Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | RHP | |
Entity Registrant Name | Ryman Hospitality Properties, Inc. | |
Entity Central Index Key | 1,040,829 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 51,189,513 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | $ 2,023,907 | $ 1,998,012 | ||
Cash and cash equivalents - unrestricted | 49,610 | 59,128 | $ 50,732 | $ 56,291 |
Cash and cash equivalents - restricted | 15,175 | 22,062 | ||
Notes receivable | 155,535 | 152,882 | ||
Investment in Gaylord Rockies joint venture | 87,716 | 70,440 | ||
Trade receivables, less allowance of $574 and $629, respectively | 65,576 | 47,818 | ||
Prepaid expenses and other assets | 58,255 | 55,411 | ||
Total assets | 2,455,774 | 2,405,753 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 1,560,667 | 1,502,554 | ||
Accounts payable and accrued liabilities | 153,785 | 163,205 | ||
Dividends payable | 41,712 | 39,404 | ||
Deferred management rights proceeds | 178,572 | 180,088 | ||
Deferred income tax liabilities, net | 1,340 | 1,469 | ||
Other liabilities | 154,368 | 151,036 | ||
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, 51,188 and 51,017 shares issued and outstanding, respectively | 512 | 510 | ||
Additional paid-in capital | 892,979 | 893,102 | ||
Treasury stock of 541 shares, at cost | (11,542) | (11,542) | ||
Accumulated deficit | (494,396) | (491,805) | ||
Accumulated other comprehensive loss | (22,223) | (22,268) | ||
Total stockholders' equity | 365,330 | 367,997 | ||
Total liabilities and stockholders' equity | $ 2,455,774 | $ 2,405,753 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 574 | $ 629 |
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 | 51,188,000 | 51,017,000 |
Common stock, shares outstanding | 51,188,000 | 51,017,000 |
Treasury stock, shares | 541,000 | 541,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Rooms | $ 110,674 | $ 111,331 | $ 214,043 | $ 208,300 |
Food and beverage | 128,441 | 127,217 | 254,610 | 249,450 |
Other hotel revenue | 24,258 | 23,781 | 48,874 | 48,770 |
Entertainment | 35,405 | 33,886 | 57,293 | 51,192 |
Total revenues | 298,778 | 296,215 | 574,820 | 557,712 |
Operating expenses: | ||||
Rooms | 28,359 | 28,140 | 56,387 | 54,121 |
Food and beverage | 68,285 | 67,998 | 137,442 | 136,255 |
Other hotel expenses | 73,388 | 73,491 | 147,461 | 146,179 |
Management fees, net | 6,178 | 5,501 | 11,709 | 10,838 |
Total hotel operating expenses | 176,210 | 175,130 | 352,999 | 347,393 |
Entertainment | 22,113 | 20,834 | 38,938 | 35,530 |
Corporate | 7,589 | 6,897 | 15,104 | 13,868 |
Preopening costs | 494 | 710 | ||
Depreciation and amortization | 27,679 | 26,409 | 55,316 | 55,182 |
Total operating expenses | 234,085 | 229,270 | 463,067 | 451,973 |
Operating income | 64,693 | 66,945 | 111,753 | 105,739 |
Interest expense | (17,155) | (16,016) | (33,019) | (32,055) |
Interest income | 2,969 | 3,008 | 5,917 | 6,151 |
Loss from joint ventures | (943) | (1,058) | (1,717) | (1,448) |
Other gains and (losses), net | (1,373) | (133) | (1,530) | (180) |
Income before income taxes | 48,191 | 52,746 | 81,404 | 78,207 |
Provision for income taxes | (899) | (1,415) | (1,492) | (530) |
Net income | $ 47,292 | $ 51,331 | $ 79,912 | $ 77,677 |
Basic income per share | $ 0.92 | $ 1.01 | $ 1.56 | $ 1.52 |
Fully diluted income per share | 0.92 | 1 | 1.56 | 1.51 |
Dividends declared per common share | $ 0.80 | $ 0.75 | $ 1.60 | $ 1.50 |
Comprehensive income, net of taxes | $ 47,326 | $ 51,334 | $ 79,957 | $ 77,725 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities: | ||
Net income | $ 79,912 | $ 77,677 |
Amounts to reconcile net income to net cash flows provided by operating activities: | ||
Benefit for deferred income taxes | (129) | (598) |
Depreciation and amortization | 55,316 | 55,182 |
Amortization of deferred financing costs | 2,567 | 2,432 |
Write-off of deferred financing costs | 925 | |
Stock-based compensation expense | 3,213 | 3,062 |
Changes in: | ||
Trade receivables | (17,758) | 2,465 |
Accounts payable and accrued liabilities | (11,390) | (16,638) |
Other assets and liabilities | 1,252 | 3,320 |
Net cash flows provided by operating activities | 113,908 | 126,902 |
Cash Flows from Investing Activities: | ||
Purchases of property and equipment | (79,472) | (55,878) |
Investment in Gaylord Rockies joint venture | (16,309) | (31,944) |
Proceeds from sale of Peterson LOI | 6,785 | |
(Increase) decrease in restricted cash and cash equivalents | 6,887 | (7,611) |
Other investing activities | (5,623) | (1,900) |
Net cash flows used in investing activities | (94,517) | (90,548) |
Cash Flows from Financing Activities: | ||
Net borrowings (repayments) under revolving credit facility | (241,900) | 67,500 |
Borrowings under term loan A | 200,000 | |
Borrowings under term loan B | 500,000 | |
Repayments under term loan B | (391,250) | (2,000) |
Deferred financing costs paid | (12,220) | |
Repayment of note payable related to purchase of AC Hotel | (6,000) | |
Repurchase of Company stock for retirement | (24,811) | |
Payment of dividends | (79,788) | (74,648) |
Payment of tax withholdings for share-based compensation | (3,769) | (3,087) |
Other financing activities | 18 | 1,133 |
Net cash flows used in financing activities | (28,909) | (41,913) |
Net change in cash and cash equivalents | (9,518) | (5,559) |
Cash and cash equivalents - unrestricted, beginning of period | 59,128 | 56,291 |
Cash and cash equivalents - unrestricted, end of period | $ 49,610 | $ 50,732 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION: On January 1, 2013, Ryman Hospitality Properties, Inc. (“Ryman”) and its subsidiaries (collectively with Ryman, the “Company”) began operating as a real estate investment trust (“REIT”) for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of upscale, meetings-focused resorts that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels brand. These resorts, which the Company refers to as the Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (“Gaylord Opryland”), the Gaylord Palms Resort & Convention Center near Orlando, Florida (“Gaylord Palms”), the Gaylord Texan Resort & Convention Center near Dallas, Texas (“Gaylord Texan”) and the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”). The Company’s other owned assets managed by Marriott include Gaylord Springs Golf Links (“Gaylord Springs”), the Wildhorse Saloon, the General Jackson Showboat (“General Jackson”), the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National. The Company also owns and operates media and entertainment assets including the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry; and WSM-AM, The condensed consolidated financial statements include the accounts of Ryman and its subsidiaries 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 from this report 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 The Company conducts its business through an umbrella partnership REIT, in which substantially 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. 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 The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality, Entertainment, and Corporate and Other. 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 day-to-day In February 2016, the FASB issued ASU No. 2016-02, Leases 10-K In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments held-to-maturity In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost |
Income Per Share
Income Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Income Per Share | 2. INCOME PER SHARE: The weighted average number of common shares outstanding is calculated as follows (in thousands): Three Months Ended June 30, Six Months Ended 2017 2016 2017 2016 Weighted average shares outstanding - basic 51,154 50,977 51,100 51,011 Effect of dilutive stock-based compensation 180 244 216 285 Weighted average shares outstanding - diluted 51,334 51,221 51,316 51,296 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. PROPERTY AND EQUIPMENT: Property and equipment at June 30, 2017 and December 31, 2016 is recorded at cost and summarized as follows (in thousands): June 30, 2017 December 31, Land and land improvements $ 266,390 $ 266,053 Buildings 2,431,201 2,398,117 Furniture, fixtures and equipment 630,796 604,876 Construction-in-progress 70,630 50,273 3,399,017 3,319,319 Accumulated depreciation (1,375,110 ) (1,321,307 ) Property and equipment, net $ 2,023,907 $ 1,998,012 In June 2017, the Company entered into an agreement with the Industrial Development Board of the Metropolitan Government of Nashville and Davidson County (the “Board”) to implement a tax abatement plan related to Gaylord Opryland. The tax abatement plan provides for the capping of real property taxes for a period of eight years by legally transferring title to the Gaylord Opryland real property to the Board. The Board financed the acquisition of the Gaylord Opryland real property by issuing a $650 million industrial revenue bond to the Company. The Board then leased this property back to the Company. The Company is obligated to make lease payments equal to the debt service on the industrial revenue bond. No cash was exchanged and no cash will be exchanged in connection with the Company’s lease payments under the lease. The tax abatement period extends through the term of the lease, which coincides with the nine-year maturity of the bond. At any time, the Company has the option to repurchase the real property at a de minimis amount. Due to the form of these transactions, the Company has not recorded the bond or the lease obligation associated with the sale lease-back transaction, and the cost of the Gaylord Opryland real property remains recorded on the balance sheet and is being depreciated over its estimated useful life. |
Notes Receivable
Notes Receivable | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Notes Receivable | 4. NOTES RECEIVABLE: As further discussed in the Company’s Annual Report on Form 10-K During the three months ended June 30, 2017 and 2016, the Company recorded interest income of $2.9 million and $3.0 million, respectively, on these bonds. During the six months ended June 30, 2017 and 2016, the Company recorded interest income of $5.9 million and $6.1 million, respectively, on these bonds. The Company received payments of $3.2 million and $3.3 million during the six months ended June 30, 2017 and 2016, respectively, relating to these notes receivable. See additional discussion regarding the fair value of these notes receivable in Note 13. |
Investment in Gaylord Rockies J
Investment in Gaylord Rockies Joint Venture | 6 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Gaylord Rockies Joint Venture | 5. INVESTMENT IN GAYLORD ROCKIES JOINT VENTURE: In March 2016, certain subsidiaries of the Company entered into a series of agreements with affiliates of RIDA Development Corporation (“RIDA”) and Ares Management, L.P. (“Ares”) with respect to an equity investment in the Gaylord Rockies Resort & Convention Center in Aurora, Colorado (“Gaylord Rockies”), which is being developed by RIDA and Ares. The hotel will be managed by Marriott pursuant to a long-term management contract and is expected to consist of a 1,500-room pre-function The Company owns a 35% interest in a limited liability company that owns the real property comprising the hotel, which the Company purchased for a capital contribution of approximately $86.5 million, of which the final portion was funded in the first quarter of 2017. The Company also owns a 35% interest in a limited liability company which will lease the hotel from the property owner and assume the Marriott management agreement prior to the opening of the hotel. A subsidiary of the Company is providing designated asset management services on behalf of the hotel during the pre-construction In connection with the agreements, the Company agreed to provide guarantees of the hotel’s construction loan, including a principal repayment guarantee of up to $21 million of the total $500 million principal amount of the construction loan previously obtained from a consortium of eight banks, with such amount reducing to $14 million and further reducing to $8.75 million upon the hotel’s satisfaction of designated debt service coverage requirements following completion and opening of the hotel. The Company has also provided a completion guarantee under the construction loan capped at its pro rata share of all costs necessary to complete the project within the time specified in the joint venture’s loan documents. Further, the Company has agreed to a guarantee capped at its pro rata share of the joint venture’s obligations under the construction loan prior to the hotel’s opening related to interest accruing under the construction loan and the operating expenses of the property (estimated pro rata share of interest prior to the hotel opening is $9.8 million). In addition to guarantees related to the construction loan, the Company agreed to provide a guarantee of the mezzanine debt related to the hotel including a payment guarantee capped at $8.75 million for which the Company is only liable in the event there is a casualty or condemnation event at the hotel and the construction lenders elect to apply those proceeds to the construction loan balance and release the construction loan guarantees and liens. The guarantee related to the mezzanine debt also includes an uncapped completion guarantee and an uncapped guarantee of the joint venture’s obligations under the mezzanine loan prior to the hotel’s opening related to interest accruing under the mezzanine loan and the operating expenses of the property to the extent not already satisfied by the parties under the guarantees related to the construction loan. As of June 30, 2017, the Company had not recorded any liability in the consolidated balance sheet associated with these guarantees. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 6. DEBT: The Company’s debt and capital lease obligations at June 30, 2017 and December 31, 2016 consisted of (in thousands): June 30, December 31, $700 Million Revolving Credit Facility, terms as set forth below, less unamortized deferred financing costs of $10,286 and $5,267 $ 130,214 $ 377,133 $200 Million Term Loan A, terms as set forth below, less unamortized deferred financing costs of $1,718 and $0 198,282 — $500 Million Term Loan B, terms as set forth below, less unamortized deferred financing costs of $8,112 and $0 490,638 — $400 Million Term Loan B, interest at LIBOR plus 2.75%, originally maturing January 15, 2021, less unamortized deferred financing costs of $0 and $5,273 — 384,727 $350 Million Senior Notes, interest at 5.0%, maturing April 15, 2021, less unamortized deferred financing costs of $3,793 and $4,246 346,207 345,754 $400 Million Senior Notes, interest at 5.0%, maturing April 15, 2023, less unamortized deferred financing costs of $5,324 and $5,719 394,676 394,281 Capital lease obligations 650 659 Total debt $ 1,560,667 $ 1,502,554 The majority of amounts due within one year consist of the amortization payments for the Term Loan B of 1.0% of the original principal balance, as described below. At June 30, 2017, the Company was in compliance with all of its covenants related to its outstanding debt. On May 11, 2017, the Company entered into a Fifth Amended and Restated Credit Agreement (the “Amended Credit Agreement”) among the Company, as a guarantor, the Operating Partnership, as borrower, certain other subsidiaries of the Company party thereto, as guarantors, certain subsidiaries of the Company party thereto, as pledgors, the lenders party thereto and Wells Fargo Bank, N.A., as administrative agent, which amends and restates the Company’s existing credit facility. In addition, on May 23, 2017, the Company entered into an Amendment No. 1 (the “Amendment”) to the Amended Credit Agreement among the same parties. As amended, the Company’s credit facility consists of a $700.0 million senior secured revolving credit facility (the “Revolver”), a new $200.0 million senior secured term loan A (the “Term Loan A”), and an increased $500.0 million senior secured term loan B (the “Term Loan B”), each as discussed below. Each of the Revolver, Term Loan A and Term Loan B is guaranteed by the Company, each of the four wholly-owned subsidiaries that own the Gaylord Hotels properties, and certain other of the Company’s subsidiaries. Each is secured by (i) a first mortgage lien on the real property of each of the Gaylord Hotels properties, (ii) pledges of equity interests in the Company’s subsidiaries that own the Gaylord Hotels properties, (iii) the personal property of the Company, the Operating Partnership and the subsidiaries that guarantee the Amended Credit Agreement and (iv) all proceeds and products from the Company’s Gaylord Hotels properties. Advances are subject to a 55% borrowing base, based on the appraisal value of the Gaylord Hotels properties (reduced to 50% in the event one of the Gaylord Hotel properties is sold). In addition, each of the Revolver, Term Loan A and Term Loan B contains certain covenants which, among other things, limit the incurrence of additional indebtedness, investments, dividends, transactions with affiliates, asset sales, acquisitions, mergers and consolidations, liens and encumbrances and other matters customarily restricted in such agreements. If an event of default shall occur and be continuing under the Amended Credit Agreement, the commitments under the Amended Credit Agreement may be terminated and the principal amount outstanding under the Amended Credit Agreement, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable. $700 Million Revolving Credit Facility Pursuant to the Amendment, the Company extended the maturity of the Revolver to May 23, 2021. Borrowings under the Revolver bear interest at an annual rate equal to, at the Company’s option, either (i) LIBOR plus the applicable margin ranging from 1.55% to 2.40%, dependent upon the Company’s funded debt to total asset value ratio (as defined in the Amended Credit Agreement) or (ii) a base rate as set in the Amended Credit Agreement. At June 30, 2017, the interest rate on the Revolver is LIBOR plus 1.60%. No additional amounts were borrowed under the Revolver at closing. $200 Million Term Loan A The Amendment also provides for the Term Loan A, which has a maturity date of May 23, 2022. Borrowings under the Term Loan A bear interest at an annual rate equal to, at the Company’s option, either (i) LIBOR plus the applicable margin ranging from 1.50% to 2.35%, dependent upon the Company’s funded debt to total asset value ratio (as defined in the Amended Credit Agreement) or (ii) a base rate as set in the Amended Credit Agreement. At June 30, 2017, the interest rate on the Term Loan A was LIBOR plus 1.55%. Amounts borrowed under the Term Loan A that are repaid or prepaid may not be reborrowed. At closing, the Company drew down on the Term Loan A in full and proceeds were used to pay down a portion of the Revolver. $500 Million Term Loan B Pursuant to the Amended Credit Agreement, the Company increased its original $400 million term loan B facility to a $500 million term loan B facility and extended the maturity to May 11, 2024. Borrowings under the Term Loan B bear interest at an annual rate equal to, at the Company’s option, either (i) LIBOR plus 2.25% or (ii) a base rate as set in the Amended Credit Agreement. At June 30, 2017, the interest rate on the Term Loan B was LIBOR plus 2.25%. The Term Loan B amortizes in equal quarterly installments in aggregate annual amounts equal to 1.0% of the original principal amount of $500.0 million, with the balance due at maturity. Amounts borrowed under the Term Loan B that are repaid or prepaid may not be reborrowed. At closing, the Company drew down on the Term Loan B in full. Net proceeds, after the repayment of the original $400 million term loan B and certain transaction expenses payable at closing, were approximately $114.3 million and were used to pay down a portion of the Revolver. |
Deferred Management Rights Proc
Deferred Management Rights Proceeds | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Management Rights Proceeds | 7. DEFERRED MANAGEMENT RIGHTS PROCEEDS: On October 1, 2012, the Company consummated its agreement to sell the Gaylord Hotels brand and rights to manage Gaylord Opryland, Gaylord Palms, Gaylord Texan and Gaylord National to Marriott for $210.0 million in cash. Effective October 1, 2012, Marriott assumed responsibility for managing the day-to-day 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 |
Stock Plans
Stock Plans | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans | 8. STOCK PLANS: During the six months ended June 30, 2017, the Company granted 0.1 million restricted stock units with a weighted-average grant date fair value of $66.65 per award. There were 0.4 million and 0.5 million restricted stock units outstanding at June 30, 2017 and December 31, 2016, respectively. The compensation expense that has been charged against pre-tax |
Pension and Postretirement Bene
Pension and Postretirement Benefits Other Than Pension Plans | 6 Months Ended |
Jun. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Postretirement Benefits Other Than Pension Plans | 9. PENSION AND POSTRETIREMENT BENEFITS OTHER THAN PENSION PLANS: Net periodic pension expense reflected in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Interest cost $ 901 $ 953 $ 1,815 $ 1,930 Expected return on plan assets (1,011 ) (1,006 ) (2,047 ) (2,040 ) Amortization of net actuarial loss 297 322 579 614 Total net periodic pension expense $ 187 $ 269 $ 347 $ 504 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 Six Months Ended 2017 2016 2017 2016 Interest cost $ 28 $ 30 $ 54 $ 60 Amortization of net actuarial loss 66 62 123 121 Amortization of prior service credit (329 ) (329 ) (657 ) (657 ) Total net postretirement benefit income $ (235 ) $ (237 ) $ (480 ) $ (476 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES: The Company 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 The Company recorded an income tax provision of $0.9 million and $1.4 million for the three months ended June 30, 2017 and 2016, respectively, and $1.5 million and $0.5 million for the six months ended June 30, 2017 and 2016, respectively, related to the current period operations of the Company. These results differ from the statutory rate primarily due to the REIT dividends paid deduction and the change in valuation allowance required at the TRSs. At June 30, 2017 and December 31, 2016, the Company had no unrecognized tax benefits. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES: 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 | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 12. STOCKHOLDERS’ EQUITY: Dividends On February 28, 2017, the Company’s board of directors declared the Company’s first quarter 2017 cash dividend in the amount of $0.80 per share of common stock, or an aggregate of approximately $40.9 million in cash, which was paid on April 14, 2017 to stockholders of record as of the close of business on March 31, 2017. On June 9, 2017, the Company’s board of directors declared the Company’s second quarter 2017 cash dividend in the amount of $0.80 per share of common stock, or an aggregate of approximately $41.0 million in cash, which was paid on July 14, 2017 to stockholders of record as of the close of business on June 19, 2017. Previous Stock Repurchase Authorization During the six months ended June 30, 2016, the Company repurchased 0.5 million shares of its common stock for an aggregate purchase price of $24.8 million, which the Company funded using cash on hand and borrowings under its previous revolving credit facility. The repurchased stock, which represents the entirety of shares that were repurchased under the authorization, was cancelled by the Company. The share repurchase program authorization expired as of December 31, 2016, terminating the program. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016, 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 The Company had no liabilities required to be measured at fair value at June 30, 2017 and December 31, 2016. The Company’s assets measured at fair value on a recurring basis at June 30, 2017 and December 31, 2016, were as follows (in thousands): June 30, Markets for Observable Unobservable Deferred compensation plan investments $ 23,841 $ 23,841 $ — $ — Total assets measured at fair value $ 23,841 $ 23,841 $ — $ — December 31, Markets for Observable Unobservable Deferred compensation plan investments $ 22,204 $ 22,204 $ — $ — Total assets measured at fair value $ 22,204 $ 22,204 $ — $ — The remainder of the assets and liabilities held by the Company at June 30, 2017 are not required to be recorded 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 4 and in the Company’s Annual Report on Form 10-K |
Financial Reporting By Business
Financial Reporting By Business Segments | 6 Months Ended |
Jun. 30, 2017 | |
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 • Entertainment WSM-AM, • Corporate and Other The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Revenues: Hospitality $ 263,373 $ 262,329 $ 517,527 $ 506,520 Entertainment 35,405 33,886 57,293 51,192 Corporate and Other — — — — Total $ 298,778 $ 296,215 $ 574,820 $ 557,712 Depreciation and amortization: Hospitality $ 25,547 $ 24,181 $ 50,725 $ 50,650 Entertainment 1,592 1,561 3,500 3,208 Corporate and Other 540 667 1,091 1,324 Total $ 27,679 $ 26,409 $ 55,316 $ 55,182 Operating income: Hospitality $ 61,616 $ 63,018 $ 113,803 $ 108,477 Entertainment 11,700 11,491 14,855 12,454 Corporate and Other (8,129 ) (7,564 ) (16,195 ) (15,192 ) Preopening costs (494 ) — (710 ) — Total operating income 64,693 66,945 111,753 105,739 Interest expense (17,155 ) (16,016 ) (33,019 ) (32,055 ) Interest income 2,969 3,008 5,917 6,151 Loss from joint ventures (943 ) (1,058 ) (1,717 ) (1,448 ) Other gains and (losses), net (1,373 ) (133 ) (1,530 ) (180 ) Income before income taxes $ 48,191 $ 52,746 $ 81,404 $ 78,207 |
Information Concerning Guaranto
Information Concerning Guarantor and Non-Guarantor Subsidiaries | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Information Concerning Guarantor and Non-Guarantor Subsidiaries | 15. INFORMATION CONCERNING GUARANTOR AND NON-GUARANTOR The $350 Million 5% Senior Notes and the $400 Million 5% Senior Notes 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 Amended Credit Agreement (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 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 June 30, 2017 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated ASSETS: Property and equipment, net of accumulated depreciation $ — $ — $ 1,611,238 $ 412,669 $ — $ 2,023,907 Cash and cash equivalents - unrestricted 80 487 27 49,016 — 49,610 Cash and cash equivalents - restricted — — — 15,175 — 15,175 Notes receivable — — — 155,535 — 155,535 Investment in Gaylord Rockies joint venture — — — 87,716 — 87,716 Trade receivables, less allowance — — — 65,576 — 65,576 Prepaid expenses and other assets 411 — 1 57,485 358 58,255 Intercompany receivables, net — — 1,639,304 — (1,639,304 ) — Investments 992,991 2,886,114 647,452 768,525 (5,295,082 ) — Total assets $ 993,482 $ 2,886,601 $ 3,898,022 $ 1,611,697 $ (6,934,028 ) $ 2,455,774 LIABILITIES AND STOCKHOLDERS’ EQUITY: Debt and capital lease obligations $ — $ 1,560,018 $ — $ 649 $ — $ 1,560,667 Accounts payable and accrued liabilities 331 11,011 14,368 127,704 371 153,785 Dividends payable 41,712 — — — — 41,712 Deferred management rights proceeds — — — 178,572 — 178,572 Deferred income tax liabilities, net 415 — 460 465 — 1,340 Other liabilities — — 92,518 61,863 (13 ) 154,368 Intercompany payables, net 585,694 805,242 — 248,368 (1,639,304 ) — Commitments and contingencies Stockholders’ equity: Preferred stock — — — — — — Common stock 512 1 1 2,387 (2,389 ) 512 Additional paid-in-capital 892,979 754,942 2,831,499 1,473,557 (5,059,998 ) 892,979 Treasury stock (11,542 ) — — — — (11,542 ) Accumulated deficit (494,396 ) (244,613 ) 959,176 (459,645 ) (254,918 ) (494,396 ) Accumulated other comprehensive loss (22,223 ) — — (22,223 ) 22,223 (22,223 ) Total stockholders’ equity 365,330 510,330 3,790,676 994,076 (5,295,082 ) 365,330 Total liabilities and stockholders’ equity $ 993,482 $ 2,886,601 $ 3,898,022 $ 1,611,697 $ (6,934,028 ) $ 2,455,774 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated ASSETS: Property and equipment, net of accumulated depreciation $ — $ — $ 1,600,288 $ 397,724 $ — $ 1,998,012 Cash and cash equivalents - unrestricted 28 1,234 23 57,843 — 59,128 Cash and cash equivalents - restricted — — — 22,062 — 22,062 Notes receivable — — — 152,882 — 152,882 Investment in Gaylord Rockies joint venture — — — 70,440 — 70,440 Trade receivables, less allowance — — — 47,818 — 47,818 Prepaid expenses and other assets 460 42 5 55,407 (503 ) 55,411 Intercompany receivables, net — — 1,640,220 — (1,640,220 ) — Investments 988,467 2,886,113 546,007 803,618 (5,224,205 ) — Total assets $ 988,955 $ 2,887,389 $ 3,786,543 $ 1,607,794 $ (6,864,928 ) $ 2,405,753 LIABILITIES AND STOCKHOLDERS’ EQUITY: Debt and capital lease obligations $ — $ 1,501,895 $ — $ 659 $ — $ 1,502,554 Accounts payable and accrued liabilities 740 8,152 11,863 142,940 (490 ) 163,205 Dividends payable 39,404 — — — — 39,404 Deferred management rights proceeds — — — 180,088 — 180,088 Deferred income tax liabilities, net 828 — 573 68 — 1,469 Other liabilities — — 89,989 61,060 (13 ) 151,036 Intercompany payables, net 579,986 752,852 — 307,382 (1,640,220 ) — Commitments and contingencies Stockholders’ equity: Preferred stock — — — — — — Common stock 510 1 1 2,387 (2,389 ) 510 Additional paid-in-capital 893,102 835,294 2,827,692 1,410,611 (5,073,597 ) 893,102 Treasury stock (11,542 ) — — — — (11,542 ) Accumulated deficit (491,805 ) (210,805 ) 856,425 (475,133 ) (170,487 ) (491,805 ) Accumulated other comprehensive loss (22,268 ) — — (22,268 ) 22,268 (22,268 ) Total stockholders’ equity 367,997 624,490 3,684,118 915,597 (5,224,205 ) 367,997 Total liabilities and stockholders’ equity $ 988,955 $ 2,887,389 $ 3,786,543 $ 1,607,794 $ (6,864,928 ) $ 2,405,753 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2017 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 110,674 $ — $ 110,674 Food and beverage — — — 128,441 — 128,441 Other hotel revenue — — 78,827 28,144 (82,713 ) 24,258 Entertainment — — 35,405 — 35,405 Total revenues — — 78,827 302,664 (82,713 ) 298,778 Operating expenses: Rooms — — — 28,359 — 28,359 Food and beverage — — — 68,285 — 68,285 Other hotel expenses — — 10,409 141,699 (78,720 ) 73,388 Management fees, net — — — 6,178 — 6,178 Total hotel operating expenses — — 10,409 244,521 (78,720 ) 176,210 Entertainment — — — 22,112 1 22,113 Corporate 45 396 1 7,147 — 7,589 Preopening costs — — — 494 — 494 Corporate overhead allocation 2,233 — 1,761 — (3,994 ) — Depreciation and amortization — — 14,877 12,802 — 27,679 Total operating expenses 2,278 396 27,048 287,076 (82,713 ) 234,085 Operating income (loss) (2,278 ) (396 ) 51,779 15,588 — 64,693 Interest expense — (17,149 ) — (6 ) — (17,155 ) Interest income — — — 2,969 — 2,969 Loss from joint ventures — — — (943 ) — (943 ) Other gains and (losses), net — — — (1,373 ) — (1,373 ) Income (loss) before income taxes (2,278 ) (17,545 ) 51,779 16,235 — 48,191 Provision for income taxes — — (55 ) (844 ) — (899 ) Equity in subsidiaries’ earnings, net 49,570 — — — (49,570 ) — Net income (loss) $ 47,292 $ (17,545 ) $ 51,724 $ 15,391 $ (49,570 ) $ 47,292 Comprehensive income (loss) $ 47,326 $ (17,545 ) $ 51,724 $ 15,425 $ (49,604 ) $ 47,326 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2016 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 111,331 $ — $ 111,331 Food and beverage — — — 127,217 — 127,217 Other hotel revenue — — 77,689 27,745 (81,653 ) 23,781 Entertainment 59 — — 33,873 (46 ) 33,886 Total revenues 59 — 77,689 300,166 (81,699 ) 296,215 Operating expenses: Rooms — — — 28,140 — 28,140 Food and beverage — — — 67,998 — 67,998 Other hotel expenses — — 10,944 140,127 (77,580 ) 73,491 Management fees, net — — — 5,501 — 5,501 Total hotel operating expenses — — 10,944 241,766 (77,580 ) 175,130 Entertainment — — — 20,880 (46 ) 20,834 Corporate 111 433 1 6,352 — 6,897 Corporate overhead allocation 2,303 — 1,770 — (4,073 ) — Depreciation and amortization 48 — 14,755 11,606 — 26,409 Total operating expenses 2,462 433 27,470 280,604 (81,699 ) 229,270 Operating income (loss) (2,403 ) (433 ) 50,219 19,562 — 66,945 Interest expense — (16,339 ) 94 229 — (16,016 ) Interest income — — — 3,008 — 3,008 Loss from joint ventures — — — (1,058 ) — (1,058 ) Other gains and (losses), net — — (87 ) (46 ) — (133 ) Income (loss) before income taxes (2,403 ) (16,772 ) 50,226 21,695 — 52,746 Benefit for income taxes — — (97 ) (1,318 ) — (1,415 ) Equity in subsidiaries’ earnings, net 53,734 — — — (53,734 ) — Net income (loss) $ 51,331 $ (16,772 ) $ 50,129 $ 20,377 $ (53,734 ) $ 51,331 Comprehensive income (loss) $ 51,334 $ (16,772 ) $ 50,129 $ 20,380 $ (53,737 ) $ 51,334 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2017 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 214,043 $ — $ 214,043 Food and beverage — — — 254,610 — 254,610 Other hotel revenue — — 158,321 56,577 (166,024 ) 48,874 Entertainment — — — 57,317 (24 ) 57,293 Total revenues — — 158,321 582,547 (166,048 ) 574,820 Operating expenses: Rooms — — — 56,387 — 56,387 Food and beverage — — — 137,442 — 137,442 Other hotel expenses — — 22,356 283,210 (158,105 ) 147,461 Management fees, net — — — 11,709 — 11,709 Total hotel operating expenses — — 22,356 488,748 (158,105 ) 352,999 Entertainment — — — 38,961 (23 ) 38,938 Corporate 90 802 2 14,210 — 15,104 Preopening costs — — — 710 — 710 Corporate overhead allocation 4,429 — 3,491 — (7,920 ) — Depreciation and amortization — — 29,684 25,632 — 55,316 Total operating expenses 4,519 802 55,533 568,261 (166,048 ) 463,067 Operating income (loss) (4,519 ) (802 ) 102,788 14,286 — 111,753 Interest expense — (33,006 ) — (13 ) — (33,019 ) Interest income — — — 5,917 — 5,917 Loss from joint ventures — — — (1,717 ) — (1,717 ) Other gains and (losses), net — — — (1,530 ) — (1,530 ) Income (loss) before income taxes (4,519 ) (33,808 ) 102,788 16,943 — 81,404 Provision for income taxes — — (37 ) (1,455 ) — (1,492 ) Equity in subsidiaries’ earnings, net 84,431 — — — (84,431 ) — Net income (loss) $ 79,912 $ (33,808 ) $ 102,751 $ 15,488 $ (84,431 ) $ 79,912 Comprehensive income (loss) $ 79,957 $ (33,808 ) $ 102,751 $ 15,533 $ (84,476 ) $ 79,957 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2016 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 208,300 $ — $ 208,300 Food and beverage — — — 249,450 — 249,450 Other hotel revenue — — 156,336 56,459 (164,025 ) 48,770 Entertainment 148 — — 51,166 (122 ) 51,192 Total revenues 148 — 156,336 565,375 (164,147 ) 557,712 Operating expenses: Rooms — — — 54,121 — 54,121 Food and beverage — — — 136,255 — 136,255 Other hotel expenses — — 21,889 280,409 (156,119 ) 146,179 Management fees, net — — — 10,838 — 10,838 Total hotel operating expenses — — 21,889 481,623 (156,119 ) 347,393 Entertainment — — — 35,652 (122 ) 35,530 Corporate 194 807 2 12,865 — 13,868 Corporate overhead allocation 4,470 — 3,436 — (7,906 ) — Depreciation and amortization 80 — 29,498 25,604 — 55,182 Total operating expenses 4,744 807 54,825 555,744 (164,147 ) 451,973 Operating income (loss) (4,596 ) (807 ) 101,511 9,631 — 105,739 Interest expense — (32,452 ) 135 262 — (32,055 ) Interest income 28 — — 6,123 — 6,151 Loss from joint ventures — — — (1,448 ) — (1,448 ) Other gains and (losses), net — — (87 ) (93 ) — (180 ) Income (loss) before income taxes (4,568 ) (33,259 ) 101,559 14,475 — 78,207 Benefit for income taxes — — (90 ) (440 ) — (530 ) Equity in subsidiaries’ earnings, net 82,245 — — — (82,245 ) — Net income (loss) $ 77,677 $ (33,259 ) $ 101,469 $ 14,035 $ (82,245 ) $ 77,677 Comprehensive income (loss) $ 77,725 $ (33,259 ) $ 101,469 $ 14,083 $ (82,293 ) $ 77,725 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2017 (in thousands) Parent Issuer Guarantors Non Guarantors Eliminations Consolidated Net cash provided by (used in) operating activities $ 83,581 $ (55,377 ) $ 35,875 $ 49,829 $ — $ 113,908 Purchases of property and equipment — — (35,871 ) (43,601 ) — (79,472 ) Investment in Gaylord Rockies joint venture — — — (16,309 ) — (16,309 ) Increase in restricted cash and cash equivalents — — — 6,887 — 6,887 Other investing activities — — — (5,623 ) — (5,623 ) Net cash used in investing activities — — (35,871 ) (58,646 ) — (94,517 ) Net repayments under revolving credit facility — (241,900 ) — — — (241,900 ) Borrowings under term loan A — 200,000 — — — 200,000 Borrowings under term loan B — 500,000 — — — 500,000 Repayments under term loan B — (391,250 ) — — — (391,250 ) Deferred financing costs paid — (12,220 ) — — — (12,220 ) Payment of dividends (79,788 ) — — — — (79,788 ) Payment of tax withholdings for share-based compensation (3,769 ) — — — — (3,769 ) Other financing activities 28 — — (10 ) — 18 Net cash provided by (used in) financing activities (83,529 ) 54,630 — (10 ) — (28,909 ) Net change in cash and cash equivalents 52 (747 ) 4 (8,827 ) — (9,518 ) Cash and cash equivalents at beginning of period 28 1,234 23 57,843 — 59,128 Cash and cash equivalents at end of period $ 80 $ 487 $ 27 $ 49,016 $ — $ 49,610 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2016 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Net cash provided by (used in) operating activities $ 102,768 $ (60,725 ) $ 12,326 $ 72,533 $ — $ 126,902 Purchases of property and equipment (8,105 ) — (12,497 ) (35,276 ) — (55,878 ) Investment in Gaylord Rockies joint venture — — — (31,944 ) — (31,944 ) Proceeds from sale of Peterson LOI 6,785 — — — — 6,785 Increase in restricted cash and cash equivalents — — — (7,611 ) — (7,611 ) Other investing activities — — 28 (1,928 ) — (1,900 ) Net cash provided by (used in) investing activities (1,320 ) — (12,469 ) (76,759 ) — (90,548 ) Net repayments under revolving credit facility — 67,500 — — — 67,500 Net borrowings under term loan B — (2,000 ) — — — (2,000 ) Repayment of note payable related to purchase of AC Hotel — (6,000 ) — — — (6,000 ) Repurchase of Company stock for retirement (24,811 ) — — — — (24,811 ) Payment of dividends (74,648 ) — — — — (74,648 ) Payment of tax withholdings for share-based compensation (3,087 ) — — — — (3,087 ) Other financing activities 1,142 — — (9 ) — 1,133 Net cash provided by (used in) financing activities (101,404 ) 59,500 — (9 ) — (41,913 ) Net change in cash and cash equivalents 44 (1,225 ) (143 ) (4,235 ) — (5,559 ) Cash and cash equivalents at beginning of period 23 1,578 158 54,532 — 56,291 Cash and cash equivalents at end of period $ 67 $ 353 $ 15 $ 50,297 $ — $ 50,732 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [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 day-to-day In February 2016, the FASB issued ASU No. 2016-02, Leases 10-K In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments held-to-maturity In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost |
Income Per Share (Tables)
Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, Six Months Ended 2017 2016 2017 2016 Weighted average shares outstanding - basic 51,154 50,977 51,100 51,011 Effect of dilutive stock-based compensation 180 244 216 285 Weighted average shares outstanding - diluted 51,334 51,221 51,316 51,296 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment at June 30, 2017 and December 31, 2016 is recorded at cost and summarized as follows (in thousands): June 30, 2017 December 31, Land and land improvements $ 266,390 $ 266,053 Buildings 2,431,201 2,398,117 Furniture, fixtures and equipment 630,796 604,876 Construction-in-progress 70,630 50,273 3,399,017 3,319,319 Accumulated depreciation (1,375,110 ) (1,321,307 ) Property and equipment, net $ 2,023,907 $ 1,998,012 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Debt and Capital Lease Obligations | The Company’s debt and capital lease obligations at June 30, 2017 and December 31, 2016 consisted of (in thousands): June 30, December 31, $700 Million Revolving Credit Facility, terms as set forth below, less unamortized deferred financing costs of $10,286 and $5,267 $ 130,214 $ 377,133 $200 Million Term Loan A, terms as set forth below, less unamortized deferred financing costs of $1,718 and $0 198,282 — $500 Million Term Loan B, terms as set forth below, less unamortized deferred financing costs of $8,112 and $0 490,638 — $400 Million Term Loan B, interest at LIBOR plus 2.75%, originally maturing January 15, 2021, less unamortized deferred financing costs of $0 and $5,273 — 384,727 $350 Million Senior Notes, interest at 5.0%, maturing April 15, 2021, less unamortized deferred financing costs of $3,793 and $4,246 346,207 345,754 $400 Million Senior Notes, interest at 5.0%, maturing April 15, 2023, less unamortized deferred financing costs of $5,324 and $5,719 394,676 394,281 Capital lease obligations 650 659 Total debt $ 1,560,667 $ 1,502,554 |
Pension and Postretirement Be25
Pension and Postretirement Benefits Other Than Pension Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Pension Plan [Member] | |
Net Periodic Pension and Postretirement Benefit (Income) Expense | Net periodic pension expense reflected in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands): Three Months Ended Six Months Ended 2017 2016 2017 2016 Interest cost $ 901 $ 953 $ 1,815 $ 1,930 Expected return on plan assets (1,011 ) (1,006 ) (2,047 ) (2,040 ) Amortization of net actuarial loss 297 322 579 614 Total net periodic pension expense $ 187 $ 269 $ 347 $ 504 |
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 Six Months Ended 2017 2016 2017 2016 Interest cost $ 28 $ 30 $ 54 $ 60 Amortization of net actuarial loss 66 62 123 121 Amortization of prior service credit (329 ) (329 ) (657 ) (657 ) Total net postretirement benefit income $ (235 ) $ (237 ) $ (480 ) $ (476 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | The Company had no liabilities required to be measured at fair value at June 30, 2017 and December 31, 2016. The Company’s assets measured at fair value on a recurring basis at June 30, 2017 and December 31, 2016, were as follows (in thousands): June 30, Markets for Observable Unobservable Deferred compensation plan investments $ 23,841 $ 23,841 $ — $ — Total assets measured at fair value $ 23,841 $ 23,841 $ — $ — December 31, Markets for Observable Unobservable Deferred compensation plan investments $ 22,204 $ 22,204 $ — $ — Total assets measured at fair value $ 22,204 $ 22,204 $ — $ — |
Financial Reporting By Busine27
Financial Reporting By Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended 2017 2016 2017 2016 Revenues: Hospitality $ 263,373 $ 262,329 $ 517,527 $ 506,520 Entertainment 35,405 33,886 57,293 51,192 Corporate and Other — — — — Total $ 298,778 $ 296,215 $ 574,820 $ 557,712 Depreciation and amortization: Hospitality $ 25,547 $ 24,181 $ 50,725 $ 50,650 Entertainment 1,592 1,561 3,500 3,208 Corporate and Other 540 667 1,091 1,324 Total $ 27,679 $ 26,409 $ 55,316 $ 55,182 Operating income: Hospitality $ 61,616 $ 63,018 $ 113,803 $ 108,477 Entertainment 11,700 11,491 14,855 12,454 Corporate and Other (8,129 ) (7,564 ) (16,195 ) (15,192 ) Preopening costs (494 ) — (710 ) — Total operating income 64,693 66,945 111,753 105,739 Interest expense (17,155 ) (16,016 ) (33,019 ) (32,055 ) Interest income 2,969 3,008 5,917 6,151 Loss from joint ventures (943 ) (1,058 ) (1,717 ) (1,448 ) Other gains and (losses), net (1,373 ) (133 ) (1,530 ) (180 ) Income before income taxes $ 48,191 $ 52,746 $ 81,404 $ 78,207 |
Information Concerning Guaran28
Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet | RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2017 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated ASSETS: Property and equipment, net of accumulated depreciation $ — $ — $ 1,611,238 $ 412,669 $ — $ 2,023,907 Cash and cash equivalents - unrestricted 80 487 27 49,016 — 49,610 Cash and cash equivalents - restricted — — — 15,175 — 15,175 Notes receivable — — — 155,535 — 155,535 Investment in Gaylord Rockies joint venture — — — 87,716 — 87,716 Trade receivables, less allowance — — — 65,576 — 65,576 Prepaid expenses and other assets 411 — 1 57,485 358 58,255 Intercompany receivables, net — — 1,639,304 — (1,639,304 ) — Investments 992,991 2,886,114 647,452 768,525 (5,295,082 ) — Total assets $ 993,482 $ 2,886,601 $ 3,898,022 $ 1,611,697 $ (6,934,028 ) $ 2,455,774 LIABILITIES AND STOCKHOLDERS’ EQUITY: Debt and capital lease obligations $ — $ 1,560,018 $ — $ 649 $ — $ 1,560,667 Accounts payable and accrued liabilities 331 11,011 14,368 127,704 371 153,785 Dividends payable 41,712 — — — — 41,712 Deferred management rights proceeds — — — 178,572 — 178,572 Deferred income tax liabilities, net 415 — 460 465 — 1,340 Other liabilities — — 92,518 61,863 (13 ) 154,368 Intercompany payables, net 585,694 805,242 — 248,368 (1,639,304 ) — Commitments and contingencies Stockholders’ equity: Preferred stock — — — — — — Common stock 512 1 1 2,387 (2,389 ) 512 Additional paid-in-capital 892,979 754,942 2,831,499 1,473,557 (5,059,998 ) 892,979 Treasury stock (11,542 ) — — — — (11,542 ) Accumulated deficit (494,396 ) (244,613 ) 959,176 (459,645 ) (254,918 ) (494,396 ) Accumulated other comprehensive loss (22,223 ) — — (22,223 ) 22,223 (22,223 ) Total stockholders’ equity 365,330 510,330 3,790,676 994,076 (5,295,082 ) 365,330 Total liabilities and stockholders’ equity $ 993,482 $ 2,886,601 $ 3,898,022 $ 1,611,697 $ (6,934,028 ) $ 2,455,774 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2016 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated ASSETS: Property and equipment, net of accumulated depreciation $ — $ — $ 1,600,288 $ 397,724 $ — $ 1,998,012 Cash and cash equivalents - unrestricted 28 1,234 23 57,843 — 59,128 Cash and cash equivalents - restricted — — — 22,062 — 22,062 Notes receivable — — — 152,882 — 152,882 Investment in Gaylord Rockies joint venture — — — 70,440 — 70,440 Trade receivables, less allowance — — — 47,818 — 47,818 Prepaid expenses and other assets 460 42 5 55,407 (503 ) 55,411 Intercompany receivables, net — — 1,640,220 — (1,640,220 ) — Investments 988,467 2,886,113 546,007 803,618 (5,224,205 ) — Total assets $ 988,955 $ 2,887,389 $ 3,786,543 $ 1,607,794 $ (6,864,928 ) $ 2,405,753 LIABILITIES AND STOCKHOLDERS’ EQUITY: Debt and capital lease obligations $ — $ 1,501,895 $ — $ 659 $ — $ 1,502,554 Accounts payable and accrued liabilities 740 8,152 11,863 142,940 (490 ) 163,205 Dividends payable 39,404 — — — — 39,404 Deferred management rights proceeds — — — 180,088 — 180,088 Deferred income tax liabilities, net 828 — 573 68 — 1,469 Other liabilities — — 89,989 61,060 (13 ) 151,036 Intercompany payables, net 579,986 752,852 — 307,382 (1,640,220 ) — Commitments and contingencies Stockholders’ equity: Preferred stock — — — — — — Common stock 510 1 1 2,387 (2,389 ) 510 Additional paid-in-capital 893,102 835,294 2,827,692 1,410,611 (5,073,597 ) 893,102 Treasury stock (11,542 ) — — — — (11,542 ) Accumulated deficit (491,805 ) (210,805 ) 856,425 (475,133 ) (170,487 ) (491,805 ) Accumulated other comprehensive loss (22,268 ) — — (22,268 ) 22,268 (22,268 ) Total stockholders’ equity 367,997 624,490 3,684,118 915,597 (5,224,205 ) 367,997 Total liabilities and stockholders’ equity $ 988,955 $ 2,887,389 $ 3,786,543 $ 1,607,794 $ (6,864,928 ) $ 2,405,753 |
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 June 30, 2017 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 110,674 $ — $ 110,674 Food and beverage — — — 128,441 — 128,441 Other hotel revenue — — 78,827 28,144 (82,713 ) 24,258 Entertainment — — 35,405 — 35,405 Total revenues — — 78,827 302,664 (82,713 ) 298,778 Operating expenses: Rooms — — — 28,359 — 28,359 Food and beverage — — — 68,285 — 68,285 Other hotel expenses — — 10,409 141,699 (78,720 ) 73,388 Management fees, net — — — 6,178 — 6,178 Total hotel operating expenses — — 10,409 244,521 (78,720 ) 176,210 Entertainment — — — 22,112 1 22,113 Corporate 45 396 1 7,147 — 7,589 Preopening costs — — — 494 — 494 Corporate overhead allocation 2,233 — 1,761 — (3,994 ) — Depreciation and amortization — — 14,877 12,802 — 27,679 Total operating expenses 2,278 396 27,048 287,076 (82,713 ) 234,085 Operating income (loss) (2,278 ) (396 ) 51,779 15,588 — 64,693 Interest expense — (17,149 ) — (6 ) — (17,155 ) Interest income — — — 2,969 — 2,969 Loss from joint ventures — — — (943 ) — (943 ) Other gains and (losses), net — — — (1,373 ) — (1,373 ) Income (loss) before income taxes (2,278 ) (17,545 ) 51,779 16,235 — 48,191 Provision for income taxes — — (55 ) (844 ) — (899 ) Equity in subsidiaries’ earnings, net 49,570 — — — (49,570 ) — Net income (loss) $ 47,292 $ (17,545 ) $ 51,724 $ 15,391 $ (49,570 ) $ 47,292 Comprehensive income (loss) $ 47,326 $ (17,545 ) $ 51,724 $ 15,425 $ (49,604 ) $ 47,326 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2016 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 111,331 $ — $ 111,331 Food and beverage — — — 127,217 — 127,217 Other hotel revenue — — 77,689 27,745 (81,653 ) 23,781 Entertainment 59 — — 33,873 (46 ) 33,886 Total revenues 59 — 77,689 300,166 (81,699 ) 296,215 Operating expenses: Rooms — — — 28,140 — 28,140 Food and beverage — — — 67,998 — 67,998 Other hotel expenses — — 10,944 140,127 (77,580 ) 73,491 Management fees, net — — — 5,501 — 5,501 Total hotel operating expenses — — 10,944 241,766 (77,580 ) 175,130 Entertainment — — — 20,880 (46 ) 20,834 Corporate 111 433 1 6,352 — 6,897 Corporate overhead allocation 2,303 — 1,770 — (4,073 ) — Depreciation and amortization 48 — 14,755 11,606 — 26,409 Total operating expenses 2,462 433 27,470 280,604 (81,699 ) 229,270 Operating income (loss) (2,403 ) (433 ) 50,219 19,562 — 66,945 Interest expense — (16,339 ) 94 229 — (16,016 ) Interest income — — — 3,008 — 3,008 Loss from joint ventures — — — (1,058 ) — (1,058 ) Other gains and (losses), net — — (87 ) (46 ) — (133 ) Income (loss) before income taxes (2,403 ) (16,772 ) 50,226 21,695 — 52,746 Benefit for income taxes — — (97 ) (1,318 ) — (1,415 ) Equity in subsidiaries’ earnings, net 53,734 — — — (53,734 ) — Net income (loss) $ 51,331 $ (16,772 ) $ 50,129 $ 20,377 $ (53,734 ) $ 51,331 Comprehensive income (loss) $ 51,334 $ (16,772 ) $ 50,129 $ 20,380 $ (53,737 ) $ 51,334 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2017 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 214,043 $ — $ 214,043 Food and beverage — — — 254,610 — 254,610 Other hotel revenue — — 158,321 56,577 (166,024 ) 48,874 Entertainment — — — 57,317 (24 ) 57,293 Total revenues — — 158,321 582,547 (166,048 ) 574,820 Operating expenses: Rooms — — — 56,387 — 56,387 Food and beverage — — — 137,442 — 137,442 Other hotel expenses — — 22,356 283,210 (158,105 ) 147,461 Management fees, net — — — 11,709 — 11,709 Total hotel operating expenses — — 22,356 488,748 (158,105 ) 352,999 Entertainment — — — 38,961 (23 ) 38,938 Corporate 90 802 2 14,210 — 15,104 Preopening costs — — — 710 — 710 Corporate overhead allocation 4,429 — 3,491 — (7,920 ) — Depreciation and amortization — — 29,684 25,632 — 55,316 Total operating expenses 4,519 802 55,533 568,261 (166,048 ) 463,067 Operating income (loss) (4,519 ) (802 ) 102,788 14,286 — 111,753 Interest expense — (33,006 ) — (13 ) — (33,019 ) Interest income — — — 5,917 — 5,917 Loss from joint ventures — — — (1,717 ) — (1,717 ) Other gains and (losses), net — — — (1,530 ) — (1,530 ) Income (loss) before income taxes (4,519 ) (33,808 ) 102,788 16,943 — 81,404 Provision for income taxes — — (37 ) (1,455 ) — (1,492 ) Equity in subsidiaries’ earnings, net 84,431 — — — (84,431 ) — Net income (loss) $ 79,912 $ (33,808 ) $ 102,751 $ 15,488 $ (84,431 ) $ 79,912 Comprehensive income (loss) $ 79,957 $ (33,808 ) $ 102,751 $ 15,533 $ (84,476 ) $ 79,957 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2016 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 208,300 $ — $ 208,300 Food and beverage — — — 249,450 — 249,450 Other hotel revenue — — 156,336 56,459 (164,025 ) 48,770 Entertainment 148 — — 51,166 (122 ) 51,192 Total revenues 148 — 156,336 565,375 (164,147 ) 557,712 Operating expenses: Rooms — — — 54,121 — 54,121 Food and beverage — — — 136,255 — 136,255 Other hotel expenses — — 21,889 280,409 (156,119 ) 146,179 Management fees, net — — — 10,838 — 10,838 Total hotel operating expenses — — 21,889 481,623 (156,119 ) 347,393 Entertainment — — — 35,652 (122 ) 35,530 Corporate 194 807 2 12,865 — 13,868 Corporate overhead allocation 4,470 — 3,436 — (7,906 ) — Depreciation and amortization 80 — 29,498 25,604 — 55,182 Total operating expenses 4,744 807 54,825 555,744 (164,147 ) 451,973 Operating income (loss) (4,596 ) (807 ) 101,511 9,631 — 105,739 Interest expense — (32,452 ) 135 262 — (32,055 ) Interest income 28 — — 6,123 — 6,151 Loss from joint ventures — — — (1,448 ) — (1,448 ) Other gains and (losses), net — — (87 ) (93 ) — (180 ) Income (loss) before income taxes (4,568 ) (33,259 ) 101,559 14,475 — 78,207 Benefit for income taxes — — (90 ) (440 ) — (530 ) Equity in subsidiaries’ earnings, net 82,245 — — — (82,245 ) — Net income (loss) $ 77,677 $ (33,259 ) $ 101,469 $ 14,035 $ (82,245 ) $ 77,677 Comprehensive income (loss) $ 77,725 $ (33,259 ) $ 101,469 $ 14,083 $ (82,293 ) $ 77,725 |
Condensed Consolidating Statement of Cash Flows | RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2017 (in thousands) Parent Issuer Guarantors Non Guarantors Eliminations Consolidated Net cash provided by (used in) operating activities $ 83,581 $ (55,377 ) $ 35,875 $ 49,829 $ — $ 113,908 Purchases of property and equipment — — (35,871 ) (43,601 ) — (79,472 ) Investment in Gaylord Rockies joint venture — — — (16,309 ) — (16,309 ) Increase in restricted cash and cash equivalents — — — 6,887 — 6,887 Other investing activities — — — (5,623 ) — (5,623 ) Net cash used in investing activities — — (35,871 ) (58,646 ) — (94,517 ) Net repayments under revolving credit facility — (241,900 ) — — — (241,900 ) Borrowings under term loan A — 200,000 — — — 200,000 Borrowings under term loan B — 500,000 — — — 500,000 Repayments under term loan B — (391,250 ) — — — (391,250 ) Deferred financing costs paid — (12,220 ) — — — (12,220 ) Payment of dividends (79,788 ) — — — — (79,788 ) Payment of tax withholdings for share-based compensation (3,769 ) — — — — (3,769 ) Other financing activities 28 — — (10 ) — 18 Net cash provided by (used in) financing activities (83,529 ) 54,630 — (10 ) — (28,909 ) Net change in cash and cash equivalents 52 (747 ) 4 (8,827 ) — (9,518 ) Cash and cash equivalents at beginning of period 28 1,234 23 57,843 — 59,128 Cash and cash equivalents at end of period $ 80 $ 487 $ 27 $ 49,016 $ — $ 49,610 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2016 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Net cash provided by (used in) operating activities $ 102,768 $ (60,725 ) $ 12,326 $ 72,533 $ — $ 126,902 Purchases of property and equipment (8,105 ) — (12,497 ) (35,276 ) — (55,878 ) Investment in Gaylord Rockies joint venture — — — (31,944 ) — (31,944 ) Proceeds from sale of Peterson LOI 6,785 — — — — 6,785 Increase in restricted cash and cash equivalents — — — (7,611 ) — (7,611 ) Other investing activities — — 28 (1,928 ) — (1,900 ) Net cash provided by (used in) investing activities (1,320 ) — (12,469 ) (76,759 ) — (90,548 ) Net repayments under revolving credit facility — 67,500 — — — 67,500 Net borrowings under term loan B — (2,000 ) — — — (2,000 ) Repayment of note payable related to purchase of AC Hotel — (6,000 ) — — — (6,000 ) Repurchase of Company stock for retirement (24,811 ) — — — — (24,811 ) Payment of dividends (74,648 ) — — — — (74,648 ) Payment of tax withholdings for share-based compensation (3,087 ) — — — — (3,087 ) Other financing activities 1,142 — — (9 ) — 1,133 Net cash provided by (used in) financing activities (101,404 ) 59,500 — (9 ) — (41,913 ) Net change in cash and cash equivalents 44 (1,225 ) (143 ) (4,235 ) — (5,559 ) Cash and cash equivalents at beginning of period 23 1,578 158 54,532 — 56,291 Cash and cash equivalents at end of period $ 67 $ 353 $ 15 $ 50,297 $ — $ 50,732 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | Jun. 30, 2017 |
Accounting Policies [Abstract] | |
Percentage of owned subsidiaries | 100.00% |
Income Per Share - Weighted Ave
Income Per Share - Weighted Average Number of Common Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares outstanding - basic | 51,154 | 50,977 | 51,100 | 51,011 |
Effect of dilutive stock-based compensation | 180 | 244 | 216 | 285 |
Weighted average shares outstanding - diluted | 51,334 | 51,221 | 51,316 | 51,296 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 3,399,017 | $ 3,319,319 |
Accumulated depreciation | (1,375,110) | (1,321,307) |
Property and equipment, net | 2,023,907 | 1,998,012 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 266,390 | 266,053 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 2,431,201 | 2,398,117 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 630,796 | 604,876 |
Construction-in-progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 70,630 | $ 50,273 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Property, Plant and Equipment [Abstract] | |
Property tax abatement, period | 8 years |
Amounts in Industrial revenue bond exchanged for property tax abatement | $ 650,000,000 |
Cash exchanged for property tax abatement | $ 0 |
Industrial revenue bonds maturity period | 9 years |
Notes Receivable - Additional I
Notes Receivable - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)Note | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Note | Jun. 30, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest income | $ 2,969 | $ 3,008 | $ 5,917 | $ 6,151 |
National Bonds [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of notes receivable | Note | 2 | 2 | ||
Interest income | $ 2,900 | $ 3,000 | $ 5,900 | 6,100 |
Payment received relating to notes receivables | $ 3,200 | $ 3,300 |
Investment in Gaylord Rockies34
Investment in Gaylord Rockies Joint Venture - Additional Information (Detail) - Gaylord Rockies Resort and Convention Center [Member] | 6 Months Ended |
Jun. 30, 2017USD ($)ft²Room | |
Schedule of Equity Method Investments [Line Items] | |
Number of hotel rooms | Room | 1,500 |
Area of exhibition, meeting, pre-functional and outdoor space | ft² | 485,000 |
Opening date of hotel | 2018-11 |
Estimated project cost | $ 800,000,000 |
Investment percentage | 35.00% |
Expected total contribution to the project | $ 86,500,000 |
Maximum repayment guarantee of construction loan and mezzanine debt | 21,000,000 |
Principal amount of loan | 500,000,000 |
Repayment guarantee of construction loan and mezzanine debt, amount on completion of first milestone | 14,000,000 |
Repayment guarantee of construction loan and mezzanine debt, amount on completion of final milestone | 8,750,000 |
Estimated pro rata share of interest amount | 9,800,000 |
Guarantee obligations exposure under mezzanine debt | 8,750,000 |
Guarantee Liability | $ 0 |
Debt - Summary of Debt and Capi
Debt - Summary of Debt and Capital Lease Obligations (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total Debt | $ 1,560,667 | $ 1,502,554 |
$200 Million Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 198,282 | |
$500 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 490,638 | |
$400 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 384,727 | |
$350 Million 5% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 346,207 | 345,754 |
$400 Million 5% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 394,676 | 394,281 |
$700 Million Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 130,214 | 377,133 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 650 | $ 659 |
Debt - Summary of Debt and Ca36
Debt - Summary of Debt and Capital Lease Obligations (Parenthetical) (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
$200 Million Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facility | $ 200,000,000 | |
Unamortized deferred financing costs | $ 1,718,000 | $ 0 |
Maturity date for credit facility | May 23, 2022 | |
Spread rate added to LIBOR | 1.55% | |
$500 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facility | $ 500,000,000 | |
Unamortized deferred financing costs | $ 8,112,000 | 0 |
Maturity date for credit facility | May 11, 2024 | |
Spread rate added to LIBOR | 2.25% | |
$400 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facility | $ 400,000,000 | |
Unamortized deferred financing costs | $ 0 | 5,273,000 |
Maturity date for credit facility | Jan. 15, 2021 | |
Spread rate added to LIBOR | 2.75% | |
$350 Million 5% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes | $ 350,000,000 | |
Interest rate of Senior Notes | 5.00% | |
Unamortized deferred financing costs | $ 3,793,000 | 4,246,000 |
Maturity date for Senior Notes | Apr. 15, 2021 | |
$400 Million 5% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total Senior Notes | $ 400,000,000 | |
Interest rate of Senior Notes | 5.00% | |
Unamortized deferred financing costs | $ 5,324,000 | 5,719,000 |
Maturity date for Senior Notes | Apr. 15, 2023 | |
$700 Million Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facility | $ 700,000,000 | |
Unamortized deferred financing costs | $ 10,286,000 | $ 5,267,000 |
Maturity date for credit facility | May 23, 2021 | |
Spread rate added to LIBOR | 1.60% |
Debt - Additional Information (
Debt - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017USD ($)Entity | |
Debt Instrument [Line Items] | |
Number of wholly owned subsidiaries | Entity | 4 |
Percentage of advance borrowing based on appraisal value of hotel properties | 55.00% |
Percentage of advance borrowing based on appraisal value of hotel properties in the event of hotel property sold | 50.00% |
$200 Million Term Loan A [Member] | |
Debt Instrument [Line Items] | |
Total credit facility | $ 200,000,000 |
$500 Million Term Loan B [Member] | |
Debt Instrument [Line Items] | |
Total credit facility | 500,000,000 |
$700 Million Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Total credit facility | $ 700,000,000 |
Debt - $700 Million Revolving C
Debt - $700 Million Revolving Credit Facility - Additional Information (Detail) - $700 Million Revolving Credit Facility [Member] | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Debt Instrument [Line Items] | |
Spread rate added to LIBOR | 1.60% |
Debt Instrument, description of interest rate | (i) LIBOR plus the applicable margin ranging from 1.55% to 2.40%, dependent upon the Company's funded debt to total asset value ratio (as defined in the Amended Credit Agreement) or (ii) a base rate as set in the Amended Credit Agreement |
Maturity date for credit facility | May 23, 2021 |
Additional borrowings | $ 0 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Spread rate added to LIBOR | 1.55% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Spread rate added to LIBOR | 2.40% |
Debt - $200 Million Term Loan A
Debt - $200 Million Term Loan A - Additional Information (Detail) - $200 Million Term Loan A [Member] | 6 Months Ended |
Jun. 30, 2017 | |
Debt Instrument [Line Items] | |
Maturity date for credit facility | May 23, 2022 |
Debt Instrument, description of interest rate | (i) LIBOR plus the applicable margin ranging from 1.50% to 2.35%, dependent upon the Company's funded debt to total asset value ratio (as defined in the Amended Credit Agreement) or (ii) a base rate as set in the Amended Credit Agreement. |
Spread rate added to LIBOR | 1.55% |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Spread rate added to LIBOR | 1.50% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Spread rate added to LIBOR | 2.35% |
Debt - $500 Million Term Loan B
Debt - $500 Million Term Loan B - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | May 10, 2017 | |
Debt Instrument [Line Items] | ||
Net proceeds from credit facility | $ 200,000,000 | |
$400 Million Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facility | $ 400,000,000 | |
$500 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Total credit facility | $ 500,000,000 | |
Maturity date for credit facility | May 11, 2024 | |
Debt Instrument, description of interest rate | (i) LIBOR plus 2.25% or (ii) a base rate as set in the Amended Credit Agreement. | |
Spread rate added to LIBOR | 2.25% | |
Net proceeds from credit facility | $ 114,300,000 | |
Periodic payment, percentage on principal amount | 1.00% |
Deferred Management Rights Pr41
Deferred Management Rights Proceeds - Additional Information (Detail) - USD ($) $ in Millions | Oct. 01, 2012 | Jun. 30, 2017 |
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 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost on stock-based compensation plans | $ 1.6 | $ 1.5 | $ 3.2 | $ 3.1 | |
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock award granted by Company | 0.1 | ||||
Weighted-average grant-date fair value of restricted stock awards granted | $ 66.65 | ||||
Restricted stock award, outstanding | 0.4 | 0.4 | 0.5 |
Pension and Postretirement Be43
Pension and Postretirement Benefits Other Than Pension Plans - Net Periodic Pension and Postretirement Benefit (Income) Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 901 | $ 953 | $ 1,815 | $ 1,930 |
Expected return on plan assets | (1,011) | (1,006) | (2,047) | (2,040) |
Amortization of net actuarial loss | 297 | 322 | 579 | 614 |
Total net periodic pension/postretirement benefit (income) expense | 187 | 269 | 347 | 504 |
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 28 | 30 | 54 | 60 |
Amortization of net actuarial loss | 66 | 62 | 123 | 121 |
Amortization of prior service credit | (329) | (329) | (657) | (657) |
Total net periodic pension/postretirement benefit (income) expense | $ (235) | $ (237) | $ (480) | $ (476) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Provision for income taxes | $ 899,000 | $ 1,415,000 | $ 1,492,000 | $ 530,000 | |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule Of Equity [Line Items] | |||||
Cash Dividend on Common Stock | $ 0.80 | $ 0.80 | $ 0.75 | $ 1.60 | $ 1.50 |
Aggregated Dividend Paid | $ 41 | $ 40.9 | |||
Dividend payable date declared | Jun. 9, 2017 | Feb. 28, 2017 | |||
Common stock Dividend Payable Date | Jul. 14, 2017 | Apr. 14, 2017 | |||
Dividend payable date of record | Jun. 19, 2017 | Mar. 31, 2017 | |||
2015 Stock Repurchase Program [Member] | |||||
Schedule Of Equity [Line Items] | |||||
Company repurchased, shares | 0.5 | ||||
Repurchase of Company stock for retirement | $ 24.8 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan investments | $ 23,841 | $ 22,204 |
Total assets measured at fair value | 23,841 | 22,204 |
Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan investments | 23,841 | 22,204 |
Total assets measured at fair value | $ 23,841 | $ 22,204 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivables, carrying value | $ 155,535 | $ 152,882 |
Bonds A Series [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivables, carrying value | $ 82,700 | |
Maturity date | Jul. 1, 2034 | |
Bonds B Series [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivables, carrying value | $ 72,800 | |
Notes receivable, fair value | $ 54,000 | |
Maturity date | Sep. 1, 2037 |
Financial Reporting By Busine48
Financial Reporting By Business Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Financial Reporting by Busine49
Financial Reporting by Business Segments - Segments Internal Financial Reports (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 298,778 | $ 296,215 | $ 574,820 | $ 557,712 |
Depreciation and amortization | 27,679 | 26,409 | 55,316 | 55,182 |
Preopening costs | (494) | (710) | ||
Operating income | 64,693 | 66,945 | 111,753 | 105,739 |
Interest expense | (17,155) | (16,016) | (33,019) | (32,055) |
Interest income | 2,969 | 3,008 | 5,917 | 6,151 |
Loss from joint ventures | (943) | (1,058) | (1,717) | (1,448) |
Other gains and (losses), net | (1,373) | (133) | (1,530) | (180) |
Income before income taxes | 48,191 | 52,746 | 81,404 | 78,207 |
Operating Segments [Member] | Hospitality [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 263,373 | 262,329 | 517,527 | 506,520 |
Depreciation and amortization | 25,547 | 24,181 | 50,725 | 50,650 |
Operating income | 61,616 | 63,018 | 113,803 | 108,477 |
Operating Segments [Member] | Entertainment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 35,405 | 33,886 | 57,293 | 51,192 |
Depreciation and amortization | 1,592 | 1,561 | 3,500 | 3,208 |
Operating income | 11,700 | 11,491 | 14,855 | 12,454 |
Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 540 | 667 | 1,091 | 1,324 |
Operating income | $ (8,129) | $ (7,564) | $ (16,195) | $ (15,192) |
Information Concerning Guaran50
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017USD ($)Entity | |
Condensed Financial Statements, Captions [Line Items] | |
Number of wholly owned subsidiaries | Entity | 4 |
Ownership percentage in subsidiaries | 100.00% |
$350 Million 5% Senior Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Interest rate of Senior Notes | 5.00% |
Senior notes, principal amount | $ 350,000,000 |
$400 Million 5% Senior Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Interest rate of Senior Notes | 5.00% |
Senior notes, principal amount | $ 400,000,000 |
Information Concerning Guaran51
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | $ 2,023,907 | $ 1,998,012 | ||
Cash and cash equivalents - unrestricted | 49,610 | 59,128 | $ 50,732 | $ 56,291 |
Cash and cash equivalents - restricted | 15,175 | 22,062 | ||
Notes receivable | 155,535 | 152,882 | ||
Investment in Gaylord Rockies joint venture | 87,716 | 70,440 | ||
Trade receivables, less allowance | 65,576 | 47,818 | ||
Prepaid expenses and other assets | 58,255 | 55,411 | ||
Total assets | 2,455,774 | 2,405,753 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 1,560,667 | 1,502,554 | ||
Accounts payable and accrued liabilities | 153,785 | 163,205 | ||
Dividends payable | 41,712 | 39,404 | ||
Deferred management rights proceeds | 178,572 | 180,088 | ||
Deferred income tax liabilities, net | 1,340 | 1,469 | ||
Other liabilities | 154,368 | 151,036 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 512 | 510 | ||
Additional paid-in-capital | 892,979 | 893,102 | ||
Treasury stock | (11,542) | (11,542) | ||
Accumulated deficit | (494,396) | (491,805) | ||
Accumulated other comprehensive loss | (22,223) | (22,268) | ||
Total stockholders' equity | 365,330 | 367,997 | ||
Total liabilities and stockholders' equity | 2,455,774 | 2,405,753 | ||
Parent Guarantor [Member] | ||||
ASSETS: | ||||
Cash and cash equivalents - unrestricted | 80 | 28 | 67 | 23 |
Prepaid expenses and other assets | 411 | 460 | ||
Investments | 992,991 | 988,467 | ||
Total assets | 993,482 | 988,955 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Accounts payable and accrued liabilities | 331 | 740 | ||
Dividends payable | 41,712 | 39,404 | ||
Deferred income tax liabilities, net | 415 | 828 | ||
Intercompany payables, net | 585,694 | 579,986 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 512 | 510 | ||
Additional paid-in-capital | 892,979 | 893,102 | ||
Treasury stock | (11,542) | (11,542) | ||
Accumulated deficit | (494,396) | (491,805) | ||
Accumulated other comprehensive loss | (22,223) | (22,268) | ||
Total stockholders' equity | 365,330 | 367,997 | ||
Total liabilities and stockholders' equity | 993,482 | 988,955 | ||
Issuer [Member] | ||||
ASSETS: | ||||
Cash and cash equivalents - unrestricted | 487 | 1,234 | 353 | 1,578 |
Prepaid expenses and other assets | 42 | |||
Investments | 2,886,114 | 2,886,113 | ||
Total assets | 2,886,601 | 2,887,389 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 1,560,018 | 1,501,895 | ||
Accounts payable and accrued liabilities | 11,011 | 8,152 | ||
Intercompany payables, net | 805,242 | 752,852 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 1 | 1 | ||
Additional paid-in-capital | 754,942 | 835,294 | ||
Accumulated deficit | (244,613) | (210,805) | ||
Total stockholders' equity | 510,330 | 624,490 | ||
Total liabilities and stockholders' equity | 2,886,601 | 2,887,389 | ||
Guarantors [Member] | ||||
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | 1,611,238 | 1,600,288 | ||
Cash and cash equivalents - unrestricted | 27 | 23 | 15 | 158 |
Prepaid expenses and other assets | 1 | 5 | ||
Intercompany receivables, net | 1,639,304 | 1,640,220 | ||
Investments | 647,452 | 546,007 | ||
Total assets | 3,898,022 | 3,786,543 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Accounts payable and accrued liabilities | 14,368 | 11,863 | ||
Deferred income tax liabilities, net | 460 | 573 | ||
Other liabilities | 92,518 | 89,989 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 1 | 1 | ||
Additional paid-in-capital | 2,831,499 | 2,827,692 | ||
Accumulated deficit | 959,176 | 856,425 | ||
Total stockholders' equity | 3,790,676 | 3,684,118 | ||
Total liabilities and stockholders' equity | 3,898,022 | 3,786,543 | ||
Non-Guarantors [Member] | ||||
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | 412,669 | 397,724 | ||
Cash and cash equivalents - unrestricted | 49,016 | 57,843 | $ 50,297 | $ 54,532 |
Cash and cash equivalents - restricted | 15,175 | 22,062 | ||
Notes receivable | 155,535 | 152,882 | ||
Investment in Gaylord Rockies joint venture | 87,716 | 70,440 | ||
Trade receivables, less allowance | 65,576 | 47,818 | ||
Prepaid expenses and other assets | 57,485 | 55,407 | ||
Investments | 768,525 | 803,618 | ||
Total assets | 1,611,697 | 1,607,794 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 649 | 659 | ||
Accounts payable and accrued liabilities | 127,704 | 142,940 | ||
Deferred management rights proceeds | 178,572 | 180,088 | ||
Deferred income tax liabilities, net | 465 | 68 | ||
Other liabilities | 61,863 | 61,060 | ||
Intercompany payables, net | 248,368 | 307,382 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 2,387 | 2,387 | ||
Additional paid-in-capital | 1,473,557 | 1,410,611 | ||
Accumulated deficit | (459,645) | (475,133) | ||
Accumulated other comprehensive loss | (22,223) | (22,268) | ||
Total stockholders' equity | 994,076 | 915,597 | ||
Total liabilities and stockholders' equity | 1,611,697 | 1,607,794 | ||
Eliminations [Member] | ||||
ASSETS: | ||||
Prepaid expenses and other assets | 358 | (503) | ||
Intercompany receivables, net | (1,639,304) | (1,640,220) | ||
Investments | (5,295,082) | (5,224,205) | ||
Total assets | (6,934,028) | (6,864,928) | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Accounts payable and accrued liabilities | 371 | (490) | ||
Other liabilities | (13) | (13) | ||
Intercompany payables, net | (1,639,304) | (1,640,220) | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | (2,389) | (2,389) | ||
Additional paid-in-capital | (5,059,998) | (5,073,597) | ||
Accumulated deficit | (254,918) | (170,487) | ||
Accumulated other comprehensive loss | 22,223 | 22,268 | ||
Total stockholders' equity | (5,295,082) | (5,224,205) | ||
Total liabilities and stockholders' equity | $ (6,934,028) | $ (6,864,928) |
Information Concerning Guaran52
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Rooms | $ 110,674 | $ 111,331 | $ 214,043 | $ 208,300 |
Food and beverage | 128,441 | 127,217 | 254,610 | 249,450 |
Other hotel revenue | 24,258 | 23,781 | 48,874 | 48,770 |
Entertainment | 35,405 | 33,886 | 57,293 | 51,192 |
Total revenues | 298,778 | 296,215 | 574,820 | 557,712 |
Operating expenses: | ||||
Rooms | 28,359 | 28,140 | 56,387 | 54,121 |
Food and beverage | 68,285 | 67,998 | 137,442 | 136,255 |
Other hotel expenses | 73,388 | 73,491 | 147,461 | 146,179 |
Management fees, net | 6,178 | 5,501 | 11,709 | 10,838 |
Total hotel operating expenses | 176,210 | 175,130 | 352,999 | 347,393 |
Entertainment | 22,113 | 20,834 | 38,938 | 35,530 |
Corporate | 7,589 | 6,897 | 15,104 | 13,868 |
Preopening costs | 494 | 710 | ||
Depreciation and amortization | 27,679 | 26,409 | 55,316 | 55,182 |
Total operating expenses | 234,085 | 229,270 | 463,067 | 451,973 |
Operating income (loss) | 64,693 | 66,945 | 111,753 | 105,739 |
Interest expense | (17,155) | (16,016) | (33,019) | (32,055) |
Interest income | 2,969 | 3,008 | 5,917 | 6,151 |
Loss from joint ventures | (943) | (1,058) | (1,717) | (1,448) |
Other gains and (losses), net | (1,373) | (133) | (1,530) | (180) |
Income (loss) before income taxes | 48,191 | 52,746 | 81,404 | 78,207 |
(Provision) benefit for income taxes | (899) | (1,415) | (1,492) | (530) |
Net income | 47,292 | 51,331 | 79,912 | 77,677 |
Comprehensive income (loss) | 47,326 | 51,334 | 79,957 | 77,725 |
Parent Guarantor [Member] | ||||
Revenues: | ||||
Entertainment | 59 | 148 | ||
Total revenues | 59 | 148 | ||
Operating expenses: | ||||
Corporate | 45 | 111 | 90 | 194 |
Corporate overhead allocation | 2,233 | 2,303 | 4,429 | 4,470 |
Depreciation and amortization | 48 | 80 | ||
Total operating expenses | 2,278 | 2,462 | 4,519 | 4,744 |
Operating income (loss) | (2,278) | (2,403) | (4,519) | (4,596) |
Interest income | 28 | |||
Income (loss) before income taxes | (2,278) | (2,403) | (4,519) | (4,568) |
Equity in subsidiaries' earnings, net | 49,570 | 53,734 | 84,431 | 82,245 |
Net income | 47,292 | 51,331 | 79,912 | 77,677 |
Comprehensive income (loss) | 47,326 | 51,334 | 79,957 | 77,725 |
Issuer [Member] | ||||
Operating expenses: | ||||
Corporate | 396 | 433 | 802 | 807 |
Total operating expenses | 396 | 433 | 802 | 807 |
Operating income (loss) | (396) | (433) | (802) | (807) |
Interest expense | (17,149) | (16,339) | (33,006) | (32,452) |
Income (loss) before income taxes | (17,545) | (16,772) | (33,808) | (33,259) |
Net income | (17,545) | (16,772) | (33,808) | (33,259) |
Comprehensive income (loss) | (17,545) | (16,772) | (33,808) | (33,259) |
Guarantors [Member] | ||||
Revenues: | ||||
Other hotel revenue | 78,827 | 77,689 | 158,321 | 156,336 |
Total revenues | 78,827 | 77,689 | 158,321 | 156,336 |
Operating expenses: | ||||
Other hotel expenses | 10,409 | 10,944 | 22,356 | 21,889 |
Total hotel operating expenses | 10,409 | 10,944 | 22,356 | 21,889 |
Corporate | 1 | 1 | 2 | 2 |
Corporate overhead allocation | 1,761 | 1,770 | 3,491 | 3,436 |
Depreciation and amortization | 14,877 | 14,755 | 29,684 | 29,498 |
Total operating expenses | 27,048 | 27,470 | 55,533 | 54,825 |
Operating income (loss) | 51,779 | 50,219 | 102,788 | 101,511 |
Interest expense | 94 | 135 | ||
Other gains and (losses), net | (87) | (87) | ||
Income (loss) before income taxes | 51,779 | 50,226 | 102,788 | 101,559 |
(Provision) benefit for income taxes | (55) | (97) | (37) | (90) |
Net income | 51,724 | 50,129 | 102,751 | 101,469 |
Comprehensive income (loss) | 51,724 | 50,129 | 102,751 | 101,469 |
Non-Guarantors [Member] | ||||
Revenues: | ||||
Rooms | 110,674 | 111,331 | 214,043 | 208,300 |
Food and beverage | 128,441 | 127,217 | 254,610 | 249,450 |
Other hotel revenue | 28,144 | 27,745 | 56,577 | 56,459 |
Entertainment | 35,405 | 33,873 | 57,317 | 51,166 |
Total revenues | 302,664 | 300,166 | 582,547 | 565,375 |
Operating expenses: | ||||
Rooms | 28,359 | 28,140 | 56,387 | 54,121 |
Food and beverage | 68,285 | 67,998 | 137,442 | 136,255 |
Other hotel expenses | 141,699 | 140,127 | 283,210 | 280,409 |
Management fees, net | 6,178 | 5,501 | 11,709 | 10,838 |
Total hotel operating expenses | 244,521 | 241,766 | 488,748 | 481,623 |
Entertainment | 22,112 | 20,880 | 38,961 | 35,652 |
Corporate | 7,147 | 6,352 | 14,210 | 12,865 |
Preopening costs | 494 | 710 | ||
Depreciation and amortization | 12,802 | 11,606 | 25,632 | 25,604 |
Total operating expenses | 287,076 | 280,604 | 568,261 | 555,744 |
Operating income (loss) | 15,588 | 19,562 | 14,286 | 9,631 |
Interest expense | (6) | 229 | (13) | 262 |
Interest income | 2,969 | 3,008 | 5,917 | 6,123 |
Loss from joint ventures | (943) | (1,058) | (1,717) | (1,448) |
Other gains and (losses), net | (1,373) | (46) | (1,530) | (93) |
Income (loss) before income taxes | 16,235 | 21,695 | 16,943 | 14,475 |
(Provision) benefit for income taxes | (844) | (1,318) | (1,455) | (440) |
Net income | 15,391 | 20,377 | 15,488 | 14,035 |
Comprehensive income (loss) | 15,425 | 20,380 | 15,533 | 14,083 |
Eliminations [Member] | ||||
Revenues: | ||||
Other hotel revenue | (82,713) | (81,653) | (166,024) | (164,025) |
Entertainment | (46) | (24) | (122) | |
Total revenues | (82,713) | (81,699) | (166,048) | (164,147) |
Operating expenses: | ||||
Other hotel expenses | (78,720) | (77,580) | (158,105) | (156,119) |
Total hotel operating expenses | (78,720) | (77,580) | (158,105) | (156,119) |
Entertainment | 1 | (46) | (23) | (122) |
Corporate overhead allocation | (3,994) | (4,073) | (7,920) | (7,906) |
Total operating expenses | (82,713) | (81,699) | (166,048) | (164,147) |
Equity in subsidiaries' earnings, net | (49,570) | (53,734) | (84,431) | (82,245) |
Net income | (49,570) | (53,734) | (84,431) | (82,245) |
Comprehensive income (loss) | $ (49,604) | $ (53,737) | $ (84,476) | $ (82,293) |
Information Concerning Guaran53
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 113,908 | $ 126,902 |
Purchases of property and equipment | (79,472) | (55,878) |
Investment in Gaylord Rockies joint venture | (16,309) | (31,944) |
Proceeds from sale of Peterson LOI | 6,785 | |
Increase in restricted cash and cash equivalents | 6,887 | (7,611) |
Other investing activities | (5,623) | (1,900) |
Net cash flows used in investing activities | (94,517) | (90,548) |
Net repayments under revolving credit facility | (241,900) | 67,500 |
Borrowings under term loan A | 200,000 | |
Borrowings under term loan B | 500,000 | |
Repayments under term loan B | (391,250) | (2,000) |
Deferred financing costs paid | (12,220) | |
Repayment of note payable related to purchase of AC Hotel | (6,000) | |
Repurchase of Company stock for retirement | (24,811) | |
Payment of dividends | (79,788) | (74,648) |
Payment of tax withholdings for share-based compensation | (3,769) | (3,087) |
Other financing activities | 18 | 1,133 |
Net cash provided by (used in) financing activities | (28,909) | (41,913) |
Net change in cash and cash equivalents | (9,518) | (5,559) |
Cash and cash equivalents - unrestricted, beginning of period | 59,128 | 56,291 |
Cash and cash equivalents - unrestricted, end of period | 49,610 | 50,732 |
Parent Guarantor [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 83,581 | 102,768 |
Purchases of property and equipment | (8,105) | |
Proceeds from sale of Peterson LOI | 6,785 | |
Net cash flows used in investing activities | (1,320) | |
Repurchase of Company stock for retirement | (24,811) | |
Payment of dividends | (79,788) | (74,648) |
Payment of tax withholdings for share-based compensation | (3,769) | (3,087) |
Other financing activities | 28 | 1,142 |
Net cash provided by (used in) financing activities | (83,529) | (101,404) |
Net change in cash and cash equivalents | 52 | 44 |
Cash and cash equivalents - unrestricted, beginning of period | 28 | 23 |
Cash and cash equivalents - unrestricted, end of period | 80 | 67 |
Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (55,377) | (60,725) |
Net repayments under revolving credit facility | (241,900) | 67,500 |
Borrowings under term loan A | 200,000 | |
Borrowings under term loan B | 500,000 | |
Repayments under term loan B | (391,250) | (2,000) |
Deferred financing costs paid | (12,220) | |
Repayment of note payable related to purchase of AC Hotel | (6,000) | |
Net cash provided by (used in) financing activities | 54,630 | 59,500 |
Net change in cash and cash equivalents | (747) | (1,225) |
Cash and cash equivalents - unrestricted, beginning of period | 1,234 | 1,578 |
Cash and cash equivalents - unrestricted, end of period | 487 | 353 |
Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 35,875 | 12,326 |
Purchases of property and equipment | (35,871) | (12,497) |
Other investing activities | 28 | |
Net cash flows used in investing activities | (35,871) | (12,469) |
Net change in cash and cash equivalents | 4 | (143) |
Cash and cash equivalents - unrestricted, beginning of period | 23 | 158 |
Cash and cash equivalents - unrestricted, end of period | 27 | 15 |
Non-Guarantors [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 49,829 | 72,533 |
Purchases of property and equipment | (43,601) | (35,276) |
Investment in Gaylord Rockies joint venture | (16,309) | (31,944) |
Increase in restricted cash and cash equivalents | 6,887 | (7,611) |
Other investing activities | (5,623) | (1,928) |
Net cash flows used in investing activities | (58,646) | (76,759) |
Other financing activities | (10) | (9) |
Net cash provided by (used in) financing activities | (10) | (9) |
Net change in cash and cash equivalents | (8,827) | (4,235) |
Cash and cash equivalents - unrestricted, beginning of period | 57,843 | 54,532 |
Cash and cash equivalents - unrestricted, end of period | $ 49,016 | $ 50,297 |