XML 38 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 43.1 $ 93.5 $ 473.4
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 414.2 269.0 267.1
Amortization of items charged to interest expense 7.7 6.4 7.0
Noncash operating lease expense 100.4 0.0 0.0
Change in fair value of contingent purchase price 7.0 0.5 (6.8)
Holding gain on equity securities (19.9) 0.0 0.0
Loss on sale or disposal of property and equipment 5.5 3.2 0.2
Income from unconsolidated affiliates (28.4) (22.3) (18.7)
Return on investment from unconsolidated affiliates 29.0 27.0 26.5
Deferred income taxes 21.1 (26.7) (517.9)
Stock-based compensation 14.9 12.0 7.8
Impairment losses 173.1 34.9 18.0
Provision for (recoveries on) loan loss and unfunded loan commitments 0.0 (17.0) 89.8
Reclassification of accumulated other comprehensive loss to earnings upon termination of management contract 0.0 1.5 0.0
Loss on early extinguishment of debt 0.0 21.0 24.0
Changes in operating assets and liabilities, net of businesses acquired      
Accounts receivable 27.0 (1.8) (9.2)
Prepaid expenses and other current assets 9.7 13.3 (7.3)
Other assets (2.3) 1.5 2.4
Accounts payable 4.4 (6.1) (0.4)
Accrued expenses (3.9) (47.0) 55.2
Income taxes (7.2) (3.3) 20.4
Operating lease liabilities (139.1) 0.0 0.0
Other current and long-term liabilities 47.6 (6.8) 46.3
Net cash provided by operating activities 703.9 352.8 477.8
Investing activities      
Project capital expenditures (25.1) (2.9) (25.1)
Maintenance capital expenditures (165.5) (89.7) (74.2)
Consideration paid for acquisitions of businesses, net of cash acquired (1,359.4) (1,945.2) (127.7)
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions 961.1 0.0 0.0
Cash received for the sale of the Divested Properties and Belterra Park 0.0 661.7 0.0
Consideration paid for gaming licenses and other intangible assets (11.7) (81.6) (1.6)
Acquisition of equity securities (5.1) 0.0 0.0
Additional contributions from (to) joint ventures (0.4) 18.9 (0.5)
Proceeds from sale of loan 0.0 15.2 0.0
Receipts applied against nonaccrual loan 0.0 0.5 8.2
Other (1.4) 0.0 (0.7)
Net cash used in investing activities (607.5) (1,423.1) (221.6)
Financing activities      
Proceeds from revolving credit facility 412.0 201.0 256.4
Repayments on revolving credit facility (384.0) (89.0) (447.4)
Proceeds from issuance of long-term debt 0.0 1,558.9 1,200.0
Principal payments on long-term debt (46.6) (482.5) (1,127.5)
Prepayment penalties and modification payments incurred with debt refinancing 0.0 (11.3) (18.0)
Debt issuance costs and debt discount 0.0 (27.3) (25.6)
Payments of other long-term obligations (15.4) (15.7) (35.4)
Principal payments on financing obligations (51.6) (67.4) (57.8)
Principal payments on finance leases (6.2) 0.0 0.0
Proceeds from the sale of real estate assets in conjunction with acquisitions   250.0 82.6
Proceeds from exercise of options 1.9 7.4 10.4
Repurchase of common stock (24.9) (50.0) (24.8)
Payments of contingent purchase price (3.9) (4.1) (19.6)
Proceeds from insurance financing 16.1 13.1 11.9
Payments on insurance financing (19.4) (11.0) (12.2)
Other (0.4) 0.0 0.0
Net cash provided by (used in) financing activities (122.4) 1,272.1 (207.0)
Change in cash, cash equivalents, and restricted cash (26.0) 201.8 49.2
Cash, cash equivalents and restricted cash at the beginning of the year 481.2 279.4 230.2
Cash, cash equivalents and restricted cash at the end of the year 455.2 481.2 279.4
Reconciliation of cash, cash equivalents and restricted cash:      
Total cash, cash equivalents and restricted cash 481.2 481.2 230.2
Supplemental disclosure:      
Cash paid for interest, net of amounts capitalized 528.1 530.4 452.8
Cash payments (refunds) related to income taxes, net 21.8 24.4 (43.1)
Non-cash investing activities:      
Commencement of operating leases 713.5 0.0 0.0
Commencement of finance leases 4.6 0.0 0.0
Accrued capital expenditures 12.6 7.7 1.9
Acquisition of equity securities 16.1 0.0 0.0
Accrued advances to Jamul Tribe $ 0.0 $ 0.0 $ 2.5