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LEASES | 3 Months Ended
--- | ---
Mar. 31, 2024
Leases [Abstract] |
LEASES | LEASES The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements. Other information. Components of lease costs and other information related to the Company’s leases are:
| Three Months Ended March 31,
| 2024 |  | 2023
| (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 574,943 |  |  | $ | 580,988 |
Finance lease costs |  |  |
Interest expense | $ | 8,884 |  |  | $ | 1,414 |
Amortization expense | 12,896 |  |  | 17,526 |
Total finance lease costs | $ | 21,780 |  |  | $ | 18,940 |
(1)Operating lease cost includes $83 million for each of the three months ended March 31, 2024 and 2023 related to the Bellagio lease, which is held with a related party.
| March 31, 2024 |  | December 31, 2023
| (In thousands)
Operating leases |  |  |
Operating lease ROU assets, net(1) | $ | 23,901,023 |  |  | $ | 24,027,465 |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 78,614 |  |  | $ | 74,988 |
Operating lease liabilities - long-term(2) | 25,115,883 |  |  | 25,127,464 |
Total operating lease liabilities | $ | 25,194,497 |  |  | $ | 25,202,452 |
Finance leases |  |  |
Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 261,302 |  |  | $ | 85,783 |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 51,382 |  |  | $ | 9,166 |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | 217,257 |  |  | 85,391 |
Total finance lease liabilities | $ | 268,639 |  |  | $ | 94,557 |
Weighted average remaining lease term (years) |  |  |
Operating leases | 25 |  | 25
Finance leases | 10 |  | 22
Weighted average discount rate (%) |  |  |
Operating leases | 7 |  |  | 7 |
Finance leases | 6 |  |  | 6 |
(1)As of March 31, 2024 and December 31, 2023, operating lease right-of-use assets, net included $3.5 billion related to the Bellagio lease. (2)As of March 31, 2024 and December 31, 2023, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease.
| Three Months Ended March 31,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 456,382 |  |  | $ | 453,480 |
Operating cash outflows from finance leases | 3,817 |  |  | 1,787 |
Financing cash outflows from finance leases(1) | 14,309 |  |  | 21,119 |
ROU assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 3,072 |  |  | $ | 4,581 |
Finance leases | 186,197 |  |  | — |
(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows. Maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases
Year ending December 31, | (In thousands)
2024 (excluding the three months ended March 31, 2024) | $ | 1,379,997 |  |  | $ | 49,601 |
2025 | 1,860,924 |  |  | 61,777 |
2026 | 1,886,070 |  |  | 58,347 |
2027 | 1,913,779 |  |  | 58,154 |
2028 | 1,941,940 |  |  | 7,036 |
Thereafter | 48,942,391 |  |  | 128,194 |
Total future minimum lease payments | 57,925,101 |  |  | 363,109 |
Less: Amount of lease payments representing interest | (32,730,604) |  |  | (94,470) |
Present value of future minimum lease payments | 25,194,497 |  |  | 268,639 |
Less: Current portion | (78,614) |  |  | (51,382) |
Long-term portion of lease liabilities | $ | 25,115,883 |  |  | $ | 217,257 |
LEASES | LEASES The Company leases real estate, land underlying certain of its properties, and various equipment under operating and, to a lesser extent, finance lease arrangements. Other information. Components of lease costs and other information related to the Company’s leases are:
| Three Months Ended March 31,
| 2024 |  | 2023
| (In thousands)
Operating lease cost, primarily classified within “General and administrative”(1) | $ | 574,943 |  |  | $ | 580,988 |
Finance lease costs |  |  |
Interest expense | $ | 8,884 |  |  | $ | 1,414 |
Amortization expense | 12,896 |  |  | 17,526 |
Total finance lease costs | $ | 21,780 |  |  | $ | 18,940 |
(1)Operating lease cost includes $83 million for each of the three months ended March 31, 2024 and 2023 related to the Bellagio lease, which is held with a related party.
| March 31, 2024 |  | December 31, 2023
| (In thousands)
Operating leases |  |  |
Operating lease ROU assets, net(1) | $ | 23,901,023 |  |  | $ | 24,027,465 |
Operating lease liabilities - current, classified within “Other accrued liabilities” | $ | 78,614 |  |  | $ | 74,988 |
Operating lease liabilities - long-term(2) | 25,115,883 |  |  | 25,127,464 |
Total operating lease liabilities | $ | 25,194,497 |  |  | $ | 25,202,452 |
Finance leases |  |  |
Finance lease ROU assets, net, classified within “Property and equipment, net” | $ | 261,302 |  |  | $ | 85,783 |
Finance lease liabilities - current, classified within “Other accrued liabilities” | $ | 51,382 |  |  | $ | 9,166 |
Finance lease liabilities - long-term, classified within “Other long-term obligations” | 217,257 |  |  | 85,391 |
Total finance lease liabilities | $ | 268,639 |  |  | $ | 94,557 |
Weighted average remaining lease term (years) |  |  |
Operating leases | 25 |  | 25
Finance leases | 10 |  | 22
Weighted average discount rate (%) |  |  |
Operating leases | 7 |  |  | 7 |
Finance leases | 6 |  |  | 6 |
(1)As of March 31, 2024 and December 31, 2023, operating lease right-of-use assets, net included $3.5 billion related to the Bellagio lease. (2)As of March 31, 2024 and December 31, 2023, operating lease liabilities – long-term included $3.8 billion related to the Bellagio lease.
| Three Months Ended March 31,
| 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities | (In thousands)
Operating cash outflows from operating leases | $ | 456,382 |  |  | $ | 453,480 |
Operating cash outflows from finance leases | 3,817 |  |  | 1,787 |
Financing cash outflows from finance leases(1) | 14,309 |  |  | 21,119 |
ROU assets obtained in exchange for new lease liabilities |  |  |
Operating leases | $ | 3,072 |  |  | $ | 4,581 |
Finance leases | 186,197 |  |  | — |
(1)Included within “Other” within “Cash flows from financing activities” on the consolidated statements of cash flows. Maturities of lease liabilities were as follows:
| Operating Leases |  | Finance Leases
Year ending December 31, | (In thousands)
2024 (excluding the three months ended March 31, 2024) | $ | 1,379,997 |  |  | $ | 49,601 |
2025 | 1,860,924 |  |  | 61,777 |
2026 | 1,886,070 |  |  | 58,347 |
2027 | 1,913,779 |  |  | 58,154 |
2028 | 1,941,940 |  |  | 7,036 |
Thereafter | 48,942,391 |  |  | 128,194 |
Total future minimum lease payments | 57,925,101 |  |  | 363,109 |
Less: Amount of lease payments representing interest | (32,730,604) |  |  | (94,470) |
Present value of future minimum lease payments | 25,194,497 |  |  | 268,639 |
Less: Current portion | (78,614) |  |  | (51,382) |
Long-term portion of lease liabilities | $ | 25,115,883 |  |  | $ | 217,257 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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