Description of the Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

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 considering amounts from interest rate swaps, for the years ended December 31 was comprised of (amounts in thousands):

	2024		2023		2022
Debt interest paid	$	210,650	$	183,479	$	135,467
Capitalized interest		(7,560)		(2,483)		(183)
Cash paid for interest, net of capitalized interest	$	203,090	$	180,996	$	135,284

Summary of Prepaid Expense and Other Assets

Prepaid expenses and other assets at December 31 consist of (amounts in thousands):

	2024		2023
Prepaid expenses	$	26,872	$	22,458
Supplemental deferred compensation plan assets		37,440		33,073
Tax rebate receivables		34,780		34,324
Inventories		16,134		14,007
Right-of-use assets for operating leases		22,079		18,134
Deferred financing costs on revolving credit facilities		6,162		8,420
Other		34,624		24,394
Total prepaid expenses and other assets	$	178,091	$	154,810

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):

2025	$	7,694
2026		7,456
2027		5,458
2028		5,329
2029		5,329
	$	31,266

Accounts Payable and Accrued Liabilities of Continuing Operations

Accounts payable and accrued liabilities at December 31 consist of (amounts in thousands):

	2024		2023
Trade accounts payable	$	58,366	$	57,030
Property and other taxes payable		91,941		90,558
Deferred revenues		173,029		159,762
Accrued salaries and benefits		45,780		57,502
Interest payable		48,415		39,870
Other accrued liabilities		49,040		59,998
Total accounts payable and accrued liabilities	$	466,571	$	464,720

Other Liabilities

Other liabilities at December 31 consist of (amounts in thousands):

	2024		2023
Pension and postretirement benefits liability	$	12,649	$	17,404
Deferred compensation liability		37,440		33,073
Derivative liabilities		386		1,322
Other		16,330		14,859
Total other liabilities	$	66,805	$	66,658

Revenues Disaggregated by Major Source

The Company’s revenues disaggregated by major source are as follows (in thousands):

	2024		2023		2022
Hotel group rooms	$	509,014	$	462,674	$	364,835
Hotel transient rooms		235,573		238,464		230,709
Hotel food and beverage - banquets		666,525		569,803		440,364
Hotel food and beverage - outlets		274,302		261,993		226,645
Hotel other		311,636		300,544		275,421
Entertainment admissions/ticketing		126,897		124,647		107,377
Entertainment food and beverage		125,862		107,335		89,931
Entertainment retail and other		89,417		92,676		70,687
Total revenues	$	2,339,226	$	2,158,136	$	1,805,969

Hospitality Segment Revenues Disaggregated by Location

The Company’s Hospitality segment revenues disaggregated by location are as follows (in thousands):

	2024		2023		2022
Gaylord Opryland	$	495,552	$	474,884	$	424,188
Gaylord Palms		302,371		309,616		279,578
Gaylord Texan		351,151		358,399		307,318
Gaylord National		311,330		307,139		249,849
Gaylord Rockies		290,141		266,737		253,326
JW Marriott Hill Country		220,524		92,813		—
AC Hotel		12,647		11,997		10,419
Inn at Opryland and other		13,334		11,893		13,296
Total Hospitality segment revenues	$	1,997,050	$	1,833,478	$	1,537,974

Income Per Share

Net income per share amounts are calculated as follows for the years ended December 31 (income and share amounts in thousands):

		2024		2023		2022
Numerator:
Net income available to common stockholders	$	271,638	$	311,217	$	128,993
Net income attributable to noncontrolling interest in consolidated joint venture		6,760		—		—
Net income available to common stockholders - if-converted method	$	278,398	$	311,217	$	128,993
Denominator:
Weighted average shares outstanding - basic		59,859		57,750		55,140
Effect of dilutive stock-based compensation		281		311		237
Effect of dilutive put rights		3,492		—		—
Weighted average shares outstanding - diluted		63,632		58,061		55,377
Basic income per share available to common stockholders	$	4.54	$	5.39	$	2.34
Diluted income per share available to common stockholders	$	4.38	$	5.36	$	2.33