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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the Company’s provision for income taxes for the years ended December 31, 2021, 2020 and 2019 are presented below.

Components of Income (Loss) Before Income Taxes			Years Ended December 31,
(In millions)			2021						2020						2019
United States			$	(1,272)					$	(1,608)					$	125
Outside of the U.S.			3						2						—
			$	(1,269)					$	(1,606)					$	125

Income Tax Provision (Benefit)			Years Ended December 31,
(In millions)			2021						2020						2019
United States
Current
Federal			$	(1)					$	(43)					$	31
State & Local			(2)						(24)						14
Deferred
Federal			(219)						208						5
State & Local			(106)						(11)						(6)
Outside of the U.S.
Current			2						2						—
Deferred			43						—						—
			$	(283)					$	132					$	44

Allocation of Income Tax Provision (Benefit)			Years Ended December 31,
(In millions)			2021						2020						2019
Income tax provision (benefit) applicable to:
Income from operations			$	(283)					$	132					$	44
Discontinued operations			19						(9)						—
Other comprehensive income			3						8						—

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2021, 2020 and 2019:

Effective Income Tax Rate Reconciliation			Years Ended December 31,
			2021						2020						2019
Federal statutory rate			21.0		%				21.0		%				21.0		%
State and local taxes			4.2		%				5.4		%				5.5		%
Stock compensation			0.5		%				(0.1)		%				1.8		%
Goodwill impairment and dispositions			—		%				(1.6)		%				7.4		%
Nondeductible transaction expenses			—		%				(0.5)		%				—		%
Nondeductible convertible notes costs			(3.3)		%				(1.0)		%				—		%
Decrease in uncertain tax positions			0.4		%				0.9		%				—		%
Change in tax rates from change in tax law			(1.2)		%				—		%				—		%
Deferred tax benefit of foreign subsidiaries held for sale			—		%				1.0		%				—		%
Valuation allowance			2.6		%				(33.9)		%				1.8		%
Deferred tax recognition on life insurance			(1.3)		%				—		%				—		%
Tax credits			0.4		%				0.1		%				(1.1)		%
Other			(1.0)		%				0.5		%				(1.2)		%
Effective income tax rate			22.3		%				(8.2)		%				35.2		%

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred taxes at December 31, 2021 and 2020 are as follows:

			As of December 31,
(In millions)			2021						2020
Deferred tax assets:
Loss carryforwards			$	1,006					$	1,071
Foreign investment - held for sale			—						74
Excess business interest expense			180						61
Credit carryforwards			114						106
Financing obligation			2,517						2,557
Long-term lease obligation			161						187
Other			330						289
			4,308						4,345
Deferred tax liabilities:
Identified intangibles			(1,111)						(836)
Other debt-related items			(35)						(108)
Foreign investment - held for sale			(139)						—
Fixed assets			(2,212)						(2,424)
Right-of-use assets			(131)						(154)
Other			(103)						(68)
			(3,731)						(3,590)
Valuation allowance			(1,840)						(1,921)
Net deferred tax liabilities			$	(1,263)					$	(1,166)

The net deferred tax liabilities above are presented in the Balance Sheets as follows:

			As of December 31,
(In millions)			2021						2020
Deferred income taxes			$	(1,111)					$	(1,166)
Assets held for sale			7						1
Liabilities related to assets held for sale			(159)						(1)
Net deferred tax liabilities			$	(1,263)					$	(1,166)

Schedule of Unrecognized Tax Benefits Roll Forward

Reconciliation of Unrecognized Tax Benefits			Years Ended December 31,
(In millions)			2021						2020						2019
Balance as of beginning of year			$	137					$	—					$	—
Acquisition of Caesars Entertainment Corporation			—						152						—
Acquisition of William Hill			32						—						—
Additions based on tax positions related to the current year			4						—						—
Additions for tax positions of prior years			5						1						—
Reductions for tax positions for prior years			(8)						—						—
Settlements			—						(4)						—
Expiration of statutes			(13)						(12)						—
Balance as of end of year			$	157					$	137					$	—

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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