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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations

Income (loss) before income taxes for domestic and foreign operations consisted of the following:

		Year Ended December 31,
		2019				2018				2017
		(In thousands)
Domestic operations		$	2,717,756			$	660,832			$	747,090
Foreign operations			128,969				(26,826	)			213,700
		$	2,846,725			$	634,006			$	960,790

Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes

The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows:

		Year Ended December 31,
		2019				2018				2017
Federal:		(In thousands)
Current		$	(4,928	)		$	11,991			$	(120,980	)
Deferred (excluding separate components)			(537,993	)			(143,468	)			204,713
Deferred – change in enacted rates			—				—				987,942
Deferred – valuation allowance			(20,175	)			(19,753	)			101,443
Other noncurrent			(5,745	)			576				1,356
Benefit (provision) for federal income taxes			(568,841	)			(150,654	)			1,174,474
State:
Current			(22,685	)			(12,564	)			(6,798	)
Deferred (excluding separate components)			(32,793	)			(12,731	)			(25,233	)
Deferred – operating loss carryforward			(5,241	)			(29,490	)			44,242
Deferred – valuation allowance			(191	)			41,068				(40,078	)
Other noncurrent			(1,401	)			(1,334	)			(3,876	)
Provision for state income taxes			(62,311	)			(15,051	)			(31,743	)
Foreign:
Current			(2,454	)			(2,037	)			(470	)
Deferred (excluding separate components)			44,374				63,827				(40,653	)
Deferred – operating loss carryforward			32,915				30,574				4,688
Deferred – valuation allowance			(76,028	)			23,229				21,098
Benefit (provision) for foreign income taxes			(1,193	)			115,593				(15,337	)
		$	(632,345	)		$	(50,112	)		$	1,127,394

Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2019				2018				2017
Federal income tax statutory rate		21.0	%			21.0	%			35.0	%
Change in enacted rates		—				—				(102.7	)
Non-controlling interest		(0.8	)			(2.4	)			(1.5	)
Foreign jurisdiction income/losses taxed at other than U.S. statutory rate		(0.5	)			(9.5	)			(9.2	)
Repatriation of foreign earnings		—				—				35.4
Foreign tax credit		—				—				(70.3	)
Federal valuation allowance		0.7				3.1				(10.6	)
Macau dividend tax		—				(6.4	)			4.2
State taxes, net		1.7				1.9				2.4
General business credits		(0.5	)			(2.9	)			(1.0	)
Stock-based compensation		(0.1	)			(1.2	)			(2.1	)
Non-deductible employee dining facility costs		0.2				1.4				—
Permanent and other items		0.5				2.9				3.1
		22.2	%			7.9	%			(117.3	)%

Schedule of Tax-Effected Components of the Company's Net Deferred Tax Liability

The tax-effected components of the Company’s net deferred tax liability are as follows:

		December 31,
		2019				2018
Deferred tax assets – federal and state:		(In thousands)
Bad debt reserve		$	25,085			$	23,497
Deferred compensation			7,918				5,950
Net operating loss carryforward			19,265				23,406
Accruals, reserves and other			97,590				88,139
Investments in unconsolidated affiliates			—				83,130
Stock-based compensation			18,882				20,581
Lease liabilities			1,020,171				—
Long-term debt			2,022				—
Tax credits			2,600,142				2,926,996
			3,791,075				3,171,699
Less: Valuation allowance			(2,469,907	)			(2,449,582	)
			1,321,168				722,117
Deferred tax assets – foreign:
Bad debt reserve			1,682				1,372
Net operating loss carryforward			140,223				107,308
Accruals, reserves and other			13,112				18,603
Property and equipment			10,125				998
Stock-based compensation			6,487				5,409
Lease liabilities			1,213				—
			172,842				133,690
Less: Valuation allowance			(104,149	)			(28,121	)
			68,693				105,569
Total deferred tax assets		$	1,389,861			$	827,686
Deferred tax liabilities – federal and state:
Property and equipment		$	(1,599,948	)		$	(1,729,786	)
Investments in unconsolidated affiliates			(496,501	)			—
ROU assets			(977,870	)			—
Long-term debt			—				(3,141	)
Intangibles			(112,380	)			(90,758	)
			(3,186,699	)			(1,823,685	)
Deferred tax liabilities – foreign:
Intangibles			(307,728	)			(346,539	)
ROU Assets			(1,940	)			—
			(309,668	)			(346,539	)
Total deferred tax liability		$	(3,496,367	)		$	(2,170,224	)
Net deferred tax liability		$	(2,106,506	)		$	(1,342,538	)

Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:

	Year Ended December 31,
	(In thousands)
Gross unrecognized tax benefits at January 1	$	24,464			$	18,588			$	14,026
Gross increases - prior period tax positions		8,960				5,345				—
Gross decreases - prior period tax positions		(1,006	)			(957	)			(2,280	)
Gross increases - current period tax positions		880				1,488				6,842
Gross unrecognized tax benefits at December 31	$	33,298			$	24,464			$	18,588

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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