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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2019
Equity [Abstract] |
Stockholders' Equity | NOTE 10 — STOCKHOLDERS’ EQUITY Noncontrolling interest ownership transactions Empire City transaction. As further discussed in Note 12, in January 2019, MGP acquired the developed real property associated with Empire City from the Company for consideration that included the issuance of approximately 13 million Operating Partnership units to a subsidiary of the Company. The Company adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the Empire City transaction, the Company indirectly owned 74.6% of the partnership units in the Operating Partnership. MGP Class A share issuance. In January 2019, MGP completed an offering of approximately 20 million of its Class A shares. In connection with the offering, the Operating Partnership issued 20 million Operating Partnership units to MGP. The Company has adjusted the carrying value of the noncontrolling interests as a result of MGP’s Class A share issuance to adjust for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to MGP’s issuance of the incremental shares, the Company indirectly owned 69.7% of the partnership units in the Operating Partnership. Park MGM Lease Transaction. As further discussed in Note 12, in March 2019, the Company and MGP completed the Park MGM Lease Transaction for which consideration included the issuance of approximately 1 million Operating Partnership units to a subsidiary of the Company. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the issuance of the incremental shares, the Company indirectly owned 69.8% of the partnership units in the Operating Partnership. Northfield OpCo transaction. As further discussed in Note 12, in April 2019, the Company acquired the membership interests of Northfield from MGP for consideration of approximately 9 million Operating Partnership units that were ultimately redeemed by the Operating Partnership and MGP retained the real estate assets. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the Northfield OpCo transaction, the Company indirectly owned 68.8% of the partnership units in the Operating Partnership. MGP Class A share issuances – At-the-Market (“ATM”) program. During the quarter ended June 30, 2019, MGP issued approximately 2 million Class A shares under its ATM program. In connection with the issuances, the Operating Partnership issued 2 million Operating Partnership units to MGP. The Company has adjusted the carrying value of the noncontrolling interests for the change in noncontrolling interests ownership percentage of the Operating Partnership’s net assets, with offsetting adjustments to capital in excess of par value and accumulated other comprehensive income. Subsequent to the issuances, the Company indirectly owned 68.3% of the partnership units in the Operating Partnership. Other equity activity MGM Resorts International dividends. On July 25, 2019 the Company’s Board of Directors approved a quarterly dividend of $0.13 per share that will be payable on September 16, 2019 to holders of record on September 10, 2019. MGM Resorts International stock repurchase program. In May 2018, the Company’s Board of Directors authorized a $2.0 billion stock repurchase program, and the Company completed the previously announced $1.0 billion stock repurchase program. Under each stock repurchase program, the Company may repurchase shares from time to time in the open market or in privately negotiated agreements. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The timing, volume and nature of stock repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. During the three and six months ended June 30, 2019, the Company repurchased approximately 11 million shares of its common stock at an average price of $25.61 per share for an aggregate amount of $282 million. Repurchased shares were retired. The remaining availability under the $2.0 billion stock repurchase program was approximately $1.1 billion as of June 30, 2019. Subsequent to the quarter ended June 30, 2019, the Company repurchased 6 million shares of its common stock at an average price of $28.86 per share for an aggregate amount of $173 million. Repurchased shares will be retired. During the three months ended June 30, 2018, the Company repurchased approximately 19 million shares of its common stock at an average price of $31.30 per share for an aggregate amount of $595 million. During the six months ended June 30, 2018, the Company repurchased approximately 29 million shares of its common stock at an average price of $33.00 per share for an aggregate amount of $957 million. Repurchased shares were retired. Accumulated other comprehensive income. Changes in accumulated other comprehensive income attributable to MGM Resorts International are as follows:
| Currency Translation |  |  | Cash Flow |  |  |  |  |  |  |  |  |
| Adjustments |  |  | Hedges |  |  | Other |  |  | Total |
| (In thousands) |
Balance, January 1, 2019 | $ | (18,872 | ) |  | $ | 9,144 |  |  | $ | 1,172 |  |  | $ | (8,556 | )
Other comprehensive income (loss) before reclassifications |  | 13,975 |  |  |  | (36,007 | ) |  |  | — |  |  |  | (22,032 | )
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense |  | — |  |  |  | (3,614 | ) |  |  | — |  |  |  | (3,614 | )
Empire City MGP transaction |  | — |  |  |  | — |  |  |  | 195 |  |  |  | 195 |
MGP Class A share issuances |  | — |  |  |  | — |  |  |  | (669 | ) |  |  | (669 | )
Park MGM Transaction |  | — |  |  |  | — |  |  |  | 16 |  |  |  | 16 |
Northfield OpCo transaction |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (2 | )
Other |  | — |  |  |  | — |  |  |  | 95 |  |  |  | 95 |
Other comprehensive income (loss), net of tax |  | 13,975 |  |  |  | (39,621 | ) |  |  | (365 | ) |  |  | (26,011 | )
Less: Other comprehensive (income) loss attributable to noncontrolling interest |  | (6,127 | ) |  |  | 14,364 |  |  |  | — |  |  |  | 8,237 |
Balance, June 30, 2019 | $ | (11,024 | ) |  | $ | (16,113 | ) |  | $ | 807 |  |  | $ | (26,330 | )

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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