chunk_id string | chunk string | source_url string | title string | chunk_idx int64 | chunk_start_char int64 | chunk_end_char int64 |
|---|---|---|---|---|---|---|
000000089::5 | As a result of the completion of the exchange offer, Johnson & Johnson will now present itsConsumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of2023 | 000000089 | 5 | 2,112 | 2,347 | |
000000090::0 | Exhibit 99.1
Johnson & Johnson Announces Updated Financials and 2023 Guidance Following Completion of the KenvueSeparation
•
Company expects increased 2023 Reported Sales Growth of 7.0% - 8.0%, Operational Sales Growth of 7.5% - 8.5%, andAdjusted Operational Sales Growth of 6.2% - 7.2%; Figures exclude the COVID-19 Vac... | 000000090 | 0 | 0 | 405 | |
000000090::1 | 0.10, reflecting increased growth of12.5% at the mid-point and Adjusted Operational EPS of $9.90 - $10.00, reflecting increased growth of 11.5% at the mid-point
•
Company reduced outstanding share count by approximately 191 million; 2023 guidance reflects only a partial-year benefitof approximately 73.5 million shares ... | 000000090 | 1 | 405 | 873 | |
000000090::2 | %of equity stake in Kenvue
•
Company maintains its quarterly dividend of $1.19 per share
New Brunswick, N.J. | 000000090 | 2 | 873 | 981 | |
000000090::3 | (August 30, 2023)
– Johnson & Johnson (NYSE: JNJ) (“the Company”) today announced updates to its financials and2023 guidance which reflect its operations as a company focused on transformational innovation in Pharmaceutical and MedTech. TheCompany has published a recorded webinar for investors to provide additional con... | 000000090 | 3 | 982 | 1,487 | |
000000090::4 | “The completion of this transaction uniquely positions Johnson & Johnson as a Pharmaceutical and MedTech company focused on deliveringtransformative healthcare solutions to patients,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer. “We are incrediblyproud of the focus and dedication of our employ... | 000000090 | 4 | 1,488 | 2,111 | |
000000090::5 | As a result of the completion of the exchange offer, Johnson & Johnson will now present itsConsumer Health business financial results as discontinued operations, including a gain of approximately $20 billion in the third quarter of2023. | 000000090 | 5 | 2,112 | 2,348 | |
000000091::0 | Johnson & Johnson and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited; in Millions Except Per Share Figures)
Percent
Percent Percent Increase
Amount to Sales Amount to Sales (Decrease)
Sales to customers $ 25,530 100.0 $ 2 4,020 100.0 6.3
Cost of products sold 8,212 3 2.2 7 ,919 3 3.0 3.7
Gross Pro... | 000000091 | 0 | 0 | 332 | |
000000091::1 | 7.8 1 6,101 6 7.0 7.6
Selling, marketing and administrative expenses 6,665 2 6.1 6 ,226 2 5.9 7.1
Research and development expense 3,829 1 5.0 3 ,703 1 5.4 3.4
Interest (income) expense, net (23) (0.1) ( 26) (0.1)
Other (income) expense, net* ( | 000000091 | 1 | 332 | 577 | |
000000091::2 | 60) (0.2) 2 73 1 .1
Restructuring 145 0 .5 85 0 .4
Earnings before provision for taxes on income 6,762 2 6.5 5 ,840 2 4.3 15.8
Provision for taxes on income 1,618 6 .4 1 ,026 4 .3 57.7
Net earnings $ 5,144 2 0.1 $ 4 ,81 | 000000091 | 2 | 577 | 796 | |
000000091::3 | 4 2 0.0 6.9 | 000000091 | 3 | 796 | 807 | |
000000092::0 | Segment results – managed basis
The following tables summarize the Firm’s results by segment for the periods indicated. | 000000092 | 0 | 0 | 119 | |
000000092::1 | Three months ended March 31, Consumer & Community Banking Corporate & Investment Bank Commercial Banking
(in millions, except ratios) 2021 2020 Change 2021 2020 Change 2021 2020 Change
Total net revenue $ 12,517 $ 13,287 (6) % $ 14,605 $ 10,003 46 % $ 2,393 $ 2,165 11 %
Total noninterest expense 7, | 000000092 | 1 | 120 | 419 | |
000000092::2 | 202 7,269 (1) 7,104 5,955 19 969 986 (2)
Pre-provision profit/(loss) 5,315 6,018 (12) 7,501 4,048 85 1,424 1,179 21
Provision for credit losses (3,602) 5,772 NM (331) 1,401 NM (118 | 000000092 | 2 | 419 | 601 | |
000000092::3 | ) 1,010 NM
Net income/(loss) 6,728 197 NM 5,740 1,985 189 1,168 139 NM
Return on equity (“ROE”) 54 % 1 % 27 % 9 % 19 % 2 %
Three months ended March 31, Asset & Wealth Management Corporate Total
(in millions, except ratios) 2021 2020 Change 2021 2020 Change 20 | 000000092 | 3 | 601 | 860 | |
000000092::4 | 21 2020 Change
Total net revenue $ 4,077 $ 3,389 20 % $ (473) $ 166 NM $ 33,119 $ 29,010 14 %
Total noninterest expense 2,574 2,435 6 876 146 500 18,725 16,791 12
Pre-provision profit/(loss) 1,503 954 | 000000092 | 4 | 860 | 1,061 | |
000000092::5 | 58 (1,349) 20 NM 14,394 12,219 18
Provision for credit losses (121) 94 NM 16 8 100 (4,156) 8,285 NM
Net income/(loss) 1,244 669 86 (580) (125) (364) 14,300 2,865 399
ROE 35 % | 000000092 | 5 | 1,061 | 1,239 | |
000000092::6 | 25 % NM NM 23 % 4 % | 000000092 | 6 | 1,239 | 1,258 | |
000000093::0 | The Firm grew TBVPS, ending the first quarter of 2021 at $66.56, up 10% versus the prior year. | 000000093 | 0 | 0 | 94 | |
000000094::0 | Overview
JPMorgan Chase & Co. (“JPMorgan Chase” or the “Firm”,
NYSE: JPM), a financial holding company incorporated under
Delaware law in 1968, is a leading financial services firm
based in the United States of America (“U.S.”), with
operations worldwide. JPMorgan Chase had $3.7 trillion in
assets and $292.3 billi... | 000000094 | 0 | 0 | 371 | |
000000094::1 | The Firm is a leader in investment
banking, financial services for consumers and small
businesses, commercial banking, financial transaction
processing and asset management. Under the J.P. Morgan
and Chase brands, the Firm serves millions of customers,
predominantly in the U.S., and many of the world’s most
promin... | 000000094 | 1 | 372 | 754 | |
000000095::0 | Segment results – managed basis
The following tables summarize the Firm’s results by segment for the periods indicated. | 000000095 | 0 | 0 | 119 | |
000000095::1 | Three months ended June 30, Consumer & Community Banking Corporate & Investment Bank Commercial Banking
(in millions, except ratios) 2022 2021 Change 2022 2021 Change 2022 2021 Change
Total net revenue $ 12,614 $ 12,760 (1) % $ 11,947 $ 13,214 (10) % $ 2,683 $ 2,483 8 %
Total noninterest expense 7, | 000000095 | 1 | 120 | 419 | |
000000095::2 | 723 7,062 9 6,745 6,523 3 1,156 981 18
Pre-provision profit/(loss) 4,891 5,698 (14) 5,202 6,691 (22) 1,527 1,502 2
Provision for credit losses 761 (1,868) NM 59 (79) NM 209 (377) NM | 000000095 | 2 | 419 | 602 | |
000000095::3 |
Net income/(loss) 3,100 5,645 (a) (45) 3,725 5,020 (a) (26) 994 1,422 (a) (30)
Return on equity (“ROE”) 24 % 44 % 14 % 23 % 15 % 23 %
Three months ended June 30, Asset & Wealth Management Corporate Total
(in millions, except ratios) 2022 2021 Change 2 | 000000095 | 3 | 602 | 855 | |
000000095::4 | 022 2021 Change 2022 2021 Change
Total net revenue $ 4,306 $ 4,107 5 % $ 80 $ (1,169) NM $ 31,630 $ 31,395 1 %
Total noninterest expense 2,919 2,586 13 206 515 (60) 18,749 17,667 6
Pre-provision profit/(loss | 000000095 | 4 | 855 | 1,063 | |
000000095::5 | ) 1,387 1,521 (9) (126) (1,684) 93 12,881 13,728 (6)
Provision for credit losses 44 (10) NM 28 49 (43) 1,101 (2,285) NM
Net income/(loss) 1,004 1,156 (a) (13) (174) (1,295) (a) 8 | 000000095 | 5 | 1,063 | 1,242 | |
000000095::6 | 7 8,649 11,948 (28)
ROE 23 % 32 % NM NM 13 % 18 % | 000000095 | 6 | 1,242 | 1,292 | |
000000096::0 | Average total VaR decreased by $7 million for the three
months ended June 30, 2023, compared with the same
period in the prior year predominantly driven by risk
reductions impacting Credit Portfolio VaR as well as fixed
income | 000000096 | 0 | 0 | 230 | |
000000097::0 | The Kraft Heinz Company
Consolidated Statements of Income
(in millions, except per share data)
December 28, 2019 December 29, 2018 December 30, 2017
Net sales
$
24,977
$
26,268 $
26,076
Cost of products sold
16,830
17,347
17,043
Gross profit
8,147
8,921
9 | 000000097 | 0 | 0 | 269 | |
000000097::1 | ,033
Selling, general and administrative expenses, excluding impairment losses
3,178
3,190
2,927
Goodwill impairment losses
1,197
7,008
—
Intangible asset impairment losses
702
8,928
49
Selling, general and administrative expenses
5,077
19,126
2,976
Operating income/(loss)
3,070
(10,205)
6,057
Inter... | 000000097 | 1 | 269 | 592 | |
000000097::2 | expense
1,361
1,284
1,234
Other expense/(income)
(952)
(168)
(627)
Income/(loss) before income taxes
2,661
(11,321)
5,450
Provision for/(benefit from) income taxes
728
(1,067)
(5,482)
Net income/(loss)
1,933
(10,254)
10, | 000000097 | 2 | 592 | 833 | |
000000097::3 | 932
Net income/(loss) attributable to noncontrolling interest
(2)
(62)
(9)
Net income/(loss) attributable to common shareholders
$
1,935
$
(10,192) $
10,941
Per share data applicable to common shareholders:
Basic earnings/(loss)
$
1.59
$
(8.36) $
8.98
Diluted earnings/(loss)
1.58
(8.36)
8 | 000000097 | 3 | 833 | 1,142 | |
000000097::4 | .91
See accompanying notes to the consolidated financial statements. | 000000097 | 4 | 1,142 | 1,210 | |
000000097::5 | 45___FINANCEBENCH_DELIMITER___The Kraft Heinz Company
Consolidated Balance Sheets
(in millions, except per share data)
December 28, 2019 December 29, 2018
ASSETS
Cash and cash equivalents
$
2,279 $
1,130
Trade receivables (net of allowances of $33 at December 28, 2019 and $24 at December 29, 2018)
1,973
2,12 | 000000097 | 5 | 1,211 | 1,531 | |
000000097::6 | 9
Income taxes receivable
173
152
Inventories
2,721
2,667
Prepaid expenses
384
400
Other current assets
445
1,221
Assets held for sale
122
1,376
Total current assets
8,097
9,075
Property, plant and equipment, net
7,055
7,078
Goodwill
35,546
36,503
Intangible assets | 000000097 | 6 | 1,531 | 1,812 | |
000000097::7 | , net
48,652
49,468
Other non-current assets
2,100
1,337
TOTAL ASSETS
$
101,450 $
103,461
LIABILITIES AND EQUITY
Commercial paper and other short-term debt
$
6 $
21
Current portion of long-term debt
1,022
377
Trade payables
4,003
4,153
Accrued marketing
647
722 | 000000097 | 7 | 1,812 | 2,090 | |
000000097::8 |
Interest payable
384
408
Other current liabilities
1,804
1,767
Liabilities held for sale
9
55
Total current liabilities
7,875
7,503
Long-term debt
28,216
30,770
Deferred income taxes
11,878
12,202
Accrued postemployment costs
273
306
Other non-current liabilities
1,459
902
TOTAL LIABILITIES
49 | 000000097 | 8 | 2,090 | 2,401 | |
000000097::9 | ,701
51,683
Commitments and Contingencies (Note 17)
Redeemable noncontrolling interest
—
3
Equity:
Common stock, $0.01 par value (5,000 shares authorized; 1,224 shares issued and 1,221 shares outstanding at December 28, 2019;
1,224 shares issued and 1,220 shares outstanding at December 29, 2018)
12
12
| 000000097 | 9 | 2,401 | 2,717 | |
000000097::10 | Additional paid-in capital
56,828
58,723
Retained earnings/(deficit)
(3,060)
(4,853)
Accumulated other comprehensive income/(losses)
(1,886)
(1,943)
Treasury stock, at cost (3 shares at December 28, 2019 and 4 shares at December 29, 2018)
(271)
(282)
Total shareholders' equity
51,6 | 000000097 | 10 | 2,717 | 3,007 | |
000000097::11 | 23
51,657
Noncontrolling interest
126
118
TOTAL EQUITY
51,749
51,775
TOTAL LIABILITIES AND EQUITY
$
101,450 $
103,461
See accompanying notes to the consolidated financial statements. | 000000097 | 11 | 3,007 | 3,196 | |
000000097::12 | 47 | 000000097 | 12 | 3,197 | 3,199 | |
000000098::0 | Table of Contents
Lockheed Martin Corporation
Consolidated Statements of Earnings
(in millions, except per share data)
Years Ended December 31,
2020
2019
2018
Net sales
Products
$
54,928
$
50,053
$
45,005
Services
10,470
9,759
8,757
Total net sales
65,398
59,812
53,762
| 000000098 | 0 | 0 | 283 | |
000000098::1 | Cost of sales
Products
(48,996)
(44,589)
(40,293)
Services
(9,371)
(8,731)
(7,738)
Severance charges
(27)
—
(96)
Other unallocated, net
1,650
1,875
1,639
Total cost of sales
(56,744)
(51,445)
(46,4 | 000000098 | 1 | 283 | 484 | |
000000098::2 | 88)
Gross profit
8,654
8,367
7,274
Other (expense) income, net
(10)
178
60
Operating profit
8,644
8,545
7,334
Interest expense
(591)
(653)
(668)
Other non-operating income (expense), net
182
(651)
(828)
Earnings from continuing operations before income taxes
8,235 | 000000098 | 2 | 484 | 757 | |
000000098::3 |
7,241
5,838
Income tax expense
(1,347)
(1,011)
(792)
Net earnings from continuing operations
6,888
6,230
5,046
Net loss from discontinued operations
(55)
—
—
Net earnings
$
6,833
$
6,230
$
5,046
Earnings (loss) per common share
Basic
Continuing operations
$
24.60
| 000000098 | 3 | 757 | 1,036 | |
000000098::4 | $
22.09
$
17.74
Discontinued operations
(0.20)
—
—
Basic earnings per common share
$
24.40
$
22.09
$
17.74
Diluted
Continuing operations
$
24.50
$
21.95
$
17.59
Discontinued operations
(0.20)
—
—
Diluted earnings per common share
$
24.30
$
21 | 000000098 | 4 | 1,036 | 1,291 | |
000000098::5 | .95
$
17.59
The accompanying notes are an integral part of these consolidated financial statements. | 000000098 | 5 | 1,291 | 1,392 | |
000000098::6 | 67___FINANCEBENCH_DELIMITER___Table of Contents
Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
December 31,
2020
2019
Assets
Current assets
Cash and cash equivalents
$
3,160
$
1,514
Receivables, net
1,978
2,337
Contract assets
9,545
9,094
Inventories
3,545
3,619
Othe... | 000000098 | 6 | 1,393 | 1,722 | |
000000098::7 | assets
1,150
531
Total current assets
19,378
17,095
Property, plant and equipment, net
7,213
6,591
Goodwill
10,806
10,604
Intangible assets, net
3,012
3,213
Deferred income taxes
3,475
3,319
Other noncurrent assets
6,826
6,706
Total assets
$
50,71 | 000000098 | 7 | 1,722 | 1,984 | |
000000098::8 | 0
$
47,528
Liabilities and equity
Current liabilities
Accounts payable
$
880
$
1,281
Contract liabilities
7,545
7,054
Salaries, benefits and payroll taxes
3,163
2,466
Current maturities of long-term debt
500
1,250
Other current liabilities
1,845
1,921
Total current liabilities
13,933
13,972
Long-term debt... | 000000098 | 8 | 1,984 | 2,309 | |
000000098::9 |
11,669
11,404
Accrued pension liabilities
12,874
13,234
Other noncurrent liabilities
6,196
5,747
Total liabilities
44,672
44,357
Stockholders’ equity
Common stock, $1 par value per share
279
280
Additional paid-in capital
221
—
Retained earnings
21,636
18,401
Accumulated other comprehensive loss
| 000000098 | 9 | 2,309 | 2,621 | |
000000098::10 | (16,121)
(15,554)
Total stockholders’ equity
6,015
3,127
Noncontrolling interests in subsidiary
23
44
Total equity
6,038
3,171
Total liabilities and equity
$
50,710
$
47,528
The accompanying notes are an integral part of these consolidated financial statements. | 000000098 | 10 | 2,621 | 2,890 | |
000000098::11 | 69 | 000000098 | 11 | 2,891 | 2,893 | |
000000099::0 | Table of Contents
Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
December 31,
2021
2020
Assets
Current assets
Cash and cash equivalents
$
3,604
$
3,160
Receivables, net
1,963
1,978
Contract assets
10,579
9,545
Inventories
2,981
3,545
Other current assets
688
1,1 | 000000099 | 0 | 0 | 316 | |
000000099::1 | 50
Total current assets
19,815
19,378
Property, plant and equipment, net
7,597
7,213
Goodwill
10,813
10,806
Intangible assets, net
2,706
3,012
Deferred income taxes
2,290
3,475
Other noncurrent assets
7,652
6,826
Total assets
$
50,873
$
50,71 | 000000099 | 1 | 316 | 572 | |
000000099::2 | 0
Liabilities and equity
Current liabilities
Accounts payable
$
780
$
880
Salaries, benefits and payroll taxes
3,108
3,163
Contract liabilities
8,107
7,545
Current maturities of long-term debt
6
500
Other current liabilities
1,996
1,845
Total current liabilities
13,997
13,933
Long-term debt, net
11,670
11... | 000000099 | 2 | 572 | 898 | |
000000099::3 | Accrued pension liabilities
8,319
12,874
Other noncurrent liabilities
5,928
6,196
Total liabilities
39,914
44,672
Stockholders’ equity
Common stock, $1 par value per share
271
279
Additional paid-in capital
94
221
Retained earnings
21,600
21,636
Accumulated other comprehensive loss
(11,006)
(16,12 | 000000099 | 3 | 898 | 1,208 | |
000000099::4 | 1)
Total stockholders’ equity
10,959
6,015
Noncontrolling interests in subsidiary
—
23
Total equity
10,959
6,038
Total liabilities and equity
$
50,873
$
50,710
The accompanying notes are an integral part of these consolidated financial statements. | 000000099 | 4 | 1,208 | 1,463 | |
000000099::5 | 68 | 000000099 | 5 | 1,464 | 1,466 | |
000000100::0 | Lockheed Martin Corporation
Consolidated Statements of Earnings
(in millions, except per share data)
Years Ended December 31,
2022
2021
2020
Net sales
Products
$
55,466 $
56,435 $
54,928
Services
10,518
10,609
10,470
Total net sales
65,984
67,044
65,398
Cost of sales
| 000000100 | 0 | 0 | 290 | |
000000100::1 | Products
(49,577)
(50,273)
(48,996)
Services
(9,280)
(9,463)
(9,371)
Severance and other charges
(100)
(36)
(27)
Other unallocated, net
1,260
1,789
1,650
Total cost of sales
(57,697)
(57,983)
(56 | 000000100 | 1 | 290 | 519 | |
000000100::2 | ,744)
Gross profit
8,287
9,061
8,654
Other income (expense), net
61
62
(10)
Operating profit
8,348
9,123
8,644
Interest expense
(623)
(569)
(591)
Non-service FAS pension (expense) income
(971)
(1,292)
219
Other non-operating (expense) income, net
( | 000000100 | 2 | 519 | 805 | |
000000100::3 | 74)
288
(37)
Earnings from continuing operations before income taxes
6,680
7,550
8,235
Income tax expense
(948)
(1,235)
(1,347)
Net earnings from continuing operations
5,732
6,315
6,888
Net loss from discontinued operations
—
—
(55)
Net earnings
$
5,732 $
6,315 $
6,83 | 000000100 | 3 | 805 | 1,109 | |
000000100::4 | 3
Earnings (loss) per common share
Basic
Continuing operations
$
21.74 $
22.85 $
24.60
Discontinued operations
—
—
(0.20)
Basic earnings per common share
$
21.74 $
22.85 $
24.40
Diluted
Continuing operations
$
21.66 $
22.76 $
24.50
Discontinued operations
—
—
(0.20)
D | 000000100 | 4 | 1,109 | 1,406 | |
000000100::5 | iluted earnings per common share
$
21.66 $
22.76 $
24.30
The accompanying notes are an integral part of these consolidated financial statements. | 000000100 | 5 | 1,406 | 1,554 | |
000000100::6 | Table of Contents
63 | 000000100 | 6 | 1,555 | 1,576 | |
000000101::0 | MGM�RESORTS�INTERNATIONAL�AND�SUBSIDIARIES
CONSOLIDATED�BALANCE�SHEETS
(In thousands, except share data)
�
December�31,
�
�
�
2018
�
�
2017
�
ASSETS
�
Current�assets
�
Cash and cash equivalents
$
1,526,762
$
1,499,995
Accounts receivable, net
657,206 | 000000101 | 0 | 0 | 271 | |
000000101::1 |
542,273
Inventories
110,831
102,292
Income tax receivable
28,431
42,551
Prepaid expenses and other
203,548
189,244
Total current assets
2,526,778
2,376,355
Property�and�equipment,�net
20,729,888
19,635,459
| 000000101 | 1 | 271 | 545 | |
000000101::2 |
Other�assets
Investments in and advances to unconsolidated affiliates
732,867
1,033,297
Goodwill
1,821,392
1,806,531
Other intangible assets, net
3,944,463
3,877,960
Other long-term assets, net
455,318
430,440
Total other assets
6,954,040
7,14 | 000000101 | 2 | 545 | 845 | |
000000101::3 | 8,228
$
30,210,706
$
29,160,042
LIABILITIES�AND�STOCKHOLDERS'�EQUITY
�
Current�liabilities
Accounts payable
$
302,578
$
255,028
Construction payable
311,793
474,807
Current portion of long-term debt
43,411
158,042
Accrued interest on long | 000000101 | 3 | 845 | 1,122 | |
000000101::4 | -term debt
140,046
135,785
Other accrued liabilities
2,151,054
2,114,635
Total current liabilities
2,948,882
3,138,297
Deferred�income�taxes,�net
1,342,538
1,295,375
Long-term�debt,�net
15,088,005
12,751,05 | 000000101 | 4 | 1,122 | 1,381 | |
000000101::5 | 2
Other�long-term�obligations
259,240
284,416
Commitments�and�contingencies�(Note�11)
Redeemable�noncontrolling�interests
102,250
79,778
Stockholders'�equity
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and
outstanding 527,479,528 and 566 | 000000101 | 5 | 1,381 | 1,688 | |
000000101::6 | ,275,789 shares
5,275
5,663
Capital in excess of par value
4,092,085
5,357,709
Retained earnings
2,423,479
2,217,299
Accumulated other comprehensive loss
(8,556)
(3,610)
Total MGM Resorts International stockholders' equity
6,512,283
7,577,061
Noncont | 000000101 | 6 | 1,688 | 1,976 | |
000000101::7 | rolling interests
3,957,508
4,034,063
Total stockholders' equity
10,469,791
11,611,124
$
30,210,706
$
29,160,042
The�accompanying�notes�are�an�integral�part�of�these�consolidated�financial�statements. | 000000101 | 7 | 1,976 | 2,201 | |
000000101::8 | 55 | 000000101 | 8 | 2,206 | 2,208 | |
000000102::0 | MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Year Ended December 31,
2020
2019
2018
Revenues
Casino
$
2,871,720
$
6,517,759
$
5,753,150
Rooms
83 | 000000102 | 0 | 0 | 267 | |
000000102::1 | 0,382
2,322,579
2,212,573
Food and beverage
696,040
2,145,247
1,959,021
Entertainment, retail and other
518,991
1,477,200
1,412,860
Reimbursed | 000000102 | 1 | 267 | 442 | |
000000102::2 | costs
244,949
436,887
425,492
5,162,082
12,899,672
11,763,096
Expenses
Casino
1,701,783
3,623,899
3, | 000000102 | 2 | 442 | 598 | |
000000102::3 | 199,775
Rooms
419,156
829,677
791,761
Food and beverage
674,118
1,661,626
1,501,868
Entertainment, retail and other
412,705
1,051,400
999 | 000000102 | 3 | 598 | 771 | |
000000102::4 | ,979
Reimbursed costs
244,949
436,887
425,492
General and administrative
2,122,333
2,101,217
1,764,638
Corporate expense
460,148
464,642
419,204 | 000000102 | 4 | 771 | 952 | |
000000102::5 |
Preopening and start-up expenses
84
7,175
151,392
Property transactions, net
93,567
275,802
9,147
Gain on REIT transactions, net
(1,491,945)
(2,677,996)
—
Depreciation and amortization | 000000102 | 5 | 952 | 1,171 | |
000000102::6 |
1,210,556
1,304,649
1,178,044
5,847,454
9,078,978
10,441,300
Income from unconsolidated affiliates
42,938
119,521
147,690
Operating income (loss)
| 000000102 | 6 | 1,171 | 1,356 | |
000000102::7 |
(642,434)
3,940,215
1,469,486
Non-operating income (expense)
Interest expense, net of amounts capitalized
(676,380)
(847,932)
(769,513)
Non-operating items from unconsolidated affiliates
| 000000102 | 7 | 1,356 | 1,584 | |
000000102::8 | (103,304)
(62,296)
(47,827)
Other, net
(89,361)
(183,262)
(18,140)
(869,045)
(1,093,490)
(835,480)
Income (loss) before income taxes
(1,511, | 000000102 | 8 | 1,584 | 1,753 | |
000000102::9 | 479)
2,846,725
634,006
Benefit (provision) for income taxes
191,572
(632,345)
(50,112)
Net income (loss)
(1,319,907)
2,214,380
583,894
Less: Net (income | 000000102 | 9 | 1,753 | 1,934 | |
000000102::10 | ) loss attributable to noncontrolling interests
287,183
(165,234)
(117,122)
Net income (loss) attributable to MGM Resorts International
$
(1,032,724)
$
2,049,146
$
466,772
Earnings (loss) per share
| 000000102 | 10 | 1,934 | 2,175 | |
000000102::11 |
Basic
$
(2.02)
$
3.90
$
0.82
Diluted
$
(2.02)
$
3.88
$
0.81
Weighted average common shares outstanding
Basic
494,152
524,173
544,253
Diluted
| 000000102 | 11 | 2,175 | 2,368 | |
000000102::12 |
494,152
527,645
549,536
The accompanying notes are an integral part of these consolidated financial statements. | 000000102 | 12 | 2,368 | 2,492 | |
000000102::13 | 63___FINANCEBENCH_DELIMITER___
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2020
2019
2018
Cash flows from operating activities
Net income (loss)
$
(1,319,907)
$
2,214,380 | 000000102 | 13 | 2,495 | 2,789 | |
000000102::14 |
$
583,894
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Depreciation and amortization
1,210,556
1,304,649
1,178,044
Amortization of debt discount | 000000102 | 14 | 2,789 | 3,025 | |
000000102::15 | s, premiums and issuance costs
34,363
38,972
41,102
Loss on early retirement of debt
126,462
198,151
3,619
Provision for credit losses
71,422
39,270
| 000000102 | 15 | 3,025 | 3,212 | |
000000102::16 | 39,762
Stock-based compensation
106,956
88,838
70,177
Property transactions, net
93,567
275,802
9,147
Gain on REIT transactions, net
(1,491,945)
(2,677,996)
| 000000102 | 16 | 3,212 | 3,403 | |
000000102::17 |
—
Noncash lease expense
183,399
71,784
—
Loss (income) from unconsolidated affiliates
60,366
(57,225)
(96,542)
Distributions from unconsolidated affiliates
86,584
299
11 | 000000102 | 17 | 3,403 | 3,612 | |
000000102::18 | ,563
Deferred income taxes
18,347
595,046
46,720
Change in operating assets and liabilities:
Accounts receivable
960,099
(726,610)
(149,554)
Inventories
14, | 000000102 | 18 | 3,612 | 3,816 | |
000000102::19 | 705
6,522
(7,860)
Income taxes receivable and payable, net
(216,250)
1,259
14,120
Prepaid expenses and other
(37)
7,567
(8,656)
Accounts payable and accrued liabilities
| 000000102 | 19 | 3,816 | 4,020 | |
000000102::20 | (1,382,980)
465,602
21,508
Other
(48,750)
(35,909)
(34,505)
Net cash provided by (used in) operating activities
(1,493,043)
1,810,401
1,722,53 | 000000102 | 20 | 4,020 | 4,191 | |
000000102::21 | 9
Cash flows from investing activities
Capital expenditures, net of construction payable
(270,579)
(739,006)
(1,486,843)
Dispositions of property and equipment
6,136
2,578
25,612
Proceeds from Mandalay Bay | 000000102 | 21 | 4,191 | 4,439 | |
000000102::22 | and MGM Grand Las Vegas transaction
2,455,839
—
—
Proceeds from Bellagio transaction
—
4,151,499
—
Proceeds from sale of Circus Circus Las Vegas and adjacent land
—
652,333
—
Proceed | 000000102 | 22 | 4,439 | 4,661 | |
000000102::23 | s from sale of business units and investment in unconsolidated affiliate
—
—
163,616
Acquisition of Northfield, net of cash acquired
—
—
(1,034,534)
Acquisition of Empire City Casino, net of cash acquired
—
(535 | 000000102 | 23 | 4,661 | 4,905 |
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