Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 51,201,660 | ||
Entity Public Float | $ 2,814,206,819 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | $ 2,065,657 | $ 1,998,012 | ||
Cash and cash equivalents-unrestricted | 57,557 | 59,128 | $ 56,291 | $ 76,408 |
Cash and cash equivalents-restricted | 21,153 | 22,062 | ||
Notes receivable | 111,423 | 152,882 | ||
Investment in Gaylord Rockies joint venture | 88,685 | 70,440 | ||
Trade receivables, less allowance of $651 and $629, respectively | 57,520 | 47,818 | ||
Deferred income tax assets, net | 50,117 | |||
Prepaid expenses and other assets | 72,116 | 55,411 | ||
Total assets | 2,524,228 | 2,405,753 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 1,591,392 | 1,502,554 | ||
Accounts payable and accrued liabilities | 179,649 | 163,205 | ||
Dividends payable | 42,129 | 39,404 | ||
Deferred management rights proceeds | 177,057 | 180,088 | ||
Deferred income tax liabilities, net | 1,469 | |||
Other liabilities | 155,845 | 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, 51,198 and 51,017 shares issued and outstanding, respectively | 512 | 510 | ||
Additional paid-in capital | 896,759 | 893,102 | ||
Treasury stock of 567 and 541 shares, at cost | (13,253) | (11,542) | ||
Accumulated deficit | (479,170) | (491,805) | ||
Accumulated other comprehensive loss | (26,692) | (22,268) | (25,047) | (26,331) |
Total stockholders' equity | 378,156 | 367,997 | $ 379,562 | $ 401,407 |
Total liabilities and stockholders' equity | $ 2,524,228 | $ 2,405,753 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 651 | $ 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 | 51,198,000 | 51,017,000 |
Common stock, shares outstanding | 51,198,000 | 51,017,000 |
Treasury stock, shares | 567,000 | 541,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | ||||||||||||
Rooms | $ 431,768 | $ 420,011 | $ 404,457 | |||||||||
Food and beverage | 483,945 | 477,493 | 461,157 | |||||||||
Other hotel revenue | 143,947 | 142,139 | 128,989 | |||||||||
Entertainment | 125,059 | 109,564 | 97,521 | |||||||||
Total revenues | $ 345,175 | $ 264,724 | $ 298,778 | $ 276,042 | $ 319,775 | $ 271,720 | $ 296,215 | $ 261,497 | 1,184,719 | 1,149,207 | 1,092,124 | |
Operating expenses: | ||||||||||||
Rooms | 112,636 | 109,618 | 110,067 | |||||||||
Food and beverage | 269,824 | 267,307 | 261,580 | |||||||||
Other hotel expenses | 326,560 | 322,774 | 312,989 | |||||||||
Management fees, net | 23,856 | 22,194 | 14,657 | |||||||||
Total hotel operating expenses | 732,876 | 721,893 | 699,293 | |||||||||
Entertainment | 84,393 | 74,550 | 67,363 | |||||||||
Corporate | 33,495 | 29,143 | 28,914 | |||||||||
Preopening costs | 1,926 | 909 | ||||||||||
Depreciation and amortization | 28,097 | 28,546 | 27,679 | 27,637 | 27,928 | 26,706 | 26,409 | 28,773 | 111,959 | 109,816 | 114,383 | |
Impairment and other charges | $ 16,300 | 35,418 | 19,200 | |||||||||
Other-than-temporary impairment loss on held-to-maturity securities: | ||||||||||||
Total other-than-temporary impairment loss | 41,961 | |||||||||||
Less portion recognized in other comprehensive income | (6,543) | |||||||||||
Net impairment loss recognized in earnings on held-to-maturity securities | 35,400 | 35,418 | ||||||||||
Total operating expenses | 1,000,067 | 935,402 | 930,062 | |||||||||
Operating income | 36,490 | 36,409 | 64,693 | 47,060 | 61,499 | 46,567 | 66,945 | 38,794 | 184,652 | 213,805 | 162,062 | |
Interest expense | (66,051) | (63,906) | (63,901) | |||||||||
Interest income | 11,818 | 11,500 | 12,384 | |||||||||
Loss from joint ventures | (4,402) | (2,794) | ||||||||||
Other gains and (losses), net | 928 | 4,161 | (10,889) | |||||||||
Income before income taxes | 21,141 | 24,400 | 48,191 | 33,213 | 49,144 | 35,415 | 52,746 | 25,461 | 126,945 | 162,766 | 99,656 | |
(Provision) benefit for income taxes | 51,177 | (530) | (899) | (593) | (1,048) | (1,822) | (1,415) | 885 | 49,155 | (3,400) | 11,855 | |
Net income | $ 72,318 | $ 23,870 | $ 47,292 | $ 32,620 | $ 48,096 | $ 33,593 | $ 51,331 | $ 26,346 | $ 176,100 | $ 159,366 | $ 111,511 | |
Basic income per share | $ 1.41 | $ 0.47 | $ 0.92 | $ 0.64 | $ 0.94 | $ 0.66 | $ 1.01 | $ 0.52 | $ 3.44 | $ 3.12 | $ 2.18 | |
Fully diluted income per share | $ 1.41 | $ 0.46 | $ 0.92 | $ 0.63 | $ 0.94 | $ 0.66 | $ 1 | $ 0.51 | 3.43 | 3.11 | 2.16 | |
Dividends declared per common share | $ 3.20 | $ 3 | $ 2.70 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 176,100 | $ 159,366 | $ 111,511 |
Other comprehensive income (loss), before tax: | |||
Unrealized gains arising during the period | 3,111 | 2,599 | 1,920 |
Amount reclassified from accumulated other comprehensive loss | 60 | 180 | 88 |
Total Minimum pension liability | 3,171 | 2,779 | 2,008 |
Other-than-temporary impairment loss on held-to-maturity securities: | |||
Non-credit loss on other-than-temporary impairment | (6,543) | ||
Total Non-credit loss on other-than-temporary impairment | (6,543) | ||
Other comprehensive income (loss), before tax | (3,372) | 2,779 | 2,008 |
Income tax expense related to items of comprehensive income (loss) | (1,052) | (724) | |
Other comprehensive income (loss), net of tax | (4,424) | 2,779 | 1,284 |
Comprehensive income | $ 171,676 | $ 162,145 | $ 112,795 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net income | $ 176,100 | $ 159,366 | $ 111,511 |
Amounts to reconcile net income to net cash flows provided by operating activities: | |||
Provision (benefit) for deferred income taxes | (52,637) | 321 | (13,847) |
Depreciation and amortization | 111,959 | 109,816 | 114,383 |
Amortization of deferred financing costs | 5,350 | 4,863 | 5,505 |
Impairment and other charges | 35,418 | 19,200 | |
Net impairment loss recognized in earnings on held-to-maturity securities | 35,418 | ||
Loss on repurchase of warrants | 20,246 | ||
Write-off of deferred financing costs | 925 | 1,926 | |
Stock-based compensation expense | 6,640 | 6,128 | 6,158 |
Changes in: | |||
Trade receivables | (9,702) | 7,215 | (9,845) |
Accounts payable and accrued liabilities | 17,189 | 1,148 | (13,019) |
Other assets and liabilities | 4,588 | 4,744 | (4,156) |
Net cash flows provided by operating activities | 295,830 | 293,601 | 238,062 |
Cash Flows from Investing Activities: | |||
Purchases of property and equipment | (182,565) | (117,977) | (79,815) |
Investment in Gaylord Rockies joint venture | (16,309) | (70,141) | |
Investment in other joint ventures | (9,313) | (2,500) | |
Proceeds from sale of Peterson LOI | 6,785 | 10,000 | |
(Increase) decrease in restricted cash and cash equivalents | 909 | 293 | (4,945) |
Other investing activities | (7,234) | 4,299 | 123 |
Net cash flows used in investing activities | (214,512) | (179,241) | (74,637) |
Cash Flows from Financing Activities: | |||
Net borrowings (repayments) under revolving credit facility | (211,400) | 76,000 | (280,100) |
Borrowings under term loan A | 200,000 | ||
Borrowings under term loan B | 500,000 | ||
Repayments under term loan B | (393,750) | (4,000) | (4,000) |
Issuance of senior notes | 400,000 | ||
Repayment of note payable related to purchase of AC Hotel | (6,000) | ||
Repurchase of common stock warrants | (154,681) | ||
Deferred financing costs paid | (12,268) | (11,155) | |
Repurchase of Company stock for retirement | (24,811) | ||
Payment of dividends | (161,706) | (151,160) | (131,305) |
Payment of tax withholdings for share-based compensation | (3,810) | (3,235) | (3,700) |
Other financing activities | 45 | 1,683 | 1,399 |
Net cash flows used in financing activities | (82,889) | (111,523) | (183,542) |
Net change in cash and cash equivalents | (1,571) | 2,837 | (20,117) |
Cash and cash equivalents-unrestricted, beginning of period | 59,128 | 56,291 | 76,408 |
Cash and cash equivalents-unrestricted, end of period | $ 57,557 | $ 59,128 | $ 56,291 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance at Dec. 31, 2014 | $ 401,407 | $ 510 | $ 882,193 | $ (8,002) | $ (446,963) | $ (26,331) |
Net income | 111,511 | 111,511 | ||||
Other comprehensive income (loss), net of income taxes | 1,284 | 1,284 | ||||
Payment of dividend | (139,041) | 910 | (1,999) | (137,952) | ||
Exercise of stock options | 1,777 | 1 | 1,776 | |||
Restricted stock units and stock options surrendered | (3,534) | 2 | (3,536) | |||
Stock-based compensation expense | 6,158 | 6,158 | ||||
Ending Balance at Dec. 31, 2015 | 379,562 | 513 | 887,501 | (10,001) | (473,404) | (25,047) |
Net income | 159,366 | 159,366 | ||||
Other comprehensive income (loss), net of income taxes | 2,779 | 2,779 | ||||
Repurchase of Company stock for retirement | (24,811) | (5) | (24,806) | |||
Payment of dividend | (153,694) | 883 | (1,541) | (153,036) | ||
Exercise of stock options | 1,702 | 1,702 | ||||
Restricted stock units and stock options surrendered | (3,110) | 2 | (3,112) | |||
Stock-based compensation expense | 6,128 | 6,128 | ||||
Ending Balance at Dec. 31, 2016 | 367,997 | 510 | 893,102 | (11,542) | (491,805) | (22,268) |
Tax benefit related to adoption of ASU 2016-09 | 75 | 75 | ||||
Net income | 176,100 | 176,100 | ||||
Other comprehensive income (loss), net of income taxes | (4,424) | (4,424) | ||||
Payment of dividend | (164,431) | 745 | (1,711) | (163,465) | ||
Exercise of stock options | 65 | 65 | ||||
Restricted stock units and stock options surrendered | (3,791) | 2 | (3,793) | |||
Stock-based compensation expense | 6,640 | 6,640 | ||||
Ending Balance at Dec. 31, 2017 | $ 378,156 | $ 512 | $ 896,759 | $ (13,253) | $ (479,170) | $ (26,692) |
Description of the Business and
Description of the Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Description of the Business and Summary of Significant Accounting Policies | 1. Description of the Business and Summary of Significant Accounting Policies For financial statement presentation and reporting purposes, the Company is the successor to Gaylord Entertainment Company, a Delaware corporation (“Gaylord”). As part of the plan to restructure the business operations of Gaylord to facilitate its qualification as a real estate investment trust (“REIT”) for federal income tax purposes, Gaylord merged with and into its wholly-owned subsidiary, Ryman Hospitality Properties, Inc., a Delaware corporation (“Ryman”), on October 1, 2012, with Ryman as the surviving corporation (the “Merger”). At 12:01 a.m. on October 1, 2012, the effective time of the Merger, Ryman succeeded to and began conducting, directly or indirectly, all of the business conducted by Gaylord immediately prior to the Merger. The “Company” refers to Ryman and its subsidiaries and to Gaylord. On January 1, 2013, the Company began operating as a 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 hotel assets managed by Marriott include 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 that opened in April 2015. The Company also owns a 35% interest in a joint venture that is developing and will own the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”), which will be managed by Marriott upon its planned opening in late 2018. The Company also owns a number of 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 located in downtown Nashville; WSM-AM, The Company conducts its business through an umbrella partnership REIT, in which all of its assets are held by, and all of its operations are conducted through, RHP Hotel Properties, LP, a subsidiary operating partnership (the “Operating Partnership”) that the Company formed in connection with its REIT conversion. 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 Annual Report on Form 10-K The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality; Entertainment; and Corporate and Other. The Company’s fiscal year ends on December 31 for all periods presented. Business Segments Hospitality The Hospitality segment includes the Gaylord Hotels branded hotels, the Inn at Opryland and the AC Hotel, as well as the Company’s equity investment in Gaylord Rockies. See Note 4 for further discussion of this investment. Each of the Company’s hotels is managed by Marriott pursuant to a management agreement for each hotel, and Gaylord Rockies will be managed by Marriott upon its opening. Entertainment The Entertainment segment includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, day-to-day Corporate and Other The Corporate and Other segment includes operating and general and administrative expenses related to the overall management of the Company which are not allocated to the other reportable segments, including certain costs for the Company’s retirement plans, equity-based compensation plans, information technology, human resources, accounting, and other administrative expenses. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries. The Company’s investments in non-controlled The Company analyzes its variable interests, including loans, guarantees, management agreements, leasing arrangements and equity investments, to determine if an entity in which it has a variable interest is a variable interest entity (“VIE”). This analysis primarily includes a qualitative review, which is based on a review of the design of the entity, its organizational structure, including decision-making ability, and relevant financial agreements. This analysis is also used to determine if the Company must consolidate the VIE as the primary beneficiary. The terms of the Company’s investment in the Gaylord Rockies joint venture provide that the Company will have the ability to approve certain major decisions affecting the hotel, including, but not limited to, operating budgets, major capital expenditures, material transactions involving the hotel, and approval of designated hotel senior management. The Company also has a right of first offer to acquire the remainder of the project and designated rights to participate in any sales process with respect to the project after exercise of its first offer rights. However, because the power to direct the activities that most significantly impact the economic performance of the hotel are either shared or are held by some combination of the developers and Marriott, the Company is not the primary beneficiary of this variable interest entity, and thus, accounts for its investment in this joint venture under the equity method of accounting. As such, the Company does not consolidate any part of the assets or liabilities of the joint venture. The Company’s share of equity method net income or loss will increase or decrease, as applicable, the carrying value of its equity method investment. Acquisitions and Investments In December 2014, the Company purchased from an affiliate of The Peterson Companies (the developer of the National Harbor, Maryland development in which Gaylord National is located) the AC Hotel, a 192-room In March 2016, certain subsidiaries of the Company entered into a series of agreements with respect to an equity investment in Gaylord Rockies, which is expected to open in late 2018. See Note 4 for further discussion of this investment. In October 2016, a subsidiary of the Company entered into a series of agreements with respect to an equity investment in Opry City Stage, which opened in December 2017. Property and Equipment Property and equipment are stated at cost. Improvements and significant renovations that extend the lives of existing assets are capitalized. Interest on funds borrowed to finance the construction of major capital additions not funded through furniture, fixtures and equipment reserves is included in the cost of the applicable capital addition. Maintenance and repairs are charged to expense as incurred. Property and equipment are generally depreciated using the straight-line method over the following estimated useful lives: Buildings 40 years Land improvements 20 years Furniture, fixtures and equipment 5-8 Leasehold improvements The shorter of the lease term or useful life Cash and Cash Equivalents — Unrestricted The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and Cash Equivalents — Restricted Restricted cash and cash equivalents primarily represent funds held by our property managers for furniture, fixtures and equipment reserves. In addition, the Company holds certificates of deposit with an original maturity of greater than three months in order to secure its Tennessee workers’ compensation self-insurance obligations. For purposes of the statements of cash flows, changes in restricted cash and cash equivalents related to funds for furniture, fixtures and equipment replacement reserves are shown as investing activities. Supplemental Cash Flow Information Cash paid for interest for the years ended December 31 was comprised of (amounts in thousands): 2017 2016 2015 Debt interest paid $ 63,325 $ 60,780 $ 53,978 Capitalized interest (6,645 ) (1,721 ) (169 ) Cash paid for interest, net of capitalized interest $ 56,680 $ 59,059 $ 53,809 Net cash payments of income taxes in 2017, 2016 and 2015 were $4.1 million, $1.7 million and $5.2 million, respectively. Accounts Receivable The Company’s accounts receivable are primarily generated by meetings and convention attendees’ room nights and food and beverage. Receivables arising from these sales are not collateralized. Credit risk associated with the accounts receivable is minimized due to the large and diverse nature of the customer base. Allowance for Doubtful Accounts The Company provides allowances for doubtful accounts based upon a percentage of revenue and periodic evaluations of the aging of accounts receivable. Prepaid Expenses and Other Assets Prepaid expenses and other assets at December 31 consist of (amounts in thousands): 2017 2016 Prepaid expenses $ 14,526 $ 14,001 Inventories 8,052 8,065 Supplemental deferred compensation plan assets 25,055 22,204 Other 24,483 11,141 Total prepaid expenses and other assets $ 72,116 $ 55,411 Prepaid expenses consist of prepayments for property taxes, insurance and other contracts that will be expensed during the subsequent year. Inventories consist primarily of food and beverage inventory for resale and retail inventory sold in the Entertainment segment. Inventory is carried at the lower of cost or net realizable value. Cost is computed on an average cost basis. Other assets include capitalized software costs, intangible assets and investments in joint ventures, among others. Investments From time to time, the Company has owned minority interest investments in certain businesses. Generally, non-marketable Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands): 2017 2016 Trade accounts payable $ 32,663 $ 32,315 Property and other taxes payable 34,282 34,844 Deferred revenues 51,232 41,080 Accrued salaries and benefits 25,178 20,567 Accrued interest payable 11,179 8,152 Other accrued liabilities 25,115 26,247 Total accounts payable and accrued liabilities $ 179,649 $ 163,205 Deferred revenues consist primarily of deposits on advance bookings of hotel rooms and advance ticket sales at the Company’s tourism properties, as well as uncollected attrition and cancellation fees. Other accrued liabilities include accruals for, among others, purchasing, meeting planner commissions and utilities. Income Taxes The Company establishes deferred tax assets and liabilities based on the difference between the financial statement and income tax carrying amounts of assets and liabilities using existing tax laws and tax rates. The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. See Note 11 for more detail on the Company’s income taxes. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. The Company has considered projected future taxable income and ongoing feasible tax planning strategies in assessing the need for a valuation allowance. Deferred Management Rights Proceeds The Company has deferred and amortizes the proceeds received from Marriott that were allocated to the sale of the management rights, as discussed further in Note 6, on a straight line basis over the 65-year Other Liabilities Other liabilities at December 31 consist of (amounts in thousands): 2017 2016 Pension and postretirement benefits liability $ 34,763 $ 37,988 Straight-line lease liability 95,078 89,959 Deferred compensation liability 25,055 22,204 Other 949 885 Total other liabilities $ 155,845 $ 151,036 Deferred Financing Costs Deferred financing costs consist of loan fees and other costs of financing that are amortized over the term of the related financing agreements, using the effective interest method, and are presented as a reduction of the related debt liability. During 2017, 2016 and 2015, deferred financing costs of $5.4 million, $4.9 million and $5.5 million, respectively, were amortized and recorded as interest expense in the accompanying consolidated statements of operations. As a result of refinancing of the Company’s credit facility in 2017 and 2015, the Company wrote off $0.9 million and $1.9 million of deferred financing costs during 2017 and 2015, respectively, which are included in interest expense in the accompanying consolidated statements of operations. Revenue Recognition Revenues from occupied hotel rooms are recognized as earned on the close of business each day and from concessions and food and beverage sales at the time of the sale. Revenues from other services at the Company’s hotels, such as spa, parking, and transportation services, are recognized at the time services are provided. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill the minimum number of room nights or minimum food and beverage spending requirements originally contracted for, are recognized as revenue in the period they are collected. The Company recognizes revenues from the Entertainment segment when services are provided or goods are shipped, as applicable. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase, but are not included in revenue. The Company records a liability upon collection from the customer and relieves the liability when payments are remitted to the applicable governmental agency. Management Fees The Company pays Marriott a base management fee of approximately 2% of revenues for the properties that Marriott manages, as well as an incentive fee that is based on profitability. The Company incurred $22.0 million, $21.4 million and $17.4 million in base management fees to Marriott during 2017, 2016 and 2015, respectively. The Company incurred $6.1 million, $4.8 million and $1.4 million in incentive fees to Marriott during 2017, 2016 and 2015, respectively. Management fees are presented in the consolidated statements of operations net of the amortization of the deferred management rights proceeds discussed further in Note 6. Leases The Company is a lessee of a 65.3 acre site in Osceola County, Florida on which the Gaylord Palms is located, a 10.0 acre site in Grapevine, Texas on which a portion of the Gaylord Texan is located, and office and other equipment. The Company’s leases are discussed further in Note 12. Advertising Costs Advertising costs are expensed as incurred and were $38.4 million, $36.7 million, and $36.7 million for 2017, 2016 and 2015, respectively. Stock-Based Compensation The Company has stock-based employee compensation plans, which are described more fully in Note 7. The Company accounts for its stock-based compensation plan under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, “ Compensation – Stock Compensation Preopening Costs The Company expenses the costs associated with start-up Impairment of Long-Lived and Other Assets In accounting for the Company’s long-lived and other assets (including its notes receivable associated with the development of Gaylord National), the Company assesses its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of the assets or asset group may not be recoverable. Recoverability of long-lived assets that will continue to be used is measured by comparing the carrying amount of the asset or asset group to the related total future undiscounted net cash flows. If an asset or asset group’s carrying value is not recoverable through those cash flows, the asset group is considered to be impaired. The impairment is measured by the difference between the assets’ carrying amount and their fair value, which is estimated using discounted cash flow analyses that utilize comprehensive cash flow projections, as well as observable market data to the extent available. Recoverability of the notes receivable associated with Gaylord National is measured by comparing the carrying amount of the notes to the fair value of the notes. If the carrying value is greater than the fair value, the Company then assesses if the decline in fair value is other than temporary. If the decline in fair value is deemed to be other than temporary, which is based on the Company’s intent and ability to hold the notes receivable to maturity and whether it expects to receive all debt service payments due under the notes, then the notes receivable are impaired. See Note 3 for further disclosure. During the fourth quarter of 2015, the Company elected to move forward with an expansion of the guest rooms and convention space at Gaylord Texan. This capital project replaced a previously contemplated expansion that the Company began incurring design costs for during 2007 and had been subsequently put on hold. As the new project is substantially different from the previously contemplated project, the Company incurred an impairment charge of $16.3 million during 2015 to write off the carrying value of the previously contemplated project, which is included in impairment and other charges on the accompanying consolidated statement of operations for 2015. Income Per Share Earnings per share is measured as basic earnings per share and diluted earnings per share. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding after considering the effect of conversion of dilutive instruments, calculated using the treasury stock method. Net income per share amounts are calculated as follows for the years ended December 31 (income and share amounts in thousands): 2017 Income Shares Per Share Net income $ 176,100 51,147 $ 3.44 Effect of dilutive stock-based compensation — 224 — Net income — assuming dilution $ 176,100 51,371 $ 3.43 2016 Income Shares Per Share Net income $ 159,366 51,009 $ 3.12 Effect of dilutive stock-based compensation — 303 — Net income — assuming dilution $ 159,366 51,312 $ 3.11 2015 Income Shares Per Share Net income $ 111,511 51,241 $ 2.18 Effect of dilutive stock-based compensation — 371 — Net income — assuming dilution $ 111,511 51,612 $ 2.16 Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Newly Issued Accounting Standards In May 2014, 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 75-year 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 November 2016, the FASB issued ASU No. 2016-18, Restricted Cash 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 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 2. Property and Equipment Property and equipment at December 31 is recorded at cost and summarized as follows (amounts in thousands): 2017 2016 Land and land improvements $ 267,051 $ 266,053 Buildings 2,440,471 2,398,117 Furniture, fixtures and equipment 647,988 604,876 Construction in progress 138,702 50,273 3,494,212 3,319,319 Accumulated depreciation (1,428,555 ) (1,321,307 ) Property and equipment, net $ 2,065,657 $ 1,998,012 Depreciation expense, including amortization of assets under capital lease obligations, during 2017, 2016 and 2015 was $110.4 million, $108.1 million, and $112.2 million, respectively. 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 | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Notes Receivable | 3. Notes Receivable In connection with the development of Gaylord National, Prince George’s County, Maryland (“the County”) issued a bond with a face value of $95 million (“Series A Bond”) and an additional bond with a face value of $50 million (“Series B Bond”), which were delivered to the Company upon substantial completion and opening of the Gaylord National on April 2, 2008. The interest rate on the Series A Bond and Series B Bond is 8.0% and 10.0%, respectively. The maturity date of the Series A Bond and the Series B Bond is July 1, 2034 and September 1, 2037, respectively. Upon receipt in 2008, the Company calculated the present value of the future debt service payments from the Series A Bond and Series B Bond based on their effective interest rates of 8.04% and 11.42%, respectively, and recorded the notes receivable at their discounted values of $93.8 million and $38.3 million, respectively. The Company is currently holding the Series A Bond and Series B Bond, which have aggregate carrying values and approximate fair values of $80.3 million and $31.2 million, respectively, at December 31, 2017, and receiving the debt service and principal payments thereon, which is payable from tax increments, hotel taxes and special hotel rental taxes generated from the development through the maturity date. The Company is recording the amortization of discount on these notes receivable as interest income over the life of the notes. As disclosed in previous financial statements, the Company has the intent and ability to hold the Series A Bond and Series B Bond to maturity and had previously expected to receive all debt service payments due, even though the estimated fair value of the Series B Bond was less than carrying value. Therefore, the Company had not previously considered the Series B Bond to be other-than-temporarily impaired (“OTTI”). In connection with the preparation of these financial statements for the fourth quarter and year ended December 31, 2017, and as part of its annual impairment analysis related to the Series B Bond, the Company considered reduced projected tax revenues, which will service the bond, as compared to previous impairment analyses, over the remaining term of the Series B Bond. These long-range tax revenue projections were reduced primarily as the result of two factors. First, transient rooms revenue growth rates have been reduced as the initial impact of the opening of the new nearby MGM casino on overnight regional guests has been less than originally anticipated. Second, while the anticipated recovery of the Washington D.C. market has materialized in the central business district, recovery of National Harbor and the surrounding areas has been at a slower pace than previously projected. In response, Gaylord National has developed marketing campaigns targeted to regional customers to help drive transient business among regional customers. While these campaigns have proven successful, this change has resulted in a lower average daily rate (“ADR”) than previously forecasted. As a result, the level of anticipated transient occupancy and ADR increase included in previous long-range projections has not materialized. As a result of these reduced long-range tax room revenue projections over the remaining life of the Series B Bond, the Company no longer believes it will receive all debt service payments due under the note, and the Company considers the Series B Bond to be OTTI. The Company compared the expected cash flows to be collected at the original discount rate of 11.42% to the carrying value and determined that the present value of the future cash flows was less than the carrying value. The Company then compared the expected cash flows to be collected at a current discount rate of 14.0% to the carrying value of the Series B Bond. The resulting discounted cash flows resulted in an OTTI of $42.0 million, which has been recorded as a reduction in the carrying value of notes receivable in the accompanying consolidated balance sheet at December 31, 2017. The amount of the OTTI related to the credit loss, or the decrease in expected cash flows, of $35.4 million has been recorded as an impairment in the accompanying consolidated statement of operations for 2017. The amount of the OTTI related to changing market conditions, or the increase in the discount rate, of $6.5 million has been recorded as an increase to other comprehensive loss in the accompanying consolidated statement of comprehensive income and consolidated statement of stockholders’ equity for 2017. The Company considers the projected future cash flows and the discount rate to be Level 3 fair value estimates. The discount rate was determined based on current market interest rates of notes receivable with comparable market ratings and current expectations about the timing of debt service payments under the note. During 2017, 2016 and 2015, the Company recorded interest income of $11.6 million, $11.4 million and $12.3 million, respectively, on these bonds. The Company received payments of $11.1 million, $11.1 million and $9.4 million during 2017, 2016 and 2015, respectively, relating to these notes receivable, which includes principal and interest payments. |
Investment in Gaylord Rockies J
Investment in Gaylord Rockies Joint Venture | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Gaylord Rockies Joint Venture | 4. 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 Gaylord Rockies, which is currently 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 acquired a 35% interest in a limited liability company which will own 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 December 31, 2017, the Company had not recorded any liability in the consolidated balance sheet associated with these guarantees. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt The Company’s debt and capital lease obligations at December 31 consisted of (amounts in thousands): 2017 2016 $700 Million Revolving Credit Facility, less unamortized deferred financing costs of $9,076 and $5,267 $ 161,924 $ 377,133 $200 Million Term Loan A, less unamortized deferred financing costs of $1,557 and $0 198,443 — $500 Million Term Loan B, less unamortized deferred financing costs of $7,595 and $0 488,655 — $400 Million Term Loan B, less unamortized deferred financing costs of $0 and $5,273 — 384,727 $350 Million 5% Senior Notes, less unamortized deferred financing costs of $3,340 and $4,246 346,660 345,754 $400 Million 5% Senior Notes, less unamortized deferred financing costs of $4,929 and $5,719 395,071 394,281 Capital lease obligations 639 659 Total debt $ 1,591,392 $ 1,502,554 At December 31, 2017, the Company was in compliance with all covenants related to its outstanding debt. Annual maturities of long-term debt, excluding capital lease obligations, are as follows (amounts in thousands): $700 Million $200 Million $500 Million $350 Million $400 Million Total 2018 $ — $ — $ 5,000 $ — $ — $ 5,000 2019 — — 5,000 — — 5,000 2020 — — 5,000 — — 5,000 2021 171,000 — 5,000 350,000 — 526,000 2022 — 200,000 5,000 — — 205,000 Years thereafter — — 471,250 — 400,000 871,250 Total $ 171,000 $ 200,000 $ 496,250 $ 350,000 $ 400,000 $ 1,617,250 Credit Facility On May 11, 2017, the Company entered into a Fifth Amended and Restated Credit Agreement (the “Amended Credit Agreement”) among the Company, as 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 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. As a result of the refinancing of its previous credit facility, the Company wrote off $0.9 million of deferred financing costs during 2017. $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 December 31, 2017, the interest rate on the Revolver is LIBOR plus 1.55%. 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 December 31, 2017, the interest rate on the Term Loan A was LIBOR plus 1.50%. 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. Net proceeds, after certain transaction expenses payable at closing, were approximately $194.6 million and 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 previous $400 million term loan B facility to the $500 million Term Loan B 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 December 31, 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 previous $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. $350 Million 5% Senior Notes Due 2021 On April 3, 2013, the Operating Partnership and Finco completed the private placement of $350.0 million in aggregate principal amount of senior notes due 2021 (the “$350 Million 5% Senior Notes”), which are guaranteed by the Company and its subsidiaries that guarantee the Credit Facility. The $350 Million 5% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries and the guarantors and U.S. Bank National Association, as trustee. The $350 Million 5% Senior Notes have a maturity date of April 15, 2021 and bear interest at 5% per annum, payable semi-annually in cash in arrears on April 15 and October 15 of each year. The $350 Million 5% Senior Notes are general unsecured and unsubordinated obligations of the issuing subsidiaries and rank equal in right of payment with such subsidiaries’ existing and future senior unsecured indebtedness and senior in right of payment to future subordinated indebtedness, if any. The $350 Million 5% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. The guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The $350 Million 5% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $350 Million 5% Senior Notes. The $350 Million 5% Senior Notes are redeemable, in whole or in part, at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 102.50%, 101.25%, and 100.00% beginning on April 15, 2017, 2018 and 2019, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date. In connection with the issuance of the $350 Million 5% Senior Notes, the Company completed a registered offer to exchange the $350 Million 5% Senior Notes for registered notes with substantially identical terms as the $350 Million 5% Senior Notes in November 2013. $400 Million 5% Senior Notes Due 2023 On April 14, 2015, the Operating Partnership and Finco completed the private placement of $400.0 million in aggregate principal amount of senior notes due 2023 (the “$400 Million 5% Senior Notes”), which are guaranteed by the Company and its subsidiaries that guarantee the Credit Facility. The $400 Million 5% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries and the guarantors and U.S. Bank National Association as trustee. The $400 Million 5% Senior Notes have a maturity date of April 15, 2023 and bear interest at 5% per annum, payable semi-annually in cash in arrears on April 15 and October 15 of each year. The $400 Million 5% Senior Notes are general unsecured and unsubordinated obligations of the issuing subsidiaries and rank equal in right of payment with such subsidiaries’ existing and future senior unsecured indebtedness and senior in right of payment to future subordinated indebtedness, if any. The $400 Million 5% Senior Notes are effectively subordinated to the issuing subsidiaries’ secured indebtedness to the extent of the value of the assets securing such indebtedness. The guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. The $400 Million 5% Senior Notes are effectively subordinated to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the Operating Partnership’s subsidiaries that do not guarantee the $400 Million 5% Senior Notes. The issuing subsidiaries may redeem the $400 Million 5% Senior Notes before April 15, 2018, in whole or in part, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest, if any, up to, but excluding, the applicable redemption date plus a make-whole redemption premium. The $400 Million 5% Senior Notes will be redeemable, in whole or in part, at any time on or after April 15, 2018 at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 103.75%, 102.50%, 101.25% and 100.00% beginning on April 15 of 2018, 2019, 2020 and 2021, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date. In connection with the issuance of the $400 Million 5% Senior Notes, the Company completed a registered offer to exchange the $400 Million 5% Senior Notes for registered notes with substantially identical terms as the $400 Million 5% Senior Notes in September 2015. |
Deferred Management Rights Proc
Deferred Management Rights Proceeds | 12 Months Ended |
Dec. 31, 2017 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Management Rights Proceeds | 6. Deferred Management Rights Proceeds On October 1, 2012, the Company consummated its agreement to sell the Gaylord Hotels brand (the “IP Rights”) and rights to manage the Gaylord Hotels properties (the “Management Rights”) to Marriott for $210.0 million in cash. Effective October 1, 2012, Marriott assumed responsibility for managing the day-to-day For financial reporting 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 | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans | 7. Stock Plans The Company’s 2016 Omnibus Incentive Plan (the “Plan”) permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards and other share-based awards to its directors, employees and consultants. At December 31, 2017, approximately 1.6 million shares of common stock remained available for issuance pursuant to future grants of awards under the Plan. The Company does not currently grant stock options under the Plan. There are approximately 17,000 options outstanding and exercisable at December 31, 2017, with an aggregate intrinsic value of $0.9 million. The total intrinsic value of options exercised during 2017, 2016, and 2015 was $0.1 million, $3.9 million, and $1.8 million, respectively. Restricted stock units granted to employees vest one to four years from the date of grant, and restricted stock units granted to non-employee A summary of the status of the Company’s restricted stock units as of December 31, 2017 and changes during the year ended December 31, 2017, is presented below: Restricted Stock Units Shares Weighted Grant-Date Nonvested shares at January 1, 2017 501,992 $ 46.52 Granted 159,992 66.54 Vested (237,262 ) 42.98 Canceled (10,958 ) 57.15 Nonvested shares at December 31, 2017 413,764 54.57 The fair value of all restricted stock units that vested during 2017, 2016 and 2015 was $10.2 million, $8.9 million and $14.0 million, respectively. At December 31, 2017, there was $11.1 million of total unrecognized compensation cost related to restricted stock units granted under the Company’s equity incentive plans. That cost is expected to be recognized over a weighted-average period of 2.3 years. The compensation cost that has been charged against pre-tax Cash received from option exercises under all stock-based employee compensation arrangements for 2017, 2016, and 2015 was $0.1 million, $1.7 million, and $1.8 million, respectively. The actual tax benefit realized from exercise, vesting or cancellation of the stock-based employee compensation arrangements during 2017, 2016, and 2015 totaled $1.0 million, $1.7 million, and $3.2 million, respectively, and is reflected as an adjustment to deferred tax liabilities in the accompanying consolidated balance sheets. |
Pension Plans
Pension Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pension Plans | 8. Pension Plans Prior to January 1, 2001, the Company maintained a noncontributory defined benefit pension plan in which substantially all of its employees were eligible to participate upon meeting the pension plan’s participation requirements. The benefits were based on years of service and compensation levels. On December 31, 2000, benefits credited under the plan’s previous formula were frozen. On January 1, 2001, the Company amended its defined benefit pension plan to determine future benefits using a cash balance formula. Under the cash formula, each participant had an account which was credited monthly with 3% of qualified earnings and the interest earned on their previous month-end As a result of increased lump-sum The following table sets forth the funded status at December 31 (amounts in thousands): 2017 2016 CHANGE IN BENEFIT OBLIGATION: Benefit obligation at beginning of year $ 85,360 $ 87,236 Interest cost 3,019 3,173 Actuarial loss 3,624 304 Benefits paid (6,308 ) (5,353 ) Benefit obligation at end of year 85,695 85,360 CHANGE IN PLAN ASSETS: Fair value of plan assets at beginning of year 65,446 65,439 Actual return on plan assets 10,107 5,360 Benefits paid (6,308 ) (5,353 ) Fair value of plan assets at end of year 69,245 65,446 Funded status and accrued pension cost $ (16,450 ) $ (19,914 ) Net periodic pension expense reflected in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands): 2017 2016 2015 Interest cost $ 3,019 $ 3,173 $ 3,423 Expected return on plan assets (4,202 ) (4,131 ) (4,627 ) Recognized net actuarial loss 919 1,047 917 Net settlement loss 1,734 1,715 2,356 Total net periodic pension expense $ 1,470 $ 1,804 $ 2,069 Assumptions The weighted-average assumptions used to determine the benefit obligation at December 31 are as follows: 2017 2016 2015 Discount rate 3.30 % 3.72 % 3.90 % Rate of compensation increase N/A N/A N/A The weighted-average assumptions used to determine the net periodic pension expense for years ended December 31 are as follows: 2017 2016 2015 Discount rate 3.59 % 3.70 % 3.77 % Rate of compensation increase N/A N/A N/A Expected long-term rate of return on plan assets 6.50 % 6.50 % 6.50 % The rate of increase in future compensation levels was not applicable for any reported years due to the Company amending the plan to freeze the cash balance benefit as described above. The Company determines the overall expected long-term rate of return on plan assets based on its estimate of the return that plan assets will provide over the period that benefits are expected to be paid out. In preparing this estimate, the Company assesses the rates of return on each current allocation of plan assets, and advice from its third-party actuary and investment consultants. The expected return on plan assets is a long-term assumption and generally does not significantly change annually. While historical returns are considered, the rate of return assumption is primarily based on projections of expected returns based on fair value, using economic data and financial models to estimate the probability of returns. The probability distribution of annualized returns for the portfolio using current asset allocations is used to determine the expected range of returns for a ten-to-twenty-year Plan Assets The plan’s overall strategy is to achieve a rate of return necessary to fund benefit payments by utilizing a variety of asset types, investment strategies and investment managers. The plan seeks to achieve a real long-term rate of return over inflation resulting from income, capital gains, or both, which assists the plan in meeting its long-term objectives. The long-term target allocations for the plan’s assets are managed dynamically according to a sliding scale correlating with the funded status of the plan. As the plan’s funded status increases, allocations are moved away from equity securities toward fixed income securities. Equity securities primarily include large cap and mid cap companies. Fixed income securities primarily include corporate bonds of companies in diversified industries, mortgage-backed securities and U.S. Treasuries. Investments in hedge funds and private equity funds are not held by the plan. The allocation of the defined benefit pension plan’s assets at December 31 are as follows (amounts in thousands): Asset Class 2017 2016 Cash $ 642 $ 728 Mutual funds 68,603 64,718 Total $ 69,245 $ 65,446 All of the assets held by the plan consist of money market and mutual funds traded in an active market. The Company determined the fair value of these assets based on the net asset value per unit of the funds or the portfolio, which is based upon quoted market prices in an active market. Therefore, the Company has categorized these investments as Level 1. Periodically, and based on market conditions, the entire account is rebalanced to maintain the desired allocation and the investment policy is reviewed. Within each asset class, plan assets are allocated to various investment styles. Professional managers manage all assets of the plan and professional advisors assist the plan in the attainment of its objectives. Expected Contributions and Benefit Payments The Company expects to contribute approximately $1.6 million to its defined benefit pension plan in 2018. Based on the Company’s assumptions discussed above, the Company expects to make the following estimated future benefit payments under the plan during the years ending December 31 (amounts in thousands): 2018 $ 4,358 2019 5,102 2020 4,764 2021 5,029 2022 5,990 2023 - 2027 29,384 Other Information The Company also maintains non-qualified “Non-Qualified Non-Qualified Non-Qualified The Company’s accrued cost related to its qualified and non-qualified The net gain recognized in other comprehensive income for the years ended December 31, 2017 and 2016 was $4.5 million and $3.8 million, respectively. Included in accumulated other comprehensive loss at December 31, 2017 and 2016 are unrecognized actuarial losses of $35.9 million and $40.4 million ($25.0 million and $27.9 million net of tax), respectively, that have not yet been recognized in net periodic pension expense. Net losses are amortized into net periodic pension expense based on the life expectancy of plan participants expected to receive benefits, using a corridor approach based on the greater of projected benefit obligation or fair value of plan assets. The estimated actuarial loss for the retirement plans included in accumulated other comprehensive loss that will be amortized from accumulated other comprehensive loss into net periodic pension expense over the next fiscal year is $1.0 million. |
Postretirement Benefits Other t
Postretirement Benefits Other than Pensions | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Postretirement Benefits Other than Pensions | 9. Postretirement Benefits Other than Pensions The Company sponsors an unfunded defined benefit postretirement health care plan for certain employees and contributes toward the cost of health insurance benefits. In order to be eligible for these postretirement benefits, an employee must retire after attainment of age 55 and completion of 15 years of service, or attainment of age 65 and completion of 10 years of service. The Company’s Benefits Trust Committee determines retiree premiums. The Company amended the plans effective December 31, 2001 such that only retirees who were receiving benefits under the plans at that time and active employees at that time whose age plus years of service totaled at least 60 and who had at least 10 years of service as of December 31, 2001 remain eligible. The following table reconciles the change in benefit obligation of the postretirement plans to the accrued postretirement liability as reflected in other liabilities in the accompanying consolidated balance sheets at December 31 (amounts in thousands): 2017 2016 Benefit obligation at beginning of year $ 3,214 $ 3,559 Interest cost 108 120 Actuarial (gain) loss 264 (47 ) Benefits paid (419 ) (418 ) Benefit obligation at end of year $ 3,167 $ 3,214 Net postretirement benefit income reflected in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands): 2017 2016 2015 Interest cost $ 108 $ 120 $ 127 Amortization of net actuarial loss 245 242 255 Amortization of prior service credit (1,314 ) (1,314 ) (1,314 ) Net postretirement benefit income $ (961 ) $ (952 ) $ (932 ) The discount rate used to determine the benefit obligation at December 31, 2017, 2016 and 2015 was 3.15%, 3.47% and 3.57%, respectively. The discount rate used to determine the net postretirement benefit expense for years ended December 31, 2017, 2016 and 2015 was 3.47%, 3.57% and 3.32%, respectively. The Company expects to contribute $0.3 million to the plan in 2018. Based on the Company’s assumptions discussed above, the Company expects to make the following estimated future benefit payments under the plan during the years ending December 31 (amounts in thousands): 2018 $ 343 2019 327 2020 306 2021 284 2022 266 2023-2027 1,078 The net loss, amortization of net loss and amortization of prior service credit recognized in other comprehensive income for 2017 was $0.3 million, $0.2 million, and $1.3 million, respectively. Included in accumulated other comprehensive loss at December 31, 2017 are the following amounts that have not yet been recognized in net postretirement benefit expense: unrecognized actuarial losses of $3.5 million ($1.9 million net of tax) and unrecognized prior service credits of $12.4 million ($6.9 million net of tax). The amortization of net loss and amortization of prior service credit recognized in other comprehensive income for 2016 was $0.2 million and $1.3 million, respectively. Included in accumulated other comprehensive loss at December 31, 2016 are the following amounts that have not yet been recognized in net postretirement benefit expense: unrecognized actuarial losses of $3.4 million ($2.0 million net of tax) and unrecognized prior service credits of $13.7 million ($7.8 million net of tax). The net gain, amortization of net loss, and amortization of prior service credit recognized in other comprehensive income for 2015 was $2.8 million, $0.3 million, and $1.3 million, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 10. Stockholders’ Equity Stock Repurchase Authorization On August 20, 2015, the Company announced that its board of directors authorized a share repurchase program for up to $100 million of the Company’s common stock. The repurchases were intended to be implemented through open market transactions on U.S. exchanges or in privately negotiated transactions, in accordance with applicable securities laws, and any market purchases were made during open trading window periods or pursuant to any applicable Rule 10b5-1 Dividends During 2017, the Company’s board of directors declared quarterly dividends totaling $3.20 per share of common stock for the full year, or an aggregate of $163.7 million in cash. During 2016, the Company’s board of directors declared quarterly dividends totaling $3.00 per share of common stock for the full year, or an aggregate of $153.0 million in cash. During 2015, the Company’s board of directors declared quarterly dividends totaling $2.70 per share of common stock for the full year, or an aggregate of $138.4 million in cash. To maintain its qualification as a REIT for federal income tax purposes, the Company must distribute at least 90% of its REIT taxable income each year. The Company’s board of directors has approved the Company’s current dividend policy pursuant to which the Company plans to pay a quarterly cash dividend to stockholders in an amount equal to an annualized payment of at least 50% of adjusted funds from operations (as defined by the Company) less maintenance capital expenditures or 100% of REIT taxable income on an annual basis, whichever is greater. The declaration, timing and amount of dividends will be determined by future action of the Company’s board of directors. The dividend policy may be altered at any time by the Company’s board of directors. Treasury Stock On December 18, 2008, following approval by the Human Resources Committee and the Board of Directors, the Company and the Company’s Chairman of the Board of Directors and Chief Executive Officer (“Executive”) entered into an amendment to Executive’s employment agreement. The amendment provided Executive with the option of making an irrevocable election to invest his existing Supplemental Employee Retirement Plan (“SERP”) benefit in Company common stock, which election Executive subsequently made. The investment was made by a rabbi trust in which, during January 2009, the independent trustee of the rabbi trust purchased shares of Company common stock in the open market in compliance with applicable law. Executive is only entitled to a distribution of the Company common stock held by the rabbi trust in satisfaction of his SERP benefit. As such, the Company believes that the ownership of shares of common stock by the rabbi trust and the distribution of those shares to Executive in satisfaction of his SERP benefit meets the requirements necessary so that the Company will not recognize any increase or decrease in expense as a result of subsequent changes in the value of the Company common stock and the purchased shares are treated as treasury stock and the SERP benefit is included in additional paid-in Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component consisted of the following (amounts in thousands): Minimum Other- Total Balance, December 31, 2014 $ (26,331 ) $ — $ (26,331 ) Unrealized gains arising during period 1,920 — 1,920 Amounts reclassified from accumulated other comprehensive loss 88 — 88 Income tax expense (724 ) — (724 ) Net other comprehensive income 1,284 — 1,284 Balance, December 31, 2015 $ (25,047 ) $ — $ (25,047 ) Unrealized gains arising during period 2,599 — 2,599 Amounts reclassified from accumulated other comprehensive loss 180 — 180 Income tax expense — — — Net other comprehensive income 2,779 — 2,779 Balance, December 31, 2016 $ (22,268 ) $ — $ (22,268 ) Unrealized gains (losses) arising during period 3,111 (6,543 ) (3,432 ) Amounts reclassified from accumulated other comprehensive loss 60 — 60 Income tax expense (1,052 ) — (1,052 ) Net other comprehensive income (loss) 2,119 (6,543 ) (4,424 ) Balance, December 31, 2017 $ (20,149 ) $ (6,543 ) $ (26,692 ) Amounts reclassified from accumulated comprehensive loss related to the Company’s minimum pension liability are presented in the accompanying consolidated statements of operations as follows (amounts in thousands): 2017 2016 2015 Other hotel expenses $ (214 ) $ (154 ) $ (209 ) Entertainment operating expenses 11 26 11 Corporate operating expenses 263 308 286 $ 60 $ 180 $ 88 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company has elected to be taxed as a REIT effective January 1, 2013, pursuant to the U.S. Internal Revenue Code of 1986, as amended. As a REIT, generally the Company will not be subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that it distributes to its stockholders. The Company will, however, be subject to corporate income taxes on built-in The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands): 2017 2016 2015 CURRENT: Federal $ (1,107 ) $ (1,788 ) $ (763 ) State (2,375 ) (1,291 ) (1,229 ) Total current provision (3,482 ) (3,079 ) (1,992 ) DEFERRED: Federal 32,308 321 8,866 State 18,299 (642 ) (248 ) Effect of federal tax law change 2,030 — 5,229 Total deferred (provision) benefit 52,637 (321 ) 13,847 Total (provision) benefit for income taxes $ 49,155 $ (3,400 ) $ 11,855 On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was enacted. The TCJA lowered the U.S. federal corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017. At December 31, 2017, the Company has not completed its accounting for the tax effects of the enactment; however, based on a reasonable estimate, the Company recorded a non-cash On December 22, 2017, Staff Accounting Bulletin No. 118 was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. The ultimate impact may differ from these provisional amounts due to additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued and actions the Company may take as a result of the TCJA. The accounting is expected to be complete when the 2017 U.S. corporate tax return is filed in 2018. The Company evaluates its deferred tax assets each reporting period to determine if it is more likely than not that those assets will be realized or if a valuation allowance is needed. In the fourth quarter of 2017, due to projected future taxable income of our TRSs driven by fourth quarter 2017 modifications to internal hotel leases, the Company determined that the release of a significant portion of its federal and state valuation allowance was appropriate. This release of valuation allowance totaling $53.4 million was the primary factor for the large income tax benefit for 2017 and is included as a component of the benefit for income taxes for 2017. In December 2015, the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”) was passed. The PATH Act made permanent several key tax provisions including lowering the recognition period related to built-in one-time, non-cash The Company is required to distribute at least 90% of its annual taxable income, excluding net capital gains, to its stockholders in order to maintain its qualification as a REIT. The taxability of distributions to stockholders is determined by the Company’s earnings and profits, which differs from net income reported for financial reporting purposes. The estimated taxability of cash distributions to common shareholders is as follows (per common share): 2017 2016 2015 Ordinary income $ 2.97 $ 2.98 $ 2.50 Capital gains 0.03 0.17 0.23 Return of capital 0.15 — — $ 3.15 $ 3.15 $ 2.73 The differences between the income tax provision calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands): 2017 2016 2015 Statutory federal income tax provision $ (44,431 ) $ (56,914 ) $ (34,774 ) Adjustment for nontaxable income of the REIT 38,272 48,680 34,904 State taxes (net of federal tax benefit) (1,317 ) (1,705 ) (740 ) Permanent share-based compensation adjustment 1,446 1,571 — Other permanent items (251 ) (200 ) (165 ) Federal valuation allowance reversal 36,156 5,519 8,271 State valuation allowance reversal (net of federal tax benefit) 17,241 (228 ) (737 ) Effect of federal tax law change 2,030 — 5,229 Other 9 (123 ) (133 ) $ 49,155 $ (3,400 ) $ 11,855 In 2016, the Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting one-time Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands): 2017 2016 DEFERRED TAX ASSETS: Accounting reserves and accruals $ 14,830 $ 20,979 Defined benefit plan 4,148 7,665 Deferred management rights proceeds 44,651 69,317 Federal and State net operating loss carryforwards 44,789 51,615 Tax credits and other carryforwards 640 819 Investment in joint ventures 317 584 Other assets 4,353 6,171 Total deferred tax assets 113,728 157,150 Valuation allowance (14,616 ) (88,653 ) Total deferred tax assets, net of valuation allowance 99,112 68,497 DEFERRED TAX LIABILITIES: Property and equipment, net 47,416 67,168 Goodwill and other intangibles 705 1,201 Other liabilities 874 1,597 Total deferred tax liabilities 48,995 69,966 Net deferred tax assets (liabilities) $ 50,117 $ (1,469 ) Federal net operating loss carryforwards at December 31, 2017 totaled $89.1 million, resulting in a deferred tax benefit of $18.7 million, which will begin to expire in 2033. Charitable contribution carryforwards at December 31, 2017 totaled $2.9 million, resulting in a deferred tax benefit of $0.6 million, which will begin to expire in 2018. The use of certain federal net operating losses, credits and other deferred tax assets are limited to the Company’s future taxable earnings. As a result, a valuation allowance has been provided for certain federal deferred tax assets. The valuation allowance related to federal deferred tax assets increased (decreased) $(60.6) million, $0.6 million and $(8.3) million in 2017, 2016 and 2015, respectively. State net operating loss carryforwards at December 31, 2017 totaled $454.6 million, resulting in a deferred tax benefit of $26.1 million, which will expire between 2018 and 2037. The use of certain state net operating losses, credits and other state deferred tax assets are limited to the future taxable earnings of separate legal entities. As a result, a valuation allowance has been provided for certain state deferred tax assets, including loss carryforwards. The valuation allowance related to state deferred tax assets decreased $13.4 million, $0.2 million and $1.8 million in 2017, 2016 and 2015, respectively. The total 2017 decrease in federal and state valuation allowance of $74.0 million differs from the amounts shown in the rate reconciliation of $53.4 million due primarily to the effects of the rate change enacted as a result of the TCJA, which resulted in a reduction in deferred tax assets and liabilities offset by a reduction in the corresponding valuation allowance. Management believes that it is more likely than not that the results of operations will generate sufficient taxable income to realize the deferred tax assets after giving consideration to the valuation allowance. The Company has concluded IRS examinations of the TRS through the 2015 tax year. For federal income tax purposes and substantially all the states with which the Company has nexus, the statute of limitations has expired through 2013. However, the Company has state net operating loss carryforwards from closed years, which could be adjusted upon audit. The Company is routinely subject to other various jurisdictional income tax audits; however, there were no outstanding state or local audits at December 31, 2017. At December 31, 2017 and 2016, the Company had no accruals for unrecognized tax benefits. The Company recognizes interest and penalties related to uncertain tax positions, if any, in income tax expense. At December 31, 2017 and 2016, the Company has accrued no interest or penalties related to uncertain tax positions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Leases In the accompanying consolidated balance sheets, the following amounts of assets under capitalized lease agreements are included as shown and the related obligations are included in debt (amounts in thousands): 2017 2016 Property and equipment $ 3,636 $ 3,636 Prepaid expenses and other assets 130 130 Accumulated depreciation (2,717 ) (2,429 ) Net assets under capital leases $ 1,049 $ 1,337 Rental expense for operating leases was $12.5 million, $12.4 million, and $12.3 million for 2017, 2016 and 2015, respectively. The Company entered into a 75-year non-cash 75-year Future minimum cash lease commitments under all non-cancelable Capital Operating 2018 $ 46 $ 4,597 2019 46 4,732 2020 46 4,867 2021 46 5,009 2022 46 5,153 Years thereafter 704 590,989 Total minimum lease payments 934 $ 615,347 Less amount representing interest (295 ) Total present value of minimum payments $ 639 Other Commitments and Contingencies The Company is self-insured up to a stop loss for certain losses relating to workers’ compensation claims and general liability claims through September 30, 2012, and for certain losses related to employee medical benefits through December 31, 2012. The Company’s insurance program has subsequently transitioned to a low or no deductible program. The Company has purchased stop-loss coverage in order to limit its exposure to any significant levels of claims relating to workers’ compensation, employee medical benefits and general liability for which it is self-insured. The Company has entered into employment agreements with certain officers, which provides for severance payments upon certain events, including after a change of control. The Company, in the ordinary course of business, is involved in certain legal actions and claims on a variety of other 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016, the Company held certain assets that are required to be measured at fair value on a recurring basis. These included investments held in connection with the Company’s non-qualified These investments consist of money market and mutual funds traded in an active market. The Company determined the fair value of these assets based on the net asset value per unit of the funds or the portfolio, which is based upon quoted market prices in an active market. Therefore, the Company has categorized these investments as Level 1. The Company has consistently applied these valuation techniques in all periods presented and believes it has obtained the most accurate information available for the types of instruments it holds. The Company had no liabilities required to be measured at fair value at December 31, 2017 and December 31, 2016. The Company’s assets measured at fair value on a recurring basis at December 31, were as follows (in thousands): December 31, Markets for Observable Unobservable (Level 3) Deferred compensation plan investments $ 25,055 $ 25,055 $ — $ — Total assets measured at fair value $ 25,055 $ 25,055 $ — $ — December 31, Markets for Observable Unobservable (Level 3) 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 December 31, 2017 are not required to be measured at fair value, and the carrying value of these assets and liabilities approximates fair value. |
Financial Reporting By Business
Financial Reporting By Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Financial Reporting By Business Segments | 14. Financial Reporting By Business Segments The Company’s continuing operations are organized into the following principal business segments: • Hospitality • Entertainment WSM-AM, • Corporate and Other The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used for corporate management purposes. 2017 2016 2015 REVENUES: Hospitality $ 1,059,660 $ 1,039,643 $ 994,603 Entertainment 125,059 109,564 97,521 Corporate and Other — — — Total revenues $ 1,184,719 $ 1,149,207 $ 1,092,124 DEPRECIATION AND AMORTIZATION: Hospitality $ 102,759 $ 100,186 $ 105,876 Entertainment 7,074 7,034 5,747 Corporate and Other 2,126 2,596 2,760 Total depreciation and amortization $ 111,959 $ 109,816 $ 114,383 OPERATING INCOME (LOSS): Hospitality $ 224,025 $ 217,564 $ 189,434 Entertainment 33,592 27,980 24,411 Corporate and Other (35,621 ) (31,739 ) (31,674 ) Preopening costs (1,926 ) — (909 ) Impairment and other charges (35,418 ) — (19,200 ) Total operating income 184,652 213,805 162,062 Interest expense, net of amounts capitalized (66,051 ) (63,906 ) (63,901 ) Interest income 11,818 11,500 12,384 Loss from joint ventures (4,402 ) (2,794 ) — Other gains and (losses) 928 4,161 (10,889 ) Income before income taxes $ 126,945 $ 162,766 $ 99,656 December 31, December 31, IDENTIFIABLE ASSETS: Hospitality $ 2,256,395 $ 2,206,304 Entertainment 132,671 113,441 Corporate and Other 135,162 86,008 Total identifiable assets $ 2,524,228 $ 2,405,753 The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands): 2017 2016 2015 CAPITAL EXPENDITURES: Hospitality $ 163,227 $ 96,372 $ 65,651 Entertainment 18,814 20,940 13,477 Corporate and other 524 665 687 Total capital expenditures $ 182,565 $ 117,977 $ 79,815 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | 15. Quarterly Financial Information (Unaudited) The following is selected unaudited quarterly financial data for the fiscal years ended December 31, 2017 and 2016 (amounts in thousands, except per share data). The sum of the quarterly per share amounts may not equal the annual totals due to rounding. 2017 First Second Third Fourth Revenues $ 276,042 $ 298,778 $ 264,724 $ 345,175 Depreciation and amortization 27,637 27,679 28,546 28,097 Operating income 47,060 64,693 36,409 36,490 Income before income taxes 33,213 48,191 24,400 21,141 (Provision) benefit for income taxes (593 ) (899 ) (530 ) 51,177 Net income 32,620 47,292 23,870 72,318 Net income per share 0.64 0.92 0.47 1.41 Net income per share — assuming dilution 0.63 0.92 0.46 1.41 2016 First Second Third Fourth Revenues $ 261,497 $ 296,215 $ 271,720 $ 319,775 Depreciation and amortization 28,773 26,409 26,706 27,928 Operating income 38,794 66,945 46,567 61,499 Income before income taxes 25,461 52,746 35,415 49,144 (Provision) benefit for income taxes 885 (1,415 ) (1,822 ) (1,048 ) Net income 26,346 51,331 33,593 48,096 Net income per share 0.52 1.01 0.66 0.94 Net income per share — assuming dilution 0.51 1.00 0.66 0.94 During the fourth quarter of 2017, the Company incurred an impairment charge of $35.4 million associated with the bonds it received in 2008 related to the Gaylord National construction, which it holds as notes receivable, as described in Note 3. This impairment charge is included in other-than-temporary impairment loss on held-to-maturity During the fourth quarter of 2017, the Company recognized an income tax benefit of $53.4 million associated with the release of valuation allowance, as described in Note 11, which is included in benefit for income taxes in the accompanying consolidated statement of operations. |
Information Concerning Guaranto
Information Concerning Guarantor and Non-Guarantor Subsidiaries | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Information Concerning Guarantor and Non-Guarantor Subsidiaries | 16. 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 $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 As of December 31, 2017 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated ASSETS: Property and equipment, net of accumulated depreciation $ — $ — $ 1,640,274 $ 425,383 $ — $ 2,065,657 Cash and cash equivalents—unrestricted 38 759 36 56,724 — 57,557 Cash and cash equivalents—restricted — — — 21,153 — 21,153 Notes receivable — — — 111,423 — 111,423 Investment in Gaylord Rockies joint venture — — — 88,685 — 88,685 Trade receivables, less allowance — — — 57,520 — 57,520 Deferred income tax assets, net — — (301 ) 50,418 — 50,117 Prepaid expenses and other assets — — 5 72,111 — 72,116 Intercompany receivables, net — — 1,717,157 — (1,717,157 ) — Investments 1,006,461 2,890,032 651,006 1,364,814 (5,912,313 ) — Total assets $ 1,006,499 $ 2,890,791 $ 4,008,177 $ 2,248,231 $ (7,629,470 ) $ 2,524,228 LIABILITIES AND STOCKHOLDERS’ EQUITY: Debt and capital lease obligations $ — $ 1,590,753 $ — $ 639 $ — $ 1,591,392 Accounts payable and accrued liabilities 150 11,180 15,795 152,524 — 179,649 Dividends payable 42,129 — — — — 42,129 Deferred management rights proceeds — — — 177,057 — 177,057 Other liabilities — — 95,078 60,767 — 155,845 Intercompany payables, net 586,064 895,408 — 235,685 (1,717,157 ) — Commitments and contingencies Stockholders’ equity: Preferred stock — — — — — — Common stock 512 1 1 2,387 (2,389 ) 512 Additional paid-in-capital 896,759 671,875 2,835,468 2,073,818 (5,581,161 ) 896,759 Treasury stock (13,253 ) — — — — (13,253 ) Accumulated deficit (479,170 ) (278,426 ) 1,061,835 (427,954 ) (355,455 ) (479,170 ) Accumulated other comprehensive loss (26,692 ) — — (26,692 ) 26,692 (26,692 ) Total stockholders’ equity 378,156 393,450 3,897,304 1,621,559 (5,912,313 ) 378,156 Total liabilities and stockholders’ equity $ 1,006,499 $ 2,890,791 $ 4,008,177 $ 2,248,231 $ (7,629,470 ) $ 2,524,228 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET As of 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 Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 431,768 $ — $ 431,768 Food and beverage — — — 483,945 — 483,945 Other hotel revenue — — 316,402 159,162 (331,617 ) 143,947 Entertainment — — — 125,844 (785 ) 125,059 Total revenues — — 316,402 1,200,719 (332,402 ) 1,184,719 Operating expenses: Rooms — — — 112,636 — 112,636 Food and beverage — — — 269,824 — 269,824 Other hotel expenses — — 44,386 599,037 (316,863 ) 326,560 Management fees, net — — — 23,856 — 23,856 Total hotel operating expenses — — 44,386 1,005,353 (316,863 ) 732,876 Entertainment — — — 84,284 109 84,393 Corporate 253 1,596 2 31,644 — 33,495 Preopening costs — — — 1,926 — 1,926 Impairment and other charges — — — 35,418 — 35,418 Corporate overhead allocation 8,615 — 7,033 — (15,648 ) — Depreciation and amortization — — 59,534 52,425 — 111,959 Total operating expenses 8,868 1,596 110,955 1,211,050 (332,402 ) 1,000,067 Operating income (loss) (8,868 ) (1,596 ) 205,447 (10,331 ) — 184,652 Interest expense — (66,025 ) — (26 ) — (66,051 ) Interest income — — — 11,818 — 11,818 Loss from joint ventures — — — (4,402 ) — (4,402 ) Other gains and (losses), net — — — 928 — 928 Income (loss) before income taxes (8,868 ) (67,621 ) 205,447 (2,013 ) — 126,945 (Provision) benefit for income taxes — — (37 ) 49,192 — 49,155 Equity in subsidiaries’ earnings, net 184,968 — — — (184,968 ) — Net income (loss) $ 176,100 $ (67,621 ) $ 205,410 $ 47,179 $ (184,968 ) $ 176,100 Comprehensive income (loss) $ 171,676 $ (67,621 ) $ 205,410 $ 42,755 $ (180,544 ) $ 171,676 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2016 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 420,011 $ — $ 420,011 Food and beverage — — — 477,493 — 477,493 Other hotel revenue — — 307,840 157,274 (322,975 ) 142,139 Entertainment 209 — — 110,333 (978 ) 109,564 Total revenues 209 — 307,840 1,165,111 (323,953 ) 1,149,207 Operating expenses: Rooms — — — 109,618 — 109,618 Food and beverage — — — 267,307 — 267,307 Other hotel expenses — — 43,197 587,908 (308,331 ) 322,774 Management fees, net — — — 22,194 — 22,194 Total hotel operating expenses — — 43,197 987,027 (308,331 ) 721,893 Entertainment — — — 74,604 (54 ) 74,550 Corporate 355 1,615 2 27,171 — 29,143 Corporate overhead allocation 8,735 — 6,833 — (15,568 ) — Depreciation and amortization 156 — 59,076 50,584 — 109,816 Total operating expenses 9,246 1,615 109,108 1,139,386 (323,953 ) 935,402 Operating income (loss) (9,037 ) (1,615 ) 198,732 25,725 — 213,805 Interest expense — (63,880 ) — (26 ) — (63,906 ) Interest income 28 — — 11,472 — 11,500 Loss from joint ventures — — — (2,794 ) — (2,794 ) Other gains and (losses), net — — 1,868 2,293 — 4,161 Income (loss) before income taxes (9,009 ) (65,495 ) 200,600 36,670 — 162,766 Provision for income taxes (752 ) — (273 ) (2,375 ) — (3,400 ) Equity in subsidiaries’ earnings, net 169,127 — — — (169,127 ) — Net income (loss) $ 159,366 $ (65,495 ) $ 200,327 $ 34,295 $ (169,127 ) $ 159,366 Comprehensive income (loss) $ 162,145 $ (65,495 ) $ 200,327 $ 37,074 $ (171,906 ) $ 162,145 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2015 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 404,457 $ — $ 404,457 Food and beverage — — — 461,157 — 461,157 Other hotel revenue — — 298,698 145,817 (315,526 ) 128,989 Entertainment 261 — — 98,228 (968 ) 97,521 Total revenues 261 — 298,698 1,109,659 (316,494 ) 1,092,124 Operating expenses: Rooms — — — 110,067 — 110,067 Food and beverage — — — 261,580 — 261,580 Other hotel expenses — — 43,388 568,830 (299,229 ) 312,989 Management fees, net — — — 14,657 — 14,657 Total hotel operating expenses — — 43,388 955,134 (299,229 ) 699,293 Entertainment — — — 67,366 (3 ) 67,363 Corporate 328 1,433 2 27,151 — 28,914 Corporate overhead allocation 9,682 — 7,580 — (17,262 ) — Preopening costs — — — 909 — 909 Impairment and other charges — — 16,310 2,890 — 19,200 Depreciation and amortization 127 — 58,998 55,258 — 114,383 Total operating expenses 10,137 1,433 126,278 1,108,708 (316,494 ) 930,062 Operating income (loss) (9,876 ) (1,433 ) 172,420 951 — 162,062 Interest expense — (64,038 ) 17 120 — (63,901 ) Interest income — — — 12,384 — 12,384 Other gains and (losses), net (13,346 ) — — 2,457 — (10,889 ) Income (loss) before income taxes (23,222 ) (65,471 ) 172,437 15,912 — 99,656 (Provision) benefit for income taxes 5,080 — (222 ) 6,997 — 11,855 Equity in subsidiaries’ earnings, net 129,653 — — — (129,653 ) — Net income (loss) $ 111,511 $ (65,471 ) $ 172,215 $ 22,909 $ (129,653 ) $ 111,511 Comprehensive income (loss) $ 112,795 $ (65,471 ) $ 172,215 $ 24,193 $ (130,937 ) $ 112,795 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantor Non- Eliminations Consolidated Net cash provided by (used in) operating activities $ 165,461 $ (83,057 ) $ 96,529 $ 116,897 $ — $ 295,830 Purchases of property and equipment — — (96,516 ) (86,049 ) — (182,565 ) Investment in Gaylord Rockies joint venture — — — (16,309 ) — (16,309 ) Investment in other joint ventures — — — (9,313 ) — (9,313 ) Decrease in restricted cash and cash equivalents — — — 909 — 909 Other investing activities — — — (7,234 ) — (7,234 ) Net cash used in investing activities — — (96,516 ) (117,996 ) — (214,512 ) Net repayments under revolving credit facility — (211,400 ) — — — (211,400 ) Borrowings under term loan A — 200,000 — — — 200,000 Borrowings under term loan B — 500,000 — — — 500,000 Repayments under term loan B — (393,750 ) — — — (393,750 ) Deferred financing costs paid — (12,268 ) — — — (12,268 ) Payment of dividends (161,706 ) — — — — (161,706 ) Payment of tax withholdings for share-based compensation (3,810 ) — — — — (3,810 ) Other financing activities, net 65 — — (20 ) — 45 Net cash provided by (used in) financing activities (165,451 ) 82,582 — (20 ) — (82,889 ) Net change in cash and cash equivalents 10 (475 ) 13 (1,119 ) — (1,571 ) Cash and cash equivalents at beginning of period 28 1,234 23 57,843 — 59,128 Cash and cash equivalents at end of period $ 38 $ 759 $ 36 $ 56,724 $ — $ 57,557 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2016 (in thousands) Parent Issuer Guarantor Non- Eliminations Consolidated Net cash provided by (used in) operating activities $ 171,231 $ (66,344 ) $ 31,365 $ 157,349 $ — $ 293,601 Purchases of property and equipment (507 ) — (36,122 ) (81,348 ) — (117,977 ) Investment in Gaylord Rockies joint venture — — — (70,141 ) — (70,141 ) Investment in other joint ventures — — — (2,500 ) — (2,500 ) Proceeds from sale of Peterson LOI 6,785 — — — — 6,785 Decrease in restricted cash and cash equivalents — — — 293 — 293 Other investing activities — — 4,622 (323 ) — 4,299 Net cash provided by (used in) investing activities 6,278 — (31,500 ) (154,019 ) — (179,241 ) Net borrowings under revolving credit facility — 76,000 — — — 76,000 Repayments under term loan B — (4,000 ) — — — (4,000 ) 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 (151,160 ) — — — — (151,160 ) Payment of tax withholdings for share-based compensation (3,235 ) — — — — (3,235 ) Other financing activities, net 1,702 — — (19 ) — 1,683 Net cash provided by (used in) financing activities (177,504 ) 66,000 — (19 ) — (111,523 ) Net change in cash and cash equivalents 5 (344 ) (135 ) 3,311 — 2,837 Cash and cash equivalents at beginning of period 23 1,578 158 54,532 — 56,291 Cash and cash equivalents at end of period $ 28 $ 1,234 $ 23 $ 57,843 $ — $ 59,128 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 (in thousands) Parent Issuer Guarantor Non- Eliminations Consolidated Net cash provided by (used in) operating activities $ 277,963 $ (104,168 ) $ 5,794 $ 58,473 $ — $ 238,062 Purchases of property and equipment (422 ) — (5,672 ) (73,721 ) — (79,815 ) Proceeds from sale of Peterson LOI 10,000 — — — — 10,000 Increase in restricted cash and cash equivalents — — — (4,945 ) — (4,945 ) Other investing activities — — — 123 — 123 Net cash provided by (used in) investing activities 9,578 — (5,672 ) (78,543 ) — (74,637 ) Net repayments under revolving credit facility — (280,100 ) — — — (280,100 ) Repayments under term loan B — (4,000 ) — — — (4,000 ) Issuance of senior notes — 400,000 — — — 400,000 Repurchase of common stock warrants (154,681 ) — — — — (154,681 ) Deferred financing costs paid — (11,155 ) — — — (11,155 ) Payment of dividends (131,305 ) — — — — (131,305 ) Payment of tax withholdings for share-based compensation (3,700 ) — — — — (3,700 ) Other financing activities, net 1,776 — — (377 ) — 1,399 Net cash provided by (used in) financing activities (287,910 ) 104,745 — (377 ) — (183,542 ) Net change in cash and cash equivalents (369 ) 577 122 (20,447 ) — (20,117 ) Cash and cash equivalents at beginning of period 392 1,001 36 74,979 — 76,408 Cash and cash equivalents at end of period $ 23 $ 1,578 $ 158 $ 54,532 $ — $ 56,291 |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 (Amounts in thousands) Initital Cost to Company Gross Amount at End of Year Encmbr Land Bldgs & Impr Costs Land Bldgs & Impr Total (2) Acc Depr Date Acq/ Depr Life Gaylord Opryland (1 ) $ 9,817 $ 77,125 $ 574,220 $ 48,484 $ 612,678 $ 661,162 $ 334,961 1983 20-40 Gaylord Palms (1 ) 21,564 314,661 52,411 35,021 353,615 388,636 154,317 2002 20-40 Gaylord Texan (1 ) 21,235 388,030 81,903 46,411 444,757 491,168 157,298 2004 20-40 Gaylord National (1 ) 43,212 840,261 37,511 47,411 873,573 920,984 208,448 2008 20-40 Inn at Opryland — 2,675 7,248 14,507 2,960 21,470 24,430 8,480 1998 20-40 AC Hotel — 9,079 17,340 3,655 9,099 20,975 30,074 1,606 2014 20-40 Miscellaneous — 21,290 16,250 16,396 36,127 17,809 53,936 18,335 N/A 20-40 — $ 128,872 $ 1,660,915 $ 780,603 $ 225,513 $ 2,344,877 $ 2,570,390 $ 883,445 2017 2016 2015 Investment in real estate: Balance at beginning of year $ 2,529,641 $ 2,510,579 $ 2,488,361 Acquisitions — — — Improvements 40,749 21,899 22,302 Disposals — (2,837 ) (84 ) Balance at end of year $ 2,570,390 $ 2,529,641 $ 2,510,579 Accumulated depreciation: Balance at beginning of year $ 818,323 $ 754,861 $ 691,691 Depreciation 65,122 63,718 63,180 Disposals — (256 ) (10 ) Balance at end of year $ 883,445 $ 818,323 $ 754,861 (1) Pledged as collateral under the Company’s credit facility. At December 31, 2017, $869.1 million in borrowings and letters of credit were outstanding under such facility. (2) The aggregate cost of properties for federal income tax purposes is approximately $2.4 billion at December 31, 2017. |
Description of the Business a25
Description of the Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Business Segments | Business Segments Hospitality The Hospitality segment includes the Gaylord Hotels branded hotels, the Inn at Opryland and the AC Hotel, as well as the Company’s equity investment in Gaylord Rockies. See Note 4 for further discussion of this investment. Each of the Company’s hotels is managed by Marriott pursuant to a management agreement for each hotel, and Gaylord Rockies will be managed by Marriott upon its opening. Entertainment The Entertainment segment includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, day-to-day Corporate and Other The Corporate and Other segment includes operating and general and administrative expenses related to the overall management of the Company which are not allocated to the other reportable segments, including certain costs for the Company’s retirement plans, equity-based compensation plans, information technology, human resources, accounting, and other administrative expenses. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and all of its majority-owned subsidiaries. The Company’s investments in non-controlled The Company analyzes its variable interests, including loans, guarantees, management agreements, leasing arrangements and equity investments, to determine if an entity in which it has a variable interest is a variable interest entity (“VIE”). This analysis primarily includes a qualitative review, which is based on a review of the design of the entity, its organizational structure, including decision-making ability, and relevant financial agreements. This analysis is also used to determine if the Company must consolidate the VIE as the primary beneficiary. The terms of the Company’s investment in the Gaylord Rockies joint venture provide that the Company will have the ability to approve certain major decisions affecting the hotel, including, but not limited to, operating budgets, major capital expenditures, material transactions involving the hotel, and approval of designated hotel senior management. The Company also has a right of first offer to acquire the remainder of the project and designated rights to participate in any sales process with respect to the project after exercise of its first offer rights. However, because the power to direct the activities that most significantly impact the economic performance of the hotel are either shared or are held by some combination of the developers and Marriott, the Company is not the primary beneficiary of this variable interest entity, and thus, accounts for its investment in this joint venture under the equity method of accounting. As such, the Company does not consolidate any part of the assets or liabilities of the joint venture. The Company’s share of equity method net income or loss will increase or decrease, as applicable, the carrying value of its equity method investment. |
Investments | Investments From time to time, the Company has owned minority interest investments in certain businesses. Generally, non-marketable |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Improvements and significant renovations that extend the lives of existing assets are capitalized. Interest on funds borrowed to finance the construction of major capital additions not funded through furniture, fixtures and equipment reserves is included in the cost of the applicable capital addition. Maintenance and repairs are charged to expense as incurred. Property and equipment are generally depreciated using the straight-line method over the following estimated useful lives: Buildings 40 years Land improvements 20 years Furniture, fixtures and equipment 5-8 Leasehold improvements The shorter of the lease term or useful life |
Cash and Cash Equivalents - Unrestricted | Cash and Cash Equivalents — Unrestricted The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Cash and Cash Equivalents - Restricted | Cash and Cash Equivalents — Restricted Restricted cash and cash equivalents primarily represent funds held by our property managers for furniture, fixtures and equipment reserves. In addition, the Company holds certificates of deposit with an original maturity of greater than three months in order to secure its Tennessee workers’ compensation self-insurance obligations. For purposes of the statements of cash flows, changes in restricted cash and cash equivalents related to funds for furniture, fixtures and equipment replacement reserves are shown as investing activities. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company provides allowances for doubtful accounts based upon a percentage of revenue and periodic evaluations of the aging of accounts receivable. |
Inventory | Inventory is carried at the lower of cost or net realizable value. Cost is computed on an average cost basis. |
Income Taxes | Income Taxes The Company establishes deferred tax assets and liabilities based on the difference between the financial statement and income tax carrying amounts of assets and liabilities using existing tax laws and tax rates. The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. See Note 11 for more detail on the Company’s income taxes. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income in the period that includes the enactment date of the rate change. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. The Company has considered projected future taxable income and ongoing feasible tax planning strategies in assessing the need for a valuation allowance. |
Deferred Management Rights Proceeds | Deferred Management Rights Proceeds The Company has deferred and amortizes the proceeds received from Marriott that were allocated to the sale of the management rights, as discussed further in Note 6, on a straight line basis over the 65-year |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of loan fees and other costs of financing that are amortized over the term of the related financing agreements, using the effective interest method, and are presented as a reduction of the related debt liability. |
Revenue Recognition | Revenue Recognition Revenues from occupied hotel rooms are recognized as earned on the close of business each day and from concessions and food and beverage sales at the time of the sale. Revenues from other services at the Company’s hotels, such as spa, parking, and transportation services, are recognized at the time services are provided. Cancellation fees and attrition fees, which are charged to groups when they do not fulfill the minimum number of room nights or minimum food and beverage spending requirements originally contracted for, are recognized as revenue in the period they are collected. The Company recognizes revenues from the Entertainment segment when services are provided or goods are shipped, as applicable. The Company is required to collect certain taxes from customers on behalf of government agencies and remit these to the applicable governmental entity on a periodic basis. These taxes are collected from customers at the time of purchase, but are not included in revenue. The Company records a liability upon collection from the customer and relieves the liability when payments are remitted to the applicable governmental agency. |
Management Fees | Management Fees Management fees are presented in the consolidated statements of operations net of the amortization of the deferred management rights proceeds discussed further in Note 6. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and were $38.4 million, $36.7 million, and $36.7 million for 2017, 2016 and 2015, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company has stock-based employee compensation plans, which are described more fully in Note 7. The Company accounts for its stock-based compensation plan under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, “ Compensation – Stock Compensation |
Preopening Costs | Preopening Costs The Company expenses the costs associated with start-up |
Impairment of Long-Lived and Other Assets | Impairment of Long-Lived and Other Assets In accounting for the Company’s long-lived and other assets (including its notes receivable associated with the development of Gaylord National), the Company assesses its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of the assets or asset group may not be recoverable. Recoverability of long-lived assets that will continue to be used is measured by comparing the carrying amount of the asset or asset group to the related total future undiscounted net cash flows. If an asset or asset group’s carrying value is not recoverable through those cash flows, the asset group is considered to be impaired. The impairment is measured by the difference between the assets’ carrying amount and their fair value, which is estimated using discounted cash flow analyses that utilize comprehensive cash flow projections, as well as observable market data to the extent available. Recoverability of the notes receivable associated with Gaylord National is measured by comparing the carrying amount of the notes to the fair value of the notes. If the carrying value is greater than the fair value, the Company then assesses if the decline in fair value is other than temporary. If the decline in fair value is deemed to be other than temporary, which is based on the Company’s intent and ability to hold the notes receivable to maturity and whether it expects to receive all debt service payments due under the notes, then the notes receivable are impaired. See Note 3 for further disclosure. |
Income Per Share | Income Per Share Earnings per share is measured as basic earnings per share and diluted earnings per share. Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding after considering the effect of conversion of dilutive instruments, calculated using the treasury stock method. |
Accounting Estimates | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
Newly Issued Accounting Standards | Newly Issued Accounting Standards In May 2014, 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 75-year 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 November 2016, the FASB issued ASU No. 2016-18, Restricted Cash 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 |
Description of the Business a26
Description of the Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Property and Equipment | Property and equipment are generally depreciated using the straight-line method over the following estimated useful lives: Buildings 40 years Land improvements 20 years Furniture, fixtures and equipment 5-8 Leasehold improvements The shorter of the lease term or useful life |
Cash Paid for Interest | Cash paid for interest for the years ended December 31 was comprised of (amounts in thousands): 2017 2016 2015 Debt interest paid $ 63,325 $ 60,780 $ 53,978 Capitalized interest (6,645 ) (1,721 ) (169 ) Cash paid for interest, net of capitalized interest $ 56,680 $ 59,059 $ 53,809 |
Summary of Prepaid Expense and Other Assets | Prepaid expenses and other assets at December 31 consist of (amounts in thousands): 2017 2016 Prepaid expenses $ 14,526 $ 14,001 Inventories 8,052 8,065 Supplemental deferred compensation plan assets 25,055 22,204 Other 24,483 11,141 Total prepaid expenses and other assets $ 72,116 $ 55,411 |
Accounts Payable and Accrued Liabilities of Continuing Operations | Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands): 2017 2016 Trade accounts payable $ 32,663 $ 32,315 Property and other taxes payable 34,282 34,844 Deferred revenues 51,232 41,080 Accrued salaries and benefits 25,178 20,567 Accrued interest payable 11,179 8,152 Other accrued liabilities 25,115 26,247 Total accounts payable and accrued liabilities $ 179,649 $ 163,205 |
Other Liabilities | Other liabilities at December 31 consist of (amounts in thousands): 2017 2016 Pension and postretirement benefits liability $ 34,763 $ 37,988 Straight-line lease liability 95,078 89,959 Deferred compensation liability 25,055 22,204 Other 949 885 Total other liabilities $ 155,845 $ 151,036 |
Income Per Share | Net income per share amounts are calculated as follows for the years ended December 31 (income and share amounts in thousands): 2017 Income Shares Per Share Net income $ 176,100 51,147 $ 3.44 Effect of dilutive stock-based compensation — 224 — Net income — assuming dilution $ 176,100 51,371 $ 3.43 2016 Income Shares Per Share Net income $ 159,366 51,009 $ 3.12 Effect of dilutive stock-based compensation — 303 — Net income — assuming dilution $ 159,366 51,312 $ 3.11 2015 Income Shares Per Share Net income $ 111,511 51,241 $ 2.18 Effect of dilutive stock-based compensation — 371 — Net income — assuming dilution $ 111,511 51,612 $ 2.16 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment at December 31 is recorded at cost and summarized as follows (amounts in thousands): 2017 2016 Land and land improvements $ 267,051 $ 266,053 Buildings 2,440,471 2,398,117 Furniture, fixtures and equipment 647,988 604,876 Construction in progress 138,702 50,273 3,494,212 3,319,319 Accumulated depreciation (1,428,555 ) (1,321,307 ) Property and equipment, net $ 2,065,657 $ 1,998,012 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Debt and Capital Lease Obligations | The Company’s debt and capital lease obligations at December 31 consisted of (amounts in thousands): 2017 2016 $700 Million Revolving Credit Facility, less unamortized deferred financing costs of $9,076 and $5,267 $ 161,924 $ 377,133 $200 Million Term Loan A, less unamortized deferred financing costs of $1,557 and $0 198,443 — $500 Million Term Loan B, less unamortized deferred financing costs of $7,595 and $0 488,655 — $400 Million Term Loan B, less unamortized deferred financing costs of $0 and $5,273 — 384,727 $350 Million 5% Senior Notes, less unamortized deferred financing costs of $3,340 and $4,246 346,660 345,754 $400 Million 5% Senior Notes, less unamortized deferred financing costs of $4,929 and $5,719 395,071 394,281 Capital lease obligations 639 659 Total debt $ 1,591,392 $ 1,502,554 |
Annual Maturities of Long-Term Debt Excluding Capital Lease Obligations | Annual maturities of long-term debt, excluding capital lease obligations, are as follows (amounts in thousands): $700 Million $200 Million $500 Million $350 Million $400 Million Total 2018 $ — $ — $ 5,000 $ — $ — $ 5,000 2019 — — 5,000 — — 5,000 2020 — — 5,000 — — 5,000 2021 171,000 — 5,000 350,000 — 526,000 2022 — 200,000 5,000 — — 205,000 Years thereafter — — 471,250 — 400,000 871,250 Total $ 171,000 $ 200,000 $ 496,250 $ 350,000 $ 400,000 $ 1,617,250 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation Activity | A summary of the status of the Company’s restricted stock units as of December 31, 2017 and changes during the year ended December 31, 2017, is presented below: Restricted Stock Units Shares Weighted Grant-Date Nonvested shares at January 1, 2017 501,992 $ 46.52 Granted 159,992 66.54 Vested (237,262 ) 42.98 Canceled (10,958 ) 57.15 Nonvested shares at December 31, 2017 413,764 54.57 |
Pension Plans (Tables)
Pension Plans (Tables) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Funded Status and Accrued Pension Cost | The following table sets forth the funded status at December 31 (amounts in thousands): 2017 2016 CHANGE IN BENEFIT OBLIGATION: Benefit obligation at beginning of year $ 85,360 $ 87,236 Interest cost 3,019 3,173 Actuarial loss 3,624 304 Benefits paid (6,308 ) (5,353 ) Benefit obligation at end of year 85,695 85,360 CHANGE IN PLAN ASSETS: Fair value of plan assets at beginning of year 65,446 65,439 Actual return on plan assets 10,107 5,360 Benefits paid (6,308 ) (5,353 ) Fair value of plan assets at end of year 69,245 65,446 Funded status and accrued pension cost $ (16,450 ) $ (19,914 ) |
Allocation of Defined Benefit Pension Plans Assets | The allocation of the defined benefit pension plan’s assets at December 31 are as follows (amounts in thousands): Asset Class 2017 2016 Cash $ 642 $ 728 Mutual funds 68,603 64,718 Total $ 69,245 $ 65,446 |
Benefit Obligation [Member] | |
Assumptions Used to Determine Benefit Obligations | The weighted-average assumptions used to determine the benefit obligation at December 31 are as follows: 2017 2016 2015 Discount rate 3.30 % 3.72 % 3.90 % Rate of compensation increase N/A N/A N/A |
Pension Expense [Member] | |
Assumptions Used to Determine Benefit Obligations | The weighted-average assumptions used to determine the net periodic pension expense for years ended December 31 are as follows: 2017 2016 2015 Discount rate 3.59 % 3.70 % 3.77 % Rate of compensation increase N/A N/A N/A Expected long-term rate of return on plan assets 6.50 % 6.50 % 6.50 % |
Postretirement Benefits Other31
Postretirement Benefits Other than Pensions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Postretirement Benefit Plan [Member] | |
Net Periodic Pension and Postretirement Benefit (Income) Expense | Net postretirement benefit income reflected in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands): 2017 2016 2015 Interest cost $ 108 $ 120 $ 127 Amortization of net actuarial loss 245 242 255 Amortization of prior service credit (1,314 ) (1,314 ) (1,314 ) Net postretirement benefit income $ (961 ) $ (952 ) $ (932 ) |
Expected Future Benefit Payments | The Company expects to contribute $0.3 million to the plan in 2018. Based on the Company’s assumptions discussed above, the Company expects to make the following estimated future benefit payments under the plan during the years ending December 31 (amounts in thousands): 2018 $ 343 2019 327 2020 306 2021 284 2022 266 2023-2027 1,078 |
Change in Benefit Obligation of the Postretirement Plans to the Accrued Postretirement Liability | The following table reconciles the change in benefit obligation of the postretirement plans to the accrued postretirement liability as reflected in other liabilities in the accompanying consolidated balance sheets at December 31 (amounts in thousands): 2017 2016 Benefit obligation at beginning of year $ 3,214 $ 3,559 Interest cost 108 120 Actuarial (gain) loss 264 (47 ) Benefits paid (419 ) (418 ) Benefit obligation at end of year $ 3,167 $ 3,214 |
Pension Plan [Member] | |
Net Periodic Pension and Postretirement Benefit (Income) Expense | Net periodic pension expense reflected in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands): 2017 2016 2015 Interest cost $ 3,019 $ 3,173 $ 3,423 Expected return on plan assets (4,202 ) (4,131 ) (4,627 ) Recognized net actuarial loss 919 1,047 917 Net settlement loss 1,734 1,715 2,356 Total net periodic pension expense $ 1,470 $ 1,804 $ 2,069 |
Expected Future Benefit Payments | The Company expects to contribute approximately $1.6 million to its defined benefit pension plan in 2018. Based on the Company’s assumptions discussed above, the Company expects to make the following estimated future benefit payments under the plan during the years ending December 31 (amounts in thousands): 2018 $ 4,358 2019 5,102 2020 4,764 2021 5,029 2022 5,990 2023 - 2027 29,384 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Loss by Component | Changes in accumulated other comprehensive loss by component consisted of the following (amounts in thousands): Minimum Other-Than- Total Balance, December 31, 2014 $ (26,331 ) $ — $ (26,331 ) Unrealized gains arising during period 1,920 — 1,920 Amounts reclassified from accumulated other comprehensive loss 88 — 88 Income tax expense (724 ) — (724 ) Net other comprehensive income 1,284 — 1,284 Balance, December 31, 2015 $ (25,047 ) $ — $ (25,047 ) Unrealized gains arising during period 2,599 — 2,599 Amounts reclassified from accumulated other comprehensive loss 180 — 180 Income tax expense — — — Net other comprehensive income 2,779 — 2,779 Balance, December 31, 2016 $ (22,268 ) $ — $ (22,268 ) Unrealized gains (losses) arising during period 3,111 (6,543 ) (3,432 ) Amounts reclassified from accumulated other comprehensive loss 60 — 60 Income tax expense (1,052 ) — (1,052 ) Net other comprehensive income (loss) 2,119 (6,543 ) (4,424 ) Balance, December 31, 2017 $ (20,149 ) $ (6,543 ) $ (26,692 ) |
Summary of Amount Reclassified from Accumulated Comprehensive Loss Related to Company's Minimum Pension Liability | Amounts reclassified from accumulated comprehensive loss related to the Company’s minimum pension liability are presented in the accompanying consolidated statements of operations as follows (amounts in thousands): 2017 2016 2015 Other hotel expenses $ (214 ) $ (154 ) $ (209 ) Entertainment operating expenses 11 26 11 Corporate operating expenses 263 308 286 $ 60 $ 180 $ 88 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
(Provision) Benefit for Income Taxes from Continuing Operations | The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands): 2017 2016 2015 CURRENT: Federal $ (1,107 ) $ (1,788 ) $ (763 ) State (2,375 ) (1,291 ) (1,229 ) Total current provision (3,482 ) (3,079 ) (1,992 ) DEFERRED: Federal 32,308 321 8,866 State 18,299 (642 ) (248 ) Effect of federal tax law change 2,030 — 5,229 Total deferred (provision) benefit 52,637 (321 ) 13,847 Total (provision) benefit for income taxes $ 49,155 $ (3,400 ) $ 11,855 |
Summary of Taxability of Cash Distributions Paid on Common Shares | The estimated taxability of cash distributions to common shareholders is as follows (per common share): 2017 2016 2015 Ordinary income $ 2.97 $ 2.98 $ 2.50 Capital gains 0.03 0.17 0.23 Return of capital 0.15 — — $ 3.15 $ 3.15 $ 2.73 |
Differences Between the Income Tax (Provision) Benefit Calculated at the Statutory U.S. Federal Income Tax Rate of 35% and the Actual Income Tax Benefit Recorded for Continuing Operations | The differences between the income tax provision calculated at the statutory U.S. federal income tax rate of 35% and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands): 2017 2016 2015 Statutory federal income tax provision $ (44,431 ) $ (56,914 ) $ (34,774 ) Adjustment for nontaxable income of the REIT 38,272 48,680 34,904 State taxes (net of federal tax benefit) (1,317 ) (1,705 ) (740 ) Permanent share-based compensation adjustment 1,446 1,571 — Other permanent items (251 ) (200 ) (165 ) Federal valuation allowance reversal 36,156 5,519 8,271 State valuation allowance reversal (net of federal tax benefit) 17,241 (228 ) (737 ) Effect of federal tax law change 2,030 — 5,229 Other 9 (123 ) (133 ) $ 49,155 $ (3,400 ) $ 11,855 |
Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands): 2017 2016 DEFERRED TAX ASSETS: Accounting reserves and accruals $ 14,830 $ 20,979 Defined benefit plan 4,148 7,665 Deferred management rights proceeds 44,651 69,317 Federal and State net operating loss carryforwards 44,789 51,615 Tax credits and other carryforwards 640 819 Investment in joint ventures 317 584 Other assets 4,353 6,171 Total deferred tax assets 113,728 157,150 Valuation allowance (14,616 ) (88,653 ) Total deferred tax assets, net of valuation allowance 99,112 68,497 DEFERRED TAX LIABILITIES: Property and equipment, net 47,416 67,168 Goodwill and other intangibles 705 1,201 Other liabilities 874 1,597 Total deferred tax liabilities 48,995 69,966 Net deferred tax assets (liabilities) $ 50,117 $ (1,469 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Amounts of Assets Under Capitalized Lease Agreements and Related Obligations are Included in Debt | In the accompanying consolidated balance sheets, the following amounts of assets under capitalized lease agreements are included as shown and the related obligations are included in debt (amounts in thousands): 2017 2016 Property and equipment $ 3,636 $ 3,636 Prepaid expenses and other assets 130 130 Accumulated depreciation (2,717 ) (2,429 ) Net assets under capital leases $ 1,049 $ 1,337 |
Future Minimum Cash Lease Commitments Under All Non-Cancelable Leases in Effect for Continuing Operations | Future minimum cash lease commitments under all non-cancelable Capital Operating 2018 $ 46 $ 4,597 2019 46 4,732 2020 46 4,867 2021 46 5,009 2022 46 5,153 Years thereafter 704 590,989 Total minimum lease payments 934 $ 615,347 Less amount representing interest (295 ) Total present value of minimum payments $ 639 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and December 31, 2016. The Company’s assets measured at fair value on a recurring basis at December 31, were as follows (in thousands): December 31, Markets for Observable Unobservable (Level 3) Deferred compensation plan investments $ 25,055 $ 25,055 $ — $ — Total assets measured at fair value $ 25,055 $ 25,055 $ — $ — December 31, Markets for Observable Unobservable (Level 3) Deferred compensation plan investments $ 22,204 $ 22,204 $ — $ — Total assets measured at fair value $ 22,204 $ 22,204 $ — $ — |
Financial Reporting By Busine36
Financial Reporting By Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segments Internal Financial Reports | The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used for corporate management purposes. 2017 2016 2015 REVENUES: Hospitality $ 1,059,660 $ 1,039,643 $ 994,603 Entertainment 125,059 109,564 97,521 Corporate and Other — — — Total revenues $ 1,184,719 $ 1,149,207 $ 1,092,124 DEPRECIATION AND AMORTIZATION: Hospitality $ 102,759 $ 100,186 $ 105,876 Entertainment 7,074 7,034 5,747 Corporate and Other 2,126 2,596 2,760 Total depreciation and amortization $ 111,959 $ 109,816 $ 114,383 OPERATING INCOME (LOSS): Hospitality $ 224,025 $ 217,564 $ 189,434 Entertainment 33,592 27,980 24,411 Corporate and Other (35,621 ) (31,739 ) (31,674 ) Preopening costs (1,926 ) — (909 ) Impairment and other charges (35,418 ) — (19,200 ) Total operating income 184,652 213,805 162,062 Interest expense, net of amounts capitalized (66,051 ) (63,906 ) (63,901 ) Interest income 11,818 11,500 12,384 Loss from joint ventures (4,402 ) (2,794 ) — Other gains and (losses) 928 4,161 (10,889 ) Income before income taxes $ 126,945 $ 162,766 $ 99,656 December 31, December 31, IDENTIFIABLE ASSETS: Hospitality $ 2,256,395 $ 2,206,304 Entertainment 132,671 113,441 Corporate and Other 135,162 86,008 Total identifiable assets $ 2,524,228 $ 2,405,753 |
Capital Expenditures for Continuing Operations | The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands): 2017 2016 2015 CAPITAL EXPENDITURES: Hospitality $ 163,227 $ 96,372 $ 65,651 Entertainment 18,814 20,940 13,477 Corporate and other 524 665 687 Total capital expenditures $ 182,565 $ 117,977 $ 79,815 |
Quarterly Financial Informati37
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | The following is selected unaudited quarterly financial data for the fiscal years ended December 31, 2017 and 2016 (amounts in thousands, except per share data). The sum of the quarterly per share amounts may not equal the annual totals due to rounding. 2017 First Second Third Fourth Revenues $ 276,042 $ 298,778 $ 264,724 $ 345,175 Depreciation and amortization 27,637 27,679 28,546 28,097 Operating income 47,060 64,693 36,409 36,490 Income before income taxes 33,213 48,191 24,400 21,141 (Provision) benefit for income taxes (593 ) (899 ) (530 ) 51,177 Net income 32,620 47,292 23,870 72,318 Net income per share 0.64 0.92 0.47 1.41 Net income per share — assuming dilution 0.63 0.92 0.46 1.41 2016 First Second Third Fourth Revenues $ 261,497 $ 296,215 $ 271,720 $ 319,775 Depreciation and amortization 28,773 26,409 26,706 27,928 Operating income 38,794 66,945 46,567 61,499 Income before income taxes 25,461 52,746 35,415 49,144 (Provision) benefit for income taxes 885 (1,415 ) (1,822 ) (1,048 ) Net income 26,346 51,331 33,593 48,096 Net income per share 0.52 1.01 0.66 0.94 Net income per share — assuming dilution 0.51 1.00 0.66 0.94 |
Information Concerning Guaran38
Information Concerning Guarantor and Non-Guarantor Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Balance Sheet | RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2017 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated ASSETS: Property and equipment, net of accumulated depreciation $ — $ — $ 1,640,274 $ 425,383 $ — $ 2,065,657 Cash and cash equivalents—unrestricted 38 759 36 56,724 — 57,557 Cash and cash equivalents—restricted — — — 21,153 — 21,153 Notes receivable — — — 111,423 — 111,423 Investment in Gaylord Rockies joint venture — — — 88,685 — 88,685 Trade receivables, less allowance — — — 57,520 — 57,520 Deferred income tax assets, net — — (301 ) 50,418 — 50,117 Prepaid expenses and other assets — — 5 72,111 — 72,116 Intercompany receivables, net — — 1,717,157 — (1,717,157 ) — Investments 1,006,461 2,890,032 651,006 1,364,814 (5,912,313 ) — Total assets $ 1,006,499 $ 2,890,791 $ 4,008,177 $ 2,248,231 $ (7,629,470 ) $ 2,524,228 LIABILITIES AND STOCKHOLDERS’ EQUITY: Debt and capital lease obligations $ — $ 1,590,753 $ — $ 639 $ — $ 1,591,392 Accounts payable and accrued liabilities 150 11,180 15,795 152,524 — 179,649 Dividends payable 42,129 — — — — 42,129 Deferred management rights proceeds — — — 177,057 — 177,057 Other liabilities — — 95,078 60,767 — 155,845 Intercompany payables, net 586,064 895,408 — 235,685 (1,717,157 ) — Commitments and contingencies Stockholders’ equity: Preferred stock — — — — — — Common stock 512 1 1 2,387 (2,389 ) 512 Additional paid-in-capital 896,759 671,875 2,835,468 2,073,818 (5,581,161 ) 896,759 Treasury stock (13,253 ) — — — — (13,253 ) Accumulated deficit (479,170 ) (278,426 ) 1,061,835 (427,954 ) (355,455 ) (479,170 ) Accumulated other comprehensive loss (26,692 ) — — (26,692 ) 26,692 (26,692 ) Total stockholders’ equity 378,156 393,450 3,897,304 1,621,559 (5,912,313 ) 378,156 Total liabilities and stockholders’ equity $ 1,006,499 $ 2,890,791 $ 4,008,177 $ 2,248,231 $ (7,629,470 ) $ 2,524,228 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEET As of 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 Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 431,768 $ — $ 431,768 Food and beverage — — — 483,945 — 483,945 Other hotel revenue — — 316,402 159,162 (331,617 ) 143,947 Entertainment — — — 125,844 (785 ) 125,059 Total revenues — — 316,402 1,200,719 (332,402 ) 1,184,719 Operating expenses: Rooms — — — 112,636 — 112,636 Food and beverage — — — 269,824 — 269,824 Other hotel expenses — — 44,386 599,037 (316,863 ) 326,560 Management fees, net — — — 23,856 — 23,856 Total hotel operating expenses — — 44,386 1,005,353 (316,863 ) 732,876 Entertainment — — — 84,284 109 84,393 Corporate 253 1,596 2 31,644 — 33,495 Preopening costs — — — 1,926 — 1,926 Impairment and other charges — — — 35,418 — 35,418 Corporate overhead allocation 8,615 — 7,033 — (15,648 ) — Depreciation and amortization — — 59,534 52,425 — 111,959 Total operating expenses 8,868 1,596 110,955 1,211,050 (332,402 ) 1,000,067 Operating income (loss) (8,868 ) (1,596 ) 205,447 (10,331 ) — 184,652 Interest expense — (66,025 ) — (26 ) — (66,051 ) Interest income — — — 11,818 — 11,818 Loss from joint ventures — — — (4,402 ) — (4,402 ) Other gains and (losses), net — — — 928 — 928 Income (loss) before income taxes (8,868 ) (67,621 ) 205,447 (2,013 ) — 126,945 (Provision) benefit for income taxes — — (37 ) 49,192 — 49,155 Equity in subsidiaries’ earnings, net 184,968 — — — (184,968 ) — Net income (loss) $ 176,100 $ (67,621 ) $ 205,410 $ 47,179 $ (184,968 ) $ 176,100 Comprehensive income (loss) $ 171,676 $ (67,621 ) $ 205,410 $ 42,755 $ (180,544 ) $ 171,676 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2016 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 420,011 $ — $ 420,011 Food and beverage — — — 477,493 — 477,493 Other hotel revenue — — 307,840 157,274 (322,975 ) 142,139 Entertainment 209 — — 110,333 (978 ) 109,564 Total revenues 209 — 307,840 1,165,111 (323,953 ) 1,149,207 Operating expenses: Rooms — — — 109,618 — 109,618 Food and beverage — — — 267,307 — 267,307 Other hotel expenses — — 43,197 587,908 (308,331 ) 322,774 Management fees, net — — — 22,194 — 22,194 Total hotel operating expenses — — 43,197 987,027 (308,331 ) 721,893 Entertainment — — — 74,604 (54 ) 74,550 Corporate 355 1,615 2 27,171 — 29,143 Corporate overhead allocation 8,735 — 6,833 — (15,568 ) — Depreciation and amortization 156 — 59,076 50,584 — 109,816 Total operating expenses 9,246 1,615 109,108 1,139,386 (323,953 ) 935,402 Operating income (loss) (9,037 ) (1,615 ) 198,732 25,725 — 213,805 Interest expense — (63,880 ) — (26 ) — (63,906 ) Interest income 28 — — 11,472 — 11,500 Loss from joint ventures — — — (2,794 ) — (2,794 ) Other gains and (losses), net — — 1,868 2,293 — 4,161 Income (loss) before income taxes (9,009 ) (65,495 ) 200,600 36,670 — 162,766 Provision for income taxes (752 ) — (273 ) (2,375 ) — (3,400 ) Equity in subsidiaries’ earnings, net 169,127 — — — (169,127 ) — Net income (loss) $ 159,366 $ (65,495 ) $ 200,327 $ 34,295 $ (169,127 ) $ 159,366 Comprehensive income (loss) $ 162,145 $ (65,495 ) $ 200,327 $ 37,074 $ (171,906 ) $ 162,145 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2015 (in thousands) Parent Issuer Guarantors Non- Eliminations Consolidated Revenues: Rooms $ — $ — $ — $ 404,457 $ — $ 404,457 Food and beverage — — — 461,157 — 461,157 Other hotel revenue — — 298,698 145,817 (315,526 ) 128,989 Entertainment 261 — — 98,228 (968 ) 97,521 Total revenues 261 — 298,698 1,109,659 (316,494 ) 1,092,124 Operating expenses: Rooms — — — 110,067 — 110,067 Food and beverage — — — 261,580 — 261,580 Other hotel expenses — — 43,388 568,830 (299,229 ) 312,989 Management fees, net — — — 14,657 — 14,657 Total hotel operating expenses — — 43,388 955,134 (299,229 ) 699,293 Entertainment — — — 67,366 (3 ) 67,363 Corporate 328 1,433 2 27,151 — 28,914 Corporate overhead allocation 9,682 — 7,580 — (17,262 ) — Preopening costs — — — 909 — 909 Impairment and other charges — — 16,310 2,890 — 19,200 Depreciation and amortization 127 — 58,998 55,258 — 114,383 Total operating expenses 10,137 1,433 126,278 1,108,708 (316,494 ) 930,062 Operating income (loss) (9,876 ) (1,433 ) 172,420 951 — 162,062 Interest expense — (64,038 ) 17 120 — (63,901 ) Interest income — — — 12,384 — 12,384 Other gains and (losses), net (13,346 ) — — 2,457 — (10,889 ) Income (loss) before income taxes (23,222 ) (65,471 ) 172,437 15,912 — 99,656 (Provision) benefit for income taxes 5,080 — (222 ) 6,997 — 11,855 Equity in subsidiaries’ earnings, net 129,653 — — — (129,653 ) — Net income (loss) $ 111,511 $ (65,471 ) $ 172,215 $ 22,909 $ (129,653 ) $ 111,511 Comprehensive income (loss) $ 112,795 $ (65,471 ) $ 172,215 $ 24,193 $ (130,937 ) $ 112,795 |
Condensed Consolidating Statement of Cash Flows | RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2017 (in thousands) Parent Issuer Guarantor Non- Eliminations Consolidated Net cash provided by (used in) operating activities $ 165,461 $ (83,057 ) $ 96,529 $ 116,897 $ — $ 295,830 Purchases of property and equipment — — (96,516 ) (86,049 ) — (182,565 ) Investment in Gaylord Rockies joint venture — — — (16,309 ) — (16,309 ) Investment in other joint ventures — — — (9,313 ) — (9,313 ) Decrease in restricted cash and cash equivalents — — — 909 — 909 Other investing activities — — — (7,234 ) — (7,234 ) Net cash used in investing activities — — (96,516 ) (117,996 ) — (214,512 ) Net repayments under revolving credit facility — (211,400 ) — — — (211,400 ) Borrowings under term loan A — 200,000 — — — 200,000 Borrowings under term loan B — 500,000 — — — 500,000 Repayments under term loan B — (393,750 ) — — — (393,750 ) Deferred financing costs paid — (12,268 ) — — — (12,268 ) Payment of dividends (161,706 ) — — — — (161,706 ) Payment of tax withholdings for share-based compensation (3,810 ) — — — — (3,810 ) Other financing activities, net 65 — — (20 ) — 45 Net cash provided by (used in) financing activities (165,451 ) 82,582 — (20 ) — (82,889 ) Net change in cash and cash equivalents 10 (475 ) 13 (1,119 ) — (1,571 ) Cash and cash equivalents at beginning of period 28 1,234 23 57,843 — 59,128 Cash and cash equivalents at end of period $ 38 $ 759 $ 36 $ 56,724 $ — $ 57,557 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2016 (in thousands) Parent Issuer Guarantor Non- Eliminations Consolidated Net cash provided by (used in) operating activities $ 171,231 $ (66,344 ) $ 31,365 $ 157,349 $ — $ 293,601 Purchases of property and equipment (507 ) — (36,122 ) (81,348 ) — (117,977 ) Investment in Gaylord Rockies joint venture — — — (70,141 ) — (70,141 ) Investment in other joint ventures — — — (2,500 ) — (2,500 ) Proceeds from sale of Peterson LOI 6,785 — — — — 6,785 Decrease in restricted cash and cash equivalents — — — 293 — 293 Other investing activities — — 4,622 (323 ) — 4,299 Net cash provided by (used in) investing activities 6,278 — (31,500 ) (154,019 ) — (179,241 ) Net borrowings under revolving credit facility — 76,000 — — — 76,000 Repayments under term loan B — (4,000 ) — — — (4,000 ) 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 (151,160 ) — — — — (151,160 ) Payment of tax withholdings for share-based compensation (3,235 ) — — — — (3,235 ) Other financing activities, net 1,702 — — (19 ) — 1,683 Net cash provided by (used in) financing activities (177,504 ) 66,000 — (19 ) — (111,523 ) Net change in cash and cash equivalents 5 (344 ) (135 ) 3,311 — 2,837 Cash and cash equivalents at beginning of period 23 1,578 158 54,532 — 56,291 Cash and cash equivalents at end of period $ 28 $ 1,234 $ 23 $ 57,843 $ — $ 59,128 RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 (in thousands) Parent Issuer Guarantor Non- Eliminations Consolidated Net cash provided by (used in) operating activities $ 277,963 $ (104,168 ) $ 5,794 $ 58,473 $ — $ 238,062 Purchases of property and equipment (422 ) — (5,672 ) (73,721 ) — (79,815 ) Proceeds from sale of Peterson LOI 10,000 — — — — 10,000 Increase in restricted cash and cash equivalents — — — (4,945 ) — (4,945 ) Other investing activities — — — 123 — 123 Net cash provided by (used in) investing activities 9,578 — (5,672 ) (78,543 ) — (74,637 ) Net repayments under revolving credit facility — (280,100 ) — — — (280,100 ) Repayments under term loan B — (4,000 ) — — — (4,000 ) Issuance of senior notes — 400,000 — — — 400,000 Repurchase of common stock warrants (154,681 ) — — — — (154,681 ) Deferred financing costs paid — (11,155 ) — — — (11,155 ) Payment of dividends (131,305 ) — — — — (131,305 ) Payment of tax withholdings for share-based compensation (3,700 ) — — — — (3,700 ) Other financing activities, net 1,776 — — (377 ) — 1,399 Net cash provided by (used in) financing activities (287,910 ) 104,745 — (377 ) — (183,542 ) Net change in cash and cash equivalents (369 ) 577 122 (20,447 ) — (20,117 ) Cash and cash equivalents at beginning of period 392 1,001 36 74,979 — 76,408 Cash and cash equivalents at end of period $ 23 $ 1,578 $ 158 $ 54,532 $ — $ 56,291 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Percentage of owned subsidiaries | 100.00% | |||
Cash payments (refunds) of income taxes | $ 4,100 | $ 1,700 | $ 5,200 | |
Term of management rights for income amortization | 65 years | |||
Amortization of deferred financing costs | $ 5,350 | 4,863 | 5,505 | |
Write-off of deferred financing costs | $ 925 | 1,926 | ||
Base Management fee | 2.00% | |||
Total Base Management fee | $ 22,000 | 21,400 | 17,400 | |
Incentive fees | 6,100 | 4,800 | 1,400 | |
Advertising costs included in continuing operations | 38,400 | $ 36,700 | 36,700 | |
Impairment charge | $ 16,300 | $ 35,418 | 19,200 | |
Osceola County [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Land area covered under operating lease agreement | a | 65.3 | |||
Grapevine [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Land area covered under operating lease agreement | a | 10 | |||
Gaylord Rockies Resort and Convention Center [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Investment percentage | 35.00% | |||
Opry City Stage [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Investment percentage | 50.00% | |||
$1 Billion Credit Facility [Member] | Senior Secured Term Loan Facility [Member] | ||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||
Write-off of deferred financing costs | $ 900 | $ 1,900 |
Description of Business and S40
Description of Business and Summary of Significant Accounting Policies - Acquisitions and Investments - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2014USD ($)Room | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | ||||
Total Debt | $ 1,591,392 | $ 1,502,554 | ||
AC Hotel Note Payable [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Debt | $ 6,000 | $ 6,000 | ||
Aloft Hotel National Harbor [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of room purchased | Room | 192 | |||
Purchase price of hotel | $ 21,800 | |||
Hotel opened date | 2015-04 |
Description of Business and S41
Description of Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property and equipment | 40 years |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property and equipment | 20 years |
Furniture, fixtures and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Furniture, fixtures and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property and equipment | 8 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property and equipment | The shorter of the lease term or useful life |
Description of Business and S42
Description of Business and Summary of Significant Accounting Policies - Cash Paid for Interest (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |||
Debt interest paid | $ 63,325 | $ 60,780 | $ 53,978 |
Capitalized interest | (6,645) | (1,721) | (169) |
Cash paid for interest, net of capitalized interest | $ 56,680 | $ 59,059 | $ 53,809 |
Description of Business and S43
Description of Business and Summary of Significant Accounting Policies - Summary of Prepaid Expense and Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Prepaid Expense and Other Assets [Abstract] | ||
Prepaid expenses | $ 14,526 | $ 14,001 |
Inventories | 8,052 | 8,065 |
Supplemental deferred compensation plan assets | 25,055 | 22,204 |
Other | 24,483 | 11,141 |
Total prepaid expenses and other assets | $ 72,116 | $ 55,411 |
Description of Business and S44
Description of Business and Summary of Significant Accounting Policies - Accounts Payable and Accrued Liabilities of Continuing Operations (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade accounts payable | $ 32,663 | $ 32,315 |
Property and other taxes payable | 34,282 | 34,844 |
Deferred revenues | 51,232 | 41,080 |
Accrued salaries and benefits | 25,178 | 20,567 |
Accrued interest payable | 11,179 | 8,152 |
Other accrued liabilities | 25,115 | 26,247 |
Total accounts payable and accrued liabilities | $ 179,649 | $ 163,205 |
Description of Business and S45
Description of Business and Summary of Significant Accounting Policies - Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities [Abstract] | ||
Pension and postretirement benefits liability | $ 34,763 | $ 37,988 |
Straight-line lease liability | 95,078 | 89,959 |
Deferred compensation liability | 25,055 | 22,204 |
Other | 949 | 885 |
Total other liabilities | $ 155,845 | $ 151,036 |
Description of Business and S46
Description of Business and Summary of Significant Accounting Policies - Income Per share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | $ 176,100 | $ 159,366 | $ 111,511 | ||||||||
Net income (loss)- Assuming dilution | $ 176,100 | $ 159,366 | $ 111,511 | ||||||||
Net income (loss), shares | 51,147 | 51,009 | 51,241 | ||||||||
Effect of dilutive stock-based compensation | 224 | 303 | 371 | ||||||||
Net income (loss)- Assuming dilution, shares | 51,371 | 51,312 | 51,612 | ||||||||
Net income (loss), per share | $ 1.41 | $ 0.47 | $ 0.92 | $ 0.64 | $ 0.94 | $ 0.66 | $ 1.01 | $ 0.52 | $ 3.44 | $ 3.12 | $ 2.18 |
Net income (loss)- Assuming dilution, per share | $ 1.41 | $ 0.46 | $ 0.92 | $ 0.63 | $ 0.94 | $ 0.66 | $ 1 | $ 0.51 | $ 3.43 | $ 3.11 | $ 2.16 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 3,494,212 | $ 3,319,319 |
Accumulated depreciation | (1,428,555) | (1,321,307) |
Property and equipment, net | 2,065,657 | 1,998,012 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 267,051 | 266,053 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 2,440,471 | 2,398,117 |
Furniture, fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 647,988 | 604,876 |
Construction-in-progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $ 138,702 | $ 50,273 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expenses of continuing operations including amortization of asset under capital lease obligation | $ 110,400,000 | $ 108,100,000 | $ 112,200,000 | |
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) - USD ($) | Apr. 30, 2005 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total other-than-temporary impairment loss | $ 41,961,000 | ||||
Net impairment loss recognized in earnings on held-to-maturity securities | $ 35,400,000 | 35,418,000 | |||
Less portion recognized in other comprehensive income | 6,543,000 | ||||
Interest income | 11,818,000 | $ 11,500,000 | $ 12,384,000 | ||
National Bonds [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest income | 11,600,000 | 11,400,000 | 12,300,000 | ||
Payment received relating to notes receivables | 11,100,000 | $ 11,100,000 | $ 9,400,000 | ||
Bonds A Series [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Bond issued, face value | 95,000,000 | $ 95,000,000 | |||
Interest Rates on Bonds | 8.00% | ||||
Maturity date of notes receivable | Jul. 1, 2034 | ||||
Aggregate carrying values | 80,300,000 | $ 80,300,000 | |||
Effective interest rates on bonds | 8.04% | ||||
Present value of future debt service payments discounted | $ 93,800,000 | ||||
Bonds B Series [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Bond issued, face value | 50,000,000 | $ 50,000,000 | |||
Interest Rates on Bonds | 10.00% | ||||
Maturity date of notes receivable | Sep. 1, 2037 | ||||
Aggregate carrying values | $ 31,200,000 | $ 31,200,000 | |||
Effective interest rates on bonds | 11.42% | 14.00% | |||
Present value of future debt service payments discounted | $ 38,300,000 | ||||
Net impairment loss recognized in earnings on held-to-maturity securities | $ 35,400,000 | ||||
Less portion recognized in other comprehensive income | $ 6,500,000 |
Investment in Gaylord Rockies50
Investment in Gaylord Rockies Joint Venture - Additional Information (Detail) - Gaylord Rockies Resort and Convention Center [Member] | 12 Months Ended |
Dec. 31, 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 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total Debt | $ 1,591,392 | $ 1,502,554 |
$200 Million Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 198,443 | |
$500 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 488,655 | |
$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 | 346,660 | 345,754 |
$400 Million 5% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 395,071 | 394,281 |
$700 Million Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 161,924 | 377,133 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 639 | $ 659 |
Debt - Summary of Debt and Ca52
Debt - Summary of Debt and Capital Lease Obligations (Parenthetical) (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
$200 Million Term Loan A [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | $ 1,557,000 | $ 0 |
Total credit facility | 200,000,000 | |
$500 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | 7,595,000 | |
Total credit facility | 500,000,000 | |
$400 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | 0 | 5,273,000 |
Total credit facility | 400,000,000 | |
$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 | $ 3,340,000 | 4,246,000 |
$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 | $ 4,929,000 | 5,719,000 |
$700 Million Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | 9,076,000 | $ 5,267,000 |
Total credit facility | $ 700,000,000 |
Debt - Annual Maturities of Lon
Debt - Annual Maturities of Long-Term Debt Excluding Capital Lease Obligations (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
2,018 | $ 5,000 |
2,019 | 5,000 |
2,020 | 5,000 |
2,021 | 526,000 |
2,022 | 205,000 |
Years thereafter | 871,250 |
Total | 1,617,250 |
$200 Million Term Loan A [Member] | |
Debt Instrument [Line Items] | |
2,022 | 200,000 |
Total | 200,000 |
$500 Million Term Loan B [Member] | |
Debt Instrument [Line Items] | |
2,018 | 5,000 |
2,019 | 5,000 |
2,020 | 5,000 |
2,021 | 5,000 |
2,022 | 5,000 |
Years thereafter | 471,250 |
Total | 496,250 |
$350 Million 5% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
2,021 | 350,000 |
Total | 350,000 |
$400 Million 5% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Years thereafter | 400,000 |
Total | 400,000 |
$700 Million Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
2,021 | 171,000 |
Total | $ 171,000 |
Debt - Credit Facility - Additi
Debt - Credit Facility - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($)Entity | Dec. 31, 2015USD ($) | |
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% | |
Write off of deferred financing costs | $ 925,000 | $ 1,926,000 |
$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 | |
Senior Secured Term Loan Facility [Member] | $1 Billion Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Write off of deferred financing costs | 900,000 | $ 1,900,000 |
$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) - $700 Million Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |
Spread rate added to LIBOR | 1.55% |
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 - $200 Million Term Loan A - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
May 31, 2017 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Net proceeds from credit facility | $ 200,000 | |
$200 Million Term Loan A [Member] | ||
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 | 1.50% | |
Net proceeds from credit facility | $ 194,600 | |
$200 Million Term Loan A [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Spread rate added to LIBOR | 1.50% | |
$200 Million Term Loan A [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Spread rate added to LIBOR | 2.35% |
Debt - $500 Million Term Loan B
Debt - $500 Million Term Loan B - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
May 31, 2017 | Dec. 31, 2017 | May 10, 2017 | |
Debt Instrument [Line Items] | |||
Net proceeds from credit facility | $ 500,000,000 | ||
$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% |
Debt - $350 Million 5% Senior N
Debt - $350 Million 5% Senior Notes - Additional Information (Detail) - $350 Million 5% Senior Notes [Member] | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |
Maturity date | Apr. 15, 2021 |
Senior notes, principal amount | $ 350,000,000 |
First semi-annual interest payment date | --04-15 |
Second semi-annual interest payment date | --10-15 |
Interest rate of Senior Notes | 5.00% |
Redemption Period One [Member] | |
Debt Instrument [Line Items] | |
Redemption date | Apr. 15, 2017 |
Redemption price expressed as percentage | 102.50% |
Redemption Period Two [Member] | |
Debt Instrument [Line Items] | |
Redemption date | Apr. 15, 2018 |
Redemption price expressed as percentage | 101.25% |
Redemption Period Three [Member] | |
Debt Instrument [Line Items] | |
Redemption date | Apr. 15, 2019 |
Redemption price expressed as percentage | 100.00% |
Debt - $400 Million 5% Senior N
Debt - $400 Million 5% Senior Notes - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
$400 Million 5% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Maturity date | Apr. 15, 2023 |
Senior notes, principal amount | $ 400,000,000 |
Interest rate of Senior Notes | 5.00% |
First semi-annual interest payment date | --04-15 |
Second semi-annual interest payment date | --10-15 |
Percentage of principal amount plus accrued and unpaid interest | 100.00% |
$400 Million 5% Senior Notes [Member] | Redemption Period One [Member] | |
Debt Instrument [Line Items] | |
Redemption price expressed as percentage | 103.75% |
Redemption date | Apr. 15, 2018 |
$400 Million 5% Senior Notes [Member] | Redemption Period Two [Member] | |
Debt Instrument [Line Items] | |
Redemption price expressed as percentage | 102.50% |
Redemption date | Apr. 15, 2019 |
$400 Million 5% Senior Notes [Member] | Redemption Period Three [Member] | |
Debt Instrument [Line Items] | |
Redemption price expressed as percentage | 101.25% |
Redemption date | Apr. 15, 2020 |
$400 Million 5% Senior Notes [Member] | Redemption Period Four [Member] | |
Debt Instrument [Line Items] | |
Redemption price expressed as percentage | 100.00% |
Redemption date | Apr. 15, 2021 |
$350 Million 5% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Maturity date | Apr. 15, 2021 |
Senior notes, principal amount | $ 350,000,000 |
Interest rate of Senior Notes | 5.00% |
First semi-annual interest payment date | --04-15 |
Second semi-annual interest payment date | --10-15 |
$350 Million 5% Senior Notes [Member] | Redemption Period One [Member] | |
Debt Instrument [Line Items] | |
Redemption price expressed as percentage | 102.50% |
Redemption date | Apr. 15, 2017 |
$350 Million 5% Senior Notes [Member] | Redemption Period Two [Member] | |
Debt Instrument [Line Items] | |
Redemption price expressed as percentage | 101.25% |
Redemption date | Apr. 15, 2018 |
$350 Million 5% Senior Notes [Member] | Redemption Period Three [Member] | |
Debt Instrument [Line Items] | |
Redemption price expressed as percentage | 100.00% |
Redemption date | Apr. 15, 2019 |
Deferred Management Rights Pr60
Deferred Management Rights Proceeds - Additional Information (Detail) - USD ($) $ in Millions | Oct. 01, 2012 | Dec. 31, 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, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 11.1 | ||
Weighted average period to recognize compensation cost | 2 years 3 months 19 days | ||
Compensation cost on stock-based compensation plans | $ 6.6 | $ 6.1 | $ 6.2 |
Tax benefit recognized from all stock-based employee compensation plans | 1.5 | 2 | 2 |
Cash received from stock option exercises | 0.1 | 1.7 | 1.8 |
Employee service share based compensation tax benefit realized from share based compensation plans | $ 1 | 1.7 | 3.2 |
Omnibus Incentive 2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum grant of stock options, restricted stock, and restricted stock units to directors and employees | 1,600,000 | ||
Omnibus Incentive 2016 Plan [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options outstanding and exercisable | 17,000 | ||
Aggregate intrinsic value of options exercisable | $ 0.9 | ||
Total intrinsic value of options exercised | $ 0.1 | $ 3.9 | $ 1.8 |
Omnibus Incentive 2016 Plan [Member] | Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted, Weighted Average Grant-Date Fair-Value | $ 66.54 | $ 47.71 | $ 57.21 |
Fair value of restricted stock awards vested | $ 10.2 | $ 8.9 | $ 14 |
Omnibus Incentive 2016 Plan [Member] | Restricted Stock Units [Member] | Employee [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period from the date of grant for restricted stock awards granted | 1 year | ||
Omnibus Incentive 2016 Plan [Member] | Restricted Stock Units [Member] | Employee [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period from the date of grant for restricted stock awards granted | 4 years | ||
Omnibus Incentive 2016 Plan [Member] | Restricted Stock Units [Member] | Non Employee Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period from the date of grant for restricted stock awards granted | 1 year |
Stock Plans - Share Based Compe
Stock Plans - Share Based Compensation Activity (Detail) - Restricted Stock Units [Member] - Omnibus Incentive 2016 Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested shares balance, Shares | 501,992 | ||
Granted, Shares | 159,992 | ||
Vested, Shares | (237,262) | ||
Canceled, Shares | (10,958) | ||
Nonvested shares balance, Shares | 413,764 | 501,992 | |
Nonvested shares balance, Weighted Average Grant-Date Fair-Value | $ 46.52 | ||
Granted, Weighted Average Grant-Date Fair-Value | 66.54 | $ 47.71 | $ 57.21 |
Vested, Weighted Average Grant-Date Fair-Value | 42.98 | ||
Canceled, Weighted Average Grant-Date Fair-Value | 57.15 | ||
Nonvested shares balance, Weighted Average Grant-Date Fair-Value | $ 54.57 | $ 46.52 |
Pension Plans - Additional Info
Pension Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net settlement loss | $ 1,700 | $ 1,700 | $ 2,400 |
Minimum time period for expected rate of return | 10 years | ||
Maximum time period for expected rate of return | 20 years | ||
Accrued cost related to pension plans included in other long term liabilities | $ 31,600 | 34,800 | |
Change in equity as a result of change in deferred net loss | 4,500 | 3,800 | 100 |
Change in equity as result of change in deferred net loss taxes | $ 1,500 | 0 | (100) |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of qualified earnings credited to the account of the participant of benefit plan | 3.00% | ||
Retirement age benefit payable to a terminated vested participant upon retirement | 65 years | ||
Retirement age for benefit payments, earliest age allowed contingent of minimum service requirement | 55 years | ||
Number of years of service at the time plan was frozen for the eligibility of benefit payable to terminated vested participant at age 55 | 15 years | ||
Net settlement loss | $ 1,734 | 1,715 | $ 2,356 |
Expected contribution to defined benefit plan | 1,600 | ||
Net gain recognized in other comprehensive income | 4,500 | 3,800 | |
Unrecognized actuarial losses included in other comprehensive loss, net of tax | 25,000 | 27,900 | |
Unrecognized actuarial losses included in other comprehensive loss | 35,900 | $ 40,400 | |
Defined benefit plan amounts that will be amortized from accumulated other comprehensive income loss in next fiscal year | 1,000 | ||
Non Qualified Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation for defined benefit plan | $ 15,100 |
Pension Plans - Funded Status a
Pension Plans - Funded Status and Accrued Pension Cost (Detail) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CHANGE IN BENEFIT OBLIGATION: | |||
Benefit obligation at beginning of year | $ 85,360 | $ 87,236 | |
Interest cost | 3,019 | 3,173 | $ 3,423 |
Actuarial loss | 3,624 | 304 | |
Benefits paid | (6,308) | (5,353) | |
Benefit obligation at end of year | 85,695 | 85,360 | 87,236 |
CHANGE IN PLAN ASSETS: | |||
Fair value of plan assets at beginning of year | 65,446 | 65,439 | |
Actual return on plan assets | 10,107 | 5,360 | |
Benefits paid | (6,308) | (5,353) | |
Fair value of plan assets at end of year | 69,245 | 65,446 | $ 65,439 |
Funded status and accrued pension cost | $ (16,450) | $ (19,914) |
Pension Plans - Net Periodic Pe
Pension Plans - Net Periodic Pension Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net settlement loss | $ 1,700 | $ 1,700 | $ 2,400 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 3,019 | 3,173 | 3,423 |
Expected return on plan assets | (4,202) | (4,131) | (4,627) |
Recognized net actuarial loss | 919 | 1,047 | 917 |
Net settlement loss | 1,734 | 1,715 | 2,356 |
Total net periodic pension (income) expense | $ 1,470 | $ 1,804 | $ 2,069 |
Pension Plans - Weighted Averag
Pension Plans - Weighted Average Assumptions Used to Determine Benefit Obligation (Detail) - Pension Plan [Member] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.30% | 3.72% | 3.90% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Pension Plans - Weighted Aver67
Pension Plans - Weighted Average Assumptions Used in Determining Net Periodic Pension Expense (Detail) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.59% | 3.70% | 3.77% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Expected long-term rate of return on plan assets | 6.50% | 6.50% | 6.50% |
Pension Plans - Allocation of D
Pension Plans - Allocation of Defined Benefit Pension Plans Assets (Detail) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 69,245 | $ 65,446 | $ 65,439 |
Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 642 | 728 | |
Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 68,603 | $ 64,718 |
Pension Plans - Expected Future
Pension Plans - Expected Future Benefit Payments (Detail) - Pension Plan [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 4,358 |
2,019 | 5,102 |
2,020 | 4,764 |
2,021 | 5,029 |
2,022 | 5,990 |
2023 - 2027 | $ 29,384 |
Postretirement Benefits Other70
Postretirement Benefits Other Than Pensions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2001 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum age of retirement under option one to avail benefit of post retirement | 55 years | |||
Minimum service period served at the time of retirement under option one to avail benefit of post retirement | 15 years | |||
Minimum age of retirement under option two to avail benefit of post retirement | 65 years | |||
Minimum service period served at time of retirement under option two to avail benefit of post retirement | 10 years | |||
Minimum for age plus years of service of retirement under amended plan to avail benefit of post retirement | 60 years | |||
Minimum service period served at the time of retirement under amended plan to avail benefit of post retirement | 10 years | |||
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 3.15% | 3.47% | 3.57% | |
Discount rate | 3.47% | 3.57% | 3.32% | |
Expected contribution to plan in 2018 | $ 0.3 | |||
Net gain (loss) recognized in other comprehensive income | (0.3) | $ 2.8 | ||
Amortization of net loss | 0.2 | $ 0.2 | 0.3 | |
Amortization of prior service credit recognized in other comprehensive income | 1.3 | 1.3 | $ 1.3 | |
Unrecognized actuarial losses | 3.5 | 3.4 | ||
Unrecognized actuarial losses, net of tax | 1.9 | 2 | ||
Unrecognized Prior service credit | 12.4 | 13.7 | ||
Unrecognized Prior service credit, Net of Tax | $ 6.9 | $ 7.8 |
Postretirement Benefits Other71
Postretirement Benefits Other Than Pensions - Change in Benefit Obligation of Postretirement Plans to Accrued Postretirement Liability (Detail) - Other Postretirement Benefit Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 3,214 | $ 3,559 | |
Interest cost | 108 | 120 | $ 127 |
Actuarial (gain) loss | 264 | (47) | |
Benefits paid | (419) | (418) | |
Benefit obligation at end of year | $ 3,167 | $ 3,214 | $ 3,559 |
Postretirement Benefits Other72
Postretirement Benefits Other Than Pension - Net Periodic Pension and Postretirement Benefit (Income) Expense (Detail) - Other Postretirement Benefit Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 108 | $ 120 | $ 127 |
Amortization of net actuarial loss | 245 | 242 | 255 |
Amortization of prior service credit | (1,314) | (1,314) | (1,314) |
Total net periodic pension (income) expense | $ (961) | $ (952) | $ (932) |
Postretirement Benefits Other73
Postretirement Benefits Other Than Pensions - Expected Future Benefit Payments (Detail) - Other Postretirement Benefit Plan [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 343 |
2,019 | 327 |
2,020 | 306 |
2,021 | 284 |
2,022 | 266 |
2023-2027 | $ 1,078 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Equity [Line Items] | |||
Repurchase of Company stock for retirement | $ 24,811,000 | ||
Cash Dividend on Common Stock | $ 3.20 | $ 3 | $ 2.70 |
Aggregated Dividend Paid | $ 163,700,000 | $ 153,000,000 | $ 138,400,000 |
Minimum percentage of adjusted funds from operations as cash dividend | 50.00% | ||
Percentage of REIT taxable income as cash dividend | 100.00% | ||
2015 Stock Repurchase Program [Member] | |||
Schedule Of Equity [Line Items] | |||
Authorized amount for share repurchase program | $ 100,000,000 | ||
Company repurchased, shares | 0.5 | ||
Repurchase of Company stock for retirement | $ 24,800,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | $ (22,268) | $ (25,047) | $ (26,331) |
Unrealized gains (losses) arising during period | (3,432) | 2,599 | 1,920 |
Amounts reclassified from accumulated other comprehensive loss | 60 | 180 | 88 |
Income tax expense | (1,052) | (724) | |
Other comprehensive income (loss), net of tax | (4,424) | 2,779 | 1,284 |
Balance | (26,692) | (22,268) | (25,047) |
Minimum Pension Liability [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | (22,268) | (25,047) | (26,331) |
Unrealized gains (losses) arising during period | 3,111 | 2,599 | 1,920 |
Amounts reclassified from accumulated other comprehensive loss | 60 | 180 | 88 |
Income tax expense | (1,052) | (724) | |
Other comprehensive income (loss), net of tax | 2,119 | 2,779 | 1,284 |
Balance | (20,149) | (22,268) | (25,047) |
Other-Than-Temporary Impairment of Investment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance | 0 | 0 | 0 |
Unrealized gains (losses) arising during period | (6,543) | ||
Other comprehensive income (loss), net of tax | (6,543) | ||
Balance | $ (6,543) | $ 0 | $ 0 |
Stockholders' Equity - Summar76
Stockholders' Equity - Summary of Amount Reclassified from Accumulated Comprehensive Loss Related to Company's Minimum Pension Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated comprehensive loss | $ 60 | $ 180 | $ 88 |
Other Hotel Expenses [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated comprehensive loss | (214) | (154) | (209) |
Entertainment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated comprehensive loss | 11 | 26 | 11 |
Corporate Operating Expenses [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from accumulated comprehensive loss | $ 263 | $ 308 | $ 286 |
Income Taxes - (Provision) Bene
Income Taxes - (Provision) Benefit for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CURRENT: | ||||||||||||
Federal | $ (1,107) | $ (1,788) | $ (763) | |||||||||
State | (2,375) | (1,291) | (1,229) | |||||||||
Total current provision | (3,482) | (3,079) | (1,992) | |||||||||
DEFERRED: | ||||||||||||
Federal | 32,308 | 321 | 8,866 | |||||||||
State | 18,299 | (642) | (248) | |||||||||
Effect of federal tax law change | $ 5,200 | $ 2,000 | 2,030 | 5,229 | ||||||||
Total deferred (provision) benefit | 52,637 | (321) | 13,847 | |||||||||
Total (provision) benefit for income taxes | $ 51,177 | $ (530) | $ (899) | $ (593) | $ (1,048) | $ (1,822) | $ (1,415) | $ 885 | $ 49,155 | $ (3,400) | $ 11,855 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2017 | Nov. 30, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Line Items] | |||||||
U.S. federal statutory rate | 35.00% | ||||||
Effect of federal tax law change | $ 5,200,000 | $ 2,000,000 | $ 2,030,000 | $ 5,229,000 | |||
Built-in-gains recognition period | 5 years | 10 years | |||||
Recognized income tax benefit associated with release of valuation allowance | 53,400,000 | 53,400,000 | |||||
Deferred tax benefit | 113,728,000 | 113,728,000 | $ 157,150,000 | ||||
Charitable contribution carryforwards | 2,900,000 | 2,900,000 | |||||
Increase decrease in federal and state valuation allowance | (74,000,000) | ||||||
State net operating loss carryforwards | 454,600,000 | 454,600,000 | |||||
Unrecognized tax benefits | 0 | 0 | 0 | ||||
Income tax penalties accrued related to uncertain tax positions | 0 | 0 | 0 | ||||
Interest on income taxes accrued related to uncertain tax positions | 0 | 0 | 0 | ||||
Charitable Contributions [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Deferred tax benefit | 600,000 | $ 600,000 | |||||
Operating loss carryforwards expire date | 2,018 | ||||||
Scenario, Forecast [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
U.S. federal statutory rate | 21.00% | ||||||
Federal [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Federal net operating loss carryforwards | 89,100,000 | $ 89,100,000 | |||||
Deferred tax benefit | 18,700,000 | $ 18,700,000 | |||||
Operating loss carryforwards expire date | 2,033 | ||||||
Increase decrease in federal and state valuation allowance | $ (60,600,000) | 600,000 | (8,300,000) | ||||
State [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Deferred tax benefit | $ 26,100,000 | 26,100,000 | |||||
Increase decrease in federal and state valuation allowance | $ (13,400,000) | $ (200,000) | $ (1,800,000) | ||||
State [Member] | Minimum [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Operating loss carryforwards expire date | 2,018 | ||||||
State [Member] | Maximum [Member] | |||||||
Income Tax Disclosure [Line Items] | |||||||
Operating loss carryforwards expire date | 2,037 |
Income Taxes - Summary of Taxab
Income Taxes - Summary of Taxability of Cash Distributions Paid on Common Shares (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | $ 2.97 | $ 2.98 | $ 2.50 |
Capital gains | 0.03 | 0.17 | 0.23 |
Return of capital | 0.15 | ||
Total | $ 3.15 | $ 3.15 | $ 2.73 |
Income Taxes - Differences Betw
Income Taxes - Differences Between the Income Tax (Provision) Benefit Calculated at the Statutory U.S. Federal Income Tax Rate of 35% and the Actual Income Tax (Provision) Benefit Recorded for Continuing Operations (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||||||||||
Statutory federal income tax provision | $ (44,431) | $ (56,914) | $ (34,774) | |||||||||
Adjustment for nontaxable income of the REIT | 38,272 | 48,680 | 34,904 | |||||||||
State taxes (net of federal tax benefit) | (1,317) | (1,705) | (740) | |||||||||
Permanent share-based compensation adjustment | 1,446 | 1,571 | ||||||||||
Other permanent items | (251) | (200) | (165) | |||||||||
Federal valuation allowance reversal | 36,156 | 5,519 | 8,271 | |||||||||
State valuation allowance reversal (net of federal tax benefit) | 17,241 | (228) | (737) | |||||||||
Effect of federal tax law change | $ 5,200 | $ 2,000 | 2,030 | 5,229 | ||||||||
Other | 9 | (123) | (133) | |||||||||
Total (provision) benefit for income taxes | $ 51,177 | $ (530) | $ (899) | $ (593) | $ (1,048) | $ (1,822) | $ (1,415) | $ 885 | $ 49,155 | $ (3,400) | $ 11,855 |
Income Taxes - Components of Co
Income Taxes - Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
DEFERRED TAX ASSETS: | ||
Accounting reserves and accruals | $ 14,830 | $ 20,979 |
Defined benefit plan | 4,148 | 7,665 |
Deferred management rights proceeds | 44,651 | 69,317 |
Federal and State net operating loss carryforwards | 44,789 | 51,615 |
Tax credits and other carryforwards | 640 | 819 |
Investment in joint ventures | 317 | 584 |
Other assets | 4,353 | 6,171 |
Total deferred tax assets | 113,728 | 157,150 |
Valuation allowance | (14,616) | (88,653) |
Total deferred tax assets, net of valuation allowance | 99,112 | 68,497 |
DEFERRED TAX LIABILITIES: | ||
Property and equipment, net | 47,416 | 67,168 |
Goodwill and other intangibles | 705 | 1,201 |
Other liabilities | 874 | 1,597 |
Total deferred tax liabilities | 48,995 | 69,966 |
Net deferred tax assets | $ 50,117 | |
Net deferred tax liabilities | $ (1,469) |
Commitments and Contingencies -
Commitments and Contingencies - Amounts of Assets Under Capitalized Lease Agreements and Related Obligations are Included in Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Leased Assets [Line Items] | ||
Accumulated depreciation | $ (2,717) | $ (2,429) |
Net assets under capital leases | 1,049 | 1,337 |
Property and Equipment [Member] | ||
Capital Leased Assets [Line Items] | ||
Other long-term assets | 3,636 | 3,636 |
Prepaid Expenses and Other Assets [Member] | ||
Capital Leased Assets [Line Items] | ||
Other long-term assets | $ 130 | $ 130 |
Commitments and Contingencies83
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Contingencies And Commitments [Line Items] | |||
Rental expense related to continuing operations for operating leases | $ 12.5 | $ 12.4 | $ 12.3 |
Osceola County [Member] | |||
Contingencies And Commitments [Line Items] | |||
Operating lease agreement period | 75 years | ||
Land area covered under operating lease agreement in acres | a | 65.3 | ||
Annual base payment for operating lease | $ 4.1 | ||
Percentage of escalation of base rent | 3.00% | ||
Annual base lease expense for operating lease | $ 9.4 | 9.4 | 9.4 |
Expiration date of lease under extension | Jan. 31, 2101 | ||
Contingent rentals | $ 2.2 | 2.2 | 2 |
Non cash lease expense | $ 5.1 | $ 5.2 | $ 5.4 |
Commitments and Contingencies84
Commitments and Contingencies - Future Minimum Cash Lease Commitments Under All Non-Cancelable Leases in Effect for Continuing Operations (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Capital Leases, 2018 | $ 46 |
Capital Leases, 2019 | 46 |
Capital Leases, 2020 | 46 |
Capital Leases, 2021 | 46 |
Capital Leases, 2022 | 46 |
Capital Leases, Years thereafter | 704 |
Capital Leases, Total minimum lease payments | 934 |
Capital Leases, Less amount representing interest | (295) |
Capital Leases, Total present value of minimum payments | 639 |
Operating Leases, 2018 | 4,597 |
Operating Leases, 2019 | 4,732 |
Operating Leases, 2020 | 4,867 |
Operating Leases, 2021 | 5,009 |
Operating Leases, 2022 | 5,153 |
Operating Leases, Years thereafter | 590,989 |
Operating Leases, Total minimum lease payments | $ 615,347 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan investments | $ 25,055 | $ 22,204 |
Total assets measured at fair value | 25,055 | 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 | 25,055 | 22,204 |
Total assets measured at fair value | $ 25,055 | $ 22,204 |
Financial Reporting by Busine86
Financial Reporting by Business Segments - Segments Internal Financial Reports (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 345,175 | $ 264,724 | $ 298,778 | $ 276,042 | $ 319,775 | $ 271,720 | $ 296,215 | $ 261,497 | $ 1,184,719 | $ 1,149,207 | $ 1,092,124 | |
Depreciation and amortization | 28,097 | 28,546 | 27,679 | 27,637 | 27,928 | 26,706 | 26,409 | 28,773 | 111,959 | 109,816 | 114,383 | |
Preopening costs | (1,926) | (909) | ||||||||||
Impairment and other charges | $ (16,300) | (35,418) | (19,200) | |||||||||
Operating income (loss) | 36,490 | 36,409 | 64,693 | 47,060 | 61,499 | 46,567 | 66,945 | 38,794 | 184,652 | 213,805 | 162,062 | |
Interest expense, net of amounts capitalized | (66,051) | (63,906) | (63,901) | |||||||||
Interest income | 11,818 | 11,500 | 12,384 | |||||||||
Loss from joint ventures | (4,402) | (2,794) | ||||||||||
Other gains and (losses) | 928 | 4,161 | (10,889) | |||||||||
Income before income taxes | 21,141 | $ 24,400 | $ 48,191 | $ 33,213 | 49,144 | $ 35,415 | $ 52,746 | $ 25,461 | 126,945 | 162,766 | 99,656 | |
Identifiable assets | 2,524,228 | 2,405,753 | 2,524,228 | 2,405,753 | ||||||||
Operating Segments [Member] | Hospitality [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 1,059,660 | 1,039,643 | 994,603 | |||||||||
Depreciation and amortization | 102,759 | 100,186 | 105,876 | |||||||||
Operating income (loss) | 224,025 | 217,564 | 189,434 | |||||||||
Identifiable assets | 2,256,395 | 2,206,304 | 2,256,395 | 2,206,304 | ||||||||
Operating Segments [Member] | Entertainment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 125,059 | 109,564 | 97,521 | |||||||||
Depreciation and amortization | 7,074 | 7,034 | 5,747 | |||||||||
Operating income (loss) | 33,592 | 27,980 | 24,411 | |||||||||
Identifiable assets | 132,671 | 113,441 | 132,671 | 113,441 | ||||||||
Corporate and Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation and amortization | 2,126 | 2,596 | 2,760 | |||||||||
Operating income (loss) | (35,621) | (31,739) | $ (31,674) | |||||||||
Identifiable assets | $ 135,162 | $ 86,008 | $ 135,162 | $ 86,008 |
Financial Reporting by Busine87
Financial Reporting by Business Segments - Capital Expenditures for Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 182,565 | $ 117,977 | $ 79,815 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 524 | 665 | 687 |
Hospitality [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 163,227 | 96,372 | 65,651 |
Entertainment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 18,814 | $ 20,940 | $ 13,477 |
Quarterly Financial Informati88
Quarterly Financial Information (Unaudited) - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 345,175 | $ 264,724 | $ 298,778 | $ 276,042 | $ 319,775 | $ 271,720 | $ 296,215 | $ 261,497 | $ 1,184,719 | $ 1,149,207 | $ 1,092,124 |
Depreciation and amortization | 28,097 | 28,546 | 27,679 | 27,637 | 27,928 | 26,706 | 26,409 | 28,773 | 111,959 | 109,816 | 114,383 |
Operating income | 36,490 | 36,409 | 64,693 | 47,060 | 61,499 | 46,567 | 66,945 | 38,794 | 184,652 | 213,805 | 162,062 |
Income before income taxes | 21,141 | 24,400 | 48,191 | 33,213 | 49,144 | 35,415 | 52,746 | 25,461 | 126,945 | 162,766 | 99,656 |
(Provision) benefit for income taxes | 51,177 | (530) | (899) | (593) | (1,048) | (1,822) | (1,415) | 885 | 49,155 | (3,400) | 11,855 |
Net income | $ 72,318 | $ 23,870 | $ 47,292 | $ 32,620 | $ 48,096 | $ 33,593 | $ 51,331 | $ 26,346 | $ 176,100 | $ 159,366 | $ 111,511 |
Net income per share | $ 1.41 | $ 0.47 | $ 0.92 | $ 0.64 | $ 0.94 | $ 0.66 | $ 1.01 | $ 0.52 | $ 3.44 | $ 3.12 | $ 2.18 |
Net income per share - assuming dilution | $ 1.41 | $ 0.46 | $ 0.92 | $ 0.63 | $ 0.94 | $ 0.66 | $ 1 | $ 0.51 | $ 3.43 | $ 3.11 | $ 2.16 |
Quarterly Financial Informati89
Quarterly Financial Information (Unaudited) - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | ||
Impairment charge | $ 35,400 | $ 35,418 |
Recognized income tax benefit associated with release of valuation allowance | $ 53,400 | $ 53,400 |
Information Concerning Guaran90
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 Guaran91
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | $ 2,065,657 | $ 1,998,012 | ||
Cash and cash equivalents-unrestricted | 57,557 | 59,128 | $ 56,291 | $ 76,408 |
Cash and cash equivalents-restricted | 21,153 | 22,062 | ||
Notes receivable | 111,423 | 152,882 | ||
Investment in Gaylord Rockies joint venture | 88,685 | 70,440 | ||
Trade receivables, less allowance | 57,520 | 47,818 | ||
Deferred income tax assets, net | 50,117 | |||
Prepaid expenses and other assets | 72,116 | 55,411 | ||
Total assets | 2,524,228 | 2,405,753 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 1,591,392 | 1,502,554 | ||
Accounts payable and accrued liabilities | 179,649 | 163,205 | ||
Dividends payable | 42,129 | 39,404 | ||
Deferred management rights proceeds | 177,057 | 180,088 | ||
Deferred income tax liabilities, net | 1,469 | |||
Other liabilities | 155,845 | 151,036 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 512 | 510 | ||
Additional paid-in-capital | 896,759 | 893,102 | ||
Treasury stock | (13,253) | (11,542) | ||
Accumulated deficit | (479,170) | (491,805) | ||
Accumulated other comprehensive loss | (26,692) | (22,268) | (25,047) | (26,331) |
Total stockholders' equity | 378,156 | 367,997 | 379,562 | 401,407 |
Total liabilities and stockholders' equity | 2,524,228 | 2,405,753 | ||
Parent Guarantor [Member] | ||||
ASSETS: | ||||
Cash and cash equivalents-unrestricted | 38 | 28 | 23 | 392 |
Prepaid expenses and other assets | 460 | |||
Investments | 1,006,461 | 988,467 | ||
Total assets | 1,006,499 | 988,955 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Accounts payable and accrued liabilities | 150 | 740 | ||
Dividends payable | 42,129 | 39,404 | ||
Deferred income tax liabilities, net | 828 | |||
Intercompany payables, net | 586,064 | 579,986 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 512 | 510 | ||
Additional paid-in-capital | 896,759 | 893,102 | ||
Treasury stock | (13,253) | (11,542) | ||
Accumulated deficit | (479,170) | (491,805) | ||
Accumulated other comprehensive loss | (26,692) | (22,268) | ||
Total stockholders' equity | 378,156 | 367,997 | ||
Total liabilities and stockholders' equity | 1,006,499 | 988,955 | ||
Issuer [Member] | ||||
ASSETS: | ||||
Cash and cash equivalents-unrestricted | 759 | 1,234 | 1,578 | 1,001 |
Prepaid expenses and other assets | 42 | |||
Investments | 2,890,032 | 2,886,113 | ||
Total assets | 2,890,791 | 2,887,389 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 1,590,753 | 1,501,895 | ||
Accounts payable and accrued liabilities | 11,180 | 8,152 | ||
Intercompany payables, net | 895,408 | 752,852 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 1 | 1 | ||
Additional paid-in-capital | 671,875 | 835,294 | ||
Accumulated deficit | (278,426) | (210,805) | ||
Total stockholders' equity | 393,450 | 624,490 | ||
Total liabilities and stockholders' equity | 2,890,791 | 2,887,389 | ||
Guarantors [Member] | ||||
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | 1,640,274 | 1,600,288 | ||
Cash and cash equivalents-unrestricted | 36 | 23 | 158 | 36 |
Deferred income tax assets, net | (301) | |||
Prepaid expenses and other assets | 5 | 5 | ||
Intercompany receivables, net | 1,717,157 | 1,640,220 | ||
Investments | 651,006 | 546,007 | ||
Total assets | 4,008,177 | 3,786,543 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Accounts payable and accrued liabilities | 15,795 | 11,863 | ||
Deferred income tax liabilities, net | 573 | |||
Other liabilities | 95,078 | 89,989 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 1 | 1 | ||
Additional paid-in-capital | 2,835,468 | 2,827,692 | ||
Accumulated deficit | 1,061,835 | 856,425 | ||
Total stockholders' equity | 3,897,304 | 3,684,118 | ||
Total liabilities and stockholders' equity | 4,008,177 | 3,786,543 | ||
Non-Guarantors [Member] | ||||
ASSETS: | ||||
Property and equipment, net of accumulated depreciation | 425,383 | 397,724 | ||
Cash and cash equivalents-unrestricted | 56,724 | 57,843 | $ 54,532 | $ 74,979 |
Cash and cash equivalents-restricted | 21,153 | 22,062 | ||
Notes receivable | 111,423 | 152,882 | ||
Investment in Gaylord Rockies joint venture | 88,685 | 70,440 | ||
Trade receivables, less allowance | 57,520 | 47,818 | ||
Deferred income tax assets, net | 50,418 | |||
Prepaid expenses and other assets | 72,111 | 55,407 | ||
Investments | 1,364,814 | 803,618 | ||
Total assets | 2,248,231 | 1,607,794 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Debt and capital lease obligations | 639 | 659 | ||
Accounts payable and accrued liabilities | 152,524 | 142,940 | ||
Deferred management rights proceeds | 177,057 | 180,088 | ||
Deferred income tax liabilities, net | 68 | |||
Other liabilities | 60,767 | 61,060 | ||
Intercompany payables, net | 235,685 | 307,382 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | 2,387 | 2,387 | ||
Additional paid-in-capital | 2,073,818 | 1,410,611 | ||
Accumulated deficit | (427,954) | (475,133) | ||
Accumulated other comprehensive loss | (26,692) | (22,268) | ||
Total stockholders' equity | 1,621,559 | 915,597 | ||
Total liabilities and stockholders' equity | 2,248,231 | 1,607,794 | ||
Eliminations [Member] | ||||
ASSETS: | ||||
Prepaid expenses and other assets | (503) | |||
Intercompany receivables, net | (1,717,157) | (1,640,220) | ||
Investments | (5,912,313) | (5,224,205) | ||
Total assets | (7,629,470) | (6,864,928) | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Accounts payable and accrued liabilities | (490) | |||
Other liabilities | (13) | |||
Intercompany payables, net | (1,717,157) | (1,640,220) | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | ||||
Common stock | (2,389) | (2,389) | ||
Additional paid-in-capital | (5,581,161) | (5,073,597) | ||
Accumulated deficit | (355,455) | (170,487) | ||
Accumulated other comprehensive loss | 26,692 | 22,268 | ||
Total stockholders' equity | (5,912,313) | (5,224,205) | ||
Total liabilities and stockholders' equity | $ (7,629,470) | $ (6,864,928) |
Information Concerning Guaran92
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | ||||||||||||
Rooms | $ 431,768 | $ 420,011 | $ 404,457 | |||||||||
Food and beverage | 483,945 | 477,493 | 461,157 | |||||||||
Other hotel revenue | 143,947 | 142,139 | 128,989 | |||||||||
Entertainment | 125,059 | 109,564 | 97,521 | |||||||||
Total revenues | $ 345,175 | $ 264,724 | $ 298,778 | $ 276,042 | $ 319,775 | $ 271,720 | $ 296,215 | $ 261,497 | 1,184,719 | 1,149,207 | 1,092,124 | |
Operating expenses: | ||||||||||||
Rooms | 112,636 | 109,618 | 110,067 | |||||||||
Food and beverage | 269,824 | 267,307 | 261,580 | |||||||||
Other hotel expenses | 326,560 | 322,774 | 312,989 | |||||||||
Management fees, net | 23,856 | 22,194 | 14,657 | |||||||||
Total hotel operating expenses | 732,876 | 721,893 | 699,293 | |||||||||
Entertainment | 84,393 | 74,550 | 67,363 | |||||||||
Corporate | 33,495 | 29,143 | 28,914 | |||||||||
Preopening costs | 1,926 | 909 | ||||||||||
Impairment and other charges | $ 16,300 | 35,418 | 19,200 | |||||||||
Depreciation and amortization | 28,097 | 28,546 | 27,679 | 27,637 | 27,928 | 26,706 | 26,409 | 28,773 | 111,959 | 109,816 | 114,383 | |
Total operating expenses | 1,000,067 | 935,402 | 930,062 | |||||||||
Operating income (loss) | 36,490 | 36,409 | 64,693 | 47,060 | 61,499 | 46,567 | 66,945 | 38,794 | 184,652 | 213,805 | 162,062 | |
Interest expense | (66,051) | (63,906) | (63,901) | |||||||||
Interest income | 11,818 | 11,500 | 12,384 | |||||||||
Loss from joint ventures | (4,402) | (2,794) | ||||||||||
Other gains and (losses), net | 928 | 4,161 | (10,889) | |||||||||
Income (loss) before income taxes | 21,141 | 24,400 | 48,191 | 33,213 | 49,144 | 35,415 | 52,746 | 25,461 | 126,945 | 162,766 | 99,656 | |
(Provision) benefit for income taxes | 51,177 | (530) | (899) | (593) | (1,048) | (1,822) | (1,415) | 885 | 49,155 | (3,400) | 11,855 | |
Net income | $ 72,318 | $ 23,870 | $ 47,292 | $ 32,620 | $ 48,096 | $ 33,593 | $ 51,331 | $ 26,346 | 176,100 | 159,366 | 111,511 | |
Comprehensive income (loss) | 171,676 | 162,145 | 112,795 | |||||||||
Parent Guarantor [Member] | ||||||||||||
Revenues: | ||||||||||||
Entertainment | 209 | 261 | ||||||||||
Total revenues | 209 | 261 | ||||||||||
Operating expenses: | ||||||||||||
Corporate | 253 | 355 | 328 | |||||||||
Corporate overhead allocation | 8,615 | 8,735 | 9,682 | |||||||||
Depreciation and amortization | 156 | 127 | ||||||||||
Total operating expenses | 8,868 | 9,246 | 10,137 | |||||||||
Operating income (loss) | (8,868) | (9,037) | (9,876) | |||||||||
Interest income | 28 | |||||||||||
Other gains and (losses), net | (13,346) | |||||||||||
Income (loss) before income taxes | (8,868) | (9,009) | (23,222) | |||||||||
(Provision) benefit for income taxes | (752) | 5,080 | ||||||||||
Equity in subsidiaries' earnings, net | 184,968 | 169,127 | 129,653 | |||||||||
Net income | 176,100 | 159,366 | 111,511 | |||||||||
Comprehensive income (loss) | 171,676 | 162,145 | 112,795 | |||||||||
Issuer [Member] | ||||||||||||
Operating expenses: | ||||||||||||
Corporate | 1,596 | 1,615 | 1,433 | |||||||||
Total operating expenses | 1,596 | 1,615 | 1,433 | |||||||||
Operating income (loss) | (1,596) | (1,615) | (1,433) | |||||||||
Interest expense | (66,025) | (63,880) | (64,038) | |||||||||
Income (loss) before income taxes | (67,621) | (65,495) | (65,471) | |||||||||
Net income | (67,621) | (65,495) | (65,471) | |||||||||
Comprehensive income (loss) | (67,621) | (65,495) | (65,471) | |||||||||
Guarantors [Member] | ||||||||||||
Revenues: | ||||||||||||
Other hotel revenue | 316,402 | 307,840 | 298,698 | |||||||||
Total revenues | 316,402 | 307,840 | 298,698 | |||||||||
Operating expenses: | ||||||||||||
Other hotel expenses | 44,386 | 43,197 | 43,388 | |||||||||
Total hotel operating expenses | 44,386 | 43,197 | 43,388 | |||||||||
Corporate | 2 | 2 | 2 | |||||||||
Impairment and other charges | 16,310 | |||||||||||
Corporate overhead allocation | 7,033 | 6,833 | 7,580 | |||||||||
Depreciation and amortization | 59,534 | 59,076 | 58,998 | |||||||||
Total operating expenses | 110,955 | 109,108 | 126,278 | |||||||||
Operating income (loss) | 205,447 | 198,732 | 172,420 | |||||||||
Interest expense | 17 | |||||||||||
Other gains and (losses), net | 1,868 | |||||||||||
Income (loss) before income taxes | 205,447 | 200,600 | 172,437 | |||||||||
(Provision) benefit for income taxes | (37) | (273) | (222) | |||||||||
Net income | 205,410 | 200,327 | 172,215 | |||||||||
Comprehensive income (loss) | 205,410 | 200,327 | 172,215 | |||||||||
Non-Guarantors [Member] | ||||||||||||
Revenues: | ||||||||||||
Rooms | 431,768 | 420,011 | 404,457 | |||||||||
Food and beverage | 483,945 | 477,493 | 461,157 | |||||||||
Other hotel revenue | 159,162 | 157,274 | 145,817 | |||||||||
Entertainment | 125,844 | 110,333 | 98,228 | |||||||||
Total revenues | 1,200,719 | 1,165,111 | 1,109,659 | |||||||||
Operating expenses: | ||||||||||||
Rooms | 112,636 | 109,618 | 110,067 | |||||||||
Food and beverage | 269,824 | 267,307 | 261,580 | |||||||||
Other hotel expenses | 599,037 | 587,908 | 568,830 | |||||||||
Management fees, net | 23,856 | 22,194 | 14,657 | |||||||||
Total hotel operating expenses | 1,005,353 | 987,027 | 955,134 | |||||||||
Entertainment | 84,284 | 74,604 | 67,366 | |||||||||
Corporate | 31,644 | 27,171 | 27,151 | |||||||||
Preopening costs | 1,926 | 909 | ||||||||||
Impairment and other charges | 35,418 | 2,890 | ||||||||||
Depreciation and amortization | 52,425 | 50,584 | 55,258 | |||||||||
Total operating expenses | 1,211,050 | 1,139,386 | 1,108,708 | |||||||||
Operating income (loss) | (10,331) | 25,725 | 951 | |||||||||
Interest expense | (26) | (26) | 120 | |||||||||
Interest income | 11,818 | 11,472 | 12,384 | |||||||||
Loss from joint ventures | (4,402) | (2,794) | ||||||||||
Other gains and (losses), net | 928 | 2,293 | 2,457 | |||||||||
Income (loss) before income taxes | (2,013) | 36,670 | 15,912 | |||||||||
(Provision) benefit for income taxes | 49,192 | (2,375) | 6,997 | |||||||||
Net income | 47,179 | 34,295 | 22,909 | |||||||||
Comprehensive income (loss) | 42,755 | 37,074 | 24,193 | |||||||||
Eliminations [Member] | ||||||||||||
Revenues: | ||||||||||||
Other hotel revenue | (331,617) | (322,975) | (315,526) | |||||||||
Entertainment | (785) | (978) | (968) | |||||||||
Total revenues | (332,402) | (323,953) | (316,494) | |||||||||
Operating expenses: | ||||||||||||
Other hotel expenses | (316,863) | (308,331) | (299,229) | |||||||||
Total hotel operating expenses | (316,863) | (308,331) | (299,229) | |||||||||
Entertainment | 109 | (54) | (3) | |||||||||
Corporate overhead allocation | (15,648) | (15,568) | (17,262) | |||||||||
Total operating expenses | (332,402) | (323,953) | (316,494) | |||||||||
Equity in subsidiaries' earnings, net | (184,968) | (169,127) | (129,653) | |||||||||
Net income | (184,968) | (169,127) | (129,653) | |||||||||
Comprehensive income (loss) | $ (180,544) | $ (171,906) | $ (130,937) |
Information Concerning Guaran93
Information Concerning Guarantor and Non-Guarantor Subsidiaries - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 295,830 | $ 293,601 | $ 238,062 |
Purchases of property and equipment | (182,565) | (117,977) | (79,815) |
Investment in Gaylord Rockies joint venture | (16,309) | (70,141) | |
Investment in other joint ventures | (9,313) | (2,500) | |
Proceeds from sale of Peterson LOI | 6,785 | 10,000 | |
(Increase) decrease in restricted cash and cash equivalents | 909 | 293 | (4,945) |
Other investing activities | (7,234) | 4,299 | 123 |
Net cash provided by (used in) investing activities | (214,512) | (179,241) | (74,637) |
Net borrowings (repayments) under credit facility | (211,400) | 76,000 | (280,100) |
Borrowings under term loan A | 200,000 | ||
Borrowings under term loan B | 500,000 | ||
Repayments under term loan B | (393,750) | (4,000) | (4,000) |
Repayment of note payable related to purchase of AC Hotel | (6,000) | ||
Issuance of senior notes | 400,000 | ||
Repurchase of Company stock for retirement | (24,811) | ||
Repurchase of common stock warrants | (154,681) | ||
Deferred financing costs paid | (12,268) | (11,155) | |
Payment of dividends | (161,706) | (151,160) | (131,305) |
Payment of tax withholdings for share-based compensation | (3,810) | (3,235) | (3,700) |
Other financing activities, net | 45 | 1,683 | 1,399 |
Net cash provided by (used in) financing activities | (82,889) | (111,523) | (183,542) |
Net change in cash and cash equivalents | (1,571) | 2,837 | (20,117) |
Cash and cash equivalents-unrestricted, beginning of period | 59,128 | 56,291 | 76,408 |
Cash and cash equivalents-unrestricted, end of period | 57,557 | 59,128 | 56,291 |
Parent Guarantor [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 165,461 | 171,231 | 277,963 |
Purchases of property and equipment | (507) | (422) | |
Proceeds from sale of Peterson LOI | 6,785 | 10,000 | |
Net cash provided by (used in) investing activities | 6,278 | 9,578 | |
Repurchase of Company stock for retirement | (24,811) | ||
Repurchase of common stock warrants | (154,681) | ||
Payment of dividends | (161,706) | (151,160) | (131,305) |
Payment of tax withholdings for share-based compensation | (3,810) | (3,235) | (3,700) |
Other financing activities, net | 65 | 1,702 | 1,776 |
Net cash provided by (used in) financing activities | (165,451) | (177,504) | (287,910) |
Net change in cash and cash equivalents | 10 | 5 | (369) |
Cash and cash equivalents-unrestricted, beginning of period | 28 | 23 | 392 |
Cash and cash equivalents-unrestricted, end of period | 38 | 28 | 23 |
Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (83,057) | (66,344) | (104,168) |
Net borrowings (repayments) under credit facility | (211,400) | 76,000 | (280,100) |
Borrowings under term loan A | 200,000 | ||
Borrowings under term loan B | 500,000 | ||
Repayments under term loan B | (393,750) | (4,000) | (4,000) |
Repayment of note payable related to purchase of AC Hotel | (6,000) | ||
Issuance of senior notes | 400,000 | ||
Deferred financing costs paid | (12,268) | (11,155) | |
Net cash provided by (used in) financing activities | 82,582 | 66,000 | 104,745 |
Net change in cash and cash equivalents | (475) | (344) | 577 |
Cash and cash equivalents-unrestricted, beginning of period | 1,234 | 1,578 | 1,001 |
Cash and cash equivalents-unrestricted, end of period | 759 | 1,234 | 1,578 |
Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 96,529 | 31,365 | 5,794 |
Purchases of property and equipment | (96,516) | (36,122) | (5,672) |
Other investing activities | 4,622 | ||
Net cash provided by (used in) investing activities | (96,516) | (31,500) | (5,672) |
Net change in cash and cash equivalents | 13 | (135) | 122 |
Cash and cash equivalents-unrestricted, beginning of period | 23 | 158 | 36 |
Cash and cash equivalents-unrestricted, end of period | 36 | 23 | 158 |
Non-Guarantors [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 116,897 | 157,349 | 58,473 |
Purchases of property and equipment | (86,049) | (81,348) | (73,721) |
Investment in Gaylord Rockies joint venture | (16,309) | (70,141) | |
Investment in other joint ventures | (9,313) | (2,500) | |
(Increase) decrease in restricted cash and cash equivalents | 909 | 293 | (4,945) |
Other investing activities | (7,234) | (323) | 123 |
Net cash provided by (used in) investing activities | (117,996) | (154,019) | (78,543) |
Other financing activities, net | (20) | (19) | (377) |
Net cash provided by (used in) financing activities | (20) | (19) | (377) |
Net change in cash and cash equivalents | (1,119) | 3,311 | (20,447) |
Cash and cash equivalents-unrestricted, beginning of period | 57,843 | 54,532 | 74,979 |
Cash and cash equivalents-unrestricted, end of period | $ 56,724 | $ 57,843 | $ 54,532 |
Real Estate and Accumulated D94
Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial cost, land | 128,872 | |||
Initial Cost, buildings & improvements | 1,660,915 | |||
Costs capitalized subs to Acquisition | 780,603 | |||
Gross amount, land | 225,513 | |||
Gross amount, buildings & improvements | 2,344,877 | |||
Gross amount, total | 2,570,390 | $ 2,529,641 | $ 2,510,579 | $ 2,488,361 |
Accumulated depreciation | 883,445 | $ 818,323 | $ 754,861 | $ 691,691 |
Gaylord Opryland [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, land | 9,817 | |||
Initial Cost, buildings & improvements | 77,125 | |||
Costs capitalized subs to Acquisition | 574,220 | |||
Gross amount, land | 48,484 | |||
Gross amount, buildings & improvements | 612,678 | |||
Gross amount, total | 661,162 | |||
Accumulated depreciation | $ 334,961 | |||
Date of acquisition/ Construction | 1,983 | |||
Gaylord Palms [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, land | $ 21,564 | |||
Initial Cost, buildings & improvements | 314,661 | |||
Costs capitalized subs to Acquisition | 52,411 | |||
Gross amount, land | 35,021 | |||
Gross amount, buildings & improvements | 353,615 | |||
Gross amount, total | 388,636 | |||
Accumulated depreciation | $ 154,317 | |||
Date of acquisition/ Construction | 2,002 | |||
Gaylord Texan [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, land | $ 21,235 | |||
Initial Cost, buildings & improvements | 388,030 | |||
Costs capitalized subs to Acquisition | 81,903 | |||
Gross amount, land | 46,411 | |||
Gross amount, buildings & improvements | 444,757 | |||
Gross amount, total | 491,168 | |||
Accumulated depreciation | $ 157,298 | |||
Date of acquisition/ Construction | 2,004 | |||
Gaylord National [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, land | $ 43,212 | |||
Initial Cost, buildings & improvements | 840,261 | |||
Costs capitalized subs to Acquisition | 37,511 | |||
Gross amount, land | 47,411 | |||
Gross amount, buildings & improvements | 873,573 | |||
Gross amount, total | 920,984 | |||
Accumulated depreciation | $ 208,448 | |||
Date of acquisition/ Construction | 2,008 | |||
Inn at Opryland [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial cost, land | 2,675 | |||
Initial Cost, buildings & improvements | 7,248 | |||
Costs capitalized subs to Acquisition | 14,507 | |||
Gross amount, land | 2,960 | |||
Gross amount, buildings & improvements | 21,470 | |||
Gross amount, total | 24,430 | |||
Accumulated depreciation | $ 8,480 | |||
Date of acquisition/ Construction | 1,998 | |||
AC Hotel [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial cost, land | 9,079 | |||
Initial Cost, buildings & improvements | 17,340 | |||
Costs capitalized subs to Acquisition | 3,655 | |||
Gross amount, land | 9,099 | |||
Gross amount, buildings & improvements | 20,975 | |||
Gross amount, total | 30,074 | |||
Accumulated depreciation | $ 1,606 | |||
Date of acquisition/ Construction | 2,014 | |||
Miscellaneous [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial cost, land | 21,290 | |||
Initial Cost, buildings & improvements | 16,250 | |||
Costs capitalized subs to Acquisition | 16,396 | |||
Gross amount, land | 36,127 | |||
Gross amount, buildings & improvements | 17,809 | |||
Gross amount, total | 53,936 | |||
Accumulated depreciation | $ 18,335 | |||
Minimum [Member] | Gaylord Opryland [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Minimum [Member] | Gaylord Palms [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Minimum [Member] | Gaylord Texan [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Minimum [Member] | Gaylord National [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Minimum [Member] | Inn at Opryland [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Minimum [Member] | AC Hotel [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Minimum [Member] | Miscellaneous [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Maximum [Member] | Gaylord Opryland [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
Maximum [Member] | Gaylord Palms [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
Maximum [Member] | Gaylord Texan [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
Maximum [Member] | Gaylord National [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
Maximum [Member] | Inn at Opryland [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
Maximum [Member] | AC Hotel [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
Maximum [Member] | Miscellaneous [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years |
Real Estate Investment and Accu
Real Estate Investment and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance at beginning of year | $ 2,529,641 | $ 2,510,579 | $ 2,488,361 |
Acquisitions | 0 | 0 | 0 |
Improvements | 40,749 | 21,899 | 22,302 |
Disposals | (2,837) | (84) | |
Balance at end of year | 2,570,390 | 2,529,641 | 2,510,579 |
Balance at beginning of year | 818,323 | 754,861 | 691,691 |
Depreciation | 65,122 | 63,718 | 63,180 |
Disposals | (256) | (10) | |
Balance at end of year | $ 883,445 | $ 818,323 | $ 754,861 |
Real Estate and Accumulated D96
Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Millions | Dec. 31, 2017USD ($) |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Aggregate cost of properties for federal income tax | $ 2,400 |
Amount outstanding under credit facility | $ 869.1 |