v2.4.0.6

Noncontrolling Interest | 12 Months Ended
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Dec. 31, 2012
Noncontrolling Interest [Abstract] |
Noncontrolling Interest | NONCONTROLLING INTEREST Noncontrolling interest represents: (i) the 50% interest in Borgata, held by the Divestiture Trust for the economic benefit of MGM, which was initially recorded at fair value at the date of the effective change in control, on March 24, 2010; and (ii) all 100% of the members' equity interest in LVE, the variable interest entity which was consolidated in our financial statements effective January 1, 2010, but in which we hold no equity interest. Pursuant to the authoritative accounting guidance for noncontrolling interests, a noncontrolling interest continues to be attributed its share of losses even if that attribution results in a deficit noncontrolling interest balance, as is the case with LVE, as presented below. Changes in the noncontrolling interest since such date are as follows:
| Borgata |  | LVE |  | Other |  | Total
| (In thousands)
Beginning balance, January 1, 2010 | $ | 325,580 |  |  | $ | (27,818 | ) |  | $ | — |  |  | $ | 297,762 |
Distributions | (123,422 | ) |  | — |  |  | — |  |  | (123,422 | )
Attributable net income (loss) | 17,098 |  |  | (15,158 | ) |  | — |  |  | 1,940 |
Comprehensive income | — |  |  | (4,116 | ) |  | — |  |  | (4,116 | )
Balance, December 31, 2010 | 219,256 |  |  | (47,092 | ) |  | — |  |  | 172,164 |
Attributable net income (loss) | 1,750 |  |  | (5,895 | ) |  | — |  |  | (4,145 | )
Comprehensive income | — |  |  | 3,968 |  |  | — |  |  | 3,968 |
Balance, December 31, 2011 | 221,006 |  |  | (49,019 | ) |  | — |  |  | 171,987 |
Capital investment | — |  |  | — |  |  | 20 |  |  | 20 |
Attributable net income (loss) | (12,729 | ) |  | (1,481 | ) |  | — |  |  | (14,210 | )
Comprehensive income | — |  |  | 5,539 |  |  | — |  |  | 5,539 |
Balance, December 31, 2012 | $ | 208,277 |  |  | $ | (44,961 | ) |  | $ | 20 |  |  | $ | 163,336 |
Borgata Distributions In connection with the refinancing of the Borgata credit facility in August 2010, the Holding Company made a $123.4 million one-time distribution to the Divestiture Trust, reflected above as a distribution to the noncontrolling interest. LVE Comprehensive Income LVE has entered into interest rate derivative contracts in order to hedge exposure to increasing interest rates, and the impact of those rates on the cash flows of its variable-rate debt. LVE's active interest rate swaps are as follows:
Effective Date |  | Notional Amount |  | Fixed Rate |  | Maturity Date
|  | (In thousands) |  |  |  |
Derivatives Designated as Hedging Instruments: |  |  |  |  |  |
December 21, 2007 |  | $ | 131,986 |  |  | 4.59 | % |  | November 1, 2013
Derivatives Not Designated as Hedging Instruments: |  |  |  |  |  |
December 21, 2007 |  | 100,000 |  |  | 3.42 | % |  | November 1, 2013
Totals |  | $ | 231,986 |  |  |  |  |
The fair value of these derivatives at December 31, 2011 and 2010 represents the amount LVE would have to pay the counterparty to terminate these contracts as of those dates. At inception, these interest rate derivatives were designated as cash flow hedges and were determined to be highly effective. Therefore, the changes in fair value of the effective portion of these derivatives have been recorded in accumulated other comprehensive loss. Unrealized gains and losses on the discontinued hedge that was previously recorded in accumulated other comprehensive loss will be reclassified into earnings when the forecasted transaction affects earnings, or when it is probable that it will not occur. Prior to our consolidation of LVE, hedge accounting had been discontinued on the interest rate swap related to the taxable debt because it was no longer expected to be highly effective in hedging the exposure to increasing interest rates and the impact of those rates on cash flows. The ineffective portion of the swap was due to the construction delays, which caused the outstanding amount of the variable-rate debt to increase at a slower pace than the contractual increases in notional amount of the swap. In July 2011, hedge accounting was discontinued on the interest rate swap related to the tax-exempt debt when $27.0 million of principal was repaid.

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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