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Note 7 - Leases

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

NOTE 7.    LEASES

We have operating and finance leases primarily for three casino hotel properties, corporate offices, parking ramps, and gaming and other equipment. Our leases have remaining lease terms of one year to 57 years, some of which include options to extend the leases for up to 66 years, and some of which include options to terminate the leases within one year. Certain of our lease agreements, including the master lease agreement entered into by Boyd TCIV, LLC, dated October 15, 2018 (the "Master Lease"), include provisions for variable lease payments, which represent lease payments that vary due to changes in facts or circumstances occurring after the commencement date other than the passage of time. Such variable lease payments are expensed in the period in which the obligation for these payments is incurred. Variable lease expense recognized in the three months ended March 31, 2020 was not material. The Company's finance leases are not considered material.

The components of lease expense were as follows:

		Three Months Ended				Three Months Ended
(In thousands)		March 31, 2020				March 31, 2019
Operating lease cost		$	41,184			$	29,635
Short-term lease cost			118				336

Supplemental cash flow information related to leases was as follows:

		Three Months Ended				Three Months Ended
(In thousands)		March 31, 2020				March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	41,622			$	29,720
Right-of-use assets obtained in exchange for lease obligations:
Operating leases			11,683				3,710

Supplemental balance sheet information related to leases was as follows:

(In thousands, except lease term and discount rate)		March 31, 2020				December 31, 2019
Operating Leases
Operating lease right-of-use assets		$	928,026			$	936,170
Current lease liabilities (included in accrued liabilities)		$	91,417			$	87,686
Operating lease liabilities			828,466				840,285
Total operating lease liabilities		$	919,883			$	927,971
Weighted Average Remaining Lease Term
Operating leases (in years)			18.2				18.2
Weighted Average Discount Rate
Operating leases			9.0	%			8.9	%

Maturities of lease liabilities were as follows:

(In thousands)		Operating Leases
For the period ending December 31,
Last three quarters of 2020		$	122,305
2021			148,397
2022			119,999
2023			112,274
2024			112,068
Thereafter			1,273,348
Total lease payments			1,888,391
Less imputed interest			(968,508	)
Less current portion (included in accrued liabilities)			(91,417	)
Long-term portion of operating lease liabilities		$	828,466

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=77888251

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