Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-13079 | ||
Entity Registrant Name | RYMAN HOSPITALITY PROPERTIES, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 73-0664379 | ||
Entity Address, Address Line One | One Gaylord Drive | ||
Entity Address, City or Town | Nashville | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37214 | ||
City Area Code | 615 | ||
Local Phone Number | 316-6000 | ||
Title of 12(b) Security | Common stock, par value $.01 | ||
Trading Symbol | RHP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 59,711,664 | ||
Entity Public Float | $ 5,383,862,667 | ||
Entity Central Index Key | 0001040829 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | ERNST & YOUNG LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Nashville, Tennessee |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS: | ||
Property and equipment, net | $ 3,955,586 | $ 3,171,708 |
Cash and cash equivalents - unrestricted | 591,833 | 334,194 |
Cash and cash equivalents - restricted | 108,608 | 110,136 |
Notes receivable, net | 61,760 | 67,628 |
Trade receivables | 110,029 | 116,836 |
Deferred income tax assets, net | 81,624 | |
Prepaid expenses and other assets | 154,810 | 134,170 |
Intangible assets, net | 124,287 | 105,951 |
Total assets | 5,188,537 | 4,040,623 |
LIABILITIES AND EQUITY: | ||
Debt and finance lease obligations | 3,377,028 | 2,862,592 |
Accounts payable and accrued liabilities | 464,720 | 385,159 |
Distributions payable | 67,932 | 14,121 |
Deferred management rights proceeds | 165,174 | 167,495 |
Operating lease liabilities | 129,122 | 125,759 |
Deferred income tax liabilities, net | 12,915 | |
Other liabilities | 66,658 | 64,824 |
Total liabilities | 4,270,634 | 3,632,865 |
Commitments and contingencies | ||
Noncontrolling interest in consolidated joint venture | 345,126 | 311,857 |
Equity: | ||
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding | ||
Common stock, $.01 par value, 400,000 shares authorized, 59,712 and 55,167 shares issued and outstanding, respectively | 597 | 552 |
Additional paid-in capital | 1,502,710 | 1,102,733 |
Treasury stock of 668 and 648 shares, at cost | (20,508) | (18,467) |
Distributions in excess of retained earnings | (894,259) | (978,619) |
Accumulated other comprehensive loss | (19,387) | (10,923) |
Total stockholders' equity | 569,153 | 95,276 |
Noncontrolling interest in Operating Partnership | 3,624 | 625 |
Total equity | 572,777 | 95,901 |
Total liabilities and equity | $ 5,188,537 | $ 4,040,623 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 59,712,000 | 55,167,000 |
Common stock, shares outstanding (in shares) | 59,712,000 | 55,167,000 |
Treasury Stock, Shares [Abstract] | ||
Treasury stock, shares (in shares) | 668,000 | 648,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Total revenues | $ 2,158,136 | $ 1,805,969 | $ 939,373 |
Operating expenses: | |||
Total hotel operating expenses | 1,225,465 | 1,037,675 | 620,921 |
Entertainment | 223,663 | 188,545 | 117,753 |
Corporate | 42,789 | 42,982 | 38,597 |
Preopening costs | 1,308 | 532 | 737 |
(Gain) loss on sale of assets | 469 | (317) | |
Depreciation and amortization | 211,227 | 208,616 | 220,357 |
Total operating expenses | 1,704,452 | 1,478,819 | 998,048 |
Operating income (loss) | 453,684 | 327,150 | (58,675) |
Interest expense | (211,370) | (148,406) | (125,347) |
Interest income | 21,423 | 5,750 | 5,685 |
Loss on extinguishment of debt | (2,252) | (1,547) | (2,949) |
Loss from unconsolidated joint ventures | (17,308) | (10,967) | (8,963) |
Other gains and (losses), net | 3,921 | 1,743 | 405 |
Income (loss) before income taxes | 248,098 | 173,723 | (189,844) |
(Provision) benefit for income taxes | 93,702 | (38,775) | (4,957) |
Net income (loss) | 341,800 | 134,948 | (194,801) |
Net (income) loss attributable to noncontrolling interest in consolidated joint venture | (28,465) | (5,032) | 16,501 |
Net (income) loss attributable to noncontrolling interest in Operating Partnership | (2,118) | (923) | 1,334 |
Net income (loss) available to common stockholders | $ 311,217 | $ 128,993 | $ (176,966) |
Basic income (loss) per share available to common stockholders | $ 5.39 | $ 2.34 | $ (3.21) |
Diluted income (loss) per share available to common stockholders | $ 5.36 | $ 2.33 | $ (3.21) |
Rooms [Member] | |||
Revenues: | |||
Total revenues | $ 701,138 | $ 595,544 | $ 328,874 |
Operating expenses: | |||
Total hotel operating expenses | 173,749 | 155,817 | 88,244 |
Food and Beverage [Member] | |||
Revenues: | |||
Total revenues | 831,796 | 667,009 | 279,489 |
Operating expenses: | |||
Total hotel operating expenses | 465,963 | 381,142 | 190,855 |
Hotel, Other [Member] | |||
Revenues: | |||
Total revenues | 300,544 | 275,421 | 178,220 |
Operating expenses: | |||
Total hotel operating expenses | 519,328 | 457,291 | 327,791 |
Management Service [Member] | |||
Operating expenses: | |||
Total hotel operating expenses | 66,425 | 43,425 | 14,031 |
Entertainment Segment [Member] | |||
Revenues: | |||
Total revenues | $ 324,658 | $ 267,995 | $ 152,790 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) | $ 341,800 | $ 134,948 | $ (194,801) |
Other comprehensive income (loss), before tax: | |||
Gains (losses) arising during the period | 4,428 | (1,428) | 10,314 |
Amount reclassified from accumulated other comprehensive loss | (308) | (174) | (110) |
Total gain (loss) on minimum pension liability | 4,120 | (1,602) | 10,204 |
Interest rate derivatives: | |||
Gains arising during period | 670 | 16,007 | 1,955 |
Amount reclassified from accumulated other comprehensive loss | (12,177) | 3,541 | 16,501 |
Total income (loss) from interest rate derivatives | (11,507) | 19,548 | 18,456 |
Other-than-temporary impairment loss on held-to-maturity securities: | |||
Amount reclassified from accumulated other comprehensive loss | 209 | 211 | 211 |
Total non-credit loss on other-than-temporary impairment | 209 | 211 | 211 |
Other comprehensive income (loss), before tax | (7,178) | 18,157 | 28,871 |
Income tax provision related to items of comprehensive loss | (1,286) | ||
Other comprehensive income (loss), net of tax | (8,464) | 18,157 | 28,871 |
Comprehensive income (loss) | 333,336 | 153,105 | (165,930) |
Comprehensive income (loss) available to common stockholders | 302,714 | 147,370 | (149,383) |
Consolidated Joint Venture [Member] | |||
Other-than-temporary impairment loss on held-to-maturity securities: | |||
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint venture | (28,560) | (4,683) | 15,419 |
Operating Partnership [Member] | |||
Other-than-temporary impairment loss on held-to-maturity securities: | |||
Comprehensive (income) loss attributable to noncontrolling interest in Operating Partnership | $ (2,062) | $ (1,052) | $ 1,128 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 341,800 | $ 134,948 | $ (194,801) |
Amounts to reconcile net income (loss) to net cash flows provided by operating activities: | |||
Provision (benefit) for deferred income taxes | (95,825) | 8,244 | 4,006 |
Depreciation and amortization | 211,227 | 208,616 | 220,357 |
Amortization of deferred financing costs | 10,663 | 9,829 | 8,790 |
Loss from unconsolidated joint ventures | 17,308 | 10,967 | 8,963 |
Stock-based compensation expense | 15,421 | 14,985 | 12,104 |
Changes in: | |||
Trade receivables | 21,550 | (40,686) | (54,639) |
Accounts payable and accrued liabilities | 41,520 | 66,428 | 107,012 |
Other assets and liabilities | (6,608) | 6,600 | (539) |
Net cash flows provided by operating activities | 557,056 | 419,931 | 111,253 |
Cash Flows from Investing Activities: | |||
Purchases of property and equipment | (206,776) | (89,520) | (77,426) |
Collection of notes receivable | 5,903 | 3,718 | 844 |
Other investing activities, net | (9,977) | 481 | 5,344 |
Net cash flows used in investing activities | (1,012,816) | (189,313) | (289,738) |
Cash Flows from Financing Activities: | |||
Net borrowings (repayments) under revolving credit facility | (190,000) | 84,000 | |
Issuance of senior notes | 400,000 | 600,000 | |
Redemption of senior notes | (400,000) | ||
Deferred financing costs paid | (23,400) | (15,411) | (10,628) |
Issuance of common stock, net | 395,444 | ||
Redemption of noncontrolling interest in Operating Partnership | (2,438) | ||
Sale of noncontrolling interest in OEG | 285,925 | ||
Payments of distributions | (176,001) | (5,855) | (502) |
Payment of tax withholdings for share-based compensation | (4,386) | (4,478) | (3,485) |
Other financing activities, net | (271) | (199) | (216) |
Net cash flows provided by financing activities | 711,871 | 50,712 | 261,731 |
Net change in cash, cash equivalents, and restricted cash | 256,111 | 281,330 | 83,246 |
Cash, cash equivalents, and restricted cash, beginning of year | 444,330 | 163,000 | 79,754 |
Cash, cash equivalents, and restricted cash, end of year | 700,441 | 444,330 | 163,000 |
JW Marriott Hill Country [Member] | |||
Cash Flows from Investing Activities: | |||
Purchase, net of cash acquired | (791,466) | ||
Block 21 [Member] | |||
Cash Flows from Investing Activities: | |||
Purchase, net of cash acquired | (93,992) | ||
$300 Million Term Loan A [Member] | |||
Cash Flows from Financing Activities: | |||
Repayments under loan | (300,000) | ||
$500 Million Term Loan B [Member] | |||
Cash Flows from Financing Activities: | |||
Borrowings under term loan | 500,000 | ||
Repayments under loan | (378,750) | (5,000) | (5,000) |
$300M OEG Term Loan [Member] | |||
Cash Flows from Financing Activities: | |||
Borrowings under term loan | 288,000 | ||
Repayments under loan | (3,000) | (750) | |
$65M OEG Revolver [Member] | |||
Cash Flows from Financing Activities: | |||
Net borrowings (repayments) under revolving credit facility | 5,000 | ||
Block 21 CMBS Loan [Member] | |||
Cash Flows from Financing Activities: | |||
Repayments under loan | (2,765) | (1,520) | |
Gaylord Rockies [Member] | |||
Cash Flows from Investing Activities: | |||
Purchase of land adjacent to Gaylord Rockies | (22,000) | ||
Purchase of additional interest / Investment in other joint ventures | (188,000) | ||
Circle [Member] | |||
Amounts to reconcile net income (loss) to net cash flows provided by operating activities: | |||
Loss from unconsolidated joint ventures | 10,500 | ||
Cash Flows from Investing Activities: | |||
Purchase of additional interest / Investment in other joint ventures | $ (10,500) | $ (10,000) | $ (8,500) |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Reconciliation of cash, cash equivalents, and restricted cash to balance sheet: | ||||
Cash and cash equivalents - unrestricted | $ 591,833 | $ 334,194 | $ 140,688 | |
Cash and cash equivalents - restricted | 108,608 | 110,136 | 22,312 | |
Cash, cash equivalents, and restricted cash, end of year | $ 700,441 | $ 444,330 | $ 163,000 | $ 79,754 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND NONCONTROLLING INTEREST - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Redeemable Noncontrolling Interest In Joint Venture [Member] | Total |
Beginning balance at Dec. 31, 2020 | $ 550 | $ 1,192,261 | $ (18,467) | $ (911,092) | $ (57,951) | $ 205,301 | $ 14,516 | $ 219,817 | |
Beginning balance at Dec. 31, 2020 | $ 100,969 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (176,966) | (176,966) | (1,334) | (176,966) | |||||
Net income (loss) | (178,300) | ||||||||
Net income (loss) | (16,501) | ||||||||
Net (income) loss attributable to noncontrolling interest in Operating Partnership | 1,334 | ||||||||
Other comprehensive income (loss), net of income taxes | 28,871 | 28,871 | 28,871 | ||||||
Purchase of remaining interest in consolidated joint venture | 99,107 | 99,107 | 88,893 | 99,107 | |||||
Redemption of noncontrolling interest in Operating Partnership | 1,356 | 1,356 | 1,082 | 2,438 | |||||
Reallocation of noncontrolling interest in Operating Partnership | 12,259 | 12,259 | (12,259) | ||||||
Contribution to consolidated joint venture | 4,425 | ||||||||
Restricted stock units and stock options surrendered | 1 | (3,294) | (47) | (3,340) | (3,340) | ||||
Equity-based compensation expense | 12,104 | 12,104 | 12,104 | ||||||
Ending balance at Dec. 31, 2021 | 551 | 1,112,867 | (18,467) | (1,088,105) | (29,080) | (22,234) | (159) | (22,393) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 128,993 | 128,993 | 923 | 128,993 | |||||
Net income (loss) | 129,916 | ||||||||
Net income (loss) | 5,032 | ||||||||
Net (income) loss attributable to noncontrolling interest in Operating Partnership | (923) | ||||||||
Adjustment of noncontrolling interest in consolidated joint venture to redemption value | (10,869) | (10,869) | 10,869 | (10,869) | |||||
Other comprehensive income (loss), net of income taxes | 18,157 | 18,157 | 18,157 | ||||||
Sale of noncontrolling interest in OEG | (10,031) | (10,031) | 295,956 | (10,031) | |||||
Dividends and distributions declared | 54 | (19,507) | (19,453) | (139) | (19,592) | ||||
Restricted stock units and stock options surrendered | 1 | (4,273) | (4,272) | (4,272) | |||||
Equity-based compensation expense | 14,985 | 14,985 | 14,985 | ||||||
Ending balance at Dec. 31, 2022 | 552 | 1,102,733 | (18,467) | (978,619) | (10,923) | 95,276 | 625 | 95,901 | |
Ending balance at Dec. 31, 2022 | 311,857 | 311,857 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 311,217 | 311,217 | 2,118 | 311,217 | |||||
Net income (loss) | 313,335 | ||||||||
Net income (loss) | 28,465 | ||||||||
Net (income) loss attributable to noncontrolling interest in Operating Partnership | (2,118) | ||||||||
Adjustment of noncontrolling interest in consolidated joint venture to redemption value | (4,804) | (4,804) | 4,804 | (4,804) | |||||
Other comprehensive income (loss), net of income taxes | (8,464) | (8,464) | (8,464) | ||||||
Issuance of common stock, net | 44 | 395,400 | 395,444 | 395,444 | |||||
Dividends and distributions declared | 606 | (2,041) | (226,857) | (228,292) | (1,520) | (229,812) | |||
Reallocation of noncontrolling interest in Operating Partnership | (2,401) | (2,401) | 2,401 | ||||||
Restricted stock units and stock options surrendered | 1 | (4,245) | (4,244) | (4,244) | |||||
Equity-based compensation expense | 15,421 | 15,421 | 15,421 | ||||||
Ending balance at Dec. 31, 2023 | $ 597 | $ 1,502,710 | $ (20,508) | $ (894,259) | $ (19,387) | $ 569,153 | $ 3,624 | 572,777 | |
Ending balance at Dec. 31, 2023 | $ 345,126 | $ 345,126 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND NONCONTROLLING INTEREST (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Stockholders' Equity (Deficit) And Noncontrolling Interest [Abstract] | ||
Dividend amount for current period (in dollars per share) | $ 3.85 | $ 0.35 |
Description of the Business and
Description of the Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Description of the Business and Summary of Significant Accounting Policies | |
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 five 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”), the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”), and the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”). Prior to May 2021, Gaylord Rockies was owned by a joint venture (the “Gaylord Rockies joint venture”) in which the Company owned a 65% interest. The Company’s other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National, and effective June 30, 2023, the JW Marriott San Antonio Hill Country Resort & Spa (“JW Marriott Hill Country”). See “JW Marriott Hill Country Transaction” below for further disclosure. In April 2021, the Company entered into an agreement with RIDA Development Corporation to acquire the remaining 35% ownership interest in the Gaylord Rockies joint venture not previously owned by the Company for $188.0 million and approximately 130 acres of undeveloped, adjacent land for $22.0 million in cash (the “JV Purchase”). The JV Purchase closed in May 2021 and was funded through cash on hand and borrowings under the Company’s $700 million revolving credit facility. As discussed below, the Company consolidated the Gaylord Rockies joint venture both before and after the purchase in the accompanying consolidated financial statements. The Company also owns a controlling 70% equity interest in a business comprised of a number of entertainment and media assets, known as the Opry Entertainment Group (“OEG”), which the Company reports as its Entertainment segment. These assets include 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; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; two Nashville-based assets – the Wildhorse Saloon and the General Jackson Showboat (“General Jackson”); and as of May 31, 2022, Block 21, a mixed-use entertainment, lodging, office, and retail complex located in Austin, Texas (“Block 21”). Prior to June 16, 2022, the Company owned 100% of OEG. The Company also previously owned a 50% interest in a joint venture that created and distributed a linear multicast and over-the-top channel dedicated to the country music lifestyle (“Circle”). See “OEG Transaction,” and “Block 21 Transaction” in this Note 1, as well as Note 11, “Commitments and Contingencies,” for further disclosure. 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 and the non-controlling operating partnership unit holders discussed in “Income (Loss) Per Share” in this Note 1 are the sole limited partners of the Operating Partnership, and Ryman currently owns, either directly or indirectly, 99.3% 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. 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 and Ryman’s other reports, documents or other information filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality; Entertainment; 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 properties, JW Marriott Hill Country (effective June 30, 2023), the Inn at Opryland and the AC Hotel, each of which is managed by Marriott pursuant to a management agreement for each hotel. Entertainment The Entertainment segment includes the OEG business, specifically the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Block 21, the General Jackson, the Wildhorse Saloon, and the Company’s previous investment in the Circle joint venture, among various others. Marriott manages the day-to-day operations of the General Jackson and the W Austin, which is part of the Block 21 complex, pursuant to management agreements. 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 its subsidiaries. The Company’s investments in non-controlled entities in which it has the ability to exercise significant influence over operating and financial policies are accounted for by the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. 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. For periods prior to its acquiring 100% ownership of the Gaylord Rockies joint venture in May 2021, management concluded that the Company was the primary beneficiary of the Gaylord Rockies joint venture, which was a VIE. As such, the Company consolidated the assets, liabilities and results of operations of the Gaylord Rockies joint venture in the accompanying consolidated financial statements. The portion of the Gaylord Rockies joint venture that the Company did not previously own was recorded as noncontrolling interest in consolidated joint venture, and any previous adjustment necessary to reflect the noncontrolling interest at its redemption value was shown in the accompanying consolidated statements of equity (deficit) and noncontrolling interest. As Gaylord Rockies is now wholly-owned by the Company, it is no longer considered a VIE. See “Noncontrolling Interests” below for further discussion. The terms of the Company's joint venture agreement in Circle provided that the Company and its joint venture partner each shared the authority to make major decisions in the joint venture, including operating plans, entering into certain contracts, admitting additional members of the joint venture, issuing additional membership interests, and amending the operating agreement. In addition, the officers of Circle were not employees of the Company. Based on management’s analysis of the joint venture agreement, management concluded that the Company was not the primary beneficiary of this variable interest entity and accounted for this previous investment under the equity method. OEG Transaction On June 16, 2022, the Company and certain of its subsidiaries, including OEG Attractions Holdings, LLC (“OEG”), which directly or indirectly owns the assets that comprise the Company’s Entertainment segment, consummated the transactions contemplated by an investment agreement (the “Investment Agreement”) with Atairos Group, Inc. (“Atairos”) and A-OEG Holdings, LLC, an affiliate of Atairos (the “OEG Investor”), pursuant to which OEG issued and sold to the OEG Investor, and the OEG Investor acquired, 30% of the equity interests of OEG for approximately $296.0 million (the “OEG Transaction”). The purchase price payable to the Company for the OEG Transaction may be increased by $30.0 million if OEG achieves certain financial objectives in 2024. The Company retains a controlling 70% equity interest in OEG and continues to consolidate the assets, liabilities and results of operations of OEG in the accompanying consolidated financial statements. The portion of OEG that the Company does not own is recorded as noncontrolling interest in consolidated joint venture, which is classified as mezzanine equity in the accompanying consolidated balance sheets, and any adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying consolidated statements of equity (deficit) and noncontrolling interest. After the payment of transaction expenses, the Company used substantially all of the net proceeds from the OEG Transaction, together with the net proceeds the Company received from the OEG Term Loan (as defined below), to repay the then-outstanding balance of the Company’s former $300 million term loan A and to pay down substantially all borrowings then outstanding under the Company’s revolving credit facility. Pursuant to the Second Amended and Restated Limited Liability Company Agreement for OEG entered into at the closing of the OEG Transaction (the “OEG LLC Agreement”), OEG is governed by a Board of Managers (the “Board”), subject to member consent to certain actions. The Board initially consists of six members, four designated by the Company and two designated by the OEG Investor. Board membership may be modified from time to time to reflect the proportional ownership of outstanding units by each party. Subject to certain ownership thresholds, the approval of both parties will be required with respect to certain “major decisions” affecting OEG, including, but not limited to, approval of OEG’s annual operating budget in the event of changes exceeding certain thresholds, the incurrence of certain debt, the issuance of new equity securities, and mergers, acquisitions or dispositions in excess of a certain dollar threshold. The OEG Investor will have the option to acquire additional common units of OEG from the Company (the “Purchase Option”) in each of the fourth quarters of 2024 and 2025 in an amount equal to the lesser of $125 million or the maximum amount of proceeds that the Company may receive with respect to its compliance with applicable REIT tests, provided that the OEG Investor may not purchase an amount of common units that would result in the Company owning less than 51% of the outstanding common units after giving effect to the purchase. If the OEG Investor elects to exercise the Purchase Option, then (i) beginning on June 16, 2027 (the fifth anniversary of the OEG Investor’s original investment in OEG (the “Fifth Anniversary”)), the OEG Investor will have the right to demand that OEG undertake a Qualified IPO and (ii) the OEG Investor’s rights with respect to the IPO Request Put Right, the Seven-Year Put Right, an IPO Payment and a Sale Payment, each as defined in the OEG LLC Agreement and described below, will expire. The Purchase Option will terminate upon the occurrence of a Qualified IPO, a Sale of OEG or a Qualified Spinoff, each as defined in the OEG LLC Agreement. IPO Request Put Right . Seven-Year Put Right The IPO Request Put Price and the Seven-Year Put Price may each be settled in either cash or Company stock, at the Company’s option, and the IPO Request Put Right and the Seven-Year Put Right will each terminate at the first closing of the Purchase Option. IPO Payment . Upon a Qualified IPO that occurs on or before the Seventh Anniversary, the OEG Investor will be entitled to an IPO Payment if the Post IPO Investor Stake Value (as defined in OEG LLC Agreement) measured on the 120 th trading day post-IPO does not equal or exceed the Minimum Investor Stake Value (as defined in the OEG LLC Agreement). If the IPO occurs after the Fourth Anniversary, the IPO Payment will be capped at 50% of the OEG Investor’s investment in OEG (the “Payment Cap”). Any IPO Payment may be satisfied in either cash, OEG equity owned by the Ryman Member, or Company stock, at the Company’s option. Sale Payment The above descriptions related to the OEG LLC Agreement do not purport to be complete and are qualified in their entirety by reference to the OEG LLC Agreement filed as Exhibit 10.12 to this Annual Report on Form 10-K JW Marriott Hill Country Transaction On June 30, 2023, the Company purchased JW Marriott Hill Country for approximately $800 million. Located amid approximately 600 acres in the Texas Hill Country region outside of San Antonio, JW Marriott Hill Country, which opened in 2010, is a premier group-oriented resort with 1,002 rooms and 268,000 total square feet of indoor and outdoor meeting and event space. The resort’s amenities include a spa, several food and beverage outlets, a water experience, and TPC San Antonio, which features two 18-hole golf courses. The Company funded the purchase price with approximately $395 million in net proceeds of an underwritten registered public offering of approximately 4.4 million shares of the Company’s common stock (see Note 9, “Equity”), approximately $393 million in net proceeds of a private placement of $400 million aggregate principal amount of 7.25% senior notes due 2028 (see Note 4, “Debt”) and cash on hand. JW Marriott Hill Country assets and operations are reflected in the Company’s Hospitality segment beginning June 30, 2023. The Company performed a valuation of the fair value of the acquired assets and liabilities assumed as of June 30, 2023. The valuations of the various components of property and equipment were determined principally based on the cost approach, which uses assumptions regarding replacement values from established indices. The valuation of intangible assets was based on various methods to evaluate the values of advanced bookings previously received for the hotel and the values of golf memberships and water rights for the golf course. The Company considers each of these estimates as Level 3 fair value measurements. The Company determined that the acquisition represents an asset acquisition and has capitalized transaction costs and allocated the purchase price to the relative fair values of assets acquired and liabilities assumed, adjusted for working capital adjustments as set forth in the purchase agreement and transaction costs, as follows (amounts in thousands): Property and equipment $ 772,821 Cash and cash equivalents - unrestricted 12,690 Cash and cash equivalents - restricted 5,477 Trade receivables 14,743 Prepaid expenses and other assets 3,953 Intangible assets 25,097 Total assets acquired 834,781 Accounts payable and accrued liabilities (25,148) Total liabilities assumed (25,148) Net assets acquired $ 809,633 Block 21 Transaction On May 31, 2022, the Company purchased Block 21 for a stated purchase price of $260 million, as subsequently adjusted to $255 million pursuant to the terms of the purchase agreement, which included the assumption of approximately $136 million of existing mortgage debt. Block 21 is the home of the Austin City Limits Live at The Moody Theater (“ACL Live”), a 2,750-seat entertainment venue that serves as the filming location for the Austin City Limits television series. The Block 21 complex also includes the 251-room W Austin, the 3TEN at ACL Live club and approximately 53,000 square feet of other Class A commercial space. The Company funded the cash portion of the purchase price with cash on hand and borrowings under its revolving credit facility. The acquisition was accounted for as a business combination, given the different nature of the principal operations acquired (a hotel and an entertainment venue). Block 21 assets and operations are reflected in the Company’s Entertainment segment beginning May 31, 2022. The Company performed a preliminary valuation of the fair value of the acquired assets and liabilities assumed as of May 31, 2022. The valuations of the various components of property and equipment were determined principally based on the cost approach, which uses assumptions regarding replacement values from established indices. The valuation of intangible assets was based on various methods to evaluate the values of leases in place and advanced bookings previously received for the hotel. The valuation of assumed debt was principally based on a discounted cash flow approach using market interest rates at the time of the transaction. The Company considers each of these estimates as Level 3 fair value measurements. Other acquired assets were valued at, and fair value approximated, carrying value. Based on the aggregation of fair values as compared to consideration transferred, the Company concluded that there was no goodwill or bargain purchase gain related to the business combination. The Company performed an income approach evaluation of the acquired set which corroborated the conclusion that there was no goodwill related to the acquisition. Such evaluation included assumptions of future projected cash flows, which were based on the future projected occupancy and average daily rate for the W Hotel Austin, future anticipated cash flows at ACL Live, and market discount rates. Utilizing the valuation, the Company performed a purchase price allocation for the acquired assets and liabilities of Block 21. As a result, the Company allocated the purchase price, adjusted for working capital adjustments as defined in the purchase agreement, as follows (amounts in thousands): Property and equipment $ 237,159 Cash and cash equivalents - unrestricted 8,493 Cash and cash equivalents - restricted 12,450 Trade receivables 1,405 Prepaid expenses and other assets 1,085 Intangible assets 1,723 Total assets acquired 262,315 Debt (132,531) Accounts payable and accrued liabilities (14,774) Other liabilities (75) Total liabilities assumed (147,380) Net assets acquired $ 114,935 During the first quarter of 2023, the Company concluded its valuation of the fair value of the acquired assets and liabilities assumed as of May 31, 2022, and no significant changes were made to the provisional amounts presented above. The Company incurred $1.3 million in acquisition-related expenses in 2022, which are included in entertainment expenses in the accompanying consolidated statement of operations. Property and Equipment Property and equipment are stated at cost or initially at estimated fair value if recorded in connection with purchase accounting. 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 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 years 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. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. Cash and Cash Equivalents — Restricted Restricted cash and cash equivalents primarily represent funds held by our property manager for furniture, fixtures and equipment reserves. In addition, based on their respective loan agreements, Gaylord Rockies must maintain a restricted cash balance related to debt service payments and Block 21 must maintain a restricted cash balance related to debt service, property tax, insurance and other payments. Beginning in July 2020, Gaylord Rockies was in a cash sweep period pursuant to the Gaylord Rockies term loan agreement, and such cash amounts are also included in restricted cash for 2022. Gaylord Rockies exited this cash sweep period in January 2023. Block 21 was in a Trigger Period (as defined in Note 4, “Debt”) as of the date of its purchase by the Company but exited the Trigger Period with first quarter 2023 results. Such cash amounts previously held as a result of the Trigger Period are also included in restricted cash for 2022. Supplemental Cash Flow Information Cash paid for interest, net of amounts from interest rate swaps, for the years ended December 31 was comprised of (amounts in thousands): 2023 2022 2021 Debt interest paid $ 183,479 $ 135,467 $ 113,669 Capitalized interest (2,483) (183) (2,922) Cash paid for interest, net of capitalized interest $ 180,996 $ 135,284 $ 110,747 Net cash payments of income taxes in 2023, 2022 and 2021 were $6.5 million, $27.0 million and $0.5 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. Credit Loss Reserves on Accounts Receivable The Company provides credit loss reserves based upon a percentage of accounts receivable that considers historical write-offs, current economic conditions, and management’s expectations about future economic conditions, as well as 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): 2023 2022 Prepaid expenses $ 22,458 $ 19,377 Supplemental deferred compensation plan assets 33,073 29,245 Tax rebate receivables 34,324 22,181 Inventories 14,007 12,041 Right-of-use assets for operating leases 18,134 18,910 Deferred financing costs on revolving credit facilities 8,420 5,757 Derivative assets — 11,350 Other 24,394 15,309 Total prepaid expenses and other assets $ 154,810 $ 134,170 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, non-trade receivables, and investments in joint ventures, among others. Gaylord Rockies is party to an incentive agreement with the local government that provides that Gaylord Rockies is entitled to receive monthly rebates of certain city and state taxes, including property, sales and lodging taxes. The term of the rebate agreement varies by type of tax but ranges from 25-33 years from commencement of the construction of Gaylord Rockies. Gaylord Rockies earned $52.8 million, $38.4 million and $29.1 million in rebates in 2023, 2022 and 2021, respectively, which are generally recorded as a reduction in other hotel expenses in the accompanying consolidated statements of operations for 2023, 2022 and 2021. Intangible Assets In connection with the Company’s purchase price allocation of the Gaylord Rockies joint venture, the Company acquired certain definite-lived intangibles, which are shown on the accompanying consolidated balance sheets. Included in these intangibles are the original estimated fair value of advanced bookings of $125.5 million and the original estimated fair value related to the Gaylord Hotels trade name, which Marriott owns, of $115.3 million. The advanced bookings asset was amortized on a straight-line basis over a period of 3.5 years, which corresponded with the period in which the advanced bookings related, and the value in the trade name is being amortized on a straight-line basis over 30 years, which is the period of the Marriott management agreement. The gross carrying amount of intangible assets at December 31, 2023 and 2022 was $279.8 million and $254.7 million, respectively. Accumulated amortization of intangible assets at December 31, 2023 and 2022 was $155.6 million and $148.7 million, respectively. Amortization expense related to intangible assets during 2023, 2022 and 2021 was $6.8 million, $22.7 million and $40.2 million, respectively. The estimated amounts of amortization expense for the next five years are as follows (amounts in thousands): 2024 $ 8,083 2025 7,694 2026 7,275 2027 5,446 2028 5,329 $ 33,827 Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands): 2023 2022 Trade accounts payable $ 57,030 $ 38,628 Property and other taxes payable 90,558 73,461 Deferred revenues 159,762 136,479 Accrued salaries and benefits 57,502 58,219 Interest payable 39,870 23,111 Other accrued liabilities 59,998 55,261 Total accounts payable and accrued liabilities $ 464,720 $ 385,159 Deferred revenues consist primarily of deposits on advance bookings of hotel rooms and advance ticket sales at the Company’s entertainment 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, if any. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. See Note 10, “Income Taxes,” 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 all available positive and negative evidence 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 5, “Deferred Management Rights Proceeds,” on a straight-line basis over the term of the hotel management agreements, including extensions, as a reduction in management fee expense in the accompanying consolidated statements of operations. Other Liabilities Other liabilities at December 31 consist of (amounts in thousands): 2023 2022 Pension and postretirement benefits liability $ 17,404 $ 21,148 Deferred compensation liability 33,073 29,245 Derivative liabilities 1,322 1,164 Other 14,859 13,267 Total other liabilities $ 66,658 $ 64,824 Deferred Financing Costs Deferred financing costs (“DFCs”) 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 generally presented as a reduction of the related debt liability. DFCs on the Company’s revolving credit facility and the OEG revolving credit facility are included in prepaid expenses and other assets when the related revolving credit facility has no outstanding balance. During 2023, 2022 and 2021, DFCs of $10.7 million, $9.8 million and $8.8 million, respectively, were amortized to interest expense in the accompanying consolidated statements of operations. Noncontrolling Interests OEG The noncontrolling interest in consolidated joint venture for 2023 and 2022 represents the minority investor’s proportionate share of the assets and liabilities of OEG, adjusted for changes in the redemption value of the related put rights. The noncontrolling interest is classified in the mezzanine section of the consolidated balance sheets as the related redemption options do not meet the requirements for permanent equity classification because these redemption options may be redeemed by the holder as described above in “OEG Transaction.” The initial value of the noncontrolling interest in OEG, which included certain put rights, was estimated based on the purchase price received from the OEG Investor. In general, the carrying value will be based on the greater of the accumulated historical cost or the put right redemption value, and at December 31, 2023, approximates the fair value of the noncontrolling interest. An adjustment is also made for the OEG Investor’s proportionate share of income or loss in the accompanying consolidated statements of operations. Gaylord Rockies Until the Company’s buyout of the minority partners’ interest in the Gaylord Rockies joint venture in 2021, the noncontrolling interest in consolidated joint venture for 2021 represents the previous minority partners’ proportionate share of the assets and liabilities of the Gaylord Rockies joint venture. An adjustment was made in 2021 for the minority partners’ proportionate share of income or loss in the joint venture in the accompanying consolidated statement of operations. OP Units Certain former owners of interests in the Gaylord Rockies joint venture received units of the Operating Partnership (“OP Units”) in exchange for their interests. Such OP Units have economic terms that are substantially similar to shares of the Company’s common stock and are redeemable at the option of the holders thereof. The noncontrolling interest in the Operating Partnership represents the limited partners’ proportionate share of the equity of the Operating Partnership. The noncontrolling interest is classified in the equity section of the consolidated balance sheets, separately from stockholders’ equity, as the related redemption options are redeemable for cash, or if the Company so elects, in unregistered shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments. An adjustment is made for the limited partners |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment | |
Property and Equipment | 2. Property and Equipment Property and equipment at December 31 is recorded at cost, with the exception of right-of-use finance leases and the initial value assigned to assets acquired in an acquisition, and summarized as follows (amounts in thousands): 2023 2022 Land and land improvements $ 605,500 $ 443,469 Buildings 4,396,302 3,785,968 Furniture, fixtures and equipment 1,138,769 1,015,078 Right-of-use finance lease assets 1,793 1,613 Construction-in-progress 122,923 50,312 6,265,287 5,296,440 Accumulated depreciation and amortization (2,309,701) (2,124,732) Property and equipment, net $ 3,955,586 $ 3,171,708 Depreciation expense, including amortization of assets under finance lease obligations, during 2023, 2022 and 2021 was $203.3 million, $184.7 million, and $178.8 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 sheets and is being depreciated over its estimated useful life. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Notes Receivable | |
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 Gaylord National in 2008. The interest rate on the Series A Bond and Series B Bond is 8.0% and 10.0%, respectively. The maturity dates of the Series A Bond and the Series B Bond are 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 records the amortization of discount on these notes receivable as interest income over the terms of the notes. The Company is currently holding the bonds, which have aggregate carrying values and approximate fair values of $61.8 million and $67.6 million at December 31, 2023 and 2022, respectively, net of a credit loss reserve of $38.0 million at each period. The Company earns interest income on the debt service on the notes receivable, which are payable from tax increments, hotel taxes and special hotel rental taxes generated from the development through the maturity date. The Company’s estimate of credit loss reserves is sensitive to significant assumptions, which include the projections of hotel taxes (which are based on expected hotel revenues) and property taxes, both of which are affected by expectations about future market and economic conditions, particularly those in the Washington D.C. market. These assumptions are based on Level 3 inputs. Further, such assumptions are judgmental as the bonds and related projected cash flows continue for an extended period of time through 2037. The Company has the intent and ability to hold the Series A Bond and Series B Bond to maturity and had at inception expected to receive all debt service payments due. As a result of reduced long-range tax revenue projections over the remaining life of the Series B Bond, in 2017, the Company no longer believed it would receive all debt service payments due under the note, and the Company considered the Series B Bond to be other-than-temporarily impaired (“OTTI”). The amount of the OTTI related to changing market conditions, or the increase in the discount rate, of $6.5 million was recorded as an increase to other comprehensive loss in 2017 and is amortized as an adjustment to the carrying value of the Series B Bond in the accompanying consolidated balance sheets. The discount rate was determined based on the then-current market interest rates of notes receivable with comparable market ratings and the then-current expectations about the timing of debt service payments under the note. The Company performs a quarterly assessment of credit losses, which considers the estimate of projected tax revenues that will service the bonds over its remaining term. At December 31, 2023 and 2022, the Series B Bond is fully reserved. The Series A Bond is of higher priority than other tranches which fall between the Company’s two issuances. During 2023, 2022 and 2021, the Company recorded interest income of $4.9 million, $5.3 million and $5.5 million, respectively, on these bonds. The Company received payments of $11.0 million, $9.1 million and $6.4 million during 2023, 2022 and 2021, respectively, relating to these notes receivable, which include principal and interest payments. At each of December 31, 2023 and 2022, before consideration of the credit loss reserve, the Company had accrued interest receivable related to these bonds of $41.0 million. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt | |
Debt | 4. Debt The Company’s debt and finance lease obligations at December 31 consisted of (amounts in thousands): 2023 2022 $700M Revolving Credit Facility $ — $ — $500M Term Loan B 496,250 371,250 $400M 7.25% Senior Notes 400,000 — $600M 4.50% Senior Notes 600,000 600,000 $700M 4.75% Senior Notes 700,000 700,000 $800M Gaylord Rockies Term Loan 800,000 800,000 $300M OEG Term Loan 296,250 299,250 $65M OEG Revolver 5,000 — Block 21 CMBS Loan 131,871 134,636 Finance lease obligations 138 685 Unamortized deferred financing costs (38,309) (30,482) Unamortized discounts and premiums, net (14,172) (12,747) Total debt $ 3,377,028 $ 2,862,592 At December 31, 2023, there were no defaults under the covenants related to the Company’s outstanding debt. Annual maturities of long-term debt, excluding finance lease obligations, are as follows (amounts in thousands): Years 2024 2025 2026 2027 2028 Thereafter Total $700M Revolving Credit Facility $ — $ — $ — $ — $ — $ — $ — $500M Term Loan B 5,000 5,000 5,000 5,000 5,000 471,250 496,250 $400M 7.25% Senior Notes — — — — 400,000 — 400,000 $600M 4.50% Senior Notes — — — — — 600,000 600,000 $700M 4.75% Senior Notes — — — 700,000 — — 700,000 $800M Gaylord Rockies Term Loan (1) 800,000 — — — — — 800,000 $300M OEG Term Loan 3,000 3,000 3,000 3,000 3,000 281,250 296,250 $65M OEG Revolver — — — 5,000 — — 5,000 Block 21 CMBS Loan 2,904 3,094 125,873 — — — 131,871 Total $ 810,904 $ 11,094 $ 133,873 $ 713,000 $ 408,000 $ 1,352,500 $ 3,429,371 (1) The $800 Million Gaylord Rockies Term Loan includes two, one-year extension options, subject to certain requirements. Credit Facility On May 18, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) among the Company, as a guarantor, the Operating Partnership, as borrower, certain other subsidiaries of the Company party thereto, as guarantors, certain subsidiaries of the Company party thereto, as pledgors, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent. The Credit Agreement provides a $700.0 million revolving credit facility (the “Revolver”) and $500.0 million term loan B (the “Term Loan B”), as well as an accordion feature that will allow Borrower to increase the facilities by an aggregate total of up to $475 million, which may be allocated between the Revolver and the Term Loan B at the option of the Borrower. The Revolver replaced the Company’s previous $700 million revolving credit facility, and a portion of the proceeds from the Term Loan B were used to repay in full the approximately $370 million balance of the Company’s previous term loan B. The Revolver was undrawn at closing. Each of the Revolver and Term Loan B is guaranteed by the Company, each of the Company’s subsidiaries that own the Gaylord Hotels properties, other than Gaylord Rockies, and certain other of the Company’s subsidiaries. Each is secured by equity pledges of the Company’s subsidiaries that are the fee owners of Gaylord Opryland and Gaylord Texan, their respective direct and indirect parent entities, and the equity of Ryman Hotel Operations Holdco, LLC, a wholly-owned indirect subsidiary of the Company. Assets of Gaylord Rockies and OEG are not subject to the liens of the Credit Agreement. Each of the Revolver 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 Credit Agreement, the commitments under the Credit Agreement may be terminated and the principal amount outstanding under the Credit Agreement, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable. $700 The maturity of the Revolver is May 18, 2027, with the option to extend the maturity date for a maximum of one additional year through either (i) a single twelve-month extension option or (ii) two individual six-month extensions. Borrowings under the Revolver bear interest at an annual rate equal to, at the Company’s option, either (i) Adjusted Term SOFR plus the applicable margin ranging from 1.40% to 2.00%, (ii) Adjusted Daily Simple SOFR plus the applicable margin ranging from 1.40% to 2.00%, or (iii) a base rate as set in the Credit Agreement plus the applicable margin ranging from 0.40% to 1.00%, with each option dependent upon the Company’s funded debt to total asset value ratio (as defined in the Credit Agreement). Principal is payable in full at maturity. $500 The Term Loan B has a maturity of May 18, 2030. The applicable interest rate margins for borrowings under the Term Loan B are, at the Company’s option, either (i) Term SOFR plus 2.75%, (ii) Daily Simple SOFR plus 2.75%, or (iii) a base rate as set in the Credit Agreement plus 1.75%. At December 31, 2023, the interest rate on the Term Loan B was Term SOFR plus 2.75%. 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. In addition, if for any fiscal year there is Excess Cash Flow (as defined in the Credit Agreement), an additional principal amount is required. Amounts borrowed under the Term Loan B that are repaid or prepaid may not be reborrowed. For purposes of the Term Loan B, each of Term SOFR and Daily Simple SOFR are subject to a floor of 0.00%. $400 Million 7.25% Senior Notes Due 2028 On June 22, 2023, the Operating Partnership and Finco (collectively, the “issuing subsidiaries”) completed the private placement of $400.0 million in aggregate principal amount of 7.25% senior notes due 2028 (the “$400 Million 7.25% Senior Notes”), which are guaranteed by the Company and its subsidiaries that guarantee the Company’s credit agreement. The $400 Million 7.25% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries, the guarantors and U.S. Bank Trust Company, National Association, as trustee. The $400 Million 7.25% Senior Notes have a maturity date of July 15, 2028 and bear interest at 7.25% per annum, payable semi-annually in cash in arrears on January 15 and July 15 each year, beginning on January 15, 2024. The $400 Million 7.25% 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, including the Company’s $600 million 4.50% senior notes due 2029 and $700 million 4.75% senior notes due 2027, and senior in right of payment to future subordinated indebtedness, if any. The $400 Million 7.25% 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 7.25% 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 7.25% Senior Notes. The net proceeds from the issuance of the $400 Million 7.25% Senior Notes totaled approximately $393 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used these proceeds to pay a portion of the purchase price for JW Marriott Hill Country discussed in Note 1. The $400 Million 7.25% Senior Notes are redeemable before July 15, 2025, in whole or in part, at 100.00% , plus accrued and unpaid interest thereon to, but not including, the redemption date, plus a make-whole premium. The $400 Million 7.25% Senior Notes will be redeemable, in whole or in part, at any time on or after July 15, 2025 at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 103.625% , 101.813% , and 100.000% beginning on July 15 of 2025, 2026, and 2027, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date. $600 Million 4.50% Senior Notes Due 2029 On February 17, 2021, the Operating Partnership and Finco completed the private placement of $600.0 million in aggregate principal amount of 4.50% senior notes due 2029 (the “$600 Million 4.50% Senior Notes”), which are guaranteed by the Company and its subsidiaries that guarantee the Company’s credit agreement. The $600 Million 4.50% Senior Notes and guarantees were issued pursuant to an indenture by and among the issuing subsidiaries, the guarantors and U.S. Bank National Association, as trustee. The $600 Million 4.50% Senior Notes have a maturity date of February 15, 2029 and bear interest at 4.50% per annum, payable semi-annually in cash in arrears on February 15 and August 15 each year. The $600 Million 4.50% 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, including the Company’s $700 million 4.75% senior notes due 2027, and senior in right of payment to future subordinated indebtedness, if any. The $600 Million 4.50% 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 $600 Million 4.50% 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 $600 Million 4.50% Senior Notes. The net proceeds from the issuance of the $600 Million 4.50% Senior Notes totaled approximately $591 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used a significant portion of these proceeds to tender and redeem its previous $400 million 5% senior notes and to repay all of the amounts outstanding under the Revolver at that time. The Company used the remaining net proceeds for general corporate purposes. The $600 Million 4.50% Senior Notes will be redeemable, in whole or in part, at any time on or after February 15, 2024 at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 102.250%, 101.500%, 100.750%, and 100.000% beginning on February 15 of 2024, 2025, 2026, and 2027, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date. $700 Million 4.75% Senior Notes Due 2027 In September 2019, the Operating Partnership and Finco completed the private placement of $500.0 million in aggregate principal amount of senior notes due 2027 (the “$500 Million 4.75% Senior Notes”), which are guaranteed by the Company and its subsidiaries that guarantee the Credit Agreement. The $500 Million 4.75% 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 $500 Million 4.75% Senior Notes have a maturity date of October 15, 2027 and bear interest at 4.75% per annum, payable semi-annually in cash in arrears on April 15 and October 15 of each year. The $500 Million 4.75% 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 $500 Million 4.75% 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 $500 Million 4.75% 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 $500 Million 4.75% Senior Notes. The net proceeds from the issuance of the $500 Million 4.75% Senior Notes totaled approximately $493 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used substantially all of these proceeds to tender and redeem its previous $350 million 5% senior notes and to repay a portion of the amounts then outstanding under the Revolver. In October 2019, the Operating Partnership and Finco completed a tack-on private placement of $200.0 million in aggregate principal amount of 4.75% senior notes due 2027 (the “additional 2027 notes”) at an issue price of 101.250% of their aggregate principal amount plus accrued interest from the September 2019 issue date for the $500 Million 4.75% Senior Notes. The additional 2027 notes and the $500 Million 4.75% Senior Notes constitute a single class of securities (collectively, the “$700 Million 4.75% Senior Notes”). All other terms and conditions of the additional 2027 notes are identical to the $500 Million 4.75% Senior Notes. The net proceeds of the additional 2027 notes totaled approximately $199 million, after deducting the initial purchasers’ discounts, commissions and offering expenses. The Company used substantially all of these proceeds to repay a portion of the amounts then outstanding under the Revolver. The $700 Million 4.75% 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 102.375%, 101.188%, and 100.00% beginning on October 15 of 2023, 2024, and 2025, respectively, plus accrued and unpaid interest thereon to, but not including, the redemption date. The Company completed a registered offer to exchange the $700 Million 4.75% Senior Notes for registered notes with substantially identical terms as the $700 Million 4.75% Senior Notes in July 2020. $800 Million Gaylord Rockies Term Loan In July 2019, Aurora Convention Center Hotel, LLC and Aurora Convention Center Hotel Lessee, LLC, the entities that comprise Gaylord Rockies, entered into a Second Amended and Restated Loan Agreement (the “Gaylord Rockies Loan”) with Wells Fargo Bank, National Association, as administrative agent, which refinanced Gaylord Rockies’ previous $500 million construction loan and $39 million mezzanine loan, which were scheduled to mature in December 2019. The Gaylord Rockies Loan consists of an $800.0 million secured term loan facility, matures July 2, 2024 with two, one-year extension options, subject to certain requirements in the Gaylord Rockies Loan, and bears interest at Adjusted Daily Simple SOFR plus 2.50%. The Company has entered into an interest rate swap to fix the SOFR portion of the interest rate at 5.2105% for the fifth year of the loan. The Company has designated this interest rate swap as an effective cash flow hedge. The Gaylord Rockies Loan is secured by a deed of trust lien on the Gaylord Rockies real estate and related assets. Generally, the Gaylord Rockies Loan is non-recourse to the Company, subject to customary non-recourse carve-outs. In June 2020, the Loan Parties entered into Amendment No. 1 (the “Loan Amendment”) to the Gaylord Rockies Loan, by and among the Loan Parties, Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto. The Loan Amendment modified the Gaylord Rockies Loan to (i) provide for the ability to use cash for certain purposes, even during a Cash Sweep Period (as defined in the Loan Agreement) and (ii) provide favorable changes to the debt service coverage ratio provisions. The Loan Amendment includes restrictions on distributions to the Company’s subsidiaries that own Gaylord Rockies. Further, on May 2, 2023, the Loan Parties entered into a Benchmark Replacement Modification Agreement to the Gaylord Rockies Loan, which replaced LIBOR with Adjusted Daily Simple SOFR. OEG Credit Agreement In June 2022, OEG Borrower, LLC (“OEG Borrower”) and OEG Finance, LLC (“OEG Finance”), each a wholly-owned direct or indirect subsidiary of OEG, entered into a credit agreement (the “OEG Credit Agreement”) among OEG Borrower, as borrower, OEG Finance, certain subsidiaries of OEG Borrower from time to time party thereto as guarantors, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The OEG Credit Agreement provides for (i) a senior secured term loan facility in the aggregate principal amount of $300.0 million (the “OEG Term Loan”) and (ii) a senior secured revolving credit facility in an aggregate principal amount not to exceed $65.0 million (the “OEG Revolver”). The OEG Term Loan matures on June 16, 2029, and the OEG Revolver matures on June 16, 2027. The OEG Term Loan bears interest at a rate equal to either, at OEG Borrower’s election, (i) the Alternate Base Rate plus 4.00% or (ii) Adjusted Term SOFR plus 5.00% (all as specifically more described in the OEG Credit Agreement). In November 2022, OEG entered into an interest rate swap to fix the SOFR portion of the interest rate on $100.0 million of borrowings at 4.533% through December 2025 specifically described in the OEG Credit Agreement). No revolving credit advance was made under the OEG Revolver at closing. Block 21 CMBS Loan At the closing of the purchase of Block 21 on May 31, 2022, a subsidiary of the Company assumed a $136 million, ten-year, non-recourse term loan secured by a mortgage on Block 21 (the “Block 21 CMBS Loan”). The Block 21 CMBS Loan has a fixed interest rate of 5.58% per annum, payable monthly, matures January 5, 2026, and payments are due monthly based on a 30-year The Block 21 CMBS Loan contains customary financial covenants and other restrictions, including sponsor net worth and liquidity requirements, and debt service coverage ratio targets that Block 21 must meet in order to avoid a “Trigger Period,” the occurrence of which does not constitute a default. Block 21 was in a Trigger Period as of the date of its purchase by the Company but exited the Trigger Period with first quarter 2023 results. During the Trigger Period, any cash generated by Block 21 in excess of amounts necessary to fund loan obligations, budgeted operating expenses and specified reserves will not be distributed to Block 21. In connection with the purchase of Block 21, the Company provided (i) limited guarantees to the Block 21 lenders under the Block 21 CMBS Loan via a guaranty agreement, a guaranty of completion agreement and an environmental indemnity, and (ii) a letter of credit drawable by the Block 21 lenders in the event of a default of the Block 21 CMBS Loan. Interest Rate Derivatives The Company has entered into or previously entered into interest rate swaps to manage interest rate risk associated with the Company’s previous term loan B, the Gaylord Rockies Loan and the OEG Term Loan. Each swap has been designated as a cash flow hedge whereby the Company receives variable-rate amounts in exchange for fixed-rate payments over the life of the agreement without exchange of the underlying principal amount. The estimated fair values of the Company’s derivative financial instruments at December 31 are as follows (in thousands): Estimated Fair Value Asset (Liability) Balance Strike Notional December 31, December 31, Hedged Debt Type Rate Index Maturity Date Amount 2023 2022 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 $ 87,500 $ - $ 1,096 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 87,500 - 1,096 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 87,500 - 1,096 Term Loan B Interest Rate Swap 1.2315% 1-month LIBOR May 11, 2023 87,500 - 1,093 Gaylord Rockies Term Loan Interest Rate Swap 3.3410% 1-month LIBOR August 1, 2023 800,000 - 6,969 Gaylord Rockies Term Loan Interest Rate Swap 5.2105% Daily SOFR July 2, 2024 800,000 (474) - OEG Term Loan Interest Rate Swap 4.5330% 3-month SOFR December 18, 2025 100,000 (848) (1,164) $ (1,322) $ 10,186 Derivative financial instruments in an asset position are included in prepaid expenses and other assets and those in a liability position are included in other liabilities in the accompanying consolidated balance sheets. The effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31 is as follows (in thousands): Amount of Gain (Loss) Location of Gain (Loss) Amount of Gain (Loss) Recognized in OCI Reclassified from Reclassified from Accumulated on Derivatives Accumulated OCI OCI into Income (Expense) 2023 2022 into Income (Expense) 2023 2022 Derivatives in Cash Flow Hedging Relationships: Interest rate swaps $ 670 $ 16,007 Interest expense $ 12,177 $ (3,541) Total derivatives $ 670 $ 16,007 $ 12,177 $ (3,541) Reclassifications from accumulated other comprehensive loss for interest rate swaps are shown in the table above and included in interest expense. Total consolidated interest expense for 2023, 2022 and 2021 was $211.4 million, $148.4 million and $125.3 million, respectively. At December 31, 2023, the fair value of derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $1.2 million. As of December 31, 2023, the Company has not posted any collateral related to these agreements and was not in breach of any agreement provisions. If the Company had breached any of these provisions, it could have been required to settle its obligations under the agreements at the aggregate termination value of $1.2 million. In addition, the Company has an agreement with its derivative counterparty that contains a provision whereby the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. |
Deferred Management Rights Proc
Deferred Management Rights Proceeds | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Management Rights Proceeds | |
Deferred Management Rights Proceeds | 5. Deferred Management Rights Proceeds On October 1, 2012, the Company consummated its agreement to sell the Gaylord Hotels brand 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 operations of the Gaylord Hotels properties pursuant to a management agreement for each such property. The Company allocated $190.0 million of the purchase price to the Management Rights, based on the Company’s estimates of the fair values for the respective components. 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 term of the hotel management agreements, including extensions, as a reduction in management fee expense. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | 6. Leases The Company is a lessee of a 65.3 acre site in Osceola County, Florida on which Gaylord Palms is located; building or land leases for Ole Red Gatlinburg, Ole Red Orlando, Ole Red Tishomingo, Ole Red Nashville International Airport and Ole Red Las Vegas; and various warehouse, general office and other equipment leases. The Gaylord Palms land lease has a term through 2074, which may be extended through January 2101 five five The terms of the Gaylord Palms lease include variable lease payments based upon net revenues at Gaylord Palms and certain other of the Company’s leases include rental payments adjusted periodically for inflation. The Company recorded $3.5 million, $3.0 million and $1.8 million of contingent rental expense related to Gaylord Palms in 2023, 2022 and 2021, respectively. As the discount rate implicit in the Company’s operating leases is not readily determinable, the Company applies judgments related to the determination of the discount rates used to calculate the lease liability as required by Accounting Standards Codification Topic 842, “ Leases utilizing judgments and estimates regarding the Company’s secured borrowing rates, market credit rating, comparable bond yield curve, and adjustments to market yield curves to determine a securitized rate. The Company’s lease cost for the years ended December 31 is as follows (in thousands): 2023 2022 2021 Operating lease cost $ 18,346 $ 15,694 $ 13,199 Finance lease cost: Amortization of right-of-use assets 163 122 146 Interest on lease liabilities 25 33 39 Net lease cost $ 18,534 $ 15,849 $ 13,384 Future minimum lease payments under non-cancelable leases at December 31, 2023 are as follows (in thousands): Operating Finance Leases Leases Year 1 $ 9,809 $ 84 Year 2 9,224 40 Year 3 9,315 18 Year 4 9,218 — Year 5 9,063 — Years thereafter 556,191 — Total future minimum lease payments 602,820 142 Less amount representing interest (473,698) (4) Total present value of minimum payments $ 129,122 $ 138 The remaining lease term and discount rate for the Company’s leases are as follows: Weighted-average remaining lease term: Operating leases 43.1 years Finance leases 2.0 years Weighted-average discount rate: Operating leases 7.0 % Finance leases 2.4 % |
Stock Plans
Stock Plans | 12 Months Ended |
Dec. 31, 2023 | |
Stock Plans | |
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, 2023, approximately 0.5 million shares of common stock remained available for issuance pursuant to future grants of awards under the Plan. Restricted stock units granted to employees vest one ’ A summary of the status of the Company’s restricted stock units as of December 31, 2023 and changes during the year ended December 31, 2023, is presented below: Weighted Average Grant-Date Restricted Stock Units Shares Fair Value Nonvested shares at January 1, 2023 585,011 $ 77.33 Granted 207,159 85.25 Vested (166,282) 89.71 Canceled (24,033) 82.05 Nonvested shares at December 31, 2023 601,855 77.59 The fair value of all restricted stock units that vested during 2023, 2022 and 2021 was $14.9 million, $12.9 million and $10.6 million, respectively. At December 31, 2023, there was $21.9 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 income for all of the Company’s stock-based compensation plans was $15.4 million, $15.0 million, and $12.1 million for 2023, 2022, and 2021, respectively. The total income tax benefit recognized in the accompanying consolidated statements of operations for all of the Company’s stock-based employee compensation plans was $3.5 million, $3.5 million, and $2.9 million for 2023, 2022, and 2021, respectively. The actual tax benefit realized from exercise, vesting or cancellation of the stock-based employee compensation arrangements during 2023, 2022, and 2021 totaled $0, $0.5 million, and $0.4 million, respectively, and is reflected as an adjustment to (provision) benefit for income taxes in the accompanying consolidated statements of operations. |
Pension Plans
Pension Plans | 12 Months Ended |
Dec. 31, 2023 | |
Pension Plans | |
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 cash balance. In addition, the Company included a “grandfather” clause which assures that those participating at January 1, 2001 will receive the greater of the benefit calculated under the cash balance plan and the benefit that would have been payable if the defined benefit plan had remained in existence. The benefit payable to a terminated vested participant upon retirement at age 65, or as early as age 55 if the participant had 15 years of service at the time the plan was frozen, is equal to the participant’s account balance, which increases with interest credits over time. At retirement, the employee generally receives the balance in the account as a lump sum. The funding policy of the Company is to contribute annually an amount which equals or exceeds the minimum required by applicable law. On December 31, 2001, the plan was frozen such that no new participants were allowed to enter the plan and existing participants were no longer eligible to earn service credits. As a result of increased lump-sum distributions from the retirement plan during 2023, 2022 and 2021, net settlement losses of $1.3 million, $1.9 million and $1.4 million were recognized in 2023, 2022 and 2021, respectively. These settlement losses have been classified as other gains and (losses), net in the accompanying consolidated statements of operations. The following table sets forth the funded status 2023 2022 CHANGE IN BENEFIT OBLIGATION: Benefit obligation at beginning of year $ 60,922 $ 76,680 Interest cost 2,794 2,253 Actuarial gain (188) (11,086) Benefits paid (5,750) (6,925) Benefit obligation at end of year 57,778 60,922 CHANGE IN PLAN ASSETS: Fair value of plan assets at beginning of year 52,269 72,486 Actual return on plan assets 6,123 (13,292) Benefits paid (5,750) (6,925) Fair value of plan assets at end of year 52,642 52,269 Funded status and accrued pension cost $ (5,136) $ (8,653) Net periodic pension (income) expense reflected in other gains and (losses), net in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands): 2023 2022 2021 Interest cost $ 2,794 $ 2,253 $ 1,715 Expected return on plan assets (2,904) (3,701) (4,253) Amortization of net actuarial loss 681 667 689 Net settlement loss 1,313 1,894 1,379 Total net periodic pension expense $ 1,884 $ 1,113 $ (470) Assumptions The assumptions used to determine the benefit obligation at December 31 are as follows: 2023 2022 2021 Discount rate 4.66 % 4.85 % 2.42 % 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: 2023 2022 2021 Discount rate 5.02 % 3.33 % 2.13 % Rate of compensation increase N/A N/A N/A Expected long-term rate of return on plan assets 6.00 % 6.00 % 6.00 % 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 assumptions used are appropriate, differences in actual experience or changes in assumptions may affect the Company’s pension obligations and expense. 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 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 is as follows (amounts in thousands): Asset Class 2023 2022 Cash $ 1,013 $ 1,015 Mutual funds 51,629 51,254 Total $ 52,642 $ 52,269 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 does not expect to be required to contribute to its defined benefit pension plan in 2024. 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): 2024 $ 7,924 2025 6,218 2026 4,979 2027 5,607 2028 5,692 2029 - 2033 20,841 Other Information The Company also maintains non-qualified pension plans provide not funded, accumulated The Company’s obligation related to its qualified and non-qualified pension plans of $16.2 million and $19.8 million at December 31, 2023 and 2022, respectively, is included in other liabilities in the accompanying consolidated balance sheets. The change in the deferred net loss related to the Company’s retirement plans during 2023, 2022 and 2021 resulted in an increase (decrease) in equity of $5.3 million, $(0.6) million and $9.9 million, respectively. Each of these adjustments to equity due to the change in the minimum liability is included in other comprehensive loss in the accompanying consolidated statements of equity (deficit) and noncontrolling interest. The combined net loss, amortization of net loss, and new prior service credit and amortization of prior service credit recognized in other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 was $5.3 million, $(0.6) million and $9.9 million, respectively, net of taxes of $1.6 million, $0 and $0, respectively. Included in accumulated other comprehensive loss at December 31, 2023 and 2022 are unrecognized actuarial losses of $21.5 million and $26.7 million ($16.3 million and $20.0 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. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity | |
Equity | 9. Equity Equity Offering In June 2023, the Company completed an underwritten public offering of approximately 4.4 million shares of its common stock, par value $0.01 per share, at a price to the public of $93.25 per share. Net proceeds to the Company, after deducting underwriting discounts and commissions and other expenses paid by the Company, were approximately $395 million. The Company used the proceeds to pay a portion of the purchase price for JW Marriott Hill Country discussed in Note 1. Dividends During 2023, the Company’s board of directors declared quarterly dividends and distributions totaling $3.85 per share of common stock/OP Unit for the full year, or an aggregate of $228.1 million in cash. During 2022, the Company’s board of directors declared total 2022 dividends and distributions in the amount of $0.35 per share of common stock/OP Unit, or an aggregate of $19.4 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 dividend policy provides that the Company will make minimum dividends of 100% of REIT taxable income annually, subject to the Company’s board of directors’ future determinations as to the amount of any distributions and the timing thereof. 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 then-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 capital in the Company’s accompanying consolidated financial statements. The increase in treasury stock for a particular year represents dividends received on shares of Company common stock held by the rabbi trust. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component consisted of the following (amounts in thousands): Other-Than- Minimum Temporary Pension Impairment of Interest Rate Liability Investment Derivatives Total Balance, December 31, 2020 $ (26,623) $ (3,509) $ (27,819) $ (57,951) Gains arising during period 10,314 — 1,955 12,269 Amounts reclassified from accumulated other comprehensive loss (110) 211 16,501 16,602 Net other comprehensive income 10,204 211 18,456 28,871 Balance, December 31, 2021 $ (16,419) $ (3,298) $ (9,363) $ (29,080) Gains (losses) arising during period (1,428) — 16,007 14,579 Amounts reclassified from accumulated other comprehensive loss (174) 211 3,541 3,578 Net other comprehensive income (loss) (1,602) 211 19,548 18,157 Balance, December 31, 2022 $ (18,021) $ (3,087) $ 10,185 $ (10,923) Gains arising during period 4,428 — 670 5,098 Amounts reclassified from accumulated other comprehensive loss (308) 209 (12,177) (12,276) Income tax expense (1,286) — — (1,286) Net other comprehensive income (loss) 2,834 209 (11,507) (8,464) Balance, December 31, 2023 $ (15,187) $ (2,878) $ (1,322) $ (19,387) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Income Taxes | 10. Income Taxes The Company has elected to be taxed as a REIT effective January 1, 2013, pursuant to the U.S. Internal Revenue Code of 1986, as amended. As a REIT, the Company generally 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 pays federal and state corporate income taxes on earnings of its taxable REIT subsidiaries (“TRSs”). The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands): 2023 2022 2021 CURRENT: Federal $ 797 $ (21,936) $ 126 State (2,920) (8,595) (1,077) Total current provision (2,123) (30,531) (951) DEFERRED: Federal 79,710 (9,115) (3,646) State 16,115 871 (360) Total deferred (provision) benefit 95,825 (8,244) (4,006) Total (provision) benefit for income taxes $ 93,702 $ (38,775) $ (4,957) 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 2023, due to continued improvement in the Company’s financial results coming out of the COVID-19 pandemic and the projected future taxable income of its TRSs, the Company determined that the release of a significant portion of its federal and state valuation allowance was appropriate. This release of valuation allowance of $112.5 million was the primary factor in the income tax benefit for 2023. 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 (loss) reported for financial reporting purposes. The Company made no cash distributions in 2021. The estimated taxability of cash distributions to common stockholders is shown in the table below (per common share) (unaudited). 2023 2022 2021 Ordinary income $ 3.75 $ 0.28 $ — Capital gains 0.10 0.07 — Return of capital — — — $ 3.85 $ 0.35 $ — The differences between the income tax (provision) benefit calculated at the statutory U.S. federal income tax rate of 21% and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands): 2023 2022 2021 Statutory federal income tax (provision) benefit $ (52,101) $ (36,482) $ 39,868 Adjustment for nontaxable income of the REIT 44,968 3,565 (16,379) Adjustment for noncontrolling interest in consolidated joint venture — — (1,834) State tax (provision) benefit (net of federal taxes) (11,934) (13,597) 8,581 Permanent share-based compensation adjustment 34 440 329 Other permanent items (531) (365) (281) Change in federal valuation allowance 87,330 1,914 (25,698) Change in state valuation allowance (net of federal taxes) 25,128 5,873 (9,264) Other 808 (123) (279) $ 93,702 $ (38,775) $ (4,957) Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands): 2023 2022 DEFERRED TAX ASSETS: Accounting reserves and accruals $ 22,371 $ 23,095 Pension plans 4,249 5,413 Deferred management rights proceeds 40,280 42,875 Federal and State net operating loss carryforwards 102,032 97,832 Tax credits and other carryforwards 8,881 5,182 Other assets 6,205 5,124 Total deferred tax assets 184,018 179,521 Valuation allowance (5,557) (118,015) Total deferred tax assets, net of valuation allowance 178,461 61,506 DEFERRED TAX LIABILITIES: Property and equipment, net 91,314 67,744 Other liabilities 5,523 6,677 Total deferred tax liabilities 96,837 74,421 Net deferred tax assets (liabilities) $ 81,624 $ (12,915) TRS federal net operating loss carryforwards at December 31, 2023 totaled $399.7 million, resulting in a deferred tax asset of $83.9 million, and do not expire. All available federal operating loss carryforwards at the REIT were used to reduce taxable REIT income subject to distribution in 2022. The REIT has no federal net operating losses as of December 31, 2023. The use of certain federal net operating losses, credits and other deferred tax assets is 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) $(87.3) million, $(1.6) million and $23.0 million in 2023, 2022 and 2021, respectively. State net operating loss carryforwards at December 31, 2023 totaled $546.8 million, resulting in a deferred tax benefit of $18.1 million, which will expire between 2024 2043 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 2019. However, the Company has federal and 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, 2023. In addition, the Company has evaluated the effects of the Inflation Reduction Act signed into law in 2022 and believes that it has no material effect on the Company’s financial statements. At December 31, 2023 and 2022, 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, 2023 2022 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | 11. Commitments and Contingencies In April 2019, a subsidiary of the Company acquired a 50% equity interest in Circle and has made capital contributions of $41.5 million through December 31, 2023. The Company accounted for its investment in this joint venture under the equity method of accounting. In September 2023, Company management determined to pivot from television network ownership in favor of a distribution approach. Therefore, the Company and its joint venture partner agreed to wind down the joint venture, with operations ceasing December 31, 2023. As a result, the Company incurred a loss related to Circle of approximately $10.5 million, which is included in loss from unconsolidated joint ventures in the accompanying consolidated statement of operations for 2023. Included in this loss is approximately $3.5 million, which is the Company’s portion of the remaining net obligations of the joint venture, which the Company has committed to fund. The Company entered into a tax protection agreement in connection with the December 31, 2018 purchase of additional interests in the Gaylord Rockies joint venture, which will generally require the Company to, among other things, indemnify certain minority partners that were members of the Gaylord Rockies joint venture for 50% of any income taxes incurred by them as a result of a direct or indirect sale or other disposition of the Gaylord Rockies joint venture, within seven years of closing, and for 100% of any income taxes incurred by them as a result of the failure to comply with certain obligations related to nonrecourse liability allocations and debt guarantee opportunities for the purpose of protecting such parties’ tax bases. In connection with the purchase of Block 21, the Company provided (i) limited guarantees to the Block 21 lenders under the Block 21 CMBS Loan via a guaranty agreement, a guaranty of completion agreement and an environmental indemnity, and (ii) a letter of credit drawable by the Block 21 lenders in the event of a default of the Block 21 CMBS Loan. 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 subsequently transitioned to a low or no deductible program. As of January 1, 2022, the Company again became self-insured for certain losses related to employee medical benefits. The Company has purchased stop-loss coverage in order to limit its exposure to any significant levels of claims relating to workers’ compensation, employee medical benefits and general liability for which it is self-insured. The Company has entered into employment agreements with certain officers, which provide for severance payments upon certain events, including 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 financial statements of the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements | |
Fair Value Measurements | 12. 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. The investments held by the Company in connection with its deferred compensation 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. The Company’s interest rate swaps consist of over-the-counter swap contracts, which are not traded on a public exchange. The Company determines the fair value of these swap contracts based on a widely accepted valuation methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flow, using interest rates derived from observable market interest rate curves and volatilities, with appropriate adjustments for any significant impact of non-performance risk of the parties to the swap contracts. Therefore, these swap contracts have been classified as Level 2. 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’s assets and liabilities that are required to be measured at fair value on a recurring basis at December 31, were as follows (in thousands): Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Deferred compensation plan investments $ 33,073 $ 33,073 $ — $ — Total assets measured at fair value $ 33,073 $ 33,073 $ — $ — Variable to fixed interest rate swaps $ 1,322 $ — $ 1,322 $ Total liabilities measured at fair value $ 1,322 $ — $ 1,322 $ — Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Deferred compensation plan investments $ 29,245 $ 29,245 $ — $ — Variable to fixed interest rate swaps 11,350 — 11,350 — Total assets measured at fair value $ 40,595 $ 29,245 $ 11,350 $ — Variable to fixed interest rate swaps $ 1,164 $ — $ 1,164 $ — Total liabilities measured at fair value $ 1,164 $ — $ 1,164 $ — The remainder of the assets and liabilities held by the Company at December 31, 2023 are not required to be measured at fair value, and financial assets and liabilities approximate fair value, except as described below. As discussed in Note 4, “Debt,” the Company has outstanding $400.0 million in aggregate principal amount of the $400 Million 7.25% Senior Notes. The carrying value of these notes at December 31, 2023 was $393.8 million, net of unamortized DFCs. The fair value of these notes, based upon quoted market prices (Level 1), was $417.8 million at December 31, 2023. As discussed in Note 4, “Debt,” the Company has outstanding $600.0 million in aggregate principal amount of the $600 Million 4.50% Senior Notes. The carrying value of these notes at December 31, 2023 was $593.0 million, net of unamortized DFCs. The fair value of these notes, based upon quoted market prices (Level 1), was $560.6 million at December 31, 2023. As discussed in Note 4, “Debt,” the Company has outstanding $700.0 million in aggregate principal amount of the $700 Million 4.75% Senior Notes. The carrying value of these notes at December 31, 2023 was $694.9 million, net of unamortized DFCs and premiums. The fair value of these notes, based upon quoted market prices (Level 1), was $680.0 million at December 31, 2023. See the “JW Marriott Hill Country Transaction” and the “Block 21 Transaction” sections of Note 1 for additional disclosures related to the fair value measurements used in accounting for the purchase of JW Marriott Hill Country and Block 21. |
Financial Reporting By Business
Financial Reporting By Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Reporting By Business Segments | |
Financial Reporting By Business Segments | 13. Financial Reporting By Business Segments The Company’s continuing operations are organized into the following principal business segments: ● Hospitality , which includes the Gaylord Hotels properties, JW Marriott Hill Country (effective June 30, 2023), the Inn at Opryland and the AC Hotel; ● Entertainment , which includes the OEG business, specifically, the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Block 21, the Company’s investment in Circle, and the Company’s Nashville-based attractions; and ● Corporate and Other , which includes the Company’s corporate expenses. The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used for corporate management purposes. 2023 2022 2021 Revenues: Hospitality $ 1,833,478 $ 1,537,974 $ 786,583 Entertainment 324,658 267,995 152,790 Corporate and Other — — — Total $ 2,158,136 $ 1,805,969 $ 939,373 Depreciation and amortization: Hospitality $ 186,749 $ 189,375 $ 203,675 Entertainment 23,611 18,420 14,655 Corporate and Other 867 821 2,027 Total $ 211,227 $ 208,616 $ 220,357 Operating income (loss): Hospitality $ 421,264 $ 310,924 $ (38,013) Entertainment 77,384 61,030 20,382 Corporate and Other (43,656) (43,803) (40,624) Preopening costs (1,308) (532) (737) Loss on sale of assets — (469) 317 Total operating income (loss) 453,684 327,150 (58,675) Interest expense (211,370) (148,406) (125,347) Interest income 21,423 5,750 5,685 Loss on extinguishment of debt (2,252) (1,547) (2,949) Loss from unconsolidated joint ventures (1) (17,308) (10,967) (8,963) Other gains and (losses), net 3,921 1,743 405 Income (loss) before income taxes $ 248,098 $ 173,723 $ (189,844) (1) Loss from unconsolidated joint ventures relates to the Entertainment segment. December 31, December 31, 2023 2022 Total assets: Hospitality $ 4,039,804 $ 3,314,444 Entertainment 610,663 502,913 Corporate and Other 538,070 223,266 Total assets $ 5,188,537 $ 4,040,623 The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands): 2023 2022 2021 Hospitality $ 145,805 $ 70,406 $ 73,199 Entertainment 60,428 18,767 3,560 Corporate and other 543 347 667 Total capital expenditures $ 206,776 $ 89,520 $ 77,426 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2023 | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES Description Balance at Beginning of Year Additions Charged to Expenses/Other Accounts Net (Deductions) Recoveries Balance at End of Year Credit loss reserve on notes receivable: Year ended December 31, 2023 $ 37,962 $ - $ - $ 37,962 Year ended December 31, 2022 $ 37,962 $ - $ - $ 37,962 Year ended December 31, 2021 $ 37,962 $ - $ - $ 37,962 Valuation allowance for deferred tax assets: Year ended December 31, 2023 $ 118,015 $ - $ (112,458) $ 5,557 Year ended December 31, 2022 $ 125,387 $ - $ (7,372) $ 118,015 Year ended December 31, 2021 $ 97,700 $ 27,687 $ - $ 125,387 |
SCHEDULE III Real Estate and Ac
SCHEDULE III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SCHEDULE III Real Estate and Accumulated Depreciation | |
SCHEDULE III Real Estate and Accumulated Depreciation | RYMAN HOSPITALITY PROPERTIES, INC. AND SUBSIDIARIES Costs Initial Cost to Company Capitalized Gross Amount at End of Year Date Acq/ Depr Life Encmbr Land Bldgs & Impr Subs to Acq Land Bldgs & Impr Total (3) Acc Depr Constr (yrs) Gaylord Opryland (1) $ 11,482 $ 77,125 $ 703,482 $ 72,677 $ 719,412 $ 792,089 $ 455,602 1983 20 - 40 Gaylord Palms (1) 21,564 314,661 212,454 39,341 509,338 548,679 228,937 2002 20 - 40 Gaylord Texan (1) 21,235 388,030 191,935 49,962 551,238 601,200 249,361 2004 20 - 40 Gaylord National (1) 43,212 840,261 70,194 47,609 906,058 953,667 345,160 2008 20 - 40 Gaylord Rockies (2) 53,374 760,898 30,913 68,858 776,327 845,185 116,888 2018 20 - 40 JW Marriott Hill Country (1) 139,196 558,584 10,273 149,469 558,584 708,053 8,145 2023 20 - 40 Inn at Opryland — 2,675 7,248 21,324 3,347 27,900 31,247 13,490 1998 20 - 40 AC Hotel — 9,079 17,340 4,877 9,101 22,195 31,296 4,867 2014 20 - 40 Miscellaneous — 43,337 6,717 8,585 53,434 5,205 58,639 14,222 N/A 20 - 40 — $ 345,154 $ 2,970,864 $ 1,254,037 $ 493,798 $ 4,076,257 $ 4,570,055 $ 1,436,672 2023 2022 2021 Investment in real estate: Balance at beginning of year $ 3,810,923 $ 3,792,011 $ 3,642,007 Other acquisitions 697,780 — 22,227 Improvements 61,440 23,034 146,030 Disposals (88) (4,122) (2,058) Other deductions (4) — — (16,195) Balance at end of year $ 4,570,055 $ 3,810,923 $ 3,792,011 Accumulated depreciation: Balance at beginning of year $ 1,327,833 $ 1,229,727 $ 1,140,564 Depreciation 108,846 99,533 99,104 Disposals (7) (1,427) (1,346) Other deductions (4) — — (8,595) Balance at end of year $ 1,436,672 $ 1,327,833 $ 1,229,727 (1) Pledged as collateral under the Company’s credit facility. At December 31, 2023, $510.8 million in borrowings and letters of credit were outstanding under such facility. (2) Pledged as collateral under the Gaylord Rockies term loan. At December 31, 2023, $800.0 million in borrowings were outstanding under such loan. (3) The aggregate cost of these assets for federal income tax purposes (unaudited) is approximately $3.5 billion at December 31, 2023. (4) Other deductions represents assets transferred as part of an internal reorganization. |
Description of the Business a_2
Description of the Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Description of the Business and Summary of Significant Accounting Policies | |
Business Segments | Business Segments Hospitality The Hospitality segment includes the Gaylord Hotels properties, JW Marriott Hill Country (effective June 30, 2023), the Inn at Opryland and the AC Hotel, each of which is managed by Marriott pursuant to a management agreement for each hotel. Entertainment The Entertainment segment includes the OEG business, specifically the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, Block 21, the General Jackson, the Wildhorse Saloon, and the Company’s previous investment in the Circle joint venture, among various others. Marriott manages the day-to-day operations of the General Jackson and the W Austin, which is part of the Block 21 complex, pursuant to management agreements. 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 its subsidiaries. The Company’s investments in non-controlled entities in which it has the ability to exercise significant influence over operating and financial policies are accounted for by the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation. 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. For periods prior to its acquiring 100% ownership of the Gaylord Rockies joint venture in May 2021, management concluded that the Company was the primary beneficiary of the Gaylord Rockies joint venture, which was a VIE. As such, the Company consolidated the assets, liabilities and results of operations of the Gaylord Rockies joint venture in the accompanying consolidated financial statements. The portion of the Gaylord Rockies joint venture that the Company did not previously own was recorded as noncontrolling interest in consolidated joint venture, and any previous adjustment necessary to reflect the noncontrolling interest at its redemption value was shown in the accompanying consolidated statements of equity (deficit) and noncontrolling interest. As Gaylord Rockies is now wholly-owned by the Company, it is no longer considered a VIE. See “Noncontrolling Interests” below for further discussion. The terms of the Company's joint venture agreement in Circle provided that the Company and its joint venture partner each shared the authority to make major decisions in the joint venture, including operating plans, entering into certain contracts, admitting additional members of the joint venture, issuing additional membership interests, and amending the operating agreement. In addition, the officers of Circle were not employees of the Company. Based on management’s analysis of the joint venture agreement, management concluded that the Company was not the primary beneficiary of this variable interest entity and accounted for this previous investment under the equity method. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost or initially at estimated fair value if recorded in connection with purchase accounting. 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 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 years 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. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. |
Cash and Cash Equivalents - Restricted | Cash and Cash Equivalents — Restricted Restricted cash and cash equivalents primarily represent funds held by our property manager for furniture, fixtures and equipment reserves. In addition, based on their respective loan agreements, Gaylord Rockies must maintain a restricted cash balance related to debt service payments and Block 21 must maintain a restricted cash balance related to debt service, property tax, insurance and other payments. Beginning in July 2020, Gaylord Rockies was in a cash sweep period pursuant to the Gaylord Rockies term loan agreement, and such cash amounts are also included in restricted cash for 2022. Gaylord Rockies exited this cash sweep period in January 2023. Block 21 was in a Trigger Period (as defined in Note 4, “Debt”) as of the date of its purchase by the Company but exited the Trigger Period with first quarter 2023 results. Such cash amounts previously held as a result of the Trigger Period are also included in restricted cash for 2022. |
Accounts Receivable | 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. |
Credit Loss Reserves on Accounts Receivable | Credit Loss Reserves on Accounts Receivable The Company provides credit loss reserves based upon a percentage of accounts receivable that considers historical write-offs, current economic conditions, and management’s expectations about future economic conditions, as well as periodic evaluations of the aging of accounts receivable. |
Inventory | 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. |
Intangible Assets | Intangible Assets In connection with the Company’s purchase price allocation of the Gaylord Rockies joint venture, the Company acquired certain definite-lived intangibles, which are shown on the accompanying consolidated balance sheets. Included in these intangibles are the original estimated fair value of advanced bookings of $125.5 million and the original estimated fair value related to the Gaylord Hotels trade name, which Marriott owns, of $115.3 million. The advanced bookings asset was amortized on a straight-line basis over a period of 3.5 years, which corresponded with the period in which the advanced bookings related, and the value in the trade name is being amortized on a straight-line basis over 30 years, which is the period of the Marriott management agreement. |
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, if any. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. See Note 10, “Income Taxes,” 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 all available positive and negative evidence 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 5, “Deferred Management Rights Proceeds,” on a straight-line basis over the term of the hotel management agreements, including extensions, as a reduction in management fee expense in the accompanying consolidated statements of operations. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs (“DFCs”) 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 generally presented as a reduction of the related debt liability. DFCs on the Company’s revolving credit facility and the OEG revolving credit facility are included in prepaid expenses and other assets when the related revolving credit facility has no outstanding balance. During 2023, 2022 and 2021, DFCs of $10.7 million, $9.8 million and $8.8 million, respectively, were amortized to interest expense in the accompanying consolidated statements of operations. |
Noncontrolling Interests | Noncontrolling Interests OEG The noncontrolling interest in consolidated joint venture for 2023 and 2022 represents the minority investor’s proportionate share of the assets and liabilities of OEG, adjusted for changes in the redemption value of the related put rights. The noncontrolling interest is classified in the mezzanine section of the consolidated balance sheets as the related redemption options do not meet the requirements for permanent equity classification because these redemption options may be redeemed by the holder as described above in “OEG Transaction.” The initial value of the noncontrolling interest in OEG, which included certain put rights, was estimated based on the purchase price received from the OEG Investor. In general, the carrying value will be based on the greater of the accumulated historical cost or the put right redemption value, and at December 31, 2023, approximates the fair value of the noncontrolling interest. An adjustment is also made for the OEG Investor’s proportionate share of income or loss in the accompanying consolidated statements of operations. Gaylord Rockies Until the Company’s buyout of the minority partners’ interest in the Gaylord Rockies joint venture in 2021, the noncontrolling interest in consolidated joint venture for 2021 represents the previous minority partners’ proportionate share of the assets and liabilities of the Gaylord Rockies joint venture. An adjustment was made in 2021 for the minority partners’ proportionate share of income or loss in the joint venture in the accompanying consolidated statement of operations. OP Units Certain former owners of interests in the Gaylord Rockies joint venture received units of the Operating Partnership (“OP Units”) in exchange for their interests. Such OP Units have economic terms that are substantially similar to shares of the Company’s common stock and are redeemable at the option of the holders thereof. The noncontrolling interest in the Operating Partnership represents the limited partners’ proportionate share of the equity of the Operating Partnership. The noncontrolling interest is classified in the equity section of the consolidated balance sheets, separately from stockholders’ equity, as the related redemption options are redeemable for cash, or if the Company so elects, in unregistered shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments. An adjustment is made for the limited partners’ proportionate share of income or loss in the accompanying consolidated statements of operations. At December 31, 2023, 0.4 million outstanding OP Units, or 0.7% of the outstanding OP Units, were held by the noncontrolling limited partners and are included as a component of equity in the accompanying consolidated balance sheets. The Company owns, directly or indirectly, the remaining 99.3% of the outstanding OP Units. |
Revenue Recognition | Revenue Recognition Revenues from occupied hotel rooms are recognized over time as the daily hotel stay is provided to hotel groups and guests. Revenues from concessions, food and beverage sales and group meeting services are recognized over the period or at the point in time those goods or services are delivered to the hotel group or guest. Revenues from ancillary services at the Company’s hotels, such as spa, parking, and transportation services, are generally recognized at the time the goods or 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 generally recognized as revenue in the period the Company determines it is probable that a significant reversal in the amount of revenue recognized will not occur, which is typically the period these fees are collected. The Company generally recognizes revenues from the Entertainment segment at the point in time that services are provided or goods are delivered or shipped to the customer, as applicable. Cash received from advanced ticket sales is deferred and recognized as revenue at the time of the event. Entertainment segment revenues from licenses of content are recognized at the point in time the content is delivered to the licensee and the licensee can use and benefit from the content. Revenue related to content provided to Circle has been eliminated for the portion of Circle that the Company owned. 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. |
Deferred Revenue | The Company records deferred revenues when cash payments are received in advance of its performance obligations, primarily related to advanced deposits on hotel rooms in its Hospitality segment and advanced ticketing in its OEG venues. At December 31, 2023 and 2022, the Company had $159.8 million and $136.5 million, respectively, in deferred revenues, which are included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. Of the amount outstanding at December 31, 2022, approximately $103.1 million was recognized in revenues during 2023. |
Management Fees | The Company pays Marriott a base management fee based on the gross revenues from the applicable property for each fiscal year or portion thereof. The applicable percentage for the Gaylord Hotels properties, excluding Gaylord Rockies, is approximately 2% of gross revenues, Gaylord Rockies is approximately 3% of revenues, and JW Marriott Hill Country is approximately 3.5% of gross revenues. Additionally, the Company pays Marriott an incentive management fee based on the profitability of the properties. Management fees are presented in the consolidated statements of operations net of the amortization of the deferred management rights proceeds discussed further in Note 5, “Deferred Management Rights Proceeds.” |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and were $65.0 million, $55.1 million, and $36.2 million for 2023, 2022 and 2021, respectively. |
Stock-Based Compensation | Stock-Based Compensation The Company has stock-based employee compensation plans, which are described more fully in Note 7, “Stock Plans.” 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 activities and organization costs associated with its development or reopening of hotels and significant attractions as incurred. The Company’s preopening costs during 2023 include costs associated with Ole Red Las Vegas, which opened in January 2024. The Company’s preopening costs during 2022 include costs associated with Ole Red Nashville International Airport, which opened in May 2022. The Company’s preopening costs during 2021 include costs associated with the Gaylord Palms expansion, which was completed in April 2021. |
Derivative Financial Instruments | Derivative Financial Instruments The Company has entered into and may in the future enter into additional interest rate swap agreements to hedge against interest rate fluctuations. The Company does not use derivatives for trading or speculative purposes and currently does not hold any derivatives that are not designated as hedges. For derivatives designated as and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative resulting from recording each instrument at estimated fair value is recorded in accumulated other comprehensive loss and subsequently reclassified to interest expense in the same period during which the hedged transaction affects earnings. These amounts reported in accumulated other comprehensive loss will be reclassified to interest expense as interest payments are made on the related variable-rate debt. The Company estimates that $0.3 million will be reclassified from accumulated other comprehensive loss to interest expense in the next twelve months. |
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 property and equipment and intangible assets), 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 property and equipment and definite-lived intangible 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 excess of the assets’ carrying amount over 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. The Company recorded no impairment losses during 2023, 2022 or 2021. |
Income (Loss) Per Share | Income (Loss) Per Share Income (loss) per share is measured as basic earnings per share and diluted earnings per share. Basic earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding after considering the effect of conversion of dilutive instruments, calculated using the treasury stock method or if-converted method, as applicable. Net income (loss) per share amounts are calculated as follows for the years ended December 31 (income (loss) and share amounts in thousands): |
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 periods. Actual results could differ from those estimates. |
Newly Issued Accounting Standards | Newly Issued Accounting Standards In March 2020, the FASB issued ASU No. 2020-04, “ Reference Rate Reform – Facilitation of the Effects of Reference Rate Reform on Financial Reporting ,” which provides temporary optional expedients and exceptions to the existing guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The guidance in ASU 2020-04 is optional, effective immediately, and may be elected over time as reference rate reform activities occur generally through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, “ Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ,” which extends the transition period for the shift from LIBOR to December 2024. The Company has now converted all of its LIBOR-indexed debt and derivatives to SOFR-based indexes. For all derivatives in hedge accounting relationships, the Company utilized the elective relief in ASU 2020-04 and ASU 2022-06 that allows for the continuation of hedge accounting through the transition process In November 2023, the FASB issued ASU No. 2023-07, “ Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, “ Improvements to Income Tax Disclosures |
Description of the Business a_3
Description of the Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Description of the Business and Summary of Significant Accounting Policies | |
Summary of Net Assets Acquired | The Company determined that the acquisition represents an asset acquisition and has capitalized transaction costs and allocated the purchase price to the relative fair values of assets acquired and liabilities assumed, adjusted for working capital adjustments as set forth in the purchase agreement and transaction costs, as follows (amounts in thousands): Property and equipment $ 772,821 Cash and cash equivalents - unrestricted 12,690 Cash and cash equivalents - restricted 5,477 Trade receivables 14,743 Prepaid expenses and other assets 3,953 Intangible assets 25,097 Total assets acquired 834,781 Accounts payable and accrued liabilities (25,148) Total liabilities assumed (25,148) Net assets acquired $ 809,633 |
Summary of Purchase Price Allocation for the Acquired Assets and Liabilities of Block 21 | As a result, the Company allocated the purchase price, adjusted for working capital adjustments as defined in the purchase agreement, as follows (amounts in thousands): Property and equipment $ 237,159 Cash and cash equivalents - unrestricted 8,493 Cash and cash equivalents - restricted 12,450 Trade receivables 1,405 Prepaid expenses and other assets 1,085 Intangible assets 1,723 Total assets acquired 262,315 Debt (132,531) Accounts payable and accrued liabilities (14,774) Other liabilities (75) Total liabilities assumed (147,380) Net assets acquired $ 114,935 |
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 years Leasehold improvements The shorter of the lease term or useful life |
Cash Paid for Interest | Cash paid for interest, net of amounts from interest rate swaps, for the years ended December 31 was comprised of (amounts in thousands): 2023 2022 2021 Debt interest paid $ 183,479 $ 135,467 $ 113,669 Capitalized interest (2,483) (183) (2,922) Cash paid for interest, net of capitalized interest $ 180,996 $ 135,284 $ 110,747 |
Summary of Prepaid Expense and Other Assets | Prepaid expenses and other assets at December 31 consist of (amounts in thousands): 2023 2022 Prepaid expenses $ 22,458 $ 19,377 Supplemental deferred compensation plan assets 33,073 29,245 Tax rebate receivables 34,324 22,181 Inventories 14,007 12,041 Right-of-use assets for operating leases 18,134 18,910 Deferred financing costs on revolving credit facilities 8,420 5,757 Derivative assets — 11,350 Other 24,394 15,309 Total prepaid expenses and other assets $ 154,810 $ 134,170 |
Summary of Estimated Amounts of Amortization Expense for Next Five Years | The estimated amounts of amortization expense for the next five years are as follows (amounts in thousands): 2024 $ 8,083 2025 7,694 2026 7,275 2027 5,446 2028 5,329 $ 33,827 |
Accounts Payable and Accrued Liabilities of Continuing Operations | Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands): 2023 2022 Trade accounts payable $ 57,030 $ 38,628 Property and other taxes payable 90,558 73,461 Deferred revenues 159,762 136,479 Accrued salaries and benefits 57,502 58,219 Interest payable 39,870 23,111 Other accrued liabilities 59,998 55,261 Total accounts payable and accrued liabilities $ 464,720 $ 385,159 |
Other Liabilities | Other liabilities at December 31 consist of (amounts in thousands): 2023 2022 Pension and postretirement benefits liability $ 17,404 $ 21,148 Deferred compensation liability 33,073 29,245 Derivative liabilities 1,322 1,164 Other 14,859 13,267 Total other liabilities $ 66,658 $ 64,824 |
Revenues Disaggregated by Major Source | The Company’s revenues disaggregated by major source are as follows (in thousands): 2023 2022 2021 Hotel group rooms $ 462,674 $ 364,835 $ 131,404 Hotel transient rooms 238,464 230,709 197,470 Hotel food and beverage - banquets 569,803 440,364 140,186 Hotel food and beverage - outlets 261,993 226,645 139,303 Hotel other 300,544 275,421 178,220 Entertainment admissions/ticketing 124,647 107,377 62,768 Entertainment food and beverage 107,335 89,931 51,515 Entertainment produced content 5,764 4,984 5,919 Entertainment retail and other 86,912 65,703 32,588 Total revenues $ 2,158,136 $ 1,805,969 $ 939,373 |
Hospitality Segment Revenues Disaggregated by Location | The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands): 2023 2022 2021 Gaylord Opryland $ 474,884 $ 424,188 $ 238,567 Gaylord Palms 309,616 279,578 139,130 Gaylord Texan 358,399 307,318 180,031 Gaylord National 307,139 249,849 79,419 Gaylord Rockies 266,737 253,326 135,942 JW Marriott Hill Country 92,813 — — AC Hotel 11,997 10,419 5,838 Inn at Opryland and other 11,893 13,296 7,656 Total Hospitality segment revenues $ 1,833,478 $ 1,537,974 $ 786,583 |
Income Per Share | Net income (loss) per share amounts are calculated as follows for the years ended December 31 (income (loss) and share amounts in thousands): 2023 2022 2021 Numerator: Net income (loss) available to common stockholders $ 311,217 $ 128,993 $ (176,966) Denominator: Weighted average shares outstanding - basic 57,750 55,140 55,047 Effect of dilutive stock-based compensation 311 237 — Weighted average shares outstanding - diluted 58,061 55,377 55,047 Basic income (loss) per share available to common stockholders $ 5.39 $ 2.34 $ (3.21) Diluted income (loss) per share available to common stockholders $ 5.36 $ 2.33 $ (3.21) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment | |
Property and Equipment | Property and equipment at December 31 is recorded at cost, with the exception of right-of-use finance leases and the initial value assigned to assets acquired in an acquisition, and summarized as follows (amounts in thousands): 2023 2022 Land and land improvements $ 605,500 $ 443,469 Buildings 4,396,302 3,785,968 Furniture, fixtures and equipment 1,138,769 1,015,078 Right-of-use finance lease assets 1,793 1,613 Construction-in-progress 122,923 50,312 6,265,287 5,296,440 Accumulated depreciation and amortization (2,309,701) (2,124,732) Property and equipment, net $ 3,955,586 $ 3,171,708 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt | |
Summary of Debt and Finance Lease Obligations | The Company’s debt and finance lease obligations at December 31 consisted of (amounts in thousands): 2023 2022 $700M Revolving Credit Facility $ — $ — $500M Term Loan B 496,250 371,250 $400M 7.25% Senior Notes 400,000 — $600M 4.50% Senior Notes 600,000 600,000 $700M 4.75% Senior Notes 700,000 700,000 $800M Gaylord Rockies Term Loan 800,000 800,000 $300M OEG Term Loan 296,250 299,250 $65M OEG Revolver 5,000 — Block 21 CMBS Loan 131,871 134,636 Finance lease obligations 138 685 Unamortized deferred financing costs (38,309) (30,482) Unamortized discounts and premiums, net (14,172) (12,747) Total debt $ 3,377,028 $ 2,862,592 |
Annual Maturities of Long-Term Debt Excluding Finance Lease Obligations | Annual maturities of long-term debt, excluding finance lease obligations, are as follows (amounts in thousands): Years 2024 2025 2026 2027 2028 Thereafter Total $700M Revolving Credit Facility $ — $ — $ — $ — $ — $ — $ — $500M Term Loan B 5,000 5,000 5,000 5,000 5,000 471,250 496,250 $400M 7.25% Senior Notes — — — — 400,000 — 400,000 $600M 4.50% Senior Notes — — — — — 600,000 600,000 $700M 4.75% Senior Notes — — — 700,000 — — 700,000 $800M Gaylord Rockies Term Loan (1) 800,000 — — — — — 800,000 $300M OEG Term Loan 3,000 3,000 3,000 3,000 3,000 281,250 296,250 $65M OEG Revolver — — — 5,000 — — 5,000 Block 21 CMBS Loan 2,904 3,094 125,873 — — — 131,871 Total $ 810,904 $ 11,094 $ 133,873 $ 713,000 $ 408,000 $ 1,352,500 $ 3,429,371 (1) The $800 Million Gaylord Rockies Term Loan includes two, one-year extension options, subject to certain requirements. |
Schedule of Fair Value of the Company's Derivative Financial Instruments | The estimated fair values of the Company’s derivative financial instruments at December 31 are as follows (in thousands): Estimated Fair Value Asset (Liability) Balance Strike Notional December 31, December 31, Hedged Debt Type Rate Index Maturity Date Amount 2023 2022 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 $ 87,500 $ - $ 1,096 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 87,500 - 1,096 Term Loan B Interest Rate Swap 1.2235% 1-month LIBOR May 11, 2023 87,500 - 1,096 Term Loan B Interest Rate Swap 1.2315% 1-month LIBOR May 11, 2023 87,500 - 1,093 Gaylord Rockies Term Loan Interest Rate Swap 3.3410% 1-month LIBOR August 1, 2023 800,000 - 6,969 Gaylord Rockies Term Loan Interest Rate Swap 5.2105% Daily SOFR July 2, 2024 800,000 (474) - OEG Term Loan Interest Rate Swap 4.5330% 3-month SOFR December 18, 2025 100,000 (848) (1,164) $ (1,322) $ 10,186 |
Summary of Effect of Derivative Financial Instruments on the Accompanying Consolidated Statements of Operations | The effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and comprehensive income (loss) for the years ended December 31 is as follows (in thousands): Amount of Gain (Loss) Location of Gain (Loss) Amount of Gain (Loss) Recognized in OCI Reclassified from Reclassified from Accumulated on Derivatives Accumulated OCI OCI into Income (Expense) 2023 2022 into Income (Expense) 2023 2022 Derivatives in Cash Flow Hedging Relationships: Interest rate swaps $ 670 $ 16,007 Interest expense $ 12,177 $ (3,541) Total derivatives $ 670 $ 16,007 $ 12,177 $ (3,541) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of Company's Lease Cost | The Company’s lease cost for the years ended December 31 is as follows (in thousands): 2023 2022 2021 Operating lease cost $ 18,346 $ 15,694 $ 13,199 Finance lease cost: Amortization of right-of-use assets 163 122 146 Interest on lease liabilities 25 33 39 Net lease cost $ 18,534 $ 15,849 $ 13,384 |
Summary of Maturities of Operating Lease Liabilities | Future minimum lease payments under non-cancelable leases at December 31, 2023 are as follows (in thousands): Operating Finance Leases Leases Year 1 $ 9,809 $ 84 Year 2 9,224 40 Year 3 9,315 18 Year 4 9,218 — Year 5 9,063 — Years thereafter 556,191 — Total future minimum lease payments 602,820 142 Less amount representing interest (473,698) (4) Total present value of minimum payments $ 129,122 $ 138 |
Summary of Maturities of Finance Lease Liabilities | Operating Finance Leases Leases Year 1 $ 9,809 $ 84 Year 2 9,224 40 Year 3 9,315 18 Year 4 9,218 — Year 5 9,063 — Years thereafter 556,191 — Total future minimum lease payments 602,820 142 Less amount representing interest (473,698) (4) Total present value of minimum payments $ 129,122 $ 138 |
Schedule of Remaining Lease Term and Discount Rate of Leases | Weighted-average remaining lease term: Operating leases 43.1 years Finance leases 2.0 years Weighted-average discount rate: Operating leases 7.0 % Finance leases 2.4 % |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock Plans | |
Share-Based Compensation Activity | A summary of the status of the Company’s restricted stock units as of December 31, 2023 and changes during the year ended December 31, 2023, is presented below: Weighted Average Grant-Date Restricted Stock Units Shares Fair Value Nonvested shares at January 1, 2023 585,011 $ 77.33 Granted 207,159 85.25 Vested (166,282) 89.71 Canceled (24,033) 82.05 Nonvested shares at December 31, 2023 601,855 77.59 |
Pension Plans (Tables)
Pension Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Pension Plans | |
Funded Status and Accrued Pension Cost | The following table sets forth the funded status 2023 2022 CHANGE IN BENEFIT OBLIGATION: Benefit obligation at beginning of year $ 60,922 $ 76,680 Interest cost 2,794 2,253 Actuarial gain (188) (11,086) Benefits paid (5,750) (6,925) Benefit obligation at end of year 57,778 60,922 CHANGE IN PLAN ASSETS: Fair value of plan assets at beginning of year 52,269 72,486 Actual return on plan assets 6,123 (13,292) Benefits paid (5,750) (6,925) Fair value of plan assets at end of year 52,642 52,269 Funded status and accrued pension cost $ (5,136) $ (8,653) |
Assumptions Used to Determine Benefit Obligations | The assumptions used to determine the benefit obligation at December 31 are as follows: 2023 2022 2021 Discount rate 4.66 % 4.85 % 2.42 % 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: 2023 2022 2021 Discount rate 5.02 % 3.33 % 2.13 % Rate of compensation increase N/A N/A N/A Expected long-term rate of return on plan assets 6.00 % 6.00 % 6.00 % |
Allocation of Defined Benefit Pension Plans Assets | The allocation of the defined benefit pension plan’s assets at December 31 is as follows (amounts in thousands): Asset Class 2023 2022 Cash $ 1,013 $ 1,015 Mutual funds 51,629 51,254 Total $ 52,642 $ 52,269 |
Pension Plan [Member] | |
Pension Plans | |
Net Periodic Pension and Postretirement Benefit (Income) Expense | Net periodic pension (income) expense reflected in other gains and (losses), net in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands): 2023 2022 2021 Interest cost $ 2,794 $ 2,253 $ 1,715 Expected return on plan assets (2,904) (3,701) (4,253) Amortization of net actuarial loss 681 667 689 Net settlement loss 1,313 1,894 1,379 Total net periodic pension expense $ 1,884 $ 1,113 $ (470) |
Expected Future Benefit Payments | The Company does not expect to be required to contribute to its defined benefit pension plan in 2024. 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): 2024 $ 7,924 2025 6,218 2026 4,979 2027 5,607 2028 5,692 2029 - 2033 20,841 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity | |
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): Other-Than- Minimum Temporary Pension Impairment of Interest Rate Liability Investment Derivatives Total Balance, December 31, 2020 $ (26,623) $ (3,509) $ (27,819) $ (57,951) Gains arising during period 10,314 — 1,955 12,269 Amounts reclassified from accumulated other comprehensive loss (110) 211 16,501 16,602 Net other comprehensive income 10,204 211 18,456 28,871 Balance, December 31, 2021 $ (16,419) $ (3,298) $ (9,363) $ (29,080) Gains (losses) arising during period (1,428) — 16,007 14,579 Amounts reclassified from accumulated other comprehensive loss (174) 211 3,541 3,578 Net other comprehensive income (loss) (1,602) 211 19,548 18,157 Balance, December 31, 2022 $ (18,021) $ (3,087) $ 10,185 $ (10,923) Gains arising during period 4,428 — 670 5,098 Amounts reclassified from accumulated other comprehensive loss (308) 209 (12,177) (12,276) Income tax expense (1,286) — — (1,286) Net other comprehensive income (loss) 2,834 209 (11,507) (8,464) Balance, December 31, 2023 $ (15,187) $ (2,878) $ (1,322) $ (19,387) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Provision for Income Taxes from Continuing Operations | The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands): 2023 2022 2021 CURRENT: Federal $ 797 $ (21,936) $ 126 State (2,920) (8,595) (1,077) Total current provision (2,123) (30,531) (951) DEFERRED: Federal 79,710 (9,115) (3,646) State 16,115 871 (360) Total deferred (provision) benefit 95,825 (8,244) (4,006) Total (provision) benefit for income taxes $ 93,702 $ (38,775) $ (4,957) |
Summary of Taxability of Cash Distributions Paid on Common Shares | The estimated taxability of cash distributions to common stockholders is shown in the table below (per common share) (unaudited). 2023 2022 2021 Ordinary income $ 3.75 $ 0.28 $ — Capital gains 0.10 0.07 — Return of capital — — — $ 3.85 $ 0.35 $ — |
Differences Between the Income Tax Provision Calculated at the Statutory U.S. Federal Income Tax Rate of 21% and the Actual Income Tax Benefit Recorded for Continuing Operations | The differences between the income tax (provision) benefit calculated at the statutory U.S. federal income tax rate of 21% and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands): 2023 2022 2021 Statutory federal income tax (provision) benefit $ (52,101) $ (36,482) $ 39,868 Adjustment for nontaxable income of the REIT 44,968 3,565 (16,379) Adjustment for noncontrolling interest in consolidated joint venture — — (1,834) State tax (provision) benefit (net of federal taxes) (11,934) (13,597) 8,581 Permanent share-based compensation adjustment 34 440 329 Other permanent items (531) (365) (281) Change in federal valuation allowance 87,330 1,914 (25,698) Change in state valuation allowance (net of federal taxes) 25,128 5,873 (9,264) Other 808 (123) (279) $ 93,702 $ (38,775) $ (4,957) |
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): 2023 2022 DEFERRED TAX ASSETS: Accounting reserves and accruals $ 22,371 $ 23,095 Pension plans 4,249 5,413 Deferred management rights proceeds 40,280 42,875 Federal and State net operating loss carryforwards 102,032 97,832 Tax credits and other carryforwards 8,881 5,182 Other assets 6,205 5,124 Total deferred tax assets 184,018 179,521 Valuation allowance (5,557) (118,015) Total deferred tax assets, net of valuation allowance 178,461 61,506 DEFERRED TAX LIABILITIES: Property and equipment, net 91,314 67,744 Other liabilities 5,523 6,677 Total deferred tax liabilities 96,837 74,421 Net deferred tax assets (liabilities) $ 81,624 $ (12,915) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s assets and liabilities that are required to be measured at fair value on a recurring basis at December 31, were as follows (in thousands): Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Deferred compensation plan investments $ 33,073 $ 33,073 $ — $ — Total assets measured at fair value $ 33,073 $ 33,073 $ — $ — Variable to fixed interest rate swaps $ 1,322 $ — $ 1,322 $ Total liabilities measured at fair value $ 1,322 $ — $ 1,322 $ — Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Deferred compensation plan investments $ 29,245 $ 29,245 $ — $ — Variable to fixed interest rate swaps 11,350 — 11,350 — Total assets measured at fair value $ 40,595 $ 29,245 $ 11,350 $ — Variable to fixed interest rate swaps $ 1,164 $ — $ 1,164 $ — Total liabilities measured at fair value $ 1,164 $ — $ 1,164 $ — |
Financial Reporting By Busine_2
Financial Reporting By Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Reporting By Business Segments | |
Segments' Internal Financial Reports | The following information (amounts in thousands) is derived directly from the segments’ internal financial reports used for corporate management purposes. 2023 2022 2021 Revenues: Hospitality $ 1,833,478 $ 1,537,974 $ 786,583 Entertainment 324,658 267,995 152,790 Corporate and Other — — — Total $ 2,158,136 $ 1,805,969 $ 939,373 Depreciation and amortization: Hospitality $ 186,749 $ 189,375 $ 203,675 Entertainment 23,611 18,420 14,655 Corporate and Other 867 821 2,027 Total $ 211,227 $ 208,616 $ 220,357 Operating income (loss): Hospitality $ 421,264 $ 310,924 $ (38,013) Entertainment 77,384 61,030 20,382 Corporate and Other (43,656) (43,803) (40,624) Preopening costs (1,308) (532) (737) Loss on sale of assets — (469) 317 Total operating income (loss) 453,684 327,150 (58,675) Interest expense (211,370) (148,406) (125,347) Interest income 21,423 5,750 5,685 Loss on extinguishment of debt (2,252) (1,547) (2,949) Loss from unconsolidated joint ventures (1) (17,308) (10,967) (8,963) Other gains and (losses), net 3,921 1,743 405 Income (loss) before income taxes $ 248,098 $ 173,723 $ (189,844) (1) Loss from unconsolidated joint ventures relates to the Entertainment segment. December 31, December 31, 2023 2022 Total assets: Hospitality $ 4,039,804 $ 3,314,444 Entertainment 610,663 502,913 Corporate and Other 538,070 223,266 Total assets $ 5,188,537 $ 4,040,623 |
Capital Expenditures for Continuing Operations | The following table represents the capital expenditures by segment for the years ended December 31 (amounts in thousands): 2023 2022 2021 Hospitality $ 145,805 $ 70,406 $ 73,199 Entertainment 60,428 18,767 3,560 Corporate and other 543 347 667 Total capital expenditures $ 206,776 $ 89,520 $ 77,426 |
Description of the Business a_4
Description of the Business and Summary of Significant Accounting Policies (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2021 USD ($) a | Dec. 31, 2021 USD ($) | Dec. 31, 2023 item | Jun. 15, 2022 | May 31, 2021 | Dec. 31, 2019 | |
Ryman Hospitality Properties, Inc [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Retained equity interest | 99.30% | |||||
Gaylord Rockies [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity interest, additional ownership percentage purchased | 35% | |||||
Ownership percentage | 65% | |||||
Area of land | a | 130 | |||||
Payment to acquire land | $ | $ 22,000 | $ 22,000 | ||||
Circle [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 50% | 50% | ||||
Opry Entertainment Group [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Nashville based assets managed by Marriott | item | 2 | |||||
Opry Entertainment Group [Member] | Ryman Hospitality Properties, Inc [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 70% | 100% | ||||
Variable Interest Entity [Member] | Gaylord Rockies [Member] | Ryman Hospitality Properties, Inc [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Retained equity interest | 100% |
Description of the Business a_5
Description of the Business and Summary of Significant Accounting Policies - Joint Venture Interests Acquired - Gaylord Rockies (Details) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2021 USD ($) a | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | |
Revolving Credit Facility [Member] | $700 Million Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Business Combination, Consideration Transferred [Abstract] | |||
Maximum borrowing capacity | $ 700,000,000 | $ 700,000,000 | |
Gaylord Rockies [Member] | |||
Business Combination, Consideration Transferred [Abstract] | |||
Equity interest, additional ownership percentage purchased | 35% | ||
Purchase price | $ 188,000,000 | 188,000,000 | |
Area of land | a | 130 | ||
Payment to acquire land | $ 22,000,000 | $ 22,000,000 |
Description of the Business a_6
Description of the Business and Summary of Significant Accounting Policies - Joint Venture Interests Acquired - Ownership Percentages (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Business Combination, Step Acquisition [Abstract] | ||||
Impairment charges | $ 0 | $ 0 | $ 0 | |
Circle [Member] | ||||
Business Combination, Description [Abstract] | ||||
Ownership percentage | 50% | 50% |
Description of the Business a_7
Description of the Business and Summary of Significant Accounting Policies - Subsidiaries (Details) | Dec. 31, 2023 |
Business Acquisition [Line Items] | |
Percentage of owned subsidiaries | 100% |
Ryman Hospitality Properties, Inc [Member] | |
Business Acquisition [Line Items] | |
Percentage of outstanding Operating Partnership Units held by the company | 99.30% |
Description of the Business a_8
Description of the Business and Summary of Significant Accounting Policies - OEG Transaction (Details) $ in Millions | Jun. 16, 2022 USD ($) item | Dec. 31, 2023 |
Ryman Hospitality Properties, Inc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Retained equity interest | 99.30% | |
OEG Attractions Holdings, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of board members | item | 6 | |
Number of board members designated by company | item | 4 | |
Number of board members designated by OEG Investor | item | 2 | |
Option to acquire maximum amount | $ | $ 125 | |
Percentage of outstanding common units | 51% | |
Options and Rights term | 7 years | |
Price multiplier | 1.5 | |
IPO payment cap (as percentage) | 50% | |
OEG Attractions Holdings, LLC | Ryman Hospitality Properties, Inc [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Retained equity interest | 70% | |
Investor | OEG Attractions Holdings, LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Sale proceeds | $ | $ 296 | |
Investor | OEG Attractions Holdings, LLC | Noncontrolling Investor [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage | 30% | |
Investor | OEG Attractions Holdings, LLC | Achieving Certain Financial Objectives [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Potential Increase in purchase price of equity | $ | $ 30 |
Description of the Business a_9
Description of the Business and Summary of Significant Accounting Policies - JW Marriott Hill Country Transaction (Details) $ in Thousands, shares in Millions | 12 Months Ended | ||
Jun. 30, 2023 USD ($) ft² a room item shares | Jun. 22, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Asset Acquisition [Line Items] | |||
Net proceeds | $ 395,000 | $ 395,444 | |
Shares issued | shares | 4.4 | ||
$400 Million 7.25% Senior Notes | |||
Asset Acquisition [Line Items] | |||
Net proceeds of a private placement | $ 393,000 | ||
Aggregate principal amount | $ 400,000 | ||
Stated interest rate (as a percent) | 7.25% | ||
JW Marriott Hill Country | |||
Asset Acquisition [Line Items] | |||
Purchase price | $ 800,000 | ||
Area of Land | a | 600 | ||
Number of hotel rooms | room | 1,002 | ||
Area of indoor and outdoor meeting and event space | ft² | 268,000 | ||
Number of 18-hole golf courses | item | 2 |
Description of the Business _10
Description of the Business and Summary of Significant Accounting Policies - JW Marriott Hill Country Transaction, Net assets acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Asset Acquisition [Line Items] | ||||
Property and equipment | $ 3,955,586 | $ 3,171,708 | ||
Cash and cash equivalents - unrestricted | 591,833 | 334,194 | $ 140,688 | |
Cash and cash equivalents - restricted | 108,608 | 110,136 | $ 22,312 | |
Trade receivables | 110,029 | 116,836 | ||
Prepaid expenses and other assets | 154,810 | 134,170 | ||
Intangible assets | 124,287 | 105,951 | ||
Total assets | 5,188,537 | 4,040,623 | ||
Accounts payable and accrued liabilities | (464,720) | (385,159) | ||
Total liabilities assumed | $ (4,270,634) | $ (3,632,865) | ||
JW Marriott Hill Country | ||||
Asset Acquisition [Line Items] | ||||
Property and equipment | $ 772,821 | |||
Cash and cash equivalents - unrestricted | 12,690 | |||
Cash and cash equivalents - restricted | 5,477 | |||
Trade receivables | 14,743 | |||
Prepaid expenses and other assets | 3,953 | |||
Intangible assets | 25,097 | |||
Total assets | 834,781 | |||
Accounts payable and accrued liabilities | (25,148) | |||
Total liabilities assumed | (25,148) | |||
Net assets acquired | $ 809,633 |
Description of the Business _11
Description of the Business and Summary of Significant Accounting Policies - Block 21 Transaction (Details) $ in Millions | 12 Months Ended | |
May 31, 2022 USD ($) ft² item room | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | ||
Acquisition-related expenses | $ 1.3 | |
Block 21 [Member] | ||
Business Acquisition [Line Items] | ||
Stated purchase price | $ 260 | |
Purchase price | 255 | |
Liabilities assumed | $ 136 | |
Block 21 [Member] | ACL Live at Moody Theater [Member] | ||
Business Acquisition [Line Items] | ||
Seat capacity | item | 2,750 | |
Block 21 [Member] | W Austin Hotel [Member] | ||
Business Acquisition [Line Items] | ||
Number of hotel rooms | room | 251 | |
Block 21 [Member] | Class A Commercial Space [Member] | ||
Business Acquisition [Line Items] | ||
Net rentable area, commercial space | ft² | 53,000 |
Description of the Business _12
Description of the Business and Summary of Significant Accounting Policies - Block 21 Transaction, Purchase Price Allocation (Details) - Block 21 [Member] $ in Thousands | May 31, 2022 USD ($) |
Business Acquisition [Line Items] | |
Property and equipment | $ 237,159 |
Cash and cash equivalents - unrestricted | 8,493 |
Cash and cash equivalents - restricted | 12,450 |
Trade receivables | 1,405 |
Prepaid expenses and other assets | 1,085 |
Intangible assets | 1,723 |
Total assets acquired | 262,315 |
Debt | (132,531) |
Accounts payable and accrued liabilities | (14,774) |
Other liabilities | (75) |
Total liabilities assumed | (147,380) |
Net assets acquired | $ 114,935 |
Description of the Business _13
Description of the Business and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details) | Dec. 31, 2023 |
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 and Fixtures and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Furniture and 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 | us-gaap:UsefulLifeTermOfLeaseMember |
Description of the Business _14
Description of the Business and Summary of Significant Accounting Policies - Cash Paid for Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract] | |||
Debt interest paid | $ 183,479 | $ 135,467 | $ 113,669 |
Capitalized interest | (2,483) | (183) | (2,922) |
Cash paid for interest, net of capitalized interest | $ 180,996 | $ 135,284 | $ 110,747 |
Description of the Business _15
Description of the Business and Summary of Significant Accounting Policies - Cash Paid for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes Paid, Net [Abstract] | |||
Net cash payments of income taxes | $ 6.5 | $ 27 | $ 0.5 |
Description of the Business _16
Description of the Business and Summary of Significant Accounting Policies - Prepaid Expense and Other Assets & Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Prepaid Expense and Other Assets [Abstract] | |||
Prepaid expenses | $ 22,458 | $ 19,377 | |
Supplemental deferred compensation plan assets | 33,073 | 29,245 | |
Tax rebate receivables | 34,324 | 22,181 | |
Inventories | 14,007 | 12,041 | |
Right-of-use assets for operating leases | $ 18,134 | $ 18,910 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total prepaid expenses and other assets | Total prepaid expenses and other assets | |
Deferred financing costs on revolving credit facilities | $ 38,309 | $ 30,482 | |
Derivative assets | 11,350 | ||
Other | 24,394 | 15,309 | |
Total prepaid expenses and other assets | 154,810 | 134,170 | |
Intangible Assets | |||
Gross carrying amount of intangible assets | 279,800 | 254,700 | |
Accumulated amortization of intangible assets | 155,600 | 148,700 | |
Amortization expenses | 6,800 | 22,700 | $ 40,200 |
2024 | 8,083 | ||
2025 | 7,694 | ||
2026 | 7,275 | ||
2027 | 5,446 | ||
2028 | 5,329 | ||
Estimated amount of amortization expenses | $ 33,827 | ||
Gaylord Rockies [Member] | |||
Prepaid Expense and Other Assets [Abstract] | |||
Rebates earned | 38,400 | $ 29,100 | |
Gaylord Rockies [Member] | Advanced Bookings [Member] | |||
Intangible Assets | |||
Useful life (in years) | 3 years 6 months | ||
Estimated amount of amortization expenses | $ 125,500 | ||
Gaylord Rockies [Member] | Trade Names [Member] | |||
Intangible Assets | |||
Useful life (in years) | 30 years | ||
Estimated amount of amortization expenses | $ 115,300 | ||
Gaylord Rockies [Member] | |||
Prepaid Expense and Other Assets [Abstract] | |||
Rebates earned | $ 52,800 | ||
Gaylord Rockies [Member] | Minimum [Member] | |||
Prepaid Expense and Other Assets [Abstract] | |||
Rebate agreement term | 25 years | ||
Gaylord Rockies [Member] | Maximum [Member] | |||
Prepaid Expense and Other Assets [Abstract] | |||
Rebate agreement term | 33 years | ||
Revolving Credit Facility [Member] | |||
Prepaid Expense and Other Assets [Abstract] | |||
Deferred financing costs on revolving credit facilities | $ 8,420 | $ 5,757 |
Description of the Business _17
Description of the Business and Summary of Significant Accounting Policies - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Trade accounts payable | $ 57,030 | $ 38,628 |
Property and other taxes payable | 90,558 | 73,461 |
Deferred revenues | 159,762 | 136,479 |
Accrued salaries and benefits | 57,502 | 58,219 |
Interest payable | 39,870 | 23,111 |
Other accrued liabilities | 59,998 | 55,261 |
Total accounts payable and accrued liabilities | $ 464,720 | $ 385,159 |
Description of the Business _18
Description of the Business and Summary of Significant Accounting Policies - Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities [Abstract] | ||
Pension and postretirement benefits liability | $ 17,404 | $ 21,148 |
Deferred compensation liability | 33,073 | 29,245 |
Derivative liabilities | 1,322 | 1,164 |
Other | 14,859 | 13,267 |
Total other liabilities | $ 66,658 | $ 64,824 |
Description of the Business _19
Description of the Business and Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Expense, Debt [Abstract] | |||
Amortization of deferred financing costs | $ 10,663 | $ 9,829 | $ 8,790 |
Description of the Business _20
Description of the Business and Summary of Significant Accounting Policies - Noncontrolling Interest (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 USD ($) | Dec. 31, 2023 shares | Dec. 31, 2021 USD ($) | Jun. 16, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||||
Redemption of Operating Partnership Units into Company's common stock (in shares) | 1 | |||
Outstanding Operating Partnership Units | 400,000 | |||
Gaylord Rockies [Member] | Tax Protection Agreement [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Threshold limit for indemnification of tax losses due to sale or disposition | 50 | |||
Indemnification period (in years) | 7 years | |||
Gaylord Rockies [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity interest (as a percent) | 65% | |||
Capital contribution | $ | $ 188,000 | $ 188,000 | ||
Noncontrolling Limited Partners [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 0.70% | |||
Percentage of outstanding Operating Partnership Units held by the noncontrolling limited partners | 0.70% | |||
Ryman Hospitality Properties, Inc [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of outstanding Operating Partnership Units held by the company | 99.30% | |||
Ryman Hospitality Properties, Inc [Member] | OEG Attractions Holdings, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of outstanding Operating Partnership Units held by the company | 70% |
Description of the Business _21
Description of the Business and Summary of Significant Accounting Policies - Revenues Disaggregated by Major Source (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 2,158,136 | $ 1,805,969 | $ 939,373 |
Rooms [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 701,138 | 595,544 | 328,874 |
Hotel Group Rooms [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 462,674 | 364,835 | 131,404 |
Hotel Transient Rooms [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 238,464 | 230,709 | 197,470 |
Food and Beverage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 831,796 | 667,009 | 279,489 |
Hotel Food And Beverage Banquets [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 569,803 | 440,364 | 140,186 |
Hotel Food And Beverage Outlets [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 261,993 | 226,645 | 139,303 |
Hotel, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 300,544 | 275,421 | 178,220 |
Entertainment Segment [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 324,658 | 267,995 | 152,790 |
Entertainment Admissions And Ticketing [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 124,647 | 107,377 | 62,768 |
Entertainment Food And Beverage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 107,335 | 89,931 | 51,515 |
Entertainment Produced Content [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 5,764 | 4,984 | 5,919 |
Entertainment Retail And Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 86,912 | $ 65,703 | $ 32,588 |
Description of the Business _22
Description of the Business and Summary of Significant Accounting Policies - Revenues Disaggregated by Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 2,158,136 | $ 1,805,969 | $ 939,373 |
Gaylord Opryland [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 474,884 | 424,188 | 238,567 |
Gaylord Palms [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 309,616 | 279,578 | 139,130 |
Gaylord Texan [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 358,399 | 307,318 | 180,031 |
Gaylord National [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 307,139 | 249,849 | 79,419 |
Gaylord Rockies [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 266,737 | 253,326 | 135,942 |
JW Marriott Hill Country [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 92,813 | ||
AC Hotel [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 11,997 | 10,419 | 5,838 |
Inn at Opryland [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 11,893 | 13,296 | 7,656 |
Hospitality [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,833,478 | $ 1,537,974 | $ 786,583 |
Description of the Business _23
Description of the Business and Summary of Significant Accounting Policies - Revenues Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Contract with Customer, Liability [Abstract] | ||
Deferred revenues | $ 136,479 | $ 159,762 |
Change in Contract with Customer, Liability [Abstract] | ||
Revenue recognized | $ 103,100 |
Description of the Business _24
Description of the Business and Summary of Significant Accounting Policies - Management Fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Base management fee (as a percent) | 2% | ||
Total base management fee | $ 42.8 | $ 35.1 | $ 17.6 |
Incentive fees | $ 28.5 | $ 13.5 | $ 0.3 |
Gaylord Rockies [Member] | |||
Business Acquisition [Line Items] | |||
Base management fee (as a percent) | 3% | ||
JW Marriott Hill Country [Member] | |||
Business Acquisition [Line Items] | |||
Base management fee (as a percent) | 3.50% |
Description of the Business _25
Description of the Business and Summary of Significant Accounting Policies - Advertising Costs, Derivative Financial Instruments and Asset Impairment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Marketing and Advertising Expense [Abstract] | |||
Advertising costs | $ 65 | $ 55.1 | $ 36.2 |
Asset Impairment Charges [Abstract] | |||
Impairment losses | 0 | $ 0 | $ 0 |
Interest Expense [Member] | Derivatives in Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Estimated reclassification from AOCI to interest expenses | $ (0.3) |
Description of the Business _26
Description of the Business and Summary of Significant Accounting Policies - Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | |||
Net income (loss) available to common stockholders | $ 311,217 | $ 128,993 | $ (176,966) |
Denominator: | |||
Weighted average shares outstanding - basic (in shares) | 57,750 | 55,140 | 55,047 |
Effect of dilutive stock-based compensation (in shares) | 311 | 237 | |
Weighted average shares outstanding - diluted (in shares) | 58,061 | 55,377 | 55,047 |
Earnings Per Share, Diluted [Abstract] | |||
Net income, per share (in dollars per share) | $ 5.39 | $ 2.34 | $ (3.21) |
Net income, per share - assuming dilution (in dollars per share) | $ 5.36 | $ 2.33 | $ (3.21) |
Anti-dilutive securities excluded from EPS computation | 200 | ||
Put rights | |||
Earnings Per Share, Diluted [Abstract] | |||
Anti-dilutive securities excluded from EPS computation | 4,200 | 1,900 |
Description of the Business _27
Description of the Business and Summary of Significant Accounting Policies - ASU 2016-02 (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating lease liabilities | $ 129,122 | $ 125,759 |
Description of the Business _28
Description of the Business and Summary of Significant Accounting Policies - ASU 2016-03 (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Description of the Business and Summary of Significant Accounting Policies | ||
Transition adjustment | $ (894,259) | $ (978,619) |
Accumulated other comprehensive loss | $ (19,387) | $ (10,923) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Right-of-use finance lease assets | $ 1,793 | $ 1,613 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net |
Property and equipment, gross | $ 6,265,287 | $ 5,296,440 |
Accumulated depreciation and amortization | (2,309,701) | (2,124,732) |
Property and equipment, net | 3,955,586 | 3,171,708 |
Land and land improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 605,500 | 443,469 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,396,302 | 3,785,968 |
Furniture and Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,138,769 | 1,015,078 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 122,923 | $ 50,312 |
Property and Equipment - Deprec
Property and Equipment - Depreciation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation expense, including amortization of assets under finance lease obligations | $ 203.3 | $ 184.7 | $ 178.8 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) | 1 Months Ended |
Jun. 30, 2017 USD ($) | |
Property and Equipment | |
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 bond maturity period | 9 years |
Notes Receivable - General Info
Notes Receivable - General Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2008 | Dec. 31, 2023 | Dec. 31, 2017 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Aggregate carrying values | $ 61,760 | $ 67,628 | ||
Transition adjustment | (894,259) | (978,619) | ||
Bonds A Series [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bond issued, face value | $ 95,000 | |||
Interest rates on bonds (as a percent) | 8% | |||
Maturity date of notes receivable | Jul. 01, 2034 | |||
Effective interest rates on bonds (as a percent) | 8.04% | |||
Present value of future debt service payments discounted | $ 93,800 | |||
Bonds B Series [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Bond issued, face value | $ 50,000 | |||
Interest rates on bonds (as a percent) | 10% | |||
Maturity date of notes receivable | Sep. 01, 2037 | |||
Effective interest rates on bonds (as a percent) | 11.42% | |||
Present value of future debt service payments discounted | $ 38,300 | |||
Less portion recognized in other comprehensive income | $ 6,500 | |||
Bonds A and B Series [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Aggregate carrying values | $ 61,800 | 67,600 | ||
Credit loss reserve | $ 38,000 | $ 38,000 |
Notes Receivable - Interest Inc
Notes Receivable - Interest Income and Payment Received (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income | $ 21,423 | $ 5,750 | $ 5,685 |
Payment received relating to notes receivables | 5,903 | 3,718 | 844 |
Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income | 4,900 | 5,300 | 5,500 |
Payment received relating to notes receivables | 11,000 | 9,100 | $ 6,400 |
Bonds A and B Series [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable | $ 41,000 | $ 41,000 |
Debt - Debt and Capital Lease O
Debt - Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Finance lease obligations | $ 138 | $ 685 |
Unamortized deferred financing costs | (38,309) | (30,482) |
Unamortized discounts and premiums, net | (14,172) | (12,747) |
Total debt | 3,377,028 | 2,862,592 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | (8,420) | (5,757) |
Line of Credit [Member] | $65M OEG Revolver [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit | 5,000 | |
Secured Debt [Member] | $500 Million Term Loan B [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | 496,250 | 371,250 |
Secured Debt [Member] | $800M Gaylord Rockies Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | 800,000 | 800,000 |
Secured Debt [Member] | $300M OEG Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | 296,250 | 299,250 |
Secured Debt [Member] | Block 21 CMBS Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | 131,871 | 134,636 |
Senior Notes [Member] | $400 Million 7.25% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 400,000 | |
Senior Notes [Member] | $600 Million 4.50% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 600,000 | 600,000 |
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | $ 700,000 | $ 700,000 |
Debt - Annual Maturities of Lon
Debt - Annual Maturities of Long-Term Debt Excluding Capital Lease Obligations (Details) - USD ($) | Dec. 31, 2023 | Jun. 22, 2023 | Dec. 31, 2022 | May 31, 2022 | Dec. 31, 2021 | Feb. 17, 2021 | Oct. 31, 2019 | Jul. 31, 2019 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
2024 | $ 810,904,000 | |||||||
2025 | 11,094,000 | |||||||
2026 | 133,873,000 | |||||||
2027 | 713,000,000 | |||||||
2028 | 408,000,000 | |||||||
Years thereafter | 1,352,500,000 | |||||||
Total | 3,429,371,000 | |||||||
$400 Million 7.25% Senior Notes [Member] | ||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
Stated interest rate (as a percent) | 7.25% | |||||||
Line of Credit [Member] | $65M OEG Revolver [Member] | ||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
2027 | 5,000,000 | |||||||
Total | 5,000,000 | |||||||
Maximum borrowing capacity | 65,000,000 | |||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | $700 Million Revolving Credit Facility [Member] | ||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
Maximum borrowing capacity | 700,000,000 | $ 700,000,000 | ||||||
Secured Debt [Member] | $500 Million Term Loan B [Member] | ||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
2024 | 5,000,000 | |||||||
2025 | 5,000,000 | |||||||
2026 | 5,000,000 | |||||||
2027 | 5,000,000 | |||||||
2028 | 5,000,000 | |||||||
Years thereafter | 471,250,000 | |||||||
Total | 496,250,000 | |||||||
Face amount | 500,000,000 | |||||||
Secured Debt [Member] | $800M Gaylord Rockies Term Loan [Member] | ||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
2024 | 800,000,000 | |||||||
Total | 800,000,000 | |||||||
Face amount | 800,000,000 | $ 800,000,000 | ||||||
Secured Debt [Member] | $300M OEG Term Loan [Member] | ||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
2024 | 3,000,000 | |||||||
2025 | 3,000,000 | |||||||
2026 | 3,000,000 | |||||||
2027 | 3,000,000 | |||||||
2028 | 3,000,000 | |||||||
Years thereafter | 281,250,000 | |||||||
Total | 296,250,000 | |||||||
Face amount | 300,000,000 | |||||||
Secured Debt [Member] | Block 21 CMBS Loan [Member] | ||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
2024 | 2,904,000 | |||||||
2025 | 3,094,000 | |||||||
2026 | 125,873,000 | |||||||
Total | 131,871,000 | |||||||
Face amount | $ 136,000,000 | |||||||
Stated interest rate (as a percent) | 5.58% | |||||||
Senior Notes [Member] | $400 Million 7.25% Senior Notes [Member] | ||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
2028 | 400,000,000 | |||||||
Total | 400,000,000 | |||||||
Face amount | $ 400,000,000 | $ 400,000,000 | ||||||
Stated interest rate (as a percent) | 7.25% | 7.25% | ||||||
Senior Notes [Member] | $600 Million 4.50% Senior Notes [Member] | ||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
Years thereafter | $ 600,000,000 | |||||||
Total | 600,000,000 | |||||||
Face amount | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | |||||
Stated interest rate (as a percent) | 4.50% | 4.50% | 4.50% | |||||
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member] | ||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||||||||
2027 | $ 700,000,000 | |||||||
Total | 700,000,000 | |||||||
Face amount | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | |||||
Stated interest rate (as a percent) | 4.75% | 4.75% | 4.75% |
Debt - Credit Facility (Details
Debt - Credit Facility (Details) - USD ($) | 12 Months Ended | |||
May 18, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
$500 Million Term Loan B [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayment of loan | $ 378,750,000 | $ 5,000,000 | $ 5,000,000 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | $700 Million Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 700,000,000 | $ 700,000,000 | ||
Aggregate amount | 475,000,000 | |||
Secured Debt [Member] | $500 Million Term Loan B [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 500,000,000 | |||
Repayment of loan | $ 370,000,000 |
Debt - 700 Million Revolving Cr
Debt - 700 Million Revolving Credit Facility (Details) - $700 Million Revolving Credit Facility [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread rate (as a percent) | 0.40% | |
Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread rate (as a percent) | 1% | |
Line of Credit [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $ 700,000,000 | $ 700,000,000 |
Credit facility, maturity date | May 18, 2027 | |
Line of Credit [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread rate (as a percent) | 1.40% | |
Line of Credit [Member] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread rate (as a percent) | 2% | |
Secured Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread rate (as a percent) | 1.40% | |
Secured Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Spread rate (as a percent) | 2% |
Debt - 500 Million Term Loan B
Debt - 500 Million Term Loan B (Details) - $500 Million Term Loan B [Member] | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Spread rate (as a percent) | 1.75% |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |
Debt Instrument [Line Items] | |
Spread rate (as a percent) | 2.75% |
Secured Debt [Member] | |
Debt Instrument [Line Items] | |
Percentage of amortization of original principal balance (as a percent) | 1% |
Face amount | $ 500,000,000 |
Debt instrument, maturity date | May 18, 2030 |
Spread rate (as a percent) | 2.75% |
Secured Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |
Debt Instrument [Line Items] | |
Spread rate (as a percent) | 2.75% |
Floor interest rate | 0% |
Debt - 400 Million Term Loan (D
Debt - 400 Million Term Loan (Details) - USD ($) | 1 Months Ended | |||
Jun. 22, 2023 | Feb. 17, 2021 | Oct. 31, 2019 | Dec. 31, 2023 | |
$400 Million 7.25% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 7.25% | |||
Senior Notes [Member] | $400 Million 7.25% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 400,000,000 | $ 400,000,000 | ||
Stated interest rate (as a percent) | 7.25% | 7.25% | ||
Debt instrument, maturity date | Jul. 15, 2028 | |||
Redemption price (as a percent) | 100% | |||
Net proceeds | $ 393,000,000 | |||
Senior Notes [Member] | $400 Million 7.25% Senior Notes [Member] | Redemption Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 103.625% | |||
Senior Notes [Member] | $400 Million 7.25% Senior Notes [Member] | Redemption Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 101.813% | |||
Senior Notes [Member] | $400 Million 7.25% Senior Notes [Member] | Redemption Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 100% | |||
Senior Notes [Member] | $600 Million 4.50% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | |
Stated interest rate (as a percent) | 4.50% | 4.50% | 4.50% | |
Debt instrument, maturity date | Feb. 15, 2029 | |||
Net proceeds | $ 591,000,000 | |||
Senior Notes [Member] | $600 Million 4.50% Senior Notes [Member] | Redemption Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 102.25% | |||
Senior Notes [Member] | $600 Million 4.50% Senior Notes [Member] | Redemption Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 101.50% | |||
Senior Notes [Member] | $600 Million 4.50% Senior Notes [Member] | Redemption Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 100.75% | |||
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | |
Stated interest rate (as a percent) | 4.75% | 4.75% | 4.75% | |
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member] | Redemption Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 102.375% | |||
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member] | Redemption Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 101.188% |
Debt - 600 Million 4.50 Senior
Debt - 600 Million 4.50 Senior Notes (Details) - Senior Notes [Member] - USD ($) | 1 Months Ended | |||
Feb. 17, 2021 | Oct. 31, 2019 | Dec. 31, 2023 | Jun. 22, 2023 | |
$400 Million 5% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 400,000,000 | |||
Stated interest rate (as a percent) | 5% | |||
$600 Million 4.50% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | |
Debt instrument, maturity date | Feb. 15, 2029 | |||
Stated interest rate (as a percent) | 4.50% | 4.50% | 4.50% | |
Proceeds from Issuance of Debt | $ 591,000,000 | |||
$600 Million 4.50% Senior Notes [Member] | Redemption Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 102.25% | |||
$600 Million 4.50% Senior Notes [Member] | Redemption Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 101.50% | |||
$600 Million 4.50% Senior Notes [Member] | Redemption Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 100.75% | |||
$600 Million 4.50% Senior Notes [Member] | Redemption Period Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 100% | |||
$700 Million 4.75% Senior Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | |
Stated interest rate (as a percent) | 4.75% | 4.75% | 4.75% | |
$700 Million 4.75% Senior Note [Member] | Redemption Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 102.375% | |||
$700 Million 4.75% Senior Note [Member] | Redemption Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 101.188% | |||
$700 Million 4.75% Senior Note [Member] | Redemption Period Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 100% |
Debt - 700 Million 4.75 Senior
Debt - 700 Million 4.75 Senior Notes (Details) - Senior Notes [Member] - USD ($) | 1 Months Ended | |||
Oct. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2023 | Jun. 22, 2023 | |
$350 Million 5% Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 350,000,000 | |||
Stated interest rate (as a percent) | 5% | |||
$200 Million 4.75% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 200,000,000 | |||
Stated interest rate (as a percent) | 4.75% | |||
Net proceeds | $ 199,000,000 | |||
Issue price percentage | 101.25% | |||
$500 Million 4.75% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 500,000,000 | $ 500,000,000 | ||
Debt instrument, maturity date | Oct. 15, 2027 | |||
Stated interest rate (as a percent) | 4.75% | 4.75% | ||
Net proceeds | $ 493,000,000 | |||
$700 Million 4.75% Senior Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | |
Stated interest rate (as a percent) | 4.75% | 4.75% | 4.75% | |
$700 Million 4.75% Senior Note [Member] | Redemption Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 102.375% | |||
$700 Million 4.75% Senior Note [Member] | Redemption Period Three [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 101.188% | |||
$700 Million 4.75% Senior Note [Member] | Redemption Period Four [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price (as a percent) | 100% |
Debt - 800 Million Gaylord Rock
Debt - 800 Million Gaylord Rockies Term Loan (Details) | 1 Months Ended | 12 Months Ended |
Jul. 31, 2019 USD ($) item | Dec. 31, 2023 USD ($) | |
$800M Gaylord Rockies Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jul. 02, 2024 | |
Number Of Options | item | 2 | |
Extended term | 1 year | |
$800M Gaylord Rockies Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Debt Instrument [Line Items] | ||
Spread rate (as a percent) | 2.50% | |
Interest rate (as a percent) | 5.2105% | |
$800M Gaylord Rockies Term Loan [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 800,000,000 | $ 800,000,000 |
$39M Mezzanine Loan (Gaylord Rockies JV) [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | 39,000,000 | |
$500M Construction Loan (Gaylord Rockies JV) [Member] | ||
Debt Instrument [Line Items] | ||
Face amount | $ 500,000,000 |
Debt - OEG Credit Agreement (De
Debt - OEG Credit Agreement (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 16, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Net borrowings (repayments) under revolving credit facility | $ (190,000) | $ 84,000 | ||
$300M OEG Term Loan [Member] | OEG Attractions Holdings, LLC | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 300,000 | |||
Spread rate (as a percent) | 4% | |||
Debt instrument, maturity date | Jun. 16, 2029 | |||
$300M OEG Term Loan [Member] | OEG Attractions Holdings, LLC | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread rate (as a percent) | 5% | |||
$65M OEG Revolver [Member] | ||||
Debt Instrument [Line Items] | ||||
Net borrowings (repayments) under revolving credit facility | $ 5,000 | |||
$65M OEG Revolver [Member] | OEG Attractions Holdings, LLC | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 65,000 | |||
Spread rate (as a percent) | 3.75% | |||
Net borrowings (repayments) under revolving credit facility | $ 0 | |||
Credit facility, maturity date | Jun. 16, 2027 | |||
$65M OEG Revolver [Member] | OEG Attractions Holdings, LLC | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread rate (as a percent) | 4.25% | |||
Secured Debt [Member] | $300M OEG Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 300,000 | |||
Secured Debt [Member] | $300 Million Term Loan A [Member] | ||||
Debt Instrument [Line Items] | ||||
Face amount | $ 300,000 |
Debt - Block 21 CMBS Loan (Deta
Debt - Block 21 CMBS Loan (Details) - Secured Debt [Member] - Block 21 CMBS Loan [Member] - USD ($) $ in Millions | 12 Months Ended | |
May 31, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Face amount | $ 136 | |
Term of debt | 10 years | |
Stated interest rate (as a percent) | 5.58% | |
Amortization term | 30 years |
Debt - Derivative Financial Ins
Debt - Derivative Financial Instruments (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ 670,000 | $ 16,007,000 | $ 1,955,000 | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense) | 12,177,000 | (3,541,000) | (16,501,000) | |
Interest expense | 211,370,000 | 148,406,000 | $ 125,347,000 | |
Derivatives in Cash Flow Hedging | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Estimated reclassification from AOCI to interest expenses | (300,000) | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 670,000 | 16,007,000 | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense) | 12,177,000 | (3,541,000) | ||
Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair value of derivative liability | 1,200,000 | |||
Termination value in case of breach of provisions | 1,200,000 | |||
Interest rate swaps | Derivatives in Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Estimated Fair Value Asset (Liability) Balance | $ (1,322,000) | 10,186,000 | ||
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument One Term Loan B Maturing on May 11, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, maturity date | May 11, 2023 | |||
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument One Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Strike rate | 1.2235% | |||
Notional amount | $ 87,500,000 | |||
Estimated Fair Value Asset (Liability) Balance | 1,096,000 | |||
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument Two Term Loan B Maturing on May 11, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, maturity date | May 11, 2023 | |||
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument Two Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Strike rate | 1.2235% | |||
Notional amount | $ 87,500,000 | |||
Estimated Fair Value Asset (Liability) Balance | 1,096,000 | |||
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument Three Term Loan B Maturing on May 11, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, maturity date | May 11, 2023 | |||
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument Three Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Strike rate | 1.2235% | |||
Notional amount | $ 87,500,000 | |||
Estimated Fair Value Asset (Liability) Balance | 1,096,000 | |||
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument Four Term Loan B Maturing on May 11, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, maturity date | May 11, 2023 | |||
$500 Million Term Loan B [Member] | Interest rate swaps | Derivative Instrument Four Term Loan B Maturing on May 11, 2023 [Member] | Derivatives in Cash Flow Hedging | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Strike rate | 1.2315% | |||
Notional amount | $ 87,500,000 | |||
Estimated Fair Value Asset (Liability) Balance | 1,093,000 | |||
$500 Million Term Loan B [Member] | Secured Debt [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Face amount | $ 500,000,000 | |||
$800M Gaylord Rockies Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Strike rate | 5.2105% | |||
$800M Gaylord Rockies Term Loan [Member] | Interest rate swaps | Derivative Instrument Gaylord Rockies Term Loan Maturing on August 1, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, maturity date | Aug. 01, 2023 | |||
$800M Gaylord Rockies Term Loan [Member] | Interest rate swaps | Derivative Instrument Gaylord Rockies Term Loan Maturing on August 1, 2023 [Member] | Derivatives in Cash Flow Hedging | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Strike rate | 3.341% | |||
Notional amount | $ 800,000,000 | |||
Estimated Fair Value Asset (Liability) Balance | 6,969,000 | |||
$800M Gaylord Rockies Term Loan [Member] | Interest rate swaps | Derivative Instrument Gaylord Rockies Term Loan Maturing On July 2 2024 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, maturity date | Jul. 02, 2024 | |||
$800M Gaylord Rockies Term Loan [Member] | Interest rate swaps | Derivative Instrument Gaylord Rockies Term Loan Maturing On July 2 2024 [Member] | Derivatives in Cash Flow Hedging | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Strike rate | 5.2105% | |||
Notional amount | $ 800,000,000 | |||
Estimated Fair Value Asset (Liability) Balance | (474,000) | |||
$800M Gaylord Rockies Term Loan [Member] | Secured Debt [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Face amount | $ 800,000,000 | $ 800,000,000 | ||
$300M OEG Term Loan [Member] | Interest rate swaps | Derivative Instrument OEG Term Loan Maturing on December 18, 2025 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, maturity date | Dec. 18, 2025 | |||
$300M OEG Term Loan [Member] | Interest rate swaps | Derivative Instrument OEG Term Loan Maturing on December 18, 2025 [Member] | Derivatives in Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Notional amount | $ 100,000,000 | |||
$300M OEG Term Loan [Member] | Interest rate swaps | Derivative Instrument OEG Term Loan Maturing on December 18, 2025 [Member] | Derivatives in Cash Flow Hedging | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Strike rate | 4.533% | 4.533% | ||
Derivative, maturity date | Dec. 18, 2025 | |||
Notional amount | $ 100,000,000 | |||
Estimated Fair Value Asset (Liability) Balance | (848,000) | $ (1,164,000) | ||
$300M OEG Term Loan [Member] | Secured Debt [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Face amount | $ 300,000,000 |
Deferred Management Rights Pr_2
Deferred Management Rights Proceeds (Details) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 01, 2012 | Dec. 31, 2023 | |
Deferred Management Rights Proceeds | ||
Sales price of management rights and intellectual property | $ 210 | |
Purchase price allocated to the management rights | $ 190 | |
Term of management rights for income amortization | 65 years |
Leases (Details)
Leases (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) a | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Ole Red [Member] | Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, term of lease | 5 years | ||
Operating lease, renewal term | 5 years | ||
Ole Red [Member] | Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, term of lease | 10 years | ||
Operating lease, renewal term | 55 years | ||
Land in Osceola County, Florida [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Area of leased property | a | 65.3 | ||
Lease expiration year | 2074 | ||
Expiration date of lease under extension | Jan. 31, 2101 | ||
Contingent rental expense | $ | $ 3.5 | $ 3 | $ 1.8 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | |||
Operating lease cost | $ 18,346 | $ 15,694 | $ 13,199 |
Finance lease cost: | |||
Amortization of right-of-use assets | 163 | 122 | 146 |
Interest on lease liabilities | 25 | 33 | 39 |
Net lease cost | $ 18,534 | $ 15,849 | $ 13,384 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
Year 1 | $ 9,809 | |
Year 2 | 9,224 | |
Year 3 | 9,315 | |
Year 4 | 9,218 | |
Year 5 | 9,063 | |
Years thereafter | 556,191 | |
Total future minimum lease payments | 602,820 | |
Less amount representing interest | (473,698) | |
Total present value of minimum payments | 129,122 | $ 125,759 |
Finance Lease Liabilities, Payments, Due [Abstract] | ||
Year 1 | 84 | |
Year 2 | 40 | |
Year 3 | 18 | |
Total future minimum lease payments | 142 | |
Less amount representing interest | (4) | |
Total present value of minimum payments | $ 138 | $ 685 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Debt and Capital Lease Obligations | Debt and Capital Lease Obligations |
Leases - Discount Rate (Details
Leases - Discount Rate (Details) | Dec. 31, 2023 |
Weighted-average remaining lease term (years): | |
Operating leases | 43 years 1 month 6 days |
Finance leases | 2 years |
Operating leases | 7% |
Finance leases | 2.40% |
Stock Plans - Common Stock Avai
Stock Plans - Common Stock Available for Issuance (Details) shares in Millions | Dec. 31, 2023 shares |
Stock Plans | |
Maximum grant of stock options, restricted stock, and restricted stock units to directors and employees | 0.5 |
Stock Plans - Restricted Stock
Stock Plans - Restricted Stock Units - Vesting (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Dec. 31, 2023 | |
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 |
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 |
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 |
Stock Plans - Restricted Stoc_2
Stock Plans - Restricted Stock Units - Weighted-Average Grant Date Fair Value of Units Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted-average grant-date fair value of restricted stock awards granted (in dollars per share) | $ 85.25 | $ 82.66 | $ 73.96 |
Stock Plans - Restricted Stoc_3
Stock Plans - Restricted Stock Units - Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested shares, beginning balance (in shares) | 585,011 | ||
Granted (in shares) | 207,159 | ||
Vested (in shares) | (166,282) | ||
Canceled (in shares) | (24,033) | ||
Nonvested shares, ending balance (in shares) | 601,855 | 585,011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Nonvested shares, weighted-average grant-date fair value (in dollars per share) | $ 77.33 | ||
Granted (in dollars per share) | 85.25 | $ 82.66 | $ 73.96 |
Vested (in dollars per share) | 89.71 | ||
Canceled (in dollars per share) | 82.05 | ||
Nonvested shares, weighted-average grant-date fair value (in dollars per share) | $ 77.59 | $ 77.33 |
Stock Plans - Restricted Stoc_4
Stock Plans - Restricted Stock Units - Fair Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Fair value of restricted stock awards vested | $ 14.9 | $ 12.9 | $ 10.6 |
Stock Plans - Restricted Stoc_5
Stock Plans - Restricted Stock Units - Unrecognized Compensation Cost (Details) - Restricted Stock Units (RSUs) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | |
Unrecognized compensation cost | $ 21.9 |
Weighted-average period to recognize compensation cost | 2 years 3 months 18 days |
Stock Plans - Compensation Expe
Stock Plans - Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Plans | |||
Compensation cost on stock-based compensation plans | $ 15.4 | $ 15 | $ 12.1 |
Stock Plans - Income Tax Benefi
Stock Plans - Income Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |||
Tax benefit recognized from all stock-based employee compensation plans | $ 3.5 | $ 3.5 | $ 2.9 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Plans | |||
Employee service share-based compensation tax benefit (expense) realized from share-based compensation plans | $ 0 | $ 0.5 | $ 0.4 |
Pension Plans - General Informa
Pension Plans - General Information (Details) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2023 age | |
Pension Plans | |
Rate of qualified earnings credited to the account of the participant of benefit plan | 3% |
Retirement age benefit payable to a terminated vested participant upon retirement | 65 |
Retirement age for benefit payments, earliest age allowed contingent of minimum service requirement | 55 |
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 |
Pension Plans - Net Settlement
Pension Plans - Net Settlement Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plan [Member] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment [Abstract] | |||
Net settlement loss | $ 1,313 | $ 1,894 | $ 1,379 |
Pension Plans - Change in Benef
Pension Plans - Change in Benefit Obligation (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 60,922 | $ 76,680 | |
Interest cost | 2,794 | 2,253 | $ 1,715 |
Actuarial gain | (188) | (11,086) | |
Benefits paid | (5,750) | (6,925) | |
Benefit obligation at end of year | $ 57,778 | $ 60,922 | $ 76,680 |
Pension Plans - Change in Plan
Pension Plans - Change in Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 52,269 | $ 72,486 |
Actual return on plan assets | 6,123 | (13,292) |
Benefits paid | (5,750) | (6,925) |
Fair value of plan assets at end of year | 52,642 | 52,269 |
Funded status and accrued pension cost | $ (5,136) | $ (8,653) |
Pension Plans - Net Periodic Pe
Pension Plans - Net Periodic Pension (Income) Expense (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Interest cost | $ 2,794 | $ 2,253 | $ 1,715 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Gains (Losses) | Other Nonoperating Gains (Losses) | Other Nonoperating Gains (Losses) |
Expected return on plan assets | $ (2,904) | $ (3,701) | $ (4,253) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Gains (Losses) | Other Nonoperating Gains (Losses) | Other Nonoperating Gains (Losses) |
Amortization of net actuarial loss | $ 681 | $ 667 | $ 689 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Gains (Losses) | Other Nonoperating Gains (Losses) | Other Nonoperating Gains (Losses) |
Net settlement loss | $ 1,313 | $ 1,894 | $ 1,379 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Gains (Losses) | Other Nonoperating Gains (Losses) | Other Nonoperating Gains (Losses) |
Total net periodic pension expense | $ 1,884 | $ 1,113 | $ (470) |
Pension Plans - Weighted-Averag
Pension Plans - Weighted-Average Assumptions Used to Determine Benefit Obligation (Details) - Pension Plan [Member] | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate (as a percent) | 4.66% | 4.85% | 2.42% |
Rate of compensation increase (as a percent) | 0% | 0% | 0% |
Pension Plans - Weighted-Aver_2
Pension Plans - Weighted-Average Assumptions Used in Determining Net Periodic Pension Expense (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plans | |||
Discount rate (as a percent) | 5.02% | 3.33% | 2.13% |
Rate of compensation increase | 0% | 0% | 0% |
Expected long-term rate of return on plan assets | 6% | 6% | 6% |
Pension Plans - Additional Info
Pension Plans - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Pension Plans | |
Minimum time period for expected rate of return | 10 years |
Maximum time period for expected rate of return | 20 years |
Pension Plans - Allocation of D
Pension Plans - Allocation of Defined Benefit Pension Plans Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Plan assets | $ 52,642 | $ 52,269 | $ 72,486 |
Defined Benefit Plan, Cash [Member] | |||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Plan assets | 1,013 | 1,015 | |
Mutual Funds [Member] | |||
Defined Benefit Plan, Information about Plan Assets [Abstract] | |||
Plan assets | $ 51,629 | $ 51,254 |
Pension Plans - Expected Future
Pension Plans - Expected Future Benefit Payments (Details) - Pension Plan [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2024 | $ 7,924 |
2025 | 6,218 |
2026 | 4,979 |
2027 | 5,607 |
2028 | 5,692 |
2029 - 2033 | $ 20,841 |
Pension Plans - Non-Qualified P
Pension Plans - Non-Qualified Plans (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Qualified Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, type | Pension Plan [Member] |
Defined benefit plan, funding status | us-gaap:UnderfundedPlanMember |
Nonqualified Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined benefit plan, type | Pension Plan [Member] |
Defined benefit plan, funding status | us-gaap:UnfundedPlanMember |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | |
Plan with projected benefit obligation in excess of plan assets, accumulated benefit obligation | $ 11.1 |
Plan with projected benefit obligation in excess of plan assets, projected benefit obligation | $ 11.1 |
Pension Plans - Qualified and N
Pension Plans - Qualified and Non-Qualified Plans - Accrued Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Liability, Defined Benefit Plan [Abstract] | ||
Pension and postretirement benefits liability | $ 17,404 | $ 21,148 |
Pension Plan [Member] | ||
Liability, Defined Benefit Plan [Abstract] | ||
Pension and postretirement benefits liability | $ 16,200 | $ 19,800 |
Pension Plans - Qualified and_2
Pension Plans - Qualified and Non-Qualified Plans - Adjustments to Equity (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Change in equity as a result of change in deferred net loss | $ 5.3 | $ (0.6) | $ 9.9 |
Pension Plans - Qualified and_3
Pension Plans - Qualified and Non-Qualified Plans - Amounts Recognized in Other Comprehensive Income (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax [Abstract] | |||
Net gain (loss) recognized in other comprehensive income | $ 5.3 | $ (0.6) | $ 9.9 |
Net gain (loss) recognized in other comprehensive income after tax | (1.6) | 0 | $ 0 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax [Abstract] | |||
Unrecognized actuarial losses included in other comprehensive loss, net of tax | 16.3 | 20 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Unrecognized actuarial losses included in other comprehensive loss | $ 21.5 | $ 26.7 |
Equity - Equity Offering (Detai
Equity - Equity Offering (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Equity | |||
Issuance of Company's common stock (in shares) | 4.4 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Share price (in dollars per share) | $ 93.25 | ||
Net proceeds | $ 395,000 | $ 395,444 |
Equity - Dividends (Details)
Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity | ||
Dividends declared per share | $ 3.85 | $ 0.35 |
Aggregated dividend paid | $ 228.1 | $ 19.4 |
Equity - Changes in Accumulated
Equity - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 95,276 | ||
Net other comprehensive income (loss) | (8,464) | $ 18,157 | $ 28,871 |
Ending balance | 569,153 | 95,276 | |
AOCI Attributable to Parent [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (10,923) | (29,080) | (57,951) |
Gains (losses) arising during period | 5,098 | 14,579 | 12,269 |
Amounts reclassified from accumulated other comprehensive loss | (12,276) | 3,578 | 16,602 |
Income tax expense | (1,286) | ||
Net other comprehensive income (loss) | (8,464) | 18,157 | 28,871 |
Ending balance | (19,387) | (10,923) | (29,080) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (18,021) | (16,419) | (26,623) |
Gains (losses) arising during period | 4,428 | (1,428) | 10,314 |
Amounts reclassified from accumulated other comprehensive loss | (308) | (174) | (110) |
Income tax expense | (1,286) | ||
Net other comprehensive income (loss) | 2,834 | (1,602) | 10,204 |
Ending balance | (15,187) | (18,021) | (16,419) |
Accumulated Other-than-Temporary Impairment of Investment [Member] | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (3,087) | (3,298) | (3,509) |
Amounts reclassified from accumulated other comprehensive loss | 209 | 211 | 211 |
Net other comprehensive income (loss) | 209 | 211 | 211 |
Ending balance | (2,878) | (3,087) | (3,298) |
Interest Rate Derivatives | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 10,185 | (9,363) | (27,819) |
Gains (losses) arising during period | 670 | 16,007 | 1,955 |
Amounts reclassified from accumulated other comprehensive loss | (12,177) | 3,541 | 16,501 |
Net other comprehensive income (loss) | (11,507) | 19,548 | 18,456 |
Ending balance | $ (1,322) | $ 10,185 | $ (9,363) |
Income Taxes - (Provision) Bene
Income Taxes - (Provision) Benefit for Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CURRENT: | |||
Federal | $ 797 | $ (21,936) | $ 126 |
State | (2,920) | (8,595) | (1,077) |
Total current provision | (2,123) | (30,531) | (951) |
DEFERRED: | |||
Federal | 79,710 | (9,115) | (3,646) |
State | 16,115 | 871 | (360) |
Total deferred (provision) benefit | 95,825 | (8,244) | (4,006) |
Total (provision) benefit for income taxes | $ 93,702 | $ (38,775) | $ (4,957) |
Income Taxes - Tax Rate (Detail
Income Taxes - Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Corporate income tax rate (as a percent) | 21% | 21% | 21% |
Income Taxes - Taxability of Ca
Income Taxes - Taxability of Cash Distributions Paid on Common Shares (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes | ||
Ordinary income | $ 3.75 | $ 0.28 |
Capital gains | 0.10 | 0.07 |
Total | $ 3.85 | $ 0.35 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory federal income tax (provision) benefit | $ (52,101) | $ (36,482) | $ 39,868 |
Adjustment for nontaxable income of the REIT | 44,968 | 3,565 | (16,379) |
Adjustment for noncontrolling interest in consolidated joint venture | (1,834) | ||
State tax (provision) benefit (net of federal taxes) | (11,934) | (13,597) | 8,581 |
Permanent share-based compensation adjustment | 34 | 440 | 329 |
Other permanent items | (531) | (365) | (281) |
Other | 808 | (123) | (279) |
Total (provision) benefit for income taxes | 93,702 | (38,775) | (4,957) |
Domestic Tax Authority [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Change in valuation allowance | 87,330 | 1,914 | (25,698) |
State and Local Jurisdiction [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Change in valuation allowance | $ 25,128 | $ 5,873 | $ (9,264) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
DEFERRED TAX ASSETS: | ||
Accounting reserves and accruals | $ 22,371 | $ 23,095 |
Pension plans | 4,249 | 5,413 |
Deferred management rights proceeds | 40,280 | 42,875 |
Federal and State net operating loss carryforwards | 102,032 | 97,832 |
Tax credits and other carryforwards | 8,881 | 5,182 |
Other assets | 6,205 | 5,124 |
Total deferred tax assets | 184,018 | 179,521 |
Valuation allowance | (5,557) | (118,015) |
Total deferred tax assets, net of valuation allowance | 178,461 | 61,506 |
DEFERRED TAX LIABILITIES: | ||
Property and equipment, net | 91,314 | 67,744 |
Other liabilities | 5,523 | 6,677 |
Total deferred tax liabilities | 96,837 | 74,421 |
Net deferred tax liabilities | $ (12,915) | |
Net deferred tax assets | $ 81,624 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Loss Carryforwards (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ (112.5) | |||
Cash distributions | $ 0 | |||
State net operating loss carryforward, deferred tax benefit | 18.1 | $ 18.1 | ||
TRS [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Federal net operating loss carryforward, deferred tax benefit | 83.9 | 83.9 | ||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | (87.3) | $ (1.6) | 23 | |
Domestic Tax Authority [Member] | TRS [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | 399.7 | 399.7 | ||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforward | $ 546.8 | 546.8 | ||
Valuation allowance | $ (25.1) | $ (5.8) | $ 4.7 | |
State and Local Jurisdiction [Member] | Minimum [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards expire date | Dec. 31, 2024 | |||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards expire date | Dec. 31, 2043 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income Taxes | ||
Unrecognized tax benefits | $ 0 | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | ||
Income tax penalties accrued related to uncertain tax positions | 0 | 0 |
Interest on income taxes accrued related to uncertain tax positions | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | 57 Months Ended | |||
Apr. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Loss from unconsolidated joint ventures | $ (17,308) | $ (10,967) | $ (8,963) | |||
Gaylord Rockies | Tax Protection Agreement | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Threshold limit for indemnification of tax losses due to sale or disposition | 50 | |||||
Indemnification period (in years) | 7 years | |||||
Indemnification agreement | Gaylord Rockies | Tax Protection Agreement | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Threshold limit for indemnification of tax losses due to failure to comply obligations | 100% | |||||
Gaylord Rockies | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity interest (as a percent) | 65% | |||||
Capital contribution | $ 188,000 | 188,000 | ||||
Circle [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity interest (as a percent) | 50% | 50% | 50% | |||
Capital contribution | $ 10,500 | $ 10,000 | $ 8,500 | $ 41,500 | ||
Loss from unconsolidated joint ventures | (10,500) | |||||
Circle [Member] | Net Obligations, Joint Venture | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Loss from unconsolidated joint ventures | $ (3,500) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan investments | $ 33,073 | $ 29,245 |
Variable to fixed interest rate swaps | 11,350 | |
Total assets measured at fair value | 33,073 | 40,595 |
Variable to fixed interest rate swaps | 1,322 | 1,164 |
Total liabilities measured at fair value | 1,322 | 1,164 |
Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Variable to fixed interest rate swaps | 11,350 | |
Variable to fixed interest rate swaps | 1,322 | 1,164 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan investments | 33,073 | 29,245 |
Total assets measured at fair value | 33,073 | 29,245 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 11,350 | |
Total liabilities measured at fair value | 1,322 | 1,164 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Variable to fixed interest rate swaps | 11,350 | |
Variable to fixed interest rate swaps | $ 1,322 | $ 1,164 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | Dec. 31, 2023 | Jun. 22, 2023 | Feb. 17, 2021 | Oct. 31, 2019 |
$400 Million 7.25% Senior Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Stated interest rate (as a percent) | 7.25% | |||
Senior Notes [Member] | $400 Million 7.25% Senior Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Face amount | $ 400,000,000 | $ 400,000,000 | ||
Stated interest rate (as a percent) | 7.25% | 7.25% | ||
Debt amount | $ 393,800,000 | |||
Fair value of notes | 417,800,000 | |||
Senior Notes [Member] | $600 Million 4.50% Senior Notes [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Face amount | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | |
Stated interest rate (as a percent) | 4.50% | 4.50% | 4.50% | |
Debt amount | $ 593,000,000 | |||
Fair value of notes | 560,600,000 | |||
Senior Notes [Member] | $700 Million 4.75% Senior Note [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Face amount | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 | |
Stated interest rate (as a percent) | 4.75% | 4.75% | 4.75% | |
Debt amount | $ 694,900,000 | |||
Fair value of notes | $ 680,000,000 |
Financial Reporting By Busine_3
Financial Reporting By Business Segments - General Information (Details) - segment | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||
Number of business segments | 3 | 3 | 3 |
Financial Reporting By Busine_4
Financial Reporting By Business Segments - Internal Financial Reports (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Total revenues | $ 2,158,136 | $ 1,805,969 | $ 939,373 |
Depreciation and amortization | 211,227 | 208,616 | 220,357 |
Preopening costs | (1,308) | (532) | (737) |
Loss on sale of assets | (469) | 317 | |
Total operating income (loss) | 453,684 | 327,150 | (58,675) |
Interest expense | (211,370) | (148,406) | (125,347) |
Interest income | 21,423 | 5,750 | 5,685 |
Loss on extinguishment of debt | 2,252 | 1,547 | 2,949 |
Loss from unconsolidated joint ventures | (17,308) | (10,967) | (8,963) |
Other gains and (losses), net | 3,921 | 1,743 | 405 |
Income (loss) before income taxes | 248,098 | 173,723 | (189,844) |
Hospitality [Member] | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Total revenues | 1,833,478 | 1,537,974 | 786,583 |
Depreciation and amortization | 186,749 | 189,375 | 203,675 |
Total operating income (loss) | 421,264 | 310,924 | (38,013) |
Entertainment [Member] | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Total revenues | 324,658 | 267,995 | 152,790 |
Depreciation and amortization | 23,611 | 18,420 | 14,655 |
Total operating income (loss) | 77,384 | 61,030 | 20,382 |
Corporate and Other [Member] | |||
Segment Reporting Information, Profit (Loss) [Abstract] | |||
Depreciation and amortization | 867 | 821 | 2,027 |
Total operating income (loss) | $ (43,656) | $ (43,803) | $ (40,624) |
Financial Reporting By Busine_5
Financial Reporting By Business Segments - Total Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 5,188,537 | $ 4,040,623 |
Hospitality [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 4,039,804 | 3,314,444 |
Entertainment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | 610,663 | 502,913 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 538,070 | $ 223,266 |
Financial Reporting By Busine_6
Financial Reporting By Business Segments - Capital Expenditures for Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Payments to Acquire Property, Plant, and Equipment [Abstract] | |||
Total capital expenditures | $ 206,776 | $ 89,520 | $ 77,426 |
Hospitality [Member] | |||
Payments to Acquire Property, Plant, and Equipment [Abstract] | |||
Total capital expenditures | 145,805 | 70,406 | 73,199 |
Entertainment [Member] | |||
Payments to Acquire Property, Plant, and Equipment [Abstract] | |||
Total capital expenditures | 60,428 | 18,767 | 3,560 |
Corporate and Other [Member] | |||
Payments to Acquire Property, Plant, and Equipment [Abstract] | |||
Total capital expenditures | $ 543 | $ 347 | $ 667 |
SCHEDULE II VALUATION AND QUA_2
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit loss reserve on notes receivable | |||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS [Line items] | |||
Balance at Beginning of Year | $ 37,962 | $ 37,962 | $ 37,962 |
Balance at End of Year | 37,962 | 37,962 | 37,962 |
Valuation allowance for deferred tax assets | |||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS [Line items] | |||
Balance at Beginning of Year | 118,015 | 125,387 | 97,700 |
Additions Charged to Expenses/Other Accounts | 27,687 | ||
Net (Deductions) Recoveries | (112,458) | (7,372) | |
Balance at End of Year | $ 5,557 | $ 118,015 | $ 125,387 |
SCHEDULE III Real Estate and _2
SCHEDULE III Real Estate and Accumulated Depreciation - Property Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, land | $ 345,154 | |||
Initial cost, buildings & improvements | 2,970,864 | |||
Costs capitalized subsequent to acquisition | 1,254,037 | |||
Gross amount, land | 493,798 | |||
Gross amount, buildings & improvements | 4,076,257 | |||
Gross amount, total | 4,570,055 | $ 3,810,923 | $ 3,792,011 | $ 3,642,007 |
Accumulated depreciation | 1,436,672 | $ 1,327,833 | $ 1,229,727 | $ 1,140,564 |
Gaylord Opryland [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, land | 11,482 | |||
Initial cost, buildings & improvements | 77,125 | |||
Costs capitalized subsequent to acquisition | 703,482 | |||
Gross amount, land | 72,677 | |||
Gross amount, buildings & improvements | 719,412 | |||
Gross amount, total | 792,089 | |||
Accumulated depreciation | $ 455,602 | |||
Date of Construction | Jan. 01, 1983 | |||
Gaylord Opryland [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Gaylord Opryland [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
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 subsequent to acquisition | 212,454 | |||
Gross amount, land | 39,341 | |||
Gross amount, buildings & improvements | 509,338 | |||
Gross amount, total | 548,679 | |||
Accumulated depreciation | $ 228,937 | |||
Date of Construction | Jan. 01, 2002 | |||
Gaylord Palms [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Gaylord Palms [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
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 subsequent to acquisition | 191,935 | |||
Gross amount, land | 49,962 | |||
Gross amount, buildings & improvements | 551,238 | |||
Gross amount, total | 601,200 | |||
Accumulated depreciation | $ 249,361 | |||
Date of Construction | Jan. 01, 2004 | |||
Gaylord Texan [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Gaylord Texan [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
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 subsequent to acquisition | 70,194 | |||
Gross amount, land | 47,609 | |||
Gross amount, buildings & improvements | 906,058 | |||
Gross amount, total | 953,667 | |||
Accumulated depreciation | $ 345,160 | |||
Date of Construction | Jan. 01, 2008 | |||
Gaylord National [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Gaylord National [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
Gaylord Rockies [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, land | $ 53,374 | |||
Initial cost, buildings & improvements | 760,898 | |||
Costs capitalized subsequent to acquisition | 30,913 | |||
Gross amount, land | 68,858 | |||
Gross amount, buildings & improvements | 776,327 | |||
Gross amount, total | 845,185 | |||
Accumulated depreciation | $ 116,888 | |||
Date of Acquisition | Dec. 31, 2018 | |||
Gaylord Rockies [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Gaylord Rockies [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
JW Marriott Hill Country [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, land | $ 139,196 | |||
Initial cost, buildings & improvements | 558,584 | |||
Costs capitalized subsequent to acquisition | 10,273 | |||
Gross amount, land | 149,469 | |||
Gross amount, buildings & improvements | 558,584 | |||
Gross amount, total | 708,053 | |||
Accumulated depreciation | $ 8,145 | |||
Date of Acquisition | Jan. 01, 2023 | |||
JW Marriott Hill Country [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
JW Marriott Hill Country [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
Inn at Opryland [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, land | $ 2,675 | |||
Initial cost, buildings & improvements | 7,248 | |||
Costs capitalized subsequent to acquisition | 21,324 | |||
Gross amount, land | 3,347 | |||
Gross amount, buildings & improvements | 27,900 | |||
Gross amount, total | 31,247 | |||
Accumulated depreciation | $ 13,490 | |||
Date of Construction | Jan. 01, 1998 | |||
Inn at Opryland [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Inn at Opryland [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
AC Hotel [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, land | $ 9,079 | |||
Initial cost, buildings & improvements | 17,340 | |||
Costs capitalized subsequent to acquisition | 4,877 | |||
Gross amount, land | 9,101 | |||
Gross amount, buildings & improvements | 22,195 | |||
Gross amount, total | 31,296 | |||
Accumulated depreciation | $ 4,867 | |||
Date of Acquisition | Jan. 01, 2014 | |||
AC Hotel [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
AC Hotel [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years | |||
Miscellaneous [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial cost, land | $ 43,337 | |||
Initial cost, buildings & improvements | 6,717 | |||
Costs capitalized subsequent to acquisition | 8,585 | |||
Gross amount, land | 53,434 | |||
Gross amount, buildings & improvements | 5,205 | |||
Gross amount, total | 58,639 | |||
Accumulated depreciation | $ 14,222 | |||
Miscellaneous [Member] | Minimum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 20 years | |||
Miscellaneous [Member] | Maximum [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation life | 40 years |
SCHEDULE III Real Estate and _3
SCHEDULE III Real Estate and Accumulated Depreciation - Investment in Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at beginning of year | $ 3,810,923 | $ 3,792,011 | $ 3,642,007 |
Other acquisitions | 697,780 | 0 | 22,227 |
Improvements | 61,440 | 23,034 | 146,030 |
Disposals | (88) | (4,122) | (2,058) |
Other deductions | (16,195) | ||
Balance at end of year | $ 4,570,055 | $ 3,810,923 | $ 3,792,011 |
SCHEDULE III Real Estate and _4
SCHEDULE III Real Estate and Accumulated Depreciation - Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | $ 1,327,833 | $ 1,229,727 | $ 1,140,564 |
Depreciation | 108,846 | 99,533 | 99,104 |
Disposals | (7) | (1,427) | (1,346) |
Other deductions | (8,595) | ||
Balance at end of year | $ 1,436,672 | $ 1,327,833 | $ 1,229,727 |
SCHEDULE III Real Estate and _5
SCHEDULE III Real Estate and Accumulated Depreciation - Additional Information (Details) - USD ($) | Dec. 31, 2023 | Jul. 31, 2019 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Amount outstanding under credit facility | $ 510,800,000 | |
Aggregate cost of assets for federal income tax | 3,500,000,000 | |
$800M Gaylord Rockies Term Loan [Member] | Secured Debt [Member] | ||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||
Face amount | $ 800,000,000 | $ 800,000,000 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |