Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | RHP | |
Entity Registrant Name | Ryman Hospitality Properties, Inc. | |
Entity Central Index Key | 1040829 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 51,254,143 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | $2,023,725 | $2,036,261 | ||
Cash and cash equivalents - unrestricted | 52,999 | 76,408 | 55,417 | 61,579 |
Cash and cash equivalents - restricted | 21,004 | 17,410 | ||
Notes receivable | 149,233 | 149,612 | ||
Trade receivables, less allowance of $535 and $704, respectively | 70,164 | 45,188 | ||
Deferred financing costs | 20,250 | 21,646 | ||
Prepaid expenses and other assets | 61,667 | 66,621 | ||
Total assets | 2,399,042 | 2,413,146 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 1,511,398 | 1,341,555 | ||
Accounts payable and accrued liabilities | 142,518 | 166,848 | ||
Deferred income tax liabilities, net | 14,081 | 14,284 | ||
Deferred management rights proceeds | 182,692 | 183,423 | ||
Dividends payable | 33,800 | 29,133 | ||
Derivative liabilities | 134,477 | |||
Other liabilities | 142,881 | 142,019 | ||
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, 51,248 and 51,044 shares issued and outstanding, respectively | 513 | 510 | ||
Additional paid-in capital | 881,500 | 882,193 | ||
Treasury stock of 477 shares, at cost | -8,002 | -8,002 | ||
Accumulated deficit | -476,067 | -446,963 | ||
Accumulated other comprehensive loss | -26,272 | -26,331 | ||
Total stockholders' equity | 371,672 | 401,407 | ||
Total liabilities and stockholders' equity | $2,399,042 | $2,413,146 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $535 | $704 |
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 | 51,248,000 | 51,044,000 |
Common stock, shares outstanding | 51,248,000 | 51,044,000 |
Treasury stock, shares | 477,000 | 477,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Rooms | $94,721 | $91,082 |
Food and beverage | 118,331 | 117,244 |
Other hotel revenue | 23,402 | 23,877 |
Entertainment (previously Opry and Attractions) | 16,694 | 14,248 |
Total revenues | 253,148 | 246,451 |
Operating expenses: | ||
Rooms | 26,067 | 27,478 |
Food and beverage | 65,075 | 63,182 |
Other hotel expenses | 70,296 | 72,102 |
Management fees | 3,512 | 3,911 |
Total hotel operating expenses | 164,950 | 166,673 |
Entertainment (previously Opry and Attractions) | 13,162 | 12,271 |
Corporate | 7,094 | 6,707 |
Preopening costs | 592 | |
Impairment and other charges | 2,890 | |
Depreciation and amortization | 28,570 | 28,003 |
Total operating expenses | 217,258 | 213,654 |
Operating income | 35,890 | 32,797 |
Interest expense | -13,813 | -15,670 |
Interest income | 3,008 | 3,031 |
Other gains and (losses), net | -20,232 | 11 |
Income before income taxes | 4,853 | 20,169 |
(Provision) benefit for income taxes | -321 | 484 |
Net income available to common shareholders | 4,532 | 20,653 |
Basic income per share available to common shareholders | $0.09 | $0.41 |
Fully diluted income per share available to common shareholders | $0.09 | $0.32 |
Dividends declared per common share | $0.65 | $0.55 |
Comprehensive income, net of deferred taxes | $4,591 | $20,600 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities: | ||
Net income (loss) | $4,532 | $20,653 |
Amounts to reconcile net income to net cash flows provided by operating activities: | ||
Benefit for deferred income taxes | -241 | -1,070 |
Depreciation and amortization | 28,570 | 28,003 |
Amortization of deferred financing costs | 1,396 | 1,421 |
Amortization of discount on convertible notes | 3,274 | |
Impairment and other charges | 2,890 | |
Loss on repurchase of warrants | 20,186 | |
Stock-based compensation expense | 1,591 | 1,281 |
Changes in: | ||
Trade receivables | -24,976 | -15,373 |
Interest receivable | 379 | 422 |
Accounts payable and accrued liabilities | -27,817 | -13,299 |
Other assets and liabilities | -2,638 | 4,519 |
Net cash flows provided by operating activities | 3,872 | 29,831 |
Cash Flows from Investing Activities: | ||
Purchases of property and equipment | -18,655 | -17,484 |
Proceeds from sale of Peterson LOI | 10,000 | |
(Increase) decrease in restricted cash and cash equivalents | -3,594 | 9,509 |
Other investing activities | -2,453 | |
Net cash flows used in investing activities | -14,702 | -7,975 |
Cash Flows from Financing Activities: | ||
Net borrowings (repayments) under credit facility | 171,000 | -3,500 |
Repayments under term loan B | -1,000 | |
Repurchase of common stock warrants | -154,681 | |
Payment of dividend | -28,756 | -25,459 |
Proceeds from exercise of stock option and purchase plans | 1,015 | 1,078 |
Other financing activities | -157 | -137 |
Net cash flows used in financing activities | -12,579 | -28,018 |
Net change in cash and cash equivalents | -23,409 | -6,162 |
Cash and cash equivalents - unrestricted, beginning of period | 76,408 | 61,579 |
Cash and cash equivalents - unrestricted, end of period | $52,999 | $55,417 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014. 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 real estate investment trust (“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, Entertainment (previously referred to as Opry and Attractions), and Corporate and Other. | |
Acquisition | |
In December 2014, the Company purchased from an affiliate of The Peterson Companies (the developer of the National Harbor, Maryland development in which Gaylord National is located) the AC Hotel, a 192-room hotel previously operated as the Aloft Hotel at National Harbor for a purchase price of $21.8 million (the “AC Hotel”). The transaction required that the property be transferred to the Company unencumbered by any existing hotel franchise or management agreements. The Company has rebranded the hotel and Marriott is now operating the property in conjunction with the Gaylord National pursuant to a separate management agreement. The hotel opened in April 2015. Simultaneously with the purchase of this hotel, the Company also acquired 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. In December 2014, the Company paid $21.2 million of the combined purchase price, including transaction costs, in cash and issued a $6.0 million note payable to an affiliate of The Peterson Companies, which is due in January 2016 and bears interest at an Applicable Federal Rate as determined by the Internal Revenue Service and is shown in Note 7. | |
Reclassifications | |
In January 2015, the hospitality industry’s Uniform System of Accounts for the Lodging Industry, Eleventh Revised Edition became effective. This revised edition contains updates to the classifications of certain hotel financial information, including the reclassification of technology-related revenue from other hotel revenue to food and beverage revenue and the reclassification of revenue management expense from rooms expense to other hotel expense. In order to be more aligned with its peers in the hospitality REIT industry, the Company adopted the updates in its 2015 presentation. As a result, $7.2 million of other hotel revenue has been reclassified as food and beverage revenue and $1.1 million of rooms expense has been reclassified as other hotel expense in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2014. | |
Newly Issued Accounting Standards | |
In May 2014, the Financial Accounting Standards Board (the “FASB”) 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 currently effective for the Company in the first quarter of 2017. In April 2015, the FASB proposed a one-year deferral of the effective date, which, if approved, would defer the effective date for the Company to the first quarter of 2018. The Company is currently evaluating the effects of this ASU on its financial statements, and such effects have not yet been determined. | |
In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest,” which changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The Company will adopt this ASU in the first quarter of 2016 and, other than the movement of deferred financing costs from an asset to a liability, does not expect this adoption to have a material impact on the Company’s consolidated financial statements. |
Deferred_Management_Rights_Pro
Deferred Management Rights Proceeds | 3 Months Ended |
Mar. 31, 2015 | |
Text Block [Abstract] | |
Deferred Management Rights Proceeds | 2. DEFERRED MANAGEMENT RIGHTS PROCEEDS: |
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. 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, Marriott manages the day-to-day operations of the Inn at Opryland, the AC Hotel, General Jackson Showboat, Gaylord Springs Golf Links and the Wildhorse Saloon. To comply with certain REIT qualification requirements, the Company 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 Entertainment segment (previously referred to as the 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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Weighted average shares outstanding - basic | 51,123 | 50,623 | |||||||
Effect of dilutive stock-based compensation | 398 | 573 | |||||||
Effect of convertible notes | — | 7,152 | |||||||
Effect of common stock warrants | — | 5,725 | |||||||
Weighted average shares outstanding - diluted | 51,521 | 64,073 | |||||||
As discussed more fully in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, 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 purchased call option, or note hedge, 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 could purchase shares of the Company’s stock. At separate times during 2014, the Company modified the agreements with each of the counterparties to cash settle the warrants as described in Note 7. As a result of these modifications, the warrants were settled in cash during 2014 and the first quarter of 2015, and did not affect the calculation of diluted earnings per share for the three months ended March 31, 2015. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2015 | |
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 ended March 31, 2015 and 2014, the Company recorded no other comprehensive income and reclassified $0.1 million and $(0.1) million, respectively, from accumulated other comprehensive (income) loss into operating expenses in the Company’s condensed consolidated statements of operations included herein. |
Property_and_Equipment
Property and Equipment | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | 5. PROPERTY AND EQUIPMENT: | ||||||||
Property and equipment at March 31, 2015 and December 31, 2014 is recorded at cost and summarized as follows (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 254,262 | $ | 254,013 | |||||
Buildings | 2,342,697 | 2,340,555 | |||||||
Furniture, fixtures and equipment | 574,993 | 576,453 | |||||||
Construction-in-progress | 35,761 | 26,046 | |||||||
3,207,713 | 3,197,067 | ||||||||
Accumulated depreciation | (1,183,988 | ) | (1,160,806 | ) | |||||
Property and equipment, net | $ | 2,023,725 | $ | 2,036,261 | |||||
Notes_Receivable
Notes Receivable | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014, 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 March 31, 2015 and 2014, the Company recorded interest income of $3.0 million on these bonds. The Company received payments of $3.4 million and $3.5 million during the three months ended March 31, 2015 and 2014, respectively, relating to these notes receivable. |
Debt
Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | 7. DEBT: | ||||||||
The Company’s debt and capital lease obligations at March 31, 2015 and December 31, 2014 consisted of (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
$1 Billion Credit Facility, interest at LIBOR plus 1.85%, maturing April 18, 2017 | $ | 757,500 | $ | 586,500 | |||||
$400 Million Term Loan B Facility, interest at LIBOR plus 3.0%, maturing January 15, 2021 | 397,000 | 398,000 | |||||||
$350 Million Senior Notes, interest at 5.0%, maturing April 15, 2021 | 350,000 | 350,000 | |||||||
AC Hotel Note Payable, terms as set forth in Note 1 | 6,000 | 6,000 | |||||||
Capital lease obligations | 898 | 1,055 | |||||||
Total debt | 1,511,398 | 1,341,555 | |||||||
Less amounts due within one year | (6,224 | ) | (377 | ) | |||||
Total long-term debt | $ | 1,505,174 | $ | 1,341,178 | |||||
At March 31, 2015, the Company was in compliance with all of its covenants related to its outstanding debt. | |||||||||
See Note 15 for further disclosures related to the Company’s debt. | |||||||||
Warrants Related to 3.75% Convertible Senior Notes | |||||||||
Separately and concurrently with the 2009 issuance of its previous Convertible Notes, the Company also entered into warrant transactions whereby it sold common stock purchase warrants to counterparties affiliated with the initial purchasers of the Convertible Notes. The warrants entitled the counterparties to purchase shares of the Company’s common stock. Pursuant to December 2014 agreements with the remaining note hedge counterparties, the Company cash settled the remaining 4.7 million warrants in the first quarter of 2015. 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. In the first quarter of 2015, the Company settled this repurchase for total consideration of $154.7 million and recorded a $20.2 million loss on the change in the fair value of the derivative liability from December 31, 2014 through the settlement date, which is included in other gains and losses, net in the accompanying condensed consolidated statement of operations for the three months ended March 31, 2015. |
Stock_Plans
Stock Plans | 3 Months Ended |
Mar. 31, 2015 | |
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 three months ended March 31, 2015, the Company granted 0.2 million restricted stock units with a weighted-average grant date fair value of $59.45 per award. There were 0.5 million and 0.6 million restricted stock units outstanding at March 31, 2015 and December 31, 2014, respectively. | |
The compensation expense that has been charged against pre-tax income for all of the Company’s stock-based compensation plans was $1.6 million and $1.3 million for the three months ended March 31, 2015 and 2014, respectively. |
Retirement_and_Postretirement_
Retirement and Postretirement Benefits Other Than Pension Plans | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Interest cost | $ | 986 | $ | 1,044 | |||||
Expected return on plan assets | (1,188 | ) | (1,409 | ) | |||||
Amortization of net actuarial loss | 308 | 148 | |||||||
Total net periodic pension (income) expense | $ | 106 | $ | (217 | ) | ||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Interest cost | $ | 53 | $ | 55 | |||||
Amortization of net actuarial loss | 118 | 105 | |||||||
Amortization of prior service credit | (328 | ) | (329 | ) | |||||
Total net postretirement benefit income | $ | (157 | ) | $ | (169 | ) | |||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015 and 2014, the Company recorded an income tax (provision) benefit of $(0.3) million and $0.5 million, respectively, related to the current period operations of the Company. These results differ from the statutory rate primarily due to the non-taxable income of the REIT, partially offset by the change in valuation allowance required at the TRSs. | |
At March 31, 2015 and December 31, 2014, the Company had no unrecognized tax benefits. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES: |
The Company is self-insured up to a stop loss for certain losses related to workers’ compensation claims and general liability claims through September 30, 2012, and for certain losses related to employee medical benefits through December 31, 2012. The Company’s insurance program 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 | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 12. STOCKHOLDERS’ EQUITY: |
On February 26, 2015, the Company’s board of directors declared the Company’s first quarter 2015 cash dividend in the amount of $0.65 per share of common stock, or an aggregate of approximately $33.3 million in cash, which was paid on April 16, 2015 to stockholders of record as of the close of business on March 31, 2015. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014, 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. These investments 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. | |||||||||||||||||
As discussed in Note 7, in the first quarter of 2015, the Company cash settled 4.7 million common stock warrants associated with its Convertible Notes, which were classified as a derivative liability in the accompanying consolidated balance sheet as of December 31, 2014. The Company determined the fair value of these warrants based on the Company’s closing stock price at December 31, 2014 and a pricing grid provided by the counterparties to the warrants that was based on observable inputs. Therefore, the Company has categorized this liability as Level 2. | |||||||||||||||||
The Company has consistently applied the above valuation techniques in all periods presented and believes it has obtained the most accurate information available for each type of instrument. | |||||||||||||||||
The Company had no liabilities required to be measured at fair value at March 31, 2015. The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014, were as follows (in thousands): | |||||||||||||||||
March 31, | Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
2015 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Deferred compensation plan investments | $ | 19,704 | $ | 19,704 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 19,704 | $ | 19,704 | $ | — | $ | — | |||||||||
December 31, | Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Deferred compensation plan investments | $ | 19,712 | $ | 19,712 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 19,712 | $ | 19,712 | $ | — | $ | — | |||||||||
Warrant liability | $ | 134,477 | $ | — | $ | 134,477 | $ | — | |||||||||
Total liabilities measured at fair value | $ | 134,477 | $ | — | $ | 134,477 | $ | — | |||||||||
The remainder of the assets and liabilities held by the Company at March 31, 2015 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, 2014, 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 $63.9 million, respectively, at March 31, 2015. 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 March 31, 2015 and the fair value of the Series B Bond was approximately $45 million at March 31, 2015. 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 March 31, 2015. | |||||||||||||||||
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 $358.8 million at March 31, 2015. | |||||||||||||||||
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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Financial Reporting By Business Segments | 14. FINANCIAL REPORTING BY BUSINESS SEGMENTS: | ||||||||
The Company’s operations are organized into three principal business segments: | |||||||||
• | Hospitality, which includes Gaylord Opryland, Gaylord Palms, Gaylord Texan, Gaylord National, the Inn at Opryland and the AC Hotel; | ||||||||
• | Entertainment, previously referred to as 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 is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues: | |||||||||
Hospitality | $ | 236,454 | $ | 232,203 | |||||
Entertainment (previously Opry and Attractions) | 16,694 | 14,248 | |||||||
Corporate and Other | — | — | |||||||
Total | $ | 253,148 | $ | 246,451 | |||||
Depreciation and amortization: | |||||||||
Hospitality | $ | 26,443 | $ | 25,514 | |||||
Entertainment (previously Opry and Attractions) | 1,412 | 1,425 | |||||||
Corporate and Other | 715 | 1,064 | |||||||
Total | $ | 28,570 | $ | 28,003 | |||||
Operating income (loss): | |||||||||
Hospitality | $ | 45,061 | $ | 40,016 | |||||
Entertainment (previously Opry and Attractions) | 2,120 | 552 | |||||||
Corporate and Other | (7,809 | ) | (7,771 | ) | |||||
Preopening costs | (592 | ) | — | ||||||
Impairment and other charges | (2,890 | ) | — | ||||||
Total operating income | 35,890 | 32,797 | |||||||
Interest expense | (13,813 | ) | (15,670 | ) | |||||
Interest income | 3,008 | 3,031 | |||||||
Other gains and (losses), net | (20,232 | ) | 11 | ||||||
Income before income taxes | $ | 4,853 | $ | 20,169 | |||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS: |
In April 2015, the Operating Partnership and Finco completed the private placement of $400.0 million in aggregate principal amount of senior notes due 2023 (the “$400 Million 5% Senior Notes”). The $400 Million 5% Senior Notes are general unsecured senior obligations of the Company’s issuing subsidiaries and are guaranteed by the Company and its subsidiaries that guarantee its credit facility. The $400 Million 5% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries and the guarantors and U.S. Bank National Association as trustee. The $400 Million 5% Senior Notes have a maturity date of April 15, 2023 and bear interest at 5% per annum, payable semi-annually in cash in arrears on April 15 and October 15 of each year, beginning October 15, 2015. The $400 Million 5% Senior Notes are general unsecured and unsubordinated obligations of the issuing subsidiaries and rank equal in right of payment with such subsidiaries’ existing and future senior unsecured indebtedness and senior in right of payment to future subordinated indebtedness, if any. The $400 Million 5% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. The guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The $400 Million 5% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $400 Million 5% Senior Notes. | |
The net proceeds from the issuance of the $400 Million 5% Senior Notes totaled approximately $392 million, after deducting the initial purchasers’ discounts, commissions and estimated offering expenses. The Company used substantially all of these proceeds to repay amounts outstanding under its credit facility, including the elimination of its $300 million term loan, and to repay a portion of the amounts outstanding under the revolving credit facility portion of the $1 billion credit facility. The Company is in the process of refinancing the revolving credit facility to extend the maturity and amend certain covenants. The term loan B associated with the credit facility will remain outstanding. As a result of the anticipated refinancing, the Company expects to write off approximately $2 million of deferred financing costs during the second quarter of 2015. |
Information_Concerning_Guarant
Information Concerning Guarantor and Non-Guarantor Subsidiaries | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Information Concerning Guarantor and Non-Guarantor Subsidiaries | 16. INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR SUBSIDIARIES: | ||||||||||||||||||||||||
The $350 Million 5% senior notes and the $400 Million 5% Senior Notes issued in April 2015 were each 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 B 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 $350 Million 5% senior notes and the $400 Million 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. | |||||||||||||||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | 6,566 | $ | — | $ | 1,677,210 | $ | 339,949 | $ | — | $ | 2,023,725 | |||||||||||||
Cash and cash equivalents - unrestricted | 117 | 712 | 36 | 52,134 | — | 52,999 | |||||||||||||||||||
Cash and cash equivalents - restricted | — | — | — | 21,004 | — | 21,004 | |||||||||||||||||||
Notes receivable | — | — | — | 149,233 | — | 149,233 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 70,164 | — | 70,164 | |||||||||||||||||||
Deferred financing costs | — | 20,250 | — | — | — | 20,250 | |||||||||||||||||||
Prepaid expenses and other assets | 6,962 | 8 | 119,246 | 56,484 | (121,033 | ) | 61,667 | ||||||||||||||||||
Intercompany receivables, net | — | — | 1,097,047 | — | (1,097,047 | ) | — | ||||||||||||||||||
Investments | 975,675 | 2,795,064 | 532,144 | 697,380 | (5,000,263 | ) | — | ||||||||||||||||||
Total assets | $ | 989,320 | $ | 2,816,034 | $ | 3,425,683 | $ | 1,386,348 | $ | (6,218,343 | ) | $ | 2,399,042 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | — | $ | 1,510,500 | $ | — | $ | 898 | $ | — | $ | 1,511,398 | |||||||||||||
Accounts payable and accrued liabilities | 73 | 9,341 | 205 | 254,215 | (121,316 | ) | 142,518 | ||||||||||||||||||
Deferred income tax liabilities, net | 7,157 | — | 544 | 6,380 | — | 14,081 | |||||||||||||||||||
Deferred management rights proceeds | — | — | — | 182,692 | — | 182,692 | |||||||||||||||||||
Dividends payable | 33,800 | — | — | — | — | 33,800 | |||||||||||||||||||
Other liabilities | — | — | 80,723 | 61,875 | 283 | 142,881 | |||||||||||||||||||
Intercompany payables, net | 576,618 | 290,724 | — | 229,705 | (1,097,047 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 513 | 1 | 1 | 2,387 | (2,389 | ) | 513 | ||||||||||||||||||
Additional paid-in-capital | 881,500 | 1,099,474 | 2,812,431 | 1,213,325 | (5,125,230 | ) | 881,500 | ||||||||||||||||||
Treasury stock | (8,002 | ) | — | — | — | — | (8,002 | ) | |||||||||||||||||
Accumulated deficit | (476,067 | ) | (94,006 | ) | 531,779 | (538,857 | ) | 101,084 | (476,067 | ) | |||||||||||||||
Accumulated other comprehensive loss | (26,272 | ) | — | — | (26,272 | ) | 26,272 | (26,272 | ) | ||||||||||||||||
Total stockholders’ equity | 371,672 | 1,005,469 | 3,344,211 | 650,583 | (5,000,263 | ) | 371,672 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 989,320 | $ | 2,816,034 | $ | 3,425,683 | $ | 1,386,348 | $ | (6,218,343 | ) | $ | 2,399,042 | ||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | 6,574 | $ | — | $ | 1,691,996 | $ | 337,691 | $ | — | $ | 2,036,261 | |||||||||||||
Cash and cash equivalents - unrestricted | 392 | 1,001 | 36 | 74,979 | — | 76,408 | |||||||||||||||||||
Cash and cash equivalents - restricted | — | — | — | 17,410 | — | 17,410 | |||||||||||||||||||
Notes receivable | — | — | — | 149,612 | — | 149,612 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 45,188 | — | 45,188 | |||||||||||||||||||
Deferred financing costs | — | 21,646 | — | — | — | 21,646 | |||||||||||||||||||
Prepaid expenses and other assets | 16,908 | 33 | 75,335 | 50,713 | (76,368 | ) | 66,621 | ||||||||||||||||||
Intercompany receivables, net | — | 219,772 | 1,073,805 | — | (1,293,577 | ) | — | ||||||||||||||||||
Investments | 1,587,425 | 2,767,163 | 526,645 | 695,896 | (5,577,129 | ) | — | ||||||||||||||||||
Total assets | $ | 1,611,299 | $ | 3,009,615 | $ | 3,367,817 | $ | 1,371,489 | $ | (6,947,074 | ) | $ | 2,413,146 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | — | $ | 1,340,500 | $ | — | $ | 1,055 | $ | — | $ | 1,341,555 | |||||||||||||
Accounts payable and accrued liabilities | 36 | 7,248 | 216 | 235,999 | (76,651 | ) | 166,848 | ||||||||||||||||||
Deferred income tax liabilities, net | 7,258 | — | 616 | 6,410 | — | 14,284 | |||||||||||||||||||
Deferred management rights proceeds | — | — | — | 183,423 | — | 183,423 | |||||||||||||||||||
Dividends payable | 29,133 | — | — | — | — | 29,133 | |||||||||||||||||||
Derivative liabilities | 134,477 | — | — | — | — | 134,477 | |||||||||||||||||||
Other liabilities | — | — | 79,382 | 62,354 | 283 | 142,019 | |||||||||||||||||||
Intercompany payables, net | 1,038,988 | — | — | 254,589 | (1,293,577 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 510 | 1 | 1 | 2,387 | (2,389 | ) | 510 | ||||||||||||||||||
Additional paid-in-capital | 882,193 | 1,741,705 | 2,803,719 | 1,183,941 | (5,729,365 | ) | 882,193 | ||||||||||||||||||
Treasury stock | (8,002 | ) | — | — | — | — | (8,002 | ) | |||||||||||||||||
Accumulated deficit | (446,963 | ) | (79,839 | ) | 483,883 | (532,338 | ) | 128,294 | (446,963 | ) | |||||||||||||||
Accumulated other comprehensive loss | (26,331 | ) | — | — | (26,331 | ) | 26,331 | (26,331 | ) | ||||||||||||||||
Total stockholders’ equity | 401,407 | 1,661,867 | 3,287,603 | 627,659 | (5,577,129 | ) | 401,407 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,611,299 | $ | 3,009,615 | $ | 3,367,817 | $ | 1,371,489 | $ | (6,947,074 | ) | $ | 2,413,146 | ||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 94,721 | $ | — | $ | 94,721 | |||||||||||||
Food and beverage | — | — | — | 118,331 | — | 118,331 | |||||||||||||||||||
Other hotel revenue | — | — | 75,560 | 27,668 | (79,826 | ) | 23,402 | ||||||||||||||||||
Entertainment (previously Opry and Attractions) | 57 | — | — | 16,707 | (70 | ) | 16,694 | ||||||||||||||||||
Total revenues | 57 | — | 75,560 | 257,427 | (79,896 | ) | 253,148 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 26,067 | — | 26,067 | |||||||||||||||||||
Food and beverage | — | — | — | 65,075 | — | 65,075 | |||||||||||||||||||
Other hotel expenses | — | — | 10,968 | 134,779 | (75,451 | ) | 70,296 | ||||||||||||||||||
Management fees | — | — | — | 3,512 | — | 3,512 | |||||||||||||||||||
Total hotel operating expenses | — | — | 10,968 | 229,433 | (75,451 | ) | 164,950 | ||||||||||||||||||
Entertainment (previously Opry and Attractions) | — | — | — | 13,233 | (71 | ) | 13,162 | ||||||||||||||||||
Corporate | 52 | 316 | — | 6,726 | — | 7,094 | |||||||||||||||||||
Corporate overhead allocation | 2,465 | — | 1,909 | — | (4,374 | ) | — | ||||||||||||||||||
Preopening costs | — | — | — | 592 | — | 592 | |||||||||||||||||||
Impairment and other charges | — | — | — | 2,890 | — | 2,890 | |||||||||||||||||||
Depreciation and amortization | 32 | — | 14,786 | 13,752 | — | 28,570 | |||||||||||||||||||
Total operating expenses | 2,549 | 316 | 27,663 | 266,626 | (79,896 | ) | 217,258 | ||||||||||||||||||
Operating income (loss) | (2,492 | ) | (316 | ) | 47,897 | (9,199 | ) | — | 35,890 | ||||||||||||||||
Interest expense | — | (13,851 | ) | — | 38 | — | (13,813 | ) | |||||||||||||||||
Interest income | — | — | — | 3,008 | — | 3,008 | |||||||||||||||||||
Other gains and (losses), net | (20,186 | ) | — | — | (46 | ) | — | (20,232 | ) | ||||||||||||||||
Income (loss) before income taxes | (22,678 | ) | (14,167 | ) | 47,897 | (6,199 | ) | — | 4,853 | ||||||||||||||||
(Provision) benefit for income taxes | — | — | (1 | ) | (320 | ) | — | (321 | ) | ||||||||||||||||
Equity in subsidiaries’ earnings, net | 27,210 | — | — | — | (27,210 | ) | — | ||||||||||||||||||
Net income (loss) | $ | 4,532 | $ | (14,167 | ) | $ | 47,896 | $ | (6,519 | ) | $ | (27,210 | ) | $ | 4,532 | ||||||||||
Comprehensive income (loss) | $ | 4,591 | $ | (14,167 | ) | $ | 47,896 | $ | (6,460 | ) | $ | (27,269 | ) | $ | 4,591 | ||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 91,082 | $ | — | $ | 91,082 | |||||||||||||
Food and beverage | — | — | — | 117,244 | — | 117,244 | |||||||||||||||||||
Other hotel revenue | — | — | 67,860 | 28,572 | (72,555 | ) | 23,877 | ||||||||||||||||||
Entertainment (previously Opry and Attractions) | — | — | — | 14,248 | — | 14,248 | |||||||||||||||||||
Total revenues | — | — | 67,860 | 251,146 | (72,555 | ) | 246,451 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 27,478 | — | 27,478 | |||||||||||||||||||
Food and beverage | — | — | — | 63,182 | — | 63,182 | |||||||||||||||||||
Other hotel expenses | — | — | 11,701 | 128,218 | (67,817 | ) | 72,102 | ||||||||||||||||||
Management fees | — | — | — | 3,911 | — | 3,911 | |||||||||||||||||||
Total hotel operating expenses | — | — | 11,701 | 222,789 | (67,817 | ) | 166,673 | ||||||||||||||||||
Entertainment (previously Opry and Attractions) | — | — | — | 12,271 | — | 12,271 | |||||||||||||||||||
Corporate | — | 305 | — | 6,402 | — | 6,707 | |||||||||||||||||||
Corporate overhead allocation | 2,818 | — | 1,920 | — | (4,738 | ) | — | ||||||||||||||||||
Depreciation and amortization | — | — | 14,902 | 13,101 | — | 28,003 | |||||||||||||||||||
Total operating expenses | 2,818 | 305 | 28,523 | 254,563 | (72,555 | ) | 213,654 | ||||||||||||||||||
Operating income (loss) | (2,818 | ) | (305 | ) | 39,337 | (3,417 | ) | — | 32,797 | ||||||||||||||||
Interest expense | (6,459 | ) | (9,203 | ) | — | (8 | ) | — | (15,670 | ) | |||||||||||||||
Interest income | — | — | — | 3,031 | — | 3,031 | |||||||||||||||||||
Other gains and (losses), net | — | — | — | 11 | — | 11 | |||||||||||||||||||
Income (loss) before income taxes | (9,277 | ) | (9,508 | ) | 39,337 | (383 | ) | — | 20,169 | ||||||||||||||||
(Provision) benefit for income taxes | (40 | ) | — | (396 | ) | 920 | — | 484 | |||||||||||||||||
Equity in subsidiaries’ earnings, net | 29,970 | — | — | — | (29,970 | ) | — | ||||||||||||||||||
Net income (loss) | $ | 20,653 | $ | (9,508 | ) | $ | 38,941 | $ | 537 | $ | (29,970 | ) | $ | 20,653 | |||||||||||
Comprehensive income (loss) | $ | 20,600 | $ | (9,508 | ) | $ | 38,941 | $ | 484 | $ | (29,917 | ) | $ | 20,600 | |||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 172,169 | $ | (170,289 | ) | $ | 2 | $ | 1,990 | $ | — | $ | 3,872 | ||||||||||||
Purchases of property and equipment | (22 | ) | — | (2 | ) | (18,631 | ) | — | (18,655 | ) | |||||||||||||||
Proceeds from sale of Peterson LOI | 10,000 | — | — | — | — | 10,000 | |||||||||||||||||||
Increase in restricted cash and cash equivalents | — | — | — | (3,594 | ) | — | (3,594 | ) | |||||||||||||||||
Other investing activities | — | — | — | (2,453 | ) | — | (2,453 | ) | |||||||||||||||||
Net cash provided by (used in) investing activities | 9,978 | — | (2 | ) | (24,678 | ) | — | (14,702 | ) | ||||||||||||||||
Net borrowings under credit facility | — | 171,000 | — | — | — | 171,000 | |||||||||||||||||||
Repayments under term loan B | — | (1,000 | ) | — | — | — | (1,000 | ) | |||||||||||||||||
Repurchase of common stock warrants | (154,681 | ) | — | — | — | — | (154,681 | ) | |||||||||||||||||
Payment of dividend | (28,756 | ) | — | — | — | — | (28,756 | ) | |||||||||||||||||
Proceeds from exercise of stock option and purchase plans | 1,015 | — | — | — | — | 1,015 | |||||||||||||||||||
Other financing activities, net | — | — | — | (157 | ) | — | (157 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (182,422 | ) | 170,000 | — | (157 | ) | — | (12,579 | ) | ||||||||||||||||
Net change in cash and cash equivalents | (275 | ) | (289 | ) | — | (22,845 | ) | — | (23,409 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 392 | 1,001 | 36 | 74,979 | — | 76,408 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 117 | $ | 712 | $ | 36 | $ | 52,134 | $ | — | $ | 52,999 | |||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 24,395 | $ | 8,930 | $ | 3 | $ | (3,497 | ) | $ | — | $ | 29,831 | ||||||||||||
Purchases of property and equipment | (24 | ) | — | (3 | ) | (17,457 | ) | — | (17,484 | ) | |||||||||||||||
Decrease in restricted cash and cash equivalents | — | — | — | 9,509 | — | 9,509 | |||||||||||||||||||
Net cash used in investing activities | (24 | ) | — | (3 | ) | (7,948 | ) | — | (7,975 | ) | |||||||||||||||
Net repayments under credit facility | — | (3,500 | ) | — | — | — | (3,500 | ) | |||||||||||||||||
Payment of dividend | (25,459 | ) | — | — | — | — | (25,459 | ) | |||||||||||||||||
Proceeds from exercise of stock option and purchase plans | 1,078 | — | — | — | — | 1,078 | |||||||||||||||||||
Other financing activities, net | 10 | — | — | (147 | ) | — | (137 | ) | |||||||||||||||||
Net cash used in financing activities | (24,371 | ) | (3,500 | ) | — | (147 | ) | — | (28,018 | ) | |||||||||||||||
Net change in cash and cash equivalents | — | 5,430 | — | (11,592 | ) | — | (6,162 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 714 | — | 60,865 | — | 61,579 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 6,144 | $ | — | $ | 49,273 | $ | — | $ | 55,417 | |||||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Newly Issued Accounting Standards | Newly Issued Accounting Standards |
In May 2014, the Financial Accounting Standards Board (the “FASB”) 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 currently effective for the Company in the first quarter of 2017. In April 2015, the FASB proposed a one-year deferral of the effective date, which, if approved, would defer the effective date for the Company to the first quarter of 2018. The Company is currently evaluating the effects of this ASU on its financial statements, and such effects have not yet been determined. | |
In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest,” which changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The Company will adopt this ASU in the first quarter of 2016 and, other than the movement of deferred financing costs from an asset to a liability, does not expect this adoption to have a material impact on the Company’s consolidated financial statements. |
Income_Per_Share_Tables
Income Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Weighted average shares outstanding - basic | 51,123 | 50,623 | |||||||
Effect of dilutive stock-based compensation | 398 | 573 | |||||||
Effect of convertible notes | — | 7,152 | |||||||
Effect of common stock warrants | — | 5,725 | |||||||
Weighted average shares outstanding - diluted | 51,521 | 64,073 | |||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | Property and equipment at March 31, 2015 and December 31, 2014 is recorded at cost and summarized as follows (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 254,262 | $ | 254,013 | |||||
Buildings | 2,342,697 | 2,340,555 | |||||||
Furniture, fixtures and equipment | 574,993 | 576,453 | |||||||
Construction-in-progress | 35,761 | 26,046 | |||||||
3,207,713 | 3,197,067 | ||||||||
Accumulated depreciation | (1,183,988 | ) | (1,160,806 | ) | |||||
Property and equipment, net | $ | 2,023,725 | $ | 2,036,261 | |||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Debt and Capital Lease Obligations | The Company’s debt and capital lease obligations at March 31, 2015 and December 31, 2014 consisted of (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
$1 Billion Credit Facility, interest at LIBOR plus 1.85%, maturing April 18, 2017 | $ | 757,500 | $ | 586,500 | |||||
$400 Million Term Loan B Facility, interest at LIBOR plus 3.0%, maturing January 15, 2021 | 397,000 | 398,000 | |||||||
$350 Million Senior Notes, interest at 5.0%, maturing April 15, 2021 | 350,000 | 350,000 | |||||||
AC Hotel Note Payable, terms as set forth in Note 1 | 6,000 | 6,000 | |||||||
Capital lease obligations | 898 | 1,055 | |||||||
Total debt | 1,511,398 | 1,341,555 | |||||||
Less amounts due within one year | (6,224 | ) | (377 | ) | |||||
Total long-term debt | $ | 1,505,174 | $ | 1,341,178 | |||||
Retirement_and_Postretirement_1
Retirement and Postretirement Benefits Other Than Pension Plans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Interest cost | $ | 986 | $ | 1,044 | |||||
Expected return on plan assets | (1,188 | ) | (1,409 | ) | |||||
Amortization of net actuarial loss | 308 | 148 | |||||||
Total net periodic pension (income) expense | $ | 106 | $ | (217 | ) | ||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Interest cost | $ | 53 | $ | 55 | |||||
Amortization of net actuarial loss | 118 | 105 | |||||||
Amortization of prior service credit | (328 | ) | (329 | ) | |||||
Total net postretirement benefit income | $ | (157 | ) | $ | (169 | ) | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company had no liabilities required to be measured at fair value at March 31, 2015. The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014, were as follows (in thousands): | ||||||||||||||||
March 31, | Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
2015 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Deferred compensation plan investments | $ | 19,704 | $ | 19,704 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 19,704 | $ | 19,704 | $ | — | $ | — | |||||||||
December 31, | Markets for | Observable | Unobservable | ||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Deferred compensation plan investments | $ | 19,712 | $ | 19,712 | $ | — | $ | — | |||||||||
Total assets measured at fair value | $ | 19,712 | $ | 19,712 | $ | — | $ | — | |||||||||
Warrant liability | $ | 134,477 | $ | — | $ | 134,477 | $ | — | |||||||||
Total liabilities measured at fair value | $ | 134,477 | $ | — | $ | 134,477 | $ | — | |||||||||
Financial_Reporting_By_Busines1
Financial Reporting By Business Segments (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segments Internal Financial Reports | The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenues: | |||||||||
Hospitality | $ | 236,454 | $ | 232,203 | |||||
Entertainment (previously Opry and Attractions) | 16,694 | 14,248 | |||||||
Corporate and Other | — | — | |||||||
Total | $ | 253,148 | $ | 246,451 | |||||
Depreciation and amortization: | |||||||||
Hospitality | $ | 26,443 | $ | 25,514 | |||||
Entertainment (previously Opry and Attractions) | 1,412 | 1,425 | |||||||
Corporate and Other | 715 | 1,064 | |||||||
Total | $ | 28,570 | $ | 28,003 | |||||
Operating income (loss): | |||||||||
Hospitality | $ | 45,061 | $ | 40,016 | |||||
Entertainment (previously Opry and Attractions) | 2,120 | 552 | |||||||
Corporate and Other | (7,809 | ) | (7,771 | ) | |||||
Preopening costs | (592 | ) | — | ||||||
Impairment and other charges | (2,890 | ) | — | ||||||
Total operating income | 35,890 | 32,797 | |||||||
Interest expense | (13,813 | ) | (15,670 | ) | |||||
Interest income | 3,008 | 3,031 | |||||||
Other gains and (losses), net | (20,232 | ) | 11 | ||||||
Income before income taxes | $ | 4,853 | $ | 20,169 | |||||
Information_Concerning_Guarant1
Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | 6,566 | $ | — | $ | 1,677,210 | $ | 339,949 | $ | — | $ | 2,023,725 | |||||||||||||
Cash and cash equivalents - unrestricted | 117 | 712 | 36 | 52,134 | — | 52,999 | |||||||||||||||||||
Cash and cash equivalents - restricted | — | — | — | 21,004 | — | 21,004 | |||||||||||||||||||
Notes receivable | — | — | — | 149,233 | — | 149,233 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 70,164 | — | 70,164 | |||||||||||||||||||
Deferred financing costs | — | 20,250 | — | — | — | 20,250 | |||||||||||||||||||
Prepaid expenses and other assets | 6,962 | 8 | 119,246 | 56,484 | (121,033 | ) | 61,667 | ||||||||||||||||||
Intercompany receivables, net | — | — | 1,097,047 | — | (1,097,047 | ) | — | ||||||||||||||||||
Investments | 975,675 | 2,795,064 | 532,144 | 697,380 | (5,000,263 | ) | — | ||||||||||||||||||
Total assets | $ | 989,320 | $ | 2,816,034 | $ | 3,425,683 | $ | 1,386,348 | $ | (6,218,343 | ) | $ | 2,399,042 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | — | $ | 1,510,500 | $ | — | $ | 898 | $ | — | $ | 1,511,398 | |||||||||||||
Accounts payable and accrued liabilities | 73 | 9,341 | 205 | 254,215 | (121,316 | ) | 142,518 | ||||||||||||||||||
Deferred income tax liabilities, net | 7,157 | — | 544 | 6,380 | — | 14,081 | |||||||||||||||||||
Deferred management rights proceeds | — | — | — | 182,692 | — | 182,692 | |||||||||||||||||||
Dividends payable | 33,800 | — | — | — | — | 33,800 | |||||||||||||||||||
Other liabilities | — | — | 80,723 | 61,875 | 283 | 142,881 | |||||||||||||||||||
Intercompany payables, net | 576,618 | 290,724 | — | 229,705 | (1,097,047 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 513 | 1 | 1 | 2,387 | (2,389 | ) | 513 | ||||||||||||||||||
Additional paid-in-capital | 881,500 | 1,099,474 | 2,812,431 | 1,213,325 | (5,125,230 | ) | 881,500 | ||||||||||||||||||
Treasury stock | (8,002 | ) | — | — | — | — | (8,002 | ) | |||||||||||||||||
Accumulated deficit | (476,067 | ) | (94,006 | ) | 531,779 | (538,857 | ) | 101,084 | (476,067 | ) | |||||||||||||||
Accumulated other comprehensive loss | (26,272 | ) | — | — | (26,272 | ) | 26,272 | (26,272 | ) | ||||||||||||||||
Total stockholders’ equity | 371,672 | 1,005,469 | 3,344,211 | 650,583 | (5,000,263 | ) | 371,672 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 989,320 | $ | 2,816,034 | $ | 3,425,683 | $ | 1,386,348 | $ | (6,218,343 | ) | $ | 2,399,042 | ||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
ASSETS: | |||||||||||||||||||||||||
Property and equipment, net of accumulated depreciation | $ | 6,574 | $ | — | $ | 1,691,996 | $ | 337,691 | $ | — | $ | 2,036,261 | |||||||||||||
Cash and cash equivalents - unrestricted | 392 | 1,001 | 36 | 74,979 | — | 76,408 | |||||||||||||||||||
Cash and cash equivalents - restricted | — | — | — | 17,410 | — | 17,410 | |||||||||||||||||||
Notes receivable | — | — | — | 149,612 | — | 149,612 | |||||||||||||||||||
Trade receivables, less allowance | — | — | — | 45,188 | — | 45,188 | |||||||||||||||||||
Deferred financing costs | — | 21,646 | — | — | — | 21,646 | |||||||||||||||||||
Prepaid expenses and other assets | 16,908 | 33 | 75,335 | 50,713 | (76,368 | ) | 66,621 | ||||||||||||||||||
Intercompany receivables, net | — | 219,772 | 1,073,805 | — | (1,293,577 | ) | — | ||||||||||||||||||
Investments | 1,587,425 | 2,767,163 | 526,645 | 695,896 | (5,577,129 | ) | — | ||||||||||||||||||
Total assets | $ | 1,611,299 | $ | 3,009,615 | $ | 3,367,817 | $ | 1,371,489 | $ | (6,947,074 | ) | $ | 2,413,146 | ||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||||||||||
Debt and capital lease obligations | $ | — | $ | 1,340,500 | $ | — | $ | 1,055 | $ | — | $ | 1,341,555 | |||||||||||||
Accounts payable and accrued liabilities | 36 | 7,248 | 216 | 235,999 | (76,651 | ) | 166,848 | ||||||||||||||||||
Deferred income tax liabilities, net | 7,258 | — | 616 | 6,410 | — | 14,284 | |||||||||||||||||||
Deferred management rights proceeds | — | — | — | 183,423 | — | 183,423 | |||||||||||||||||||
Dividends payable | 29,133 | — | — | — | — | 29,133 | |||||||||||||||||||
Derivative liabilities | 134,477 | — | — | — | — | 134,477 | |||||||||||||||||||
Other liabilities | — | — | 79,382 | 62,354 | 283 | 142,019 | |||||||||||||||||||
Intercompany payables, net | 1,038,988 | — | — | 254,589 | (1,293,577 | ) | — | ||||||||||||||||||
Commitments and contingencies | |||||||||||||||||||||||||
Stockholders’ equity: | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | |||||||||||||||||||
Common stock | 510 | 1 | 1 | 2,387 | (2,389 | ) | 510 | ||||||||||||||||||
Additional paid-in-capital | 882,193 | 1,741,705 | 2,803,719 | 1,183,941 | (5,729,365 | ) | 882,193 | ||||||||||||||||||
Treasury stock | (8,002 | ) | — | — | — | — | (8,002 | ) | |||||||||||||||||
Accumulated deficit | (446,963 | ) | (79,839 | ) | 483,883 | (532,338 | ) | 128,294 | (446,963 | ) | |||||||||||||||
Accumulated other comprehensive loss | (26,331 | ) | — | — | (26,331 | ) | 26,331 | (26,331 | ) | ||||||||||||||||
Total stockholders’ equity | 401,407 | 1,661,867 | 3,287,603 | 627,659 | (5,577,129 | ) | 401,407 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,611,299 | $ | 3,009,615 | $ | 3,367,817 | $ | 1,371,489 | $ | (6,947,074 | ) | $ | 2,413,146 | ||||||||||||
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 March 31, 2015 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 94,721 | $ | — | $ | 94,721 | |||||||||||||
Food and beverage | — | — | — | 118,331 | — | 118,331 | |||||||||||||||||||
Other hotel revenue | — | — | 75,560 | 27,668 | (79,826 | ) | 23,402 | ||||||||||||||||||
Entertainment (previously Opry and Attractions) | 57 | — | — | 16,707 | (70 | ) | 16,694 | ||||||||||||||||||
Total revenues | 57 | — | 75,560 | 257,427 | (79,896 | ) | 253,148 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 26,067 | — | 26,067 | |||||||||||||||||||
Food and beverage | — | — | — | 65,075 | — | 65,075 | |||||||||||||||||||
Other hotel expenses | — | — | 10,968 | 134,779 | (75,451 | ) | 70,296 | ||||||||||||||||||
Management fees | — | — | — | 3,512 | — | 3,512 | |||||||||||||||||||
Total hotel operating expenses | — | — | 10,968 | 229,433 | (75,451 | ) | 164,950 | ||||||||||||||||||
Entertainment (previously Opry and Attractions) | — | — | — | 13,233 | (71 | ) | 13,162 | ||||||||||||||||||
Corporate | 52 | 316 | — | 6,726 | — | 7,094 | |||||||||||||||||||
Corporate overhead allocation | 2,465 | — | 1,909 | — | (4,374 | ) | — | ||||||||||||||||||
Preopening costs | — | — | — | 592 | — | 592 | |||||||||||||||||||
Impairment and other charges | — | — | — | 2,890 | — | 2,890 | |||||||||||||||||||
Depreciation and amortization | 32 | — | 14,786 | 13,752 | — | 28,570 | |||||||||||||||||||
Total operating expenses | 2,549 | 316 | 27,663 | 266,626 | (79,896 | ) | 217,258 | ||||||||||||||||||
Operating income (loss) | (2,492 | ) | (316 | ) | 47,897 | (9,199 | ) | — | 35,890 | ||||||||||||||||
Interest expense | — | (13,851 | ) | — | 38 | — | (13,813 | ) | |||||||||||||||||
Interest income | — | — | — | 3,008 | — | 3,008 | |||||||||||||||||||
Other gains and (losses), net | (20,186 | ) | — | — | (46 | ) | — | (20,232 | ) | ||||||||||||||||
Income (loss) before income taxes | (22,678 | ) | (14,167 | ) | 47,897 | (6,199 | ) | — | 4,853 | ||||||||||||||||
(Provision) benefit for income taxes | — | — | (1 | ) | (320 | ) | — | (321 | ) | ||||||||||||||||
Equity in subsidiaries’ earnings, net | 27,210 | — | — | — | (27,210 | ) | — | ||||||||||||||||||
Net income (loss) | $ | 4,532 | $ | (14,167 | ) | $ | 47,896 | $ | (6,519 | ) | $ | (27,210 | ) | $ | 4,532 | ||||||||||
Comprehensive income (loss) | $ | 4,591 | $ | (14,167 | ) | $ | 47,896 | $ | (6,460 | ) | $ | (27,269 | ) | $ | 4,591 | ||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||||||||
AND COMPREHENSIVE INCOME | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Rooms | $ | — | $ | — | $ | — | $ | 91,082 | $ | — | $ | 91,082 | |||||||||||||
Food and beverage | — | — | — | 117,244 | — | 117,244 | |||||||||||||||||||
Other hotel revenue | — | — | 67,860 | 28,572 | (72,555 | ) | 23,877 | ||||||||||||||||||
Entertainment (previously Opry and Attractions) | — | — | — | 14,248 | — | 14,248 | |||||||||||||||||||
Total revenues | — | — | 67,860 | 251,146 | (72,555 | ) | 246,451 | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | 27,478 | — | 27,478 | |||||||||||||||||||
Food and beverage | — | — | — | 63,182 | — | 63,182 | |||||||||||||||||||
Other hotel expenses | — | — | 11,701 | 128,218 | (67,817 | ) | 72,102 | ||||||||||||||||||
Management fees | — | — | — | 3,911 | — | 3,911 | |||||||||||||||||||
Total hotel operating expenses | — | — | 11,701 | 222,789 | (67,817 | ) | 166,673 | ||||||||||||||||||
Entertainment (previously Opry and Attractions) | — | — | — | 12,271 | — | 12,271 | |||||||||||||||||||
Corporate | — | 305 | — | 6,402 | — | 6,707 | |||||||||||||||||||
Corporate overhead allocation | 2,818 | — | 1,920 | — | (4,738 | ) | — | ||||||||||||||||||
Depreciation and amortization | — | — | 14,902 | 13,101 | — | 28,003 | |||||||||||||||||||
Total operating expenses | 2,818 | 305 | 28,523 | 254,563 | (72,555 | ) | 213,654 | ||||||||||||||||||
Operating income (loss) | (2,818 | ) | (305 | ) | 39,337 | (3,417 | ) | — | 32,797 | ||||||||||||||||
Interest expense | (6,459 | ) | (9,203 | ) | — | (8 | ) | — | (15,670 | ) | |||||||||||||||
Interest income | — | — | — | 3,031 | — | 3,031 | |||||||||||||||||||
Other gains and (losses), net | — | — | — | 11 | — | 11 | |||||||||||||||||||
Income (loss) before income taxes | (9,277 | ) | (9,508 | ) | 39,337 | (383 | ) | — | 20,169 | ||||||||||||||||
(Provision) benefit for income taxes | (40 | ) | — | (396 | ) | 920 | — | 484 | |||||||||||||||||
Equity in subsidiaries’ earnings, net | 29,970 | — | — | — | (29,970 | ) | — | ||||||||||||||||||
Net income (loss) | $ | 20,653 | $ | (9,508 | ) | $ | 38,941 | $ | 537 | $ | (29,970 | ) | $ | 20,653 | |||||||||||
Comprehensive income (loss) | $ | 20,600 | $ | (9,508 | ) | $ | 38,941 | $ | 484 | $ | (29,917 | ) | $ | 20,600 | |||||||||||
Condensed Consolidating Statement of Cash Flows | RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 172,169 | $ | (170,289 | ) | $ | 2 | $ | 1,990 | $ | — | $ | 3,872 | ||||||||||||
Purchases of property and equipment | (22 | ) | — | (2 | ) | (18,631 | ) | — | (18,655 | ) | |||||||||||||||
Proceeds from sale of Peterson LOI | 10,000 | — | — | — | — | 10,000 | |||||||||||||||||||
Increase in restricted cash and cash equivalents | — | — | — | (3,594 | ) | — | (3,594 | ) | |||||||||||||||||
Other investing activities | — | — | — | (2,453 | ) | — | (2,453 | ) | |||||||||||||||||
Net cash provided by (used in) investing activities | 9,978 | — | (2 | ) | (24,678 | ) | — | (14,702 | ) | ||||||||||||||||
Net borrowings under credit facility | — | 171,000 | — | — | — | 171,000 | |||||||||||||||||||
Repayments under term loan B | — | (1,000 | ) | — | — | — | (1,000 | ) | |||||||||||||||||
Repurchase of common stock warrants | (154,681 | ) | — | — | — | — | (154,681 | ) | |||||||||||||||||
Payment of dividend | (28,756 | ) | — | — | — | — | (28,756 | ) | |||||||||||||||||
Proceeds from exercise of stock option and purchase plans | 1,015 | — | — | — | — | 1,015 | |||||||||||||||||||
Other financing activities, net | — | — | — | (157 | ) | — | (157 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | (182,422 | ) | 170,000 | — | (157 | ) | — | (12,579 | ) | ||||||||||||||||
Net change in cash and cash equivalents | (275 | ) | (289 | ) | — | (22,845 | ) | — | (23,409 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 392 | 1,001 | 36 | 74,979 | — | 76,408 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 117 | $ | 712 | $ | 36 | $ | 52,134 | $ | — | $ | 52,999 | |||||||||||||
RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Parent | Issuer | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||||||
Guarantor | Guarantors | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 24,395 | $ | 8,930 | $ | 3 | $ | (3,497 | ) | $ | — | $ | 29,831 | ||||||||||||
Purchases of property and equipment | (24 | ) | — | (3 | ) | (17,457 | ) | — | (17,484 | ) | |||||||||||||||
Decrease in restricted cash and cash equivalents | — | — | — | 9,509 | — | 9,509 | |||||||||||||||||||
Net cash used in investing activities | (24 | ) | — | (3 | ) | (7,948 | ) | — | (7,975 | ) | |||||||||||||||
Net repayments under credit facility | — | (3,500 | ) | — | — | — | (3,500 | ) | |||||||||||||||||
Payment of dividend | (25,459 | ) | — | — | — | — | (25,459 | ) | |||||||||||||||||
Proceeds from exercise of stock option and purchase plans | 1,078 | — | — | — | — | 1,078 | |||||||||||||||||||
Other financing activities, net | 10 | — | — | (147 | ) | — | (137 | ) | |||||||||||||||||
Net cash used in financing activities | (24,371 | ) | (3,500 | ) | — | (147 | ) | — | (28,018 | ) | |||||||||||||||
Net change in cash and cash equivalents | — | 5,430 | — | (11,592 | ) | — | (6,162 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | — | 714 | — | 60,865 | — | 61,579 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 6,144 | $ | — | $ | 49,273 | $ | — | $ | 55,417 | |||||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
acre | |||
Room | |||
Organization And Significant Accounting Policies [Line Items] | |||
Percentage of owned subsidiaries | 100.00% | ||
Total Debt | 1,511,398,000 | $1,341,555,000 | |
Aloft Hotel National Harbor [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Number of room purchased | 192 | ||
Purchase price of hotel | 21,800,000 | ||
Purchase of additional land | 0.5 | ||
Purchase price paid | 21,200,000 | ||
Hotel opened date | Apr-15 | ||
AC Hotel Notes Payable [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Total Debt | 6,000,000 | 6,000,000 | |
Other Revenue [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Prior period reclassification adjustment | -7,200,000 | ||
Food and Beverage Revenue [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Prior period reclassification adjustment | 7,200,000 | ||
Rooms Expense [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Prior period reclassification adjustment | 1,100,000 | ||
Other Hotel Expense [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Prior period reclassification adjustment | ($1,100,000) |
Deferred_Management_Rights_Pro1
Deferred Management Rights Proceeds - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Oct. 01, 2012 | Mar. 31, 2015 |
Real Estate [Abstract] | ||
Sales price of management rights and intellectual property | $210 | |
Purchase price to the Management Rights | 190 | |
Purchase price IP Rights | $20 | |
Term of management rights for income amortization | 65 years |
Income_Per_Share_Weighted_Aver
Income Per Share - Weighted Average Number of Common Shares Outstanding (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding - basic | 51,123 | 50,623 |
Effect of dilutive stock-based compensation | 398 | 573 |
Effect of convertible notes | 7,152 | |
Effect of common stock warrants | 5,725 | |
Weighted average shares outstanding - diluted | 51,521 | 64,073 |
Income_Per_Share_Additional_In
Income Per Share - Additional Information (Detail) (3.75% Convertible Senior Notes [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
3.75% Convertible Senior Notes [Member] | |
Earnings Per Share [Line Items] | |
Interest | 3.75% |
Maturity year of note | 2014 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Equity [Abstract] | ||
Comprehensive income (loss) | $0 | $0 |
Reclassified comprehensive income loss, Before tax | $100,000 | ($100,000) |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $3,207,713 | $3,197,067 |
Accumulated depreciation | -1,183,988 | -1,160,806 |
Property and equipment, net | 2,023,725 | 2,036,261 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 254,262 | 254,013 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 2,342,697 | 2,340,555 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 574,993 | 576,453 |
Construction-in-progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $35,761 | $26,046 |
Notes_Receivable_Additional_In
Notes Receivable - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Note | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of notes receivable | 2 | |
Interest income | $3,008,000 | $3,031,000 |
National Bonds [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of notes receivable | 2 | |
Interest income | 3,000,000 | 3,000,000 |
Payment received relating to notes receivables | $3,400,000 | $3,500,000 |
Debt_Summary_of_Debt_and_Capit
Debt - Summary of Debt and Capital Lease Obligations (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total Debt | $1,511,398 | $1,341,555 |
Less amounts due within one year | -6,224 | -377 |
Total long-term debt | 1,505,174 | 1,341,178 |
$1 Billion Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 757,500 | 586,500 |
$400 Million Term Loan B Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 397,000 | 398,000 |
$350 Million Senior Notes at 5% Interest [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 350,000 | 350,000 |
AC Hotel Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 6,000 | 6,000 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $898 | $1,055 |
Debt_Summary_of_Debt_and_Capit1
Debt - Summary of Debt and Capital Lease Obligations (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
$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 B Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facility | 400,000,000 | 400,000,000 |
Spread rate added to LIBOR | 3.00% | 3.00% |
Maturity date for credit facility | 15-Jan-21 | 15-Jan-21 |
$350 Million Senior Notes at 5% Interest [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes | $350,000,000 | $350,000,000 |
Interest rate of Senior Notes | 5.00% | 5.00% |
Maturity date for Senior Notes | 15-Apr-21 | 15-Apr-21 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended |
Share data in Millions, unless otherwise specified | Mar. 31, 2015 |
Debt Instrument [Line Items] | |
Total consideration for repurchase of warrants | $154,681,000 |
3.75% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Warrants repurchased | 4.7 |
Total consideration for repurchase of warrants | 154,681,000 |
Gain (loss) on change in the fair value of the derivative liability | $20,200,000 |
Stock_Plans_Additional_Informa
Stock Plans - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost on stock-based compensation plans | $1.60 | $1.30 | |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock award granted by Company | 0.2 | ||
Weighted-average grant-date fair value of restricted stock awards granted | $59.45 | ||
Restricted stock award, outstanding | 0.5 | 0.6 |
Retirement_and_Postretirement_2
Retirement and Postretirement Benefits Other Than Pension Plans - Net Periodic Pension and Postretirement Benefit (Income) Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Interest cost | $986 | $1,044 |
Expected return on plan assets | -1,188 | -1,409 |
Amortization of net actuarial loss | 308 | 148 |
Total net periodic pension (income) expense | 106 | -217 |
Other Postretirement Benefit Plan [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Interest cost | 53 | 55 |
Amortization of net actuarial loss | 118 | 105 |
Amortization of prior service credit | -328 | -329 |
Total net postretirement benefit income | ($157) | ($169) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
(Provision) benefit for income taxes | $321,000 | ($484,000) |
Unrecognized tax benefits | $0 | $0 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity [Abstract] | ||
Cash Dividend on Common Stock | $0.65 | $0.55 |
Aggregated Dividend Paid | $33.30 | |
Common stock Dividend Payable Date | 16-Apr-15 | |
Dividend payable date of record | 31-Mar-15 | |
Dividend payable date declared | 26-Feb-15 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Number of notes receivable | 2 |
3.75% Convertible Senior Notes [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Common stock warrants repurchased | 4.7 |
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% |
Fair value of Senior Notes | 358.8 |
Bonds A Series [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Notes receivables, carrying value | 85.3 |
Maturity date | 1-Jul-34 |
Bonds B Series [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Notes receivables, carrying value | 63.9 |
Notes receivable, fair value | 45 |
Maturity date | 1-Sep-37 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan investments | $19,704 | $19,712 |
Total assets measured at fair value | 19,704 | 19,712 |
Warrant liability | 134,477 | |
Total liabilities measured at fair value | 134,477 | |
Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan investments | 19,704 | 19,712 |
Total assets measured at fair value | 19,704 | 19,712 |
Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | 134,477 | |
Total liabilities measured at fair value | $134,477 |
Recovered_Sheet1
Financial Reporting by Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Recovered_Sheet2
Financial Reporting by Business Segments - Segments Internal Financial Reports (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Revenues | $253,148 | $246,451 |
Depreciation and amortization | 28,570 | 28,003 |
Preopening costs | -592 | |
Impairment and other charges | -2,890 | |
Operating income (loss) | 35,890 | 32,797 |
Interest expense | -13,813 | -15,670 |
Interest income | 3,008 | 3,031 |
Other gains and (losses), net | -20,232 | 11 |
Income before income taxes | 4,853 | 20,169 |
Operating Segments [Member] | Hospitality [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 236,454 | 232,203 |
Depreciation and amortization | 26,443 | 25,514 |
Operating income (loss) | 45,061 | 40,016 |
Operating Segments [Member] | Entertainment (Previously Opry and Attractions) [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 16,694 | 14,248 |
Depreciation and amortization | 1,412 | 1,425 |
Operating income (loss) | 2,120 | 552 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 715 | 1,064 |
Operating income (loss) | -7,809 | -7,771 |
Segment Reconciling Items [Member] | ||
Segment Reporting Information [Line Items] | ||
Preopening costs | -592 | |
Impairment and other charges | ($2,890) |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | Apr. 30, 2015 | |
Forecast [Member] | |||
Subsequent Event [Line Items] | |||
Deferred financing costs | $2,000,000 | ||
$400 Million 5% Senior Notes [Member] | |||
Subsequent Event [Line Items] | |||
Interest rate of Senior Notes | 5.00% | ||
Maturity date for notes | 15-Apr-23 | ||
Maturity year of note | 2023 | ||
Senior note, repayment terms | Payable semi-annually in cash in arrears on April 15 and October 15 of each year, beginning October 15, 2015 | ||
$1 Billion Credit Facility [Member] | |||
Subsequent Event [Line Items] | |||
Total credit facility | 1,000,000,000 | ||
Subsequent Event [Member] | $400 Million 5% Senior Notes [Member] | |||
Subsequent Event [Line Items] | |||
Interest rate of Senior Notes | 5.00% | ||
Senior notes, principal amount | 400,000,000 | ||
Net proceeds from issuance of senior notes | 392,000,000 | ||
Subsequent Event [Member] | $1 Billion Credit Facility [Member] | |||
Subsequent Event [Line Items] | |||
Total credit facility | 1,000,000,000 | ||
Subsequent Event [Member] | $1 Billion Credit Facility [Member] | Senior Secured Term Loan Facility [Member] | |||
Subsequent Event [Line Items] | |||
Total credit facility | $300,000,000 |
Information_Concerning_Guarant2
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage in subsidiaries | 100.00% |
Guarantors [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Number of wholly owned subsidiaries | 4 |
$350 Million Senior Notes at 5% Interest [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Interest rate of Senior Notes | 5.00% |
Senior notes, principal amount | 350,000,000 |
$1 Billion Credit Facility [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Total credit facility | 1,000,000,000 |
$400 Million Term Loan Facility [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Total credit facility | 400,000,000 |
$400 Million 5% Senior Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Interest rate of Senior Notes | 5.00% |
Information_Concerning_Guarant3
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | $2,023,725 | $2,036,261 | ||
Cash and cash equivalents - unrestricted | 52,999 | 76,408 | 55,417 | 61,579 |
Cash and cash equivalents - restricted | 21,004 | 17,410 | ||
Notes receivable | 149,233 | 149,612 | ||
Trade receivables, less allowance | 70,164 | 45,188 | ||
Deferred financing costs | 20,250 | 21,646 | ||
Prepaid expenses and other assets | 61,667 | 66,621 | ||
Total assets | 2,399,042 | 2,413,146 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 1,511,398 | 1,341,555 | ||
Accounts payable and accrued liabilities | 142,518 | 166,848 | ||
Deferred income tax liabilities, net | 14,081 | 14,284 | ||
Deferred management rights proceeds | 182,692 | 183,423 | ||
Dividends payable | 33,800 | 29,133 | ||
Derivative liabilities | 134,477 | |||
Other liabilities | 142,881 | 142,019 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 513 | 510 | ||
Additional paid-in-capital | 881,500 | 882,193 | ||
Treasury stock | -8,002 | -8,002 | ||
Accumulated deficit | -476,067 | -446,963 | ||
Accumulated other comprehensive loss | -26,272 | -26,331 | ||
Total stockholders' equity | 371,672 | 401,407 | ||
Total liabilities and stockholders' equity | 2,399,042 | 2,413,146 | ||
Parent Guarantor [Member] | ||||
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | 6,566 | 6,574 | ||
Cash and cash equivalents - unrestricted | 117 | 392 | ||
Prepaid expenses and other assets | 6,962 | 16,908 | ||
Investments | 975,675 | 1,587,425 | ||
Total assets | 989,320 | 1,611,299 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Accounts payable and accrued liabilities | 73 | 36 | ||
Deferred income tax liabilities, net | 7,157 | 7,258 | ||
Dividends payable | 33,800 | 29,133 | ||
Derivative liabilities | 134,477 | |||
Intercompany payables, net | 576,618 | 1,038,988 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 513 | 510 | ||
Additional paid-in-capital | 881,500 | 882,193 | ||
Treasury stock | -8,002 | -8,002 | ||
Accumulated deficit | -476,067 | -446,963 | ||
Accumulated other comprehensive loss | -26,272 | -26,331 | ||
Total stockholders' equity | 371,672 | 401,407 | ||
Total liabilities and stockholders' equity | 989,320 | 1,611,299 | ||
Issuer [Member] | ||||
ASSETS: | ||||
Cash and cash equivalents - unrestricted | 712 | 1,001 | 6,144 | 714 |
Deferred financing costs | 20,250 | 21,646 | ||
Prepaid expenses and other assets | 8 | 33 | ||
Intercompany receivables, net | 0 | 219,772 | ||
Investments | 2,795,064 | 2,767,163 | ||
Total assets | 2,816,034 | 3,009,615 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 1,510,500 | 1,340,500 | ||
Accounts payable and accrued liabilities | 9,341 | 7,248 | ||
Intercompany payables, net | 290,724 | |||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 1 | 1 | ||
Additional paid-in-capital | 1,099,474 | 1,741,705 | ||
Accumulated deficit | -94,006 | -79,839 | ||
Total stockholders' equity | 1,005,469 | 1,661,867 | ||
Total liabilities and stockholders' equity | 2,816,034 | 3,009,615 | ||
Guarantors [Member] | ||||
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | 1,677,210 | 1,691,996 | ||
Cash and cash equivalents - unrestricted | 36 | 36 | ||
Prepaid expenses and other assets | 119,246 | 75,335 | ||
Intercompany receivables, net | 1,097,047 | 1,073,805 | ||
Investments | 532,144 | 526,645 | ||
Total assets | 3,425,683 | 3,367,817 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Accounts payable and accrued liabilities | 205 | 216 | ||
Deferred income tax liabilities, net | 544 | 616 | ||
Other liabilities | 80,723 | 79,382 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 1 | 1 | ||
Additional paid-in-capital | 2,812,431 | 2,803,719 | ||
Accumulated deficit | 531,779 | 483,883 | ||
Total stockholders' equity | 3,344,211 | 3,287,603 | ||
Total liabilities and stockholders' equity | 3,425,683 | 3,367,817 | ||
Non-Guarantors [Member] | ||||
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | 339,949 | 337,691 | ||
Cash and cash equivalents - unrestricted | 52,134 | 74,979 | 49,273 | 60,865 |
Cash and cash equivalents - restricted | 21,004 | 17,410 | ||
Notes receivable | 149,233 | 149,612 | ||
Trade receivables, less allowance | 70,164 | 45,188 | ||
Prepaid expenses and other assets | 56,484 | 50,713 | ||
Intercompany receivables, net | 0 | |||
Investments | 697,380 | 695,896 | ||
Total assets | 1,386,348 | 1,371,489 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 898 | 1,055 | ||
Accounts payable and accrued liabilities | 254,215 | 235,999 | ||
Deferred income tax liabilities, net | 6,380 | 6,410 | ||
Deferred management rights proceeds | 182,692 | 183,423 | ||
Other liabilities | 61,875 | 62,354 | ||
Intercompany payables, net | 229,705 | 254,589 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 2,387 | 2,387 | ||
Additional paid-in-capital | 1,213,325 | 1,183,941 | ||
Accumulated deficit | -538,857 | -532,338 | ||
Accumulated other comprehensive loss | -26,272 | -26,331 | ||
Total stockholders' equity | 650,583 | 627,659 | ||
Total liabilities and stockholders' equity | 1,386,348 | 1,371,489 | ||
Eliminations [Member] | ||||
ASSETS: | ||||
Prepaid expenses and other assets | -121,033 | -76,368 | ||
Intercompany receivables, net | -1,097,047 | -1,293,577 | ||
Investments | -5,000,263 | -5,577,129 | ||
Total assets | -6,218,343 | -6,947,074 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Accounts payable and accrued liabilities | -121,316 | -76,651 | ||
Other liabilities | 283 | 283 | ||
Intercompany payables, net | -1,097,047 | -1,293,577 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | -2,389 | -2,389 | ||
Additional paid-in-capital | -5,125,230 | -5,729,365 | ||
Accumulated deficit | 101,084 | 128,294 | ||
Accumulated other comprehensive loss | 26,272 | 26,331 | ||
Total stockholders' equity | -5,000,263 | -5,577,129 | ||
Total liabilities and stockholders' equity | ($6,218,343) | ($6,947,074) |
Information_Concerning_Guarant4
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Rooms | $94,721 | $91,082 |
Food and beverage | 118,331 | 117,244 |
Other hotel revenue | 23,402 | 23,877 |
Entertainment (previously Opry and Attractions) | 16,694 | 14,248 |
Total revenues | 253,148 | 246,451 |
Operating expenses: | ||
Rooms | 26,067 | 27,478 |
Food and beverage | 65,075 | 63,182 |
Other hotel expenses | 70,296 | 72,102 |
Management fees | 3,512 | 3,911 |
Total hotel operating expenses | 164,950 | 166,673 |
Entertainment (previously Opry and Attractions) | 13,162 | 12,271 |
Corporate | 7,094 | 6,707 |
Preopening costs | 592 | |
Impairment and other charges | 2,890 | |
Depreciation and amortization | 28,570 | 28,003 |
Total operating expenses | 217,258 | 213,654 |
Operating income (loss) | 35,890 | 32,797 |
Interest expense | -13,813 | -15,670 |
Interest income | 3,008 | 3,031 |
Other gains and (losses), net | -20,232 | 11 |
Income (loss) before income taxes | 4,853 | 20,169 |
(Provision) benefit for income taxes | -321 | 484 |
Net income (loss) | 4,532 | 20,653 |
Comprehensive income (loss) | 4,591 | 20,600 |
Parent Guarantor [Member] | ||
Revenues: | ||
Entertainment (previously Opry and Attractions) | 57 | |
Total revenues | 57 | |
Operating expenses: | ||
Corporate | 52 | |
Corporate overhead allocation | 2,465 | 2,818 |
Depreciation and amortization | 32 | |
Total operating expenses | 2,549 | 2,818 |
Operating income (loss) | -2,492 | -2,818 |
Interest expense | -6,459 | |
Other gains and (losses), net | -20,186 | |
Income (loss) before income taxes | -22,678 | -9,277 |
(Provision) benefit for income taxes | -40 | |
Equity in subsidiaries' earnings, net | 27,210 | 29,970 |
Net income (loss) | 4,532 | 20,653 |
Comprehensive income (loss) | 4,591 | 20,600 |
Issuer [Member] | ||
Operating expenses: | ||
Corporate | 316 | 305 |
Total operating expenses | 316 | 305 |
Operating income (loss) | -316 | -305 |
Interest expense | -13,851 | -9,203 |
Income (loss) before income taxes | -14,167 | -9,508 |
Net income (loss) | -14,167 | -9,508 |
Comprehensive income (loss) | -14,167 | -9,508 |
Guarantors [Member] | ||
Revenues: | ||
Other hotel revenue | 75,560 | 67,860 |
Total revenues | 75,560 | 67,860 |
Operating expenses: | ||
Other hotel expenses | 10,968 | 11,701 |
Total hotel operating expenses | 10,968 | 11,701 |
Corporate overhead allocation | 1,909 | 1,920 |
Depreciation and amortization | 14,786 | 14,902 |
Total operating expenses | 27,663 | 28,523 |
Operating income (loss) | 47,897 | 39,337 |
Income (loss) before income taxes | 47,897 | 39,337 |
(Provision) benefit for income taxes | -1 | -396 |
Net income (loss) | 47,896 | 38,941 |
Comprehensive income (loss) | 47,896 | 38,941 |
Non-Guarantors [Member] | ||
Revenues: | ||
Rooms | 94,721 | 91,082 |
Food and beverage | 118,331 | 117,244 |
Other hotel revenue | 27,668 | 28,572 |
Entertainment (previously Opry and Attractions) | 16,707 | 14,248 |
Total revenues | 257,427 | 251,146 |
Operating expenses: | ||
Rooms | 26,067 | 27,478 |
Food and beverage | 65,075 | 63,182 |
Other hotel expenses | 134,779 | 128,218 |
Management fees | 3,512 | 3,911 |
Total hotel operating expenses | 229,433 | 222,789 |
Entertainment (previously Opry and Attractions) | 13,233 | 12,271 |
Corporate | 6,726 | 6,402 |
Preopening costs | 592 | |
Impairment and other charges | 2,890 | |
Depreciation and amortization | 13,752 | 13,101 |
Total operating expenses | 266,626 | 254,563 |
Operating income (loss) | -9,199 | -3,417 |
Interest expense | 38 | -8 |
Interest income | 3,008 | 3,031 |
Other gains and (losses), net | -46 | 11 |
Income (loss) before income taxes | -6,199 | -383 |
(Provision) benefit for income taxes | -320 | 920 |
Net income (loss) | -6,519 | 537 |
Comprehensive income (loss) | -6,460 | 484 |
Eliminations [Member] | ||
Revenues: | ||
Other hotel revenue | -79,826 | -72,555 |
Entertainment (previously Opry and Attractions) | -70 | |
Total revenues | -79,896 | -72,555 |
Operating expenses: | ||
Other hotel expenses | -75,451 | -67,817 |
Total hotel operating expenses | -75,451 | -67,817 |
Entertainment (previously Opry and Attractions) | -71 | |
Corporate overhead allocation | -4,374 | -4,738 |
Total operating expenses | -79,896 | -72,555 |
Equity in subsidiaries' earnings, net | -27,210 | -29,970 |
Net income (loss) | -27,210 | -29,970 |
Comprehensive income (loss) | ($27,269) | ($29,917) |
Information_Concerning_Guarant5
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $3,872 | $29,831 |
Purchases of property and equipment | -18,655 | -17,484 |
Proceeds from sale of Peterson LOI | 10,000 | |
(Increase) decrease in restricted cash and cash equivalents | -3,594 | 9,509 |
Other investing activities | -2,453 | |
Net cash provided by (used in) investing activities | -14,702 | -7,975 |
Net borrowings under credit facility | 171,000 | -3,500 |
Repayments under term loan B | -1,000 | |
Repurchase of common stock warrants | -154,681 | |
Payment of dividend | -28,756 | -25,459 |
Proceeds from exercise of stock option and purchase plans | 1,015 | 1,078 |
Other financing activities, net | -157 | -137 |
Net cash provided by (used in) financing activities | -12,579 | -28,018 |
Net change in cash and cash equivalents | -23,409 | -6,162 |
Cash and cash equivalents - unrestricted, beginning of period | 76,408 | 61,579 |
Cash and cash equivalents - unrestricted, end of period | 52,999 | 55,417 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 172,169 | 24,395 |
Purchases of property and equipment | -22 | -24 |
Proceeds from sale of Peterson LOI | 10,000 | |
Net cash provided by (used in) investing activities | 9,978 | -24 |
Repurchase of common stock warrants | -154,681 | |
Payment of dividend | -28,756 | -25,459 |
Proceeds from exercise of stock option and purchase plans | 1,015 | 1,078 |
Other financing activities, net | 10 | |
Net cash provided by (used in) financing activities | -182,422 | -24,371 |
Net change in cash and cash equivalents | -275 | |
Cash and cash equivalents - unrestricted, beginning of period | 392 | |
Cash and cash equivalents - unrestricted, end of period | 117 | |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | -170,289 | 8,930 |
Net borrowings under credit facility | 171,000 | -3,500 |
Repayments under term loan B | -1,000 | |
Net cash provided by (used in) financing activities | 170,000 | -3,500 |
Net change in cash and cash equivalents | -289 | 5,430 |
Cash and cash equivalents - unrestricted, beginning of period | 1,001 | 714 |
Cash and cash equivalents - unrestricted, end of period | 712 | 6,144 |
Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 2 | 3 |
Purchases of property and equipment | -2 | -3 |
Net cash provided by (used in) investing activities | -2 | -3 |
Cash and cash equivalents - unrestricted, beginning of period | 36 | |
Cash and cash equivalents - unrestricted, end of period | 36 | |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 1,990 | -3,497 |
Purchases of property and equipment | -18,631 | -17,457 |
(Increase) decrease in restricted cash and cash equivalents | -3,594 | 9,509 |
Other investing activities | -2,453 | |
Net cash provided by (used in) investing activities | -24,678 | -7,948 |
Other financing activities, net | -157 | -147 |
Net cash provided by (used in) financing activities | -157 | -147 |
Net change in cash and cash equivalents | -22,845 | -11,592 |
Cash and cash equivalents - unrestricted, beginning of period | 74,979 | 60,865 |
Cash and cash equivalents - unrestricted, end of period | $52,134 | $49,273 |