Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
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 | ' | 51,020,015 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | $2,028,522 | $2,067,997 | ' | ' |
Cash and cash equivalents - unrestricted | 279,533 | 61,579 | 52,090 | 97,170 |
Cash and cash equivalents - restricted | 14,233 | 20,169 | ' | ' |
Notes receivable | 146,614 | 148,350 | ' | ' |
Trade receivables, less allowance of $537 and $717, respectively | 59,419 | 51,782 | ' | ' |
Deferred financing costs | 23,073 | 19,306 | ' | ' |
Prepaid expenses and other assets | 57,241 | 55,446 | ' | ' |
Total assets | 2,608,635 | 2,424,629 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | 1,508,679 | 1,154,420 | ' | ' |
Accounts payable and accrued liabilities | 157,941 | 157,339 | ' | ' |
Deferred income tax liabilities, net | 21,157 | 23,117 | ' | ' |
Deferred management rights proceeds | 184,154 | 186,346 | ' | ' |
Dividends payable | 28,804 | 25,780 | ' | ' |
Other liabilities | 120,510 | 119,932 | ' | ' |
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, 51,020 and 50,528 shares issued and outstanding, respectively | 510 | 505 | ' | ' |
Additional paid-in capital | 1,084,746 | 1,228,845 | ' | ' |
Treasury stock of 477 and 472 shares, at cost | -8,002 | -7,766 | ' | ' |
Accumulated deficit | -480,594 | -454,770 | ' | ' |
Accumulated other comprehensive loss | -9,270 | -9,119 | ' | ' |
Total stockholders' equity | 587,390 | 757,695 | ' | ' |
Total liabilities and stockholders' equity | $2,608,635 | $2,424,629 | ' | ' |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $537 | $717 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 51,020,000 | 50,528,000 |
Common stock, shares outstanding | 51,020,000 | 50,528,000 |
Treasury stock, shares | 477,000 | 472,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Rooms | $92,378 | $83,804 | $282,836 | $265,386 |
Food and beverage | 98,232 | 88,193 | 311,660 | 285,690 |
Other hotel revenue | 28,492 | 27,307 | 89,739 | 80,640 |
Opry and Attractions | 25,913 | 21,892 | 65,144 | 56,776 |
Total revenues | 245,015 | 221,196 | 749,379 | 688,492 |
Operating expenses: | ' | ' | ' | ' |
Rooms | 29,455 | 26,369 | 85,915 | 78,020 |
Food and beverage | 60,508 | 55,920 | 184,748 | 177,574 |
Other hotel expenses | 70,805 | 65,718 | 209,651 | 203,869 |
Management fees | 3,622 | 3,253 | 11,485 | 10,446 |
Total hotel operating expenses | 164,390 | 151,260 | 491,799 | 469,909 |
Opry and Attractions | 16,557 | 15,411 | 44,239 | 41,326 |
Corporate | 6,952 | 5,699 | 19,707 | 19,001 |
REIT conversion costs | ' | 971 | ' | 21,383 |
Casualty loss | ' | 26 | ' | 75 |
Impairment and other charges | ' | 110 | ' | 1,357 |
Depreciation and amortization | 28,033 | 27,916 | 84,268 | 88,979 |
Total operating expenses | 215,932 | 201,393 | 640,013 | 642,030 |
Operating income | 29,083 | 19,803 | 109,366 | 46,462 |
Interest expense | -17,135 | -15,187 | -48,277 | -45,934 |
Interest income | 3,001 | 3,020 | 9,070 | 9,123 |
Income from unconsolidated companies | ' | 10 | ' | 10 |
Loss on extinguishment of debt | ' | -4,181 | -2,148 | -4,181 |
Other gains and (losses), net | -295 | 2,318 | -4,644 | 2,365 |
Income before income taxes and discontinued operations | 14,654 | 5,783 | 63,367 | 7,845 |
Benefit for income taxes | 463 | 12,450 | 371 | 80,526 |
Income (loss) from continuing operations | 15,117 | 18,233 | 63,738 | 88,371 |
Income (loss) from discontinued operations, net of income taxes | 13 | -202 | 36 | -181 |
Net income | 15,130 | 18,031 | 63,774 | 88,190 |
Loss on call spread and warrant modifications related to convertible notes | ' | ' | -4,952 | -4,869 |
Net income available to common shareholders | 15,130 | 18,031 | 58,822 | 83,321 |
Basic income per share available to common shareholders: | ' | ' | ' | ' |
Income from continuing operations | $0.30 | $0.36 | $1.16 | $1.62 |
Income from discontinued operations, net of income taxes | $0 | $0 | $0 | $0 |
Net income | $0.30 | $0.36 | $1.16 | $1.62 |
Fully diluted income per share available to common shareholders: | ' | ' | ' | ' |
Income from continuing operations | $0.25 | $0.30 | $0.97 | $1.33 |
Income from discontinued operations, net of income taxes | $0 | $0 | $0 | $0 |
Net income | $0.25 | $0.30 | $0.97 | $1.33 |
Dividends declared per common share | $0.55 | $0.50 | $1.65 | $1.50 |
Comprehensive income, net of deferred taxes | $15,079 | $18,196 | $63,623 | $97,927 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $63,774 | $88,190 |
Amounts to reconcile net income to net cash flows provided by (used in) operating activities: | ' | ' |
(Income) loss from discontinued operations, net of taxes | -36 | 181 |
Income from unconsolidated companies | ' | -10 |
Impairment and other charges | ' | 1,908 |
Benefit for deferred income taxes | -2,261 | -76,884 |
Depreciation and amortization | 84,268 | 88,979 |
Amortization of deferred financing costs | 4,532 | 4,057 |
Amortization of discount on convertible notes | 8,735 | 10,544 |
Write-off of deferred financing costs | ' | 1,845 |
Loss on extinguishment of debt | 2,148 | 4,181 |
Stock-based compensation expense | 4,217 | 6,406 |
Changes in: | ' | ' |
Trade receivables | -7,637 | 2,597 |
Interest receivable | -144 | 2,454 |
Income tax receivable | 1,755 | -7,113 |
Accounts payable and accrued liabilities | -2,543 | -63,300 |
Other assets and liabilities | 607 | 171 |
Net cash flows provided by operating activities - continuing operations | 157,415 | 64,206 |
Net cash flows provided by (used in) operating activities - discontinued operations | -201 | 94 |
Net cash flows provided by operating activities | 157,214 | 64,300 |
Cash Flows from Investing Activities: | ' | ' |
Purchases of property and equipment | -50,728 | -23,584 |
(Increase) decrease in restricted cash and cash equivalents | 5,936 | -12,347 |
Other investing activities | 8,011 | 1,967 |
Net cash flows used in investing activities - continuing operations | -36,781 | -33,964 |
Net cash flows used in investing activities - discontinued operations | ' | ' |
Net cash flows used in investing activities | -36,781 | -33,964 |
Cash Flows from Financing Activities: | ' | ' |
Net borrowings (repayments) under credit facility | 416,500 | -12,000 |
Issuance of senior notes | ' | 350,000 |
Early redemption of senior notes | ' | -152,180 |
Repurchase and conversion of convertible notes | -126,542 | -99,222 |
Repurchase of common stock warrants | -108,331 | ' |
Deferred financing costs paid | -8,428 | -15,516 |
Repurchase of Company stock for retirement | ' | -100,028 |
Payment of dividend | -81,352 | -51,162 |
Proceeds from exercise of stock option and purchase plans | 6,119 | 5,206 |
Other financing activities, net | -445 | -514 |
Net cash flows provided by (used in) financing activities - continuing operations | 97,521 | -75,416 |
Net cash flows used in financing activities - discontinued operations | ' | ' |
Net cash flows provided by (used in) financing activities | 97,521 | -75,416 |
Net change in cash and cash equivalents | 217,954 | -45,080 |
Cash and cash equivalents - unrestricted, beginning of period | 61,579 | 97,170 |
Cash and cash equivalents - unrestricted, end of period | $279,533 | $52,090 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
BASIS OF PRESENTATION | ' | |
1 | BASIS OF PRESENTATION: | |
The condensed consolidated financial statements include the accounts of Ryman Hospitality Properties, Inc. (“Ryman”) and its subsidiaries (collectively with Ryman, the “Company”) and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “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. 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, 2013. 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. | ||
The Company conducts its business through an umbrella partnership REIT, in which all of its assets are held by, and all of its operations are conducted through, RHP Hotel Properties, LP, a subsidiary operating partnership (the “Operating Partnership”) that the Company formed in connection with its REIT conversion discussed in Note 2. Ryman 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. RHP Finance Corporation, a Delaware corporation (“Finco”), was formed as a wholly-owned subsidiary of the Operating Partnership for the sole purpose of being an issuer of debt securities with the Operating Partnership. Neither Ryman nor Finco has any material assets, other than Ryman’s investment in the Operating Partnership and its 100%-owned subsidiaries. As 100%-owned subsidiaries of Ryman, neither the Operating Partnership nor Finco has any business, operations, financial results or other material information, other than the business, operations, financial results and other material information described in this Quarterly Report on Form 10-Q and Ryman’s other reports filed with the SEC pursuant to the Securities Exchange Act of 1934, as amended. | ||
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. | ||
Newly Issued Accounting Standards | ||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” the core principle of which is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Under this guidance, companies will need to use more judgment and make more estimates than under today’s guidance. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The ASU is effective for the Company in the first quarter of 2017. The Company is currently evaluating the effects of this ASU on its financial statements, and such effects have not yet been determined. |
REIT_CONVERSION
REIT CONVERSION | 9 Months Ended | |
Sep. 30, 2014 | ||
Text Block [Abstract] | ' | |
REIT CONVERSION | ' | |
2 | REIT CONVERSION: | |
The Company restructured its business operations to facilitate its qualification as a REIT for federal income tax purposes (the “REIT conversion”) during 2012 and has elected to be taxed as a REIT commencing with the year ended December 31, 2013. | ||
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. | ||
For financial accounting purposes, 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. 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). No REIT conversion costs were incurred during the three months and nine months ended September 30, 2014. | ||
The REIT conversion, including the Marriott sale transaction and other restructuring transactions, are designed to enable the Company to hold its assets and business operations in a manner that enables 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 substantially eliminates 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 manage the day-to-day operations of 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 act as lessees of the Company’s hotels, as well as the businesses within the Company’s Opry and Attractions segment, 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, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
INCOME PER SHARE | ' | ||||||||||||||||
3 | 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average shares outstanding - basic | 50,975 | 50,524 | 50,805 | 51,392 | |||||||||||||
Effect of dilutive stock-based compensation | 442 | 460 | 495 | 503 | |||||||||||||
Effect of convertible notes | 6,307 | 5,416 | 5,946 | 6,187 | |||||||||||||
Effect of common stock warrants | 3,435 | 3,702 | 3,156 | 4,631 | |||||||||||||
Weighted average shares outstanding - diluted | 61,159 | 60,102 | 60,402 | 62,713 | |||||||||||||
The Company had stock-based compensation awards outstanding with respect to approximately zero and 0.2 million shares of common stock for the three months ended September 30, 2014 and 2013, respectively, and approximately zero and 0.1 million shares of common stock for the nine months ended September 30, 2014 and 2013, 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, 2013, in 2009 the Company issued 3.75% Convertible Senior Notes due 2014 (the “Convertible Notes”). The Company settled the outstanding face value of the Convertible Notes in cash at maturity on October 1, 2014. The conversion spread associated with the conversion of the Convertible Notes was settled in shares of the Company’s common stock. Pursuant to a note hedge, as discussed more fully in Note 7, the Company also received and cancelled an equal number of shares of its common stock at maturity. | |||||||||||||||||
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. At September 30, 2014, approximately 7.2 million shares of the Company’s common stock were issuable pursuant to the warrants, with an adjusted strike price of $25.01 per share, which reflects the warrant settlements and repurchases discussed in Note 7. 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. Unless modified prior to their 2015 maturity, the warrants may only be settled in shares of the Company’s common stock. | |||||||||||||||||
In May and June 2014, the Company modified the agreements with two of the note hedge counterparties to cash settle a portion of the warrants as described in Note 7. In April 2014 and previously 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 discussed above in conjunction with a repurchase of a portion of the Convertible Notes. Each of these agreements were considered modifications to the Purchased Options and warrants (as applicable), and based on the terms of the agreements, the Company recognized a charge of $5.0 million and $4.9 million in the nine months ended September 30, 2014 and 2013, respectively. The charge for the 2014 period was recorded as an increase to accumulated deficit and derivative liability, as the liability was settled in cash, and the charge for the 2013 period was recorded as an increase to accumulated deficit and additional paid-in-capital, as the obligation was settled in shares, in the accompanying condensed consolidated balance sheets. These charges also represent 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, 2014 | ||
Equity [Abstract] | ' | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | |
4 | 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, 2014, the Company recorded no other comprehensive income and reclassified zero and $0.2 million, respectively, from accumulated other comprehensive income into operating expenses in the Company’s condensed consolidated statements of operations included herein. 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 9. 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 loss due to the Company’s REIT conversion. |
PROPERTY_AND_EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
PROPERTY AND EQUIPMENT | ' | ||||||||
5 | PROPERTY AND EQUIPMENT: | ||||||||
Property and equipment at September 30, 2014 and December 31, 2013 is recorded at cost and summarized as follows (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 244,610 | $ | 242,418 | |||||
Buildings | 2,319,710 | 2,300,499 | |||||||
Furniture, fixtures and equipment | 584,973 | 576,209 | |||||||
Construction-in-progress | 26,909 | 25,844 | |||||||
3,176,202 | 3,144,970 | ||||||||
Accumulated depreciation | (1,147,680 | ) | (1,076,973 | ) | |||||
Property and equipment, net | $ | 2,028,522 | $ | 2,067,997 | |||||
NOTES_RECEIVABLE
NOTES RECEIVABLE | 9 Months Ended | |
Sep. 30, 2014 | ||
Receivables [Abstract] | ' | |
NOTES RECEIVABLE | ' | |
6 | NOTES RECEIVABLE: | |
As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, 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 property 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, 2014 and 2013, the Company recorded interest income of $3.0 million on these bonds. During the nine months ended September 30, 2014 and 2013, the Company recorded interest income of $9.1 million on these bonds. The Company received payments of $10.8 million and $13.3 million during the nine months ended September 30, 2014 and 2013, respectively, relating to these notes receivable. |
DEBT
DEBT | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
DEBT | ' | ||||||||
7 | DEBT: | ||||||||
The Company’s debt and capital lease obligations at September 30, 2014 and December 31, 2013 consisted of (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
$1 Billion Credit Facility, interest at LIBOR plus 1.85%, maturing April 18, 2017 | $ | 527,000 | $ | 509,500 | |||||
$400 Million Term Loan Facility, terms as set forth below | 399,000 | — | |||||||
Convertible Senior Notes, interest at 3.75%, maturing October 1, 2014, net of unamortized discount of $0 and $10,096 | 232,168 | 293,962 | |||||||
Senior Notes, interest at 5.0%, maturing April 15, 2021 | 350,000 | 350,000 | |||||||
Capital lease obligations | 511 | 958 | |||||||
Total debt | 1,508,679 | 1,154,420 | |||||||
Less amounts due within one year | (511 | ) | (599 | ) | |||||
Total long-term debt | $ | 1,508,168 | $ | 1,153,821 | |||||
At September 30, 2014, the Company was in compliance with all of its covenants related to its outstanding debt. | |||||||||
3.75% Convertible Senior Notes | |||||||||
Prior to maturity, the Convertible Notes were convertible, at the holder’s option, into shares of the Company’s common stock, at an adjusted conversion rate of 47.9789 shares of common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an adjusted conversion price of approximately $20.84 per share. | |||||||||
In April 2014, the Company settled the repurchase of and subsequently cancelled $56.3 million of its Convertible Notes in private transactions for aggregate consideration of $120.2 million, which was funded by cash on hand and 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 reduction, the counterparties paid the Company approximately $9.2 million. In addition, in June 2014, the Company settled the conversion of $15.3 million of Convertible Notes that were converted by holders by paying cash for the underlying principal and shares of the Company’s common stock for the conversion spread. The Company received and cancelled an equal number of shares of its common stock upon exercise of the Purchased Options (as defined below). As a result of these transactions, the Company recorded a loss on extinguishment of debt of $2.1 million during the nine months ended September 30, 2014. 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, 2013), the Company recorded a $52.0 million reduction in stockholders’ equity during the nine months ended September 30, 2014. | |||||||||
On October 1, 2014, the Company settled its obligations upon conversion of each $1,000 principal amount of Convertible Notes with a specified dollar amount of $1,000 and the remainder of the conversion settlement amount in shares of its common stock. The Company issued 6.3 million shares, which were offset by the exercise of the Purchased Options (as defined below) and the Company’s receipt and cancellation of the related shares. As the Company borrowed under its $1 billion credit facility to refinance all of its Convertible Notes on a long-term basis, the Convertible Notes have been classified as long-term debt in the above table at September 30, 2014. | |||||||||
Concurrently with the offering of the Convertible Notes in 2009, 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 entitled the Company to receive shares of the Company’s common stock. At September 30, 2014, the Purchased Options covered approximately 11.1 million shares, with an adjusted strike price of $20.84 per share (the same as the adjusted conversion price of the Convertible Notes), which reflects the repurchases and conversions discussed above. In connection with the conversion and maturity of the Convertible Notes at October 1, 2014, as discussed above, the Purchased Options were settled in shares delivered to the Company equal to the number of shares issued in the Convertible Note settlement. These shares received by the Company were subsequently cancelled. | |||||||||
Separately and concurrently with entering into the Purchased Options in 2009, 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. In May 2014, the Company modified an agreement with one of the note hedge counterparties to cash settle 2.4 million warrants in June 2014. As the modification required the warrants to be cash settled, the fair value of the warrants was reclassified from stockholders’ equity to a derivative liability on the modification date, resulting in a $47.2 million deduction to additional paid-in-capital in the accompanying condensed consolidated balance sheet as of September 30, 2014. In June 2014, the Company settled this repurchase for total consideration of $50.8 million and recorded a $2.5 million loss on the change in the fair value of the derivative liability, which is included in other gains and losses, net in the accompanying condensed consolidated statement of operations for the nine months ended September 30, 2014. | |||||||||
In June 2014, the Company modified an agreement with one of the note hedge counterparties to cash settle 2.4 million warrants in August 2014 in the same manner as described above. Accordingly, the fair value of the warrants was reclassified from stockholders’ equity to a derivative liability on the modification date, resulting in a $52.3 million deduction to additional paid-in-capital in the accompanying condensed consolidated balance sheet as of September 30, 2014. The change in fair value of the derivative liability from the agreement date through June 30, 2014 was a loss of $2.3 million and is included in other gains and losses, net in the accompanying condensed consolidated statement of operations for the nine months ended September 30, 2014. In August 2014, the Company settled this warrant repurchase for total consideration of $57.6 million and recorded a $1.6 million loss on the change in the fair value of the derivative liability, which is included in other gains and losses, net in the accompanying condensed consolidated statement of operations for the three months and nine months ended September 30, 2014. | |||||||||
At September 30, 2014, the warrants covered approximately 7.2 million shares, with an adjusted strike price of $25.01 per share, which reflects the repurchases and conversions discussed above. 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. Unless modified prior to their 2015 maturity, the warrants may only be settled at maturity in shares of the Company’s common stock, net of the exercise price. | |||||||||
$400 Million Term Loan Facility | |||||||||
On June 18, 2014, the Company entered into an Amendment No. 1 and Joinder Agreement (the “Amendment”) among the Company, as a guarantor, the Operating Partnership, as borrower, certain other subsidiaries of the Company party thereto, as guarantors, certain subsidiaries of the Company party thereto, as pledgors, the lenders party thereto and Wells Fargo Bank National Association, as administrative agent, to the Company’s Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) for the $1 billion credit facility. | |||||||||
Pursuant to the Amendment, the Company added an additional senior secured term loan facility in the aggregate principal amount of up to $400.0 million (the “Term Loan B”) to the Credit Agreement. Proceeds from the Term Loan B may be used, as the Company may determine, to repay revolving loans under the Credit Agreement and to repay the Convertible Notes or to settle, in whole or in part, the warrant transactions described above. The Term Loan B has a maturity date of January 15, 2021 and borrowings bear interest at an annual rate of LIBOR plus an adjustable margin, subject to a LIBOR floor of 0.75%. At September 30, 2014, the interest rate on the Term Loan B was LIBOR plus 3.0%. The Term Loan B amortizes in equal quarterly installments in aggregate annual amounts equal to 1.0% of the original principal amount of $400.0 million, commencing on September 30, 2014, with the balance due at maturity. Amounts borrowed under the Term Loan B that are repaid or prepaid may not be reborrowed. At closing, the Company drew down on the Term Loan B in full. | |||||||||
The Term Loan B is guaranteed by the Company, each of its four wholly-owned subsidiaries that own the Gaylord Hotels-branded properties, and certain other subsidiaries of the Company. The Term Loan B is secured by (i) a first mortgage lien on the real property of each of the Company’s Gaylord Hotels properties, (ii) pledges of equity interests in the subsidiaries of the Company that own the Gaylord Hotels properties, (iii) the personal property of the Company, the Operating Partnership and the guarantors and (iv) all proceeds and products from the Company’s Gaylord Hotels properties. Amounts drawn on the Term Loan B are subject to a 55% borrowing base, based on the appraisal value of the Gaylord Hotels properties (reduced to 50% in the event a hotel property is sold). | |||||||||
The Term Loan B is subject to certain covenants contained in the Credit Agreement, which, among other things, limit 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. The Term Loan B is subject to substantially all of the events of default provided for the Credit Agreement (other than the financial maintenance covenants). If an event of default shall occur and be continuing, the commitments under the Amendment may be terminated and the principal amount outstanding under the Amendment, together with all accrued and unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable. |
STOCK_PLANS
STOCK PLANS | 9 Months Ended | |
Sep. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |
STOCK PLANS | ' | |
8 | STOCK PLANS: | |
In addition to grants of stock options to its directors and employees, the Company’s Amended and Restated 2006 Omnibus Incentive 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, 2014, the Company granted 0.1 million restricted stock units with a weighted-average grant date fair value of $42.60 per award. At September 30, 2014 and December 31, 2013, 0.6 million restricted stock units were outstanding. | ||
The compensation expense that has been charged against pre-tax income for all of the Company’s stock-based compensation plans was $1.5 million and $1.8 million for the three months ended September 30, 2014 and 2013, respectively, and $4.2 million and $6.4 million for the nine months ended September 30, 2014 and 2013, respectively. |
RETIREMENT_AND_POSTRETIREMENT_
RETIREMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
RETIREMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS | ' | ||||||||||||||||
9 | RETIREMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS: | ||||||||||||||||
Net periodic pension (income) 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 1,053 | $ | 999 | $ | 3,142 | $ | 2,939 | |||||||||
Expected return on plan assets | (1,379 | ) | (1,312 | ) | (4,198 | ) | (3,886 | ) | |||||||||
Recognized net actuarial loss | 180 | 242 | 475 | 822 | |||||||||||||
Net settlement loss | — | 188 | — | 1,478 | |||||||||||||
Total net periodic pension (income) expense | $ | (146 | ) | $ | 117 | $ | (581 | ) | $ | 1,353 | |||||||
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. 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. | |||||||||||||||||
The Company expects to contribute $1.9 million to its defined benefit pension plan during 2014. | |||||||||||||||||
Net postretirement benefit income 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 56 | $ | 49 | $ | 165 | $ | 146 | |||||||||
Amortization of net actuarial loss | 125 | 120 | 334 | 358 | |||||||||||||
Amortization of prior service credit | (328 | ) | (333 | ) | (985 | ) | (998 | ) | |||||||||
Total net postretirement benefit income | $ | (147 | ) | $ | (164 | ) | $ | (486 | ) | $ | (494 | ) | |||||
INCOME_TAXES
INCOME TAXES | 9 Months Ended | |
Sep. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
INCOME TAXES | ' | |
10 | INCOME TAXES: | |
The Company has elected to be taxed as a REIT effective January 1, 2013, pursuant to the U.S. Internal Revenue Code of 1986, as amended. 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) that result from gains on certain assets. In addition, the Company will continue to be required to pay federal and state corporate income taxes on earnings of its taxable REIT subsidiaries (“TRSs”). | ||
For the three months ended September 30, 2014, the Company recorded a discrete income tax benefit of $0.5 million related to the filing of the Company’s 2013 Federal and state income tax returns. For the nine months ended September 30, 2014, the Company recorded an income tax benefit of $0.4 million, consisting of a discrete benefit of $0.5 million related to the filing of the Company’s 2013 Federal and state income tax returns, partially offset by tax expense of $0.1 million related to the current period operations of the Company. The expense recorded related to current period operations is different from the statutory rate primarily due to the non-taxable income of the REIT, partially offset by additional valuation allowance required at the 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 an income tax 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 its current period operations. | ||
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. | ||
At September 30, 2014 and December 31, 2013, the Company had no unrecognized tax benefits. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | |
Sep. 30, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
COMMITMENTS AND CONTINGENCIES | ' | |
11 | COMMITMENTS AND CONTINGENCIES: | |
As discussed in Note 8 to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, the Company’s qualified retirement plan incurred increased lump-sum distributions 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. In 2013, the Pension Benefit Guaranty Corporation (“PBGC”) notified the Company that due to a purported cessation of management operations at the Company as a result of the management transition to Marriott, the Company may be required to take certain actions regarding the plan, including possibly accelerating funding or providing security for future plan liabilities. The Company responded to the PBGC, stating the reasons that it does not believe that the Company’s REIT conversion represents a cessation of management operations, and contesting any liability vigorously. The Company does not currently believe that any of the measures proposed by the PBGC are required or warranted. The staff of the PBGC has indicated that it disagrees with the Company’s position. The PBGC has announced a moratorium on this type of enforcement action through 2014. In addition, legislation has been introduced in Congress that would repeal or limit the applicability of the existing legislation on which the PBGC assertion is based. At this time, the Company believes that possible outcomes include a dispute and protracted litigation, a settlement requiring the Company to prefund future plan obligations and/or establish a letter of credit or provide other security to satisfy future obligations, or legislation being adopted that would impose a moratorium on PBGC actions to enforce this type of asserted liability or otherwise repeal or limit the applicability of the existing legislation on which the PBGC assertion is based. | ||
In June, the Company agreed to sell to an affiliate of The Peterson Companies (the developer of the National Harbor, Maryland development in which the Gaylord National hotel is located) all of its rights in a letter of intent to which it is a party with The Peterson Companies, which entitles the Company to a portion of such party’s economic interest in the income from the land underlying the new MGM casino project at National Harbor. The Company will receive $26.1 million over three years in exchange for its contractual rights. The sale is expected to close in December of 2014. | ||
Also in June, the Company agreed to purchase from an affiliate of The Peterson Companies a 190-room hotel currently being operated as the Aloft Hotel at National Harbor for a purchase price of $21.8 million. The transaction is scheduled to close in December of 2014 and requires that the property be transferred to the Company unencumbered by any existing hotel franchise or management agreements. The Company expects to re-brand the hotel and to allow Marriott to operate the property in conjunction with the Gaylord National. Simultaneously with the purchase of this hotel, the Company also agreed to acquire from an affiliate of The Peterson Companies a vacant one-half acre parcel of land located in close proximity to Gaylord National, suitable for development of a hotel or other permitted uses. | ||
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 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, 2014 | ||
Equity [Abstract] | ' | |
STOCKHOLDERS' EQUITY | ' | |
12 | STOCKHOLDERS’ EQUITY: | |
Dividends | ||
On February 28, 2014, the Company’s board of directors declared the Company’s first quarter 2014 cash dividend in the amount of $0.55 per share of common stock, or an aggregate of approximately $27.9 million in cash, which was paid on April 14, 2014 to stockholders of record as of the close of business on March 28, 2014. | ||
On May 6, 2014, the Company’s board of directors declared the Company’s second quarter 2014 cash dividend in the amount of $0.55 per share of common stock, or an aggregate of approximately $28.0 million in cash, which was paid on July 15, 2014 to stockholders of record as of the close of business on June 27, 2014. | ||
On September 19, 2014, the Company’s board of directors declared the Company’s third quarter 2014 cash dividend in the amount of $0.55 per share of common stock, or an aggregate of approximately $28.1 million in cash, which was paid on October 15, 2014 to stockholders of record as of the close of business on October 2, 2014. | ||
Stock Repurchases | ||
During the nine months ended September 30, 2013, the Company repurchased and cancelled approximately 2.3 million shares of its common stock under a previously announced share repurchase program. The shares were repurchased for an aggregate purchase price of $100.0 million, which the Company funded using cash on hand and borrowings under the revolving credit line of the Company’s credit facility. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS: | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS: | ' | ||||||||||||||||
13 | 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. | |||||||||||||||||
At September 30, 2014 and December 31, 2013, 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 the above 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, 2014 and December 31, 2013. The Company’s assets measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013, were as follows (in thousands): | |||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
September 30, | Identical Assets | Inputs | Inputs | ||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Deferred compensation plan investments | $ | 18,946 | $ | 18,946 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 18,946 | $ | 18,946 | $ | — | $ | — | |||||||||
December 31, | Markets for | Observable | Unobservable | ||||||||||||||
2013 | Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Deferred compensation plan investments | $ | 18,883 | $ | 18,883 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 18,883 | $ | 18,883 | $ | — | $ | — | |||||||||
The remainder of the assets and liabilities held by the Company at September 30, 2014 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 6 and the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, in connection with the development of Gaylord National, the Company received two bonds (“Series A Bond” and “Series B Bond”) from Prince George’s County, Maryland which had aggregate carrying values of $85.3 million and $61.3 million, respectively, at September 30, 2014. 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 at September 30, 2014 and the fair value of the Series B Bond was approximately $39 million at September 30, 2014. 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 at September 30, 2014. | |||||||||||||||||
The Company has outstanding $350.0 million in aggregate principal amount of senior notes due 2021 that accrue interest at a fixed rate of 5.0%. The fair value of these notes, based upon quoted market prices, which the Company considers as Level 1, was $343.9 million at September 30, 2014. | |||||||||||||||||
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, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
FINANCIAL REPORTING BY BUSINESS SEGMENTS | ' | ||||||||||||||||
14 | 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Hospitality | $ | 219,102 | $ | 199,304 | $ | 684,235 | $ | 631,716 | |||||||||
Opry and Attractions | 25,913 | 21,892 | 65,144 | 56,776 | |||||||||||||
Corporate and Other | — | — | — | — | |||||||||||||
Total | $ | 245,015 | $ | 221,196 | $ | 749,379 | $ | 688,492 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Hospitality | $ | 25,886 | $ | 25,599 | $ | 77,403 | $ | 77,928 | |||||||||
Opry and Attractions | 1,327 | 1,317 | 3,983 | 4,002 | |||||||||||||
Corporate and Other | 820 | 1,000 | 2,882 | 7,049 | |||||||||||||
Total | $ | 28,033 | $ | 27,916 | $ | 84,268 | $ | 88,979 | |||||||||
Operating income (loss): | |||||||||||||||||
Hospitality | $ | 28,826 | $ | 22,445 | $ | 115,033 | $ | 83,879 | |||||||||
Opry and Attractions | 8,029 | 5,164 | 16,922 | 11,448 | |||||||||||||
Corporate and Other | (7,772 | ) | (6,699 | ) | (22,589 | ) | (26,050 | ) | |||||||||
REIT conversion costs | — | (971 | ) | — | (21,383 | ) | |||||||||||
Casualty loss | — | (26 | ) | — | (75 | ) | |||||||||||
Impairment and other charges | — | (110 | ) | — | (1,357 | ) | |||||||||||
Total operating income | 29,083 | 19,803 | 109,366 | 46,462 | |||||||||||||
Interest expense | (17,135 | ) | (15,187 | ) | (48,277 | ) | (45,934 | ) | |||||||||
Interest income | 3,001 | 3,020 | 9,070 | 9,123 | |||||||||||||
Income from unconsolidated companies | — | 10 | — | 10 | |||||||||||||
Loss on extinguishment of debt | — | (4,181 | ) | (2,148 | ) | (4,181 | ) | ||||||||||
Other gains and (losses), net | (295 | ) | 2,318 | (4,644 | ) | 2,365 | |||||||||||
Income before income taxes and discontinued operations | $ | 14,654 | $ | 5,783 | $ | 63,367 | $ | 7,845 | |||||||||
INFORMATION_CONCERNING_GUARANT
INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES | ' | ||||||||||||||||||||||||
15 | INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES: | ||||||||||||||||||||||||
The 5% senior notes were issued by the Operating Partnership and Finco and 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 and the $400 million term loan 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 Company’s 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. Certain prior year amounts have been reclassified to conform to the current year presentation. | |||||||||||||||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | 6,598 | $ | 2,890 | $ | 1,706,833 | $ | 312,201 | $ | — | $ | 2,028,522 | |||||||||||||
Cash and cash equivalents - unrestricted | 123 | 237,783 | 41 | 41,586 | — | 279,533 | |||||||||||||||||||
Cash and cash equivalents - restricted | — | — | — | 14,233 | — | 14,233 | |||||||||||||||||||
Notes receivable | — | — | — | 146,614 | — | 146,614 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 59,419 | — | 59,419 | |||||||||||||||||||
Deferred financing costs | — | 23,073 | — | — | — | 23,073 | |||||||||||||||||||
Prepaid expenses and other assets | 77 | 87 | 80,880 | 58,305 | (82,108 | ) | 57,241 | ||||||||||||||||||
Intercompany receivables, net | — | — | 1,006,028 | — | (1,006,028 | ) | — | ||||||||||||||||||
Investments | 1,565,447 | 2,767,166 | 526,644 | 695,895 | (5,555,152 | ) | — | ||||||||||||||||||
Total assets | $ | 1,572,245 | $ | 3,030,999 | $ | 3,320,426 | $ | 1,328,253 | $ | (6,643,288 | ) | $ | 2,608,635 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | 232,168 | $ | 1,276,000 | $ | — | $ | 511 | $ | — | $ | 1,508,679 | |||||||||||||
Accounts payable and accrued liabilities | 25 | 14,372 | 1,054 | 224,881 | (82,391 | ) | 157,941 | ||||||||||||||||||
Deferred income tax liabilities, net | 6,463 | (15 | ) | 433 | 14,276 | — | 21,157 | ||||||||||||||||||
Deferred management rights proceeds | — | — | — | 184,154 | — | 184,154 | |||||||||||||||||||
Dividends payable | 28,804 | — | — | — | — | 28,804 | |||||||||||||||||||
Other liabilities | — | — | 78,013 | 42,214 | 283 | 120,510 | |||||||||||||||||||
Intercompany payables, net | 717,395 | 65,291 | — | 223,342 | (1,006,028 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 510 | 1 | 1 | 2,387 | (2,389 | ) | 510 | ||||||||||||||||||
Additional paid-in-capital | 1,084,746 | 1,741,704 | 2,803,623 | 1,184,038 | (5,729,365 | ) | 1,084,746 | ||||||||||||||||||
Treasury stock | (8,002 | ) | — | — | — | — | (8,002 | ) | |||||||||||||||||
Accumulated deficit | (480,594 | ) | (66,354 | ) | 437,302 | (538,280 | ) | 167,332 | (480,594 | ) | |||||||||||||||
Accumulated other comprehensive loss | (9,270 | ) | — | — | (9,270 | ) | 9,270 | (9,270 | ) | ||||||||||||||||
Total stockholders’ equity | 587,390 | 1,675,351 | 3,240,926 | 638,875 | (5,555,152 | ) | 587,390 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,572,245 | $ | 3,030,999 | $ | 3,320,426 | $ | 1,328,253 | $ | (6,643,288 | ) | $ | 2,608,635 | ||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | — | $ | — | $ | 1,751,479 | $ | 316,518 | $ | — | $ | 2,067,997 | |||||||||||||
Cash and cash equivalents - unrestricted | — | 714 | — | 60,865 | — | 61,579 | |||||||||||||||||||
Cash and cash equivalents - restricted | — | — | — | 20,169 | — | 20,169 | |||||||||||||||||||
Notes receivable | — | — | — | 148,350 | — | 148,350 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 51,796 | (14 | ) | 51,782 | ||||||||||||||||||
Deferred financing costs | — | 19,306 | — | — | — | 19,306 | |||||||||||||||||||
Prepaid expenses and other assets | — | 3 | 227,608 | 58,267 | (230,432 | ) | 55,446 | ||||||||||||||||||
Intercompany receivables, net | 90,184 | — | 697,908 | 172,064 | (960,156 | ) | — | ||||||||||||||||||
Investments | 1,727,143 | 2,767,163 | 526,644 | 436,828 | (5,457,778 | ) | — | ||||||||||||||||||
Total assets | $ | 1,817,327 | $ | 2,787,186 | $ | 3,203,639 | $ | 1,264,857 | $ | (6,648,380 | ) | $ | 2,424,629 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | 293,962 | $ | 859,500 | $ | — | $ | 958 | $ | — | $ | 1,154,420 | |||||||||||||
Accounts payable and accrued liabilities | (14 | ) | 8,164 | 1,470 | 378,448 | (230,729 | ) | 157,339 | |||||||||||||||||
Deferred income tax liabilities, net | 6,528 | (15 | ) | 654 | 15,950 | — | 23,117 | ||||||||||||||||||
Deferred management rights proceeds | — | — | — | 186,346 | — | 186,346 | |||||||||||||||||||
Dividends payable | 25,780 | — | — | — | — | 25,780 | |||||||||||||||||||
Other liabilities | — | — | 73,673 | 45,976 | 283 | 119,932 | |||||||||||||||||||
Intercompany payables, net | 733,376 | 211,925 | 14,855 | — | (960,156 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 505 | 1 | 1 | 2,387 | (2,389 | ) | 505 | ||||||||||||||||||
Additional paid-in-capital | 1,228,845 | 1,741,704 | 2,803,623 | 1,184,038 | (5,729,365 | ) | 1,228,845 | ||||||||||||||||||
Treasury stock | (7,766 | ) | — | — | — | — | (7,766 | ) | |||||||||||||||||
Accumulated deficit | (454,770 | ) | (34,093 | ) | 309,363 | (540,127 | ) | 264,857 | (454,770 | ) | |||||||||||||||
Accumulated other comprehensive loss | (9,119 | ) | — | — | (9,119 | ) | 9,119 | (9,119 | ) | ||||||||||||||||
Total stockholders’ equity | 757,695 | 1,707,612 | 3,112,987 | 637,179 | (5,457,778 | ) | 757,695 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,817,327 | $ | 2,787,186 | $ | 3,203,639 | $ | 1,264,857 | $ | (6,648,380 | ) | $ | 2,424,629 | ||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 92,378 | $ | — | $ | 92,378 | |||||||||||||
Food and beverage | — | — | — | 98,232 | — | 98,232 | |||||||||||||||||||
Other hotel revenue | — | — | 71,800 | 34,655 | (77,963 | ) | 28,492 | ||||||||||||||||||
Opry and Attractions | 132 | — | — | 25,826 | (45 | ) | 25,913 | ||||||||||||||||||
Total revenues | 132 | — | 71,800 | 251,091 | (78,008 | ) | 245,015 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 29,455 | — | 29,455 | |||||||||||||||||||
Food and beverage | — | — | — | 60,508 | — | 60,508 | |||||||||||||||||||
Other hotel expenses | — | — | 11,201 | 131,283 | (71,679 | ) | 70,805 | ||||||||||||||||||
Management fees | — | — | — | 3,622 | — | 3,622 | |||||||||||||||||||
Total hotel operating expenses | — | — | 11,201 | 224,868 | (71,679 | ) | 164,390 | ||||||||||||||||||
Opry and Attractions | — | — | — | 16,602 | (45 | ) | 16,557 | ||||||||||||||||||
Corporate | 47 | 276 | — | 6,629 | — | 6,952 | |||||||||||||||||||
Corporate overhead allocation | 3,327 | — | 2,957 | — | (6,284 | ) | — | ||||||||||||||||||
Depreciation and amortization | 32 | — | 14,837 | 13,164 | — | 28,033 | |||||||||||||||||||
Total operating expenses | 3,406 | 276 | 28,995 | 261,263 | (78,008 | ) | 215,932 | ||||||||||||||||||
Operating income (loss) | (3,274 | ) | (276 | ) | 42,805 | (10,172 | ) | — | 29,083 | ||||||||||||||||
Interest expense | (5,021 | ) | (12,123 | ) | — | 9 | — | (17,135 | ) | ||||||||||||||||
Interest income | — | — | — | 3,001 | — | 3,001 | |||||||||||||||||||
Other gains and (losses), net | (1,569 | ) | — | — | 1,274 | — | (295 | ) | |||||||||||||||||
Income (loss) before income taxes and discontinued operations | (9,864 | ) | (12,399 | ) | 42,805 | (5,888 | ) | — | 14,654 | ||||||||||||||||
(Provision) benefit for income taxes | 6 | — | (89 | ) | 546 | — | 463 | ||||||||||||||||||
Equity in subsidiaries’ earnings, net | 24,988 | — | — | — | (24,988 | ) | — | ||||||||||||||||||
Income (loss) from continuing operations | 15,130 | (12,399 | ) | 42,716 | (5,342 | ) | (24,988 | ) | 15,117 | ||||||||||||||||
Income from discontinued operations, net of taxes | — | — | — | 13 | — | 13 | |||||||||||||||||||
Net income (loss) | $ | 15,130 | $ | (12,399 | ) | $ | 42,716 | $ | (5,329 | ) | $ | (24,988 | ) | $ | 15,130 | ||||||||||
Comprehensive income (loss) | $ | 15,079 | $ | (12,399 | ) | $ | 42,716 | $ | (5,380 | ) | $ | (24,937 | ) | $ | 15,079 | ||||||||||
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 | — | — | — | 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 | (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 Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 282,836 | $ | — | $ | 282,836 | |||||||||||||
Food and beverage | — | — | — | 311,660 | — | 311,660 | |||||||||||||||||||
Other hotel revenue | — | — | 214,586 | 105,123 | (229,970 | ) | 89,739 | ||||||||||||||||||
Opry and Attractions | 216 | — | — | 65,004 | (76 | ) | 65,144 | ||||||||||||||||||
Total revenues | 216 | — | 214,586 | 764,623 | (230,046 | ) | 749,379 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 85,915 | — | 85,915 | |||||||||||||||||||
Food and beverage | — | — | — | 184,748 | — | 184,748 | |||||||||||||||||||
Other hotel expenses | — | — | 34,069 | 389,906 | (214,324 | ) | 209,651 | ||||||||||||||||||
Management fees | — | — | — | 11,485 | — | 11,485 | |||||||||||||||||||
Total hotel operating expenses | — | — | 34,069 | 672,054 | (214,324 | ) | 491,799 | ||||||||||||||||||
Opry and Attractions | — | — | — | 44,315 | (76 | ) | 44,239 | ||||||||||||||||||
Corporate | 66 | 896 | 1 | 18,744 | — | 19,707 | |||||||||||||||||||
Corporate overhead allocation | 8,726 | — | 6,920 | — | (15,646 | ) | — | ||||||||||||||||||
Depreciation and amortization | 53 | — | 44,654 | 39,561 | — | 84,268 | |||||||||||||||||||
Total operating expenses | 8,845 | 896 | 85,644 | 774,674 | (230,046 | ) | 640,013 | ||||||||||||||||||
Operating income (loss) | (8,629 | ) | (896 | ) | 128,942 | (10,051 | ) | — | 109,366 | ||||||||||||||||
Interest expense | (16,917 | ) | (31,360 | ) | — | — | — | (48,277 | ) | ||||||||||||||||
Interest income | — | — | — | 9,070 | — | 9,070 | |||||||||||||||||||
Loss on extinguishment of debt | (2,148 | ) | — | — | — | — | (2,148 | ) | |||||||||||||||||
Other gains and (losses), net | (6,065 | ) | — | — | 1,421 | — | (4,644 | ) | |||||||||||||||||
Income (loss) before income taxes and discontinued operations | (33,759 | ) | (32,256 | ) | 128,942 | 440 | — | 63,367 | |||||||||||||||||
(Provision) benefit for income taxes | 6 | — | (1,000 | ) | 1,365 | — | 371 | ||||||||||||||||||
Equity in subsidiaries’ earnings, net | 97,527 | — | — | — | (97,527 | ) | — | ||||||||||||||||||
Income (loss) from continuing operations | 63,774 | (32,256 | ) | 127,942 | 1,805 | (97,527 | ) | 63,738 | |||||||||||||||||
Income from discontinued operations, net of taxes | — | — | — | 36 | — | 36 | |||||||||||||||||||
Net income (loss) | $ | 63,774 | $ | (32,256 | ) | $ | 127,942 | $ | 1,841 | $ | (97,527 | ) | $ | 63,774 | |||||||||||
Comprehensive income (loss) | $ | 63,623 | $ | (32,256 | ) | $ | 127,942 | $ | 1,690 | $ | (97,376 | ) | $ | 63,623 | |||||||||||
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 | — | — | 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 | (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 CASH FLOWS | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | 316,879 | $ | (168,110 | ) | $ | 51 | $ | 8,595 | $ | — | $ | 157,415 | ||||||||||||
Net cash used in discontinued operating activities | — | — | — | (201 | ) | — | (201 | ) | |||||||||||||||||
Net cash provided by (used in) operating activities | 316,879 | (168,110 | ) | 51 | 8,394 | — | 157,214 | ||||||||||||||||||
Purchases of property and equipment | (6,650 | ) | (2,893 | ) | (10 | ) | (41,175 | ) | — | (50,728 | ) | ||||||||||||||
Decrease in restricted cash and cash equivalents | — | — | — | 5,936 | — | 5,936 | |||||||||||||||||||
Other investing activities | — | — | — | 8,011 | — | 8,011 | |||||||||||||||||||
Net cash used in investing activities - continuing operations | (6,650 | ) | (2,893 | ) | (10 | ) | (27,228 | ) | — | (36,781 | ) | ||||||||||||||
Net cash used in investing activities - discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash used in investing activities | (6,650 | ) | (2,893 | ) | (10 | ) | (27,228 | ) | — | (36,781 | ) | ||||||||||||||
Net borrowings under credit facility | — | 416,500 | — | — | — | 416,500 | |||||||||||||||||||
Repurchase and conversion of convertible notes | (126,542 | ) | — | — | — | — | (126,542 | ) | |||||||||||||||||
Repurchase of common stock warrants | (108,331 | ) | — | — | — | — | (108,331 | ) | |||||||||||||||||
Deferred financing costs paid | — | (8,428 | ) | — | — | — | (8,428 | ) | |||||||||||||||||
Payment of dividend | (81,352 | ) | — | — | — | — | (81,352 | ) | |||||||||||||||||
Proceeds from exercise of stock option and purchase plans | 6,119 | — | — | — | — | 6,119 | |||||||||||||||||||
Other financing activities, net | — | — | — | (445 | ) | — | (445 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities - continuing operations | (310,106 | ) | 408,072 | — | (445 | ) | — | 97,521 | |||||||||||||||||
Net cash used in financing activities - discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | (310,106 | ) | 408,072 | — | (445 | ) | — | 97,521 | |||||||||||||||||
Net change in cash and cash equivalents | 123 | 237,069 | 41 | (19,279 | ) | — | 217,954 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 714 | — | 60,865 | — | 61,579 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 123 | $ | 237,783 | $ | 41 | $ | 41,586 | $ | — | $ | 279,533 | |||||||||||||
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 | ) | |||||||||||||||||
Increase in restricted cash and cash equivalents | — | — | — | (12,347 | ) | — | (12,347 | ) | |||||||||||||||||
Other investing activities | — | — | — | 1,967 | — | 1,967 | |||||||||||||||||||
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 | |||||||||||||||||||
Other financing activities, net | 7 | — | — | (521 | ) | — | (514 | ) | |||||||||||||||||
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 |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Newly Issued Accounting Standards | ' |
Newly Issued Accounting Standards | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” the core principle of which is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Under this guidance, companies will need to use more judgment and make more estimates than under today’s guidance. These judgments may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The ASU is effective for the Company in the first quarter of 2017. The Company is currently evaluating the effects of this ASU on its financial statements, and such effects have not yet been determined. |
INCOME_PER_SHARE_Tables
INCOME PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average shares outstanding - basic | 50,975 | 50,524 | 50,805 | 51,392 | |||||||||||||
Effect of dilutive stock-based compensation | 442 | 460 | 495 | 503 | |||||||||||||
Effect of convertible notes | 6,307 | 5,416 | 5,946 | 6,187 | |||||||||||||
Effect of common stock warrants | 3,435 | 3,702 | 3,156 | 4,631 | |||||||||||||
Weighted average shares outstanding - diluted | 61,159 | 60,102 | 60,402 | 62,713 | |||||||||||||
PROPERTY_AND_EQUIPMENT_Tables
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment at September 30, 2014 and December 31, 2013 is recorded at cost and summarized as follows (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 244,610 | $ | 242,418 | |||||
Buildings | 2,319,710 | 2,300,499 | |||||||
Furniture, fixtures and equipment | 584,973 | 576,209 | |||||||
Construction-in-progress | 26,909 | 25,844 | |||||||
3,176,202 | 3,144,970 | ||||||||
Accumulated depreciation | (1,147,680 | ) | (1,076,973 | ) | |||||
Property and equipment, net | $ | 2,028,522 | $ | 2,067,997 | |||||
DEBT_Tables
DEBT (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Debt and Capital Lease Obligations | ' | ||||||||
The Company’s debt and capital lease obligations at September 30, 2014 and December 31, 2013 consisted of (in thousands): | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
$1 Billion Credit Facility, interest at LIBOR plus 1.85%, maturing April 18, 2017 | $ | 527,000 | $ | 509,500 | |||||
$400 Million Term Loan Facility, terms as set forth below | 399,000 | — | |||||||
Convertible Senior Notes, interest at 3.75%, maturing October 1, 2014, net of unamortized discount of $0 and $10,096 | 232,168 | 293,962 | |||||||
Senior Notes, interest at 5.0%, maturing April 15, 2021 | 350,000 | 350,000 | |||||||
Capital lease obligations | 511 | 958 | |||||||
Total debt | 1,508,679 | 1,154,420 | |||||||
Less amounts due within one year | (511 | ) | (599 | ) | |||||
Total long-term debt | $ | 1,508,168 | $ | 1,153,821 | |||||
RETIREMENT_AND_POSTRETIREMENT_1
RETIREMENT AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Other Postretirement Benefit Plan [Member] | ' | ||||||||||||||||
Net Periodic Pension and Postretirement Benefit (Income) Expense | ' | ||||||||||||||||
Net postretirement benefit income 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 56 | $ | 49 | $ | 165 | $ | 146 | |||||||||
Amortization of net actuarial loss | 125 | 120 | 334 | 358 | |||||||||||||
Amortization of prior service credit | (328 | ) | (333 | ) | (985 | ) | (998 | ) | |||||||||
Total net postretirement benefit income | $ | (147 | ) | $ | (164 | ) | $ | (486 | ) | $ | (494 | ) | |||||
Pension Plan [Member] | ' | ||||||||||||||||
Net Periodic Pension and Postretirement Benefit (Income) Expense | ' | ||||||||||||||||
Net periodic pension (income) 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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Interest cost | $ | 1,053 | $ | 999 | $ | 3,142 | $ | 2,939 | |||||||||
Expected return on plan assets | (1,379 | ) | (1,312 | ) | (4,198 | ) | (3,886 | ) | |||||||||
Recognized net actuarial loss | 180 | 242 | 475 | 822 | |||||||||||||
Net settlement loss | — | 188 | — | 1,478 | |||||||||||||
Total net periodic pension (income) expense | $ | (146 | ) | $ | 117 | $ | (581 | ) | $ | 1,353 | |||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS: (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The Company had no liabilities required to be measured at fair value at September 30, 2014 and December 31, 2013. The Company’s assets measured at fair value on a recurring basis at September 30, 2014 and December 31, 2013, were as follows (in thousands): | |||||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
September 30, | Identical Assets | Inputs | Inputs | ||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Deferred compensation plan investments | $ | 18,946 | $ | 18,946 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 18,946 | $ | 18,946 | $ | — | $ | — | |||||||||
December 31, | Markets for | Observable | Unobservable | ||||||||||||||
2013 | Identical Assets | Inputs | Inputs | ||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||
Deferred compensation plan investments | $ | 18,883 | $ | 18,883 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 18,883 | $ | 18,883 | $ | — | $ | — | |||||||||
FINANCIAL_REPORTING_BY_BUSINES1
FINANCIAL REPORTING BY BUSINESS SEGMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
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, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Hospitality | $ | 219,102 | $ | 199,304 | $ | 684,235 | $ | 631,716 | |||||||||
Opry and Attractions | 25,913 | 21,892 | 65,144 | 56,776 | |||||||||||||
Corporate and Other | — | — | — | — | |||||||||||||
Total | $ | 245,015 | $ | 221,196 | $ | 749,379 | $ | 688,492 | |||||||||
Depreciation and amortization: | |||||||||||||||||
Hospitality | $ | 25,886 | $ | 25,599 | $ | 77,403 | $ | 77,928 | |||||||||
Opry and Attractions | 1,327 | 1,317 | 3,983 | 4,002 | |||||||||||||
Corporate and Other | 820 | 1,000 | 2,882 | 7,049 | |||||||||||||
Total | $ | 28,033 | $ | 27,916 | $ | 84,268 | $ | 88,979 | |||||||||
Operating income (loss): | |||||||||||||||||
Hospitality | $ | 28,826 | $ | 22,445 | $ | 115,033 | $ | 83,879 | |||||||||
Opry and Attractions | 8,029 | 5,164 | 16,922 | 11,448 | |||||||||||||
Corporate and Other | (7,772 | ) | (6,699 | ) | (22,589 | ) | (26,050 | ) | |||||||||
REIT conversion costs | — | (971 | ) | — | (21,383 | ) | |||||||||||
Casualty loss | — | (26 | ) | — | (75 | ) | |||||||||||
Impairment and other charges | — | (110 | ) | — | (1,357 | ) | |||||||||||
Total operating income | 29,083 | 19,803 | 109,366 | 46,462 | |||||||||||||
Interest expense | (17,135 | ) | (15,187 | ) | (48,277 | ) | (45,934 | ) | |||||||||
Interest income | 3,001 | 3,020 | 9,070 | 9,123 | |||||||||||||
Income from unconsolidated companies | — | 10 | — | 10 | |||||||||||||
Loss on extinguishment of debt | — | (4,181 | ) | (2,148 | ) | (4,181 | ) | ||||||||||
Other gains and (losses), net | (295 | ) | 2,318 | (4,644 | ) | 2,365 | |||||||||||
Income before income taxes and discontinued operations | $ | 14,654 | $ | 5,783 | $ | 63,367 | $ | 7,845 | |||||||||
INFORMATION_CONCERNING_GUARANT1
INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
30-Sep-14 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | 6,598 | $ | 2,890 | $ | 1,706,833 | $ | 312,201 | $ | — | $ | 2,028,522 | |||||||||||||
Cash and cash equivalents - unrestricted | 123 | 237,783 | 41 | 41,586 | — | 279,533 | |||||||||||||||||||
Cash and cash equivalents - restricted | — | — | — | 14,233 | — | 14,233 | |||||||||||||||||||
Notes receivable | — | — | — | 146,614 | — | 146,614 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 59,419 | — | 59,419 | |||||||||||||||||||
Deferred financing costs | — | 23,073 | — | — | — | 23,073 | |||||||||||||||||||
Prepaid expenses and other assets | 77 | 87 | 80,880 | 58,305 | (82,108 | ) | 57,241 | ||||||||||||||||||
Intercompany receivables, net | — | — | 1,006,028 | — | (1,006,028 | ) | — | ||||||||||||||||||
Investments | 1,565,447 | 2,767,166 | 526,644 | 695,895 | (5,555,152 | ) | — | ||||||||||||||||||
Total assets | $ | 1,572,245 | $ | 3,030,999 | $ | 3,320,426 | $ | 1,328,253 | $ | (6,643,288 | ) | $ | 2,608,635 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | 232,168 | $ | 1,276,000 | $ | — | $ | 511 | $ | — | $ | 1,508,679 | |||||||||||||
Accounts payable and accrued liabilities | 25 | 14,372 | 1,054 | 224,881 | (82,391 | ) | 157,941 | ||||||||||||||||||
Deferred income tax liabilities, net | 6,463 | (15 | ) | 433 | 14,276 | — | 21,157 | ||||||||||||||||||
Deferred management rights proceeds | — | — | — | 184,154 | — | 184,154 | |||||||||||||||||||
Dividends payable | 28,804 | — | — | — | — | 28,804 | |||||||||||||||||||
Other liabilities | — | — | 78,013 | 42,214 | 283 | 120,510 | |||||||||||||||||||
Intercompany payables, net | 717,395 | 65,291 | — | 223,342 | (1,006,028 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 510 | 1 | 1 | 2,387 | (2,389 | ) | 510 | ||||||||||||||||||
Additional paid-in-capital | 1,084,746 | 1,741,704 | 2,803,623 | 1,184,038 | (5,729,365 | ) | 1,084,746 | ||||||||||||||||||
Treasury stock | (8,002 | ) | — | — | — | — | (8,002 | ) | |||||||||||||||||
Accumulated deficit | (480,594 | ) | (66,354 | ) | 437,302 | (538,280 | ) | 167,332 | (480,594 | ) | |||||||||||||||
Accumulated other comprehensive loss | (9,270 | ) | — | — | (9,270 | ) | 9,270 | (9,270 | ) | ||||||||||||||||
Total stockholders’ equity | 587,390 | 1,675,351 | 3,240,926 | 638,875 | (5,555,152 | ) | 587,390 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,572,245 | $ | 3,030,999 | $ | 3,320,426 | $ | 1,328,253 | $ | (6,643,288 | ) | $ | 2,608,635 | ||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | — | $ | — | $ | 1,751,479 | $ | 316,518 | $ | — | $ | 2,067,997 | |||||||||||||
Cash and cash equivalents - unrestricted | — | 714 | — | 60,865 | — | 61,579 | |||||||||||||||||||
Cash and cash equivalents - restricted | — | — | — | 20,169 | — | 20,169 | |||||||||||||||||||
Notes receivable | — | — | — | 148,350 | — | 148,350 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 51,796 | (14 | ) | 51,782 | ||||||||||||||||||
Deferred financing costs | — | 19,306 | — | — | — | 19,306 | |||||||||||||||||||
Prepaid expenses and other assets | — | 3 | 227,608 | 58,267 | (230,432 | ) | 55,446 | ||||||||||||||||||
Intercompany receivables, net | 90,184 | — | 697,908 | 172,064 | (960,156 | ) | — | ||||||||||||||||||
Investments | 1,727,143 | 2,767,163 | 526,644 | 436,828 | (5,457,778 | ) | — | ||||||||||||||||||
Total assets | $ | 1,817,327 | $ | 2,787,186 | $ | 3,203,639 | $ | 1,264,857 | $ | (6,648,380 | ) | $ | 2,424,629 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | 293,962 | $ | 859,500 | $ | — | $ | 958 | $ | — | $ | 1,154,420 | |||||||||||||
Accounts payable and accrued liabilities | (14 | ) | 8,164 | 1,470 | 378,448 | (230,729 | ) | 157,339 | |||||||||||||||||
Deferred income tax liabilities, net | 6,528 | (15 | ) | 654 | 15,950 | — | 23,117 | ||||||||||||||||||
Deferred management rights proceeds | — | — | — | 186,346 | — | 186,346 | |||||||||||||||||||
Dividends payable | 25,780 | — | — | — | — | 25,780 | |||||||||||||||||||
Other liabilities | — | — | 73,673 | 45,976 | 283 | 119,932 | |||||||||||||||||||
Intercompany payables, net | 733,376 | 211,925 | 14,855 | — | (960,156 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 505 | 1 | 1 | 2,387 | (2,389 | ) | 505 | ||||||||||||||||||
Additional paid-in-capital | 1,228,845 | 1,741,704 | 2,803,623 | 1,184,038 | (5,729,365 | ) | 1,228,845 | ||||||||||||||||||
Treasury stock | (7,766 | ) | — | — | — | — | (7,766 | ) | |||||||||||||||||
Accumulated deficit | (454,770 | ) | (34,093 | ) | 309,363 | (540,127 | ) | 264,857 | (454,770 | ) | |||||||||||||||
Accumulated other comprehensive loss | (9,119 | ) | — | — | (9,119 | ) | 9,119 | (9,119 | ) | ||||||||||||||||
Total stockholders’ equity | 757,695 | 1,707,612 | 3,112,987 | 637,179 | (5,457,778 | ) | 757,695 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,817,327 | $ | 2,787,186 | $ | 3,203,639 | $ | 1,264,857 | $ | (6,648,380 | ) | $ | 2,424,629 | ||||||||||||
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, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 92,378 | $ | — | $ | 92,378 | |||||||||||||
Food and beverage | — | — | — | 98,232 | — | 98,232 | |||||||||||||||||||
Other hotel revenue | — | — | 71,800 | 34,655 | (77,963 | ) | 28,492 | ||||||||||||||||||
Opry and Attractions | 132 | — | — | 25,826 | (45 | ) | 25,913 | ||||||||||||||||||
Total revenues | 132 | — | 71,800 | 251,091 | (78,008 | ) | 245,015 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 29,455 | — | 29,455 | |||||||||||||||||||
Food and beverage | — | — | — | 60,508 | — | 60,508 | |||||||||||||||||||
Other hotel expenses | — | — | 11,201 | 131,283 | (71,679 | ) | 70,805 | ||||||||||||||||||
Management fees | — | — | — | 3,622 | — | 3,622 | |||||||||||||||||||
Total hotel operating expenses | — | — | 11,201 | 224,868 | (71,679 | ) | 164,390 | ||||||||||||||||||
Opry and Attractions | — | — | — | 16,602 | (45 | ) | 16,557 | ||||||||||||||||||
Corporate | 47 | 276 | — | 6,629 | — | 6,952 | |||||||||||||||||||
Corporate overhead allocation | 3,327 | — | 2,957 | — | (6,284 | ) | — | ||||||||||||||||||
Depreciation and amortization | 32 | — | 14,837 | 13,164 | — | 28,033 | |||||||||||||||||||
Total operating expenses | 3,406 | 276 | 28,995 | 261,263 | (78,008 | ) | 215,932 | ||||||||||||||||||
Operating income (loss) | (3,274 | ) | (276 | ) | 42,805 | (10,172 | ) | — | 29,083 | ||||||||||||||||
Interest expense | (5,021 | ) | (12,123 | ) | — | 9 | — | (17,135 | ) | ||||||||||||||||
Interest income | — | — | — | 3,001 | — | 3,001 | |||||||||||||||||||
Other gains and (losses), net | (1,569 | ) | — | — | 1,274 | — | (295 | ) | |||||||||||||||||
Income (loss) before income taxes and discontinued operations | (9,864 | ) | (12,399 | ) | 42,805 | (5,888 | ) | — | 14,654 | ||||||||||||||||
(Provision) benefit for income taxes | 6 | — | (89 | ) | 546 | — | 463 | ||||||||||||||||||
Equity in subsidiaries’ earnings, net | 24,988 | — | — | — | (24,988 | ) | — | ||||||||||||||||||
Income (loss) from continuing operations | 15,130 | (12,399 | ) | 42,716 | (5,342 | ) | (24,988 | ) | 15,117 | ||||||||||||||||
Income from discontinued operations, net of taxes | — | — | — | 13 | — | 13 | |||||||||||||||||||
Net income (loss) | $ | 15,130 | $ | (12,399 | ) | $ | 42,716 | $ | (5,329 | ) | $ | (24,988 | ) | $ | 15,130 | ||||||||||
Comprehensive income (loss) | $ | 15,079 | $ | (12,399 | ) | $ | 42,716 | $ | (5,380 | ) | $ | (24,937 | ) | $ | 15,079 | ||||||||||
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 | — | — | — | 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 | (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 Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 282,836 | $ | — | $ | 282,836 | |||||||||||||
Food and beverage | — | — | — | 311,660 | — | 311,660 | |||||||||||||||||||
Other hotel revenue | — | — | 214,586 | 105,123 | (229,970 | ) | 89,739 | ||||||||||||||||||
Opry and Attractions | 216 | — | — | 65,004 | (76 | ) | 65,144 | ||||||||||||||||||
Total revenues | 216 | — | 214,586 | 764,623 | (230,046 | ) | 749,379 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 85,915 | — | 85,915 | |||||||||||||||||||
Food and beverage | — | — | — | 184,748 | — | 184,748 | |||||||||||||||||||
Other hotel expenses | — | — | 34,069 | 389,906 | (214,324 | ) | 209,651 | ||||||||||||||||||
Management fees | — | — | — | 11,485 | — | 11,485 | |||||||||||||||||||
Total hotel operating expenses | — | — | 34,069 | 672,054 | (214,324 | ) | 491,799 | ||||||||||||||||||
Opry and Attractions | — | — | — | 44,315 | (76 | ) | 44,239 | ||||||||||||||||||
Corporate | 66 | 896 | 1 | 18,744 | — | 19,707 | |||||||||||||||||||
Corporate overhead allocation | 8,726 | — | 6,920 | — | (15,646 | ) | — | ||||||||||||||||||
Depreciation and amortization | 53 | — | 44,654 | 39,561 | — | 84,268 | |||||||||||||||||||
Total operating expenses | 8,845 | 896 | 85,644 | 774,674 | (230,046 | ) | 640,013 | ||||||||||||||||||
Operating income (loss) | (8,629 | ) | (896 | ) | 128,942 | (10,051 | ) | — | 109,366 | ||||||||||||||||
Interest expense | (16,917 | ) | (31,360 | ) | — | — | — | (48,277 | ) | ||||||||||||||||
Interest income | — | — | — | 9,070 | — | 9,070 | |||||||||||||||||||
Loss on extinguishment of debt | (2,148 | ) | — | — | — | — | (2,148 | ) | |||||||||||||||||
Other gains and (losses), net | (6,065 | ) | — | — | 1,421 | — | (4,644 | ) | |||||||||||||||||
Income (loss) before income taxes and discontinued operations | (33,759 | ) | (32,256 | ) | 128,942 | 440 | — | 63,367 | |||||||||||||||||
(Provision) benefit for income taxes | 6 | — | (1,000 | ) | 1,365 | — | 371 | ||||||||||||||||||
Equity in subsidiaries’ earnings, net | 97,527 | — | — | — | (97,527 | ) | — | ||||||||||||||||||
Income (loss) from continuing operations | 63,774 | (32,256 | ) | 127,942 | 1,805 | (97,527 | ) | 63,738 | |||||||||||||||||
Income from discontinued operations, net of taxes | — | — | — | 36 | — | 36 | |||||||||||||||||||
Net income (loss) | $ | 63,774 | $ | (32,256 | ) | $ | 127,942 | $ | 1,841 | $ | (97,527 | ) | $ | 63,774 | |||||||||||
Comprehensive income (loss) | $ | 63,623 | $ | (32,256 | ) | $ | 127,942 | $ | 1,690 | $ | (97,376 | ) | $ | 63,623 | |||||||||||
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 | — | — | 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 | (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 | ||||||||||
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, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | 316,879 | $ | (168,110 | ) | $ | 51 | $ | 8,595 | $ | — | $ | 157,415 | ||||||||||||
Net cash used in discontinued operating activities | — | — | — | (201 | ) | — | (201 | ) | |||||||||||||||||
Net cash provided by (used in) operating activities | 316,879 | (168,110 | ) | 51 | 8,394 | — | 157,214 | ||||||||||||||||||
Purchases of property and equipment | (6,650 | ) | (2,893 | ) | (10 | ) | (41,175 | ) | — | (50,728 | ) | ||||||||||||||
Decrease in restricted cash and cash equivalents | — | — | — | 5,936 | — | 5,936 | |||||||||||||||||||
Other investing activities | — | — | — | 8,011 | — | 8,011 | |||||||||||||||||||
Net cash used in investing activities - continuing operations | (6,650 | ) | (2,893 | ) | (10 | ) | (27,228 | ) | — | (36,781 | ) | ||||||||||||||
Net cash used in investing activities - discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash used in investing activities | (6,650 | ) | (2,893 | ) | (10 | ) | (27,228 | ) | — | (36,781 | ) | ||||||||||||||
Net borrowings under credit facility | — | 416,500 | — | — | — | 416,500 | |||||||||||||||||||
Repurchase and conversion of convertible notes | (126,542 | ) | — | — | — | — | (126,542 | ) | |||||||||||||||||
Repurchase of common stock warrants | (108,331 | ) | — | — | — | — | (108,331 | ) | |||||||||||||||||
Deferred financing costs paid | — | (8,428 | ) | — | — | — | (8,428 | ) | |||||||||||||||||
Payment of dividend | (81,352 | ) | — | — | — | — | (81,352 | ) | |||||||||||||||||
Proceeds from exercise of stock option and purchase plans | 6,119 | — | — | — | — | 6,119 | |||||||||||||||||||
Other financing activities, net | — | — | — | (445 | ) | — | (445 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities - continuing operations | (310,106 | ) | 408,072 | — | (445 | ) | — | 97,521 | |||||||||||||||||
Net cash used in financing activities - discontinued operations | — | — | — | — | — | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | (310,106 | ) | 408,072 | — | (445 | ) | — | 97,521 | |||||||||||||||||
Net change in cash and cash equivalents | 123 | 237,069 | 41 | (19,279 | ) | — | 217,954 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 714 | — | 60,865 | — | 61,579 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 123 | $ | 237,783 | $ | 41 | $ | 41,586 | $ | — | $ | 279,533 | |||||||||||||
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 | ) | |||||||||||||||||
Increase in restricted cash and cash equivalents | — | — | — | (12,347 | ) | — | (12,347 | ) | |||||||||||||||||
Other investing activities | — | — | — | 1,967 | — | 1,967 | |||||||||||||||||||
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 | |||||||||||||||||||
Other financing activities, net | 7 | — | — | (521 | ) | — | (514 | ) | |||||||||||||||||
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 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | Sep. 30, 2014 |
Accounting Policies [Abstract] | ' |
Percentage of owned subsidiaries | 100.00% |
Reit_Conversion_Additional_Inf
Reit Conversion - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2012 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
REIT Conversion [Member] | REIT Conversion [Member] | REIT Conversion [Member] | REIT Conversion [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 | ' | 21,383,000 | 0 | 1,000,000 | 0 | 21,400,000 |
Employment severance and retention costs | ' | ' | ' | ' | ' | 400,000 | ' | 14,300,000 |
Professional fees | ' | ' | ' | ' | ' | 100,000 | ' | 2,100,000 |
Various other transition costs | ' | ' | ' | ' | ' | $500,000 | ' | $5,000,000 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average shares outstanding - basic | 50,975 | 50,524 | 50,805 | 51,392 |
Effect of dilutive stock-based compensation | 442 | 460 | 495 | 503 |
Effect of convertible notes | 6,307 | 5,416 | 5,946 | 6,187 |
Effect of common stock warrants | 3,435 | 3,702 | 3,156 | 4,631 |
Weighted average shares outstanding - diluted | 61,159 | 60,102 | 60,402 | 62,713 |
Income_Per_Share_Additional_In
Income Per Share - Additional Information (Detail) (USD $) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, except Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Note | 3.75% Convertible Senior Notes [Member] | 3.75% Convertible Senior Notes [Member] | |||||
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation awards outstanding | ' | 0 | 0.2 | 0 | 0.1 | ' | ' |
Interest | ' | ' | ' | ' | ' | 3.75% | 3.75% |
Maturity date for Notes | ' | ' | ' | ' | ' | 1-Oct-14 | 1-Oct-14 |
Approximate number of common stock share which can be purchased under warrants | ' | 7.2 | ' | 7.2 | ' | ' | ' |
Adjusted strike price under warrant | ' | $25.01 | ' | $25.01 | ' | ' | ' |
Loss on call spread modification related to convertible notes | ' | ' | ' | $4,952 | $4,869 | ' | ' |
Number of note hedge counterparties With Modification Agreements | 2 | ' | ' | ' | ' | ' | ' |
Recovered_Sheet1
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Equity [Abstract] | ' | ' | ' | ' |
Comprehensive income (loss) | $0 | $200,000 | $0 | $13,700,000 |
Reclassified comprehensive income loss, Before tax | 0 | ' | -200,000 | 200,000 |
Other comprehensive loss Pension liability, tax (expense) benefit | ' | ' | ' | $4,200,000 |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | $3,176,202 | $3,144,970 |
Accumulated depreciation | -1,147,680 | -1,076,973 |
Property and equipment, net | 2,028,522 | 2,067,997 |
Land and land improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 244,610 | 242,418 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 2,319,710 | 2,300,499 |
Furniture, fixtures and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 584,973 | 576,209 |
Construction-in-progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | $26,909 | $25,844 |
Notes_Receivable_Additional_In
Notes Receivable - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Note | Note | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of notes receivable | 2 | ' | 2 | ' |
Interest income | $3,001,000 | $3,020,000 | $9,070,000 | $9,123,000 |
National Bonds [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Number of notes receivable | 2 | ' | 2 | ' |
Interest income | 3,000,000 | 3,000,000 | 9,100,000 | 9,100,000 |
Payment received relating to notes receivables | ' | ' | $10,800,000 | $13,300,000 |
Debt_Summary_of_Debt_and_Capit
Debt - Summary of Debt and Capital Lease Obligations (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total Debt | $1,508,679 | $1,154,420 |
Less amounts due within one year | -511 | -599 |
Total long-term debt | 1,508,168 | 1,153,821 |
$1 Billion Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Debt | 527,000 | 509,500 |
$400 Million Term Loan Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Debt | 399,000 | ' |
5% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Debt | 350,000 | 350,000 |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Debt | 511 | 958 |
3.75% Convertible Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total Debt | $232,168 | $293,962 |
Debt_Summary_of_Debt_and_Capit1
Debt - Summary of Debt and Capital Lease Obligations (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
3.75% Convertible Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate of Senior Notes | 3.75% | 3.75% |
Maturity date for Notes | 1-Oct-14 | 1-Oct-14 |
Debt discount on Convertible Senior Notes | $0 | $10,096,000 |
$1 Billion Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total credit facility | 1,000,000,000 | 1,000,000,000 |
Spread rate added to LIBOR | 1.85% | 1.85% |
Maturity date for credit facility | 18-Apr-17 | 18-Apr-17 |
$400 Million Term Loan Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total credit facility | $400,000,000 | ' |
5% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate of Senior Notes | 5.00% | 5.00% |
Maturity date for Notes | 15-Apr-21 | 15-Apr-21 |
Debt_375_Convertible_Senior_No
Debt - 3.75% Convertible Senior Notes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 01, 2014 | Oct. 01, 2014 |
$1 Billion Credit Facility [Member] | $1 Billion 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] | 3.75% Convertible Senior Notes [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] | 3.75% Convertible Senior Notes [Member] | 3.75% Convertible Senior Notes [Member] | 3.75% Convertible Senior Notes [Member] | ||||
Additional Paid-in Capital [Member] | Additional Warrant [Member] | Additional Warrant [Member] | Additional Warrant [Member] | Additional Warrant [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate per $ 1,000 principal of convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.9789 | ' | ' | ' | ' | ' | ' | ' |
Common Stock principal amount of convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | $1,000 |
Conversion price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.84 | ' | ' | ' | ' | ' | ' | ' |
Cancellation of Convertible notes | ' | ' | ' | ' | ' | ' | 56,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate consideration for cancellation of convertible notes | ' | ' | ' | ' | ' | ' | 120,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration received from counter parties | ' | ' | ' | ' | ' | ' | 9,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of convertible notes converted by a holder | ' | ' | ' | ' | ' | ' | ' | ' | 15,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment on debt | 4,181,000 | 2,148,000 | 4,181,000 | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' |
Reduction in stockholder's equity due to repurchase and conversion transactions | ' | ' | ' | ' | ' | ' | ' | ' | ' | -52,000,000 | -47,200,000 | -52,300,000 | ' | ' | ' | ' | ' |
Conversion settlement amount of convertible notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' |
Conversion of shares, stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.3 | ' |
Total credit facility | ' | ' | ' | 1,000,000,000 | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Strike price of purchased option | ' | $20.84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased options number of shares | ' | 11.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants repurchased | ' | ' | ' | ' | ' | 2.4 | ' | ' | ' | ' | ' | ' | 2.4 | ' | ' | ' | ' |
Total consideration for repurchase of warrants | ' | 108,331,000 | ' | ' | ' | 50,800,000 | ' | ' | ' | ' | ' | ' | 57,600,000 | ' | ' | ' | ' |
Loss on change in the fair value of the derivative liability | ' | ' | ' | ' | ' | ' | ' | $2,300,000 | ' | $2,500,000 | ' | ' | ' | $1,600,000 | $1,600,000 | ' | ' |
Approximate number of common stock share which can be purchased under warrants | ' | 7.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted strike price under warrant | ' | $25.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_400_Million_Term_Loan_Fac
Debt - $400 Million Term Loan Facility - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Entity | |
$400 Million Term Loan Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Additional credit facility | $400,000,000 |
Maturity date | 15-Jan-21 |
Debt Instrument, description of interest rate | 'The interest rate on the Term Loan B was LIBOR plus 3.0% |
Margin rate added to LIBOR rate to arrive at interest rate | 3.00% |
LIBOR floor rate | 0.75% |
Periodic payment, percentage on principal amount | 1.00% |
Line of credit facility repayment commencement period | 30-Sep-14 |
Percentage of advance borrowing based on appraisal value of hotel properties | 55.00% |
Percentage of advance borrowing based on appraisal value of hotel properties in the event of hotel property sold | 50.00% |
Number of Wholly-owned subsidiaries | 4 |
$1 Billion Credit Facility [Member] | ' |
Debt Instrument [Line Items] | ' |
Additional credit facility | $1,000,000,000 |
Stock_Plans_Additional_Informa
Stock Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Restricted Stock Units [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Restricted stock award granted by Company | ' | ' | ' | ' | 0.1 | ' |
Weighted-average grant-date fair value of restricted stock awards granted | ' | ' | ' | ' | $42.60 | ' |
Restricted stock award, outstanding | ' | ' | ' | ' | 0.6 | 0.6 |
Compensation cost on stock-based compensation plans | $1.50 | $1.80 | $4.20 | $6.40 | ' | ' |
Recovered_Sheet2
Retirement and Postretirement Benefits Other Than Pension Plans - Net Periodic Pension and Postretirement Benefit (Income) Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Postretirement Benefit Plan [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Interest cost | $56 | $49 | $165 | $146 |
Amortization of net actuarial loss | 125 | 120 | 334 | 358 |
Amortization of prior service credit | -328 | -333 | -985 | -998 |
Total net postretirement benefit income | -147 | -164 | -486 | -494 |
Pension Plan [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Interest cost | 1,053 | 999 | 3,142 | 2,939 |
Expected return on plan assets | -1,379 | -1,312 | -4,198 | -3,886 |
Recognized net actuarial loss | 180 | 242 | 475 | 822 |
Net settlement loss | ' | 188 | ' | 1,478 |
Total net periodic pension (income) expense | ($146) | $117 | ($581) | $1,353 |
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, 2014 | Sep. 30, 2013 | |
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 |
Pension Plan [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Net settlement loss | 188,000 | ' | 1,478,000 |
Expected contribution to defined benefit pension plan | ' | $1,900,000 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' |
Income tax benefit related previous period operations | $500,000 | ' | $500,000 | $1,200,000 | ' |
Benefit for income taxes | 463,000 | 12,450,000 | 371,000 | 80,526,000 | ' |
Income tax benefit related to current period operations | ' | -5,400,000 | 100,000 | -6,400,000 | ' |
Tax benefit related to the reversal of liabilities associated with unrecognized tax positions | ' | ' | ' | 6,900,000 | ' |
Reversal of deferred tax liabilities | ' | 7,100,000 | ' | ' | ' |
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 | 0 | ' | 0 | ' | 0 |
REIT Conversion [Member] | ' | ' | ' | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' | ' | ' | ' |
Benefit for income taxes | ' | ' | ' | $66,000,000 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (Forecast [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Contingencies And Commitments [Line Items] | ' |
Receivable from contractual right | $26.10 |
Contractual right exchange period | '3 years |
Aloft Hotel National Harbor [Member] | ' |
Contingencies And Commitments [Line Items] | ' |
Number of room purchased | 190 |
Purchase price of hotel | $21.80 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Cash Dividend on Common Stock | $0.55 | $0.55 | $0.55 | $0.50 | $1.65 | $1.50 |
Aggregated Dividend Paid | $28.10 | $28 | $27.90 | ' | ' | ' |
Common stock Dividend Payable Date | 15-Oct-14 | 15-Jul-14 | 14-Apr-14 | ' | ' | ' |
Dividend payable date of record | 2-Oct-14 | 27-Jun-14 | 28-Mar-14 | ' | ' | ' |
Dividend payable date declared | 19-Sep-14 | 6-May-14 | 28-Feb-14 | ' | ' | ' |
Company repurchased, shares | ' | ' | ' | ' | ' | 2.3 |
Repurchase agreement, Total cost | ' | ' | ' | ' | ' | $100 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan investments | $18,946 | $18,883 |
Total assets measured at fair value | 18,946 | 18,883 |
Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan investments | 18,946 | 18,883 |
Total assets measured at fair value | 18,946 | 18,883 |
Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan investments | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation plan investments | 0 | 0 |
Total assets measured at fair value | $0 | $0 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Number of notes receivable | 2 | ' |
Bonds A Series [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes receivables, carrying value | $85.30 | ' |
Maturity date | 1-Jul-34 | ' |
Bonds B Series [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes receivables, carrying value | 61.3 | ' |
Notes receivable, fair value | 39 | ' |
Maturity date | 1-Sep-37 | ' |
5% Senior Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Face amount of outstanding debt | 350 | ' |
Maturity year of note | '2021 | ' |
Interest rate of Senior Notes | 5.00% | 5.00% |
Fair value of Senior Notes | $343.90 | ' |
Recovered_Sheet4
Financial Reporting by Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | $245,015 | $221,196 | $749,379 | $688,492 |
Depreciation and amortization | 28,033 | 27,916 | 84,268 | 88,979 |
REIT conversion costs | ' | -971 | ' | -21,383 |
Casualty loss | ' | -26 | ' | -75 |
Impairment and other charges | ' | -110 | ' | -1,357 |
Operating income (loss) | 29,083 | 19,803 | 109,366 | 46,462 |
Interest expense | -17,135 | -15,187 | -48,277 | -45,934 |
Interest income | 3,001 | 3,020 | 9,070 | 9,123 |
Income from unconsolidated companies | ' | 10 | ' | 10 |
Loss on extinguishment of debt | ' | -4,181 | -2,148 | -4,181 |
Other gains and (losses), net | -295 | 2,318 | -4,644 | 2,365 |
Income before income taxes and discontinued operations | 14,654 | 5,783 | 63,367 | 7,845 |
Operating Segments [Member] | Hospitality [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 219,102 | 199,304 | 684,235 | 631,716 |
Depreciation and amortization | 25,886 | 25,599 | 77,403 | 77,928 |
Operating income (loss) | 28,826 | 22,445 | 115,033 | 83,879 |
Operating Segments [Member] | Opry and Attractions [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | 25,913 | 21,892 | 65,144 | 56,776 |
Depreciation and amortization | 1,327 | 1,317 | 3,983 | 4,002 |
Operating income (loss) | 8,029 | 5,164 | 16,922 | 11,448 |
Corporate, Non-Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' |
Depreciation and amortization | 820 | 1,000 | 2,882 | 7,049 |
Operating income (loss) | -7,772 | -6,699 | -22,589 | -26,050 |
Segment Reconciling Items [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
REIT conversion costs | ' | -971 | ' | -21,383 |
Casualty loss | ' | -26 | ' | -75 |
Impairment and other charges | ' | ($110) | ' | ($1,357) |
Recovered_Sheet6
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Guarantors [Member] | 5% Senior Notes [Member] | 5% Senior Notes [Member] | $1 Billion Credit Facility [Member] | $1 Billion Credit Facility [Member] | $400 Million Term Loan Facility [Member] | $400 Million Term Loan Facility [Member] | ||
Entity | ||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of Senior Notes | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' |
Number of wholly owned subsidiaries | ' | 4 | ' | ' | ' | ' | ' | ' |
Total credit facility | ' | ' | ' | ' | $1,000,000,000 | $1,000,000,000 | $400,000,000 | ' |
Ownership percentage in subsidiaries | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet7
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | $2,028,522 | $2,067,997 | ' | ' |
Cash and cash equivalents - unrestricted | 279,533 | 61,579 | 52,090 | 97,170 |
Cash and cash equivalents - restricted | 14,233 | 20,169 | ' | ' |
Notes receivable | 146,614 | 148,350 | ' | ' |
Trade receivables, less allowance | 59,419 | 51,782 | ' | ' |
Deferred financing costs | 23,073 | 19,306 | ' | ' |
Prepaid expenses and other assets | 57,241 | 55,446 | ' | ' |
Intercompany receivables, net | ' | ' | ' | ' |
Investments | ' | ' | ' | ' |
Total assets | 2,608,635 | 2,424,629 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | 1,508,679 | 1,154,420 | ' | ' |
Accounts payable and accrued liabilities | 157,941 | 157,339 | ' | ' |
Deferred income tax liabilities, net | 21,157 | 23,117 | ' | ' |
Deferred management rights proceeds | 184,154 | 186,346 | ' | ' |
Dividends payable | 28,804 | 25,780 | ' | ' |
Other liabilities | 120,510 | 119,932 | ' | ' |
Intercompany payables, net | ' | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | 510 | 505 | ' | ' |
Additional paid-in-capital | 1,084,746 | 1,228,845 | ' | ' |
Treasury stock | -8,002 | -7,766 | ' | ' |
Accumulated deficit | -480,594 | -454,770 | ' | ' |
Accumulated other comprehensive loss | -9,270 | -9,119 | ' | ' |
Total stockholders' equity | 587,390 | 757,695 | ' | ' |
Total liabilities and stockholders' equity | 2,608,635 | 2,424,629 | ' | ' |
Parent Guarantor [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | 6,598 | ' | ' | ' |
Cash and cash equivalents - unrestricted | 123 | ' | ' | ' |
Cash and cash equivalents - restricted | ' | ' | ' | ' |
Notes receivable | ' | ' | ' | ' |
Trade receivables, less allowance | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' |
Prepaid expenses and other assets | 77 | ' | ' | ' |
Intercompany receivables, net | ' | 90,184 | ' | ' |
Investments | 1,565,447 | 1,727,143 | ' | ' |
Total assets | 1,572,245 | 1,817,327 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | 232,168 | 293,962 | ' | ' |
Accounts payable and accrued liabilities | 25 | -14 | ' | ' |
Deferred income tax liabilities, net | 6,463 | 6,528 | ' | ' |
Deferred management rights proceeds | ' | ' | ' | ' |
Dividends payable | 28,804 | 25,780 | ' | ' |
Other liabilities | ' | ' | ' | ' |
Intercompany payables, net | 717,395 | 733,376 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | 510 | 505 | ' | ' |
Additional paid-in-capital | 1,084,746 | 1,228,845 | ' | ' |
Treasury stock | -8,002 | -7,766 | ' | ' |
Accumulated deficit | -480,594 | -454,770 | ' | ' |
Accumulated other comprehensive loss | -9,270 | -9,119 | ' | ' |
Total stockholders' equity | 587,390 | 757,695 | ' | ' |
Total liabilities and stockholders' equity | 1,572,245 | 1,817,327 | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | 2,890 | ' | ' | ' |
Cash and cash equivalents - unrestricted | 237,783 | 714 | 57 | ' |
Cash and cash equivalents - restricted | ' | ' | ' | ' |
Notes receivable | ' | ' | ' | ' |
Trade receivables, less allowance | ' | ' | ' | ' |
Deferred financing costs | 23,073 | 19,306 | ' | ' |
Prepaid expenses and other assets | 87 | 3 | ' | ' |
Intercompany receivables, net | ' | ' | ' | ' |
Investments | 2,767,166 | 2,767,163 | ' | ' |
Total assets | 3,030,999 | 2,787,186 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | 1,276,000 | 859,500 | ' | ' |
Accounts payable and accrued liabilities | 14,372 | 8,164 | ' | ' |
Deferred income tax liabilities, net | -15 | -15 | ' | ' |
Deferred management rights proceeds | ' | ' | ' | ' |
Dividends payable | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' |
Intercompany payables, net | 65,291 | 211,925 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | 1 | 1 | ' | ' |
Additional paid-in-capital | 1,741,704 | 1,741,704 | ' | ' |
Treasury stock | ' | ' | ' | ' |
Accumulated deficit | -66,354 | -34,093 | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' |
Total stockholders' equity | 1,675,351 | 1,707,612 | ' | ' |
Total liabilities and stockholders' equity | 3,030,999 | 2,787,186 | ' | ' |
Guarantors [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | 1,706,833 | 1,751,479 | ' | ' |
Cash and cash equivalents - unrestricted | 41 | ' | ' | -595 |
Cash and cash equivalents - restricted | ' | ' | ' | ' |
Notes receivable | ' | ' | ' | ' |
Trade receivables, less allowance | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' |
Prepaid expenses and other assets | 80,880 | 227,608 | ' | ' |
Intercompany receivables, net | 1,006,028 | 697,908 | ' | ' |
Investments | 526,644 | 526,644 | ' | ' |
Total assets | 3,320,426 | 3,203,639 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 1,054 | 1,470 | ' | ' |
Deferred income tax liabilities, net | 433 | 654 | ' | ' |
Deferred management rights proceeds | ' | ' | ' | ' |
Dividends payable | ' | ' | ' | ' |
Other liabilities | 78,013 | 73,673 | ' | ' |
Intercompany payables, net | ' | 14,855 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | 1 | 1 | ' | ' |
Additional paid-in-capital | 2,803,623 | 2,803,623 | ' | ' |
Treasury stock | ' | ' | ' | ' |
Accumulated deficit | 437,302 | 309,363 | ' | ' |
Accumulated other comprehensive loss | ' | ' | ' | ' |
Total stockholders' equity | 3,240,926 | 3,112,987 | ' | ' |
Total liabilities and stockholders' equity | 3,320,426 | 3,203,639 | ' | ' |
Non-Guarantors [Member] | ' | ' | ' | ' |
ASSETS: | ' | ' | ' | ' |
Property and equipment, net of accumulated depreciation | 312,201 | 316,518 | ' | ' |
Cash and cash equivalents - unrestricted | 41,586 | 60,865 | 52,033 | 97,765 |
Cash and cash equivalents - restricted | 14,233 | 20,169 | ' | ' |
Notes receivable | 146,614 | 148,350 | ' | ' |
Trade receivables, less allowance | 59,419 | 51,796 | ' | ' |
Deferred financing costs | ' | ' | ' | ' |
Prepaid expenses and other assets | 58,305 | 58,267 | ' | ' |
Intercompany receivables, net | ' | 172,064 | ' | ' |
Investments | 695,895 | 436,828 | ' | ' |
Total assets | 1,328,253 | 1,264,857 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | 511 | 958 | ' | ' |
Accounts payable and accrued liabilities | 224,881 | 378,448 | ' | ' |
Deferred income tax liabilities, net | 14,276 | 15,950 | ' | ' |
Deferred management rights proceeds | 184,154 | 186,346 | ' | ' |
Dividends payable | ' | ' | ' | ' |
Other liabilities | 42,214 | 45,976 | ' | ' |
Intercompany payables, net | 223,342 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | 2,387 | 2,387 | ' | ' |
Additional paid-in-capital | 1,184,038 | 1,184,038 | ' | ' |
Treasury stock | ' | ' | ' | ' |
Accumulated deficit | -538,280 | -540,127 | ' | ' |
Accumulated other comprehensive loss | -9,270 | -9,119 | ' | ' |
Total stockholders' equity | 638,875 | 637,179 | ' | ' |
Total liabilities and stockholders' equity | 1,328,253 | 1,264,857 | ' | ' |
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 | ' | -14 | ' | ' |
Deferred financing costs | ' | ' | ' | ' |
Prepaid expenses and other assets | -82,108 | -230,432 | ' | ' |
Intercompany receivables, net | -1,006,028 | -960,156 | ' | ' |
Investments | -5,555,152 | -5,457,778 | ' | ' |
Total assets | -6,643,288 | -6,648,380 | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ' | ' | ' | ' |
Debt and capital lease obligations | ' | ' | ' | ' |
Accounts payable and accrued liabilities | -82,391 | -230,729 | ' | ' |
Deferred income tax liabilities, net | ' | ' | ' | ' |
Deferred management rights proceeds | ' | ' | ' | ' |
Dividends payable | ' | ' | ' | ' |
Other liabilities | 283 | 283 | ' | ' |
Intercompany payables, net | -1,006,028 | -960,156 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' |
Common stock | -2,389 | -2,389 | ' | ' |
Additional paid-in-capital | -5,729,365 | -5,729,365 | ' | ' |
Treasury stock | ' | ' | ' | ' |
Accumulated deficit | 167,332 | 264,857 | ' | ' |
Accumulated other comprehensive loss | 9,270 | 9,119 | ' | ' |
Total stockholders' equity | -5,555,152 | -5,457,778 | ' | ' |
Total liabilities and stockholders' equity | ($6,643,288) | ($6,648,380) | ' | ' |
Information_Concerning_Guarant2
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Rooms | $92,378 | $83,804 | $282,836 | $265,386 |
Food and beverage | 98,232 | 88,193 | 311,660 | 285,690 |
Other hotel revenue | 28,492 | 27,307 | 89,739 | 80,640 |
Opry and Attractions | 25,913 | 21,892 | 65,144 | 56,776 |
Total revenues | 245,015 | 221,196 | 749,379 | 688,492 |
Operating expenses: | ' | ' | ' | ' |
Rooms | 29,455 | 26,369 | 85,915 | 78,020 |
Food and beverage | 60,508 | 55,920 | 184,748 | 177,574 |
Other hotel expenses | 70,805 | 65,718 | 209,651 | 203,869 |
Management fees | 3,622 | 3,253 | 11,485 | 10,446 |
Total hotel operating expenses | 164,390 | 151,260 | 491,799 | 469,909 |
Opry and Attractions | 16,557 | 15,411 | 44,239 | 41,326 |
Corporate | 6,952 | 5,699 | 19,707 | 19,001 |
Corporate overhead allocation | ' | ' | ' | ' |
REIT conversion costs | ' | 971 | ' | 21,383 |
Casualty loss | ' | 26 | ' | 75 |
Impairment and other charges | ' | 110 | ' | 1,357 |
Depreciation and amortization | 28,033 | 27,916 | 84,268 | 88,979 |
Total operating expenses | 215,932 | 201,393 | 640,013 | 642,030 |
Operating income (loss) | 29,083 | 19,803 | 109,366 | 46,462 |
Interest expense | -17,135 | -15,187 | -48,277 | -45,934 |
Interest income | 3,001 | 3,020 | 9,070 | 9,123 |
Income from unconsolidated companies | ' | 10 | ' | 10 |
Loss on extinguishment of debt | ' | -4,181 | -2,148 | -4,181 |
Other gains and (losses), net | -295 | 2,318 | -4,644 | 2,365 |
Income (loss) before income taxes and discontinued operations | 14,654 | 5,783 | 63,367 | 7,845 |
(Provision) benefit for income taxes | 463 | 12,450 | 371 | 80,526 |
Equity in subsidiaries' earnings, net | ' | ' | ' | ' |
Income (loss) from continuing operations | 15,117 | 18,233 | 63,738 | 88,371 |
Income from discontinued operations, net of taxes | 13 | -202 | 36 | -181 |
Net income (loss) | 15,130 | 18,031 | 63,774 | 88,190 |
Comprehensive income (loss) | 15,079 | 18,196 | 63,623 | 97,927 |
Parent Guarantor [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel revenue | ' | ' | ' | ' |
Opry and Attractions | 132 | ' | 216 | ' |
Total revenues | 132 | ' | 216 | ' |
Operating expenses: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel expenses | ' | ' | ' | ' |
Management fees | ' | ' | ' | ' |
Total hotel operating expenses | ' | ' | ' | ' |
Opry and Attractions | ' | ' | ' | ' |
Corporate | 47 | ' | 66 | ' |
Corporate overhead allocation | 3,327 | -12 | 8,726 | 2,108 |
REIT conversion costs | ' | ' | ' | ' |
Casualty loss | ' | ' | ' | ' |
Impairment and other charges | ' | ' | ' | ' |
Depreciation and amortization | 32 | ' | 53 | ' |
Total operating expenses | 3,406 | -12 | 8,845 | 2,108 |
Operating income (loss) | -3,274 | 12 | -8,629 | -2,108 |
Interest expense | -5,021 | -6,402 | -16,917 | -22,308 |
Interest income | ' | ' | ' | ' |
Income from unconsolidated companies | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | -4,181 | -2,148 | -4,181 |
Other gains and (losses), net | -1,569 | ' | -6,065 | ' |
Income (loss) before income taxes and discontinued operations | -9,864 | -10,571 | -33,759 | -28,597 |
(Provision) benefit for income taxes | 6 | 2,732 | 6 | 2,508 |
Equity in subsidiaries' earnings, net | 24,988 | 25,870 | 97,527 | 114,279 |
Income (loss) from continuing operations | 15,130 | 18,031 | 63,774 | 88,190 |
Income from discontinued operations, net of taxes | ' | ' | ' | ' |
Net income (loss) | 15,130 | 18,031 | 63,774 | 88,190 |
Comprehensive income (loss) | 15,079 | 18,196 | 63,623 | 97,927 |
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 | 276 | 201 | 896 | 867 |
Corporate overhead allocation | ' | ' | ' | ' |
REIT conversion costs | ' | ' | ' | ' |
Casualty loss | ' | ' | ' | ' |
Impairment and other charges | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' |
Total operating expenses | 276 | 201 | 896 | 867 |
Operating income (loss) | -276 | -201 | -896 | -867 |
Interest expense | -12,123 | -8,774 | -31,360 | -23,587 |
Interest income | ' | ' | ' | ' |
Income from unconsolidated companies | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | ' |
Other gains and (losses), net | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | -12,399 | -8,975 | -32,256 | -24,454 |
(Provision) benefit for income taxes | ' | 4,720 | ' | 2,689 |
Equity in subsidiaries' earnings, net | ' | ' | ' | ' |
Income (loss) from continuing operations | -12,399 | -4,255 | -32,256 | -21,765 |
Income from discontinued operations, net of taxes | ' | ' | ' | ' |
Net income (loss) | -12,399 | -4,255 | -32,256 | -21,765 |
Comprehensive income (loss) | -12,399 | -4,255 | -32,256 | -21,765 |
Guarantors [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel revenue | 71,800 | 64,147 | 214,586 | 200,662 |
Opry and Attractions | ' | ' | ' | ' |
Total revenues | 71,800 | 64,147 | 214,586 | 200,662 |
Operating expenses: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel expenses | 11,201 | 10,891 | 34,069 | 33,391 |
Management fees | ' | ' | ' | ' |
Total hotel operating expenses | 11,201 | 10,891 | 34,069 | 33,391 |
Opry and Attractions | ' | ' | ' | ' |
Corporate | ' | ' | 1 | 1 |
Corporate overhead allocation | 2,957 | 2,914 | 6,920 | 8,519 |
REIT conversion costs | ' | ' | ' | ' |
Casualty loss | ' | ' | ' | ' |
Impairment and other charges | ' | ' | ' | 1,246 |
Depreciation and amortization | 14,837 | 14,936 | 44,654 | 44,823 |
Total operating expenses | 28,995 | 28,741 | 85,644 | 87,980 |
Operating income (loss) | 42,805 | 35,406 | 128,942 | 112,682 |
Interest expense | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' |
Income from unconsolidated companies | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | ' |
Other gains and (losses), net | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | 42,805 | 35,406 | 128,942 | 112,682 |
(Provision) benefit for income taxes | -89 | -8,821 | -1,000 | 133,396 |
Equity in subsidiaries' earnings, net | ' | ' | ' | ' |
Income (loss) from continuing operations | 42,716 | 26,585 | 127,942 | 246,078 |
Income from discontinued operations, net of taxes | ' | ' | ' | ' |
Net income (loss) | 42,716 | 26,585 | 127,942 | 246,078 |
Comprehensive income (loss) | 42,716 | 26,585 | 127,942 | 246,078 |
Non-Guarantors [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rooms | 92,378 | 83,804 | 282,836 | 265,386 |
Food and beverage | 98,232 | 88,193 | 311,660 | 285,690 |
Other hotel revenue | 34,655 | 28,723 | 105,123 | 91,040 |
Opry and Attractions | 25,826 | 21,892 | 65,004 | 56,776 |
Total revenues | 251,091 | 222,612 | 764,623 | 698,892 |
Operating expenses: | ' | ' | ' | ' |
Rooms | 29,455 | 26,369 | 85,915 | 78,020 |
Food and beverage | 60,508 | 55,920 | 184,748 | 177,574 |
Other hotel expenses | 131,283 | 117,488 | 389,906 | 370,913 |
Management fees | 3,622 | 3,253 | 11,485 | 10,446 |
Total hotel operating expenses | 224,868 | 203,030 | 672,054 | 636,953 |
Opry and Attractions | 16,602 | 15,411 | 44,315 | 41,326 |
Corporate | 6,629 | 5,498 | 18,744 | 18,133 |
Corporate overhead allocation | ' | ' | ' | ' |
REIT conversion costs | ' | 971 | ' | 21,383 |
Casualty loss | ' | 26 | ' | 75 |
Impairment and other charges | ' | 110 | ' | 111 |
Depreciation and amortization | 13,164 | 12,980 | 39,561 | 44,156 |
Total operating expenses | 261,263 | 238,026 | 774,674 | 762,137 |
Operating income (loss) | -10,172 | -15,414 | -10,051 | -63,245 |
Interest expense | 9 | -11 | ' | -39 |
Interest income | 3,001 | 3,020 | 9,070 | 9,123 |
Income from unconsolidated companies | ' | 10 | ' | 10 |
Loss on extinguishment of debt | ' | ' | ' | ' |
Other gains and (losses), net | 1,274 | 2,318 | 1,421 | 2,365 |
Income (loss) before income taxes and discontinued operations | -5,888 | -10,077 | 440 | -51,786 |
(Provision) benefit for income taxes | 546 | 13,819 | 1,365 | -58,067 |
Equity in subsidiaries' earnings, net | ' | ' | ' | ' |
Income (loss) from continuing operations | -5,342 | 3,742 | 1,805 | -109,853 |
Income from discontinued operations, net of taxes | 13 | -202 | 36 | -181 |
Net income (loss) | -5,329 | 3,540 | 1,841 | -110,034 |
Comprehensive income (loss) | -5,380 | 3,705 | 1,690 | -100,297 |
Eliminations [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel revenue | -77,963 | -65,563 | -229,970 | -211,062 |
Opry and Attractions | -45 | ' | -76 | ' |
Total revenues | -78,008 | -65,563 | -230,046 | -211,062 |
Operating expenses: | ' | ' | ' | ' |
Rooms | ' | ' | ' | ' |
Food and beverage | ' | ' | ' | ' |
Other hotel expenses | -71,679 | -62,661 | -214,324 | -200,435 |
Management fees | ' | ' | ' | ' |
Total hotel operating expenses | -71,679 | -62,661 | -214,324 | -200,435 |
Opry and Attractions | -45 | ' | -76 | ' |
Corporate | ' | ' | ' | ' |
Corporate overhead allocation | -6,284 | -2,902 | -15,646 | -10,627 |
REIT conversion costs | ' | ' | ' | ' |
Casualty loss | ' | ' | ' | ' |
Impairment and other charges | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' |
Total operating expenses | -78,008 | -65,563 | -230,046 | -211,062 |
Operating income (loss) | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' |
Income from unconsolidated companies | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | ' | ' | ' |
Other gains and (losses), net | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | ' | ' | ' | ' |
(Provision) benefit for income taxes | ' | ' | ' | ' |
Equity in subsidiaries' earnings, net | -24,988 | -25,870 | -97,527 | -114,279 |
Income (loss) from continuing operations | -24,988 | -25,870 | -97,527 | -114,279 |
Income from discontinued operations, net of taxes | ' | ' | ' | ' |
Net income (loss) | -24,988 | -25,870 | -97,527 | -114,279 |
Comprehensive income (loss) | ($24,937) | ($26,035) | ($97,376) | ($124,016) |
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, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | $157,415 | $64,206 |
Net cash provided by (used in) discontinued operating activities | -201 | 94 |
Net cash provided by (used in) operating activities | 157,214 | 64,300 |
Purchases of property and equipment | -50,728 | -23,584 |
(Increase) decrease in restricted cash and cash equivalents | 5,936 | -12,347 |
Other investing activities | 8,011 | 1,967 |
Net cash provided by (used in) investing activities - continuing operations | -36,781 | -33,964 |
Net cash used in investing activities - discontinued operations | ' | ' |
Net cash provided by (used in) investing activities | -36,781 | -33,964 |
Net borrowings (repayments) under credit facility | 416,500 | -12,000 |
Issuance of senior notes | ' | 350,000 |
Early redemption of senior notes | ' | -152,180 |
Repurchase and conversion of convertible notes | -126,542 | -99,222 |
Repurchase of common stock warrants | -108,331 | ' |
Deferred financing costs paid | -8,428 | -15,516 |
Repurchase of Company stock for retirement | ' | -100,028 |
Payment of dividend | -81,352 | -51,162 |
Proceeds from exercise of stock option and purchase plans | 6,119 | 5,206 |
Other financing activities, net | -445 | -514 |
Net cash provided by (used in) financing activities - continuing operations | 97,521 | -75,416 |
Net cash used in financing activities - discontinued operations | ' | ' |
Net cash provided by (used in) financing activities | 97,521 | -75,416 |
Net change in cash and cash equivalents | 217,954 | -45,080 |
Cash and cash equivalents - unrestricted, beginning of period | 61,579 | 97,170 |
Cash and cash equivalents - unrestricted, end of period | 279,533 | 52,090 |
Eliminations [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | ' | ' |
Net cash provided by (used in) discontinued operating activities | ' | ' |
Net cash provided by (used in) operating activities | ' | ' |
Purchases of property and equipment | ' | ' |
(Increase) decrease 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 (repayments) under credit facility | ' | ' |
Issuance of senior notes | ' | ' |
Early redemption of senior notes | ' | ' |
Repurchase and conversion of convertible notes | ' | ' |
Repurchase of common stock warrants | ' | ' |
Deferred financing costs paid | ' | ' |
Repurchase of Company stock for retirement | ' | ' |
Payment of dividend | ' | ' |
Proceeds from exercise of stock option and purchase plans | ' | ' |
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 - unrestricted, beginning of period | ' | ' |
Cash and cash equivalents - unrestricted, end of period | ' | ' |
Parent Guarantor [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | 316,879 | 397,379 |
Net cash provided by (used in) discontinued operating activities | ' | ' |
Net cash provided by (used in) operating activities | 316,879 | 397,379 |
Purchases of property and equipment | -6,650 | ' |
(Increase) decrease in restricted cash and cash equivalents | ' | ' |
Other investing activities | ' | ' |
Net cash provided by (used in) investing activities - continuing operations | -6,650 | ' |
Net cash used in investing activities - discontinued operations | ' | ' |
Net cash provided by (used in) investing activities | -6,650 | ' |
Net borrowings (repayments) under credit facility | ' | ' |
Issuance of senior notes | ' | ' |
Early redemption of senior notes | ' | -152,180 |
Repurchase and conversion of convertible notes | -126,542 | -99,222 |
Repurchase of common stock warrants | -108,331 | ' |
Deferred financing costs paid | ' | ' |
Repurchase of Company stock for retirement | ' | -100,028 |
Payment of dividend | -81,352 | -51,162 |
Proceeds from exercise of stock option and purchase plans | 6,119 | 5,206 |
Other financing activities, net | ' | 7 |
Net cash provided by (used in) financing activities - continuing operations | -310,106 | -397,379 |
Net cash used in financing activities - discontinued operations | ' | ' |
Net cash provided by (used in) financing activities | -310,106 | -397,379 |
Net change in cash and cash equivalents | 123 | ' |
Cash and cash equivalents - unrestricted, beginning of period | ' | ' |
Cash and cash equivalents - unrestricted, end of period | 123 | ' |
Issuer [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | -168,110 | -322,427 |
Net cash provided by (used in) discontinued operating activities | ' | ' |
Net cash provided by (used in) operating activities | -168,110 | -322,427 |
Purchases of property and equipment | -2,893 | ' |
(Increase) decrease in restricted cash and cash equivalents | ' | ' |
Other investing activities | ' | ' |
Net cash provided by (used in) investing activities - continuing operations | -2,893 | ' |
Net cash used in investing activities - discontinued operations | ' | ' |
Net cash provided by (used in) investing activities | -2,893 | ' |
Net borrowings (repayments) under credit facility | 416,500 | -12,000 |
Issuance of senior notes | ' | 350,000 |
Early redemption of senior notes | ' | ' |
Repurchase and conversion of convertible notes | ' | ' |
Repurchase of common stock warrants | ' | ' |
Deferred financing costs paid | -8,428 | -15,516 |
Repurchase of Company stock for retirement | ' | ' |
Payment of dividend | ' | ' |
Proceeds from exercise of stock option and purchase plans | ' | ' |
Other financing activities, net | ' | ' |
Net cash provided by (used in) financing activities - continuing operations | 408,072 | 322,484 |
Net cash used in financing activities - discontinued operations | ' | ' |
Net cash provided by (used in) financing activities | 408,072 | 322,484 |
Net change in cash and cash equivalents | 237,069 | 57 |
Cash and cash equivalents - unrestricted, beginning of period | 714 | ' |
Cash and cash equivalents - unrestricted, end of period | 237,783 | 57 |
Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | 51 | 37 |
Net cash provided by (used in) discontinued operating activities | ' | ' |
Net cash provided by (used in) operating activities | 51 | 37 |
Purchases of property and equipment | -10 | 558 |
(Increase) decrease in restricted cash and cash equivalents | ' | ' |
Other investing activities | ' | ' |
Net cash provided by (used in) investing activities - continuing operations | -10 | 558 |
Net cash used in investing activities - discontinued operations | ' | ' |
Net cash provided by (used in) investing activities | -10 | 558 |
Net borrowings (repayments) under credit facility | ' | ' |
Issuance of senior notes | ' | ' |
Early redemption of senior notes | ' | ' |
Repurchase and conversion of convertible notes | ' | ' |
Repurchase of common stock warrants | ' | ' |
Deferred financing costs paid | ' | ' |
Repurchase of Company stock for retirement | ' | ' |
Payment of dividend | ' | ' |
Proceeds from exercise of stock option and purchase plans | ' | ' |
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 | 41 | 595 |
Cash and cash equivalents - unrestricted, beginning of period | ' | -595 |
Cash and cash equivalents - unrestricted, end of period | 41 | ' |
Non-Guarantors [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by (used in) continuing operating activities | 8,595 | -10,783 |
Net cash provided by (used in) discontinued operating activities | -201 | 94 |
Net cash provided by (used in) operating activities | 8,394 | -10,689 |
Purchases of property and equipment | -41,175 | -24,142 |
(Increase) decrease in restricted cash and cash equivalents | 5,936 | -12,347 |
Other investing activities | 8,011 | 1,967 |
Net cash provided by (used in) investing activities - continuing operations | -27,228 | -34,522 |
Net cash used in investing activities - discontinued operations | ' | ' |
Net cash provided by (used in) investing activities | -27,228 | -34,522 |
Net borrowings (repayments) under credit facility | ' | ' |
Issuance of senior notes | ' | ' |
Early redemption of senior notes | ' | ' |
Repurchase and conversion of convertible notes | ' | ' |
Repurchase of common stock warrants | ' | ' |
Deferred financing costs paid | ' | ' |
Repurchase of Company stock for retirement | ' | ' |
Payment of dividend | ' | ' |
Proceeds from exercise of stock option and purchase plans | ' | ' |
Other financing activities, net | -445 | -521 |
Net cash provided by (used in) financing activities - continuing operations | -445 | -521 |
Net cash used in financing activities - discontinued operations | ' | ' |
Net cash provided by (used in) financing activities | -445 | -521 |
Net change in cash and cash equivalents | -19,279 | -45,732 |
Cash and cash equivalents - unrestricted, beginning of period | 60,865 | 97,765 |
Cash and cash equivalents - unrestricted, end of period | $41,586 | $52,033 |