) |
Dividends declared per common share | $0.50 | ' | $1.50 | ' |
Comprehensive income (loss), net of deferred taxes | $18,196 | ($26,674) | $97,927 | ($11,692) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net income (loss) | $88,190 | ($11,692) |
Amounts to reconcile net income (loss) to net cash flows provided by operating activities: | ' | ' |
Loss from discontinued operations, net of taxes | 181 | ' |
Income from unconsolidated companies | -10 | -109 |
Impairment and other charges | 1,908 | 21,287 |
Benefit for deferred income taxes | -76,884 | -1,601 |
Depreciation and amortization | 88,979 | 93,389 |
Amortization of deferred financing costs | 4,057 | 3,829 |
Amortization of discount on convertible notes | 10,544 | 10,200 |
Write-off of deferred financing costs | 1,845 | ' |
Loss on extinguishment of debt | 4,181 | ' |
Stock-based compensation expense | 6,406 | 5,108 |
Excess tax benefit from stock-based compensation | -7 | ' |
Changes in: | ' | ' |
Trade receivables | 2,597 | -18,430 |
Interest receivable | 2,454 | 1,869 |
Income tax receivable | -7,113 | ' |
Accounts payable and accrued liabilities | -63,300 | 29,498 |
Other assets and liabilities | 178 | -4,082 |
Net cash flows provided by operating activities-continuing operations | 64,206 | 129,266 |
Net cash flows provided by operating activities-discontinued operations | 94 | 47 |
Net cash flows provided by operating activities | 64,300 | 129,313 |
Cash Flows from Investing Activities: | ' | ' |
Purchases of property and equipment | -23,584 | -78,189 |
Collection of notes receivable | 1,740 | 4,480 |
Increase in restricted cash and cash equivalents | -12,347 | ' |
Other investing activities | 227 | 851 |
Net cash flows used in investing activities-continuing operations | -33,964 | -72,858 |
Net cash flows used in investing activities-discontinued operations | ' | ' |
Net cash flows used in investing activities | -33,964 | -72,858 |
Cash Flows from Financing Activities: | ' | ' |
Net borrowings (repayments) under credit facility | -12,000 | 65,000 |
Issuance of senior notes | 350,000 | ' |
Early redemption of senior notes | -152,180 | ' |
Repurchase and conversion of convertible notes | -99,222 | ' |
Deferred financing costs paid | -15,516 | -376 |
Proceeds from issuance of common stock, net of issuance cost of $1,131 | ' | 32,722 |
Repurchase of Company stock for retirement | -100,028 | -185,400 |
Payment of dividend | -51,162 | ' |
Proceeds from exercise of stock option and purchase plans | 5,206 | 12,005 |
Excess tax benefit from stock-based compensation | 7 | ' |
Other financing activities, net | -521 | -564 |
Net cash flows used in financing activities-continuing operations | -75,416 | -76,613 |
Net cash flows provided by financing activities-discontinued operations | ' | ' |
Net cash flows used in financing activities | -75,416 | -76,613 |
Net change in cash and cash equivalents | -45,080 | -20,158 |
Cash and cash equivalents at beginning of period | 97,170 | 44,388 |
Cash and cash equivalents at end of period | $52,090 | $24,230 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Payments of stock issuance costs | $1,131 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended | |||
Sep. 30, 2013 | ||||
BASIS OF PRESENTATION | ' | |||
1. BASIS OF PRESENTATION: | ||||
For financial statement presentation and reporting purposes, the Company is the successor to Gaylord Entertainment Company, formerly a Delaware corporation (“Gaylord”). As more fully described in Note 3, as part of the plan to restructure the business operations of Gaylord to facilitate its qualification as a real estate investment trust (“REIT”) for federal income tax purposes, Gaylord merged with and into its wholly-owned subsidiary, Ryman Hospitality Properties, Inc., a Delaware corporation (“Ryman”), on October 1, 2012, with Ryman as the surviving corporation (the “Merger”). At 12:01 a.m. on October 1, 2012, the effective time of the Merger, Ryman succeeded to and began conducting, directly or indirectly, all of the business conducted by Gaylord immediately prior to the Merger. The “Company” refers to Ryman and to Gaylord. | ||||
The Company conducts its business through an umbrella partnership REIT, in which its assets are held by, and operations are conducted through, RHP Hotel Properties, LP, a subsidiary operating partnership (the “Operating Partnership”) that the Company formed in connection with the REIT conversion. The Company is the sole limited partner of the Operating Partnership and currently owns, either directly or indirectly, all of the partnership units of the Operating Partnership. | ||||
The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality, Opry and Attractions, and Corporate and Other. | ||||
The condensed consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the financial information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the interim periods have been included. All adjustments are of a normal, recurring nature. The results of operations for such interim periods are not necessarily indicative of the results for the full year because of seasonal and short-term variations. | ||||
Reclassifications | ||||
The Company is electing REIT status for the year ending December 31, 2013. In connection with the Company’s conversion to a REIT and the restructuring of the Company’s business operations as further discussed in Note 3, the Company has revised the presentation of its condensed consolidated balance sheets and condensed consolidated statements of operations and comprehensive income to be more consistent with its peers within the hospitality REIT industry. For the condensed consolidated balance sheets, these changes consisted of presenting an unclassified balance sheet. For the condensed consolidated statements of operations and comprehensive income, the changes consist of providing revenues and operating expenses as Rooms, Food and Beverage, Other Hotel Revenues/Expenses, Opry and Attractions, and Corporate. As a result, certain amounts in previously issued financial statements have been reclassified to conform to the 2013 presentation as follows: | ||||
• | a reduction of $10.7 million in total assets and $10.7 million in total liabilities in the Company’s consolidated balance sheet as of December 31, 2012, as a result of the change in presentation for deferred income taxes under an unclassified balance sheet; | |||
• | a reclassification of $134.8 million of operating costs for the three months ended September 30, 2012 as hotel operating expenses ($122.4 million), Opry and Attractions operating expenses ($10.3 million) and Corporate operating expenses ($2.1 million); | |||
• | a reclassification of $409.0 million of operating costs for the nine months ended September 30, 2012 as hotel operating expenses ($373.0 million), Opry and Attractions operating expenses ($27.9 million) and Corporate operating expenses ($8.1 million); | |||
• | a reclassification of $44.5 million of selling, general and administrative expense for the three months ended September 30, 2012 as hotel operating expenses ($31.5 million), Opry and Attractions operating expenses ($3.9 million) and Corporate operating expenses ($9.1 million); and | |||
• | a reclassification of $139.2 million of selling, general and administrative expense for the nine months ended September 30, 2012 as hotel operating expenses ($98.7 million), Opry and Attractions operating expenses ($11.2 million) and Corporate operating expenses ($29.3 million). | |||
The Company believes the 2013 presentation is more aligned with its peers in the hospitality REIT industry. |
NEWLY_ISSUED_ACCOUNTING_STANDA
NEWLY ISSUED ACCOUNTING STANDARDS | 9 Months Ended |
Sep. 30, 2013 | |
NEWLY ISSUED ACCOUNTING STANDARDS | ' |
2. NEWLY ISSUED ACCOUNTING STANDARDS: | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2013-02, Topic 220, “Comprehensive Income,” which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. The ASU is intended to help entities improve the transparency of changes in other comprehensive income and items reclassified out of accumulated other comprehensive income in their financial statements. It does not amend any existing requirements for reporting net income or other comprehensive income in the financial statements. The Company adopted this ASU in the first quarter of 2013 and this adoption did not have a material impact on the Company’s consolidated financial statements. |
REIT_CONVERSION
REIT CONVERSION | 9 Months Ended |
Sep. 30, 2013 | |
REIT CONVERSION | ' |
3. REIT CONVERSION: | |
The Company completed a plan to restructure the Company’s business operations to facilitate the Company’s qualification as a REIT for federal income tax purposes (the “REIT conversion”) during 2012 and will elect to be taxed as a REIT for the year ending December 31, 2013. In connection with the REIT conversion, the Company completed the Merger and made a one-time earnings and profits distribution to distribute all of the Company’s C corporation earnings and profits attributable to taxable periods ending prior to January 1, 2013 as a special dividend to stockholders. The special dividend was paid on December 21, 2012 to shareholders of record as of November 13, 2012, as discussed more fully in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
On October 1, 2012, the Company consummated its agreement to sell the Gaylord Hotels brand and rights to manage the Gaylord Opryland Resort and Convention Center (“Gaylord Opryland”), the Gaylord Palms Resort and Convention Center (“Gaylord Palms”), the Gaylord Texan Resort and Convention Center (“Gaylord Texan”) and the Gaylord National Resort and Convention Center (“Gaylord National”), which the Company refers to collectively as the “Gaylord Hotels properties”, to Marriott International, Inc. (“Marriott”) for $210.0 million in cash (the “Marriott sale transaction”). Effective October 1, 2012, Marriott assumed responsibility for managing the day-to-day operations of the Gaylord Hotels properties pursuant to a management agreement for each Gaylord Hotel property. | |
On October 1, 2012, the Company received $210.0 million in cash from Marriott in exchange for rights to manage the Gaylord Hotels properties (the “Management Rights”) and certain intellectual property (the “IP Rights”). The Company allocated $190.0 million of the purchase price to the Management Rights and $20.0 million to the IP Rights. The allocation was based on the Company’s estimates of the fair values for the respective components. The Company estimated the fair value of each component by constructing distinct discounted cash flow models. | |
The amount related to the Management Rights was deferred and is amortized on a straight line basis over the 65-year term of the hotel management agreements, including extensions, as a reduction in management fee expense for financial accounting purposes. The amount related to the IP Rights was recognized into income as other gains and losses during the fourth quarter of 2012. | |
In addition, pursuant to additional management agreements entered into on October 1, 2012, Marriott assumed responsibility for managing the day-to-day operations of the General Jackson Showboat, Gaylord Springs Golf Links and the Wildhorse Saloon on October 1, 2012. Further, on December 1, 2012, the Company entered into a management agreement pursuant to which Marriott began managing the day-to-day operations of the Inn at Opryland effective December 1, 2012. | |
The Company has segregated all costs related to the REIT conversion from normal operations and reported these amounts as REIT conversion costs in the accompanying condensed consolidated statements of operations. During the three months and nine months ended September 30, 2013, the Company incurred $1.0 million and $21.4 million, respectively, of various costs associated with these transactions. REIT conversion costs incurred during the three months ended September 30, 2013 include employment and severance costs ($0.4 million), professional fees ($0.1 million), and various other transition costs ($0.5 million). REIT conversion costs incurred during the nine months ended September 30, 2013 include employment and severance costs ($14.3 million), professional fees ($2.1 million), and various other transition costs ($5.0 million). The Company currently estimates that it will incur approximately $1.9 million in one-time costs during the fourth quarter of 2013 related to the REIT conversion. | |
During the three months and nine months ended September 30, 2012, the Company incurred $51.4 million and $57.8 million, respectively, of various costs associated with these transactions. REIT conversion costs incurred during the three months ended September 30, 2012 include impairment charges ($21.3 million), professional fees ($14.0 million), employment and severance costs ($10.3 million), and various other transition costs ($5.8 million). REIT conversion costs incurred during the nine months ended September 30, 2012 include impairment charges ($21.3 million), professional fees ($20.1 million), employment and severance costs ($10.3 million), and various other transition costs ($6.1 million). | |
The Merger, Marriott sale transaction, and other restructuring transactions are designed to enable the Company to hold its assets and business operations in a manner that will enable it to elect to be treated as a REIT for federal income tax purposes. As a REIT, the Company generally will not be subject to federal corporate income taxes on that portion of its capital gain or ordinary income from the Company’s REIT operations that is distributed to its stockholders. This treatment would substantially eliminate the federal “double taxation” on earnings from REIT operations, or taxation once at the corporate level and again at the stockholder level, that generally results from investment in a regular C corporation. To comply with certain REIT qualification requirements, the Company engaged Marriott to operate and manage its Gaylord Hotels properties and the Inn at Opryland and will be required to engage third-party managers to operate and manage its future hotel properties, if any. Additionally, non-REIT operations, which consist of the activities of taxable REIT subsidiaries that will act as lessees of the Company’s hotels, as well as the businesses within the Company’s Opry and Attractions segment, will continue to be subject, as applicable, to federal corporate and state income taxes following the REIT conversion. |
INCOME_PER_SHARE
INCOME PER SHARE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
INCOME PER SHARE | ' | ||||||||||||||||
4. INCOME PER SHARE: | |||||||||||||||||
The weighted average number of common shares outstanding is calculated as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average shares outstanding—basic | 50,524 | 46,546 | 51,392 | 48,073 | |||||||||||||
Effect of dilutive stock-based compensation | 460 | — | 503 | — | |||||||||||||
Effect of convertible notes | 5,416 | — | 6,187 | — | |||||||||||||
Effect of common stock warrants | 3,702 | — | 4,631 | — | |||||||||||||
Weighted average shares outstanding—diluted | 60,102 | 46,546 | 62,713 | 48,073 | |||||||||||||
For the three months and nine months ended September 30, 2012, the effect of dilutive stock-based compensation awards was the equivalent of approximately 0.7 million shares of common stock outstanding. Because the Company had a loss from continuing operations in the three months and nine months ended September 30, 2012, these incremental shares were excluded from the computation of dilutive earnings per share for those periods as the effect of their inclusion would have been anti-dilutive. | |||||||||||||||||
The Company had stock-based compensation awards outstanding with respect to approximately 0.2 million and 0.8 million shares of common stock for the three months ended September 30, 2013 and 2012, respectively, and approximately 0.1 million and 0.9 million shares of common stock for the nine months ended September 30, 2013 and 2012, respectively, that could potentially dilute earnings per share in the future but were excluded from the computation of diluted earnings per share for the respective periods as the effect of their inclusion would have been anti-dilutive. | |||||||||||||||||
As discussed more fully in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, in 2009 the Company issued 3.75% Convertible Senior Notes due 2014 (the “Convertible Notes”). The Company intends to settle the outstanding face value of the Convertible Notes in cash upon conversion/maturity. Any conversion spread associated with the conversion/maturity of the Convertible Notes may be settled in cash or shares of the Company’s common stock. The effect of potentially issuable shares under this conversion spread for the three months and nine months ended September 30, 2012 was the equivalent of approximately 4.0 million and 2.7 million shares, respectively, of common stock outstanding. Because the Company had a loss from continuing operations in the three months and nine months ended September 30, 2012, these incremental shares were excluded from the computation of diluted earnings per share for those periods as the effect of their inclusion would have been anti-dilutive. The Convertible Notes are currently convertible through December 31, 2013; however, other than as described in Note 8, the Company has not settled the conversion of any of the Convertible Notes. | |||||||||||||||||
In connection with the issuance of the Convertible Notes, the Company sold common stock purchase warrants to counterparties affiliated with the initial purchasers of the Convertible Notes whereby the warrant holders may purchase shares of the Company’s stock. As of September 30, 2013, approximately 14.1 million shares of the Company’s common stock were issuable pursuant to the warrants, with an adjusted strike price of $25.96 per share, which reflects the proportionate reduction in the number of warrants associated with the Company’s repurchase of a portion of its Convertible Notes, as described in Note 8, and the adjustments made in connection with the dividend paid by the Company on October 15, 2013. The number of shares underlying the warrants and the strike price thereof are subject to further anti-dilution adjustments, including for quarterly cash dividends paid by the Company. If the average closing price of the Company’s stock during a reporting period exceeds this strike price, these warrants will be dilutive. The warrants may only be settled in shares of the Company’s common stock. The effect of potentially issuable shares under these warrants for the three months and nine months ended September 30, 2012 was the equivalent of approximately 2.1 million and 0.6 million shares, respectively, of common stock outstanding. Because the Company had a loss from continuing operations in the three months and nine months ended September 30, 2012, these incremental shares were excluded from the computation of diluted earnings per share for those periods as the effect of their inclusion would have been anti-dilutive. | |||||||||||||||||
In June 2013, the Company entered into agreements with the note hedge counterparties to proportionately reduce the number of Purchased Options (as defined below) and the warrants as described in Note 8. These agreements were considered modifications to the Purchased Options and the warrants, and based on the terms of the agreements, the Company recognized a charge of $4.9 million in the nine months ended September 30, 2013, which is recorded as an increase to accumulated deficit and additional paid-in-capital in the accompanying condensed consolidated balance sheets. This charge also represents a deduction from net income in calculating net income available to common shareholders and earnings per share available to common shareholders in the accompanying condensed consolidated statements of operations. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Sep. 30, 2013 | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' |
5. ACCUMULATED OTHER COMPREHENSIVE LOSS: | |
The Company’s balance in accumulated other comprehensive loss is composed of amounts related to the Company’s minimum pension liability. During the three months and nine months ended September 30, 2013, the Company recorded $0.2 million and $13.7 million, respectively, in other comprehensive income, which primarily represents the decrease in the Company’s pension plan liability as described in Note 10. During the nine months ended September 30, 2013, the Company reclassified $0.2 million from accumulated other comprehensive loss into operating expenses in the Company’s condensed consolidated statements of operations included herein and recorded $4.2 million in tax expense for accumulated other comprehensive income, primarily related to a change in tax rate on the items included in accumulated other comprehensive income due to the Company’s REIT conversion. |
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
PROPERTY AND EQUIPMENT | ' | ||||||||
6. PROPERTY AND EQUIPMENT: | |||||||||
Property and equipment of continuing operations at September 30, 2013 and December 31, 2012 is recorded at cost and summarized as follows (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 242,075 | $ | 241,292 | |||||
Buildings | 2,299,304 | 2,297,343 | |||||||
Furniture, fixtures and equipment | 576,753 | 563,622 | |||||||
Construction-in-progress | 26,410 | 27,534 | |||||||
3,144,542 | 3,129,791 | ||||||||
Accumulated depreciation | (1,060,295 | ) | (980,792 | ) | |||||
Property and equipment, net | $ | 2,084,247 | $ | 2,148,999 | |||||
NOTES_RECEIVABLE
NOTES RECEIVABLE | 9 Months Ended |
Sep. 30, 2013 | |
NOTES RECEIVABLE | ' |
7. NOTES RECEIVABLE: | |
In connection with the development of Gaylord National, the Company is currently holding two issuances of bonds and receives the debt service thereon, which is payable from tax increments, hotel taxes and special hotel rental taxes generated from Gaylord National through the maturity date. The Company is recording the amortization of discount on these notes receivable as interest income over the life of the notes. | |
During the three months ended September 30, 2013 and 2012, the Company recorded interest income of $3.0 million and $3.1 million, respectively, on these bonds. During the nine months ended September 30, 2013 and 2012, the Company recorded interest income of $9.1 million and $9.2 million, respectively, on these bonds. The Company received payments of $13.3 million and $15.5 million during the nine months ended September 30, 2013 and 2012, respectively, relating to these notes receivable. |
DEBT
DEBT | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
DEBT | ' | ||||||||
8. DEBT: | |||||||||
The Company’s debt and capital lease obligations related to continuing operations at September 30, 2013 and December 31, 2012 consisted of (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
$1 Billion Credit Facility, interest at LIBOR plus 1.75%, maturing April 18, 2017 | $ | 533,000 | $ | — | |||||
$925 Million Credit Facility, interest at LIBOR plus 2.0%, originally maturing August 1, 2015 | — | 545,000 | |||||||
Convertible Senior Notes, interest at 3.75%, maturing October 1, 2014, net of unamortized discount of $13,369 and $26,961 | 290,689 | 333,039 | |||||||
Senior Notes, interest at 5.0%, maturing April 15, 2021 | 350,000 | — | |||||||
Senior Notes, interest at 6.75%, originally maturing November 15, 2014 | — | 152,180 | |||||||
Capital lease obligations | 1,124 | 1,644 | |||||||
Total debt | 1,174,813 | 1,031,863 | |||||||
Less amounts due within one year | (613 | ) | (130,358 | ) | |||||
Total long-term debt | $ | 1,174,200 | $ | 901,505 | |||||
The above decrease in amounts due within one year results from the Company’s intent and ability to refinance all of its convertible notes on a long-term basis if the notes were to be converted at September 30, 2013. At December 31, 2012, because of lower availability to borrow additional funds under its revolving credit facility, the Company had the ability to refinance only a portion of any conversions on a long-term basis. | |||||||||
As of September 30, 2013, the Company was in compliance with all of its covenants related to its debt. | |||||||||
$1 Billion Credit Facility | |||||||||
On April 18, 2013, the Company refinanced its previous $925 million credit facility by entering into a $1 billion senior secured credit facility by and among the Operating Partnership, the Company, and certain subsidiaries of the Company party thereto, as guarantors, the lenders party thereto, and Wells Fargo Bank, N.A., as administrative agent (the “$1 billion credit facility”). The $1 billion credit facility consists of a $700.0 million senior secured revolving credit facility, of which $154.0 million was drawn at closing, and a $300.0 million senior secured term loan facility, which was fully funded at closing. The $1 billion credit facility also includes an accordion feature that allows the Company to increase the $1 billion credit facility by a total of up to $500.0 million, subject to securing additional commitments from existing lenders or new lending institutions. The $1 billion credit facility matures on April 18, 2017 and borrowings bear interest at an annual rate of LIBOR plus an adjustable margin (the “Applicable Margin”) based on the Company’s consolidated funded indebtedness to total asset value ratio (as defined in the $1 billion credit facility), or the base rate (as defined in the $1 billion credit facility) plus the Applicable Margin. Interest is payable quarterly, in arrears, for base rate-based loans and at the end of each interest rate period for LIBOR-based loans. Principal is payable in full at maturity. The Company is required to pay a commitment fee of 0.3% to 0.4% per year of the average unused portion of the $700.0 million revolving credit facility. The purpose of the $1 billion credit facility is for working capital, capital expenditures, and other corporate purposes. | |||||||||
The $1 billion credit facility is guaranteed by the Company, each of the four wholly-owned subsidiaries that own the Gaylord Hotels properties, and certain other of the Company’s subsidiaries. The $1 billion credit facility is secured by (i) a first mortgage lien on the real property of each of the Gaylord Hotels properties, (ii) pledges of equity interests in the Company’s subsidiaries that own the Gaylord Hotels properties, (iii) pledges of equity interests in the Operating Partnership, the subsidiaries that guarantee the $1 billion credit facility, and certain other of the Company’s subsidiaries, and (iv) the Company’s personal property and the personal property of the Operating Partnership and the subsidiaries that guarantee the $1 billion credit facility. | |||||||||
In addition, the $1 billion credit facility contains certain covenants which, among other things, limits the incurrence of additional indebtedness, investments, dividends, transactions with affiliates, asset sales, acquisitions, mergers and consolidations, liens and encumbrances and other matters customarily restricted in such agreements. | |||||||||
If an event of default shall occur and be continuing under the $1 billion credit facility, the commitments under the $1 billion credit facility may be terminated and the principal amount outstanding under the $1 billion credit facility, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable. | |||||||||
As a result of the refinancing of its previous $925 million credit facility, the Company wrote off $1.3 million of deferred financing costs in the nine months ended September 30, 2013, which are included in interest expense in the accompanying condensed consolidated statements of operations for the nine months ended September 30, 2013. | |||||||||
3.75% Convertible Senior Notes | |||||||||
In 2009, the Company issued $360.0 million of the Convertible Notes. The Convertible Notes are convertible, under certain circumstances as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, at the holder’s option, into shares of the Company’s common stock, at an adjusted conversion rate of 46.2165 shares of common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an adjusted conversion price of approximately $21.64 per share and reflects the adjustment made for the Company’s dividend that was paid on October 15, 2013. Additional adjustments will be made for quarterly cash dividends paid by the Company pursuant to customary anti-dilution adjustments. The Company may elect, at its option, to deliver shares of its common stock, cash or a combination of cash and shares of its common stock in satisfaction of its obligations upon conversion of the Convertible Notes or at their maturity. | |||||||||
Based on the Company’s stock price during the three months ended September 30, 2013, a condition permitting conversion (as defined in the indenture governing the Convertible Notes) had been satisfied, and thus the Convertible Notes are currently convertible through December 31, 2013. Based on the Company’s borrowing capacity under its $1 billion credit facility as of September 30, 2013, the Convertible Notes have been classified as long-term debt in the above table as of September 30, 2013. | |||||||||
In July 2013, the Company settled the repurchase of and subsequently cancelled $54.7 million of its Convertible Notes in private transactions for aggregate consideration of $98.6 million, which was funded by borrowings under the Company’s revolving credit facility. In connection with the repurchase, the Company entered into agreements with the note hedge counterparties to proportionately reduce the number of outstanding Purchased Options (as defined below) and warrants. In consideration for the agreements, the counterparties paid the Company approximately 0.2 million shares of the Company’s common stock, which were subsequently cancelled by the Company. In addition, in July 2013, the Company settled $1.2 million of Convertible Notes that were converted by a holder. After these repurchase and conversion transactions, $304.1 million in principal amount of the Convertible Notes remain outstanding. As a result of these transactions, the Company recorded a loss on extinguishment of debt of approximately $4.2 million in the three months and nine months ended September 30, 2013. In addition, as the Company accounts for the liability (debt) and the equity (conversion option) components of the Convertible Notes in a manner that reflects the Company’s nonconvertible debt borrowing rate (as more fully discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012), the Company recorded a $43.5 million reduction in stockholders’ equity in the three months and nine months ended September 30, 2013. | |||||||||
Concurrently with the offering of the Convertible Notes, the Company entered into convertible note hedge transactions with respect to its common stock (the “Purchased Options”) with counterparties affiliated with the initial purchasers of the Convertible Notes, for purposes of reducing the potential dilutive effect upon conversion of the Convertible Notes. The Purchased Options entitle the Company to purchase shares of the Company’s common stock. As of September 30, 2013, the Purchased Options covered approximately 14.1 million shares, with an adjusted strike price of $21.64 per share (the same as the adjusted conversion price of the Convertible Notes), which reflects the exercise of a portion of the Purchased Options in conjunction with the settlement of Convertible Notes by a holder, the proportionate reduction in the number of Purchased Options associated with the Company’s repurchase of a portion of its Convertible Notes, as described above, and the adjustments made in connection with the dividend paid by the Company on October 15, 2013. The number of shares underlying the Purchased Options and the strike price thereof are subject to further customary anti-dilution adjustments substantially similar to the Convertible Notes, including for quarterly cash dividends. The Company may settle the Purchased Options in shares, cash or a combination of cash and shares, at the Company’s option. Proportionate reductions to the number of shares underlying the Purchased Options may be made in connection with the Company’s repurchase, if any, of Convertible Notes prior to their maturity. | |||||||||
Separately and concurrently with entering into the Purchased Options, the Company also entered into warrant transactions whereby it sold common stock purchase warrants to each of the hedge counterparties. The warrants entitle the counterparties to purchase shares of the Company’s common stock. As of September 30, 2013, the warrants covered approximately 14.1 million shares, with an adjusted strike price of $25.96 per share, which reflects the proportionate reduction in the number of warrants associated with the Company’s repurchase of a portion of its Convertible Notes, as described above, and the adjustments made in connection with the dividend paid by the Company on October 15, 2013. The number of shares underlying the warrants and the strike price thereof are subject to further customary anti-dilution adjustments similar to the adjustments of the Convertible Notes and Purchased Options, including for quarterly cash dividends. The warrants may only be settled at maturity in shares of the Company’s common stock, net of the exercise price. Proportionate reductions to the number of shares underlying the warrants may be made in connection with the Company’s repurchase, if any, of Convertible Notes prior to their maturity. | |||||||||
5% Senior Notes | |||||||||
On April 3, 2013, the Operating Partnership and RHP Finance Corporation, a subsidiary of the Company, completed the private placement of $350.0 million in aggregate principal amount of senior notes due 2021 (the “5% Senior Notes”), which are guaranteed by the Company and certain of its subsidiaries. The 5% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries and the guarantors and U.S. Bank National Association, as trustee. The 5% Senior Notes have a maturity date of April 15, 2021 and bear interest at 5% per annum, payable semi-annually in cash in arrears on April 15 and October 15 of each year, beginning October 15, 2013. The 5% Senior Notes are general unsecured and unsubordinated obligations of the issuing subsidiaries and rank equal in right of payment with such subsidiaries’ existing and future senior unsecured indebtedness and senior in right of payment to future subordinated indebtedness, if any. The 5% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. The guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The 5% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the 5% Senior Notes. The issuing subsidiaries may redeem the 5% Senior Notes on or before April 16, 2016, in whole or in part, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, if any, up to, but excluding, the applicable redemption date plus a make-whole redemption premium. The 5% Senior Notes will be redeemable, in whole or in part, at any time on or after April 15, 2016 at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 103.75%, 102.50%, 101.25%, and 100.00% beginning on April 15, 2016, 2017, 2018 and 2019, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date. | |||||||||
In connection with the issuance of the 5% Senior Notes, the Company entered into a registration rights agreement under which the Company is required to use its commercially reasonable efforts to complete a registered offer to exchange the 5% Senior Notes for registered notes with substantially identical terms as the 5% Senior Notes within 270 days of the closing of the issuance of the 5% Senior Notes. In October 2013, the Company commenced the exchange offer pursuant to a registration statement on Form S-4, which was declared effective by the SEC on October 3, 2013. The Company expects to complete the exchange offer in November 2013. | |||||||||
The net proceeds from the issuance of the 5% Senior Notes totaled approximately $342.0 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used substantially all of these proceeds to repay amounts outstanding under its revolving credit facility. | |||||||||
6.75% Senior Notes | |||||||||
On January 17, 2013, the Company redeemed all of its outstanding 6.75% senior notes at par, which was funded using borrowings under the revolving credit line of the $925 million credit facility. As a result of this redemption, the Company wrote off $0.5 million of deferred financing costs during the nine months ended September 30, 2013, which is included in interest expense in the accompanying condensed consolidated statements of operations. |
STOCK_PLANS
STOCK PLANS | 9 Months Ended |
Sep. 30, 2013 | |
STOCK PLANS | ' |
9. STOCK PLANS: | |
In addition to grants of stock options to its directors and employees, the Company’s Amended and Restated 2006 Omnibus Incentive Plan (the “Plan”) permits the award of restricted stock and restricted stock units. The fair value of restricted stock and restricted stock units with time-based vesting or performance conditions is determined based on the market price of the Company’s stock at the date of grant. The Company generally records compensation expense equal to the fair value of each restricted stock award granted over the vesting period. | |
During the nine months ended September 30, 2013, the Company granted 37,000 restricted stock units to certain members of its management team which may vest in 2016 based on the level of performance during the performance period and subject to continued employment. The number of awards that will ultimately vest is based on the Company’s total shareholder return over the three-year performance period ended December 31, 2015 relative to the total shareholder return of a peer group of companies during the same period. The weighted-average grant date fair value of $45.01 per award was determined using a Monte Carlo simulation model, which assumed a risk-free rate of 0.4%, an expected life of 3.0 years and historical volatilities that ranged from 23% to 64%. As these awards include a market condition, the Company records compensation expense for these awards based on the grant date fair value of the award recognized ratably over the vesting period. | |
During 2011, the Company granted 67,400 restricted stock units to certain members of its management team which may vest in 2014. The number of awards that will ultimately vest will be based on Company performance relative to the annual budgets approved by the Company’s board of directors. The Company began recognizing compensation expense related to the weighted-average grant-date fair value of $44.39 for these awards in the first quarter of 2013 when the 2013 budget was approved and the key terms and conditions of the awards was deemed to be established and a grant date had occurred. | |
In connection with the termination of certain employee positions as a result of the REIT conversion discussed in Note 3, during the three months and nine months ended September 30, 2012, approximately 167,500 stock options and approximately 401,000 restricted stock units were forfeited and the Company reversed approximately $2.1 million in compensation costs as a result of these forfeitures. This reversal was recorded as a reduction in REIT conversion costs for the three months and nine months ended September 30, 2012. | |
At September 30, 2013 and December 31, 2012, 527,153 and 574,933 restricted stock units were outstanding, respectively. | |
The compensation expense (benefit) that has been charged against pre-tax income (loss) for all of the Company’s stock-based compensation plans was $1.8 million and $(0.2) million for the three months ended September 30, 2013 and 2012, respectively, and $6.4 million and $5.1 million for the nine months ended September 30, 2013 and 2012, respectively. |
RETIREMENT_AND_POSTRETIREMENT_
RETIREMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
RETIREMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS | ' | ||||||||||||||||
10. RETIREMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS: | |||||||||||||||||
Net periodic pension expense reflected in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest cost | $ | 999 | $ | 1,086 | $ | 2,939 | $ | 3,260 | |||||||||
Expected return on plan assets | (1,312 | ) | (1,173 | ) | (3,886 | ) | (3,519 | ) | |||||||||
Recognized net actuarial loss | 242 | 1,170 | 822 | 3,510 | |||||||||||||
Net settlement loss | 188 | — | 1,478 | — | |||||||||||||
Total net periodic pension expense | $ | 117 | $ | 1,083 | $ | 1,353 | $ | 3,251 | |||||||||
As a result of increased lump-sum distributions from the Company’s qualified retirement plan during 2013, partially due to the transfer of a large number of the retirement plan participants to Marriott in connection with the REIT conversion, which resulted in an increase in the number of participants eligible for distributions, a net settlement loss of $0.2 million and $1.5 million was recognized in the three months and nine months ended September 30, 2013, respectively. Approximately $0.7 million of the net settlement loss in the nine months ended September 30, 2013 related to lump-sum distributions to former employees affected by the REIT conversion and has been classified as REIT conversion costs. Approximately $0.2 million and $0.8 million of the net settlement loss in the three months and nine months ended September 30, 2013, respectively, related to lump-sum distributions to former employees not affected by the REIT conversion and has been classified as corporate operating expenses. | |||||||||||||||||
In addition, the increase in lump-sum distributions required the Company to re-measure its liability under its pension plan as of May 31, 2013. As a result of the lump-sum distributions and an increase in the plan’s assumed discount rate from 3.6% at December 31, 2012 to 4.0% at May 31, 2013, the Company recorded a $9.5 million reduction in its liability under the plan, which was recorded as a decrease in other liabilities and accumulated other comprehensive loss in the accompanying condensed consolidated balance sheet as of September 30, 2013. | |||||||||||||||||
Net postretirement benefit expense reflected in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | — | $ | 14 | $ | — | $ | 43 | |||||||||
Interest cost | 49 | 254 | 146 | 761 | |||||||||||||
Amortization of net actuarial loss | 120 | 176 | 358 | 528 | |||||||||||||
Amortization of prior service credit | (333 | ) | (130 | ) | (998 | ) | (391 | ) | |||||||||
Total net postretirement benefit expense | $ | (164 | ) | $ | 314 | $ | (494 | ) | $ | 941 | |||||||
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2013 | |
INCOME TAXES | ' |
11. INCOME TAXES: | |
As a REIT, generally the Company will not be subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that it distributes to its stockholders. The Company will, however, be subject to corporate income taxes on built-in gains (the excess of fair market value over tax basis at January 1, 2013) on the sale of property held by the REIT during the first ten years following the REIT conversion. In addition, the Company will continue to be required to pay federal corporate income taxes on earnings of its taxable REIT subsidiaries (“TRSs”). | |
For the three months ended September 30, 2013, the Company recorded an income tax benefit of $12.5 million, consisting of a tax benefit of $5.4 million related to the current period operations of the Company and a discrete benefit of $7.1 million related to a decrease in deferred tax liabilities associated with the Company’s REIT conversion and the filing of the Company’s 2012 Federal and state income tax returns. | |
For the nine months ended September 30, 2013, the Company recorded an income tax benefit of $80.5 million. This benefit was primarily due to a benefit of $66.0 million related to the Company’s REIT conversion and a benefit of $6.9 million related to the reversal of liabilities associated with unrecognized tax positions during the nine months ended September 30, 2013, as described below. In addition, the Company recorded a benefit of $1.2 million related to the filing of the Company’s 2012 Federal and state income tax returns and a benefit of $6.4 million related to the current period operations of the Company. | |
As a result of the Company’s conversion to a REIT, certain net deferred tax liabilities related to the real estate of the Company were reversed, as the REIT will generally not pay federal corporate income tax related to those deferred tax liabilities. In addition, the Company assessed the need for a valuation allowance on the net deferred tax assets of the TRSs. As a result, the Company recorded a net benefit of $66.0 million related to the conversion to a REIT in the nine months ended September 30, 2013. | |
The Internal Revenue Service has completed its examination of the Company’s federal income tax returns for fiscal years 2008, 2009 and 2010. As a result, issues related to 2010 and earlier years have been effectively settled. The Company has not been notified of any other federal or state audits. Due to the favorable resolution of the federal examination, the Company’s reserve for unrecognized tax benefits decreased by $12.4 million during the nine months ended September 30, 2013, of which $4.8 million was recorded as an income tax benefit. In addition, the Company recorded a reduction to the related accrued interest of $2.1 million as an income tax benefit in the nine months ended September 30, 2013. | |
As of September 30, 2013 and December 31, 2012, the Company had $0.8 million and $13.2 million of unrecognized tax benefits, respectively, of which $0.8 million and $6.7 million, respectively, would affect the Company’s effective tax rate if recognized. These liabilities are recorded in other liabilities in the accompanying condensed consolidated balance sheets. The Company estimates the overall decrease in unrecognized tax benefits in the next twelve months will be approximately $0.8 million, mainly due to the expiration of various statutes of limitations. As of September 30, 2013 and December 31, 2012, the Company had accrued $0.1 million and $2.2 million, respectively, of interest and no penalties related to uncertain tax positions. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
COMMITMENTS AND CONTINGENCIES | ' |
12. COMMITMENTS AND CONTINGENCIES: | |
The Company is self-insured up to a stop loss for certain losses related to workers’ compensation claims and general liability claims through September 30, 2012, and for certain losses related to employee medical benefits through December 31, 2012. The Company’s insurance program has subsequently transitioned to a low or no deductible program. The Company has purchased stop-loss coverage in order to limit its exposure to any significant levels of claims relating to workers’ compensation, employee medical benefits and general liability for which it is self-insured. | |
The Company has entered into employment agreements with certain officers, which provide for severance payments upon certain events, including certain terminations in connection with a change of control. | |
The Company, in the ordinary course of business, is involved in certain legal actions and claims on a variety of matters. It is the opinion of management that such legal actions will not have a material effect on the results of operations, financial condition or liquidity of the Company. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2013 | |
STOCKHOLDERS' EQUITY | ' |
13. STOCKHOLDERS’ EQUITY: | |
Stock Repurchases | |
On December 17, 2012, the Company announced that its board of directors authorized a share repurchase program for up to $100.0 million of the Company’s common stock using cash on hand and borrowings under its revolving credit line, to be implemented through open market transactions on U.S. exchanges or in privately negotiated transactions, in accordance with applicable securities laws, with any market purchases to be made during open trading window periods or pursuant to any applicable Securities and Exchange Commission Rule 10b5-1 trading plans. | |
In May 2013, the Company completed its repurchases under the repurchase program by repurchasing approximately 2.3 million shares of its common stock for an aggregate purchase price of approximately $100.0 million, which the Company funded using cash on hand and borrowings under the revolving credit line of the Company’s credit facility. The repurchased stock was cancelled by the Company and has been reflected as a reduction of retained earnings in the accompanying condensed consolidated financial statements. | |
Dividends | |
On February 14, 2013, the Company’s board of directors declared the Company’s first quarter cash dividend in the amount of $0.50 per share of common stock, or an aggregate of approximately $25.8 million in cash, which was paid on April 12, 2013 to stockholders of record as of the close of business on March 28, 2013. | |
On June 3, 2013, the Company’s board of directors declared the Company’s second quarter cash dividend in the amount of $0.50 per share of common stock, or an aggregate of approximately $25.3 million in cash, which was paid on July 15, 2013 to stockholders of record as of the close of business on June 28, 2013. | |
On September 13, 2013, the Company’s board of directors declared the Company’s third quarter cash dividend in the amount of $0.50 per share of common stock, or an aggregate of approximately $25.3 million in cash, which was paid on October 15, 2013 to stockholders of record as of the close of business on September 27, 2013. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
14. FAIR VALUE MEASUREMENTS: | |||||||||||||||||
The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. | |||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company held certain assets that are required to be measured at fair value on a recurring basis. These included investments held in conjunction with the Company’s non-qualified contributory deferred compensation plan. | |||||||||||||||||
The investments held by the Company in connection with its deferred compensation plan consist of mutual funds traded in an active market. The Company determined the fair value of these mutual funds based on the net asset value per unit of the funds or the portfolio, which is based upon quoted market prices in an active market. Therefore, the Company has categorized these investments as Level 1. The Company has consistently applied these valuation techniques in all periods presented and believes it has obtained the most accurate information available for the types of investments it holds. | |||||||||||||||||
The Company had no liabilities required to be measured at fair value at September 30, 2013 and December 31, 2012. The Company’s assets measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012, were as follows (in thousands): | |||||||||||||||||
September 30, | Markets for | Observable | Unobservable | ||||||||||||||
2013 | Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Deferred compensation plan investments | $ | 17,318 | $ | 17,318 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 17,318 | $ | 17,318 | $ | — | $ | — | |||||||||
December 31, | Markets for | Observable | Unobservable | ||||||||||||||
2012 | Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Deferred compensation plan investments | $ | 15,580 | $ | 15,580 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 15,580 | $ | 15,580 | $ | — | $ | — | |||||||||
The remainder of the assets and liabilities held by the Company at September 30, 2013 are not required to be measured at fair value. The carrying value of certain of these assets and liabilities do not approximate fair value, as described below. | |||||||||||||||||
As further discussed in Note 7 and the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, in connection with the development of Gaylord National, the Company received two bonds (“a Series A Bond” and “a Series B Bond”) from Prince George’s County, Maryland which had aggregate carrying values of $87.1 million and $58.1 million, respectively, as of September 30, 2013. The maturity dates of the Series A Bond and the Series B Bond are July 1, 2034 and September 1, 2037, respectively. Based upon current market interest rates of notes receivable with comparable market ratings and current expectations about the timing of debt service payments under the notes, which the Company considers as Level 3, the fair value of the Series A Bond, which has the senior claim to the cash flows supporting these bonds, approximated carrying value as of September 30, 2013 and the fair value of the Series B Bond was approximately $39 million as of September 30, 2013. While the fair value of the Series B Bond decreased to less than its carrying value during 2011 due to a change in the timing of the debt service payments, the Company has the intent and ability to hold this bond to maturity and expects to receive all debt service payments due under the note. Therefore, the Company does not consider the Series B Bond to be other than temporarily impaired as of September 30, 2013. | |||||||||||||||||
As of September 30, 2013, the Company had outstanding $304.1 million in aggregate principal amount of Convertible Notes that accrue interest at a fixed rate of 3.75%. The carrying value of these notes on September 30, 2013 was $290.7 million, net of discount. The fair value of the Convertible Notes, based upon the present value of cash flows discounted at current market interest rates, which the Company considers as Level 2, was approximately $311 million as of September 30, 2013. | |||||||||||||||||
The carrying amount of short-term financial instruments held by the Company (cash, short-term investments, trade receivables, accounts payable and accrued liabilities) approximates fair value due to the short maturity of those instruments. The concentration of credit risk on trade receivables is minimized by the large and diverse nature of the Company’s customer base. |
FINANCIAL_REPORTING_BY_BUSINES
FINANCIAL REPORTING BY BUSINESS SEGMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
FINANCIAL REPORTING BY BUSINESS SEGMENTS | ' | ||||||||||||||||
15. FINANCIAL REPORTING BY BUSINESS SEGMENTS: | |||||||||||||||||
The Company’s continuing operations are organized into three principal business segments: | |||||||||||||||||
• | Hospitality, which includes Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord National and the Inn at Opryland; | ||||||||||||||||
• | Opry and Attractions, which includes the Grand Ole Opry, WSM-AM, and the Company’s Nashville-based attractions; and | ||||||||||||||||
• | Corporate and Other, which includes the Company’s corporate expenses. | ||||||||||||||||
The following information from continuing operations is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues: | |||||||||||||||||
Hospitality | $ | 199,304 | $ | 207,941 | $ | 631,716 | $ | 667,036 | |||||||||
Opry and Attractions | 21,892 | 20,188 | 56,776 | 53,237 | |||||||||||||
Corporate and Other | — | — | — | — | |||||||||||||
Total | $ | 221,196 | $ | 228,129 | $ | 688,492 | $ | 720,273 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Hospitality | $ | 25,599 | $ | 26,095 | $ | 77,928 | $ | 80,977 | |||||||||
Opry and Attractions | 1,317 | 1,262 | 4,002 | 3,826 | |||||||||||||
Corporate and Other | 1,000 | 3,344 | 7,049 | 8,586 | |||||||||||||
Total | $ | 27,916 | $ | 30,701 | $ | 88,979 | $ | 93,389 | |||||||||
Operating income (loss): | |||||||||||||||||
Hospitality | $ | 22,445 | $ | 27,947 | $ | 83,879 | $ | 114,407 | |||||||||
Opry and Attractions | 5,164 | 4,710 | 11,448 | 10,363 | |||||||||||||
Corporate and Other | (6,699 | ) | (14,561 | ) | (26,050 | ) | (46,069 | ) | |||||||||
REIT conversion costs | (971 | ) | (51,371 | ) | (21,383 | ) | (57,799 | ) | |||||||||
Casualty loss | (26 | ) | (173 | ) | (75 | ) | (719 | ) | |||||||||
Preopening costs | — | (1 | ) | — | (340 | ) | |||||||||||
Impairment and other charges (non-REIT conversion costs) | (110 | ) | — | (1,357 | ) | — | |||||||||||
Total operating income (loss) | 19,803 | (33,449 | ) | 46,462 | 19,843 | ||||||||||||
Interest expense, net of amounts capitalized | (15,187 | ) | (15,136 | ) | (45,934 | ) | (43,949 | ) | |||||||||
Interest income | 3,020 | 3,081 | 9,123 | 9,256 | |||||||||||||
Income from unconsolidated companies | 10 | — | 10 | 109 | |||||||||||||
Loss on extinguishment of debt | (4,181 | ) | — | (4,181 | ) | — | |||||||||||
Other gains and (losses), net | 2,318 | 2,251 | 2,365 | 2,251 | |||||||||||||
Income (loss) before income taxes and discontinued operations | $ | 5,783 | $ | (43,253 | ) | $ | 7,845 | $ | (12,490 | ) | |||||||
INFORMATION_CONCERNING_GUARANT
INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | ' | ||||||||||||||||||||||||
16. INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES: | |||||||||||||||||||||||||
The 5% Senior Notes are guaranteed on a senior unsecured basis by the Company, each of the Company’s four wholly-owned subsidiaries that own the Gaylord Hotels properties, and certain other of the Company’s subsidiaries, each of which guarantees the Operating Partnership’s $1 billion credit facility (such subsidiary guarantors, together with the Company, the “Guarantors”). The subsidiary Guarantors are 100% owned, and the guarantees are full and unconditional and joint and several. Not all of the Company’s subsidiaries have guaranteed the 5% Senior Notes. | |||||||||||||||||||||||||
The following condensed consolidating financial information includes certain allocations of revenues and expenses based on management’s best estimates, which are not necessarily indicative of financial position, results of operations and cash flows that these entities would have achieved on a stand-alone basis. As further described in Note 3, on October 1, 2012, the Company and its subsidiaries completed a restructuring of assets and operations in connection with the Company’s transition to a REIT. For purposes of presenting the condensed consolidating financial information, the results of the subsidiaries that own the hotel properties are reflected in the guarantor results for periods commencing October 1, 2012. The Operating Partnership was formed in 2012 and had no results prior to October 1, 2012. | |||||||||||||||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | — | $ | — | $ | 1,752,207 | $ | 332,040 | $ | — | $ | 2,084,247 | |||||||||||||
Cash and cash equivalents—unrestricted | — | 57 | — | 52,033 | — | 52,090 | |||||||||||||||||||
Cash and cash equivalents—restricted | — | — | — | 18,557 | — | 18,557 | |||||||||||||||||||
Notes receivable | — | — | — | 145,206 | — | 145,206 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 52,746 | — | 52,746 | |||||||||||||||||||
Deferred financing costs | — | 20,527 | — | — | — | 20,527 | |||||||||||||||||||
Prepaid expenses and other assets | — | 5,347 | 171,067 | 64,138 | (173,113 | ) | 67,439 | ||||||||||||||||||
Intercompany receivables, net | 107,027 | — | 696,229 | 96,365 | (899,621 | ) | — | ||||||||||||||||||
Investments | 2,022,936 | 2,767,163 | 526,644 | 431,239 | (5,747,982 | ) | — | ||||||||||||||||||
Total assets | $ | 2,129,963 | $ | 2,793,094 | $ | 3,146,147 | $ | 1,192,324 | $ | (6,820,716 | ) | $ | 2,440,812 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | 290,689 | $ | 883,000 | $ | — | $ | 1,124 | $ | — | $ | 1,174,813 | |||||||||||||
Accounts payable and accrued liabilities | (14 | ) | 18,712 | 517 | 310,561 | (173,400 | ) | 156,376 | |||||||||||||||||
Deferred income tax liabilities, net | 6,681 | (3 | ) | 662 | 23,860 | — | 31,200 | ||||||||||||||||||
Deferred management rights proceeds | — | — | — | 184,154 | — | 184,154 | |||||||||||||||||||
Dividends payable | 25,652 | — | — | — | — | 25,652 | |||||||||||||||||||
Other liabilities | — | — | 73,185 | 53,130 | 287 | 126,602 | |||||||||||||||||||
Intercompany payables, net | 725,084 | 174,390 | 147 | — | (899,621 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 505 | 1 | 1 | 2,387 | (2,389 | ) | 505 | ||||||||||||||||||
Additional paid-in-capital | 1,223,546 | 1,741,704 | 2,803,623 | 1,184,038 | (5,729,365 | ) | 1,223,546 | ||||||||||||||||||
Treasury stock | (7,533 | ) | — | — | — | — | (7,533 | ) | |||||||||||||||||
Accumulated deficit | (134,647 | ) | (24,710 | ) | 268,012 | (552,064 | ) | (16,228 | ) | (459,637 | ) | ||||||||||||||
Accumulated other comprehensive loss | — | — | — | (14,866 | ) | — | (14,866 | ) | |||||||||||||||||
Total stockholders’ equity | 1,081,871 | 1,716,995 | 3,071,636 | 619,495 | (5,747,982 | ) | 742,015 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,129,963 | $ | 2,793,094 | $ | 3,146,147 | $ | 1,192,324 | $ | (6,820,716 | ) | $ | 2,440,812 | ||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | — | $ | — | $ | 1,798,827 | $ | 350,172 | $ | — | $ | 2,148,999 | |||||||||||||
Cash and cash equivalents—unrestricted | — | — | (595 | ) | 97,765 | — | 97,170 | ||||||||||||||||||
Cash and cash equivalents—restricted | — | — | — | 6,210 | — | 6,210 | |||||||||||||||||||
Notes receivable | — | — | — | 149,400 | — | 149,400 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 55,343 | — | 55,343 | |||||||||||||||||||
Deferred financing costs | — | 11,347 | — | — | — | 11,347 | |||||||||||||||||||
Prepaid expenses and other assets | — | — | — | 64,119 | (137 | ) | 63,982 | ||||||||||||||||||
Intercompany receivables, net | 485,219 | — | — | — | (485,219 | ) | — | ||||||||||||||||||
Investments | 1,202,809 | 2,771,696 | 1,208,937 | 450,261 | (5,633,703 | ) | — | ||||||||||||||||||
Total assets | $ | 1,688,028 | $ | 2,783,043 | $ | 3,007,169 | $ | 1,173,270 | $ | (6,119,059 | ) | $ | 2,532,451 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | 485,219 | $ | 545,000 | $ | — | $ | 1,644 | $ | — | $ | 1,031,863 | |||||||||||||
Accounts payable and accrued liabilities | — | 15,514 | (1,535 | ) | 204,904 | (422 | ) | 218,461 | |||||||||||||||||
Deferred income tax liabilities, net | (386 | ) | (1,448 | ) | 99,674 | (8,902 | ) | — | 88,938 | ||||||||||||||||
Deferred management rights proceeds | — | — | — | 186,346 | — | 186,346 | |||||||||||||||||||
Other liabilities | — | — | 83,477 | 69,483 | 285 | 153,245 | |||||||||||||||||||
Intercompany payables, net | — | 485,219 | — | — | (485,219 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 526 | — | — | 2,388 | (2,388 | ) | 526 | ||||||||||||||||||
Additional paid-in-capital | 1,250,975 | 1,741,704 | 2,803,618 | 1,184,041 | (5,729,363 | ) | 1,250,975 | ||||||||||||||||||
Treasury stock | (7,234 | ) | — | — | — | — | (7,234 | ) | |||||||||||||||||
Accumulated deficit | (41,072 | ) | (2,946 | ) | 21,935 | (442,031 | ) | 98,048 | (366,066 | ) | |||||||||||||||
Accumulated other comprehensive loss | — | — | — | (24,603 | ) | — | (24,603 | ) | |||||||||||||||||
Total stockholders’ equity | 1,203,195 | 1,738,758 | 2,825,553 | 719,795 | (5,633,703 | ) | 853,598 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,688,028 | $ | 2,783,043 | $ | 3,007,169 | $ | 1,173,270 | $ | (6,119,059 | ) | $ | 2,532,451 | ||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 83,804 | $ | — | $ | 83,804 | |||||||||||||
Food and beverage | — | — | — | 88,193 | — | 88,193 | |||||||||||||||||||
Other hotel revenue | — | — | 64,147 | 28,723 | (65,563 | ) | 27,307 | ||||||||||||||||||
Opry and Attractions | — | — | — | 21,892 | — | 21,892 | |||||||||||||||||||
Total revenues | — | — | 64,147 | 222,612 | (65,563 | ) | 221,196 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 26,369 | — | 26,369 | |||||||||||||||||||
Food and beverage | — | — | — | 55,920 | — | 55,920 | |||||||||||||||||||
Other hotel expenses | — | — | 10,891 | 117,488 | (62,661 | ) | 65,718 | ||||||||||||||||||
Management fees | — | — | — | 3,253 | — | 3,253 | |||||||||||||||||||
Total hotel operating expenses | — | — | 10,891 | 203,030 | (62,661 | ) | 151,260 | ||||||||||||||||||
Opry and Attractions | — | — | — | 15,411 | — | 15,411 | |||||||||||||||||||
Corporate | — | 201 | — | 5,498 | — | 5,699 | |||||||||||||||||||
Corporate overhead allocation | (12 | ) | — | 2,914 | — | (2,902 | ) | — | |||||||||||||||||
REIT conversion costs | — | — | — | 971 | — | 971 | |||||||||||||||||||
Casualty loss | — | — | — | 26 | — | 26 | |||||||||||||||||||
Impairment and other charges (non-REIT conversion costs) | — | — | — | 110 | — | 110 | |||||||||||||||||||
Depreciation and amortization | — | — | 14,936 | 12,980 | — | 27,916 | |||||||||||||||||||
Total operating expenses | (12 | ) | 201 | 28,741 | 238,026 | (65,563 | ) | 201,393 | |||||||||||||||||
Operating income (loss) | 12 | (201 | ) | 35,406 | (15,414 | ) | — | 19,803 | |||||||||||||||||
Interest expense, net of amounts capitalized | (6,402 | ) | (8,774 | ) | — | (11 | ) | — | (15,187 | ) | |||||||||||||||
Interest income | — | — | — | 3,020 | — | 3,020 | |||||||||||||||||||
Income from unconsolidated companies | — | — | — | 10 | — | 10 | |||||||||||||||||||
Loss on extinguishment of debt | (4,181 | ) | — | — | — | — | (4,181 | ) | |||||||||||||||||
Other gains and (losses), net | — | — | — | 2,318 | — | 2,318 | |||||||||||||||||||
Income (loss) before income taxes and discontinued operations | (10,571 | ) | (8,975 | ) | 35,406 | (10,077 | ) | — | 5,783 | ||||||||||||||||
(Provision) benefit for income taxes | 2,732 | 4,720 | (8,821 | ) | 13,819 | — | 12,450 | ||||||||||||||||||
Equity in subsidiaries’ earnings, net | 25,870 | — | — | — | (25,870 | ) | — | ||||||||||||||||||
Income (loss) from continuing operations | 18,031 | (4,255 | ) | 26,585 | 3,742 | (25,870 | ) | 18,233 | |||||||||||||||||
Loss from discontinued operations, net of taxes | — | — | — | (202 | ) | — | (202 | ) | |||||||||||||||||
Net income (loss) | $ | 18,031 | $ | (4,255 | ) | $ | 26,585 | $ | 3,540 | $ | (25,870 | ) | $ | 18,031 | |||||||||||
Comprehensive income (loss) | $ | 18,196 | $ | (4,255 | ) | $ | 26,585 | $ | 3,705 | $ | (26,035 | ) | $ | 18,196 | |||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 86,173 | $ | — | $ | 86,173 | |||||||||||||
Food and beverage | — | — | — | 89,865 | — | 89,865 | |||||||||||||||||||
Other hotel revenue | (6,328 | ) | — | — | 31,961 | 6,270 | 31,903 | ||||||||||||||||||
Opry and Attractions | 7 | — | — | 20,181 | — | 20,188 | |||||||||||||||||||
Total revenues | (6,321 | ) | — | — | 228,180 | 6,270 | 228,129 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 24,933 | — | 24,933 | |||||||||||||||||||
Food and beverage | — | — | — | 56,791 | — | 56,791 | |||||||||||||||||||
Other hotel expenses | — | — | — | 72,233 | (58 | ) | 72,175 | ||||||||||||||||||
Management fees | — | — | — | — | — | — | |||||||||||||||||||
Total hotel operating expenses | — | — | — | 153,957 | (58 | ) | 153,899 | ||||||||||||||||||
Opry and Attractions | — | — | — | 14,216 | — | 14,216 | |||||||||||||||||||
Corporate | 5,406 | — | — | 5,811 | — | 11,217 | |||||||||||||||||||
Corporate overhead allocation | — | — | — | (6,328 | ) | 6,328 | — | ||||||||||||||||||
REIT conversion costs | 22,046 | — | — | 29,325 | — | 51,371 | |||||||||||||||||||
Casualty loss | 45 | — | — | 128 | — | 173 | |||||||||||||||||||
Preopening costs | — | — | — | 1 | — | 1 | |||||||||||||||||||
Depreciation and amortization | 851 | — | — | 29,850 | — | 30,701 | |||||||||||||||||||
Total operating expenses | 28,348 | — | — | 226,960 | 6,270 | 261,578 | |||||||||||||||||||
Operating income (loss) | (34,669 | ) | — | — | 1,220 | — | (33,449 | ) | |||||||||||||||||
Interest expense, net of amounts capitalized | (15,299 | ) | — | — | (29,965 | ) | 30,128 | (15,136 | ) | ||||||||||||||||
Interest income | 24,952 | — | — | 8,257 | (30,128 | ) | 3,081 | ||||||||||||||||||
Income from unconsolidated companies | — | — | — | — | — | — | |||||||||||||||||||
Other gains and (losses), net | — | — | — | 2,251 | — | 2,251 | |||||||||||||||||||
Loss before income taxes and discontinued operations | (25,016 | ) | — | — | (18,237 | ) | — | (43,253 | ) | ||||||||||||||||
Benefit for income taxes | 8,276 | — | — | 8,305 | — | 16,581 | |||||||||||||||||||
Equity in subsidiaries’ losses, net | (9,934 | ) | — | — | — | 9,934 | — | ||||||||||||||||||
Loss from continuing operations | (26,674 | ) | — | — | (9,932 | ) | 9,934 | (26,672 | ) | ||||||||||||||||
Loss from discontinued operations, net of taxes | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||
Net loss | $ | (26,674 | ) | $ | — | $ | — | $ | (9,934 | ) | $ | 9,934 | $ | (26,674 | ) | ||||||||||
Comprehensive loss | $ | (26,674 | ) | $ | — | $ | — | $ | (9,934 | ) | $ | 9,934 | $ | (26,674 | ) | ||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 265,386 | $ | — | $ | 265,386 | |||||||||||||
Food and beverage | — | — | — | 285,690 | — | 285,690 | |||||||||||||||||||
Other hotel revenue | — | — | 200,662 | 91,040 | (211,062 | ) | 80,640 | ||||||||||||||||||
Opry and Attractions | — | — | — | 56,776 | — | 56,776 | |||||||||||||||||||
Total revenues | — | — | 200,662 | 698,892 | (211,062 | ) | 688,492 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 78,020 | — | 78,020 | |||||||||||||||||||
Food and beverage | — | — | — | 177,574 | — | 177,574 | |||||||||||||||||||
Other hotel expenses | — | — | 33,391 | 370,913 | (200,435 | ) | 203,869 | ||||||||||||||||||
Management fees | — | — | — | 10,446 | — | 10,446 | |||||||||||||||||||
Total hotel operating expenses | — | — | 33,391 | 636,953 | (200,435 | ) | 469,909 | ||||||||||||||||||
Opry and Attractions | — | — | — | 41,326 | — | 41,326 | |||||||||||||||||||
Corporate | — | 867 | 1 | 18,133 | — | 19,001 | |||||||||||||||||||
Corporate overhead allocation | 2,108 | — | 8,519 | — | (10,627 | ) | — | ||||||||||||||||||
REIT conversion costs | — | — | — | 21,383 | — | 21,383 | |||||||||||||||||||
Casualty loss | — | — | — | 75 | — | 75 | |||||||||||||||||||
Impairment and other charges (non-REIT conversion costs) | — | — | 1,246 | 111 | — | 1,357 | |||||||||||||||||||
Depreciation and amortization | — | — | 44,823 | 44,156 | — | 88,979 | |||||||||||||||||||
Total operating expenses | 2,108 | 867 | 87,980 | 762,137 | (211,062 | ) | 642,030 | ||||||||||||||||||
Operating income (loss) | (2,108 | ) | (867 | ) | 112,682 | (63,245 | ) | — | 46,462 | ||||||||||||||||
Interest expense, net of amounts capitalized | (22,308 | ) | (23,587 | ) | — | (39 | ) | — | (45,934 | ) | |||||||||||||||
Interest income | — | — | — | 9,123 | — | 9,123 | |||||||||||||||||||
Income from unconsolidated companies | — | — | — | 10 | — | 10 | |||||||||||||||||||
Loss on extinguishment of debt | (4,181 | ) | — | — | — | — | (4,181 | ) | |||||||||||||||||
Other gains and (losses), net | — | — | — | 2,365 | — | 2,365 | |||||||||||||||||||
Income (loss) before income taxes and discontinued operations | (28,597 | ) | (24,454 | ) | 112,682 | (51,786 | ) | — | 7,845 | ||||||||||||||||
(Provision) benefit for income taxes | 2,508 | 2,689 | 133,396 | (58,067 | ) | — | 80,526 | ||||||||||||||||||
Equity in subsidiaries’ earnings, net | 114,279 | — | — | — | (114,279 | ) | — | ||||||||||||||||||
Income (loss) from continuing operations | 88,190 | (21,765 | ) | 246,078 | (109,853 | ) | (114,279 | ) | 88,371 | ||||||||||||||||
Loss from discontinued operations, net of taxes | — | — | — | (181 | ) | — | (181 | ) | |||||||||||||||||
Net income (loss) | $ | 88,190 | $ | (21,765 | ) | $ | 246,078 | $ | (110,034 | ) | $ | (114,279 | ) | $ | 88,190 | ||||||||||
Comprehensive income (loss) | $ | 97,927 | $ | (21,765 | ) | $ | 246,078 | $ | (100,297 | ) | $ | (124,016 | ) | $ | 97,927 | ||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 273,689 | $ | — | $ | 273,689 | |||||||||||||
Food and beverage | — | — | — | 299,165 | — | 299,165 | |||||||||||||||||||
Other hotel revenue | 5,757 | — | — | 94,343 | (5,918 | ) | 94,182 | ||||||||||||||||||
Opry and Attractions | 21 | — | — | 53,216 | — | 53,237 | |||||||||||||||||||
Total revenues | 5,778 | — | — | 720,413 | (5,918 | ) | 720,273 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 72,698 | — | 72,698 | |||||||||||||||||||
Food and beverage | — | — | — | 179,049 | — | 179,049 | |||||||||||||||||||
Other hotel expenses | — | — | — | 220,066 | (161 | ) | 219,905 | ||||||||||||||||||
Management fees | — | — | — | — | — | — | |||||||||||||||||||
Total hotel operating expenses | — | — | — | 471,813 | (161 | ) | 471,652 | ||||||||||||||||||
Opry and Attractions | — | — | — | 39,048 | — | 39,048 | |||||||||||||||||||
Corporate | 16,446 | — | — | 21,037 | — | 37,483 | |||||||||||||||||||
Corporate overhead allocation | — | — | — | 5,757 | (5,757 | ) | — | ||||||||||||||||||
REIT conversion costs | 27,426 | — | — | 30,373 | — | 57,799 | |||||||||||||||||||
Casualty loss | 321 | — | — | 398 | — | 719 | |||||||||||||||||||
Preopening costs | 22 | — | — | 318 | — | 340 | |||||||||||||||||||
Depreciation and amortization | 2,377 | — | — | 91,012 | — | 93,389 | |||||||||||||||||||
Total operating expenses | 46,592 | — | — | 659,756 | (5,918 | ) | 700,430 | ||||||||||||||||||
Operating income (loss) | (40,814 | ) | — | — | 60,657 | — | 19,843 | ||||||||||||||||||
Interest expense, net of amounts capitalized | (44,593 | ) | — | — | (89,648 | ) | 90,292 | (43,949 | ) | ||||||||||||||||
Interest income | 75,413 | — | — | 24,135 | (90,292 | ) | 9,256 | ||||||||||||||||||
Income from unconsolidated companies | — | — | — | 109 | — | 109 | |||||||||||||||||||
Other gains and (losses), net | — | — | — | 2,251 | — | 2,251 | |||||||||||||||||||
Loss before income taxes and discontinued operations | (9,994 | ) | — | — | (2,496 | ) | — | (12,490 | ) | ||||||||||||||||
Benefit for income taxes | 637 | — | — | 161 | — | 798 | |||||||||||||||||||
Equity in subsidiaries’ losses, net | (2,335 | ) | — | — | — | 2,335 | — | ||||||||||||||||||
Loss from continuing operations | (11,692 | ) | — | — | (2,335 | ) | 2,335 | (11,692 | ) | ||||||||||||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | — | |||||||||||||||||||
Net loss | $ | (11,692 | ) | $ | — | $ | — | $ | (2,335 | ) | $ | 2,335 | $ | (11,692 | ) | ||||||||||
Comprehensive loss | $ | (11,692 | ) | $ | — | $ | — | $ | (2,335 | ) | $ | 2,335 | $ | (11,692 | ) | ||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | 397,379 | $ | (322,427 | ) | $ | 37 | $ | (10,783 | ) | $ | — | $ | 64,206 | |||||||||||
Net cash provided by discontinued operating activities | — | — | — | 94 | — | 94 | |||||||||||||||||||
Net cash provided by (used in) operating activities | 397,379 | (322,427 | ) | 37 | (10,689 | ) | — | 64,300 | |||||||||||||||||
Purchases of property and equipment | — | — | 558 | (24,142 | ) | — | (23,584 | ) | |||||||||||||||||
Collection of notes receivable | — | — | — | 1,740 | — | 1,740 | |||||||||||||||||||
Increase in restricted cash and cash equivalents | — | — | — | (12,347 | ) | — | (12,347 | ) | |||||||||||||||||
Other investing activities | — | — | — | 227 | — | 227 | |||||||||||||||||||
Net cash provided by (used in) investing activities — continuing operations | — | — | 558 | (34,522 | ) | — | (33,964 | ) | |||||||||||||||||
Net cash used in investing activities — discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | 558 | (34,522 | ) | — | (33,964 | ) | |||||||||||||||||
Net repayments under credit facility | — | (12,000 | ) | — | — | — | (12,000 | ) | |||||||||||||||||
Issuance of senior notes | — | 350,000 | — | — | — | 350,000 | |||||||||||||||||||
Early redemption of senior notes | (152,180 | ) | — | — | — | — | (152,180 | ) | |||||||||||||||||
Repurchase and conversion of convertible notes | (99,222 | ) | — | — | — | (99,222 | ) | ||||||||||||||||||
Deferred financing costs paid | — | (15,516 | ) | — | — | — | (15,516 | ) | |||||||||||||||||
Repurchase of Company stock for retirement | (100,028 | ) | — | — | — | — | (100,028 | ) | |||||||||||||||||
Payment of dividend | (51,162 | ) | — | — | — | — | (51,162 | ) | |||||||||||||||||
Proceeds from exercise of stock option and purchase plans | 5,206 | — | — | — | — | 5,206 | |||||||||||||||||||
Excess tax benefit from stock-based compensation | 7 | — | — | — | — | 7 | |||||||||||||||||||
Other financing activities, net | — | — | — | (521 | ) | — | (521 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities — continuing operations | (397,379 | ) | 322,484 | — | (521 | ) | — | (75,416 | ) | ||||||||||||||||
Net cash used in financing activities — discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | (397,379 | ) | 322,484 | — | (521 | ) | — | (75,416 | ) | ||||||||||||||||
Net change in cash and cash equivalents | — | 57 | 595 | (45,732 | ) | — | (45,080 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | (595 | ) | 97,765 | — | 97,170 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 57 | $ | — | $ | 52,033 | $ | — | $ | 52,090 | |||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Net cash provided by continuing operating activities | $ | 62,976 | $ | 66,290 | $ | — | $ | 129,266 | |||||||||||||||||
Net cash provided by discontinued operating activities | — | — | — | 47 | — | 47 | |||||||||||||||||||
Net cash provided by operating activities | 62,976 | — | — | 66,337 | — | 129,313 | |||||||||||||||||||
Purchases of property and equipment | (6,648 | ) | — | (71,541 | ) | — | (78,189 | ) | |||||||||||||||||
Collection of notes receivable | — | — | — | 4,480 | — | 4,480 | |||||||||||||||||||
Other investing activities | — | — | — | 851 | — | 851 | |||||||||||||||||||
Net cash used in investing activities — continuing operations | (6,648 | ) | — | — | (66,210 | ) | — | (72,858 | ) | ||||||||||||||||
Net cash used in investing activities — discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash used in investing activities | (6,648 | ) | — | — | (66,210 | ) | — | (72,858 | ) | ||||||||||||||||
Net borrowings under credit facility | 65,000 | — | — | — | 65,000 | ||||||||||||||||||||
Deferred financing costs paid | (376 | ) | — | — | — | (376 | ) | ||||||||||||||||||
Proceeds from issuance of common stock | 32,722 | — | — | — | — | 32,722 | |||||||||||||||||||
Repurchase of Company stock for retirement | (185,400 | ) | — | — | — | — | (185,400 | ) | |||||||||||||||||
Proceeds from exercise of stock option and purchase plans | 12,005 | — | — | — | — | 12,005 | |||||||||||||||||||
Other financing activities, net | — | — | — | (564 | ) | — | (564 | ) | |||||||||||||||||
Net cash used in financing activities — continuing operations | (76,049 | ) | — | — | (564 | ) | — | (76,613 | ) | ||||||||||||||||
Net cash used in financing activities — discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash used in financing activities | (76,049 | ) | — | — | (564 | ) | — | (76,613 | ) | ||||||||||||||||
Net change in cash and cash equivalents | (19,721 | ) | — | — | (437 | ) | — | (20,158 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | 37,562 | — | 6,826 | — | 44,388 | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 17,841 | $ | — | $ | — | $ | 6,389 | $ | — | $ | 24,230 | |||||||||||||
INCOME_PER_SHARE_Tables
INCOME PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Weighted Average Number of Common Shares Outstanding | ' | ||||||||||||||||
The weighted average number of common shares outstanding is calculated as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted average shares outstanding—basic | 50,524 | 46,546 | 51,392 | 48,073 | |||||||||||||
Effect of dilutive stock-based compensation | 460 | — | 503 | — | |||||||||||||
Effect of convertible notes | 5,416 | — | 6,187 | — | |||||||||||||
Effect of common stock warrants | 3,702 | — | 4,631 | — | |||||||||||||
Weighted average shares outstanding—diluted | 60,102 | 46,546 | 62,713 | 48,073 | |||||||||||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property and Equipment | ' | ||||||||
Property and equipment of continuing operations at September 30, 2013 and December 31, 2012 is recorded at cost and summarized as follows (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 242,075 | $ | 241,292 | |||||
Buildings | 2,299,304 | 2,297,343 | |||||||
Furniture, fixtures and equipment | 576,753 | 563,622 | |||||||
Construction-in-progress | 26,410 | 27,534 | |||||||
3,144,542 | 3,129,791 | ||||||||
Accumulated depreciation | (1,060,295 | ) | (980,792 | ) | |||||
Property and equipment, net | $ | 2,084,247 | $ | 2,148,999 | |||||
DEBT_Tables
DEBT (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt and Capital Lease Obligations Related to Continuing Operations | ' | ||||||||
The Company’s debt and capital lease obligations related to continuing operations at September 30, 2013 and December 31, 2012 consisted of (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
$1 Billion Credit Facility, interest at LIBOR plus 1.75%, maturing April 18, 2017 | $ | 533,000 | $ | — | |||||
$925 Million Credit Facility, interest at LIBOR plus 2.0%, originally maturing August 1, 2015 | — | 545,000 | |||||||
Convertible Senior Notes, interest at 3.75%, maturing October 1, 2014, net of unamortized discount of $13,369 and $26,961 | 290,689 | 333,039 | |||||||
Senior Notes, interest at 5.0%, maturing April 15, 2021 | 350,000 | — | |||||||
Senior Notes, interest at 6.75%, originally maturing November 15, 2014 | — | 152,180 | |||||||
Capital lease obligations | 1,124 | 1,644 | |||||||
Total debt | 1,174,813 | 1,031,863 | |||||||
Less amounts due within one year | (613 | ) | (130,358 | ) | |||||
Total long-term debt | $ | 1,174,200 | $ | 901,505 | |||||
RETIREMENT_AND_POSTRETIREMENT_1
RETIREMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Pension Plans, Defined Benefit [Member] | ' | ||||||||||||||||
Net Periodic Pension and Postretirement Benefit Expense | ' | ||||||||||||||||
Net periodic pension expense reflected in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Interest cost | $ | 999 | $ | 1,086 | $ | 2,939 | $ | 3,260 | |||||||||
Expected return on plan assets | (1,312 | ) | (1,173 | ) | (3,886 | ) | (3,519 | ) | |||||||||
Recognized net actuarial loss | 242 | 1,170 | 822 | 3,510 | |||||||||||||
Net settlement loss | 188 | — | 1,478 | — | |||||||||||||
Total net periodic pension expense | $ | 117 | $ | 1,083 | $ | 1,353 | $ | 3,251 | |||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ||||||||||||||||
Net Periodic Pension and Postretirement Benefit Expense | ' | ||||||||||||||||
Net postretirement benefit expense reflected in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Service cost | $ | — | $ | 14 | $ | — | $ | 43 | |||||||||
Interest cost | 49 | 254 | 146 | 761 | |||||||||||||
Amortization of net actuarial loss | 120 | 176 | 358 | 528 | |||||||||||||
Amortization of prior service credit | (333 | ) | (130 | ) | (998 | ) | (391 | ) | |||||||||
Total net postretirement benefit expense | $ | (164 | ) | $ | 314 | $ | (494 | ) | $ | 941 | |||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The Company had no liabilities required to be measured at fair value at September 30, 2013 and December 31, 2012. The Company’s assets measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012, were as follows (in thousands): | |||||||||||||||||
September 30, | Markets for | Observable | Unobservable | ||||||||||||||
2013 | Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Deferred compensation plan investments | $ | 17,318 | $ | 17,318 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 17,318 | $ | 17,318 | $ | — | $ | — | |||||||||
December 31, | Markets for | Observable | Unobservable | ||||||||||||||
2012 | Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Deferred compensation plan investments | $ | 15,580 | $ | 15,580 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 15,580 | $ | 15,580 | $ | — | $ | — | |||||||||
FINANCIAL_REPORTING_BY_BUSINES1
FINANCIAL REPORTING BY BUSINESS SEGMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segments Internal Financial Reports | ' | ||||||||||||||||
The following information from continuing operations is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Revenues: | |||||||||||||||||
Hospitality | $ | 199,304 | $ | 207,941 | $ | 631,716 | $ | 667,036 | |||||||||
Opry and Attractions | 21,892 | 20,188 | 56,776 | 53,237 | |||||||||||||
Corporate and Other | — | — | — | — | |||||||||||||
Total | $ | 221,196 | $ | 228,129 | $ | 688,492 | $ | 720,273 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Hospitality | $ | 25,599 | $ | 26,095 | $ | 77,928 | $ | 80,977 | |||||||||
Opry and Attractions | 1,317 | 1,262 | 4,002 | 3,826 | |||||||||||||
Corporate and Other | 1,000 | 3,344 | 7,049 | 8,586 | |||||||||||||
Total | $ | 27,916 | $ | 30,701 | $ | 88,979 | $ | 93,389 | |||||||||
Operating income (loss): | |||||||||||||||||
Hospitality | $ | 22,445 | $ | 27,947 | $ | 83,879 | $ | 114,407 | |||||||||
Opry and Attractions | 5,164 | 4,710 | 11,448 | 10,363 | |||||||||||||
Corporate and Other | (6,699 | ) | (14,561 | ) | (26,050 | ) | (46,069 | ) | |||||||||
REIT conversion costs | (971 | ) | (51,371 | ) | (21,383 | ) | (57,799 | ) | |||||||||
Casualty loss | (26 | ) | (173 | ) | (75 | ) | (719 | ) | |||||||||
Preopening costs | — | (1 | ) | — | (340 | ) | |||||||||||
Impairment and other charges (non-REIT conversion costs) | (110 | ) | — | (1,357 | ) | — | |||||||||||
Total operating income (loss) | 19,803 | (33,449 | ) | 46,462 | 19,843 | ||||||||||||
Interest expense, net of amounts capitalized | (15,187 | ) | (15,136 | ) | (45,934 | ) | (43,949 | ) | |||||||||
Interest income | 3,020 | 3,081 | 9,123 | 9,256 | |||||||||||||
Income from unconsolidated companies | 10 | — | 10 | 109 | |||||||||||||
Loss on extinguishment of debt | (4,181 | ) | — | (4,181 | ) | — | |||||||||||
Other gains and (losses), net | 2,318 | 2,251 | 2,365 | 2,251 | |||||||||||||
Income (loss) before income taxes and discontinued operations | $ | 5,783 | $ | (43,253 | ) | $ | 7,845 | $ | (12,490 | ) | |||||||
INFORMATION_CONCERNING_GUARANT1
INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | — | $ | — | $ | 1,752,207 | $ | 332,040 | $ | — | $ | 2,084,247 | |||||||||||||
Cash and cash equivalents—unrestricted | — | 57 | — | 52,033 | — | 52,090 | |||||||||||||||||||
Cash and cash equivalents—restricted | — | — | — | 18,557 | — | 18,557 | |||||||||||||||||||
Notes receivable | — | — | — | 145,206 | — | 145,206 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 52,746 | — | 52,746 | |||||||||||||||||||
Deferred financing costs | — | 20,527 | — | — | — | 20,527 | |||||||||||||||||||
Prepaid expenses and other assets | — | 5,347 | 171,067 | 64,138 | (173,113 | ) | 67,439 | ||||||||||||||||||
Intercompany receivables, net | 107,027 | — | 696,229 | 96,365 | (899,621 | ) | — | ||||||||||||||||||
Investments | 2,022,936 | 2,767,163 | 526,644 | 431,239 | (5,747,982 | ) | — | ||||||||||||||||||
Total assets | $ | 2,129,963 | $ | 2,793,094 | $ | 3,146,147 | $ | 1,192,324 | $ | (6,820,716 | ) | $ | 2,440,812 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | 290,689 | $ | 883,000 | $ | — | $ | 1,124 | $ | — | $ | 1,174,813 | |||||||||||||
Accounts payable and accrued liabilities | (14 | ) | 18,712 | 517 | 310,561 | (173,400 | ) | 156,376 | |||||||||||||||||
Deferred income tax liabilities, net | 6,681 | (3 | ) | 662 | 23,860 | — | 31,200 | ||||||||||||||||||
Deferred management rights proceeds | — | — | — | 184,154 | — | 184,154 | |||||||||||||||||||
Dividends payable | 25,652 | — | — | — | — | 25,652 | |||||||||||||||||||
Other liabilities | — | — | 73,185 | 53,130 | 287 | 126,602 | |||||||||||||||||||
Intercompany payables, net | 725,084 | 174,390 | 147 | — | (899,621 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 505 | 1 | 1 | 2,387 | (2,389 | ) | 505 | ||||||||||||||||||
Additional paid-in-capital | 1,223,546 | 1,741,704 | 2,803,623 | 1,184,038 | (5,729,365 | ) | 1,223,546 | ||||||||||||||||||
Treasury stock | (7,533 | ) | — | — | — | — | (7,533 | ) | |||||||||||||||||
Accumulated deficit | (134,647 | ) | (24,710 | ) | 268,012 | (552,064 | ) | (16,228 | ) | (459,637 | ) | ||||||||||||||
Accumulated other comprehensive loss | — | — | — | (14,866 | ) | — | (14,866 | ) | |||||||||||||||||
Total stockholders’ equity | 1,081,871 | 1,716,995 | 3,071,636 | 619,495 | (5,747,982 | ) | 742,015 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,129,963 | $ | 2,793,094 | $ | 3,146,147 | $ | 1,192,324 | $ | (6,820,716 | ) | $ | 2,440,812 | ||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | — | $ | — | $ | 1,798,827 | $ | 350,172 | $ | — | $ | 2,148,999 | |||||||||||||
Cash and cash equivalents—unrestricted | — | — | (595 | ) | 97,765 | — | 97,170 | ||||||||||||||||||
Cash and cash equivalents—restricted | — | — | — | 6,210 | — | 6,210 | |||||||||||||||||||
Notes receivable | — | — | — | 149,400 | — | 149,400 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 55,343 | — | 55,343 | |||||||||||||||||||
Deferred financing costs | — | 11,347 | — | — | — | 11,347 | |||||||||||||||||||
Prepaid expenses and other assets | — | — | — | 64,119 | (137 | ) | 63,982 | ||||||||||||||||||
Intercompany receivables, net | 485,219 | — | — | — | (485,219 | ) | — | ||||||||||||||||||
Investments | 1,202,809 | 2,771,696 | 1,208,937 | 450,261 | (5,633,703 | ) | — | ||||||||||||||||||
Total assets | $ | 1,688,028 | $ | 2,783,043 | $ | 3,007,169 | $ | 1,173,270 | $ | (6,119,059 | ) | $ | 2,532,451 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | 485,219 | $ | 545,000 | $ | — | $ | 1,644 | $ | — | $ | 1,031,863 | |||||||||||||
Accounts payable and accrued liabilities | — | 15,514 | (1,535 | ) | 204,904 | (422 | ) | 218,461 | |||||||||||||||||
Deferred income tax liabilities, net | (386 | ) | (1,448 | ) | 99,674 | (8,902 | ) | — | 88,938 | ||||||||||||||||
Deferred management rights proceeds | — | — | — | 186,346 | — | 186,346 | |||||||||||||||||||
Other liabilities | — | — | 83,477 | 69,483 | 285 | 153,245 | |||||||||||||||||||
Intercompany payables, net | — | 485,219 | — | — | (485,219 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 526 | — | — | 2,388 | (2,388 | ) | 526 | ||||||||||||||||||
Additional paid-in-capital | 1,250,975 | 1,741,704 | 2,803,618 | 1,184,041 | (5,729,363 | ) | 1,250,975 | ||||||||||||||||||
Treasury stock | (7,234 | ) | — | — | — | — | (7,234 | ) | |||||||||||||||||
Accumulated deficit | (41,072 | ) | (2,946 | ) | 21,935 | (442,031 | ) | 98,048 | (366,066 | ) | |||||||||||||||
Accumulated other comprehensive loss | — | — | — | (24,603 | ) | — | (24,603 | ) | |||||||||||||||||
Total stockholders’ equity | 1,203,195 | 1,738,758 | 2,825,553 | 719,795 | (5,633,703 | ) | 853,598 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,688,028 | $ | 2,783,043 | $ | 3,007,169 | $ | 1,173,270 | $ | (6,119,059 | ) | $ | 2,532,451 | ||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income | ' | ||||||||||||||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 83,804 | $ | — | $ | 83,804 | |||||||||||||
Food and beverage | — | — | — | 88,193 | — | 88,193 | |||||||||||||||||||
Other hotel revenue | — | — | 64,147 | 28,723 | (65,563 | ) | 27,307 | ||||||||||||||||||
Opry and Attractions | — | — | — | 21,892 | — | 21,892 | |||||||||||||||||||
Total revenues | — | — | 64,147 | 222,612 | (65,563 | ) | 221,196 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 26,369 | — | 26,369 | |||||||||||||||||||
Food and beverage | — | — | — | 55,920 | — | 55,920 | |||||||||||||||||||
Other hotel expenses | — | — | 10,891 | 117,488 | (62,661 | ) | 65,718 | ||||||||||||||||||
Management fees | — | — | — | 3,253 | — | 3,253 | |||||||||||||||||||
Total hotel operating expenses | — | — | 10,891 | 203,030 | (62,661 | ) | 151,260 | ||||||||||||||||||
Opry and Attractions | — | — | — | 15,411 | — | 15,411 | |||||||||||||||||||
Corporate | — | 201 | — | 5,498 | — | 5,699 | |||||||||||||||||||
Corporate overhead allocation | (12 | ) | — | 2,914 | — | (2,902 | ) | — | |||||||||||||||||
REIT conversion costs | — | — | — | 971 | — | 971 | |||||||||||||||||||
Casualty loss | — | — | — | 26 | — | 26 | |||||||||||||||||||
Impairment and other charges (non-REIT conversion costs) | — | — | — | 110 | — | 110 | |||||||||||||||||||
Depreciation and amortization | — | — | 14,936 | 12,980 | — | 27,916 | |||||||||||||||||||
Total operating expenses | (12 | ) | 201 | 28,741 | 238,026 | (65,563 | ) | 201,393 | |||||||||||||||||
Operating income (loss) | 12 | (201 | ) | 35,406 | (15,414 | ) | — | 19,803 | |||||||||||||||||
Interest expense, net of amounts capitalized | (6,402 | ) | (8,774 | ) | — | (11 | ) | — | (15,187 | ) | |||||||||||||||
Interest income | — | — | — | 3,020 | — | 3,020 | |||||||||||||||||||
Income from unconsolidated companies | — | — | — | 10 | — | 10 | |||||||||||||||||||
Loss on extinguishment of debt | (4,181 | ) | — | — | — | — | (4,181 | ) | |||||||||||||||||
Other gains and (losses), net | — | — | — | 2,318 | — | 2,318 | |||||||||||||||||||
Income (loss) before income taxes and discontinued operations | (10,571 | ) | (8,975 | ) | 35,406 | (10,077 | ) | — | 5,783 | ||||||||||||||||
(Provision) benefit for income taxes | 2,732 | 4,720 | (8,821 | ) | 13,819 | — | 12,450 | ||||||||||||||||||
Equity in subsidiaries’ earnings, net | 25,870 | — | — | — | (25,870 | ) | — | ||||||||||||||||||
Income (loss) from continuing operations | 18,031 | (4,255 | ) | 26,585 | 3,742 | (25,870 | ) | 18,233 | |||||||||||||||||
Loss from discontinued operations, net of taxes | — | — | — | (202 | ) | — | (202 | ) | |||||||||||||||||
Net income (loss) | $ | 18,031 | $ | (4,255 | ) | $ | 26,585 | $ | 3,540 | $ | (25,870 | ) | $ | 18,031 | |||||||||||
Comprehensive income (loss) | $ | 18,196 | $ | (4,255 | ) | $ | 26,585 | $ | 3,705 | $ | (26,035 | ) | $ | 18,196 | |||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 86,173 | $ | — | $ | 86,173 | |||||||||||||
Food and beverage | — | — | — | 89,865 | — | 89,865 | |||||||||||||||||||
Other hotel revenue | (6,328 | ) | — | — | 31,961 | 6,270 | 31,903 | ||||||||||||||||||
Opry and Attractions | 7 | — | — | 20,181 | — | 20,188 | |||||||||||||||||||
Total revenues | (6,321 | ) | — | — | 228,180 | 6,270 | 228,129 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 24,933 | — | 24,933 | |||||||||||||||||||
Food and beverage | — | — | — | 56,791 | — | 56,791 | |||||||||||||||||||
Other hotel expenses | — | — | — | 72,233 | (58 | ) | 72,175 | ||||||||||||||||||
Management fees | — | — | — | — | — | — | |||||||||||||||||||
Total hotel operating expenses | — | — | — | 153,957 | (58 | ) | 153,899 | ||||||||||||||||||
Opry and Attractions | — | — | — | 14,216 | — | 14,216 | |||||||||||||||||||
Corporate | 5,406 | — | — | 5,811 | — | 11,217 | |||||||||||||||||||
Corporate overhead allocation | — | — | — | (6,328 | ) | 6,328 | — | ||||||||||||||||||
REIT conversion costs | 22,046 | — | — | 29,325 | — | 51,371 | |||||||||||||||||||
Casualty loss | 45 | — | — | 128 | — | 173 | |||||||||||||||||||
Preopening costs | — | — | — | 1 | — | 1 | |||||||||||||||||||
Depreciation and amortization | 851 | — | — | 29,850 | — | 30,701 | |||||||||||||||||||
Total operating expenses | 28,348 | — | — | 226,960 | 6,270 | 261,578 | |||||||||||||||||||
Operating income (loss) | (34,669 | ) | — | — | 1,220 | — | (33,449 | ) | |||||||||||||||||
Interest expense, net of amounts capitalized | (15,299 | ) | — | — | (29,965 | ) | 30,128 | (15,136 | ) | ||||||||||||||||
Interest income | 24,952 | — | — | 8,257 | (30,128 | ) | 3,081 | ||||||||||||||||||
Income from unconsolidated companies | — | — | — | — | — | — | |||||||||||||||||||
Other gains and (losses), net | — | — | — | 2,251 | — | 2,251 | |||||||||||||||||||
Loss before income taxes and discontinued operations | (25,016 | ) | — | — | (18,237 | ) | — | (43,253 | ) | ||||||||||||||||
Benefit for income taxes | 8,276 | — | — | 8,305 | — | 16,581 | |||||||||||||||||||
Equity in subsidiaries’ losses, net | (9,934 | ) | — | — | — | 9,934 | — | ||||||||||||||||||
Loss from continuing operations | (26,674 | ) | — | — | (9,932 | ) | 9,934 | (26,672 | ) | ||||||||||||||||
Loss from discontinued operations, net of taxes | — | — | — | (2 | ) | — | (2 | ) | |||||||||||||||||
Net loss | $ | (26,674 | ) | $ | — | $ | — | $ | (9,934 | ) | $ | 9,934 | $ | (26,674 | ) | ||||||||||
Comprehensive loss | $ | (26,674 | ) | $ | — | $ | — | $ | (9,934 | ) | $ | 9,934 | $ | (26,674 | ) | ||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 265,386 | $ | — | $ | 265,386 | |||||||||||||
Food and beverage | — | — | — | 285,690 | — | 285,690 | |||||||||||||||||||
Other hotel revenue | — | — | 200,662 | 91,040 | (211,062 | ) | 80,640 | ||||||||||||||||||
Opry and Attractions | — | — | — | 56,776 | — | 56,776 | |||||||||||||||||||
Total revenues | — | — | 200,662 | 698,892 | (211,062 | ) | 688,492 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 78,020 | — | 78,020 | |||||||||||||||||||
Food and beverage | — | — | — | 177,574 | — | 177,574 | |||||||||||||||||||
Other hotel expenses | — | — | 33,391 | 370,913 | (200,435 | ) | 203,869 | ||||||||||||||||||
Management fees | — | — | — | 10,446 | — | 10,446 | |||||||||||||||||||
Total hotel operating expenses | — | — | 33,391 | 636,953 | (200,435 | ) | 469,909 | ||||||||||||||||||
Opry and Attractions | — | — | — | 41,326 | — | 41,326 | |||||||||||||||||||
Corporate | — | 867 | 1 | 18,133 | — | 19,001 | |||||||||||||||||||
Corporate overhead allocation | 2,108 | — | 8,519 | — | (10,627 | ) | — | ||||||||||||||||||
REIT conversion costs | — | — | — | 21,383 | — | 21,383 | |||||||||||||||||||
Casualty loss | — | — | — | 75 | — | 75 | |||||||||||||||||||
Impairment and other charges (non-REIT conversion costs) | — | — | 1,246 | 111 | — | 1,357 | |||||||||||||||||||
Depreciation and amortization | — | — | 44,823 | 44,156 | — | 88,979 | |||||||||||||||||||
Total operating expenses | 2,108 | 867 | 87,980 | 762,137 | (211,062 | ) | 642,030 | ||||||||||||||||||
Operating income (loss) | (2,108 | ) | (867 | ) | 112,682 | (63,245 | ) | — | 46,462 | ||||||||||||||||
Interest expense, net of amounts capitalized | (22,308 | ) | (23,587 | ) | — | (39 | ) | — | (45,934 | ) | |||||||||||||||
Interest income | — | — | — | 9,123 | — | 9,123 | |||||||||||||||||||
Income from unconsolidated companies | — | — | — | 10 | — | 10 | |||||||||||||||||||
Loss on extinguishment of debt | (4,181 | ) | — | — | — | — | (4,181 | ) | |||||||||||||||||
Other gains and (losses), net | — | — | — | 2,365 | — | 2,365 | |||||||||||||||||||
Income (loss) before income taxes and discontinued operations | (28,597 | ) | (24,454 | ) | 112,682 | (51,786 | ) | — | 7,845 | ||||||||||||||||
(Provision) benefit for income taxes | 2,508 | 2,689 | 133,396 | (58,067 | ) | — | 80,526 | ||||||||||||||||||
Equity in subsidiaries’ earnings, net | 114,279 | — | — | — | (114,279 | ) | — | ||||||||||||||||||
Income (loss) from continuing operations | 88,190 | (21,765 | ) | 246,078 | (109,853 | ) | (114,279 | ) | 88,371 | ||||||||||||||||
Loss from discontinued operations, net of taxes | — | — | — | (181 | ) | — | (181 | ) | |||||||||||||||||
Net income (loss) | $ | 88,190 | $ | (21,765 | ) | $ | 246,078 | $ | (110,034 | ) | $ | (114,279 | ) | $ | 88,190 | ||||||||||
Comprehensive income (loss) | $ | 97,927 | $ | (21,765 | ) | $ | 246,078 | $ | (100,297 | ) | $ | (124,016 | ) | $ | 97,927 | ||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 273,689 | $ | — | $ | 273,689 | |||||||||||||
Food and beverage | — | — | — | 299,165 | — | 299,165 | |||||||||||||||||||
Other hotel revenue | 5,757 | — | — | 94,343 | (5,918 | ) | 94,182 | ||||||||||||||||||
Opry and Attractions | 21 | — | — | 53,216 | — | 53,237 | |||||||||||||||||||
Total revenues | 5,778 | — | — | 720,413 | (5,918 | ) | 720,273 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 72,698 | — | 72,698 | |||||||||||||||||||
Food and beverage | — | — | — | 179,049 | — | 179,049 | |||||||||||||||||||
Other hotel expenses | — | — | — | 220,066 | (161 | ) | 219,905 | ||||||||||||||||||
Management fees | — | — | — | — | — | — | |||||||||||||||||||
Total hotel operating expenses | — | — | — | 471,813 | (161 | ) | 471,652 | ||||||||||||||||||
Opry and Attractions | — | — | — | 39,048 | — | 39,048 | |||||||||||||||||||
Corporate | 16,446 | — | — | 21,037 | — | 37,483 | |||||||||||||||||||
Corporate overhead allocation | — | — | — | 5,757 | (5,757 | ) | — | ||||||||||||||||||
REIT conversion costs | 27,426 | — | — | 30,373 | — | 57,799 | |||||||||||||||||||
Casualty loss | 321 | — | — | 398 | — | 719 | |||||||||||||||||||
Preopening costs | 22 | — | — | 318 | — | 340 | |||||||||||||||||||
Depreciation and amortization | 2,377 | — | — | 91,012 | — | 93,389 | |||||||||||||||||||
Total operating expenses | 46,592 | — | — | 659,756 | (5,918 | ) | 700,430 | ||||||||||||||||||
Operating income (loss) | (40,814 | ) | — | — | 60,657 | — | 19,843 | ||||||||||||||||||
Interest expense, net of amounts capitalized | (44,593 | ) | — | — | (89,648 | ) | 90,292 | (43,949 | ) | ||||||||||||||||
Interest income | 75,413 | — | — | 24,135 | (90,292 | ) | 9,256 | ||||||||||||||||||
Income from unconsolidated companies | — | — | — | 109 | — | 109 | |||||||||||||||||||
Other gains and (losses), net | — | — | — | 2,251 | — | 2,251 | |||||||||||||||||||
Loss before income taxes and discontinued operations | (9,994 | ) | — | — | (2,496 | ) | — | (12,490 | ) | ||||||||||||||||
Benefit for income taxes | 637 | — | — | 161 | — | 798 | |||||||||||||||||||
Equity in subsidiaries’ losses, net | (2,335 | ) | — | — | — | 2,335 | — | ||||||||||||||||||
Loss from continuing operations | (11,692 | ) | — | — | (2,335 | ) | 2,335 | (11,692 | ) | ||||||||||||||||
Income from discontinued operations, net of taxes | — | — | — | — | — | — | |||||||||||||||||||
Net loss | $ | (11,692 | ) | $ | — | $ | — | $ | (2,335 | ) | $ | 2,335 | $ | (11,692 | ) | ||||||||||
Comprehensive loss | $ | (11,692 | ) | $ | — | $ | — | $ | (2,335 | ) | $ | 2,335 | $ | (11,692 | ) | ||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | 397,379 | $ | (322,427 | ) | $ | 37 | $ | (10,783 | ) | $ | — | $ | 64,206 | |||||||||||
Net cash provided by discontinued operating activities | — | — | — | 94 | — | 94 | |||||||||||||||||||
Net cash provided by (used in) operating activities | 397,379 | (322,427 | ) | 37 | (10,689 | ) | — | 64,300 | |||||||||||||||||
Purchases of property and equipment | — | — | 558 | (24,142 | ) | — | (23,584 | ) | |||||||||||||||||
Collection of notes receivable | — | — | — | 1,740 | — | 1,740 | |||||||||||||||||||
Increase in restricted cash and cash equivalents | — | — | — | (12,347 | ) | — | (12,347 | ) | |||||||||||||||||
Other investing activities | — | — | — | 227 | — | 227 | |||||||||||||||||||
Net cash provided by (used in) investing activities — continuing operations | — | — | 558 | (34,522 | ) | — | (33,964 | ) | |||||||||||||||||
Net cash used in investing activities — discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | 558 | (34,522 | ) | — | (33,964 | ) | |||||||||||||||||
Net repayments under credit facility | — | (12,000 | ) | — | — | — | (12,000 | ) | |||||||||||||||||
Issuance of senior notes | — | 350,000 | — | — | — | 350,000 | |||||||||||||||||||
Early redemption of senior notes | (152,180 | ) | — | — | — | — | (152,180 | ) | |||||||||||||||||
Repurchase and conversion of convertible notes | (99,222 | ) | — | — | — | (99,222 | ) | ||||||||||||||||||
Deferred financing costs paid | — | (15,516 | ) | — | — | — | (15,516 | ) | |||||||||||||||||
Repurchase of Company stock for retirement | (100,028 | ) | — | — | — | — | (100,028 | ) | |||||||||||||||||
Payment of dividend | (51,162 | ) | — | — | — | — | (51,162 | ) | |||||||||||||||||
Proceeds from exercise of stock option and purchase plans | 5,206 | — | — | — | — | 5,206 | |||||||||||||||||||
Excess tax benefit from stock-based compensation | 7 | — | — | — | — | 7 | |||||||||||||||||||
Other financing activities, net | — | — | — | (521 | ) | — | (521 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities — continuing operations | (397,379 | ) | 322,484 | — | (521 | ) | — | (75,416 | ) | ||||||||||||||||
Net cash used in financing activities — discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | (397,379 | ) | 322,484 | — | (521 | ) | — | (75,416 | ) | ||||||||||||||||
Net change in cash and cash equivalents | — | 57 | 595 | (45,732 | ) | — | (45,080 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | (595 | ) | 97,765 | — | 97,170 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 57 | $ | — | $ | 52,033 | $ | — | $ | 52,090 | |||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Net cash provided by continuing operating activities | $ | 62,976 | $ | 66,290 | $ | — | $ | 129,266 | |||||||||||||||||
Net cash provided by discontinued operating activities | — | — | — | 47 | — | 47 | |||||||||||||||||||
Net cash provided by operating activities | 62,976 | — | — | 66,337 | — | 129,313 | |||||||||||||||||||
Purchases of property and equipment | (6,648 | ) | — | (71,541 | ) | — | (78,189 | ) | |||||||||||||||||
Collection of notes receivable | — | — | — | 4,480 | — | 4,480 | |||||||||||||||||||
Other investing activities | — | — | — | 851 | — | 851 | |||||||||||||||||||
Net cash used in investing activities — continuing operations | (6,648 | ) | — | — | (66,210 | ) | — | (72,858 | ) | ||||||||||||||||
Net cash used in investing activities — discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash used in investing activities | (6,648 | ) | — | — | (66,210 | ) | — | (72,858 | ) | ||||||||||||||||
Net borrowings under credit facility | 65,000 | — | — | — | 65,000 | ||||||||||||||||||||
Deferred financing costs paid | (376 | ) | — | — | — | (376 | ) | ||||||||||||||||||
Proceeds from issuance of common stock | 32,722 | — | — | — | — | 32,722 | |||||||||||||||||||
Repurchase of Company stock for retirement | (185,400 | ) | — | — | — | — | (185,400 | ) | |||||||||||||||||
Proceeds from exercise of stock option and purchase plans | 12,005 | — | — | — | — | 12,005 | |||||||||||||||||||
Other financing activities, net | — | — | — | (564 | ) | — | (564 | ) | |||||||||||||||||
Net cash used in financing activities — continuing operations | (76,049 | ) | — | — | (564 | ) | — | (76,613 | ) | ||||||||||||||||
Net cash used in financing activities — discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash used in financing activities | (76,049 | ) | — | — | (564 | ) | — | (76,613 | ) | ||||||||||||||||
Net change in cash and cash equivalents | (19,721 | ) | — | — | (437 | ) | — | (20,158 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | 37,562 | — | 6,826 | — | 44,388 | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 17,841 | $ | — | $ | — | $ | 6,389 | $ | — | $ | 24,230 | |||||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 |
Assets, Total [Member] | Liabilities, Total [Member] | Operating Costs [Member] | Operating Costs [Member] | Operating Expense Hotel [Member] | Operating Expense Hotel [Member] | Opry and Attractions Operating Expenses [Member] | Opry and Attractions Operating Expenses [Member] | Corporate Operating Expenses [Member] | Corporate Operating Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Selling General and Administrative Expenses Hotel Cost [Member] | Selling General and Administrative Expenses Hotel Cost [Member] | Selling General and Administrative Expenses Opry and Attractions Cost [Member] | Selling General and Administrative Expenses Opry and Attractions Cost [Member] | Selling General and Administrative Expenses Corporate Cost [Member] | Selling General and Administrative Expenses Corporate Cost [Member] | |
Prior period reclassification adjustment | $10.70 | ($10.70) | $134.80 | $409 | ($122.40) | ($373) | ($10.30) | ($27.90) | ($2.10) | ($8.10) | $44.50 | $139.20 | ($31.50) | ($98.70) | ($3.90) | ($11.20) | ($9.10) | ($29.30) |
Reit_Conversion_Additional_Inf
Reit Conversion - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||
Oct. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | |
REIT Conversion [Member] | REIT Conversion [Member] | REIT Conversion [Member] | REIT Conversion [Member] | REIT Conversion [Member] | ||||||
Forecast [Member] | ||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales price of management rights and intellectual property | $210,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price to the Management Rights | 190,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price IP Rights | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of management rights for income amortization | ' | ' | ' | '65 years | ' | ' | ' | ' | ' | ' |
REIT conversion costs | ' | 971,000 | 51,371,000 | 21,383,000 | 57,799,000 | ' | ' | ' | ' | ' |
Employment severance and retention costs | ' | ' | ' | ' | ' | 400,000 | 10,300,000 | 14,300,000 | 10,300,000 | ' |
Professional Fees | ' | ' | ' | ' | ' | 100,000 | 14,000,000 | 2,100,000 | 20,100,000 | ' |
Various Other Transition Costs | ' | ' | ' | ' | ' | 500,000 | 5,800,000 | 5,000,000 | 6,100,000 | ' |
Estimated one time costs related to REIT conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 |
Impairment charge | ' | ' | ' | $1,908,000 | $21,287,000 | ' | $21,300,000 | ' | $21,300,000 | ' |
Income_Per_Share_Weighted_Aver
Income Per Share - Weighted Average Number of Common Shares Outstanding (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted average shares outstanding - basic | 50,524 | 46,546 | 51,392 | 48,073 |
Effect of dilutive stock-based compensation | 460 | ' | 503 | ' |
Effect of convertible notes | 5,416 | ' | 6,187 | ' |
Effect of common stock warrants | 3,702 | ' | 4,631 | ' |
Weighted average shares outstanding - diluted | 60,102 | 46,546 | 62,713 | 48,073 |
Income_Per_Share_Additional_In
Income Per Share - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Effect of dilutive stock-based compensation awards | ' | 0.7 | ' | 0.7 |
Stock-based compensation awards outstanding | 0.2 | 0.8 | 0.1 | 0.9 |
Effect of Potentially Issuable Shares | ' | 4 | ' | 2.7 |
Approximate number of common stock share which can be purchased under warrants | 14.1 | ' | 14.1 | ' |
Adjusted strike price under warrant | 25.96 | ' | 25.96 | ' |
Effect of potentially issuable shares under warrants | ' | 2.1 | ' | 0.6 |
Loss on call spread modification related to convertible notes | ' | ' | $4,869 | ' |
3.75% Convertible Senior Notes [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Interest rate of Senior Notes | 3.75% | ' | 3.75% | ' |
Maturity year of note | ' | ' | '2014 | ' |
Adjusted strike price under warrant | 25.96 | ' | 25.96 | ' |
Recovered_Sheet1
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Comprehensive income (loss) | $0.20 | $13.70 |
Reclassified Comprehensive income (loss), Before tax | ' | -0.2 |
Other comprehensive income Pension liability, tax expense | ' | ($4.20) |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | $3,144,542 | $3,129,791 |
Accumulated depreciation | -1,060,295 | -980,792 |
Property and equipment, net | 2,084,247 | 2,148,999 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 242,075 | 241,292 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 2,299,304 | 2,297,343 |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 576,753 | 563,622 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | $26,410 | $27,534 |
Notes_Receivable_Additional_In
Notes Receivable - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Receivables | Receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of notes receivable | 2 | ' | 2 | ' |
Interest income | $3,020,000 | $3,081,000 | $9,123,000 | $9,256,000 |
Payment received relating to notes receivables | ' | ' | 13,300,000 | 15,500,000 |
National Bonds [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Interest income | $3,000,000 | $3,100,000 | $9,100,000 | $9,200,000 |
Debt_Debt_and_Capital_Lease_Ob
Debt - Debt and Capital Lease Obligations Related to Continuing Operations (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total Debt | $1,174,813 | $1,031,863 |
Less amounts due within one year | -613 | -130,358 |
Total long-term debt | 1,174,200 | 901,505 |
$1 Billion Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Debt | 533,000 | ' |
$925 Million Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Debt | ' | 545,000 |
3.75% Convertible Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Debt | 290,689 | 333,039 |
5% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Debt | 350,000 | ' |
6.75% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Debt | ' | 152,180 |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Debt | $1,124 | $1,644 |
Debt_Debt_and_Capital_Lease_Ob1
Debt - Debt and Capital Lease Obligations Related to Continuing Operations (Parenthetical) (Detail) (USD $) | Apr. 18, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
$1 Billion Credit Facility [Member] | $925 Million Credit Facility [Member] | 3.75% Convertible Senior Notes [Member] | 3.75% Convertible Senior Notes [Member] | 5% Senior Notes [Member] | 6.75% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total credit facility | $925,000,000 | $1,000,000,000 | $925,000,000 | ' | ' | ' | ' |
Spread rate added to LIBOR | ' | 1.75% | 2.00% | ' | ' | ' | ' |
Maturity date for credit facility | ' | 18-Apr-17 | 1-Aug-15 | ' | ' | ' | ' |
Interest rate of Senior Notes | ' | ' | ' | 3.75% | ' | 5.00% | 6.75% |
Maturity date for Notes | ' | ' | ' | 1-Oct-14 | ' | 15-Apr-21 | 15-Nov-14 |
Debt discount on Convertible Senior Notes | ' | ' | ' | $13,369,000 | $26,961,000 | ' | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 18, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 18, 2013 | Apr. 18, 2013 | Apr. 18, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 15, 2019 | Apr. 15, 2018 | Apr. 15, 2017 | Apr. 16, 2016 | Apr. 15, 2016 | Sep. 30, 2013 | Dec. 31, 2012 |
Senior Secured Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | $1 Billion Credit Facility [Member] | $1 Billion Credit Facility [Member] | $1 Billion Credit Facility [Member] | $1 Billion Credit Facility [Member] | $1 Billion Credit Facility [Member] | $925 Million Credit Facility [Member] | $925 Million Credit Facility [Member] | 3.75% Convertible Senior Notes [Member] | 3.75% Convertible Senior Notes [Member] | 3.75% Convertible Senior Notes [Member] | 3.75% Convertible Senior Notes [Member] | 5% Senior Notes [Member] | 5% Senior Notes [Member] | 5% Senior Notes [Member] | 5% Senior Notes [Member] | 5% Senior Notes [Member] | 5% Senior Notes [Member] | 5% Senior Notes [Member] | 6.75% Senior Notes [Member] | 6.75% Senior Notes [Member] | |||||||
Minimum [Member] | Maximum [Member] | Hotel | Senior secured credit facility [Member] | Senior Secured Revolving Credit Facility [Member] | Senior Secured Term Loan Facility [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total credit facility | ' | ' | ' | ' | $925,000,000 | ' | ' | ' | $1,000,000,000 | ' | $1,000,000,000 | $700,000,000 | $300,000,000 | ' | $925,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Debt | 1,174,813,000 | ' | 1,174,813,000 | ' | ' | 1,031,863,000 | ' | ' | 533,000,000 | ' | ' | 154,000,000 | ' | ' | 545,000,000 | ' | 290,689,000 | 290,689,000 | 333,039,000 | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | 152,180,000 |
Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | 18-Apr-17 | ' | ' | ' | ' | ' | 1-Aug-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee to be paid by the Company on the average unused portion | ' | ' | ' | ' | ' | ' | 0.30% | 0.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accordion feature allowing potential increase to credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subsidiaries owing hotels | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of deferred financing costs | ' | ' | 1,845,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' |
Convertible notes, Outstanding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,000,000 | 360,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate per $ 1,000 principal of convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.2165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21.64 | $21.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock principal amount of convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of Convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate consideration for cancellation of convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Shares surrendered by counter party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of convertible notes converted by a holder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of outstanding debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 304,100,000 | 304,100,000 | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment on Debt | -4,181,000 | ' | -4,181,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,200,000 | -4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in stockholder's equity due to repurchase and conversion transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -43,500,000 | -43,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Strike price of purchased option | ' | ' | 21.64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased options number of shares | 14.1 | ' | 14.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate number of common stock share which can be purchased under warrants | 14.1 | ' | 14.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of common stock | 25.96 | ' | 25.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.96 | 25.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity year of note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014 | ' | '2021 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | 3.75% | ' | 5.00% | ' | ' | ' | ' | ' | ' | 6.75% | ' |
Maturity date for Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-14 | ' | 15-Apr-21 | ' | ' | ' | ' | ' | ' | 15-Nov-14 | ' |
First semi-annual interest payment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'April 15 | ' | ' | ' | ' | ' | ' | ' | ' |
Second semi-annual interest payment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'October 15 | ' | ' | ' | ' | ' | ' | ' | ' |
Semi-annual interest payment beginning date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Oct-13 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price expressed as percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 101.25% | 102.50% | 100.00% | 103.75% | ' | ' |
Debt instrument exchange description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'In connection with the issuance of the 5% Senior Notes, the Company entered into a registration rights agreement under which the Company is required to use its commercially reasonable efforts to complete a registered offer to exchange the 5% Senior Notes for registered notes with substantially identical terms as the 5% Senior Notes within 270 days of the closing of the issuance of the 5% Senior Notes. | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, Closing period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '270 days | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of senior notes | ' | ' | $350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $342,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Plans_Additional_Informa
Stock Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2011 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 |
REIT Conversion [Member] | REIT Conversion [Member] | Equity Incentive Plan Restricted Stock [Member] | Equity Incentive Plan Restricted Stock [Member] | Restricted Stock Awards for Certain Management [Member] | Restricted Stock Awards for Certain Management [Member] | Restricted Stock Awards for Certain Management [Member] | Restricted Stock Awards for Certain Management [Member] | Restricted Stock Awards for Certain Management [Member] | |||||
Minimum [Member] | Maximum [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock award granted by Company | ' | ' | ' | ' | ' | ' | ' | ' | 37,000 | 67,400 | ' | ' | ' |
Vesting period from the date of grant | ' | ' | ' | ' | ' | ' | ' | ' | 'May vest in 2016 | 'May vest in 2014 | ' | ' | ' |
Performance period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Weighted-average grant-date fair value of restricted stock awards granted | ' | ' | ' | ' | ' | ' | ' | ' | $45.01 | ' | $44.39 | ' | ' |
Risk-free rate of weighted-average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% | ' | ' | ' | ' |
Volatility rate of weighted-average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.00% | 64.00% |
Expected life assumption for weighted average grant date fair value | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Stock option Cancelled, result of the REIT conversion | ' | ' | ' | ' | 167,500 | 167,500 | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock Units Cancelled, result of the REIT conversion | ' | ' | ' | ' | 401,000 | 401,000 | ' | ' | ' | ' | ' | ' | ' |
Compensation Costs reversed | ' | ' | ' | ' | $2.10 | $2.10 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock award, outstanding | ' | ' | ' | ' | ' | ' | 527,153 | 574,933 | ' | ' | ' | ' | ' |
Compensation cost on stock-based compensation plans | $1.80 | ($0.20) | $6.40 | $5.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet2
Retirement and Postretirement Benefits Other Than Pension Plans - Net Periodic Pension and Postretirement Benefit Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net settlement loss | $200 | ' | $1,500 | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | ' | 14 | ' | 43 |
Interest cost | 49 | 254 | 146 | 761 |
Amortization of net actuarial loss | 120 | 176 | 358 | 528 |
Amortization of prior service credit | -333 | -130 | -998 | -391 |
Total net postretirement benefit expense | -164 | 314 | -494 | 941 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 999 | 1,086 | 2,939 | 3,260 |
Expected return on plan assets | -1,312 | -1,173 | -3,886 | -3,519 |
Amortization of net actuarial loss | 242 | 1,170 | 822 | 3,510 |
Net settlement loss | 188 | ' | 1,478 | ' |
Total net periodic pension expense | $117 | $1,083 | $1,353 | $3,251 |
Recovered_Sheet3
Retirement and Postretirement Benefits Other than Pension Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 | Dec. 31, 2012 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Net settlement loss | ($200,000) | ($1,500,000) | ' | ' |
Changed in assumed discount rate | ' | ' | 4.00% | 3.60% |
Reduction in plan liability | ' | 9,500,000 | ' | ' |
REIT Conversion [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Net settlement loss | ' | -700,000 | ' | ' |
Corporate Operating Expenses [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Net settlement loss | ($200,000) | ($800,000) | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' |
Period of property held by REIT | ' | ' | '10 years | ' | ' |
(Provision) benefit for income taxes | ($12,450,000) | ($16,581,000) | ($80,526,000) | ($798,000) | ' |
Reversal of deferred tax liabilities associated with unrecognized tax positions | ' | ' | 6,900,000 | ' | ' |
Income tax benefit related to current period operations | -5,400,000 | ' | -6,400,000 | ' | ' |
Reversal of deferred tax liabilities | 7,100,000 | ' | ' | ' | ' |
Income tax benefit related previous period operations | ' | ' | 1,200,000 | ' | ' |
Company's reserve for uncertain tax benefits | ' | ' | 12,400,000 | ' | ' |
Income Tax benefit | ' | ' | 4,800,000 | ' | ' |
Reduction to the related accrued interest as an income tax benefit | ' | ' | -2,100,000 | ' | ' |
Unrecognized tax benefits | 800,000 | ' | 800,000 | ' | 13,200,000 |
Unrecognized tax benefits, affect effective tax rate if recognized | 800,000 | ' | 800,000 | ' | 6,700,000 |
Estimated overall decrease in unrecognized tax benefits in the next twelve months due to the expiration of various statutes of limitations | 800,000 | ' | 800,000 | ' | ' |
Interest on income taxes accrued related to uncertain tax positions | 100,000 | ' | 100,000 | ' | 2,200,000 |
Income tax penalties accrued related to uncertain tax positions | 0 | ' | 0 | ' | 0 |
REIT Conversion [Member] | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' |
(Provision) benefit for income taxes | ' | ' | ($66,000,000) | ' | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 5 Months Ended | 9 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Authorized amount for share repurchase program | ' | ' | ' | ' | ' | $100 | ' |
Company repurchased, shares | ' | ' | ' | ' | 2.3 | ' | ' |
Repurchase of Company stock for retirement | ' | ' | ' | ' | 100 | ' | ' |
Cash Dividend on Common Stock | $0.50 | $0.50 | $0.50 | ' | ' | $1.50 | ' |
Aggregated Dividend Paid | $25.30 | $25.30 | $25.80 | ' | ' | ' | ' |
Common stock Dividend Payable Date | 15-Oct-13 | 15-Jul-13 | 12-Apr-13 | ' | ' | ' | ' |
Dividend payable date of record | 27-Sep-13 | 28-Jun-13 | 28-Mar-13 | ' | ' | ' | ' |
Dividend payable date declared | 13-Sep-13 | 3-Jun-13 | 14-Feb-13 | ' | ' | ' | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan investments | $17,318 | $15,580 |
Total assets measured at fair value | 17,318 | 15,580 |
Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan investments | 17,318 | 15,580 |
Total assets measured at fair value | 17,318 | 15,580 |
Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan investments | ' | ' |
Total assets measured at fair value | ' | ' |
Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan investments | ' | ' |
Total assets measured at fair value | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Receivables | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Number of bonds received | 2 | ' |
Total Debt | $1,174,813,000 | $1,031,863,000 |
Bonds Series A and Series B [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Number of bonds received | 2 | ' |
Bonds A Series [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes receivables, carrying value | 87,100,000 | ' |
Maturity date of notes receivable | 1-Jul-34 | ' |
Bonds B Series [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes receivables, carrying value | 58,100,000 | ' |
Maturity date of notes receivable | 1-Sep-37 | ' |
Notes receivable, fair value | 39,000,000 | ' |
3.75% Convertible Senior Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Face amount of outstanding debt | 304,100,000 | ' |
Interest rate of Senior Notes | 3.75% | ' |
Total Debt | 290,689,000 | 333,039,000 |
Fair value of the convertible notes | $311,000,000 | ' |
Recovered_Sheet4
Financial Reporting by Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of business segments | 3 |
Recovered_Sheet5
Financial Reporting by Business Segments - Segments Internal Financial Reports (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $221,196 | $228,129 | $688,492 | $720,273 |
Depreciation and amortization | 27,916 | 30,701 | 88,979 | 93,389 |
Operating income (loss) | 19,803 | -33,449 | 46,462 | 19,843 |
Interest expense, net of amounts capitalized | -15,187 | -15,136 | -45,934 | -43,949 |
Interest income | 3,020 | 3,081 | 9,123 | 9,256 |
Income from unconsolidated companies | 10 | ' | 10 | 109 |
Loss on extinguishment of debt | -4,181 | ' | -4,181 | ' |
Other gains and (losses), net | 2,318 | 2,251 | 2,365 | 2,251 |
Income (loss) before income taxes and discontinued operations | 5,783 | -43,253 | 7,845 | -12,490 |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 221,196 | 228,129 | 688,492 | 720,273 |
Depreciation and amortization | 27,916 | 30,701 | 88,979 | 93,389 |
Operating income (loss) | 19,803 | -33,449 | 46,462 | 19,843 |
Operating Segments [Member] | Hospitality [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 199,304 | 207,941 | 631,716 | 667,036 |
Depreciation and amortization | 25,599 | 26,095 | 77,928 | 80,977 |
Operating income (loss) | 22,445 | 27,947 | 83,879 | 114,407 |
Operating Segments [Member] | Opry and Attractions [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 21,892 | 20,188 | 56,776 | 53,237 |
Depreciation and amortization | 1,317 | 1,262 | 4,002 | 3,826 |
Operating income (loss) | 5,164 | 4,710 | 11,448 | 10,363 |
Operating Segments [Member] | Corporate and Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' |
Depreciation and amortization | 1,000 | 3,344 | 7,049 | 8,586 |
Operating income (loss) | -6,699 | -14,561 | -26,050 | -46,069 |
Operating Segments [Member] | Real Estate Investment Trust Conversion Costs [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | -971 | -51,371 | -21,383 | -57,799 |
Operating Segments [Member] | Casualty Loss [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | -26 | -173 | -75 | -719 |
Operating Segments [Member] | Preopening Costs [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | ' | -1 | ' | -340 |
Operating Segments [Member] | Impairment and Other Charges (Non-REIT Conversion Costs) [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Operating income (loss) | ($110) | ' | ($1,357) | ' |
Recovered_Sheet6
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Apr. 18, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total credit facility | ' | $925 |
Ownership percentage in subsidiaries | 100.00% | ' |
Year of formation of operating partnership and certain subsidiary guarantors | '2012 | ' |
Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Number of wholly owned subsidiaries | 4 | ' |
5% Senior Notes [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Interest rate of Senior Notes | 5.00% | ' |
$1 Billion Credit Facility [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Total credit facility | 1,000 | ' |
Recovered_Sheet7
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | $2,084,247 | $2,148,999 | ' | ' |
Cash and cash equivalents - unrestricted | 52,090 | 97,170 | 24,230 | 44,388 |
Cash and cash equivalents - restricted | 18,557 | 6,210 | ' | ' |
Notes receivable | 145,206 | 149,400 | ' | ' |
Trade receivables, less allowance | 52,746 | 55,343 | ' | ' |
Deferred financing costs | 20,527 | 11,347 | ' | ' |
Prepaid expenses and other assets | 67,439 | 63,982 | ' | ' |
Intercompany receivables, net | ' | ' | ' | ' |
Investments | ' | ' | ' | ' |
Total assets | 2,440,812 | 2,532,451 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | 1,174,813 | 1,031,863 | ' | ' |
Accounts payable and accrued liabilities | 156,376 | 218,461 | ' | ' |
Deferred income tax liabilities, net | 31,200 | 88,938 | ' | ' |
Deferred management rights proceeds | 184,154 | 186,346 | ' | ' |
Dividends payable | 25,652 | ' | ' | ' |
Other liabilities | 126,602 | 153,245 | ' | ' |
Intercompany payables, net | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | 505 | 526 | ' | ' |
Additional paid-in-capital | 1,223,546 | 1,250,975 | ' | ' |
Treasury stock | -7,533 | -7,234 | ' | ' |
Accumulated deficit | -459,637 | -366,066 | ' | ' |
Accumulated other comprehensive loss | -14,866 | -24,603 | ' | ' |
Total stockholders' equity | 742,015 | 853,598 | ' | ' |
Total liabilities and stockholders' equity | 2,440,812 | 2,532,451 | ' | ' |
Parent Guarantor [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | ' | ' | ' | ' |
Cash and cash equivalents - unrestricted | ' | ' | 17,841 | 37,562 |
Cash and cash equivalents - restricted | ' | ' | ' | ' |
Notes receivable | ' | ' | ' | ' |
Trade receivables, less allowance | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' |
Prepaid expenses and other assets | ' | ' | ' | ' |
Intercompany receivables, net | 107,027 | 485,219 | ' | ' |
Investments | 2,022,936 | 1,202,809 | ' | ' |
Total assets | 2,129,963 | 1,688,028 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | 290,689 | 485,219 | ' | ' |
Accounts payable and accrued liabilities | -14 | ' | ' | ' |
Deferred income tax liabilities, net | 6,681 | -386 | ' | ' |
Deferred management rights proceeds | ' | ' | ' | ' |
Dividends payable | 25,652 | ' | ' | ' |
Other liabilities | ' | ' | ' | ' |
Intercompany payables, net | 725,084 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | 505 | 526 | ' | ' |
Additional paid-in-capital | 1,223,546 | 1,250,975 | ' | ' |
Treasury stock | -7,533 | -7,234 | ' | ' |
Accumulated deficit | -134,647 | -41,072 | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' |
Total stockholders' equity | 1,081,871 | 1,203,195 | ' | ' |
Total liabilities and stockholders' equity | 2,129,963 | 1,688,028 | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | ' | ' | ' | ' |
Cash and cash equivalents - unrestricted | 57 | ' | ' | ' |
Cash and cash equivalents - restricted | ' | ' | ' | ' |
Notes receivable | ' | ' | ' | ' |
Trade receivables, less allowance | ' | ' | ' | ' |
Deferred financing costs | 20,527 | 11,347 | ' | ' |
Prepaid expenses and other assets | 5,347 | ' | ' | ' |
Intercompany receivables, net | ' | ' | ' | ' |
Investments | 2,767,163 | 2,771,696 | ' | ' |
Total assets | 2,793,094 | 2,783,043 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | 883,000 | 545,000 | ' | ' |
Accounts payable and accrued liabilities | 18,712 | 15,514 | ' | ' |
Deferred income tax liabilities, net | -3 | -1,448 | ' | ' |
Deferred management rights proceeds | ' | ' | ' | ' |
Dividends payable | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' |
Intercompany payables, net | 174,390 | 485,219 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | 1 | ' | ' | ' |
Additional paid-in-capital | 1,741,704 | 1,741,704 | ' | ' |
Treasury stock | ' | ' | ' | ' |
Accumulated deficit | -24,710 | -2,946 | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' |
Total stockholders' equity | 1,716,995 | 1,738,758 | ' | ' |
Total liabilities and stockholders' equity | 2,793,094 | 2,783,043 | ' | ' |
Guarantors [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | 1,752,207 | 1,798,827 | ' | ' |
Cash and cash equivalents - unrestricted | ' | -595 | ' | ' |
Cash and cash equivalents - restricted | ' | ' | ' | ' |
Notes receivable | ' | ' | ' | ' |
Trade receivables, less allowance | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' |
Prepaid expenses and other assets | 171,067 | ' | ' | ' |
Intercompany receivables, net | 696,229 | ' | ' | ' |
Investments | 526,644 | 1,208,937 | ' | ' |
Total assets | 3,146,147 | 3,007,169 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 517 | -1,535 | ' | ' |
Deferred income tax liabilities, net | 662 | 99,674 | ' | ' |
Deferred management rights proceeds | ' | ' | ' | ' |
Dividends payable | ' | ' | ' | ' |
Other liabilities | 73,185 | 83,477 | ' | ' |
Intercompany payables, net | 147 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | 1 | ' | ' | ' |
Additional paid-in-capital | 2,803,623 | 2,803,618 | ' | ' |
Treasury stock | ' | ' | ' | ' |
Accumulated deficit | 268,012 | 21,935 | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' |
Total stockholders' equity | 3,071,636 | 2,825,553 | ' | ' |
Total liabilities and stockholders' equity | 3,146,147 | 3,007,169 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | 332,040 | 350,172 | ' | ' |
Cash and cash equivalents - unrestricted | 52,033 | 97,765 | 6,389 | 6,826 |
Cash and cash equivalents - restricted | 18,557 | 6,210 | ' | ' |
Notes receivable | 145,206 | 149,400 | ' | ' |
Trade receivables, less allowance | 52,746 | 55,343 | ' | ' |
Deferred financing costs | ' | ' | ' | ' |
Prepaid expenses and other assets | 64,138 | 64,119 | ' | ' |
Intercompany receivables, net | 96,365 | ' | ' | ' |
Investments | 431,239 | 450,261 | ' | ' |
Total assets | 1,192,324 | 1,173,270 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | 1,124 | 1,644 | ' | ' |
Accounts payable and accrued liabilities | 310,561 | 204,904 | ' | ' |
Deferred income tax liabilities, net | 23,860 | -8,902 | ' | ' |
Deferred management rights proceeds | 184,154 | 186,346 | ' | ' |
Dividends payable | ' | ' | ' | ' |
Other liabilities | 53,130 | 69,483 | ' | ' |
Intercompany payables, net | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | 2,387 | 2,388 | ' | ' |
Additional paid-in-capital | 1,184,038 | 1,184,041 | ' | ' |
Treasury stock | ' | ' | ' | ' |
Accumulated deficit | -552,064 | -442,031 | ' | ' |
Accumulated other comprehensive loss | -14,866 | -24,603 | ' | ' |
Total stockholders' equity | 619,495 | 719,795 | ' | ' |
Total liabilities and stockholders' equity | 1,192,324 | 1,173,270 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | ' | ' | ' | ' |
Cash and cash equivalents - unrestricted | ' | ' | ' | ' |
Cash and cash equivalents - restricted | ' | ' | ' | ' |
Notes receivable | ' | ' | ' | ' |
Trade receivables, less allowance | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' |
Prepaid expenses and other assets | -173,113 | -137 | ' | ' |
Intercompany receivables, net | -899,621 | -485,219 | ' | ' |
Investments | -5,747,982 | -5,633,703 | ' | ' |
Total assets | -6,820,716 | -6,119,059 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | ' | ' | ' | ' |
Accounts payable and accrued liabilities | -173,400 | -422 | ' | ' |
Deferred income tax liabilities, net | ' | ' | ' | ' |
Deferred management rights proceeds | ' | ' | ' | ' |
Dividends payable | ' | ' | ' | ' |
Other liabilities | 287 | 285 | ' | ' |
Intercompany payables, net | -899,621 | -485,219 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | -2,389 | -2,388 | ' | ' |
Additional paid-in-capital | -5,729,365 | -5,729,363 | ' | ' |
Treasury stock | ' | ' | ' | ' |
Accumulated deficit | -16,228 | 98,048 | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' |
Total stockholders' equity | -5,747,982 | -5,633,703 | ' | ' |
Total liabilities and stockholders' equity | ($6,820,716) | ($6,119,059) | ' | ' |
Information_Concerning_Guarant2
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Rooms | $83,804 | $86,173 | $265,386 | $273,689 |
Food and beverage | 88,193 | 89,865 | 285,690 | 299,165 |
Other hotel revenue | 27,307 | 31,903 | 80,640 | 94,182 |
Opry and Attractions | 21,892 | 20,188 | 56,776 | 53,237 |
Total revenues | 221,196 | 228,129 | 688,492 | 720,273 |
Operating expenses: | ' | ' | ' | ' |
Rooms | 26,369 | 24,933 | 78,020 | 72,698 |
Food and beverage | 55,920 | 56,791 | 177,574 | 179,049 |
Other hotel expenses | 65,718 | 72,175 | 203,869 | 219,905 |
Management fees | 3,253 | ' | 10,446 | ' |
Total hotel operating expenses | 151,260 | 153,899 | 469,909 | 471,652 |
Opry and Attractions | 15,411 | 14,216 | 41,326 | 39,048 |
Corporate | 5,699 | 11,217 | 19,001 | 37,483 |
Corporate overhead allocation | ' | ' | ' | ' |
REIT conversion costs | 971 | 51,371 | 21,383 | 57,799 |
Casualty loss | 26 | 173 | 75 | 719 |
Impairment and other charges (non-REIT conversion costs) | 110 | ' | 1,357 | ' |
Preopening costs | ' | 1 | ' | 340 |
Depreciation and amortization | 27,916 | 30,701 | 88,979 | 93,389 |
Total operating expenses | 201,393 | 261,578 | 642,030 | 700,430 |
Operating income (loss) | 19,803 | -33,449 | 46,462 | 19,843 |
Interest expense, net of amounts capitalized | -15,187 | -15,136 | -45,934 | -43,949 |
Interest income | 3,020 | 3,081 | 9,123 | 9,256 |
Loss on extinguishment of debt | -4,181 | ' | -4,181 | ' |
Income from unconsolidated companies | 10 | ' | 10 | 109 |
Other gains and (losses), net | 2,318 | 2,251 | 2,365 | 2,251 |
Income (loss) before income taxes and discontinued operations | 5,783 | -43,253 | 7,845 | -12,490 |
(Provision) benefit for income taxes | 12,450 | 16,581 | 80,526 | 798 |
Equity in subsidiaries' earnings, net | ' | ' | ' | ' |
Income (loss) from continuing operations | 18,233 | -26,672 | 88,371 | -11,692 |
Income from discontinued operations, net of taxes | -202 | -2 | -181 | ' |
Net income (loss) | 18,031 | -26,674 | 88,190 | -11,692 |
Comprehensive income (loss) | 18,196 | -26,674 | 97,927 | -11,692 |
Parent Guarantor [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel revenue | ' | -6,328 | ' | 5,757 |
Opry and Attractions | ' | 7 | ' | 21 |
Total revenues | ' | -6,321 | ' | 5,778 |
Operating expenses: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel expenses | ' | ' | ' | ' |
Management fees | ' | ' | ' | ' |
Total hotel operating expenses | ' | ' | ' | ' |
Opry and Attractions | ' | ' | ' | ' |
Corporate | ' | 5,406 | ' | 16,446 |
Corporate overhead allocation | -12 | ' | 2,108 | ' |
REIT conversion costs | ' | 22,046 | ' | 27,426 |
Casualty loss | ' | 45 | ' | 321 |
Impairment and other charges (non-REIT conversion costs) | ' | ' | ' | ' |
Preopening costs | ' | ' | ' | 22 |
Depreciation and amortization | ' | 851 | ' | 2,377 |
Total operating expenses | -12 | 28,348 | 2,108 | 46,592 |
Operating income (loss) | 12 | -34,669 | -2,108 | -40,814 |
Interest expense, net of amounts capitalized | -6,402 | -15,299 | -22,308 | -44,593 |
Interest income | ' | 24,952 | ' | 75,413 |
Loss on extinguishment of debt | -4,181 | ' | -4,181 | ' |
Income from unconsolidated companies | ' | ' | ' | ' |
Other gains and (losses), net | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | -10,571 | -25,016 | -28,597 | -9,994 |
(Provision) benefit for income taxes | 2,732 | 8,276 | 2,508 | 637 |
Equity in subsidiaries' earnings, net | 25,870 | -9,934 | 114,279 | -2,335 |
Income (loss) from continuing operations | 18,031 | -26,674 | 88,190 | -11,692 |
Income from discontinued operations, net of taxes | ' | ' | ' | ' |
Net income (loss) | 18,031 | -26,674 | 88,190 | -11,692 |
Comprehensive income (loss) | 18,196 | -26,674 | 97,927 | -11,692 |
Issuer [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel revenue | ' | ' | ' | ' |
Opry and Attractions | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' |
Operating expenses: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel expenses | ' | ' | ' | ' |
Management fees | ' | ' | ' | ' |
Total hotel operating expenses | ' | ' | ' | ' |
Opry and Attractions | ' | ' | ' | ' |
Corporate | 201 | ' | 867 | ' |
Corporate overhead allocation | ' | ' | ' | ' |
REIT conversion costs | ' | ' | ' | ' |
Casualty loss | ' | ' | ' | ' |
Impairment and other charges (non-REIT conversion costs) | ' | ' | ' | ' |
Preopening costs | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' |
Total operating expenses | 201 | ' | 867 | ' |
Operating income (loss) | -201 | ' | -867 | ' |
Interest expense, net of amounts capitalized | -8,774 | ' | -23,587 | ' |
Interest income | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | ' |
Income from unconsolidated companies | ' | ' | ' | ' |
Other gains and (losses), net | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | -8,975 | ' | -24,454 | ' |
(Provision) benefit for income taxes | 4,720 | ' | 2,689 | ' |
Equity in subsidiaries' earnings, net | ' | ' | ' | ' |
Income (loss) from continuing operations | -4,255 | ' | -21,765 | ' |
Income from discontinued operations, net of taxes | ' | ' | ' | ' |
Net income (loss) | -4,255 | ' | -21,765 | ' |
Comprehensive income (loss) | -4,255 | ' | -21,765 | ' |
Guarantors [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel revenue | 64,147 | ' | 200,662 | ' |
Opry and Attractions | ' | ' | ' | ' |
Total revenues | 64,147 | ' | 200,662 | ' |
Operating expenses: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel expenses | 10,891 | ' | 33,391 | ' |
Management fees | ' | ' | ' | ' |
Total hotel operating expenses | 10,891 | ' | 33,391 | ' |
Opry and Attractions | ' | ' | ' | ' |
Corporate | ' | ' | 1 | ' |
Corporate overhead allocation | 2,914 | ' | 8,519 | ' |
REIT conversion costs | ' | ' | ' | ' |
Casualty loss | ' | ' | ' | ' |
Impairment and other charges (non-REIT conversion costs) | ' | ' | 1,246 | ' |
Preopening costs | ' | ' | ' | ' |
Depreciation and amortization | 14,936 | ' | 44,823 | ' |
Total operating expenses | 28,741 | ' | 87,980 | ' |
Operating income (loss) | 35,406 | ' | 112,682 | ' |
Interest expense, net of amounts capitalized | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | ' |
Income from unconsolidated companies | ' | ' | ' | ' |
Other gains and (losses), net | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | 35,406 | ' | 112,682 | ' |
(Provision) benefit for income taxes | -8,821 | ' | 133,396 | ' |
Equity in subsidiaries' earnings, net | ' | ' | ' | ' |
Income (loss) from continuing operations | 26,585 | ' | 246,078 | ' |
Income from discontinued operations, net of taxes | ' | ' | ' | ' |
Net income (loss) | 26,585 | ' | 246,078 | ' |
Comprehensive income (loss) | 26,585 | ' | 246,078 | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rooms | 83,804 | 86,173 | 265,386 | 273,689 |
Food and beverage | 88,193 | 89,865 | 285,690 | 299,165 |
Other hotel revenue | 28,723 | 31,961 | 91,040 | 94,343 |
Opry and Attractions | 21,892 | 20,181 | 56,776 | 53,216 |
Total revenues | 222,612 | 228,180 | 698,892 | 720,413 |
Operating expenses: | ' | ' | ' | ' |
Rooms | 26,369 | 24,933 | 78,020 | 72,698 |
Food and beverage | 55,920 | 56,791 | 177,574 | 179,049 |
Other hotel expenses | 117,488 | 72,233 | 370,913 | 220,066 |
Management fees | 3,253 | ' | 10,446 | ' |
Total hotel operating expenses | 203,030 | 153,957 | 636,953 | 471,813 |
Opry and Attractions | 15,411 | 14,216 | 41,326 | 39,048 |
Corporate | 5,498 | 5,811 | 18,133 | 21,037 |
Corporate overhead allocation | ' | -6,328 | ' | 5,757 |
REIT conversion costs | 971 | 29,325 | 21,383 | 30,373 |
Casualty loss | 26 | 128 | 75 | 398 |
Impairment and other charges (non-REIT conversion costs) | 110 | ' | 111 | ' |
Preopening costs | ' | 1 | ' | 318 |
Depreciation and amortization | 12,980 | 29,850 | 44,156 | 91,012 |
Total operating expenses | 238,026 | 226,960 | 762,137 | 659,756 |
Operating income (loss) | -15,414 | 1,220 | -63,245 | 60,657 |
Interest expense, net of amounts capitalized | -11 | -29,965 | -39 | -89,648 |
Interest income | 3,020 | 8,257 | 9,123 | 24,135 |
Loss on extinguishment of debt | ' | ' | ' | ' |
Income from unconsolidated companies | 10 | ' | 10 | 109 |
Other gains and (losses), net | 2,318 | 2,251 | 2,365 | 2,251 |
Income (loss) before income taxes and discontinued operations | -10,077 | -18,237 | -51,786 | -2,496 |
(Provision) benefit for income taxes | 13,819 | 8,305 | -58,067 | 161 |
Equity in subsidiaries' earnings, net | ' | ' | ' | ' |
Income (loss) from continuing operations | 3,742 | -9,932 | -109,853 | -2,335 |
Income from discontinued operations, net of taxes | -202 | -2 | -181 | ' |
Net income (loss) | 3,540 | -9,934 | -110,034 | -2,335 |
Comprehensive income (loss) | 3,705 | -9,934 | -100,297 | -2,335 |
Eliminations [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel revenue | -65,563 | 6,270 | -211,062 | -5,918 |
Opry and Attractions | ' | ' | ' | ' |
Total revenues | -65,563 | 6,270 | -211,062 | -5,918 |
Operating expenses: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel expenses | -62,661 | -58 | -200,435 | -161 |
Management fees | ' | ' | ' | ' |
Total hotel operating expenses | -62,661 | -58 | -200,435 | -161 |
Opry and Attractions | ' | ' | ' | ' |
Corporate | ' | ' | ' | ' |
Corporate overhead allocation | -2,902 | 6,328 | -10,627 | -5,757 |
REIT conversion costs | ' | ' | ' | ' |
Casualty loss | ' | ' | ' | ' |
Impairment and other charges (non-REIT conversion costs) | ' | ' | ' | ' |
Preopening costs | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' |
Total operating expenses | -65,563 | 6,270 | -211,062 | -5,918 |
Operating income (loss) | ' | ' | ' | ' |
Interest expense, net of amounts capitalized | ' | 30,128 | ' | 90,292 |
Interest income | ' | -30,128 | ' | -90,292 |
Loss on extinguishment of debt | ' | ' | ' | ' |
Income from unconsolidated companies | ' | ' | ' | ' |
Other gains and (losses), net | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | ' | ' | ' | ' |
(Provision) benefit for income taxes | ' | ' | ' | ' |
Equity in subsidiaries' earnings, net | -25,870 | 9,934 | -114,279 | 2,335 |
Income (loss) from continuing operations | -25,870 | 9,934 | -114,279 | 2,335 |
Income from discontinued operations, net of taxes | ' | ' | ' | ' |
Net income (loss) | -25,870 | 9,934 | -114,279 | 2,335 |
Comprehensive income (loss) | ($26,035) | $9,934 | ($124,016) | $2,335 |
Information_Concerning_Guarant3
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | $64,206 | $129,266 |
Net cash provided by discontinued operating activities | 94 | 47 |
Net cash provided by (used in) operating activities | 64,300 | 129,313 |
Purchases of property and equipment | -23,584 | -78,189 |
Collection of notes receivable | 1,740 | 4,480 |
Increase in restricted cash and cash equivalents | -12,347 | ' |
Other investing activities | 227 | 851 |
Net cash provided by (used in) investing activities - continuing operations | -33,964 | -72,858 |
Net cash used in investing activities - discontinued operations | ' | ' |
Net cash provided by (used in) investing activities | -33,964 | -72,858 |
Net borrowings under credit facility | -12,000 | 65,000 |
Issuance of senior notes | 350,000 | ' |
Early redemption of senior notes | -152,180 | ' |
Repurchase and conversion of convertible notes | -99,222 | ' |
Deferred financing costs paid | -15,516 | -376 |
Proceeds from issuance of common stock | ' | 32,722 |
Repurchase of Company stock for retirement | -100,028 | -185,400 |
Payment of dividend | -51,162 | ' |
Proceeds from exercise of stock option and purchase plans | 5,206 | 12,005 |
Excess tax benefit from stock-based compensation | 7 | ' |
Other financing activities, net | -521 | -564 |
Net cash provided by (used in) financing activities - continuing operations | -75,416 | -76,613 |
Net cash used in financing activities - discontinued operations | ' | ' |
Net cash provided by (used in) financing activities | -75,416 | -76,613 |
Net change in cash and cash equivalents | -45,080 | -20,158 |
Cash and cash equivalents at beginning of period | 97,170 | 44,388 |
Cash and cash equivalents at end of period | 52,090 | 24,230 |
Parent Guarantor [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | 397,379 | 62,976 |
Net cash provided by discontinued operating activities | ' | ' |
Net cash provided by (used in) operating activities | 397,379 | 62,976 |
Purchases of property and equipment | ' | -6,648 |
Collection of notes receivable | ' | ' |
Increase in restricted cash and cash equivalents | ' | ' |
Other investing activities | ' | ' |
Net cash provided by (used in) investing activities - continuing operations | ' | -6,648 |
Net cash used in investing activities - discontinued operations | ' | ' |
Net cash provided by (used in) investing activities | ' | -6,648 |
Net borrowings under credit facility | ' | 65,000 |
Issuance of senior notes | ' | ' |
Early redemption of senior notes | -152,180 | ' |
Repurchase and conversion of convertible notes | -99,222 | ' |
Deferred financing costs paid | ' | -376 |
Proceeds from issuance of common stock | ' | 32,722 |
Repurchase of Company stock for retirement | -100,028 | -185,400 |
Payment of dividend | -51,162 | ' |
Proceeds from exercise of stock option and purchase plans | 5,206 | 12,005 |
Excess tax benefit from stock-based compensation | 7 | ' |
Other financing activities, net | ' | ' |
Net cash provided by (used in) financing activities - continuing operations | -397,379 | -76,049 |
Net cash used in financing activities - discontinued operations | ' | ' |
Net cash provided by (used in) financing activities | -397,379 | -76,049 |
Net change in cash and cash equivalents | ' | -19,721 |
Cash and cash equivalents at beginning of period | ' | 37,562 |
Cash and cash equivalents at end of period | ' | 17,841 |
Issuer [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | -322,427 | ' |
Net cash provided by discontinued operating activities | ' | ' |
Net cash provided by (used in) operating activities | -322,427 | ' |
Purchases of property and equipment | ' | ' |
Collection of notes receivable | ' | ' |
Increase in restricted cash and cash equivalents | ' | ' |
Other investing activities | ' | ' |
Net cash provided by (used in) investing activities - continuing operations | ' | ' |
Net cash used in investing activities - discontinued operations | ' | ' |
Net cash provided by (used in) investing activities | ' | ' |
Net borrowings under credit facility | -12,000 | ' |
Issuance of senior notes | 350,000 | ' |
Early redemption of senior notes | ' | ' |
Repurchase and conversion of convertible notes | ' | ' |
Deferred financing costs paid | -15,516 | ' |
Proceeds from issuance of common stock | ' | ' |
Repurchase of Company stock for retirement | ' | ' |
Payment of dividend | ' | ' |
Proceeds from exercise of stock option and purchase plans | ' | ' |
Excess tax benefit from stock-based compensation | ' | ' |
Other financing activities, net | ' | ' |
Net cash provided by (used in) financing activities - continuing operations | 322,484 | ' |
Net cash used in financing activities - discontinued operations | ' | ' |
Net cash provided by (used in) financing activities | 322,484 | ' |
Net change in cash and cash equivalents | 57 | ' |
Cash and cash equivalents at beginning of period | ' | ' |
Cash and cash equivalents at end of period | 57 | ' |
Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | 37 | ' |
Net cash provided by discontinued operating activities | ' | ' |
Net cash provided by (used in) operating activities | 37 | ' |
Purchases of property and equipment | 558 | ' |
Collection of notes receivable | ' | ' |
Increase in restricted cash and cash equivalents | ' | ' |
Other investing activities | ' | ' |
Net cash provided by (used in) investing activities - continuing operations | 558 | ' |
Net cash used in investing activities - discontinued operations | ' | ' |
Net cash provided by (used in) investing activities | 558 | ' |
Net borrowings under credit facility | ' | ' |
Issuance of senior notes | ' | ' |
Early redemption of senior notes | ' | ' |
Repurchase and conversion of convertible notes | ' | ' |
Deferred financing costs paid | ' | ' |
Proceeds from issuance of common stock | ' | ' |
Repurchase of Company stock for retirement | ' | ' |
Payment of dividend | ' | ' |
Proceeds from exercise of stock option and purchase plans | ' | ' |
Excess tax benefit from stock-based compensation | ' | ' |
Other financing activities, net | ' | ' |
Net cash provided by (used in) financing activities - continuing operations | ' | ' |
Net cash used in financing activities - discontinued operations | ' | ' |
Net cash provided by (used in) financing activities | ' | ' |
Net change in cash and cash equivalents | 595 | ' |
Cash and cash equivalents at beginning of period | -595 | ' |
Cash and cash equivalents at end of period | ' | ' |
Non-Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | -10,783 | 66,290 |
Net cash provided by discontinued operating activities | 94 | 47 |
Net cash provided by (used in) operating activities | -10,689 | 66,337 |
Purchases of property and equipment | -24,142 | -71,541 |
Collection of notes receivable | 1,740 | 4,480 |
Increase in restricted cash and cash equivalents | -12,347 | ' |
Other investing activities | 227 | 851 |
Net cash provided by (used in) investing activities - continuing operations | -34,522 | -66,210 |
Net cash used in investing activities - discontinued operations | ' | ' |
Net cash provided by (used in) investing activities | -34,522 | -66,210 |
Net borrowings under credit facility | ' | ' |
Issuance of senior notes | ' | ' |
Early redemption of senior notes | ' | ' |
Repurchase and conversion of convertible notes | ' | ' |
Deferred financing costs paid | ' | ' |
Proceeds from issuance of common stock | ' | ' |
Repurchase of Company stock for retirement | ' | ' |
Payment of dividend | ' | ' |
Proceeds from exercise of stock option and purchase plans | ' | ' |
Excess tax benefit from stock-based compensation | ' | ' |
Other financing activities, net | -521 | -564 |
Net cash provided by (used in) financing activities - continuing operations | -521 | -564 |
Net cash used in financing activities - discontinued operations | ' | ' |
Net cash provided by (used in) financing activities | -521 | -564 |
Net change in cash and cash equivalents | -45,732 | -437 |
Cash and cash equivalents at beginning of period | 97,765 | 6,826 |
Cash and cash equivalents at end of period | 52,033 | 6,389 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | ' | ' |
Net cash provided by discontinued operating activities | ' | ' |
Net cash provided by (used in) operating activities | ' | ' |
Purchases of property and equipment | ' | ' |
Collection of notes receivable | ' | ' |
Increase in restricted cash and cash equivalents | ' | ' |
Other investing activities | ' | ' |
Net cash provided by (used in) investing activities - continuing operations | ' | ' |
Net cash used in investing activities - discontinued operations | ' | ' |
Net cash provided by (used in) investing activities | ' | ' |
Net borrowings under credit facility | ' | ' |
Issuance of senior notes | ' | ' |
Early redemption of senior notes | ' | ' |
Repurchase and conversion of convertible notes | ' | ' |
Deferred financing costs paid | ' | ' |
Proceeds from issuance of common stock | ' | ' |
Repurchase of Company stock for retirement | ' | ' |
Payment of dividend | ' | ' |
Proceeds from exercise of stock option and purchase plans | ' | ' |
Excess tax benefit from stock-based compensation | ' | ' |
Other financing activities, net | ' | ' |
Net cash provided by (used in) financing activities - continuing operations | ' | ' |
Net cash used in financing activities - discontinued operations | ' | ' |
Net cash provided by (used in) financing activities | ' | ' |
Net change in cash and cash equivalents | ' | ' |
Cash and cash equivalents at beginning of period | ' | ' |
Cash and cash equivalents at end of period | ' | ' |