XML 45 R33.htm IDEA: XBRL DOCUMENT

Note 12 - Condensed Consolidating Financial Information (Tables)

6 Months Ended

Jun. 30, 2019

Notes Tables

Condensed Balance Sheet [Table Text Block]

		June 30, 2019
														Non-				Non-
														Guarantor				Guarantor
										Subsidiary				Subsidiaries				Subsidiaries
						Guarantor				(100%				(100%				(Not 100%
(In thousands)		Parent				Subsidiaries				Owned)*				Owned)				Owned)				Eliminations				Consolidated
Assets
Cash and cash equivalents		$	2,024			$	222,959			$	—			$	14,428			$	—			$	—			$	239,411
Restricted cash			—				13,761				—				9,905				—				—				23,666
Other current assets			15,497				115,346				62				2,811				—				—				133,716
Property and equipment, net			162,337				2,462,750				—				101,467				—				—				2,726,554
Investments in subsidiaries			6,643,075				2,411				—				(1,158	)			—				(6,644,328	)			—
Intercompany receivable			—				2,435,124				374,116				—				—				(2,809,240	)			—
Operating leases right-of-use assets			24,137				886,952				—				5,524				—				—				916,613
Other assets, net			54,824				29,281				—				49,370				—				—				133,475
Intangible assets, net			—				1,356,169				—				77,871				—				—				1,434,040
Goodwill, net			—				1,071,638				—				31,339				—				—				1,102,977
Total assets		$	6,901,894			$	8,596,391			$	374,178			$	291,557			$	—			$	(9,453,568	)		$	6,710,452

Liabilities and Stockholders' Equity
Current maturities of long-term debt		$	26,695			$	291			$	—			$	—			$	—			$	—			$	26,986
Other current liabilities			149,100				331,384				—				23,337				—				36				503,857
Intercompany payable			1,836,536				—				—				972,768				—				(2,809,304	)			—
Long-term debt, net of current maturities and debt issuance costs			3,824,005				531				—				57,684				—				—				3,882,220
Operating lease liabilities, net of current portion			20,484				826,011				—				4,041				—				—				850,536
Other long-term liabilities			(167,641	)			418,506				900				(17,627	)			—				—				234,138

Total stockholders' equity (deficit)			1,212,715				7,019,668				373,278				(748,646	)			—				(6,644,300	)			1,212,715
Total liabilities and stockholders' equity		$	6,901,894			$	8,596,391			$	374,178			$	291,557			$	—			$	(9,453,568	)		$	6,710,452

		December 31, 2018
														Non-				Non-
														Guarantor				Guarantor
										Subsidiary				Subsidiaries				Subsidiaries
						Guarantor				(100%				(100%				(Not 100%
(In thousands)		Parent				Subsidiaries				Owned)*				Owned)				Owned)				Eliminations				Consolidated
Assets
Cash and cash equivalents		$	8,697			$	226,200			$	—			$	14,520			$	—			$	—			$	249,417
Restricted cash			—				13,703				—				10,082				—				—				23,785
Other current assets			15,636				108,069				191				2,844				—				(191	)			126,549
Property and equipment, net			117,642				2,505,987				—				92,435				—				—				2,716,064
Investments in subsidiaries			6,381,321				—				—				3,861				—				(6,385,182	)			—
Intercompany receivable			—				2,106,566				374,108				—				—				(2,480,674	)			—
Other assets, net			33,513				30,002				—				48,237				—				—				111,752
Intangible assets, net			—				1,386,868				—				79,802				—				—				1,466,670
Goodwill, net			—				1,029,628				—				32,474				—				—				1,062,102
Total assets		$	6,556,809			$	7,407,023			$	374,299			$	284,255			$	—			$	(8,866,047	)		$	5,756,339

Liabilities and Stockholders' Equity
Current maturities of long-term debt		$	23,895			$	286			$	—			$	—			$	—			$	—			$	24,181
Other current liabilities			160,262				267,250				—				17,679				—				329				445,520
Accumulated losses of subsidiaries in excess of investment			—				9,459				—				—				—				(9,459	)			—
Intercompany payable			1,509,857				—				—				971,060				—				(2,480,917	)			—
Long-term debt, net of current maturities and debt issuance costs			3,896,699				736				—				57,684				—				—				3,955,119
Other long-term liabilities			(179,645	)			382,148				900				(17,625	)			—				—				185,778

Total stockholders' equity (deficit)			1,145,741				6,747,144				373,399				(744,543	)			—				(6,376,000	)			1,145,741
Total liabilities and stockholders' equity		$	6,556,809			$	7,407,023			$	374,299			$	284,255			$	—			$	(8,866,047	)		$	5,756,339

Condensed Income Statement [Table Text Block]

		Three Months Ended June 30, 2019
														Non-				Non-
														Guarantor				Guarantor
										Subsidiary				Subsidiaries				Subsidiaries
						Guarantor				(100%				(100%				(Not 100%
(In thousands)		Parent				Subsidiaries				Owned)*				Owned)				Owned)				Eliminations				Consolidated
Total revenues		$	21,449			$	828,403			$	—			$	22,242			$	—			$	(25,962	)		$	846,132
Operating costs and expenses
Operating			—				420,304				—				18,313				—				—				438,617
Selling, general and administrative			—				114,234				—				2,467				—				—				116,701
Master lease rent expense			—				24,431				—				—				—				—				24,431
Maintenance and utilities			—				39,382				—				325				—				—				39,707
Depreciation and amortization			8,039				56,792				—				3,220				—				—				68,051
Corporate expense			25,915				127				—				871				—				—				26,913
Project development, preopening and writedowns			1,989				1,093				—				1,833				—				—				4,915
Other operating items, net			45				60				—				—				—				—				105
Intercompany expenses			51				25,911				—				—				—				(25,962	)			—
Total operating costs and expenses			36,039				682,334				—				27,029				—				(25,962	)			719,440
Equity in earnings (losses) of subsidiaries			115,525				24				—				—				—				(115,549	)			—
Operating income (loss)			100,935				146,093				—				(4,787	)			—				(115,549	)			126,692
Other expense (income)
Interest expense, net			58,623				176				—				1,618				—				—				60,417
Loss on early extinguishments and modifications of debt			508				—				—				—				—				—				508
Other, net			127				(565	)			—				(17	)			—				—				(455	)
Total other expense (income), net			59,258				(389	)			—				1,601				—				—				60,470
Income (loss) from continuing operations before income taxes			41,677				146,482				—				(6,388	)			—				(115,549	)			66,222
Income tax benefit (provision)			6,807				(25,511	)			—				966				—				—				(17,738	)
Net income (loss)		$	48,484			$	120,971			$	—			$	(5,422	)		$	—			$	(115,549	)		$	48,484
Comprehensive income (loss)		$	48,472			$	120,959			$	—			$	(5,422	)		$	—			$	(115,537	)		$	48,472

		Three Months Ended June 30, 2018
														Non-				Non-
														Guarantor				Guarantor
										Subsidiary				Subsidiaries				Subsidiaries
						Guarantor				(100%				(100%				(Not 100%
(In thousands)		Parent				Subsidiaries				Owned)*				Owned)				Owned)				Eliminations				Consolidated
Total revenues		$	21,286			$	607,569			$	—			$	13,745			$	—			$	(25,807	)		$	616,793
Operating costs and expenses
Operating			—				306,392				—				12,517				—				—				318,909
Selling, general and administrative			(3	)			85,913				—				2,131				—				—				88,041
Maintenance and utilities			—				28,331				—				342				—				—				28,673
Depreciation and amortization			4,347				48,245				—				1,331				—				—				53,923
Corporate expense			23,252				213				—				598				—				—				24,063
Project development, preopening and writedowns			2,640				1,017				—				2,144				—				—				5,801
Impairment of assets			993				—				—				—				—				—				993
Other operating items, net			48				84				—				—				—				—				132
Intercompany expenses			(199	)			26,006				—				—				—				(25,807	)			—
Total operating costs and expenses			31,078				496,201				—				19,063				—				(25,807	)			520,535
Equity in earnings (losses) of subsidiaries			82,365				(386	)			—				—				—				(81,979	)			—
Operating income (loss)			72,573				110,982				—				(5,318	)			—				(81,979	)			96,258
Other expense (income)
Interest expense, net			44,154				277				—				6				—				—				44,437
Other, net			(5	)			(2	)			—				(17	)			—				—				(24	)
Total other expense (income), net			44,149				275				—				(11	)			—				—				44,413
Income (loss) from continuing operations before income taxes			28,424				110,707				—				(5,307	)			—				(81,979	)			51,845
Income tax benefit (provision)			10,521				(24,785	)			—				1,017				—				—				(13,247	)
Income (loss) from continuing operations, net of tax			38,945				85,922				—				(4,290	)			—				(81,979	)			38,598
Income (loss) from discontinued operations, net of tax			—				—				347				—				—				—				347
Net income (loss)		$	38,945			$	85,922			$	347			$	(4,290	)		$	—			$	(81,979	)		$	38,945
Comprehensive income (loss)		$	38,639			$	85,616			$	347			$	(4,290	)		$	—			$	(81,673	)		$	38,639

		Six Months Ended June 30, 2019
														Non-				Non-
														Guarantor				Guarantor
										Subsidiary				Subsidiaries				Subsidiaries
						Guarantor				(100%				(100%				(Not 100%
(In thousands)		Parent				Subsidiaries				Owned)*				Owned)				Owned)				Eliminations				Consolidated
Total revenues		$	43,011			$	1,638,951			$	—			$	43,561			$	—			$	(52,103	)		$	1,673,420
Operating costs and expenses
Operating			—				832,139				—				36,007				—				—				868,146
Selling, general and administrative			—				226,958				—				5,154				—				—				232,112
Master lease rent expense			—				48,393				—				—				—				—				48,393
Maintenance and utilities			—				77,216				—				591				—				—				77,807
Depreciation and amortization			15,267				113,874				—				6,163				—				—				135,304
Corporate expense			55,868				312				—				1,910				—				—				58,090
Project development, preopening and writedowns			4,098				1,205				—				3,643				—				—				8,946
Other operating items, net			69				235				—				—				—				—				304
Intercompany expenses			102				52,001				—				—				—				(52,103	)			—
Total operating costs and expenses			75,404				1,352,333				—				53,468				—				(52,103	)			1,429,102
Equity in earnings (losses) of subsidiaries			225,393				(123	)			—				—				—				(225,270	)			—
Operating income (loss)			193,000				286,495				—				(9,907	)			—				(225,270	)			244,318
Other expense (income)
Interest expense, net			117,655				760				—				3,226				—				—				121,641
Loss on early extinguishments and modifications of debt			508				—				—				—				—				—				508
Other, net			256				(565	)			—				(31	)			—				—				(340	)
Total other expense (income), net			118,419				195				—				3,195				—				—				121,809
Income (loss) from continuing operations before income taxes			74,581				286,300				—				(13,102	)			—				(225,270	)			122,509
Income tax benefit (provision)			19,354				(49,951	)			—				2,023				—				—				(28,574	)
Net income (loss)		$	93,935			$	236,349			$	—			$	(11,079	)		$	—			$	(225,270	)		$	93,935
Comprehensive income (loss)		$	94,388			$	236,802			$	—			$	(11,079	)		$	—			$	(225,723	)		$	94,388

		Six Months Ended June 30, 2018
														Non-				Non-
														Guarantor				Guarantor
										Subsidiary				Subsidiaries				Subsidiaries
						Guarantor				(100%				(100%				(Not 100%
(In thousands)		Parent				Subsidiaries				Owned)*				Owned)				Owned)				Eliminations				Consolidated
Total revenues		$	42,127			$	1,208,531			$	—			$	23,766			$	—			$	(51,513	)		$	1,222,911
Operating costs and expenses
Operating			—				610,225				—				22,147				—				—				632,372
Selling, general and administrative			8				171,634				—				3,993				—				(11	)			175,624
Maintenance and utilities			—				55,929				—				670				—				—				56,599
Depreciation and amortization			8,183				94,775				—				2,241				—				—				105,199
Corporate expense			48,500				216				—				1,204				—				—				49,920
Project development, preopening and writedowns			4,143				1,190				—				3,908				—				—				9,241
Impairment of assets			993				—				—				—				—				—				993
Other operating items, net			48				1,883				—				—				—				—				1,931
Intercompany expenses			102				51,400				—				—				—				(51,502	)			—
Total operating costs and expenses			61,977				987,252				—				34,163				—				(51,513	)			1,031,879
Equity in earnings (losses) of subsidiaries			164,009				(571	)			—				—				—				(163,438	)			—
Operating income (loss)			144,159				220,708				—				(10,397	)			—				(163,438	)			191,032
Other expense (income)
Interest expense, net			87,673				554				—				12				—				—				88,239
Loss on early extinguishments and modifications of debt			61				—				—				—				—				—				61
Other, net			(5	)			(366	)			—				(33	)			—				—				(404	)
Total other expense (income), net			87,729				188				—				(21	)			—				—				87,896
Income (loss) from continuing operations before income taxes			56,430				220,520				—				(10,376	)			—				(163,438	)			103,136
Income tax benefit (provision)			23,914				(49,169	)			—				2,116				—				—				(23,139	)
Income (loss) from continuing operations, net of tax			80,344				171,351				—				(8,260	)			—				(163,438	)			79,997
Income (loss) from discontinued operations, net of tax			—				—				347				—				—				—				347
Net income (loss)		$	80,344			$	171,351			$	347			$	(8,260	)		$	—			$	(163,438	)		$	80,344
Comprehensive income (loss)		$	79,074			$	170,081			$	347			$	(8,260	)		$	—			$	(162,168	)		$	79,074

Condensed Cash Flow Statement [Table Text Block]

		For the Six Months Ended June 30, 2019
														Non-				Non-
														Guarantor				Guarantor
										Subsidiary				Subsidiaries				Subsidiaries
						Guarantor				(100%				(100%				(Not 100%
(In thousands)		Parent				Subsidiaries				Owned)*				Owned)				Owned)				Eliminations				Consolidated
Cash flows from operating activities
Net cash from operating activities		$	(110,388	)		$	375,562			$	8			$	(691	)		$	—			$	(179	)		$	264,312
Cash flows from investing activities
Capital expenditures			(81,645	)			(43,223	)			—				(1,286	)			—				—				(126,154	)
Cash paid for acquisition, net of cash received			(5,535	)			—				—				—				—				—				(5,535	)
Net activity with affiliates			—				(328,558	)			(8	)			—				—				328,566				—
Other investing activities			(16,471	)			(6,788	)			—				—				—				—				(23,259	)
Net cash from investing activities			(103,651	)			(378,569	)			(8	)			(1,286	)			—				328,566				(154,948	)
Cash flows from financing activities
Borrowings under bank credit facility			776,029				—				—				—				—				—				776,029
Payments under bank credit facility			(851,076	)			—				—				—				—				—				(851,076	)
Debt financing costs, net			(60	)			—				—				—				—				—				(60	)
Net activity with affiliates			326,679				—				—				1,708				—				(328,387	)			—
Share-based compensation activities, net			(3,056	)			—				—				—				—				—				(3,056	)
Shares repurchased and retired			(27,761	)			—				—				—				—				—				(27,761	)
Dividends paid			(13,389	)			—				—				—				—				—				(13,389	)
Other financing activities			—				(176	)			—				—				—				—				(176	)
Net cash from financing activities			207,366				(176	)			—				1,708				—				(328,387	)			(119,489	)
Net change in cash, cash equivalents and restricted cash			(6,673	)			(3,183	)			—				(269	)			—				—				(10,125	)
Cash, cash equivalents and restricted cash, beginning of period			8,697				239,903				—				24,602				—				—				273,202
Cash, cash equivalents and restricted cash, end of period		$	2,024			$	236,720			$	—			$	24,333			$	—			$	—			$	263,077

		Six Months Ended June 30, 2018
														Non-				Non-
														Guarantor				Guarantor
										Subsidiary				Subsidiaries				Subsidiaries
						Guarantor				(100%				(100%				(Not 100%
(In thousands)		Parent				Subsidiaries				Owned)*				Owned)				Owned)				Eliminations				Consolidated
Cash flows from operating activities
Net cash from operating activities		$	(70,065	)		$	282,907			$	(135	)		$	5,405			$	—			$	(121	)		$	217,991
Cash flows from investing activities
Capital expenditures			(36,914	)			(26,059	)			—				(272	)			—				—				(63,245	)
Cash paid for acquisition, net of cash received			(100,713	)			—				—				—				—				—				(100,713	)
Net activity with affiliates			—				(289,361	)			(347	)			—				—				289,708				—
Other investing activities			(9,240	)			—				—				—				—				—				(9,240	)
Net cash from investing activities			(146,867	)			(315,420	)			(347	)			(272	)			—				289,708				(173,198	)
Cash flows from financing activities
Borrowings under bank credit facility			333,900				—				—				—				—				—				333,900
Payments under bank credit facility			(591,476	)			—				—				—				—				—				(591,476	)
Proceeds from issuance of senior notes			700,000				—				—				—				—				—				700,000
Debt financing costs, net			(11,028	)			—				—				—				—				—				(11,028	)
Net activity with affiliates			277,000				—				—				12,587				—				(289,587	)			—
Share-based compensation activities, net			(3,381	)			—				—				—				—				—				(3,381	)
Shares repurchased and retired			(30,332	)			—				—				—				—				—				(30,332	)
Dividends paid			(11,267	)			—				—				—				—				—				(11,267	)
Other financing activities			—				(50	)			—				—				—				—				(50	)
Net cash from financing activities			663,416				(50	)			—				12,587				—				(289,587	)			386,366
Cash Flows from Discontinued Operations
Cash flows from operating activities			—				—				—				—				—				—				—
Cash flows from investing activities			—				—				482				—				—				—				482
Cash flows from financing activities			—				—				—				—				—				—				—
Net cash provided by discontinued operations			—				—				482				—				—				—				482
Net change in cash, cash equivalents and restricted cash			446,484				(32,563	)			—				17,720				—				—				431,641
Cash, cash equivalents and restricted cash, beginning of period			347				213,963				—				12,969				—				—				227,279
Cash, cash equivalents and restricted cash, end of period		$	446,831			$	181,400			$	—			$	30,689			$	—			$	—			$	658,920