Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of (Loss)/Income Before Income Taxes from Continuing Operations

Components of Income/(Loss) Before Income Taxes from Continuing Operations
	Years Ended December 31,
(In millions)	2018			2017			2016
United States	$	205		$	(2,374	)	$	(6,129	)
Outside of the U.S.	(22		)	4			(2		)
	$	183		$	(2,370	)	$	(6,131	)

Income Tax Benefit/(Provision)

Income Tax Benefit/(Provision)
	Years Ended December 31,
(In millions)	2018			2017			2016
United States
Current
Federal	$	(9	)	$	148		$	(381	)
State	(1		)	(7		)	(3		)
Deferred
Federal	170			1,835			46
State	(39		)	23			10
Outside of the U.S.
Current	(9		)	(4		)	1
Deferred	9			—			—
	$	121		$	1,995		$	(327	)

Allocation of Income Tax Benefit/(Provision)

Allocation of Income Tax Benefit/(Provision)
	Years Ended December 31,
(In millions)	2018		2017		2016
Income tax benefit/(provision) applicable to:
Income/(loss) from continuing operations	$	121	$	1,995	$	(327	)
Discontinued operations	—		—		(730		)
Other comprehensive income	3		—		—

Effective Income Tax Rate Reconciliation

Effective Income Tax Rate Reconciliation
	Years Ended December 31,
	2018		2017		2016
Statutory tax rate	21.0	%	35.0	%	35.0	%
Increases/(decreases) in tax resulting from:
State taxes, net of federal tax benefit	4.0		5.2		0.1
Valuation allowance	(70.4	)	(17.1	)	(22.9	)
Foreign income taxes	2.3		(0.1	)	—
Deferred tax benefit from changes in federal tax law	(44.7	)	52.1		—
Stock-based compensation	4.7		(0.2	)	(0.8	)
Acquisition of CEOC	—		36.7		—
Reserves for uncertain tax positions	4.4		(4.6	)	(0.1	)
Current tax benefit from change in CGP operating agreement	—		2.4		—
Impairment of goodwill	4.7		—		—
Nondeductible transaction costs	6.6		(25.0	)	(16.8	)
Other	1.3		(0.2	)	0.2
Effective tax rate	(66.1	)%	84.2	%	(5.3	)%

Temporary Differences Resulting in Deferred Tax Assets and Liabilities

Temporary Differences Resulting in Deferred Tax Assets and Liabilities
	As of December 31,
(In millions)	2018		2017
Deferred tax assets:
State net operating losses	$	420	$	426
Federal net operating loss	485		553
Foreign net operating loss	16		17
Compensation programs	81		97
Allowance for doubtful accounts	41		50
Self-insurance reserves	10		10
Accrued expenses	45		43
Federal tax credits	70		58
Financing obligations	2,445		2,319
Golf course properties’ obligation	35		30
Investment in non-consolidated affiliates	5		—
Other debt-related items	—		78
Deferred revenue	42		46
Leases	66		36
Other	—		14
Subtotal	3,761		3,777
Less: valuation allowance	1,302		1,513
Total deferred tax assets	2,459		2,264
Deferred tax liabilities:
Depreciation and other property-related items	2,567		2,576
Other debt-related items	95		—
Intangibles	496		221
Prepaid expenses	20		24
Other	1		18
Total deferred tax liabilities	3,179		2,839
Net deferred tax liability	$	720	$	575

Reconciliation of Unrecognized Tax Benefits

Reconciliation of Unrecognized Tax Benefits
	Years Ended December 31,
(In millions)	2018			2017			2016
Balance as of beginning of year	$	162		$	115		$	3
Additions based on tax positions related to the current year	—			113			113
Additions for tax positions of prior years	13			1			—
Reductions for tax positions for prior years	(5		)	(92		)	(1		)
Acquisition of OpCo	—			67			—
Settlements	(1		)	—			—
Effect of changes in federal tax law	—			(42		)	—
Balance as of end of year	$	169		$	162		$	115