XML 42 R31.htm IDEA: XBRL DOCUMENT

Note 11 - Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

Condensed Balance Sheet [Table Text Block]

		*March 31, 2020*
														*Non-*
														*Guarantor*
										*Subsidiary*				*Subsidiaries*
						*Guarantor*				*(100%*				*(100%*
*(In thousands)*		*Parent*				*Subsidiaries*				Owned)*				*Owned)*				*Eliminations*				*Consolidated*
Assets
Cash and cash equivalents		$	803,696			$	19,752			$	—			$	7,798			$	—			$	831,246
Restricted cash			—				15,980				—				2,549				—				18,529
Other current assets			22,817				89,923				9				1,239				—				113,988
Property and equipment, net			166,596				2,389,293				—				102,040				—				2,657,929
Investments in subsidiaries			3,643,760				—				—				—				(3,643,760	)			—
Intercompany receivable			757,019				163,027				59,162				—				(979,208	)			—
Operating leases right-of-use assets			22,126				884,702				—				21,198				—				928,026
Other long-term assets			20,173				24,282				—				48,445				—				92,900
Intangible assets, net			—				1,327,986				—				74,971				—				1,402,957
Goodwill, net			—				957,568				—				13,719				—				971,287
Total assets		$	5,436,187			$	5,872,513			$	59,171			$	271,959			$	(4,622,968	)		$	7,016,862

Liabilities and Stockholders' Equity
Current maturities of long-term debt		$	26,695			$	305			$	—			$	—			$	—			$	27,000
Other current liabilities			140,587				298,550				—				36,534				(1,513	)			474,158
Accumulated losses of subsidiaries in excess of investment			—				4,397				—				41				(4,438	)			—
Intercompany payable			—				—				—				977,722				(977,722	)			—
Long-term debt, net of current maturities and debt issuance costs			4,310,179				234				—				57,684				—				4,368,097
Operating lease liabilities, net of current portion			17,966				809,912				—				588				—				828,466
Other long-term liabilities			(171,010	)			379,635				900				(2,154	)			—				207,371

Total stockholders' equity (deficit)			1,111,770				4,379,480				58,271				(798,456	)			(3,639,295	)			1,111,770
Total liabilities and stockholders' equity		$	5,436,187			$	5,872,513			$	59,171			$	271,959			$	(4,622,968	)		$	7,016,862

		December 31, 2019
														Non-
														Guarantor
										*Subsidiary*				*Subsidiaries*
						*Guarantor*				*(100%*				*(100%*
(In thousands)		*Parent*				*Subsidiaries*				Owned)*				*Owned)*				*Eliminations*				*Consolidated*
Assets
Cash and cash equivalents		$	3,007			$	231,866			$	—			$	15,104			$	—			$	249,977
Restricted cash			—				12,668				—				7,803				—				20,471
Other current assets			24,164				100,219				55				4,608				—				129,046
Property and equipment, net			159,139				2,411,456				—				101,958				—				2,672,553
Investments in subsidiaries			3,718,900				47,759				—				—				(3,766,659	)			—
Intercompany receivable			1,031,342				—				59,116				—				(1,090,458	)			—
Operating lease right-of-use assets			23,229				886,463				—				26,478				—				936,170
Other long-term assets			20,662				22,636				—				48,452				—				91,750
Intangible assets, net			—				1,390,954				—				75,937				—				1,466,891
Goodwill, net			—				1,051,968				—				31,319				—				1,083,287
Total assets		$	4,980,443			$	6,155,989			$	59,171			$	311,659			$	(4,857,117	)		$	6,650,145

Liabilities and Stockholders' Equity
Current maturities of long-term debt		$	26,695			$	299			$	—			$	—			$	—			$	26,994
Other current liabilities			159,138				332,393				—				39,858				(1,490	)			529,899
Accumulated losses of subsidiaries in excess of investment			—				—				—				9,946				(9,946	)			—
Intercompany payable			—				104,697				—				984,298				(1,088,995	)			—
Long-term debt, net of current maturities and debt issuance costs			3,680,912				341				—				57,684				—				3,738,937
Operating lease liabilities, net of current portion			19,189				814,779				—				6,317				—				840,285
Other long-term liabilities			(170,733	)			420,775				900				(2,154	)			—				248,788

Total stockholders' equity (deficit)			1,265,242				4,482,705				58,271				(784,290	)			(3,756,686	)			1,265,242
Total liabilities and stockholders' equity		$	4,980,443			$	6,155,989			$	59,171			$	311,659			$	(4,857,117	)		$	6,650,145

Condensed Income Statement [Table Text Block]

		*Three Months Ended March 31, 2020*
														*Non-*
														*Guarantor*
										*Subsidiary*				*Subsidiaries*
						*Guarantor*				*(100%*				*(100%*
*(In thousands)*		*Parent*				*Subsidiaries*				Owned)*				*Owned)*				*Eliminations*				*Consolidated*
Total revenues		$	15,784			$	666,416			$	—			$	17,646			$	(19,321	)		$	680,525
Operating costs and expenses
Operating			—				357,571				—				15,400				—				372,971
Selling, general and administrative			—				110,919				—				2,511				—				113,430
Master lease rent expense			—				24,665				—				—				—				24,665
Maintenance and utilities			—				32,909				—				237				—				33,146
Depreciation and amortization			12,595				51,842				—				2,528				—				66,965
Corporate expense			23,920				97				—				941				—				24,958
Project development, preopening and writedowns			589				436				—				2,483				—				3,508
Impairment of assets			—				153,500				—				17,600				—				171,100
Other operating items, net			255				7,239				—				49				—				7,543
Intercompany expenses			51				19,270				—				—				(19,321	)			—
Total operating costs and expenses			37,410				758,448				—				41,749				(19,321	)			818,286
Equity in earnings (losses) of subsidiaries			(101,196	)			(277	)			—				—				101,473				—
Operating income (loss)			(122,822	)			(92,309	)			—				(24,103	)			101,473				(137,761	)
Other expense (income)
Interest expense, net			49,452				332				—				1,622				—				51,406
Loss on early extinguishments and modifications of debt			175				—				—				—				—				175
Other, net			37				(331	)			—				(50	)			—				(344	)
Total other expense (income), net			49,664				1				—				1,572				—				51,237
Income (loss) before income taxes			(172,486	)			(92,310	)			—				(25,675	)			101,473				(188,998	)
Income tax benefit			24,927				14,951				—				1,561				—				41,439
Net income (loss)		$	(147,559	)		$	(77,359	)		$	—			$	(24,114	)		$	101,473			$	(147,559	)
Comprehensive income (loss)		$	(146,432	)		$	(76,232	)		$	—			$	(24,114	)		$	100,346			$	(146,432	)

		Three Months Ended March 31, 2019
														Non-
														Guarantor
										*Subsidiary*				*Subsidiaries*
						*Guarantor*				*(100%*				*(100%*
(In thousands)		*Parent*				*Subsidiaries*				Owned)*				*Owned)*				*Eliminations*				*Consolidated*
Total revenues		$	21,562			$	810,548			$	—			$	21,319			$	(26,141	)		$	827,288
Operating costs and expenses
Operating			—				411,835				—				17,694				—				429,529
Selling, general and administrative			—				112,724				—				2,687				—				115,411
Master lease rent expense			—				23,962				—				—				—				23,962
Maintenance and utilities			—				37,834				—				266				—				38,100
Depreciation and amortization			7,228				57,082				—				2,943				—				67,253
Corporate expense			29,953				185				—				1,039				—				31,177
Project development, preopening and writedowns			2,109				112				—				1,810				—				4,031
Impairment of assets			—				—				—				—				—				—
Other operating items, net			24				175				—				—				—				199
Intercompany expenses			51				26,090				—				—				(26,141	)			—
Total operating costs and expenses			39,365				669,999				—				26,439				(26,141	)			709,662
Equity in earnings (losses) of subsidiaries			109,868				(147	)			—				—				(109,721	)			—
Operating income (loss)			92,065				140,402				—				(5,120	)			(109,721	)			117,626
Other expense (income)
Interest expense, net			59,032				584				—				1,608				—				61,224
Other, net			129				—				—				(14	)			—				115
Total other expense (income), net			59,161				584				—				1,594				—				61,339
Income (loss) before income taxes			32,904				139,818				—				(6,714	)			(109,721	)			56,287
Income tax benefit (provision)			12,547				(24,440	)			—				1,057				—				(10,836	)
Net income (loss)		$	45,451			$	115,378			$	—			$	(5,657	)		$	(109,721	)		$	45,451
Comprehensive income (loss)		$	45,916			$	115,843			$	—			$	(5,657	)		$	(110,186	)		$	45,916

Condensed Cash Flow Statement [Table Text Block]

		Three Months Ended March 31, 2020
														Non-
														Guarantor
										*Subsidiary*				*Subsidiaries*
						*Guarantor*				*(100%*				*(100%*
(In thousands)		*Parent*				*Subsidiaries*				Owned)*				*Owned)*				*Eliminations*				*Consolidated*
Cash flows from operating activities
Net cash from operating activities		$	(46,369	)		$	74,724			$	46			$	(4,786	)		$	(23	)		$	23,592
Cash flows from investing activities
Capital expenditures			(31,153	)			(15,695	)			—				(1,198	)			—				(48,046	)
Net activity with affiliates			—				(267,724	)			(46	)			—				267,770				—
Net cash from investing activities			(31,153	)			(283,419	)			(46	)			(1,198	)			267,770				(48,046	)
Cash flows from financing activities
Borrowings under bank credit facility			965,100				—				—				—				—				965,100
Payments under bank credit facility			(338,173	)			—				—				—				—				(338,173	)
Net activity with affiliates			274,323				—				—				(6,576	)			(267,747	)			—
Share-based compensation activities, net			(4,111	)			—				—				—				—				(4,111	)
Shares repurchased and retired			(11,120	)			—				—				—				—				(11,120	)
Dividends paid			(7,808	)			—				—				—				—				(7,808	)
Other financing activities			—				(107	)			—				—				—				(107	)
Net cash from financing activities			878,211				(107	)			—				(6,576	)			(267,747	)			603,781
Change in cash, cash equivalents and restricted cash			800,689				(208,802	)			—				(12,560	)			—				579,327
Cash, cash equivalents and restricted cash, beginning of period			3,007				244,534				—				22,907				—				270,448
Cash, cash equivalents and restricted cash, end of period		$	803,696			$	35,732			$	—			$	10,347			$	—			$	849,775

		Three Months Ended March 31, 2019
														Non-
														Guarantor
										*Subsidiary*				*Subsidiaries*
						*Guarantor*				*(100%*				*(100%*
(In thousands)		*Parent*				*Subsidiaries*				Owned)*				*Owned)*				*Eliminations*				*Consolidated*
Cash flows from operating activities
Net cash from operating activities		$	(30,882	)		$	193,653			$	—			$	1,490			$	(171	)		$	164,090
Cash flows from investing activities
Capital expenditures			(63,156	)			(25,455	)			—				(711	)			—				(89,322	)
Net activity with affiliates			—				(153,088	)			—				—				153,088				—
Other investing activities			(4,620	)			(7,298	)			—				—				—				(11,918	)
Net cash from investing activities			(67,776	)			(185,841	)			—				(711	)			153,088				(101,240	)
Cash flows from financing activities
Borrowings under bank credit facility			434,829				—				—				—				—				434,829
Payments under bank credit facility			(466,802	)			—				—				—				—				(466,802	)
Debt financing costs, net			(53	)			—				—				—				—				(53	)
Net activity with affiliates			153,873				—				—				(956	)			(152,917	)			—
Share-based compensation activities, net			(2,921	)			—				—				—				—				(2,921	)
Shares repurchased and retired			(21,653	)			—				—				—				—				(21,653	)
Dividends paid			(6,705	)			—				—				—				—				(6,705	)
Other financing activities			—				(115	)			—				—				—				(115	)
Net cash from financing activities			90,568				(115	)			—				(956	)			(152,917	)			(63,420	)
Change in cash, cash equivalents and restricted cash			(8,090	)			7,697				—				(177	)			—				(570	)
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		$	607			$	247,600			$	—			$	24,425			$	—			$	272,632