XML 58 R45.htm IDEA: XBRL DOCUMENT v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Consolidated Income Loss Before Taxes for Domestic and Foreign
Consolidated income before taxes for U.S. and foreign operations consisted of the following (in thousands):
Year Ended December 31,
202520242023
U.S.$336,489 $251,003 $142,775 
Foreign177,651 392,395 142,608 
Total$514,140 $643,398 $285,383 
Provision (Benefit) for Income Taxes
The income tax provision (benefit) attributable to income before income taxes is as follows (in thousands):
December 31,
202520242023
Current
U.S. Federal$(427)$894 $(248)
U.S. State8,321 9,496 6,337 
Foreign(106)141 (194)
Total7,788 10,531 5,895 
Deferred
U.S. Federal99,383 (4,585)(483,786)
U.S. State(2,166)(2,264)(20,310)
Foreign— — 1,367 
Total97,217 (6,849)(502,729)
Total income tax provision (benefit)$105,005 $3,682 $(496,834)
Income Taxes (Federal Statutory Corporate Tax Rate)
The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09") on a prospective basis for the year ended December 31, 2025. The following table presents the required disclosures pursuant to ASU 2023-09, and reconciles the U.S. federal statutory tax amount and rate to the effective tax amount and rate for the year ended December 31, 2025 (amounts in thousands):
Amount
Percent
U.S. Federal Statutory Rate
$107,969 21.0 %
State and local income tax, net of federal income tax effect
Massachusetts
7,028 1.4 %
Foreign tax effects
Macau
Foreign tax rate differential
(42,944)(8.4)%
Nontaxable foreign income
(97,891)(19.0)%
Valuation allowance
30,572 5.9 %
Other
10,060 2.0 %
Cayman Islands
Foreign tax rate differential
54,960 10.7 %
Other
7,830 1.5 %
Effects in changes in tax laws or rates
37,239 7.2 %
Effects of cross-border tax laws
(99)(0.1)%
Tax credits
(3,536)(0.7)%
Increase (decrease) in valuation allowances
Foreign tax credits
1,640 0.3 %
Other deferred tax assets
(1,379)(0.3)%
Nontaxable or nondeductible items
2,004 0.5 %
Other adjustments
Investments in unconsolidated affiliates
(8,448)(1.6)%
Effective income tax$105,005 20.4 %

The following table presents the required disclosures prior to the adoption of ASU 2023-09 and reconciles the U.S. statutory income tax rate to the effective income tax rate for the following periods:
December 31,
20242023
U.S. Federal statutory rate21.0 %21.0 %
State tax1.0 %(2.8)%
Foreign tax credits, net of valuation allowance(12.2)%(139.8)%
Nontaxable foreign income(6.3)%(9.6)%
Foreign tax rate differential(3.9)%0.4 %
Valuation allowance, other(6.6)%(43.8)%
Other, net7.6 %0.5 %
Effective income tax rate0.6 %(174.1)%
Net Deferred Tax Assets and Liabilities
The tax effects of significant temporary differences representing net deferred tax assets and liabilities consisted of the following (in thousands):
December 31,
20252024
Deferred tax assets—U.S.:
Foreign tax credit carryforwards$449,852 $533,473 
Disallowed interest expense carryforward144,113 157,586 
Net operating loss carryforward140,836 169,598 
Lease liabilities368,804 370,110 
Property and equipment83,576 72,286 
Receivables, inventories, accrued liabilities and other24,259 21,491 
Stock-based compensation14,919 9,020 
Other tax credit carryforwards26,666 21,562 
Intangible assets26,967 36,371 
Other902 1,858 
1,280,894 1,393,355 
Less: valuation allowance (479,298)(479,854)
801,596 913,501 
Deferred tax liabilities—U.S.:
Lease assets(368,804)(370,110)
Prepaid insurance, maintenance and taxes(7,240)(15,447)
Intangible and other assets(4,248)— 
Investment in unconsolidated affiliates(7,209)— 
Other(3,596)(20,228)
(391,097)(405,785)
Deferred tax assets—Foreign:
Net operating loss carryforwards42,977 32,114 
Property and equipment95,420 91,884 
Other 2,677 2,952 
141,074 126,950 
Less: valuation allowance (138,855)(124,791)
2,219 2,159 
Deferred tax liabilities—Foreign:
Property and equipment(3,648)(2,159)
(3,648)(2,159)
Net deferred tax asset$409,070 $507,716 
Summary of Valuation Allowances
As of December 31, 2025 and 2024, the Company had valuation allowances on its deferred tax assets as follows (in thousands):
December 31,
20252024
Foreign tax credits$286,852 $247,973 
Intangible assets26,967 36,850 
U.S. loss carryforwards140,836 169,598 
Other U.S. deferred tax assets24,643 25,432 
Foreign loss carryforwards43,099 32,674 
Other foreign deferred tax assets95,756 92,118 
Total$618,153 $604,645 
Schedule of Unrecognized Tax Benefits Roll Forward
The Company had the following activity for unrecognized tax benefits as follows (in thousands):
December 31,
202520242023
Balance at beginning of period$131,018 $135,671 $135,979 
Increases based on tax positions of the current year11,088 11,635 15,818 
Increases based on tax positions of prior years27,328 — — 
Reductions due to lapse in statutes of limitations(9,021)(16,288)(16,126)
Balance at end of period$160,413 $131,018 $135,671 
Schedule of Cash Flow, Supplemental Disclosures
The following table disclose the supplemental cash flow disclosures of the Company (in thousands):
Year Ended December 31,
202520242023
Cash paid for interest, net of amounts capitalized$585,425 $658,438 $688,350 
Capitalized stock-based compensation$5,589 $5,242 $5,268 
Cash paid for income taxes, net of refunds received$9,243 $10,160 $10,310 
Finance lease liabilities arising from obtaining finance lease assets$41,154 $80,021 $8,842 
Liability settled with shares of common stock$7,922 $8,015 $6,639 
Accounts and construction payables related to property and equipment$101,729 $85,949 $60,313 
Liabilities arising from obtaining property and equipment$21,400 $— $— 
Other liabilities related to intangible assets(1)
$— $— $209,410 
Net settlement of liabilities in connection with an asset sale$— $27,655 $— 
(1)    For the year ended December 31, 2023, included $206.5 million related to the Macau gaming premium in connection with the Gaming Concession Contract. See Note 6, "Intangible Assets, net" for further information.
The Company has included the following table as a result of adopting ASU 2023-09, which presents income taxes paid, net of refunds received, for the year ended December 31 (in thousands):

2025
Federal taxes$50 
State taxes9,469 
Foreign taxes(276)
Total$9,243