XML 59 R41.htm IDEA: XBRL DOCUMENT
v3.20.4

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Option Activity | The summary of stock option activity for the year ended December 31, 2020 is presented below:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Aggregate Intrinsic Value
WRL Omnibus Plan |  |  |  |  |  |  |
Outstanding as of January 1, 2020 | 23,700 |  |  | $ | 80.42 |  |  |  |  |
Granted | — |  |  | $ | — |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Forfeited or expired | — |  |  | $ | — |  |  |  |  |
Outstanding as of December 31, 2020 | 23,700 |  |  | $ | 80.42 |  |  | 5.16 |  | $ | 768,046 |
Fully vested and expected to vest as of December 31, 2020 | 23,700 |  |  | $ | 80.42 |  |  | 5.16 |  | $ | 768,046 |
Exercisable as of December 31, 2020 | 23,700 |  |  | $ | 80.42 |  |  | 5.16 |  | $ | 768,046 |
WML Share Option Plan |  |  |  |  |  |  |
Outstanding as of January 1, 2020 | 11,013,400 |  |  | $ | 2.51 |  |  |  |  |
Granted | 8,895,000 |  |  | $ | 2.16 |  |  |  |  |
Exercised | (50,000) |  |  | $ | 1.41 |  |  |  |  |
Forfeited or expired | — |  |  | — |  |  |  |  |
Outstanding as of December 31, 2020 | 19,858,400 |  |  | $ | 2.36 |  |  | 7.52 |  | $ | 305,363 |
Fully vested and expected to vest as of December 31, 2020 | 19,858,400 |  |  | $ | 2.36 |  |  | 7.52 |  | $ | 305,363 |
Exercisable as of December 31, 2020 | 7,033,400 |  |  | $ | 2.53 |  |  | 5.03 |  | $ | 233,592 |
WIL Omnibus Plan |  |  |  |  |  |  |
Outstanding as of January 1, 2020 | — |  |  | $ | — |  |  |  |  |
Granted | 80,846 |  |  | $ | 1,236.00 |  |  |  |  |
Assumed in business combination | 9,452 |  |  | $ | 264.00 |  |  |  |  |
Forfeited or expired | — |  |  | $ | — |  |  |  |  |
Outstanding as of December 31, 2020 | 90,298 |  |  | $ | 1,134.00 |  |  | 9.92 |  | $ | (57,716) |
Fully vested and expected to vest as of December 31, 2020 | 90,298 |  |  | $ | 1,134.00 |  |  | 9.92 |  | $ | (57,716) |
Exercisable as of December 31, 2020 | 4,229 |  |  | $ | 238.00 |  |  | 9.69 |  | $ | 1,088 |
The following is provided for stock options under the Company's stock-based compensation plans (in thousands, except weighted average grant date fair value):
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
WRL Omnibus Plan (1) |  |  |  |  |
Intrinsic value of stock options exercised | $ | — |  |  | $ | 24,731 |  |  | $ | 22,387 |
Cash received from the exercise of stock options | $ | — |  |  | $ | 14,696 |  |  | $ | 20,148 |
WML Share Option Plan (2) |  |  |  |  |
Weighted average grant date fair value | $ | 0.54 |  |  | $ | 0.55 |  |  | $ | 0.57 |
Intrinsic value of stock options exercised | $ | 57 |  |  | $ | — |  |  | $ | 1,715 |
Cash received from the exercise of stock options | $ | 70 |  |  | $ | — |  |  | $ | 1,823 |
WIL Omnibus Plan (3) |  |  |  |  |
Weighted average grant date fair value | $ | 147 |  |  | $ | — |  |  | $ | — |
Valuation Assumptions | The fair value of stock options granted under WML's Share Option Plan was estimated on the date of grant using the following weighted average assumptions:
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Expected dividend yield | 4.7 | % |  | 5.7 | % |  | 5.7 | %
Expected volatility | 42.6 | % |  | 40.7 | % |  | 40.2 | %
Risk-free interest rate | 1.0 | % |  | 1.4 | % |  | 2.3 | %
Expected term (years) | 6.5 |  | 6.5 |  | 6.5
The fair value of stock options granted under the WIL Omnibus Plan was estimated on the date of grant using the following weighted average assumptions:
| Year Ended December 31,
| 2020
Expected dividend yield | — | %
Expected volatility | 50.0 | %
Risk-free interest rate | 0.61 | %
Expected term (years) | 6.5
Nonvested and Performance Nonvested Share Activity | The summary of nonvested and performance nonvested share activity under the Company's stock-based compensation plans for the year ended December 31, 2020 is presented below:
| Shares |  | Weighted Average Grant Date Fair Value
WRL Omnibus Plan |  |  |
Nonvested as of January 1, 2020 | 744,451 |  |  | $ | 123.62 |
Granted | 841,226 |  |  | $ | 99.21 |
Vested | (414,934) |  |  | $ | 97.84 |
Forfeited | (241,108) |  |  | $ | 127.04 |
Nonvested as of December 31, 2020 | 929,635 |  |  | $ | 112.11 |
WML Share Award Plan |  |  |
Nonvested as of January 1, 2020 | 9,666,163 |  |  | $ | 2.36 |
Granted | 6,747,501 |  |  | $ | 1.86 |
Vested | (4,526,175) |  |  | $ | 1.67 |
Forfeited | (1,008,711) |  |  | $ | 2.47 |
Nonvested as of December 31, 2020 | 10,878,778 |  |  | $ | 2.33 |
Schedule of Stock-Based Compensation Plans | The following is provided for the share awards under the Company's stock-based compensation plans (in thousands, except weighted average grant date fair value):
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
WRL Omnibus Plan |  |  |  |  |
Weighted average grant date fair value | $ | 99.21 |  |  | $ | 119.61 |  |  | $ | 170.13 |
Fair value of shares vested | $ | 34,068 |  |  | $ | 19,428 |  |  | $ | 13,024 |
WML Share Award Plan |  |  |  |  |
Weighted average grant date fair value | $ | 1.86 |  |  | $ | 2.43 |  |  | $ | 3.07 |
Fair value of shares vested | $ | 8,371 |  |  | $ | 5,139 |  |  | $ | 12,442 |
Share-Based Compensation Allocated Costs | The total compensation cost for stock-based compensation plans was recorded as follows (in thousands):
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Casino (1) | $ | 8,538 |  |  | $ | 7,903 |  |  | $ | 5,946 |
Rooms | 1,618 |  |  | 1,046 |  |  | 437 |
Food and beverage | 3,189 |  |  | 1,807 |  |  | 1,125 |
Entertainment, retail and other | 432 |  |  | 174 |  |  | 111 |
General and administrative | 48,477 |  |  | 28,772 |  |  | 28,872 |
Pre-opening | — |  |  | 670 |  |  | 750 |
Property charges and other (2) | — |  |  | — |  |  | (2,201) |
Total stock-based compensation expense | 62,254 |  |  | 40,372 |  |  | 35,040 |
Total stock-based compensation capitalized | 2,212 |  |  | 350 |  |  | 11 |
Total stock-based compensation costs | $ | 64,466 |  |  | $ | 40,722 |  |  | $ | 35,051 |
(1) In 2020, reflects the reversal of $3.3 million of compensation cost previously recognized for awards forfeited in connection with the departure of an employee. (2) In 2018, reflects the reversal of compensation cost previously recognized for awards forfeited in connection with the departure of an employee.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5047-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfNonvestedShareActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration