XML 97 R39.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Leases (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Leases [Abstract] |
Expense, other information and supplemental cash flow information related to leases | Supplemental cash flow information related to leases was as follows:
(in millions) | For the year ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities |
Operating cash flows from finance leases | $ | 15.4 |
Operating cash flows from operating leases | $ | 403.6 |
Financing cash flows from finance leases | $ | 6.2 |
Information related to lease term and discount rate was as follows:
| December 31, 2019
Weighted-Average Remaining Lease Term |
Operating leases | 27.6 years |
Finance leases | 28.6 years |
Financing obligations | 30.4 years |
Weighted-Average Discount Rate |
Operating leases | 6.7 | %
Finance leases | 6.8 | %
Financing obligations | 8.1 | %
The components of lease expense were as follows:
| Classification |  |
(in millions) | Gaming Expense |  | Food, Beverage, Hotel and Other Expense |  | General and Administrative |  | Interest Expense, net |  | Depreciation and Amortization |  | Total for the year ended December 31, 2019
Operating Lease Costs |  |  |  |  |  |  |  |  |  |  |
Rent expense associated with triple net leases classified as operating leases (1) | $ | — |  |  | $ | — |  |  | $ | 366.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 366.4 |
Operating lease cost (2) | 0.4 |  |  | 0.5 |  |  | 16.6 |  |  | — |  |  | — |  |  | 17.5 |
Short-term lease cost | 53.8 |  |  | 1.3 |  |  | 1.5 |  |  | — |  |  | — |  |  | 56.6 |
Variable lease cost (2) | 2.8 |  |  | — |  |  | 1.1 |  |  | — |  |  | — |  |  | 3.9 |
Total | $ | 57.0 |  |  | $ | 1.8 |  |  | $ | 385.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 444.4 |
Finance Lease Costs |  |  |  |  |  |  |  |  |  |  |
Interest expense (3) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15.4 |  |  | $ | — |  |  | $ | 15.4 |
Amortization expense (3) | — |  |  | — |  |  | — |  |  | — |  |  | 7.9 |  |  | 7.9 |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 15.4 |  |  | $ | 7.9 |  |  | $ | 23.3 |
Financing Obligation Costs |  |  |  |  |  |  |  |  |  |  |
Interest expense (4) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 394.1 |  |  | $ | — |  |  | $ | 394.1 |
(1) | Pertains to the components contained within the Master Leases (primarily land) determined to be operating leases, the Meadows Lease, the Margaritaville Lease, and the Greektown Lease, inclusive of the variable expense associated with Columbus and Toledo for the operating lease components (the land) (see table above).
(2) | Excludes the operating lease costs and variable lease costs pertaining to our triple net leases with our REIT landlords classified as operating leases, discussed in footnote (1) above.
(3) | Primarily pertains to the Dayton and Mahoning Valley finance leases.
(4) Pertains to the components contained within the Master Leases (primarily buildings) determined to continue to be financing obligations, inclusive of the variable expense associated with Columbus and Toledo for the finance lease components (the buildings) (see table above). Total monthly variable expenses were as follows:
| For the year ended December 31,
(in millions) | 2019 |  | 2018 |  | 2017
Variable expenses included in “General and administrative” | $ | 16.4 |  |  | $ | — |  |  | $ | — |
Variable expenses included in “Interest expense, net” | 16.1 |  |  | 48.9 |  |  | 46.8 |
Total variable expenses | $ | 32.5 |  |  | $ | 48.9 |  |  | $ | 46.8 |
Schedule of future minimum lease commitments, operating leases | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2019:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2020 | $ | 424.0 |  |  | $ | 21.7 |  |  | $ | 374.7 |
2021 | 403.7 |  |  | 21.7 |  |  | 367.3 |
2022 | 400.6 |  |  | 21.6 |  |  | 367.3 |
2023 | 397.5 |  |  | 20.8 |  |  | 367.3 |
2024 | 381.0 |  |  | 16.7 |  |  | 367.3 |
Thereafter | 8,153.3 |  |  | 393.5 |  |  | 9,270.6 |
Total lease payments | 10,160.1 |  |  | 496.0 |  |  | 11,114.5 |
Less: Imputed interest | (5,585.4 | ) |  | (270.1 | ) |  | (6,971.8 | )
Present value of future lease payments | 4,574.7 |  |  | 225.9 |  |  | 4,142.7 |
Less: Current portion of lease obligations | (124.1 | ) |  | (6.5 | ) |  | (40.5 | )
Long-term portion of lease obligations | $ | 4,450.6 |  |  | $ | 219.4 |  |  | $ | 4,102.2 |
Schedule of future minimum lease commitments, finance leases | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2019:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2020 | $ | 424.0 |  |  | $ | 21.7 |  |  | $ | 374.7 |
2021 | 403.7 |  |  | 21.7 |  |  | 367.3 |
2022 | 400.6 |  |  | 21.6 |  |  | 367.3 |
2023 | 397.5 |  |  | 20.8 |  |  | 367.3 |
2024 | 381.0 |  |  | 16.7 |  |  | 367.3 |
Thereafter | 8,153.3 |  |  | 393.5 |  |  | 9,270.6 |
Total lease payments | 10,160.1 |  |  | 496.0 |  |  | 11,114.5 |
Less: Imputed interest | (5,585.4 | ) |  | (270.1 | ) |  | (6,971.8 | )
Present value of future lease payments | 4,574.7 |  |  | 225.9 |  |  | 4,142.7 |
Less: Current portion of lease obligations | (124.1 | ) |  | (6.5 | ) |  | (40.5 | )
Long-term portion of lease obligations | $ | 4,450.6 |  |  | $ | 219.4 |  |  | $ | 4,102.2 |
Schedule of future minimum lease commitments, financing obligations | The following is a maturity analysis of our operating leases, finance leases and financing obligations as of December 31, 2019:
(in millions) | Operating Leases |  | Finance Leases |  | Financing Obligations
Years ending December 31: |  |  |  |  |
2020 | $ | 424.0 |  |  | $ | 21.7 |  |  | $ | 374.7 |
2021 | 403.7 |  |  | 21.7 |  |  | 367.3 |
2022 | 400.6 |  |  | 21.6 |  |  | 367.3 |
2023 | 397.5 |  |  | 20.8 |  |  | 367.3 |
2024 | 381.0 |  |  | 16.7 |  |  | 367.3 |
Thereafter | 8,153.3 |  |  | 393.5 |  |  | 9,270.6 |
Total lease payments | 10,160.1 |  |  | 496.0 |  |  | 11,114.5 |
Less: Imputed interest | (5,585.4 | ) |  | (270.1 | ) |  | (6,971.8 | )
Present value of future lease payments | 4,574.7 |  |  | 225.9 |  |  | 4,142.7 |
Less: Current portion of lease obligations | (124.1 | ) |  | (6.5 | ) |  | (40.5 | )
Long-term portion of lease obligations | $ | 4,450.6 |  |  | $ | 219.4 |  |  | $ | 4,102.2 |

X
- Definition Financing Obligation, Maturity [Table Text Block] + References No definition available. + Details
Name: | penn_FinancingObligationMaturityTableTextBlock
Namespace Prefix: | penn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
Name: | us-gaap_FinanceLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration