UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2018
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File No. 001-10362
MGM Resorts International
(Exact name of registrant as specified in its charter)
|
Delaware |
88-0215232 |
|
(State or other jurisdiction of |
(I.R.S. Employer |
3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109
(Address of principal executive offices)
(702) 693-7120
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files): Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
|
Large accelerated filer |
☒ |
Accelerated filer |
☐ |
|
Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
|
Emerging growth company |
☐ |
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act: Yes ☐ No ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
|
Class |
|
Outstanding at November 2, 2018 |
|
Common Stock, $.01 par value |
|
527,197,958 shares |
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
FORM 10-Q
I N D E X
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Page |
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PART I. |
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Item 1. |
1 |
|
|
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Consolidated Balance Sheets at September 30, 2018 and December 31, 2017 |
1 |
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2 |
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3 |
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4 |
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5 |
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7 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
28 |
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Item 3. |
|
45 |
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Item 4. |
|
45 |
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PART II. |
46 |
|
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Item 1. |
|
46 |
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Item 1A. |
|
46 |
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Item 2. |
47 |
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Item 6. |
|
47 |
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48 |
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MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2018 |
|
|
2017 |
|
||
|
ASSETS |
|
||||||
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,302,677 |
|
|
$ |
1,499,995 |
|
|
Accounts receivable, net |
|
546,646 |
|
|
|
542,273 |
|
|
Inventories |
|
104,438 |
|
|
|
102,292 |
|
|
Income tax receivable |
|
19,552 |
|
|
|
42,551 |
|
|
Prepaid expenses and other |
|
234,711 |
|
|
|
189,244 |
|
|
Total current assets |
|
2,208,024 |
|
|
|
2,376,355 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
20,733,381 |
|
|
|
19,635,459 |
|
|
|
|
|
|
|
|
|
|
|
Other assets |
|
|
|
|
|
|
|
|
Investments in and advances to unconsolidated affiliates |
|
666,210 |
|
|
|
1,033,297 |
|
|
Goodwill |
|
1,822,009 |
|
|
|
1,806,531 |
|
|
Other intangible assets, net |
|
3,991,963 |
|
|
|
3,877,960 |
|
|
Other long-term assets, net |
|
551,928 |
|
|
|
430,440 |
|
|
Total other assets |
|
7,032,110 |
|
|
|
7,148,228 |
|
|
|
$ |
29,973,515 |
|
|
$ |
29,160,042 |
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
||||||
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
$ |
301,008 |
|
|
$ |
255,028 |
|
|
Construction payable |
|
372,744 |
|
|
|
474,807 |
|
|
Current portion of long-term debt, net |
|
— |
|
|
|
158,042 |
|
|
Accrued interest on long-term debt |
|
142,774 |
|
|
|
135,785 |
|
|
Other accrued liabilities |
|
2,161,064 |
|
|
|
2,114,635 |
|
|
Total current liabilities |
|
2,977,590 |
|
|
|
3,138,297 |
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes, net |
|
1,241,036 |
|
|
|
1,295,375 |
|
|
Long-term debt, net |
|
14,663,972 |
|
|
|
12,751,052 |
|
|
Other long-term obligations |
|
251,399 |
|
|
|
284,416 |
|
|
Commitments and contingencies (Note 7) |
|
|
|
|
|
|
|
|
Redeemable noncontrolling interests |
|
93,339 |
|
|
|
79,778 |
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
Common stock, $.01 par value: authorized 1,000,000,000 shares, issued and outstanding 531,937,096 and 566,275,789 shares |
|
5,319 |
|
|
|
5,663 |
|
|
Capital in excess of par value |
|
4,251,702 |
|
|
|
5,357,709 |
|
|
Retained earnings |
|
2,510,103 |
|
|
|
2,217,299 |
|
|
Accumulated other comprehensive income (loss) |
|
6,234 |
|
|
|
(3,610 |
) |
|
Total MGM Resorts International stockholders' equity |
|
6,773,358 |
|
|
|
7,577,061 |
|
|
Noncontrolling interests |
|
3,972,821 |
|
|
|
4,034,063 |
|
|
Total stockholders' equity |
|
10,746,179 |
|
|
|
11,611,124 |
|
|
|
$ |
29,973,515 |
|
|
$ |
29,160,042 |
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements. |
|
||||||
1
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
$ |
1,465,380 |
|
|
$ |
1,283,049 |
|
|
$ |
4,191,910 |
|
|
$ |
3,727,281 |
|
|
Rooms |
|
|
566,319 |
|
|
|
572,994 |
|
|
|
1,669,670 |
|
|
|
1,673,561 |
|
|
Food and beverage |
|
|
520,773 |
|
|
|
503,623 |
|
|
|
1,470,992 |
|
|
|
1,458,057 |
|
|
Entertainment, retail and other |
|
|
370,150 |
|
|
|
368,128 |
|
|
|
1,063,142 |
|
|
|
1,039,087 |
|
|
Reimbursed costs |
|
|
106,680 |
|
|
|
102,381 |
|
|
|
314,520 |
|
|
|
301,888 |
|
|
|
|
|
3,029,302 |
|
|
|
2,830,175 |
|
|
|
8,710,234 |
|
|
|
8,199,874 |
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
|
|
819,334 |
|
|
|
674,959 |
|
|
|
2,323,514 |
|
|
|
1,969,255 |
|
|
Rooms |
|
|
206,406 |
|
|
|
192,663 |
|
|
|
598,432 |
|
|
|
568,448 |
|
|
Food and beverage |
|
|
391,091 |
|
|
|
373,956 |
|
|
|
1,121,465 |
|
|
|
1,090,129 |
|
|
Entertainment, retail and other |
|
|
263,915 |
|
|
|
254,113 |
|
|
|
734,119 |
|
|
|
721,338 |
|
|
Reimbursed costs |
|
|
106,680 |
|
|
|
102,381 |
|
|
|
314,520 |
|
|
|
301,888 |
|
|
General and administrative |
|
|
463,417 |
|
|
|
402,023 |
|
|
|
1,319,760 |
|
|
|
1,145,160 |
|
|
Corporate expense |
|
|
98,089 |
|
|
|
88,506 |
|
|
|
301,036 |
|
|
|
241,086 |
|
|
Preopening and start-up expenses |
|
|
46,890 |
|
|
|
29,349 |
|
|
|
132,884 |
|
|
|
65,508 |
|
|
Property transactions, net |
|
|
(42,400 |
) |
|
|
7,711 |
|
|
|
(19,532 |
) |
|
|
22,650 |
|
|
NV Energy exit expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(40,629 |
) |
|
Depreciation and amortization |
|
|
300,472 |
|
|
|
249,600 |
|
|
|
865,502 |
|
|
|
744,123 |
|
|
|
|
|
2,653,894 |
|
|
|
2,375,261 |
|
|
|
7,691,700 |
|
|
|
6,828,956 |
|
|
Income from unconsolidated affiliates |
|
|
35,495 |
|
|
|
37,790 |
|
|
|
115,201 |
|
|
|
118,195 |
|
|
Operating income |
|
|
410,903 |
|
|
|
492,704 |
|
|
|
1,133,735 |
|
|
|
1,489,113 |
|
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized |
|
|
(205,573 |
) |
|
|
(163,287 |
) |
|
|
(554,975 |
) |
|
|
(511,404 |
) |
|
Non-operating items from unconsolidated affiliates |
|
|
(11,583 |
) |
|
|
(8,825 |
) |
|
|
(31,661 |
) |
|
|
(26,302 |
) |
|
Other, net |
|
|
(3,291 |
) |
|
|
(30,138 |
) |
|
|
(11,588 |
) |
|
|
(31,706 |
) |
|
|
|
|
(220,447 |
) |
|
|
(202,250 |
) |
|
|
(598,224 |
) |
|
|
(569,412 |
) |
|
Income before income taxes |
|
|
190,456 |
|
|
|
290,454 |
|
|
|
535,511 |
|
|
|
919,701 |
|
|
Benefit (provision) for income taxes |
|
|
(19,046 |
) |
|
|
(114,710 |
) |
|
|
42,623 |
|
|
|
(250,510 |
) |
|
Net income |
|
|
171,410 |
|
|
|
175,744 |
|
|
|
578,134 |
|
|
|
669,191 |
|
|
Less: Net income attributable to noncontrolling interests |
|
|
(28,532 |
) |
|
|
(27,381 |
) |
|
|
(88,035 |
) |
|
|
(104,552 |
) |
|
Net income attributable to MGM Resorts International |
|
$ |
142,878 |
|
|
$ |
148,363 |
|
|
$ |
490,099 |
|
|
$ |
564,639 |
|
|
Net income per share of common stock attributable to MGM Resorts International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.26 |
|
|
$ |
0.26 |
|
|
$ |
0.87 |
|
|
$ |
0.98 |
|
|
Diluted |
|
$ |
0.26 |
|
|
$ |
0.26 |
|
|
$ |
0.86 |
|
|
$ |
0.97 |
|
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
535,130 |
|
|
|
573,527 |
|
|
|
549,418 |
|
|
|
574,262 |
|
|
Diluted |
|
|
540,396 |
|
|
|
580,676 |
|
|
|
555,521 |
|
|
|
580,941 |
|
|
Dividends declared per common share |
|
$ |
0.12 |
|
|
$ |
0.11 |
|
|
$ |
0.36 |
|
|
$ |
0.33 |
|
The accompanying notes are an integral part of these consolidated financial statements.
2
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
Net income |
|
$ |
171,410 |
|
|
$ |
175,744 |
|
|
$ |
578,134 |
|
|
$ |
669,191 |
|
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
12,210 |
|
|
|
(3,004 |
) |
|
|
(10,542 |
) |
|
|
(41,313 |
) |
|
Unrealized gain (loss) on cash flow hedges |
|
|
4,028 |
|
|
|
1,316 |
|
|
|
23,219 |
|
|
|
(2,641 |
) |
|
Other comprehensive income (loss) |
|
|
16,238 |
|
|
|
(1,688 |
) |
|
|
12,677 |
|
|
|
(43,954 |
) |
|
Comprehensive income |
|
|
187,648 |
|
|
|
174,056 |
|
|
|
590,811 |
|
|
|
625,237 |
|
|
Less: Comprehensive income attributable to noncontrolling interests |
|
|
(35,299 |
) |
|
|
(26,495 |
) |
|
|
(90,868 |
) |
|
|
(85,600 |
) |
|
Comprehensive income attributable to MGM Resorts International |
|
$ |
152,349 |
|
|
$ |
147,561 |
|
|
$ |
499,943 |
|
|
$ |
539,637 |
|
The accompanying notes are an integral part of these consolidated financial statements.
3
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
Nine Months Ended |
|
|||||
|
|
September 30, |
|
|||||
|
|
2018 |
|
|
2017 |
|
||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net income |
$ |
578,134 |
|
|
$ |
669,191 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
865,502 |
|
|
|
744,123 |
|
|
Amortization of debt discounts, premiums and issuance costs |
|
30,713 |
|
|
|
25,931 |
|
|
Loss on retirement of long-term debt |
|
2,193 |
|
|
|
31,345 |
|
|
Provision for doubtful accounts |
|
32,651 |
|
|
|
13,764 |
|
|
Stock-based compensation |
|
51,010 |
|
|
|
46,306 |
|
|
Property transactions, net |
|
(19,532 |
) |
|
|
22,650 |
|
|
Income from unconsolidated affiliates |
|
(80,219 |
) |
|
|
(91,893 |
) |
|
Distributions from unconsolidated affiliates |
|
11,563 |
|
|
|
10,450 |
|
|
Deferred income taxes |
|
(58,762 |
) |
|
|
94,630 |
|
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
(31,791 |
) |
|
|
13,951 |
|
|
Inventories |
|
(1,457 |
) |
|
|
(3,598 |
) |
|
Income taxes receivable and payable, net |
|
22,997 |
|
|
|
(4,639 |
) |
|
Prepaid expenses and other |
|
(46,690 |
) |
|
|
(50,253 |
) |
|
Prepaid Cotai land concession premium |
|
5,158 |
|
|
|
(9,492 |
) |
|
Accounts payable and accrued liabilities |
|
50,550 |
|
|
|
5,887 |
|
|
Other |
|
(16,554 |
) |
|
|
(6,444 |
) |
|
Net cash provided by operating activities |
|
1,395,466 |
|
|
|
1,511,909 |
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Capital expenditures, net of construction payable |
|
(1,223,924 |
) |
|
|
(1,399,278 |
) |
|
Dispositions of property and equipment |
|
575 |
|
|
|
371 |
|
|
Proceeds from sale of investment in unconsolidated affiliate |
|
163,616 |
|
|
|
— |
|
|
Acquisition of Northfield Park, net of cash acquired |
|
(1,034,534 |
) |
|
|
— |
|
|
Investments in unconsolidated affiliates |
|
(2,503 |
) |
|
|
(5,921 |
) |
|
Distributions from unconsolidated affiliates in excess of cumulative earnings |
|
320,287 |
|
|
|
300,000 |
|
|
Other |
|
(22,209 |
) |
|
|
(21,786 |
) |
|
Net cash used in investing activities |
|
(1,798,692 |
) |
|
|
(1,126,614 |
) |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Net borrowings under bank credit facilities – maturities of 90 days or less |
|
778,101 |
|
|
|
618,734 |
|
|
Issuance of long-term debt |
|
1,000,000 |
|
|
|
350,000 |
|
|
Debt issuance costs |
|
(64,808 |
) |
|
|
(9,760 |
) |
|
Issuance of MGM Growth Properties Class A shares in public offering |
|
— |
|
|
|
404,685 |
|
|
MGM Growth Properties Class A share issurance costs |
|
— |
|
|
|
(17,137 |
) |
|
Dividends paid to common shareholders |
|
(197,295 |
) |
|
|
(189,726 |
) |
|
Distributions to noncontrolling interest owners |
|
(149,526 |
) |
|
|
(139,670 |
) |
|
Purchases of common stock |
|
(1,133,334 |
) |
|
|
(327,500 |
) |
|
Retirement of debentures |
|
(2,265 |
) |
|
|
(502,669 |
) |
|
Other |
|
(23,476 |
) |
|
|
(28,937 |
) |
|
Net cash provided by financing activities |
|
207,397 |
|
|
|
158,020 |
|
|
Effect of exchange rate on cash |
|
(1,489 |
) |
|
|
(3,208 |
) |
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
Net increase (decrease) for the period |
|
(197,318 |
) |
|
|
540,107 |
|
|
Balance, beginning of period |
|
1,499,995 |
|
|
|
1,446,581 |
|
|
Balance, end of period |
$ |
1,302,677 |
|
|
$ |
1,986,688 |
|
|
Supplemental cash flow disclosures |
|
|
|
|
|
|
|
|
Interest paid, net of amounts capitalized |
$ |
516,868 |
|
|
$ |
522,851 |
|
|
Federal, state and foreign income taxes paid (received), net of refunds |
|
(8,220 |
) |
|
|
158,537 |
|
The accompanying notes are an integral part of these consolidated financial statements.
4
|
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
(In thousands) |
|
|||||||||||||||||||||||||||||||
|
(Unaudited) |
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained |
|
|
Accumulated |
|
|
MGM Resorts |
|
|
|
|
|
|
|
|
|
|||
|
|
|
Common Stock |
|
|
Capital in |
|
|
Earnings |
|
|
Other |
|
|
International |
|
|
Non- |
|
|
Total |
|
|||||||||||
|
|
|
|
|
|
|
Par |
|
|
Excess of |
|
|
(Accumulated |
|
|
Comprehensive |
|
|
Stockholders' |
|
|
Controlling |
|
|
Stockholders' |
|
|||||||
|
|
|
Shares |
|
|
Value |
|
|
Par Value |
|
|
Deficit) |
|
|
Income (Loss) |
|
|
Equity |
|
|
Interests |
|
|
Equity |
|
||||||||
|
Balances, January 1, 2018 |
|
|
566,276 |
|
|
$ |
5,663 |
|
|
$ |
5,357,709 |
|
|
$ |
2,217,299 |
|
|
$ |
(3,610 |
) |
|
$ |
7,577,061 |
|
|
$ |
4,034,063 |
|
|
$ |
11,611,124 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
223,444 |
|
|
|
— |
|
|
|
223,444 |
|
|
|
40,740 |
|
|
|
264,184 |
|
|
Currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,368 |
) |
|
|
(13,368 |
) |
|
|
(10,784 |
) |
|
|
(24,152 |
) |
|
Other comprehensive income - cash flow hedges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,498 |
|
|
|
9,498 |
|
|
|
4,358 |
|
|
|
13,856 |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
14,742 |
|
|
|
— |
|
|
|
— |
|
|
|
14,742 |
|
|
|
1,375 |
|
|
|
16,117 |
|
|
Issuance of common stock pursuant to stock-based compensation awards |
|
|
493 |
|
|
|
5 |
|
|
|
(8,300 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,295 |
) |
|
|
— |
|
|
|
(8,295 |
) |
|
Cash distributions to noncontrolling interest owners |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,791 |
) |
|
|
(9,791 |
) |
|
Dividends paid to common shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(67,999 |
) |
|
|
— |
|
|
|
(67,999 |
) |
|
|
— |
|
|
|
(67,999 |
) |
|
MGP dividend payable to Class A shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29,777 |
) |
|
|
(29,777 |
) |
|
Issuance of performance share units |
|
|
— |
|
|
|
— |
|
|
|
3,609 |
|
|
|
— |
|
|
|
— |
|
|
|
3,609 |
|
|
|
107 |
|
|
|
3,716 |
|
|
Repurchase of common stock |
|
|
(10,000 |
) |
|
|
(100 |
) |
|
|
(362,300 |
) |
|
|
— |
|
|
|
— |
|
|
|
(362,400 |
) |
|
|
— |
|
|
|
(362,400 |
) |
|
Adjustment of redeemable non-controlling interest to redemption value |
|
|
— |
|
|
|
— |
|
|
|
(4,598 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,598 |
) |
|
|
— |
|
|
|
(4,598 |
) |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
(904 |
) |
|
|
— |
|
|
|
— |
|
|
|
(904 |
) |
|
|
(710 |
) |
|
|
(1,614 |
) |
|
Balances, March 31, 2018 |
|
|
556,769 |
|
|
|
5,568 |
|
|
|
4,999,958 |
|
|
|
2,372,744 |
|
|
|
(7,480 |
) |
|
|
7,370,790 |
|
|
|
4,029,581 |
|
|
|
11,400,371 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
123,777 |
|
|
|
— |
|
|
|
123,777 |
|
|
|
14,344 |
|
|
|
138,121 |
|
|
Currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
583 |
|
|
|
583 |
|
|
|
817 |
|
|
|
1,400 |
|
|
Other comprehensive income - cash flow hedges |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,660 |
|
|
|
3,660 |
|
|
|
1,675 |
|
|
|
5,335 |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
16,430 |
|
|
|
— |
|
|
|
— |
|
|
|
16,430 |
|
|
|
1,377 |
|
|
|
17,807 |
|
|
Issuance of common stock pursuant to stock-based compensation awards |
|
|
102 |
|
|
|
1 |
|
|
|
(1,096 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,095 |
) |
|
|
— |
|
|
|
(1,095 |
) |
|
Cash distributions to noncontrolling interest owners |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24,287 |
) |
|
|
(24,287 |
) |
|
Dividends paid to common shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(65,335 |
) |
|
|
— |
|
|
|
(65,335 |
) |
|
|
— |
|
|
|
(65,335 |
) |
|
MGP dividend payable to Class A shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|||||||