XML 86 R65.htm IDEA: XBRL DOCUMENT v3.24.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Provision (Benefit) For Income Taxes
The provision (benefit) for income taxes consisted of the following for the years ended December 31, 2023, 2022, and 2021 (in millions):
 
 202320222021
Current provision (benefit) for income taxes:   
Federal$5 $6 $(78)
State(5)3 2 
 — 9 (76)
Deferred (benefit) provision for income taxes:   
Federal(342)868 (93)
State(16)36 (4)
 (358)904 (97)
(Benefit) provision for income taxes$(358)$913 $(173)
Schedule of Reconciliation of Federal Income Taxes At The Applicable Statutory Rate To The Recorded Provision From Continuing Operations
The following is a reconciliation of federal income taxes at the applicable statutory rate to the recorded provision:
 202320222021
Federal statutory rate21.0 %21.0 %21.0 %
Adjustments:   
State income taxes, net of federal tax benefit (a)4.6 %2.0 %(4.2)%
Valuation allowance (b)30.6 %1.6 %(1.5)%
Noncontrolling interest (c)0.4 %0.2 %2.6 %
Federal tax credits (d)0.6 %(0.2)%10.6 %
Net Operating Loss Carryback (e)— %— %7.5 %
Other(0.9)%0.7 %(1.3)%
Effective income tax rate56.3 %25.3 %34.7 %

(a)Included in state income taxes are deferred income tax effects related to certain acquisitions, intercompany mergers, tax elections, law changes and/or impact of changes in apportionment.
(b)Our 2023 income tax provision includes a $212 million decrease related to the release of valuation allowance associated with the federal interest expense carryforwards under the IRC Section 163(j). Our 2022 income tax provision includes a net $56 million addition related to an increase in valuation allowance associated with the federal interest expense carryforwards under the IRC Section 163(j) and primarily offset by a decrease in valuation allowance on certain state deferred tax assets resulting from the Deconsolidation of Diamond. Our 2021 income tax provision includes a net $8 million addition related to an increase in valuation allowance associated with the federal interest expense carryforwards under the IRC Section 163(j) and primarily offset by a decrease in valuation allowance on certain state deferred tax assets as a result of the changes in estimate of the state apportionment.
(c)Our 2023, 2022, and 2021 income tax provisions include a $3 million benefit, a $9 million expense, and a $13 million benefit, respectively, related to noncontrolling interest of various partnerships.
(d)Our 2021 income tax provision includes a benefit $40 million related to investments in sustainability initiatives whose activities qualify for federal income tax credits through 2021.
(e)Our 2021 income tax provision includes a benefit of $38 million as result of the CARES Act allowing for the 2020 federal net operating loss to be carried back to the pre-2018 years when the federal tax rate was 35%.
Schedule of Total Deferred Tax Assets And Deferred Tax Liabilities Total deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 were as follows (in millions):
 20232022
Deferred Tax Assets:  
Net operating losses:  
Federal$111 $14 
State151 131 
IRC Section 163(j) interest expense carryforward93 212 
Investment in Bally's securities83 70 
Tax Credits87 79 
Other118 98 
 643 604 
Valuation allowance for deferred tax assets(120)(312)
Total deferred tax assets$523 $292 
Deferred Tax Liabilities:  
Goodwill and intangible assets$(367)$(384)
Property & equipment, net(104)(110)
Investment in DSIH(250)(356)
Other(54)(52)
Total deferred tax liabilities(775)(902)
Net deferred tax liabilities$(252)$(610)
Schedule of Activity Related To Accrued Unrecognized Tax Benefits
The following table summarizes the activity related to our accrued unrecognized tax benefits (in millions):
 202320222021
Balance at January 1,$17 $15 $11 
Additions related to prior year tax positions— 2 1 
Additions related to current year tax positions1 1 3 
Reductions related to settlements with taxing authorities(2)— — 
Reductions related to expiration of the applicable statute of limitations(2)(1)— 
Balance at December 31,$14 $17 $15