XML 98 R33.htm IDEA: XBRL DOCUMENT

Note 12 - Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Notes Tables

Condensed Balance Sheet [Table Text Block]

		*September 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		$	4,836			$	216,419			$	—			$	13,829			$	—			$	—			$	235,084
Restricted cash			—				17,528				—				8,827				—				—				26,355
Other current assets			28,772				100,077				62				3,318				—				—				132,229
Property and equipment, net			193,152				2,405,906				—				102,779				—				—				2,701,837
Investments in subsidiaries			6,753,467				(4,991	)			—				(1,414	)			—				(6,747,062	)			—
Intercompany receivable			—				2,613,764				374,116				—				—				(2,987,880	)			—
Operating leases right-of-use assets			23,947				880,627				—				5,160				—				—				909,734
Other long-term assets			29,907				29,018				—				48,452				—				—				107,377
Intangible assets, net			—				1,405,277				—				76,904				—				—				1,482,181
Goodwill, net			—				1,051,968				—				31,319				—				—				1,083,287
Total assets		$	7,034,081			$	8,715,593			$	374,178			$	289,174			$	—			$	(9,734,942	)		$	6,678,084

Liabilities and Stockholders' Equity
Current maturities of long-term debt		$	26,695			$	299			$	—			$	—			$	—			$	—			$	26,994
Other current liabilities			161,429				338,322				—				28,009				—				(454	)			527,306
Intercompany payable			2,016,884				—				—				970,569				—				(2,987,453	)			—
Long-term debt, net of current maturities and debt issuance costs			3,722,669				397				—				57,684				—				—				3,780,750
Operating lease liabilities, net of current portion			20,038				818,503				—				3,653				—				—				842,194
Other long-term liabilities			(161,781	)			431,203				900				(17,629	)			—				—				252,693

Total stockholders' equity (deficit)			1,248,147				7,126,869				373,278				(753,112	)			—				(6,747,035	)			1,248,147
Total liabilities and stockholders' equity		$	7,034,081			$	8,715,593			$	374,178			$	289,174			$	—			$	(9,734,942	)		$	6,678,084

		*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 long-term assets			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 September 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		$	19,945			$	803,802			$	—			$	20,161			$	—			$	(24,340	)		$	819,568
Operating costs and expenses
Operating			—				412,481				—				17,721				—				—				430,202
Selling, general and administrative			—				114,322				—				2,577				—				—				116,899
Master lease rent expense			—				24,665				—				—				—				—				24,665
Maintenance and utilities			—				40,919				—				432				—				—				41,351
Depreciation and amortization			8,630				53,018				—				3,444				—				—				65,092
Corporate expense			20,651				38				—				722				—				—				21,411
Project development, preopening and writedowns			1,670				1,501				—				2,126				—				—				5,297
Other operating items, net			1,758				(498	)			—				—				—				—				1,260
Intercompany expenses			50				24,290				—				—				—				(24,340	)			—
Total operating costs and expenses			32,759				670,736				—				27,022				—				(24,340	)			706,177
Equity in earnings (losses) of subsidiaries			102,797				(605	)			—				—				—				(102,192	)			—
Operating income (loss)			89,983				132,461				—				(6,861	)			—				(102,192	)			113,391
Other expense (income)
Interest expense, net			57,255				350				—				1,622				—				—				59,227
Loss on early extinguishments and modifications of debt			242				—				—				—				—				—				242
Other, net			129				—				—				(16	)			—				—				113
Total other expense (income), net			57,626				350				—				1,606				—				—				59,582
Income (loss) before income taxes			32,357				132,111				—				(8,467	)			—				(102,192	)			53,809
Income tax benefit (provision)			7,048				(22,800	)			—				1,348				—				—				(14,404	)
Net income (loss)		$	39,405			$	109,311			$	—			$	(7,119	)		$	—			$	(102,192	)		$	39,405
Comprehensive income (loss)		$	39,948			$	109,854			$	—			$	(7,119	)		$	—			$	(102,735	)		$	39,948

		*Three Months Ended September 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		$	20,168			$	596,394			$	—			$	20,422			$	—			$	(24,788	)		$	612,196
Operating costs and expenses
Operating			—				305,436				—				17,615				—				—				323,051
Selling, general and administrative			4				85,588				—				2,463				—				(1	)			88,054
Maintenance and utilities			—				32,516				—				411				—				—				32,927
Depreciation and amortization			4,975				47,705				—				2,008				—				—				54,688
Corporate expense			24,212				94				—				749				—				—				25,055
Project development, preopening and writedowns			12,194				889				—				5,505				—				—				18,588
Impairment of assets			—				—				—				—				—				—				—
Other operating items, net			10				255				—				—				—				—				265
Intercompany expenses			50				24,737				—				—				—				(24,787	)			—
Total operating costs and expenses			41,445				497,220				—				28,751				—				(24,788	)			542,628
Equity in earnings (losses) of subsidiaries			71,509				(524	)			—				—				—				(70,985	)			—
Operating income (loss)			50,232				98,650				—				(8,329	)			—				(70,985	)			69,568
Other expense (income)
Interest expense, net			52,185				289				—				7				—				—				52,481
Other, net			38				(5	)			—				(17	)			—				—				16
Total other expense (income), net			52,223				284				—				(10	)			—				—				52,497
Income (loss) before income taxes			(1,991	)			98,366				—				(8,319	)			—				(70,985	)			17,071
Income tax benefit (provision)			13,828				(20,517	)			—				1,455				—				—				(5,234	)
Net income (loss)		$	11,837			$	77,849			$	—			$	(6,864	)		$	—			$	(70,985	)		$	11,837
Comprehensive income (loss)		$	11,975			$	77,987			$	—			$	(6,864	)		$	—			$	(71,123	)		$	11,975

		*Nine Months Ended September 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		$	62,956			$	2,442,753			$	—			$	63,722			$	—			$	(76,443	)		$	2,492,988
Operating costs and expenses
Operating			—				1,244,620				—				53,728				—				—				1,298,348
Selling, general and administrative			—				341,280				—				7,731				—				—				349,011
Master lease rent expense			—				73,058				—				—				—				—				73,058
Maintenance and utilities			—				118,135				—				1,023				—				—				119,158
Depreciation and amortization			23,897				166,892				—				9,607				—				—				200,396
Corporate expense			76,519				350				—				2,632				—				—				79,501
Project development, preopening and writedowns			5,768				2,706				—				5,769				—				—				14,243
Other operating items, net			1,827				(263	)			—				—				—				—				1,564
Intercompany expenses			152				76,291				—				—				—				(76,443	)			—
Total operating costs and expenses			108,163				2,023,069				—				80,490				—				(76,443	)			2,135,279
Equity in earnings (losses) of subsidiaries			328,190				(728	)			—				—				—				(327,462	)			—
Operating income (loss)			282,983				418,956				—				(16,768	)			—				(327,462	)			357,709
Other expense (income)
Interest expense, net			174,910				1,110				—				4,848				—				—				180,868
Loss on early extinguishments and modifications of debt			750				—				—				—				—				—				750
Other, net			385				(565	)			—				(47	)			—				—				(227	)
Total other expense (income), net			176,045				545				—				4,801				—				—				181,391
Income (loss) before income taxes			106,938				418,411				—				(21,569	)			—				(327,462	)			176,318
Income tax benefit (provision)			26,402				(72,751	)			—				3,371				—				—				(42,978	)
Net income (loss)		$	133,340			$	345,660			$	—			$	(18,198	)		$	—			$	(327,462	)		$	133,340
Comprehensive income (loss)		$	134,336			$	346,656			$	—			$	(18,198	)		$	—			$	(328,458	)		$	134,336

		*Nine Months Ended September 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		$	62,295			$	1,804,925			$	—			$	44,188			$	—			$	(76,301	)		$	1,835,107
Operating costs and expenses
Operating			—				915,661				—				39,762				—				—				955,423
Selling, general and administrative			12				257,222				—				6,456				—				(12	)			263,678
Maintenance and utilities			—				88,445				—				1,081				—				—				89,526
Depreciation and amortization			13,158				142,480				—				4,249				—				—				159,887
Corporate expense			72,712				310				—				1,953				—				—				74,975
Project development, preopening and writedowns			16,337				2,079				—				9,413				—				—				27,829
Impairment of assets			993				—				—				—				—				—				993
Other operating items, net			58				2,138				—				—				—				—				2,196
Intercompany expenses			152				76,137				—				—				—				(76,289	)			—
Total operating costs and expenses			103,422				1,484,472				—				62,914				—				(76,301	)			1,574,507
Equity in earnings (losses) of subsidiaries			235,518				(1,095	)			—				—				—				(234,423	)			—
Operating income (loss)			194,391				319,358				—				(18,726	)			—				(234,423	)			260,600
Other expense (income)
Interest expense, net			139,858				843				—				19				—				—				140,720
Loss on early extinguishments and modifications of debt			61				—				—				—				—				—				61
Other, net			33				(371	)			—				(50	)			—				—				(388	)
Total other expense (income), net			139,952				472				—				(31	)			—				—				140,393
Income (loss) from continuing operations before income taxes			54,439				318,886				—				(18,695	)			—				(234,423	)			120,207
Income tax benefit (provision)			37,742				(69,686	)			—				3,571				—				—				(28,373	)
Income (loss) from continuing operations, net of tax			92,181				249,200				—				(15,124	)			—				(234,423	)			91,834
Income (loss) from discontinued operations, net of tax			—				—				347				—				—				—				347
Net income (loss)		$	92,181			$	249,200			$	347			$	(15,124	)		$	—			$	(234,423	)		$	92,181
Comprehensive income (loss)		$	91,049			$	248,068			$	347			$	(15,124	)		$	—			$	(233,291	)		$	91,049

Condensed Cash Flow Statement [Table Text Block]

		*Nine Months Ended September 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		$	(156,047	)		$	572,769			$	8			$	(671	)		$	—			$	(670	)		$	415,389
Cash flows from investing activities
Capital expenditures			(101,489	)			(64,524	)			—				(784	)			—				—				(166,797	)
Cash paid for acquisition, net of cash received			(5,535	)			—				—				—				—				—				(5,535	)
Net activity with affiliates			—				(507,198	)			(8	)			—				—				507,206				—
Other investing activities			(16,471	)			(6,788	)			—				—				—				—				(23,259	)
Net cash from investing activities			(123,495	)			(578,510	)			(8	)			(784	)			—				507,206				(195,591	)
Cash flows from financing activities
Borrowings under bank credit facility			1,061,929				—				—				—				—				—				1,061,929
Payments under bank credit facility			(1,240,950	)			—				—				—				—				—				(1,240,950	)
Debt financing costs, net			(44	)			—				—				—				—				—				(44	)
Net activity with affiliates			507,027				—				—				(491	)			—				(506,536	)			—
Share-based compensation activities, net			(3,067	)			—				—				—				—				—				(3,067	)
Shares repurchased and retired			(28,045	)			—				—				—				—				—				(28,045	)
Dividends paid			(21,169	)			—				—				—				—				—				(21,169	)
Other financing activities			—				(215	)			—				—				—				—				(215	)
Net cash from financing activities			275,681				(215	)			—				(491	)			—				(506,536	)			(231,561	)
Change in cash, cash equivalents and restricted cash			(3,861	)			(5,956	)			—				(1,946	)			—				—				(11,763	)
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		$	4,836			$	233,947			$	—			$	22,656			$	—			$	—			$	261,439

		*Nine Months Ended September 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		$	(114,336	)		$	446,223			$	(135	)		$	87			$	—			$	333			$	332,172
Cash flows from investing activities
Capital expenditures			(67,866	)			(39,008	)			—				(760	)			—				—				(107,634	)
Cash paid for acquisition, net of cash received			(367,333	)			—				—				—				—				—				(367,333	)
Net activity with affiliates			—				(433,266	)			(347	)			—				—				433,613				—
Other investing activities			(9,240	)			(1,350	)			—				—				—				—				(10,590	)
Net cash from investing activities			(444,439	)			(473,624	)			(347	)			(760	)			—				433,613				(485,557	)
Cash flows from financing activities
Borrowings under bank credit facility			413,000				—				—				—				—				—				413,000
Payments under bank credit facility			(633,022	)			—				—				—				—				—				(633,022	)
Proceeds from issuance of senior notes			700,000				—				—				—				—				—				700,000
Debt financing costs, net			(14,016	)			—				—				—				—				—				(14,016	)
Net activity with affiliates			415,333				—				—				18,613				—				(433,946	)			—
Share-based compensation activities, net			(2,837	)			—				—				—				—				—				(2,837	)
Shares repurchased and retired			(44,822	)			—				—				—				—				—				(44,822	)
Dividends paid			(18,009	)			—				—				—				—				—				(18,009	)
Other financing activities			—				(111	)			—				—				—				—				(111	)
Net cash from financing activities			815,627				(111	)			—				18,613				—				(433,946	)			400,183
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
Change in cash, cash equivalents and restricted cash			256,852				(27,512	)			—				17,940				—				—				247,280
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		$	257,199			$	186,451			$	—			$	30,909			$	—			$	—			$	474,559