0001558370-21-005653 | 10-Q | XBRL Viewer | Ryman Hospitality Properties INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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 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		55,050,333
Entity Central Index Key	0001040829
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS:
Property and equipment, net (including $919,766 and $932,473 from VIEs, respectively)	$ 3,102,335	$ 3,117,247
Cash and cash equivalents - unrestricted (including $5,378 and $14,441 from VIEs, respectively)	67,138	56,697
Cash and cash equivalents - restricted (including $16,820 and $4,167 from VIEs, respectively)	20,657	23,057
Notes receivable, net	70,515	71,923
Trade receivables, net (including $2,279 and $2,184 from VIEs, respectively)	18,283	20,106
Prepaid expenses and other assets (including $26,547 and $32,966 from VIEs, respectively)	105,697	100,494
Intangible assets, net (including $152,366 and $162,366 from VIEs, respectively)	156,925	166,971
Total assets	3,541,550	3,556,495
LIABILITIES AND EQUITY:
Debt and finance lease obligations (including $794,953 and $794,416 from VIEs, respectively)	2,751,652	2,658,008
Accounts payable and accrued liabilities (including $54,566 and $59,573 from VIEs, respectively)	201,229	203,121
Dividends payable	344	843
Deferred management rights proceeds	171,948	172,724
Operating lease liabilities	108,057	107,569
Deferred income tax liabilities, net	4,446	665
Other liabilities (including $15,887 and $18,978 from VIEs, respectively)	92,945	92,779
Total liabilities	3,330,621	3,235,709
Commitments and contingencies
Noncontrolling interest in consolidated joint venture	93,601	100,969
Equity:
Preferred stock, $.01 par value, 100,000 shares authorized, no shares issued or outstanding
Common stock, $.01 par value, 400,000 shares authorized, 55,050 and 54,982 shares issued and outstanding, respectively	550	550
Additional paid-in capital	1,191,426	1,192,261
Treasury stock of 648 and 648 shares, at cost	(18,467)	(18,467)
Distributions in excess of retained earnings	(1,016,953)	(911,092)
Accumulated other comprehensive loss	(51,851)	(57,951)
Total stockholders' equity	104,705	205,301
Noncontrolling interest in Operating Partnership	12,623	14,516
Total equity	117,328	219,817
Total liabilities and equity	$ 3,541,550	$ 3,556,495

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets [Abstract]
Property and equipment, net of accumulated depreciation	$ 3,102,335	$ 3,117,247
Cash and cash equivalents - unrestricted	67,138	56,697
Cash and cash equivalents - restricted	20,657	23,057
Trade receivables, net	18,283	20,106
Prepaid expenses and other assets	105,697	100,494
Intangible assets	156,925	166,971
Debt and finance lease obligations	2,751,652	2,658,008
Accounts payable and accrued liabilities	201,229	203,121
Other liabilities	$ 92,945	$ 92,779
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)	55,050,000	54,982,000
Common stock, shares outstanding (in shares)	55,050,000	54,982,000
Treasury Stock, Shares [Abstract]
Treasury stock, shares (in shares)	648,000	648,000
Variable Interest Entity [Member]
Assets [Abstract]
Property and equipment, net of accumulated depreciation	$ 919,766	$ 932,473
Cash and cash equivalents - unrestricted	5,378	14,441
Cash and cash equivalents - restricted	16,820	4,167
Trade receivables, net	2,279	2,184
Prepaid expenses and other assets	26,547	32,966
Intangible assets	152,366	162,366
Debt and finance lease obligations	794,953	794,416
Accounts payable and accrued liabilities	54,566	59,573
Other liabilities	$ 15,887	$ 18,978

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Total revenues	$ 84,175	$ 313,030
Operating expenses:
Total hotel operating expenses	84,116	212,085
Entertainment	18,691	29,346
Corporate	7,528	8,136
Preopening costs	399	801
Gain on sale of assets	(317)	(1,261)
Credit loss on held-to-maturity securities		5,828
Depreciation and amortization	53,315	53,345
Total operating expenses	163,732	308,280
Operating income (loss)	(79,557)	4,750
Interest expense	(30,796)	(29,358)
Interest income	1,370	2,371
Loss on extinguishment of debt	(2,949)
Loss from unconsolidated joint ventures	(1,609)	(1,895)
Other gains and (losses), net	374	195
Loss before income taxes	(113,167)	(23,937)
Provision for income taxes	(3,954)	(26,799)
Net loss	(117,121)	(50,736)
Net loss attributable to noncontrolling interest in consolidated joint venture	11,793	4,220
Net loss attributable to noncontrolling interest in Operating Partnership	807
Net loss available to common stockholders	$ (104,521)	$ (46,516)
Basic loss per share available to common stockholders	$ (1.90)	$ (0.85)
Diluted loss per share available to common stockholders	$ (1.90)	$ (0.85)
Comprehensive loss, net of taxes	$ (111,021)	$ (88,173)
Comprehensive loss, net of taxes, available to common stockholders	(99,547)	(75,344)
Consolidated Joint Venture [Member]
Operating expenses:
Comprehensive loss, net of taxes, attributable to noncontrolling interest	10,711	12,829
Operating Partnership [Member]
Operating expenses:
Comprehensive loss, net of taxes, attributable to noncontrolling interest	763
Rooms [Member]
Revenues:
Total revenues	28,228	106,128
Operating expenses:
Total hotel operating expenses	9,477	32,308
Food and Beverage [Member]
Revenues:
Total revenues	18,175	145,750
Operating expenses:
Total hotel operating expenses	19,329	83,811
Hotel, Other [Member]
Revenues:
Total revenues	23,399	33,793
Operating expenses:
Total hotel operating expenses	54,557	90,474
Management Fees [Member]
Operating expenses:
Total hotel operating expenses	753	5,492
Entertainment [Member]
Revenues:
Total revenues	$ 14,373	$ 27,359

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net loss	$ (117,121)	$ (50,736)
Amounts to reconcile net loss to net cash flows provided by (used in) operating activities:
Provision for deferred income taxes	3,781	26,559
Depreciation and amortization	53,315	53,345
Amortization of deferred financing costs	2,209	1,894
Credit loss on held-to-maturity securities		5,828
Loss from unconsolidated joint ventures	1,609	1,895
Stock-based compensation expense	2,522	2,230
Changes in:
Trade receivables	1,823	(8,345)
Accounts payable and accrued liabilities	(4,785)	(26,297)
Other assets and liabilities	13,760	(1,702)
Net cash flows provided by (used in) operating activities	(42,887)	4,671
Cash Flows from Investing Activities:
Purchases of property and equipment	(25,831)	(43,168)
Investment in other joint ventures	(4,572)	(3,090)
Other investing activities, net	5,462	1,004
Net cash flows used in investing activities	(24,941)	(45,254)
Cash Flows from Financing Activities:
Net borrowings (repayments) under revolving credit facility	(106,000)	400,000
Issuance of senior notes	600,000
Redemption of senior notes	(400,000)
Deferred financing costs paid	(10,540)	(106)
Redemption of noncontrolling interest in Operating Partnership	(2,438)
Payment of dividends	(488)	(50,078)
Payment of tax withholdings for share-based compensation	(3,357)	(1,631)
Other financing activities, net	(58)	(91)
Net cash flows provided by financing activities	75,869	346,844
Net change in cash, cash equivalents, and restricted cash	8,041	306,261
Cash, cash equivalents, and restricted cash, beginning of period	79,754	420,396
Cash, cash equivalents, and restricted cash, end of period	87,795	726,657
Term Loan B
Cash Flows from Financing Activities:
Repayments under term loan B	$ (1,250)	$ (1,250)

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Reconciliation of cash, cash equivalents, and restricted cash to balance sheet:
Cash and cash equivalents - unrestricted	$ 67,138	$ 56,697	$ 662,156
Cash and cash equivalents - restricted	20,657	23,057	64,501
Cash, cash equivalents, and restricted cash, end of period	$ 87,795	$ 79,754	$ 726,657	$ 420,396

Condensed Consolidated Statements of Equity And Noncontrolling Interest - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	AOCI Attributable to Parent [Member]	Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Parent [Member]	Noncontrolling Interest [Member]	Redeemable Noncontrolling Interest In Joint Venture [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Transition adjustment related to adoption	$ 549	$ 1,185,168	$ (17,315)		$ (495,514)		$ (28,159)		$ 644,729				$ 644,729
Beginning balance at Dec. 31, 2019	549	1,185,168	(17,315)		(495,514)		(28,159)		644,729				644,729
Beginning balance at Dec. 31, 2019											$ 221,511
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					(46,516)				(46,516)				(46,516)
Net loss													(4,220)
Net loss											(4,220)
Adjustment of noncontrolling interest to redemption value					54,265				54,265		(54,265)		54,265
Transition adjustment related to adoption	550	1,185,885	(17,872)	$ (5,343)	(545,104)	$ 2,158	(63,438)	$ (3,185)	560,021			$ (3,185)	560,021
Other comprehensive income (loss), net of income taxes							(37,437)		(37,437)				(37,437)
Payment of dividends		147	(557)		(51,996)				(52,406)				(52,406)
Restricted stock units and stock options surrendered	1	(1,660)							(1,659)				(1,659)
Stock-based compensation expense		2,230							2,230				2,230
Ending balance at Mar. 31, 2020	550	1,185,885	(17,872)	(5,343)	(545,104)	2,158	(63,438)	(3,185)	560,021			(3,185)	560,021
Ending balance at Mar. 31, 2020											163,026
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Transition adjustment related to adoption	550	1,185,885	(17,872)	$ (5,343)	(545,104)	$ 2,158	(63,438)	$ (3,185)	560,021			$ (3,185)	560,021
Transition adjustment related to adoption	550	1,192,261	(18,467)		(911,092)		(57,951)		205,301	$ 14,516			219,817
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		100,969
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					(104,521)				(104,521)	(807)			(104,521)
Net loss													(105,328)
Net loss													(11,793)
Net loss													(807)
Net loss											(11,793)
Transition adjustment related to adoption	550	1,191,426	(18,467)		(1,016,953)		(51,851)		104,705	12,623			219,817
Other comprehensive income (loss), net of income taxes							6,100		6,100				6,100
Redemption of noncontrolling interest in Operating Partnership					(1,352)				(1,352)	(1,086)			(2,438)
Contribution to consolidated joint venture											4,425
Restricted stock units and stock options surrendered		(3,357)			12				(3,345)				(3,345)
Stock-based compensation expense		2,522							2,522				2,522
Ending balance at Mar. 31, 2021	550	1,191,426	(18,467)		(1,016,953)		(51,851)		104,705	12,623			117,328
Ending balance at Mar. 31, 2021											$ 93,601		93,601
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Transition adjustment related to adoption	$ 550	$ 1,191,426	$ (18,467)		$ (1,016,953)		$ (51,851)		$ 104,705	$ 12,623			$ 117,328

Condensed Consolidated Statements of Equity And Noncontrolling Interest (Parenthetical)	3 Months Ended
	Mar. 31, 2020 $ / shares
Statement of Stockholders' Equity And Noncontrolling Interest [Abstract]
Dividend amount for current period (in dollars per share)	$ 0.95

Basis of Presentation

3 Months Ended

Mar. 31, 2021

Description of the Business and Summary of Significant Accounting Policies

Basis of Presentation

1. BASIS OF PRESENTATION:

On January 1, 2013, Ryman Hospitality Properties, Inc. (“Ryman”) and its subsidiaries (collectively with Ryman, the “Company”) began operating as a real estate investment trust (“REIT”) for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company’s owned assets include a network of upscale, meetings-focused resorts that are managed by Marriott International, Inc. (“Marriott”) under the Gaylord Hotels brand. These resorts, which the Company refers to as the Gaylord Hotels properties, consist of the Gaylord Opryland Resort & Convention Center in Nashville, Tennessee (“Gaylord Opryland”), the Gaylord Palms Resort & Convention Center near Orlando, Florida (“Gaylord Palms”), the Gaylord Texan Resort & Convention Center near Dallas, Texas (“Gaylord Texan”), the Gaylord National Resort & Convention Center near Washington D.C. (“Gaylord National”), and the Gaylord Rockies Resort & Convention Center near Denver, Colorado (“Gaylord Rockies”), which is owned by a joint venture (the “Gaylord Rockies joint venture”) in which the Company owned a 65% interest as of March 31, 2021. The Company’s other owned hotel assets managed by Marriott include the Inn at Opryland, an overflow hotel adjacent to Gaylord Opryland, and the AC Hotel at National Harbor, Washington D.C. (“AC Hotel”), an overflow hotel adjacent to Gaylord National.

As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, management has concluded that the Company is the primary beneficiary of the Gaylord Rockies joint venture, which is a variable interest entity. As such, the Company has consolidated the assets, liabilities and results of operations of the Gaylord Rockies joint venture in the accompanying condensed consolidated financial statements. The portion of the Gaylord Rockies joint venture that the Company does not own is recorded as noncontrolling interest in consolidated joint venture in the accompanying condensed consolidated balance sheet, and any adjustment necessary to reflect the noncontrolling interest at its redemption value is shown in the accompanying condensed consolidated statements of equity. Creditors of the Gaylord Rockies joint venture have no recourse to the general credit of the Company, except with respect to certain limited loan guarantees as discussed in Note 13, “Commitments and Contingencies” to the condensed consolidated financial statements included herein. See Note 17, “Subsequent Events,” for further disclosure.

The Company also owns a number of media and entertainment assets, including the Grand Ole Opry, the legendary weekly showcase of country music’s finest performers; the Ryman Auditorium, the storied live music venue and former home of the Grand Ole Opry; WSM-AM, the Opry’s radio home; Ole Red, a brand of Blake Shelton-themed bar, music venue and event spaces; and three Nashville-based assets managed by Marriott – Gaylord Springs Golf Links (“Gaylord Springs”), the Wildhorse Saloon, and the General Jackson Showboat. The Company also owns a 50% interest in a joint venture intended to create and distribute a linear multicast and over-the-top channel dedicated to the country music lifestyle (“Circle”), which launched its broadcast network on January 1, 2020. See Note 13, “Commitments and Contingencies” to the condensed consolidated financial statements included herein for further disclosure.

The condensed consolidated financial statements include the accounts of Ryman and its subsidiaries and have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted from this report pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments necessary for a fair statement of the results of operations for the interim periods have been included. All adjustments are of a normal, recurring nature. The results of operations for such interim periods are not necessarily indicative of the results for the full year because of seasonal and short-term variations.

The Company principally operates, through its subsidiaries and its property managers, as applicable, in the following business segments: Hospitality, Entertainment, and Corporate and Other.

Impact of COVID-19 Pandemic

The novel coronavirus disease (COVID-19) pandemic has spread throughout the United States and continues to have an unprecedented impact on the U.S. economy. Due to the COVID-19 pandemic, the Company has experienced disruption of its business and in March 2020 temporarily suspended operations of most of its assets, as further described below. While the Company’s assets, other than Gaylord National, are now open and operating under recommended capacity guidelines, there is significant uncertainty surrounding the full extent of the impact of the COVID-19 pandemic on the Company’s future results of operations and financial position.

The Company, in consultation with local governmental authorities, first determined to close its Nashville-based entertainment venues in mid-March 2020. As cancellations at the Gaylord Hotels properties began to increase, the Company and its hotel manager, Marriott, implemented a series of operational changes, culminating with the suspension of operations at the Gaylord Hotels properties in late March 2020. Gaylord Texan reopened June 8, 2020, and Gaylord Opryland, Gaylord Palms and Gaylord Rockies reopened June 25, 2020. Gaylord National remains closed but is anticipated to reopen July 1, 2021.

In the Company’s Entertainment segment, in addition to the temporary closure of its entertainment assets, the Company took steps to reduce operating costs in all areas. Many of the Company’s attractions reopened at reduced capacities in May and June 2020. The Grand Ole Opry and Ryman Auditorium began offering limited-capacity tours in June 2020, and in September 2020, they reopened for limited-capacity publicly attended performances. After the April 2021 reopening of the Wildhorse Saloon, which was closed through March 2021 subsequent to the December 2020 downtown Nashville bombing, all of the Company’s entertainment assets are open.

The Company amended its credit facility on April 23, 2020, and again on December 22, 2020, as described in Note 5, “Debt,” to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company continues to pay all required debt service payments on its indebtedness, lease payments, taxes and other payables.

At March 31, 2021, the Company had $699.7 million available for borrowing under its revolving credit facility and $67.1 million in unrestricted cash on hand. The Company’s quarterly dividend is currently suspended. The Company’s board of directors will consider a future dividend as permitted by the Company’s credit agreement. The Company’s credit agreement permits payment of dividends as necessary to maintain the Company’s REIT status and permits the Company to pay a dividend of $0.01 per share each quarter. Any future dividend is subject to the Company’s board of director’s determinations as to the amount of distributions and timing thereof.

The Company has deferred substantially all non-essential capital projects, in addition to delaying the Gaylord Rockies expansion project, which was scheduled to begin construction in second quarter 2020. The Gaylord Palms expansion project was completed in April 2021, and the Company believes the expansion will allow Gaylord Palms to serve groups that have moved their meetings to later in 2021 and beyond.

Newly Issued Accounting Standards

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Simplifying the Accounting for Income Taxes (Topic 740),” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted this ASU in the first quarter of 2021, and this adoption did not have a material impact on the Company’s condensed consolidated financial statements.

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. During 2020, the Company elected to apply the hedge accounting expedients related to probability and the

assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of this guidance and may apply other elections as applicable as additional market changes occur.

Revenues

3 Months Ended

Mar. 31, 2021

Revenues

Revenues

2. REVENUES:

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. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. 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 of such taxes from the customer and relieves the liability when payments are remitted to the applicable governmental agency.

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


	Three Months Ended
	March 31,
	2021		2020

Hotel group rooms	$	4,512	$	82,711
Hotel transient rooms		23,716		23,417
Hotel food and beverage - banquets		3,969		108,170
Hotel food and beverage - outlets		14,206		37,580
Hotel other		23,399		33,793
Entertainment admissions/ticketing		3,160		10,281
Entertainment food and beverage		4,796		10,027
Entertainment retail and other		6,417		7,051
Total revenues	$	84,175	$	313,030

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


	Three Months Ended
	March 31,
	2021		2020

Gaylord Opryland	$	21,759	$	76,127
Gaylord Palms		15,117		45,375
Gaylord Texan		18,358		55,996
Gaylord National		1,257		49,394
Gaylord Rockies		11,970		54,598
AC Hotel		805		1,849
Inn at Opryland		536		2,332
Total Hospitality segment revenues	$	69,802	$	285,671

The majority of the Company’s Entertainment segment revenues are concentrated in Tennessee.

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 Entertainment segment. At March 31, 2021 and December 31, 2020, the Company had $79.9 million and $70.4 million, respectively, in deferred revenues, which are included in accounts payable and accrued liabilities in the accompanying condensed consolidated balance sheets. Of the amount outstanding at December 31, 2020, approximately $4.6 million was recognized in revenue during the three months ended March 31, 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 12
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
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+ Details

Income (Loss) Per Share

3 Months Ended

Mar. 31, 2021

Income (Loss) Per Share

Income (Loss) Per Share

3. INCOME (LOSS) PER SHARE:

The weighted average number of common shares outstanding is calculated as follows (in thousands):


	Three Months Ended
	March 31,
	2021	2020
Weighted average shares outstanding - basic	54,995	54,911
Effect of dilutive stock-based compensation	—	—
Effect of dilutive put rights	—	—
Weighted average shares outstanding - diluted	54,995	54,911

For the three months ended March 31, 2021 and 2020, the effect of dilutive stock-based compensation was the equivalent of 0.2 and 0.1 million shares of common stock outstanding, respectively. Because the Company had a loss available to common stockholders in the three months ended March 31, 2021 and 2020, these incremental shares were excluded from the computation of dilutive earnings per share as the effect of their inclusion would have been anti-dilutive.

As more fully discussed in Note 4, “Investment in Gaylord Rockies Joint Venture,” to the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, certain affiliates of Ares Management, L.P. each had a put right to require the Company to purchase their joint venture interests in the Gaylord Rockies joint venture in consideration of cash or operating partnership units (“OP Units”) of RHP Hotel Properties, LP (the “Operating Partnership”). These put rights were exercised during 2020 and are excluded from the computation of dilutive earnings per share for the three months ended March 31, 2020 as the effect of their inclusion would have been anti-dilutive due to the Company’s loss available to common stockholders in that period. The OP Units held by the noncontrolling interest holders have been excluded from the denominator of the diluted loss per share calculation for the three months ended March 31, 2021 as there would be no effect on the calculation of diluted loss per share because the loss attributable to the OP Units held by the noncontrolling interest holders would also be subtracted to derive net loss available to common stockholders.

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Equity

Accumulated Other Comprehensive Loss

4. ACCUMULATED OTHER COMPREHENSIVE LOSS:

The Company’s balance in accumulated other comprehensive loss is comprised of amounts related to the Company’s minimum pension liability discussed in Note 11, “Pension Plans,” interest rate derivatives designated as cash flow hedges related to the Company’s and the Gaylord Rockies joint venture’s outstanding debt as discussed in Note 7, “Debt,” and amounts related to an other-than-temporary impairment of a held-to-maturity investment that existed prior to 2020 with respect to the notes receivable discussed in Note 6, “Notes Receivable,” to the condensed consolidated financial statements included herein, and Note 3, “Notes Receivable,” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Changes in accumulated other

comprehensive loss by component for the three months ended March 31, 2021 and 2020 consisted of the following (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		1,436		—		602		2,038
Amounts reclassified from accumulated other comprehensive loss		8		53		4,001		4,062
Net other comprehensive income		1,444		53		4,603		6,100
Balance, March 31, 2021	$	(25,179)	$	(3,456)	$	(23,216)	$	(51,851)


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2019	$	(23,916)	$	(5,877)	$	1,634	$	(28,159)
Losses arising during period		(1,107)		—		(35,947)		(37,054)
Amounts reclassified from accumulated other comprehensive loss		17		52		(452)		(383)
Net other comprehensive income (loss)		(1,090)		52		(36,399)		(37,437)
Transition adjustment related to adoption of ASU 2016-13		—		2,158		—		2,158
Balance, March 31, 2020	$	(25,006)	$	(3,667)	$	(34,765)	$	(63,438)

Property and Equipment

3 Months Ended

Mar. 31, 2021

Property and Equipment

Property and Equipment

5. PROPERTY AND EQUIPMENT:

Property and equipment, including right-of-use finance lease assets, at March 31, 2021 and December 31, 2020 is recorded at cost (except for right-of-use finance lease assets) and summarized as follows (in thousands):


	March 31,		December 31,
	2021		2020
Land and land improvements	$	354,345	$	351,618
Buildings		3,464,497		3,462,218
Furniture, fixtures and equipment		961,819		960,666
Right-of-use finance lease assets		1,613		1,613
Construction-in-progress		186,505		166,084
		4,968,779		4,942,199
Accumulated depreciation and amortization		(1,866,444)		(1,824,952)
Property and equipment, net	$	3,102,335	$	3,117,247

Notes Receivable

3 Months Ended

Mar. 31, 2021

Notes Receivable

Notes Receivable

6. NOTES RECEIVABLE:

As further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, in connection with the development of Gaylord National, the Company holds two issuances of governmental bonds (“Series A bond” and “Series B bond”) with a total carrying value and approximate fair value of $70.5 million and $71.9 million at March 31, 2021 and December 31, 2020, respectively, net of credit loss reserve of $38.0 million at each of March 31, 2021 and December 31, 2020. The Company receives debt service and principal payments thereon, payable from property tax increments, hotel taxes and special hotel rental taxes generated from Gaylord National through the maturity dates of July 1, 2034 and September 1, 2037, respectively. The Company records interest income over the life of the notes using the effective interest method.

The Company has the intent and ability to hold these bonds to maturity. The Company’s quarterly assessment of credit losses considers the estimate of projected tax revenues that will service the bonds over their remaining terms. These tax revenue projections are updated each quarter to reflect updated industry projections as to future anticipated operations of the hotel, including the current closure of Gaylord National. As a result of these reduced tax revenue projections over the remaining life of the bonds, the Company increased its credit loss reserve by $5.8 million in the three months ended

March 31, 2020. As a result of additional credit loss reserves recorded in the year ended December 31, 2020, at March 31, 2021, 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 the three months ended March 31, 2021 and 2020, the Company recorded interest income of $1.3 million and $1.5 million, respectively, on these bonds. The Company received payments of $2.8 million and $2.9 million during the three months ended March 31, 2021 and 2020, respectively, relating to these bonds. At March 31, 2021 and December 31, 2020, before consideration of the credit loss reserve, the Company had accrued interest receivable related to these bonds of $39.5 million and $40.9 million, respectively.

Debt

3 Months Ended

Mar. 31, 2021

Debt

Debt

7. DEBT:

The Company’s debt and finance lease obligations at March 31, 2021 and December 31, 2020 consisted of (in thousands):


	March 31,		December 31,
	2021		2020
$700M Revolving Credit Facility, interest at LIBOR plus 1.95%, maturing March 31, 2024, less unamortized deferred financing costs of $0 and $7,579 (1)	$	—	$	98,421
$300M Term Loan A, interest at LIBOR plus 1.90%, maturing March 31, 2025, less unamortized deferred financing costs of $2,190 and $2,321		297,810		297,679
$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024, less unamortized deferred financing costs of $3,274 and $3,524		376,726		377,726
$400M Senior Notes, interest at 5.0%, maturing April 15, 2023, less unamortized deferred financing costs of $0 and $2,301		—		397,699
$600M Senior Notes, interest at 4.50%, maturing February 15, 2029, less unamortized deferred financing costs of $10,168 and $0		589,832		—
$700M Senior Notes, interest at 4.75%, maturing October 15, 2027, less unamortized deferred financing costs of $10,336 and $10,676, plus unamortized premium of $2,097 and $2,167		691,761		691,491
$800M Term Loan (Gaylord Rockies JV), interest at LIBOR plus 2.50%, maturing July 2, 2023, less unamortized deferred financing costs of $5,515 and $6,103		794,485		793,897
Finance lease obligations		1,038		1,095
Total debt	$	2,751,652	$	2,658,008

(1)

As the $700 Million Revolving Credit Facility has no outstanding borrowing at March 31, 2021, $7.2 million of unamortized deferred financing costs have been reclassified as prepaid expenses and other assets in the accompanying condensed consolidated balance sheet as of March 31, 2021.

Amounts due within one year consist of the amortization payments for the $500 million term loan B of 1.0% of the original principal balance, as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

At March 31, 2021, there were no defaults under the covenants related to the Company’s outstanding debt based on the amended terms reached with the lenders in December 2020.

Tender Offer and Redemption of $400 Million 5% Senior Notes Due 2023

On February 9, 2021, the Company commenced a cash tender offer for any and all outstanding $400 million 5% senior notes due 2023 (the “$400 Million 5% Senior Notes”) at a redemption price of $1,005.00 per $1,000 principal amount. Pursuant to the tender offer, $161.9 million aggregate principal amount of the $400 Million 5% Senior Notes were validly tendered. The Company used a portion of the proceeds from the issuance of the $600 million 4.50% senior notes discussed below to fund the tender offer.

In accordance with the indenture governing the $400 Million 5% Senior Notes, subsequent to expiration of the tender offer, in February 2021 the Company gave irrevocable notice of the redemption of all remaining $400 Million 5% Senior

Notes not tendered in the tender offer and irrevocably deposited with the trustee for the $400 Million 5% Senior Notes an amount sufficient to pay the redemption price of the remaining $400 Million 5% Senior Notes, including interest through April 15, 2021. Accordingly, the $400 Million 5% Senior Notes are no longer reflected in the accompanying condensed consolidated balance sheet at March 31, 2021. The redemption and cancellation of the $400 Million 5% Senior Notes was completed on April 15, 2021. The Company used a portion of the proceeds from the issuance of the $600 million 4.50% senior notes discussed below to fund the redemption.

As a result of the Company’s purchase of tendered $400 Million 5% Senior Notes and the redemption of all untendered $400 Million 5% Senior Notes, the Company recognized a loss on extinguishment of debt of $2.9 million in the three months ended March 31, 2021.

$600 Million 4.50% Senior Notes Due 2029

On February 17, 2021, the Operating Partnership and RHP Finance Corporation, a Delaware corporation (“Finco”) completed the private placement of $600.0 million in aggregate principal amount of 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, beginning on August 15, 2021. 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 the previous $400 Million 5% Senior Notes, as discussed above, and to repay all of the amounts outstanding under the Company’s revolving credit facility. The Company used the remaining net proceeds for general corporate purposes.

The $600 Million 4.50% Senior Notes are redeemable before February 15, 2024, 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 $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.

Interest Rate Derivatives

The Company and the Gaylord Rockies joint venture have each entered into interest rate swaps to manage interest rate risk associated with the Company’s $500 million term loan B and the Gaylord Rockies joint venture’s $800 million term loan, respectively. Each swap has been designated as a cash flow hedge whereby the Company or the joint venture receives variable-rate amounts in exchange for fixed-rate payments over the life of the agreement without exchange of the underlying principal amount. Neither the Company nor the Gaylord Rockies joint venture use derivatives for trading or speculative purposes and currently do 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 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 $15.9 million will be reclassified from accumulated other comprehensive loss to interest expense in the next twelve months.

The estimated fair value of the Company’s derivative financial instruments at March 31, 2021 and December 31, 2020 is as follows (in thousands):


						Estimated Fair Value
						Asset (Liability) Balance
		Strike			Notional	March 31,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount	2021		2020
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500	$	(1,828)	$	(2,206)
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(1,829)		(2,206)
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(1,829)		(2,206)
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023	$ 87,500		(1,843)		(2,222)
Gaylord Rockies Loan	Interest Rate Swap	1.6500%	1-month LIBOR	August 1, 2022	$ 800,000		(15,887)		(18,979)
						$	(23,216)	$	(27,819)

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 condensed consolidated balance sheets.

The effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations for the respective periods is as follows (in thousands):


	Amount of Gain (Loss)					Amount of Gain (Loss)
	Recognized in OCI					Reclassified from Accumulated
	on Derivative				Location of Gain (Loss)	OCI into Income (Expense)
	Three Months Ended				Reclassified from	Three Months Ended
	March 31,				Accumulated OCI	March 31,
	2021		2020		into Income (Expense)	2021		2020
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	602	$	(35,947)	Interest expense	$	(4,001)	$	452
Total derivatives	$	602	$	(35,947)		$	(4,001)	$	452

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 the three months ended March 31, 2021 and 2020 was $30.8 million and $29.4 million, respectively.

At March 31, 2021, 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 $24.6 million. As of March 31, 2021, 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 $24.6 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 Proceeds

3 Months Ended

Mar. 31, 2021

Deferred Management Rights Proceeds

Deferred Management Rights Proceeds

8. 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 Gaylord Hotel 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 accounting purposes, the amount related to the Management Rights was deferred and is amortized on a straight-line basis over the 65-year term of the hotel management agreements, including extensions, as a reduction in management fee expense.

Leases

3 Months Ended

Mar. 31, 2021

Leases

Leases

9. 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 and Ole Red Tishomingo, 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, at the Company’s discretion. The leases for Ole Red locations range from five to ten years, with renewal options ranging from five to fifty-five years, at the Company’s discretion. Extension options are not considered reasonably assured and thus are not included in the Company’s calculation of its right-of-use assets and lease liabilities.

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’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As the discount rate implicit in the Company’s operating leases is not readily determinable, the Company applied judgments related to the determination of the discount rates used to calculate the lease liability as required by Accounting Standards Codification Topic 842, “Leases”. The Company calculated its incremental borrowing rates by 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 costs for the three months ended March 31, 2021 and 2020 are as follows (in thousands):


	Three Months Ended
	March 31,
	2021		2020
Operating lease cost	$	3,127	$	3,287
Finance lease cost:
Amortization of right-of-use assets		37		37
Interest on lease liabilities		11		13
Net lease cost	$	3,175	$	3,337

Future minimum lease payments under non-cancelable leases at March 31, 2021 are as follows (in thousands):


	Operating		Finance
	Leases		Leases
Year 1	$	6,366	$	253
Year 2		6,037		234
Year 3		6,006		153
Year 4		5,827		46
Year 5		6,003		46
Years thereafter		566,780		555
Total future minimum lease payments		597,019		1,287
Less amount representing interest		(488,962)		(249)
Total present value of minimum payments	$	108,057	$	1,038

The remaining lease term and discount rate for the Company’s leases are as follows:


Weighted-average remaining lease term:
Operating leases	50.1	years
Finance leases	10.2	years
Weighted-average discount rate:
Operating leases	6.9	%
Finance leases	4.0	%

Stock Plans

3 Months Ended

Mar. 31, 2021

Stock Plans

Stock Plans

10. STOCK PLANS:

During the three months ended March 31, 2021, the Company granted 0.3 million restricted stock units with a weighted-average grant date fair value of $73.76 per unit. There were 0.5 million and 0.4 million restricted stock units outstanding at March 31, 2021 and December 31, 2020, respectively.

Compensation expense for the Company’s stock-based compensation plans was $2.5 million and $2.2 million for the three months ended March 31, 2021 and 2020, respectively.

Pension Plans

3 Months Ended

Mar. 31, 2021

Pension Plans

Pension Plans

11. PENSION PLANS:

Net periodic pension benefit reflected in other gains and (losses), net in the accompanying condensed consolidated statements of operations included the following components for the respective periods (in thousands):


	Three Months Ended
	March 31,
	2021		2020
Interest cost	$	472	$	676
Expected return on plan assets		(1,019)		(1,055)
Amortization of net actuarial loss		289		282
Total net periodic pension benefit	$	(258)	$	(97)

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Taxes

Income Taxes

12. INCOME TAXES:

The Company has elected to be taxed as a REIT effective January 1, 2013, pursuant to the U.S. Internal Revenue Code of 1986, as amended. As a REIT, generally the Company will not be subject to federal corporate income taxes on ordinary taxable income and capital gains income from real estate investments that it distributes to its stockholders. The Company will continue to be required to pay federal and state corporate income taxes on earnings of its taxable REIT subsidiaries (“TRSs”).

For the three months ended March 31, 2021 and 2020, the Company recorded an income tax provision of $4.0 million and $26.8 million, respectively. The income tax provision for the three months ended March 31, 2021 and 2020 included the recording of a valuation allowance of $3.6 million and $26.7 million, respectively, as further described below. Additionally, in the three months ended March 31, 2021 and 2020, the Company recorded income tax expense of $0.4 million and $0.1 million, respectively, inclusive of valuation allowance, related to the current period operations of the Company.

Due to the financial statement impact of the COVID-19 pandemic, in connection with the preparation of the condensed consolidated financial statements included herein, the Company reassessed the realizability of net deferred tax assets during 2020, and as a result, the Company recorded a valuation allowance of $26.7 million in the three months ended March 31, 2020 on the net deferred tax assets of its TRSs. After further analysis, the Company identified the need for an additional valuation allowance related to the deferred tax assets in 2020 of $3.6 million, which was recorded in the three months ended March 31, 2021.

At March 31, 2021 and December 31, 2020, the Company had no unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies

Commitments and Contingencies

13. COMMITMENTS AND CONTINGENCIES:

Pursuant to the Gaylord Rockies joint venture agreements, certain affiliates of RIDA Development Corporation (“RIDA”) have a put right to require the Company to purchase their joint venture interests at a defined appraised value for cash, which will generally become exercisable at the earlier of December 31, 2023 or the date on which a certain change of control of RIDA occurs. See Note 17, “Subsequent Events,” for further disclosure.

In connection with its investment in the Gaylord Rockies joint venture, the Company and an affiliate of RIDA each entered into limited repayment and carry guaranties that, in the aggregate, guarantee repayment of 10% of the principal

debt, together with interest and operating expenses, which are to be released once the Gaylord Rockies joint venture achieves a certain debt service coverage threshold as defined in the Gaylord Rockies Loan. Generally, the Gaylord Rockies Loan is non-recourse to the Company, subject to (i) those limited guaranties, (ii) a completion guaranty in the event a property expansion is pursued, and (iii) customary non-recourse carve-outs.

In April 2019, a subsidiary of the Company entered into a joint venture with Gray Television, Inc. to create and distribute a linear multicast and over-the-top channel dedicated to the country music lifestyle, Circle. The Company acquired a 50% equity interest in this joint venture and has made capital contributions of $17.0 million. In addition, the Company intends to contribute up to an additional $4.0 million through December 31, 2021. The Company accounts for its investment in this joint venture under the equity method of accounting.

The Company has entered into employment agreements with certain officers, which provide for severance payments upon certain events, including certain terminations in connection with a change of control.

The Company, in the ordinary course of business, is involved in certain legal actions and claims on a variety of matters. It is the opinion of management that such contingencies will not have a material effect on the financial statements of the Company.

Equity

3 Months Ended

Mar. 31, 2021

Equity

Equity

14. EQUITY:

Dividends

Due to the COVID-19 pandemic, the Company has suspended its regular quarterly dividend payments. The Company’s board of directors will consider a future dividend as permitted by the Company’s credit agreement. The Company’s credit agreement permits payment of dividends as necessary to maintain the Company’s REIT status and permits the Company to pay a dividend of $0.01 per share each quarter. Any future dividend is subject to the Company’s board of director’s determination as to the amount of distributions and the timing thereof.

Noncontrolling Interest in the Operating Partnership

The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. The outstanding OP Units held by the noncontrolling limited partners are redeemable for cash, or if the Company so elects, in shares of the Company’s common stock on a one-for-one basis, subject to certain adjustments. At March 31, 2021, 0.4 million outstanding OP Units, or less than 1% of the outstanding OP Units, were held by the noncontrolling limited partners and are included as a component of equity in the accompanying condensed consolidated balance sheet. The Company owns, directly or indirectly, the remaining 99.3% of the outstanding OP Units.

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Measurements

Fair Value Measurements

15. 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 mutual funds traded in an active market. The Company determined the fair value of these mutual funds based on the net asset value per unit of the funds or the portfolio, which is based upon quoted market prices in an active market. Therefore, the Company has categorized these investments as Level 1.

The Company’s interest rate swaps and the Gaylord Rockies joint venture’s interest rate swap consist of over-the-counter swap contracts, which are not traded on a public exchange. The Company or the Gaylord Rockies joint venture, as applicable, 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 flows, 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 the above valuation techniques in all periods presented and believes it has obtained the most accurate information available for each type of instrument.

The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020, were as follows (in thousands):


			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	29,807	$	29,807	$	—	$	—
Total assets measured at fair value	$	29,807	$	29,807	$	—	$	—

Variable to fixed interest rate swaps	$	23,216	$	—	$	23,216	$	—
Total liabilities measured at fair value	$	23,216	$	—	$	23,216	$	—


			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2020		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	31,277	$	31,277	$	—	$	—
Total assets measured at fair value	$	31,277	$	31,277	$	—	$	—

Variable to fixed interest rate swaps	$	27,819	$	—	$	27,819	$	—
Total liabilities measured at fair value	$	27,819	$	—	$	27,819	$	—

The remainder of the assets and liabilities held by the Company at March 31, 2021 are not required to be recorded at fair value, and the carrying value of these assets and liabilities approximates fair value, except as described below.

The Company has outstanding $600.0 million in aggregate principal amount of $600 million 4.50% senior notes. The carrying value of these notes at March 31, 2021 was $589.8 million, net of unamortized DFCs. The fair value of these notes, based upon quoted market prices (Level 1), was $601 million at March 31, 2021.

The Company has outstanding $700.0 million in aggregate principal amount of $700 million 4.75% senior notes. The carrying value of these notes at March 31, 2021 was $691.8 million, net of unamortized DFCs and premiums. The fair value of these notes, based upon quoted market prices (Level 1), was $714 million at March 31, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financial Reporting By Business Segments

3 Months Ended

Mar. 31, 2021

Financial Reporting By Business Segments

Financial Reporting By Business Segments

16. FINANCIAL REPORTING BY BUSINESS SEGMENTS:

The Company’s operations are organized into three principal business segments:

●

Hospitality, which includes the Gaylord Hotels properties, the Inn at Opryland and the AC Hotel;

●

Entertainment, which includes the Grand Ole Opry, the Ryman Auditorium, WSM-AM, Ole Red, the Company’s equity investment in Circle, and the Company’s Nashville-based attractions; and

●

Corporate and Other, which includes the Company’s corporate expenses.

The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):


	Three Months Ended
	March 31,
	2021		2020
Revenues:
Hospitality	$	69,802	$	285,671
Entertainment		14,373		27,359
Corporate and Other		—		—
Total	$	84,175	$	313,030

Depreciation and amortization:
Hospitality	$	49,148	$	49,769
Entertainment		3,601		3,105
Corporate and Other		566		471
Total	$	53,315	$	53,345

Operating income (loss):
Hospitality	$	(63,462)	$	23,817
Entertainment		(7,919)		(5,092)
Corporate and Other		(8,094)		(8,607)
Preopening costs (1)		(399)		(801)
Gain on sale of assets (2)		317		1,261
Credit loss on held-to-maturity securities (3)		—		(5,828)
Total operating income (loss)		(79,557)		4,750

Interest expense		(30,796)		(29,358)
Interest income		1,370		2,371
Loss on extinguishment of debt		(2,949)		—
Loss from unconsolidated joint ventures		(1,609)		(1,895)
Other gains and (losses), net		374		195
Loss before income taxes	$	(113,167)	$	(23,937)

(1)

Preopening costs for the three months ended March 31, 2021 relates to the Hospitality segment. Preopening costs for the three months ended March 31, 2020 include $0.1 million and $0.7 million for the Hospitality and Entertainment segments, respectively.

(2)

Gain on sale of assets for the three months ended March 31, 2021 and 2020 relates to the Hospitality segment.

(3)

Credit loss on held-to-maturity securities for the three months ended March 31, 2020 relates to the Hospitality segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events

Subsequent Events

17. SUBSEQUENT EVENTS:

In April 2021, the Company entered into an agreement with RIDA to acquire the remaining 35% ownership interest in the Gaylord Rockies joint venture not owned by the Company for approximately $188.0 million and approximately 130 acres of undeveloped, adjacent land for $22.0 million in cash, subject to customary closing conditions. The Company expects the transaction to close in May 2021 and will fund the transaction through cash on hand and borrowings under its $700 million revolving credit facility. As discussed in Note 1, “Basis of Presentation,” because the Company consolidates the Gaylord Rockies joint venture in the accompanying condensed consolidated financial statements, the Company anticipates no impact to its condensed consolidated statement of operations and comprehensive loss as a result of this transaction.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2021
Description of the Business and Summary of Significant Accounting Policies
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. Almost all of the Company’s revenues are either cash-based or, for meeting and convention groups who meet the Company’s credit criteria, billed and collected on a short-term receivables basis. 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 of such taxes 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 Entertainment segment.
Newly Issued Accounting Standards	Newly Issued Accounting Standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Simplifying the Accounting for Income Taxes (Topic 740),” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted this ASU in the first quarter of 2021, and this adoption did not have a material impact on the Company’s condensed consolidated financial statements. 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. During 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of this guidance and may apply other elections as applicable as additional market changes occur.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

Revenues (Tables)

3 Months Ended

Mar. 31, 2021

Revenues

Revenues Disaggregated by Major Source

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


	Three Months Ended
	March 31,
	2021		2020

Hotel group rooms	$	4,512	$	82,711
Hotel transient rooms		23,716		23,417
Hotel food and beverage - banquets		3,969		108,170
Hotel food and beverage - outlets		14,206		37,580
Hotel other		23,399		33,793
Entertainment admissions/ticketing		3,160		10,281
Entertainment food and beverage		4,796		10,027
Entertainment retail and other		6,417		7,051
Total revenues	$	84,175	$	313,030

Hospitality Segment Revenues Disaggregated by Location

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


	Three Months Ended
	March 31,
	2021		2020

Gaylord Opryland	$	21,759	$	76,127
Gaylord Palms		15,117		45,375
Gaylord Texan		18,358		55,996
Gaylord National		1,257		49,394
Gaylord Rockies		11,970		54,598
AC Hotel		805		1,849
Inn at Opryland		536		2,332
Total Hospitality segment revenues	$	69,802	$	285,671

Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Income (Loss) Per Share

Weighted Average Number of Common Shares Outstanding

The weighted average number of common shares outstanding is calculated as follows (in thousands):


	Three Months Ended
	March 31,
	2021	2020
Weighted average shares outstanding - basic	54,995	54,911
Effect of dilutive stock-based compensation	—	—
Effect of dilutive put rights	—	—
Weighted average shares outstanding - diluted	54,995	54,911

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Equity

Summary of Changes in Accumulated Other Comprehensive Loss by Component

Changes in accumulated other comprehensive loss by component for the three months ended March 31, 2021 and 2020 consisted of the following (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		1,436		—		602		2,038
Amounts reclassified from accumulated other comprehensive loss		8		53		4,001		4,062
Net other comprehensive income		1,444		53		4,603		6,100
Balance, March 31, 2021	$	(25,179)	$	(3,456)	$	(23,216)	$	(51,851)


			Other-Than-
	Minimum		Temporary
	Pension		Impairment of		Interest Rate
	Liability		Investment		Derivatives		Total
Balance, December 31, 2019	$	(23,916)	$	(5,877)	$	1,634	$	(28,159)
Losses arising during period		(1,107)		—		(35,947)		(37,054)
Amounts reclassified from accumulated other comprehensive loss		17		52		(452)		(383)
Net other comprehensive income (loss)		(1,090)		52		(36,399)		(37,437)
Transition adjustment related to adoption of ASU 2016-13		—		2,158		—		2,158
Balance, March 31, 2020	$	(25,006)	$	(3,667)	$	(34,765)	$	(63,438)

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2021

Property and Equipment

Property and Equipment


	March 31,		December 31,
	2021		2020
Land and land improvements	$	354,345	$	351,618
Buildings		3,464,497		3,462,218
Furniture, fixtures and equipment		961,819		960,666
Right-of-use finance lease assets		1,613		1,613
Construction-in-progress		186,505		166,084
		4,968,779		4,942,199
Accumulated depreciation and amortization		(1,866,444)		(1,824,952)
Property and equipment, net	$	3,102,335	$	3,117,247

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt

Summary of Debt and Finance Lease Obligations

The Company’s debt and finance lease obligations at March 31, 2021 and December 31, 2020 consisted of (in thousands):


	March 31,		December 31,
	2021		2020
$700M Revolving Credit Facility, interest at LIBOR plus 1.95%, maturing March 31, 2024, less unamortized deferred financing costs of $0 and $7,579 (1)	$	—	$	98,421
$300M Term Loan A, interest at LIBOR plus 1.90%, maturing March 31, 2025, less unamortized deferred financing costs of $2,190 and $2,321		297,810		297,679
$500M Term Loan B, interest at LIBOR plus 2.00%, maturing May 11, 2024, less unamortized deferred financing costs of $3,274 and $3,524		376,726		377,726
$400M Senior Notes, interest at 5.0%, maturing April 15, 2023, less unamortized deferred financing costs of $0 and $2,301		—		397,699
$600M Senior Notes, interest at 4.50%, maturing February 15, 2029, less unamortized deferred financing costs of $10,168 and $0		589,832		—
$700M Senior Notes, interest at 4.75%, maturing October 15, 2027, less unamortized deferred financing costs of $10,336 and $10,676, plus unamortized premium of $2,097 and $2,167		691,761		691,491
$800M Term Loan (Gaylord Rockies JV), interest at LIBOR plus 2.50%, maturing July 2, 2023, less unamortized deferred financing costs of $5,515 and $6,103		794,485		793,897
Finance lease obligations		1,038		1,095
Total debt	$	2,751,652	$	2,658,008

Schedule of Fair Value of the Company's Derivative Financial Instruments

The estimated fair value of the Company’s derivative financial instruments at March 31, 2021 and December 31, 2020 is as follows (in thousands):


						Estimated Fair Value
						Asset (Liability) Balance
		Strike			Notional	March 31,		December 31,
Hedged Debt	Type	Rate	Index	Maturity Date	Amount	2021		2020
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500	$	(1,828)	$	(2,206)
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(1,829)		(2,206)
Term Loan B	Interest Rate Swap	1.2235%	1-month LIBOR	May 11, 2023	$ 87,500		(1,829)		(2,206)
Term Loan B	Interest Rate Swap	1.2315%	1-month LIBOR	May 11, 2023	$ 87,500		(1,843)		(2,222)
Gaylord Rockies Loan	Interest Rate Swap	1.6500%	1-month LIBOR	August 1, 2022	$ 800,000		(15,887)		(18,979)
						$	(23,216)	$	(27,819)

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 condensed consolidated statements of operations for the respective periods is as follows (in thousands):


	Amount of Gain (Loss)					Amount of Gain (Loss)
	Recognized in OCI					Reclassified from Accumulated
	on Derivative				Location of Gain (Loss)	OCI into Income (Expense)
	Three Months Ended				Reclassified from	Three Months Ended
	March 31,				Accumulated OCI	March 31,
	2021		2020		into Income (Expense)	2021		2020
Derivatives in Cash Flow Hedging Relationships:
Interest rate swaps	$	602	$	(35,947)	Interest expense	$	(4,001)	$	452
Total derivatives	$	602	$	(35,947)		$	(4,001)	$	452

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases

Schedule of Company's Lease Cost

The Company’s lease costs for the three months ended March 31, 2021 and 2020 are as follows (in thousands):


	Three Months Ended
	March 31,
	2021		2020
Operating lease cost	$	3,127	$	3,287
Finance lease cost:
Amortization of right-of-use assets		37		37
Interest on lease liabilities		11		13
Net lease cost	$	3,175	$	3,337

Schedule of Future Minimum Lease Payments Under Non-Cancelable Leases

Future minimum lease payments under non-cancelable leases at March 31, 2021 are as follows (in thousands):


	Operating		Finance
	Leases		Leases
Year 1	$	6,366	$	253
Year 2		6,037		234
Year 3		6,006		153
Year 4		5,827		46
Year 5		6,003		46
Years thereafter		566,780		555
Total future minimum lease payments		597,019		1,287
Less amount representing interest		(488,962)		(249)
Total present value of minimum payments	$	108,057	$	1,038

Schedule of Remaining Lease Term and Discount Rate of Leases


Weighted-average remaining lease term:
Operating leases	50.1	years
Finance leases	10.2	years
Weighted-average discount rate:
Operating leases	6.9	%
Finance leases	4.0	%

Pension Plans (Tables)

3 Months Ended

Mar. 31, 2021

Pension Plan [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Net Periodic Pension and Postretirement Benefit (Income) Expense


	Three Months Ended
	March 31,
	2021		2020
Interest cost	$	472	$	676
Expected return on plan assets		(1,019)		(1,055)
Amortization of net actuarial loss		289		282
Total net periodic pension benefit	$	(258)	$	(97)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Measurements

Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020, were as follows (in thousands):


			Markets for		Observable		Unobservable
	March 31,		Identical Assets		Inputs		Inputs
	2021		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	29,807	$	29,807	$	—	$	—
Total assets measured at fair value	$	29,807	$	29,807	$	—	$	—

Variable to fixed interest rate swaps	$	23,216	$	—	$	23,216	$	—
Total liabilities measured at fair value	$	23,216	$	—	$	23,216	$	—


			Markets for		Observable		Unobservable
	December 31,		Identical Assets		Inputs		Inputs
	2020		(Level 1)		(Level 2)		(Level 3)
Deferred compensation plan investments	$	31,277	$	31,277	$	—	$	—
Total assets measured at fair value	$	31,277	$	31,277	$	—	$	—

Variable to fixed interest rate swaps	$	27,819	$	—	$	27,819	$	—
Total liabilities measured at fair value	$	27,819	$	—	$	27,819	$	—

Financial Reporting By Business Segments (Tables)

3 Months Ended

Mar. 31, 2021

Financial Reporting By Business Segments

Segments' Internal Financial Reports

The following information is derived directly from the segments’ internal financial reports used for corporate management purposes (amounts in thousands):


	Three Months Ended
	March 31,
	2021		2020
Revenues:
Hospitality	$	69,802	$	285,671
Entertainment		14,373		27,359
Corporate and Other		—		—
Total	$	84,175	$	313,030

Depreciation and amortization:
Hospitality	$	49,148	$	49,769
Entertainment		3,601		3,105
Corporate and Other		566		471
Total	$	53,315	$	53,345

Operating income (loss):
Hospitality	$	(63,462)	$	23,817
Entertainment		(7,919)		(5,092)
Corporate and Other		(8,094)		(8,607)
Preopening costs (1)		(399)		(801)
Gain on sale of assets (2)		317		1,261
Credit loss on held-to-maturity securities (3)		—		(5,828)
Total operating income (loss)		(79,557)		4,750

Interest expense		(30,796)		(29,358)
Interest income		1,370		2,371
Loss on extinguishment of debt		(2,949)		—
Loss from unconsolidated joint ventures		(1,609)		(1,895)
Other gains and (losses), net		374		195
Loss before income taxes	$	(113,167)	$	(23,937)

(1)

(2)

Gain on sale of assets for the three months ended March 31, 2021 and 2020 relates to the Hospitality segment.

(3)

Credit loss on held-to-maturity securities for the three months ended March 31, 2020 relates to the Hospitality segment.

Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Transition adjustment	$ (1,016,953)	$ (911,092)
Accumulated other comprehensive loss	$ (51,851)	$ (57,951)
Gaylord Rockies [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	65.00%
Circle [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	50.00%

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Basis of Presentation - Covid 19 (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Apr. 23, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Cash and cash equivalents - unrestricted	$ 67,138	$ 56,697		$ 662,156
Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 699,700
Sixth Amended And Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Dividends permitted amount per quarter			$ 0.01

Revenues - Revenues Disaggregated by Major Source (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 84,175	$ 313,030
Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	28,228	106,128
Hotel Group Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	4,512	82,711
Hotel Transient Rooms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	23,716	23,417
Food and Beverage [Member]
Disaggregation of Revenue [Line Items]
Total revenues	18,175	145,750
Hotel Food And Beverage Banquets [Member]
Disaggregation of Revenue [Line Items]
Total revenues	3,969	108,170
Hotel Food And Beverage Outlets [Member]
Disaggregation of Revenue [Line Items]
Total revenues	14,206	37,580
Hotel, Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	23,399	33,793
Entertainment [Member]
Disaggregation of Revenue [Line Items]
Total revenues	14,373	27,359
Entertainment Admissions And Ticketing [Member]
Disaggregation of Revenue [Line Items]
Total revenues	3,160	10,281
Entertainment Food And Beverage [Member]
Disaggregation of Revenue [Line Items]
Total revenues	4,796	10,027
Entertainment Retail And Other [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 6,417	$ 7,051

Revenues - Hospitality Segment Revenues Disaggregated by Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 84,175	$ 313,030
Hospitality [Member]
Disaggregation of Revenue [Line Items]
Total revenues	69,802	285,671
Hospitality [Member] \| Gaylord Opryland [Member]
Disaggregation of Revenue [Line Items]
Total revenues	21,759	76,127
Hospitality [Member] \| Gaylord Palms [Member]
Disaggregation of Revenue [Line Items]
Total revenues	15,117	45,375
Hospitality [Member] \| Gaylord Texan [Member]
Disaggregation of Revenue [Line Items]
Total revenues	18,358	55,996
Hospitality [Member] \| Gaylord National [Member]
Disaggregation of Revenue [Line Items]
Total revenues	1,257	49,394
Hospitality [Member] \| Gaylord Rockies [Member]
Disaggregation of Revenue [Line Items]
Total revenues	11,970	54,598
Hospitality [Member] \| AC Hotel [Member]
Disaggregation of Revenue [Line Items]
Total revenues	805	1,849
Hospitality [Member] \| Inn at Opryland [Member]
Disaggregation of Revenue [Line Items]
Total revenues	$ 536	$ 2,332

Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Contract with Customer, Liability [Abstract]
Deferred revenues	$ 79.9	$ 70.4
Change in Contract with Customer, Liability [Abstract]
Revenue recognized	$ 4.6

Income (Loss) Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Weighted Average Number of Shares Outstanding, Diluted [Abstract]
Weighted average shares outstanding - basic (in shares)	54,995	54,911
Net income available to common stockholders - assuming dilution (in shares)	54,995	54,911

Income (Loss) Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation
INCOME PER SHARE
Anti-dilutive securities excluded from EPS computation	0.2	0.1

Accumulated Other Comprehensive Loss - Summary of Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 205,301
Transition adjustment	(1,016,953)		$ (911,092)
Transition adjustment	(51,851)		$ (57,951)
Ending balance	104,705
Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(27,819)	$ 1,634
Losses arising during period	602	(35,947)
Amounts reclassified from accumulated other comprehensive loss	4,001	(452)
Net other comprehensive income (loss)	4,603	(36,399)
Ending balance	(23,216)	(34,765)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(26,623)	(23,916)
Losses arising during period	1,436	(1,107)
Amounts reclassified from accumulated other comprehensive loss	8	17
Net other comprehensive income (loss)	1,444	(1,090)
Ending balance	(25,179)	(25,006)
Accumulated Other-than-Temporary Impairment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(3,509)	(5,877)
Amounts reclassified from accumulated other comprehensive loss	53	52
Net other comprehensive income (loss)	53	52
Ending balance	(3,456)	(3,667)
Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Transition adjustment		2,158
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(57,951)	(28,159)
Losses arising during period	2,038	(37,054)
Amounts reclassified from accumulated other comprehensive loss	4,062	(383)
Net other comprehensive income (loss)	6,100	(37,437)
Ending balance	$ (51,851)	(63,438)
AOCI Attributable to Parent [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Transition adjustment		$ 2,158

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Right-of-use finance lease assets	$ 1,613	$ 1,613
Property and equipment, gross	4,968,779	4,942,199
Accumulated depreciation	(1,866,444)	(1,824,952)
Property and equipment, net	3,102,335	3,117,247
Land and land improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	354,345	351,618
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,464,497	3,462,218
Furniture, fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	961,819	960,666
Construction-in-progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 186,505	$ 166,084

Notes Receivable - General Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate carrying values	$ 70,515		$ 71,923
Transition adjustment	$ (1,016,953)		(911,092)
Credit loss		$ 5,828
Bonds A Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity date of notes receivable	Jul. 01, 2034
Bonds B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity date of notes receivable	Sep. 01, 2037
Credit loss		$ 5,828
Bonds A and B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Aggregate carrying values	$ 70,500		$ 71,900
Credit loss reserve	$ 38,000

Notes Receivable - Interest Income and Payment Received (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 1,370	$ 2,371
Notes Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	1,300	1,500
Payment received relating to notes receivables	2,800	$ 2,900
Bonds A and B Series [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued interest receivable	$ 39,500		$ 40,900

Debt - Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Finance lease obligations	$ 1,038	$ 1,095
Total debt	2,751,652	2,658,008
Line of Credit [Member] \| $700 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt		98,421
Line of Credit [Member] \| Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt	0
Secured Debt [Member] \| $300 Million Term Loan A [Member]
Debt Instrument [Line Items]
Long-term debt	297,810	297,679
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Long-term debt	376,726	377,726
Secured Debt [Member] \| $800M Term Loan (Gaylord Rockies JV) [Member]
Debt Instrument [Line Items]
Long-term debt	794,485	793,897
Senior Notes [Member] \| $400 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt		397,699
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt	589,832
Senior Notes [Member] \| $700 Million 4.75% Senior Note [Member]
Debt Instrument [Line Items]
Long-term debt	$ 691,761	$ 691,491

Debt - Summary of Debt and Capital Lease Obligations - General Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2021	Feb. 17, 2021	Feb. 09, 2021
$600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 600,000,000.0
Line of Credit [Member] \| $700 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt		$ 98,421,000
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
Credit facility, maturity date	Mar. 31, 2024
Unamortized deferred financing costs	$ 7,200,000	7,579,000
Long-term debt	$ 0
Line of Credit [Member] \| Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	1.95%
Secured Debt [Member] \| $300 Million Term Loan A [Member]
Debt Instrument [Line Items]
Face amount	$ 300,000,000
Credit facility, maturity date	Mar. 31, 2025
Unamortized deferred financing costs	$ 2,190,000	2,321,000
Long-term debt	$ 297,810,000	297,679,000
Secured Debt [Member] \| $300 Million Term Loan A [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	1.90%
Secured Debt [Member] \| $500 Million Term Loan B [Member]
Debt Instrument [Line Items]
Face amount	$ 500,000,000	500,000,000
Credit facility, maturity date	May 11, 2024
Unamortized deferred financing costs	$ 3,274,000	3,524,000
Long-term debt	$ 376,726,000	$ 377,726,000
Percentage of amortization of original principal balance (as a percent)	1.00%	1.00%
Secured Debt [Member] \| $500 Million Term Loan B [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	2.00%
Secured Debt [Member] \| $400 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400,000,000
Secured Debt [Member] \| $800M Term Loan (Gaylord Rockies JV) [Member]
Debt Instrument [Line Items]
Face amount	$ 800,000,000
Debt instrument, maturity date	Jul. 02, 2023
Unamortized deferred financing costs	$ 5,515,000	$ 6,103,000
Long-term debt	$ 794,485,000	793,897,000
Secured Debt [Member] \| $800M Term Loan (Gaylord Rockies JV) [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Spread rate (as a percent)	2.50%
Senior Notes [Member] \| $400 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount				$ 400,000,000	$ 400,000,000
Stated interest rate (as a percent)	5.00%			5.00%	5.00%
Debt instrument, maturity date	Apr. 15, 2023
Unamortized deferred financing costs	$ 0	2,301,000
Long-term debt		397,699,000
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 600,000,000			$ 600,000,000.0
Stated interest rate (as a percent)	4.50%			4.50%
Debt instrument, maturity date	Feb. 15, 2029
Unamortized deferred financing costs	$ 10,168,000	0
Long-term debt	589,832,000
Senior Notes [Member] \| $700 Million 4.75% Senior Note [Member]
Debt Instrument [Line Items]
Face amount	$ 700,000,000
Stated interest rate (as a percent)	4.75%
Debt instrument, maturity date	Oct. 15, 2027
Unamortized deferred financing costs	$ 10,336,000	10,676,000
Long-term debt	691,761,000	691,491,000
Unamortized premium	$ 2,097,000	$ 2,167,000

Debt - $400 Million 5% Senior Notes (Details) - USD ($)			3 Months Ended
Debt - $400 Million 5% Senior Notes (Details) - USD ($)	Feb. 17, 2021	Feb. 09, 2021	Mar. 31, 2021
Debt Instrument [Line Items]
Loss from extinguishment of debt			$ (2,949,000)
$600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount			$ 600,000,000.0
Senior Notes [Member] \| $400 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400,000,000	$ 400,000,000
Stated interest rate (as a percent)	5.00%	5.00%	5.00%
Redemption price of per thousand		$ 1,005.00
Aggregate tendered amount		$ 161,900,000
Loss from extinguishment of debt			$ (2,900,000)
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 600,000,000.0		$ 600,000,000
Stated interest rate (as a percent)	4.50%		4.50%
Redemption price (as a percent)	100.00%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| 2030
Debt Instrument [Line Items]
Redemption price (as a percent)	102.25%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| 2031
Debt Instrument [Line Items]
Redemption price (as a percent)	101.50%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| 2032
Debt Instrument [Line Items]
Redemption price (as a percent)	100.75%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| 2033
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%

Debt - $600 Million 4.50% Senior Notes (Details) - USD ($)	Feb. 17, 2021	Mar. 31, 2021	Feb. 09, 2021
$600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount		$ 600,000,000.0
Senior Notes [Member] \| $400 Million 5% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 400,000,000		$ 400,000,000
Stated interest rate (as a percent)	5.00%	5.00%	5.00%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Face amount	$ 600,000,000.0	$ 600,000,000
Stated interest rate (as a percent)	4.50%	4.50%
Redemption price (as a percent)	100.00%
Proceeds from Issuance of Debt	$ 591,000,000
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| 2030
Debt Instrument [Line Items]
Redemption price (as a percent)	102.25%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| 2031
Debt Instrument [Line Items]
Redemption price (as a percent)	101.50%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| 2032
Debt Instrument [Line Items]
Redemption price (as a percent)	100.75%
Senior Notes [Member] \| $600 Million 4.50% Senior Notes [Member] \| 2033
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
Senior Notes [Member] \| $700 Million 4.75% Senior Note [Member]
Debt Instrument [Line Items]
Face amount		$ 700,000,000
Stated interest rate (as a percent)		4.75%

Debt - Derivative Financial Instruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 30,796,000	$ 29,358,000
Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative	602,000	(35,947,000)
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense)	4,001,000	452,000
Derivatives in Cash Flow Hedging \| Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Estimated reclassification from AOCI to interest expenses	(15,900,000)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative liability	24,600,000
Termination value in case of breach of provisions	24,600,000
Interest rate swaps \| Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Estimated Fair Value Asset (Liability) Balance	(23,216,000)		$ (27,819,000)
Amount of Gain (Loss) Recognized in OCI on Derivative	602,000	(35,947,000)
Interest rate swaps \| Derivatives in Cash Flow Hedging \| Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Expense)	$ 4,001,000	$ 452,000
Gaylord Rockies [Member] \| Interest rate swaps \| Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.65%
Derivative, maturity date	Aug. 01, 2022
Notional amount	$ 800,000,000
Estimated Fair Value Asset (Liability) Balance	$ (15,887,000)		(18,979,000)
Term Loan B \| Derivative Instrument One Term Loan B Maturing on May 11, 2023 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
Term Loan B \| Derivative Instrument One Term Loan B Maturing on May 11, 2023 [Member] \| Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2235%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance	$ (1,828,000)		(2,206,000)
Term Loan B \| Derivative Instrument Two Term Loan B Maturing on May 11, 2023 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
Term Loan B \| Derivative Instrument Two Term Loan B Maturing on May 11, 2023 [Member] \| Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2235%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance	$ (1,829,000)		(2,206,000)
Term Loan B \| Derivative Instrument Three Term Loan B Maturing on May 11, 2023 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
Term Loan B \| Derivative Instrument Three Term Loan B Maturing on May 11, 2023 [Member] \| Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2235%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance	$ (1,829,000)		(2,206,000)
Term Loan B \| Derivative Instrument Four Term Loan B Maturing on May 11, 2023 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, maturity date	May 11, 2023
Term Loan B \| Derivative Instrument Four Term Loan B Maturing on May 11, 2023 [Member] \| Derivatives in Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	1.2315%
Notional amount	$ 87,500,000
Estimated Fair Value Asset (Liability) Balance	(1,843,000)		(2,222,000)
$500 Million Term Loan B [Member] \| Secured Debt [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Face amount	500,000,000		$ 500,000,000
$800M Term Loan (Gaylord Rockies JV) [Member] \| Secured Debt [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Face amount	$ 800,000,000

Deferred Management Rights Proceeds (Details) - USD ($) $ in Millions		3 Months Ended
	Oct. 01, 2012	Mar. 31, 2021
Deferred Management Rights Proceeds
Sales price of management rights and intellectual property	$ 210.0
Purchase price allocated to the management rights	$ 190.0
Term of management rights for income amortization		65 years

Leases (Details)	3 Months Ended
Leases (Details)	Mar. 31, 2021 a
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	65.3
Lease expiration year	2074
Expiration date of lease under extension	Jan. 31, 2101

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Leases
Operating lease cost	$ 3,127	$ 3,287
Finance lease cost:
Amortization of right-of-use assets	37	37
Interest on lease liabilities	11	13
Net lease cost	$ 3,175	$ 3,337

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating Lease Liabilities, Payments Due [Abstract]
Year 1	$ 6,366
Year 2	6,037
Year 3	6,006
Year 4	5,827
Year 5	6,003
Years thereafter	566,780
Total future minimum lease payments	597,019
Less amount representing interest	(488,962)
Total present value of minimum payments	108,057	$ 107,569
Finance Lease Liabilities, Payments, Due [Abstract]
Year 1	253
Year 2	234
Year 3	153
Year 4	46
Year 5	46
Years thereafter	555
Total future minimum lease payments	1,287
Less amount representing interest	(249)
Total present value of minimum payments	$ 1,038	$ 1,095

Leases - Discount Rate (Details)	Mar. 31, 2021
Weighted-average remaining lease term (years):
Operating leases	50 years 1 month 6 days
Finance leases	10 years 2 months 12 days
Operating leases	6.90%
Finance leases	4.00%

Stock Plans - Restricted Stock Units - Weighted-Average Grant Date Fair Value of Units Granted (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Restricted stock award granted by Company (in shares)	0.3
Weighted-average grant-date fair value of restricted stock awards granted (in dollars per share)	$ 73.76
Restricted stock award, outstanding (in shares)	0.5	0.4

Stock Plans - Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock Plans
Compensation cost on stock-based compensation plans	$ 2.5	$ 2.2

Pension Plans - Net Periodic Benefit Cost (Credit) (Details) - Pension Plan [Member] - Qualified Plan [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	$ 472	$ 676
Expected return on plan assets	(1,019)	(1,055)
Amortization of net actuarial loss	289	282
Total net periodic benefit expense (income)	$ (258)	$ (97)

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Expense (Benefit), Continuing Operations [Abstract]
Provision for income taxes	$ 3,954	$ 26,799
Valuation allowance	3,600	26,700
Income tax expense (benefit)	400	$ 100
Unrecognized tax benefits	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Capital contribution		$ 4,572	$ 3,090
Operating Partnership Units		400,000
Redemption of Operating Partnership Units into Company's common stock (in shares)		1
Gaylord Rockies [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of guarantee repayment of principal debt		10.00%
Equity interest (as a percent)		65.00%
New Country Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)	50.00%
Capital contribution	$ 17,000
Additional possible contribution	$ 4,000
Circle [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest (as a percent)		50.00%

Equity - Dividends (Details) - $ / shares	3 Months Ended
Equity - Dividends (Details) - $ / shares	Mar. 31, 2021	Mar. 31, 2020	Apr. 23, 2020
Subsidiary or Equity Method Investee [Line Items]
Dividend amount for current period (in dollars per share)		$ 0.95
Conversion of outstanding Operating Partnership Units into the Company's common stock ( in shares)	1
Outstanding Operating Partnership Units	400,000
Noncontrolling Limited Partners [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage of outstanding Operating Partnership Units held by the noncontrolling limited partners	1.00%
Ryman Hospitality Properties, Inc [Member]
Subsidiary or Equity Method Investee [Line Items]
Percentage of outstanding Operating Partnership Units held by the company	99.30%
Sixth Amended And Restated Credit Agreement [Member]
Subsidiary or Equity Method Investee [Line Items]
Dividends permitted amount per quarter			$ 0.01

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value	$ 23,216	$ 27,819
Deferred compensation plan investments	29,807	31,277
Total assets measured at fair value	29,807	31,277
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities measured at fair value	23,216	27,819
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	29,807	31,277
Total assets measured at fair value	29,807	31,277
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 liabilities measured at fair value	23,216	27,819
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]
Total liabilities measured at fair value	$ 23,216	$ 27,819

Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2021	Feb. 17, 2021	Feb. 09, 2021	Dec. 31, 2020
$600 Million 4.50% Senior Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Face amount	$ 600,000,000.0
Senior Notes [Member] \| $400 Million 5% 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)	5.00%	5.00%	5.00%
Debt amount				$ 397,699,000
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	$ 600,000,000.0
Stated interest rate (as a percent)	4.50%	4.50%
Debt amount	$ 589,832,000
Fair value of notes	601,000,000
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
Stated interest rate (as a percent)	4.75%
Debt amount	$ 691,761,000			$ 691,491,000
Fair value of notes	$ 714,000,000

Financial Reporting By Business Segments - General Information (Details)	3 Months Ended
	Mar. 31, 2021 segment
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of business segments	3

Financial Reporting By Business Segments - Internal Financial Reports (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	$ 84,175	$ 313,030
Depreciation and amortization	53,315	53,345
Preopening costs	(399)	(801)
Gain on sale of assets	317	1,261
Credit loss on held-to-maturity securities		(5,828)
Operating income	(79,557)	4,750
Interest expense	(30,796)	(29,358)
Interest income	1,370	2,371
Loss from extinguishment of debt	(2,949)
Loss from unconsolidated joint ventures	(1,609)	(1,895)
Income (loss) before income taxes	(113,167)	(23,937)
Hospitality [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	69,802	285,671
Depreciation and amortization	49,148	49,769
Preopening costs		(100)
Operating income	(63,462)	23,817
Entertainment [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Total revenues	14,373	27,359
Depreciation and amortization	3,601	3,105
Preopening costs		(700)
Operating income	(7,919)	(5,092)
Corporate and Other [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Depreciation and amortization	566	471
Operating income	(8,094)	(8,607)
Notes Receivable [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Interest income	$ 1,300	1,500
Bonds B Series [Member]
Segment Reporting Information, Profit (Loss) [Abstract]
Credit loss on held-to-maturity securities		$ (5,828)

Subsequent Events (Details)	1 Months Ended	3 Months Ended
Subsequent Events (Details)	Apr. 30, 2021 USD ($) a	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Subsequent Event [Line Items]
Purchase price		$ 4,572,000	$ 3,090,000
Line of Credit [Member] \| Revolving Credit Facility [Member] \| $700 Million Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Borrowings	$ 700,000,000	$ 700,000,000
Gaylord Rockies [Member]
Subsequent Event [Line Items]
Ownership percentage		65.00%
Subsequent event \| Gaylord Rockies [Member]
Subsequent Event [Line Items]
Ownership percentage	35.00%
Area of land \| a	130
Purchase price	$ 188,000,000.0
Payment to acquire land	$ 22,000,000.0