XML 66 R37.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
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, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (In thousands) |
Domestic operations |  | $ | (665,376 | ) |  | $ | 2,717,756 |  |  | $ | 660,832 |
Foreign operations |  |  | (846,103 | ) |  |  | 128,969 |  |  |  | (26,826 | )
|  | $ | (1,511,479 | ) |  | $ | 2,846,725 |  |  | $ | 634,006 |
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, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Federal: |  | (In thousands) |
Current |  | $ | 207,544 |  |  | $ | (4,928 | ) |  | $ | 11,991 |
Deferred (excluding separate components) |  |  | 19,852 |  |  |  | (537,993 | ) |  |  | (143,468 | )
Deferred – valuation allowance |  |  | (42,109 | ) |  |  | (20,175 | ) |  |  | (19,753 | )
Other noncurrent |  |  | 4,922 |  |  |  | (5,745 | ) |  |  | 576 |
Benefit (provision) for federal income taxes |  |  | 190,209 |  |  |  | (568,841 | ) |  |  | (150,654 | )
State: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | (816 | ) |  |  | (22,685 | ) |  |  | (12,564 | )
Deferred (excluding separate components) |  |  | (33,087 | ) |  |  | (32,793 | ) |  |  | (12,731 | )
Deferred – operating loss carryforward |  |  | 47,728 |  |  |  | (5,241 | ) |  |  | (29,490 | )
Deferred – valuation allowance |  |  | (3,375 | ) |  |  | (191 | ) |  |  | 41,068 |
Other noncurrent |  |  | (946 | ) |  |  | (1,401 | ) |  |  | (1,334 | )
Benefit (provision) for state income taxes |  |  | 9,504 |  |  |  | (62,311 | ) |  |  | (15,051 | )
Foreign: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | (828 | ) |  |  | (2,454 | ) |  |  | (2,037 | )
Deferred (excluding separate components) |  |  | 4,206 |  |  |  | 44,374 |  |  |  | 63,827 |
Deferred – operating loss carryforward |  |  | 39,920 |  |  |  | 32,915 |  |  |  | 30,574 |
Deferred – valuation allowance |  |  | (51,439 | ) |  |  | (76,028 | ) |  |  | 23,229 |
Benefit (provision) for foreign income taxes |  |  | (8,141 | ) |  |  | (1,193 | ) |  |  | 115,593 |
|  | $ | 191,572 |  |  | $ | (632,345 | ) |  | $ | (50,112 | )
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, |
| 2020 |  |  | 2019 |  |  | 2018 |
Federal income tax statutory rate |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Net operating loss carryback rate differential |  | 5.5 |  |  |  | — |  |  |  | — |
Non-controlling interest |  | 1.6 |  |  |  | (0.8 | ) |  |  | (2.4 | )
Foreign jurisdiction income/losses taxed at other than U.S. statutory rate |  | (12.5 | ) |  |  | (0.5 | ) |  |  | (9.5 | )
Federal valuation allowance |  | (2.8 | ) |  |  | 0.7 |  |  |  | 3.1 |
Macau dividend tax |  | — |  |  |  | — |  |  |  | (6.4 | )
State taxes, net |  | 0.5 |  |  |  | 1.7 |  |  |  | 1.9 |
General business credits |  | 0.3 |  |  |  | (0.5 | ) |  |  | (2.9 | )
Stock-based compensation |  | — |  |  |  | (0.1 | ) |  |  | (1.2 | )
Non-deductible employee dining facility costs |  | 0.2 |  |  |  | 0.2 |  |  |  | 1.4 |
Permanent and other items |  | (1.1 | ) |  |  | 0.5 |  |  |  | 2.9 |
|  | 12.7 | % |  |  | 22.2 | % |  |  | 7.9 | %
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, |
|  | 2020 |  |  | 2019 |
Deferred tax assets – federal and state: |  | (In thousands) |
Bad debt reserve |  | $ | 25,287 |  |  | $ | 25,085 |
Deferred compensation |  |  | 6,331 |  |  |  | 7,918 |
Net operating loss carryforward |  |  | 57,419 |  |  |  | 19,265 |
Accruals, reserves and other |  |  | 106,801 |  |  |  | 97,590 |
Stock-based compensation |  |  | 18,227 |  |  |  | 18,882 |
Lease liabilities |  |  | 1,972,343 |  |  |  | 1,020,171 |
Long-term debt |  |  | 10,907 |  |  |  | 2,022 |
Tax credits |  |  | 3,095,856 |  |  |  | 2,600,142 |
|  |  | 5,293,171 |  |  |  | 3,791,075 |
Less: Valuation allowance |  |  | (2,720,008 | ) |  |  | (2,469,907 | )
|  |  | 2,573,163 |  |  |  | 1,321,168 |
Deferred tax assets – foreign: |  |  |  |  |  |  |  |
Bad debt reserve |  |  | 2,106 |  |  |  | 1,682 |
Net operating loss carryforward |  |  | 180,143 |  |  |  | 140,223 |
Accruals, reserves and other |  |  | 7,814 |  |  |  | 13,112 |
Property and equipment |  |  | 17,890 |  |  |  | 10,125 |
Stock-based compensation |  |  | 7,163 |  |  |  | 6,487 |
Lease liabilities |  |  | 1,368 |  |  |  | 1,213 |
|  |  | 216,484 |  |  |  | 172,842 |
Less: Valuation allowance |  |  | (155,587 | ) |  |  | (104,149 | )
|  |  | 60,897 |  |  |  | 68,693 |
Total deferred tax assets |  | $ | 2,634,060 |  |  | $ | 1,389,861 |
Deferred tax liabilities – federal and state: |  |  |  |  |  |  |  |
Property and equipment |  | $ | (1,349,355 | ) |  | $ | (1,599,948 | )
Investments in unconsolidated affiliates |  |  | (1,158,342 | ) |  |  | (496,501 | )
ROU assets |  |  | (1,860,195 | ) |  |  | (977,870 | )
Intangibles |  |  | (108,728 | ) |  |  | (112,380 | )
|  |  | (4,476,620 | ) |  |  | (3,186,699 | )
Deferred tax liabilities – foreign: |  |  |  |  |  |  |  |
Intangibles |  |  | (309,256 | ) |  |  | (307,728 | )
ROU Assets |  |  | (1,200 | ) |  |  | (1,940 | )
|  |  | (310,456 | ) |  |  | (309,668 | )
Total deferred tax liability |  | $ | (4,787,076 | ) |  | $ | (3,496,367 | )
Net deferred tax liability |  | $ | (2,153,016 | ) |  | $ | (2,106,506 | )
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, |
| 2020 |  |  | 2019 |  |  | 2018 |
| (In thousands) |
Gross unrecognized tax benefits at January 1 | $ | 33,298 |  |  | $ | 24,464 |  |  | $ | 18,588 |
Gross increases - prior period tax positions |  | 3,717 |  |  |  | 8,960 |  |  |  | 5,345 |
Gross decreases - prior period tax positions |  | (1,398 | ) |  |  | (1,006 | ) |  |  | (957 | )
Gross increases - current period tax positions |  | — |  |  |  | 880 |  |  |  | 1,488 |
Gross unrecognized tax benefits at December 31 | $ | 35,617 |  |  | $ | 33,298 |  |  | $ | 24,464 |

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

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=121610041&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration