XML 62 R36.htm IDEA: XBRL DOCUMENT v3.22.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Schedule of Leases Recorded on Balance Sheet
Leases recorded on the balance sheet consist of the following:
(In millions)Classification on the Balance SheetDecember 31, 2021December 31, 2020
Assets:
Operating lease ROU assets (a)
Other assets, net$662 $457 
Liabilities:
Current operating lease liabilities (a)
Accrued other liabilities49 53 
Non-current operating lease liabilities (a)
Other long-term liabilities726 516 
___________________
(a)As noted above, we have elected the short-term lease measurement and recognition exemption and do not establish ROU assets or liabilities for operating leases with terms of 12 months or less.
Schedule of Other Information Related to Lease Terms and Discount Rates
Lease Terms and Discount RateDecember 31,
20212020
Weighted Average Remaining Lease Term (in years)28.825.6
Weighted Average Discount Rate8.1 %8.4 %
Components of Lease Expense
Components of Lease Expense
Years Ended December 31,
(In millions)20212020
Operating lease expense$128 $53 
Short-term and variable lease expense104 50 
Total operating lease costs$232 $103 
Supplemental Cash Flow Information Related to Leases
Supplemental cash flow information related to leases is as follows:
Cash payments included in the measurement of lease liabilities
Years Ended December 31,
(In millions)20212020
Operating cash flows for operating leases$96 $49 
Summary of Maturities of Lease Liabilities
Maturities of Lease Liabilities
(In millions)Operating Leases
2022$108 
2023104 
202469 
202565 
202664 
Thereafter2,011 
Total future minimum lease payments2,421 
Less: present value factor(1,646)
Total lease liability$775 
Schedule of Future Minimum Lease Payments for Financing Obligation
The future minimum payments related to the GLPI Leases, including the Lumière Lease, and VICI Leases financing obligation, as amended, at December 31, 2021 were as follows:
(In millions)GLPI LeasesVICI Leases
2022$110 $1,066 
2023111 1,087 
2024112 1,107 
2025113 1,120 
2026115 1,136 
Thereafter4,604 42,808 
Total future payments5,165 48,324 
Less: Amounts representing interest(4,172)(38,079)
Plus: Residual values240 893 
Financing obligation $1,233 $11,138 
Schedule of Cash Paid for Financing Obligation
Cash payments made relating to our long-term financing obligations during the years ended December 31, 2021 and 2020 were as follows:
GLPI Leases (a)
VICI Leases (a)
December 31,December 31,
(In millions)2021202020212020
Cash paid for principal$— $— $1 $49 
Cash paid for interest109 93 983 472 
____________________
(a)For the initial periods of the GLPI and VICI Leases, cash payments are less than the interest expense recognized, which causes the failed-sale leaseback obligation to increase during the initial years of the lease term.
Schedule of Maturity of Lessor Lease Receivables
Maturities of Lease Receivables
(In millions)Operating Leases
2022$62 
202358 
202452 
202546 
202645 
Thereafter704 
Total$967