| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities | |||||||||||
Net income | |||||||||||
2,214 | 583 | 2,088 | 1,235 | -1,037 | 127 | 41 | -1,616 | 3,234 | -1,437 | -1,291 | -855 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
1,304 | 1,178 | 993 | 849 | 819 | 815 | 849 | 927 | 817 | 633 | 689 | 778 |
Amortization of debt discounts, premiums and issuance costs | |||||||||||
38 | 41 | 32 | 40 | 46 | 37 | 35 | 73 | 93 | 87 | 50 | 10 |
Loss on early retirement of debt | |||||||||||
-198 | -3 | -45 | -66 | -1 | 0 | -3 | -563 | 0 | 132 | -61 | 87 |
Provision for doubtful accounts | |||||||||||
39 | 39 | 20 | 10 | 54 | 46 | 14 | 57 | 39 | 29 | 54 | 80 |
Stock-based compensation | |||||||||||
88 | 70 | 62 | 55 | 42 | 37 | 32 | 39 | 39 | 34 | 36 | 36 |
Business interruption insurance - lost profits | |||||||||||
- | - | - | - | - | - | - | - | - | - | 15 | -9 |
Business interruption insurance - cost recovery | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | -27 |
Property transactions, net | |||||||||||
275 | 9 | 50 | 17 | 35 | 41 | 124 | 696 | 178 | 1,451 | 1,328 | 1,210 |
Gain on REIT transactions, net | |||||||||||
2,677 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Noncash lease expense | |||||||||||
71 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Goodwill impairment | |||||||||||
- | - | - | - | 1,467 | 0 | - | - | - | - | - | - |
Gain on Borgata transaction | |||||||||||
- | - | - | 430 | 0 | 0 | - | - | - | - | - | - |
Gain on MGM China transaction | |||||||||||
- | - | - | - | - | - | - | - | 3,496 | - | - | - |
Convertible note investment impairment | |||||||||||
- | - | - | - | - | - | - | - | - | - | 175 | - |
Income from unconsolidated affiliates | |||||||||||
57 | 96 | 111 | 471 | 178 | -24 | -140 | -148 | -27 | -190 | -188 | 40 |
Distributions from unconsolidated affiliates | |||||||||||
0 | 11 | 13 | 16 | 29 | 15 | 16 | 21 | 60 | 92 | 93 | 70 |
Deferred income taxes | |||||||||||
595 | 46 | -1,259 | -81 | -2 | 331 | 48 | -117 | -394 | -634 | -344 | 79 |
Change in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
726 | 149 | 17 | 31 | 61 | 32 | 59 | -1 | 155 | 17 | 121 | -20 |
Inventories | |||||||||||
-6 | 7 | 4 | -10 | 2 | -3 | 0 | -5 | 8 | -5 | -6 | -12 |
Income taxes receivable and payable, net | |||||||||||
1 | 14 | -53 | 13 | -5 | -29 | 13 | -5 | 183 | 197 | 334 | 346 |
Prepaid expenses and other | |||||||||||
-7 | 8 | 54 | -20 | 13 | -22 | 38 | 4 | -15 | -1 | 17 | -14 |
Prepaid Cotai land concession premium | |||||||||||
- | - | - | 22 | 22 | 22 | 7 | 56 | - | - | - | - |
Accounts payable and accrued liabilities | |||||||||||
465 | 21 | 422 | 273 | -142 | -288 | 116 | 163 | 32 | 11 | 37 | -187 |
Business interruption insurance recoveries | |||||||||||
- | - | - | - | - | - | - | - | - | - | 16 | -28 |
Other | |||||||||||
-35 | -34 | -21 | -39 | -26 | 0 | -20 | 13 | 5 | -12 | -26 | 34 |
Net cash provided by (used in) operating activities | |||||||||||
1,810 | 1,722 | 2,206 | 1,533 | 1,005 | 1,130 | 1,310 | 909 | 675 | 504 | 587 | 753 |
Cash flows from investing activities | |||||||||||
Capital expenditures, net of construction payable | |||||||||||
739 | 1,486 | 1,864 | 2,262 | 1,466 | 872 | 562 | 422 | 301 | 207 | 136 | 781 |
Proceeds from sale of Treasure Island, net | |||||||||||
- | - | - | - | - | - | - | - | - | - | 746 | - |
Dispositions of property and equipment | |||||||||||
2 | 25 | 0 | 3 | 8 | 7 | 18 | 0 | 0 | 77 | 22 | 85 |
Proceeds from Bellagio transaction | |||||||||||
4,151 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Proceeds from sale of Circus Circus Las Vegas and adjacent land | |||||||||||
652 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Proceeds from partial disposition of investment in unconsolidated affiliate | |||||||||||
- | - | - | 15 | 0 | 0 | - | - | - | - | - | - |
Proceeds from sale of business units and investment in unconsolidated affiliate | |||||||||||
0 | 163 | 0 | 0 | 92 | 0 | - | - | - | - | - | - |
Acquisition, net of cash acquired | |||||||||||
- | - | - | - | 0 | 0 | - | - | -407 | - | - | - |
Investments in unconsolidated affiliates | |||||||||||
81 | 56 | 16 | 3 | 196 | 103 | 28 | 54 | 128 | 553 | 963 | 1,279 |
Distributions from unconsolidated affiliates | |||||||||||
100 | 322 | 301 | 542 | 201 | 0 | 0 | 1 | 2 | 135 | - | - |
Distributions from cost method investments | |||||||||||
- | - | - | - | - | - | - | - | - | 113 | - | - |
Property damage insurance recoveries | |||||||||||
- | - | - | - | - | - | - | - | - | - | 7 | -21 |
Investments in treasury securities - maturities longer than 90 days | |||||||||||
- | - | - | - | - | 123 | 219 | 285 | 330 | 149 | - | - |
Proceeds from treasury securities - maturities longer than 90 days | |||||||||||
- | - | - | - | - | 210 | 252 | 315 | 330 | - | - | - |
Investments in cash deposits - original maturities longer than 90 days | |||||||||||
- | - | - | - | 200 | 570 | - | - | - | - | - | - |
Proceeds from cash deposits - original maturities longer than 90 days | |||||||||||
- | - | - | - | 770 | 0 | - | - | - | - | - | - |
Payments for gaming licenses | |||||||||||
- | - | - | - | - | 85 | 21 | - | - | - | - | - |
Other | |||||||||||
31 | 17 | 1 | 11 | 4 | -10 | -1 | 1 | 0 | 1 | 5 | 27 |
Net cash provided by (used in) investing activities | |||||||||||
3,519 | -2,083 | -1,580 | -2,276 | -795 | -1,524 | -560 | -446 | -21 | -586 | -330 | -1,981 |
Cash flows from financing activities | |||||||||||
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | |||||||||||
-3,634 | 1,242 | 15 | 491 | 977 | -28 | -28 | 1,779 | -305 | -1,886 | -1,027 | 2,760 |
Borrowings under bank credit facilities – maturities longer than 90 days | |||||||||||
- | - | - | 1,845 | 5,118 | 5,171 | 2,793 | 1,350 | 7,559 | 9,486 | 6,771 | 8,170 |
Repayments under bank credit facilities – maturities longer than 90 days | |||||||||||
- | - | - | 1,845 | 5,118 | 5,171 | 2,793 | 3,634 | 6,352 | 10,807 | 5,942 | 8,450 |
Issuance of long-term debt | |||||||||||
3,250 | 1,000 | 350 | 2,050 | 0 | 1,250 | - | - | - | - | - | - |
Issuance of senior notes | |||||||||||
- | - | - | - | - | - | 500 | 4,100 | 311 | 2,489 | 1,921 | 698 |
Retirement of senior notes and senior debentures | |||||||||||
3,764 | 2 | 502 | 2,258 | 875 | 508 | 612 | 4,009 | - | 1,154 | - | 789 |
Repayment of Borgata credit facility | |||||||||||
- | - | - | 583 | 0 | 0 | - | - | - | - | - | - |
Debt issuance costs | |||||||||||
63 | 76 | 9 | 139 | 46 | 13 | 23 | 160 | - | 106 | 112 | 48 |
Issuance of MGM Growth Properties Class A shares, net | |||||||||||
1,250 | 0 | 387 | - | - | - | - | - | - | - | - | - |
Issuance of MGM Growth Properties common stock in public offering | |||||||||||
- | - | - | 1,207 | 0 | 0 | - | - | - | 588 | 1,104 | - |
MGM Growth Properties Class A share issuance costs | |||||||||||
- | - | - | 75 | 0 | 0 | - | - | - | - | - | - |
Acquisition of MGM China shares | |||||||||||
- | - | - | 100 | 0 | 0 | - | - | - | - | - | - |
Dividends paid to common shareholders | |||||||||||
271 | 260 | 252 | 0 | 0 | - | - | - | - | - | - | - |
Capped call transactions | |||||||||||
- | - | - | - | - | - | - | - | - | 81 | - | - |
Distributions to noncontrolling interest owners | |||||||||||
223 | 184 | 170 | 103 | 307 | 386 | 318 | 206 | 3 | - | - | - |
Excess tax benefit from exercise of stock options | |||||||||||
- | - | - | - | - | 4 | - | - | - | - | - | - |
Proceeds from issuance of redeemable noncontrolling interests | |||||||||||
- | - | - | 47 | 6 | 0 | - | - | - | - | - | - |
Purchases of common stock | |||||||||||
1,031 | 1,283 | 327 | 0 | 0 | - | - | - | - | - | - | 1,240 |
Retirement of debentures | |||||||||||
- | - | - | - | - | - | - | - | 493 | - | 1,176 | - |
Repayment of Detroit Economic Development Corporation bonds | |||||||||||
- | - | - | - | - | - | - | - | - | - | 49 | - |
Other | |||||||||||
-41 | -45 | -58 | -16 | -12 | -10 | -7 | -5 | -2 | -2 | -1 | 21 |
Net cash provided by financing activities | |||||||||||
-4,529 | 389 | -568 | 519 | -257 | 308 | -489 | -786 | 711 | -1,475 | 1,488 | 1,122 |
Effect of exchange rate on cash | |||||||||||
2 | -1 | -3 | -0 | 0 | -0 | -0 | 1 | 1 | - | - | - |
Cash and cash equivalents | |||||||||||
Net increase (decrease) for the period | |||||||||||
802 | 26 | 53 | -223 | -47 | -86 | 260 | -322 | 1,366 | -1,557 | 1,746 | -106 |
Change in cash related to assets held for sale | |||||||||||
- | - | - | - | 3 | -3 | - | - | - | - | 14 | -14 |
Supplemental cash flow disclosures | |||||||||||
Interest paid, net of amounts capitalized | |||||||||||
826 | 723 | 658 | 661 | 776 | 776 | 840 | 1,039 | 1,001 | 1,020 | 807 | 622 |
Federal, state and foreign income taxes paid (received), net of refunds | |||||||||||
28 | -10 | 181 | 68 | 11 | 42 | 0 | 6 | -172 | -330 | -53 | 437 |
Non-cash investing and financing activities | |||||||||||
Note receivable related to sale of Circus Circus Las Vegas and adjacent land | |||||||||||
133 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Investment in MGP BREIT Venture | |||||||||||
62 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Common stock issued for acquisition of MGM China shares | |||||||||||
- | - | - | 174 | 0 | 0 | - | - | - | - | - | - |
Deferred cash payment for acquisition of MGM China shares | |||||||||||
- | - | - | 43 | 0 | 0 | - | - | - | - | - | - |
Conversion of convertible senior notes to equity | |||||||||||
- | - | - | - | 1,449 | 0 | - | - | - | - | - | - |
Increase (decrease) in investment in and advances to CityCenter related to change in completion guarantee liability | |||||||||||
- | - | - | - | -8 | 83 | 92 | 84 | 54 | 358 | -55 | 1,111 |
Increase in construction accounts payable | |||||||||||
0 | 0 | 204 | 20 | 79 | 74 | 39 | 27 | 24 | - | - | - |
Borgata [Member] | |||||||||||
Gain on Borgata transaction | |||||||||||
- | - | - | 430 | - | - | - | - | - | - | - | - |
Acquisition, net of cash acquired | |||||||||||
- | - | - | 559 | - | - | - | - | - | - | - | - |
Repayment of Borgata credit facility | |||||||||||
- | - | - | 583 | - | - | - | - | - | - | - | - |
Northfield [Member] | |||||||||||
Acquisition, net of cash acquired | |||||||||||
0 | 1,034 | 0 | 0 | - | - | - | - | - | - | - | - |
Empire City [Member] | |||||||||||
Acquisition, net of cash acquired | |||||||||||
535 | 0 | 0 | - | - | - | - | - | - | - | - | - |