Quarterly Report (10-q)
November 03 2020 - 08:33AM
Edgar (US Regulatory)
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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, 2020
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
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109
(Address of principal executive offices)
(702) 693-7120
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
|
Common stock (Par Value $0.01)
|
MGM
|
New York Stock Exchange (NYSE)
|
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.
☐
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
October 30, 2020
|
|
Common Stock, $0.01 par value
|
|
493,939,099 shares
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
FORM 10-Q
I N D E X
|
|
|
|
|
|
|
Page
|
|
PART I.
|
FINANCIAL INFORMATION
|
1
|
|
|
|
|
|
Item 1.
|
Financial Statements
(Unaudited)
|
1
|
|
|
Consolidated Balance Sheets at
September 30, 2020 and December 31, 2019
|
1
|
|
|
Consolidated Statements of Operations for the Three and Nine Months
Ended September 30, 2020 and September 30, 2019
|
2
|
|
|
Consolidated Statements of Comprehensive Income for the Three and
Nine Months Ended September 30, 2020 and September 30,
2019
|
3
|
|
|
Consolidated Statements of Cash Flows for the Nine Months Ended
September 30, 2020 and September 30, 2019
|
4
|
|
|
Consolidated Statements of
Stockholders’ Equity for the Three and Nine Months Ended September
30, 2020 and September 30, 2019
|
5
|
|
|
Condensed Notes to Consolidated Financial Statements
|
7
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and
Results of Operations
|
25
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market
Risk
|
44
|
|
Item 4.
|
Controls and Procedures
|
44
|
|
PART II.
|
OTHER INFORMATION
|
45
|
|
Item 1.
|
Legal Proceedings
|
45
|
|
Item 1A.
|
Risk Factors
|
45
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of
Proceeds
|
47
|
|
Item 6.
|
Exhibits
|
48
|
|
SIGNATURES
|
49
|
Part I. FINANCIAL
INFORMATION
|
Item 1.
|
Financial
Statements
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2020
|
|
|
2019
|
|
|
ASSETS
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
4,593,872
|
|
|
$
|
2,329,604
|
|
|
Accounts receivable, net
|
|
328,413
|
|
|
|
612,717
|
|
|
Inventories
|
|
97,316
|
|
|
|
102,888
|
|
|
Income tax receivable
|
|
170,377
|
|
|
|
27,167
|
|
|
October 1 litigation insurance receivable
|
|
751,000
|
|
|
|
735,000
|
|
|
Prepaid expenses and other
|
|
245,303
|
|
|
|
200,317
|
|
|
Total current assets
|
|
6,186,281
|
|
|
|
4,007,693
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
14,792,378
|
|
|
|
18,285,955
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
Investments in and advances to unconsolidated affiliates
|
|
1,473,955
|
|
|
|
822,366
|
|
|
Goodwill
|
|
2,091,769
|
|
|
|
2,084,564
|
|
|
Other intangible assets, net
|
|
3,697,549
|
|
|
|
3,826,504
|
|
|
Operating lease right-of-use assets, net
|
|
8,330,530
|
|
|
|
4,392,481
|
|
|
Other long-term assets, net
|
|
432,313
|
|
|
|
456,793
|
|
|
Total other assets
|
|
16,026,116
|
|
|
|
11,582,708
|
|
|
|
$
|
37,004,775
|
|
|
$
|
33,876,356
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Accounts payable
|
$
|
150,445
|
|
|
$
|
235,437
|
|
|
Construction payable
|
|
28,827
|
|
|
|
74,734
|
|
|
Accrued interest on long-term debt
|
|
150,729
|
|
|
|
122,250
|
|
|
October 1 litigation liability
|
|
800,000
|
|
|
|
735,000
|
|
|
Other accrued liabilities
|
|
1,636,783
|
|
|
|
2,024,002
|
|
|
Total current liabilities
|
|
2,766,784
|
|
|
|
3,191,423
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes, net
|
|
2,164,231
|
|
|
|
2,106,506
|
|
|
Long-term debt, net
|
|
11,414,730
|
|
|
|
11,168,904
|
|
|
Operating lease liabilities
|
|
8,380,341
|
|
|
|
4,277,970
|
|
|
Other long-term obligations
|
|
518,057
|
|
|
|
363,588
|
|
|
Commitments and contingencies (Note 7)
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interests
|
|
57,970
|
|
|
|
105,046
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
Common stock, $.01 par value: authorized 1,000,000,000
shares, issued and outstanding 493,306,751 and 503,147,632
shares
|
|
4,933
|
|
|
|
5,031
|
|
|
Capital in excess of par value
|
|
3,355,693
|
|
|
|
3,531,099
|
|
|
Retained earnings
|
|
3,539,848
|
|
|
|
4,201,337
|
|
|
Accumulated other comprehensive loss
|
|
(39,370
|
)
|
|
|
(10,202
|
)
|
|
Total MGM Resorts International stockholders' equity
|
|
6,861,104
|
|
|
|
7,727,265
|
|
|
Noncontrolling interests
|
|
4,841,558
|
|
|
|
4,935,654
|
|
|
Total stockholders' equity
|
|
11,702,662
|
|
|
|
12,662,919
|
|
|
|
$
|
37,004,775
|
|
|
$
|
33,876,356
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
|
690,218
|
|
|
$
|
1,663,049
|
|
|
$
|
1,907,893
|
|
|
$
|
4,887,707
|
|
|
Rooms
|
|
|
175,450
|
|
|
|
595,636
|
|
|
|
641,024
|
|
|
|
1,756,354
|
|
|
Food and beverage
|
|
|
126,317
|
|
|
|
560,200
|
|
|
|
552,797
|
|
|
|
1,624,973
|
|
|
Entertainment, retail and other
|
|
|
101,618
|
|
|
|
387,596
|
|
|
|
420,132
|
|
|
|
1,114,708
|
|
|
Reimbursed costs
|
|
|
32,317
|
|
|
|
107,901
|
|
|
|
146,700
|
|
|
|
330,794
|
|
|
|
|
|
1,125,920
|
|
|
|
3,314,382
|
|
|
|
3,668,546
|
|
|
|
9,714,536
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
|
368,310
|
|
|
|
915,207
|
|
|
|
1,197,373
|
|
|
|
2,706,356
|
|
|
Rooms
|
|
|
107,361
|
|
|
|
211,292
|
|
|
|
321,221
|
|
|
|
623,929
|
|
|
Food and beverage
|
|
|
133,937
|
|
|
|
427,400
|
|
|
|
533,879
|
|
|
|
1,254,303
|
|
|
Entertainment, retail and other
|
|
|
87,592
|
|
|
|
274,850
|
|
|
|
342,878
|
|
|
|
788,463
|
|
|
Reimbursed costs
|
|
|
32,317
|
|
|
|
107,901
|
|
|
|
146,700
|
|
|
|
330,794
|
|
|
General and administrative
|
|
|
543,293
|
|
|
|
494,228
|
|
|
|
1,591,163
|
|
|
|
1,543,764
|
|
|
Corporate expense
|
|
|
70,437
|
|
|
|
108,545
|
|
|
|
356,823
|
|
|
|
346,042
|
|
|
Preopening and start-up expenses
|
|
|
11
|
|
|
|
925
|
|
|
|
51
|
|
|
|
5,091
|
|
|
Property transactions, net
|
|
|
4,116
|
|
|
|
249,858
|
|
|
|
85,440
|
|
|
|
264,424
|
|
|
Gain on REIT transactions, net
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,491,945
|
)
|
|
|
—
|
|
|
Depreciation and amortization
|
|
|
294,363
|
|
|
|
322,009
|
|
|
|
911,859
|
|
|
|
973,211
|
|
|
|
|
|
1,641,737
|
|
|
|
3,112,215
|
|
|
|
3,995,442
|
|
|
|
8,836,377
|
|
|
Income from unconsolidated affiliates
|
|
|
20,635
|
|
|
|
36,214
|
|
|
|
48,030
|
|
|
|
101,967
|
|
|
Operating income (loss)
|
|
|
(495,182
|
)
|
|
|
238,381
|
|
|
|
(278,866
|
)
|
|
|
980,126
|
|
|
Non-operating income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net of amounts capitalized
|
|
|
(173,808
|
)
|
|
|
(215,503
|
)
|
|
|
(487,701
|
)
|
|
|
(647,452
|
)
|
|
Non-operating items from unconsolidated affiliates
|
|
|
(23,604
|
)
|
|
|
(14,669
|
)
|
|
|
(79,986
|
)
|
|
|
(54,311
|
)
|
|
Other, net
|
|
|
13,889
|
|
|
|
(9,381
|
)
|
|
|
(102,054
|
)
|
|
|
(53,964
|
)
|
|
|
|
|
(183,523
|
)
|
|
|
(239,553
|
)
|
|
|
(669,741
|
)
|
|
|
(755,727
|
)
|
|
Income (loss) before income taxes
|
|
|
(678,705
|
)
|
|
|
(1,172
|
)
|
|
|
(948,607
|
)
|
|
|
224,399
|
|
|
Benefit (provision) for income taxes
|
|
|
76,734
|
|
|
|
7,276
|
|
|
|
84,668
|
|
|
|
(75,969
|
)
|
|
Net income (loss)
|
|
|
(601,971
|
)
|
|
|
6,104
|
|
|
|
(863,939
|
)
|
|
|
148,430
|
|
|
Less: Net (income) loss attributable to noncontrolling
interests
|
|
|
67,240
|
|
|
|
(43,237
|
)
|
|
|
278,820
|
|
|
|
(110,861
|
)
|
|
Net income (loss) attributable to MGM Resorts International
|
|
$
|
(534,731
|
)
|
|
$
|
(37,133
|
)
|
|
$
|
(585,119
|
)
|
|
$
|
37,569
|
|
|
Net income (loss) per share of common stock attributable to MGM
Resorts International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(1.08
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(1.10
|
)
|
|
$
|
0.06
|
|
|
Diluted
|
|
$
|
(1.08
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(1.10
|
)
|
|
$
|
0.06
|
|
|
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
493,517
|
|
|
|
518,983
|
|
|
|
494,126
|
|
|
|
528,429
|
|
|
Diluted
|
|
|
493,517
|
|
|
|
518,983
|
|
|
|
494,126
|
|
|
|
531,873
|
|
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,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Net income (loss)
|
|
$
|
(601,971
|
)
|
|
$
|
6,104
|
|
|
$
|
(863,939
|
)
|
|
$
|
148,430
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment
|
|
|
538
|
|
|
|
(18,602
|
)
|
|
|
29,163
|
|
|
|
(4,627
|
)
|
|
Unrealized loss on cash flow hedges
|
|
|
(448
|
)
|
|
|
(16,504
|
)
|
|
|
(90,648
|
)
|
|
|
(56,125
|
)
|
|
Other comprehensive income (loss)
|
|
|
90
|
|
|
|
(35,106
|
)
|
|
|
(61,485
|
)
|
|
|
(60,752
|
)
|
|
Comprehensive income (loss)
|
|
|
(601,881
|
)
|
|
|
(29,002
|
)
|
|
|
(925,424
|
)
|
|
|
87,678
|
|
|
Less: Comprehensive (income) loss attributable to noncontrolling
interests
|
|
|
66,810
|
|
|
|
(28,911
|
)
|
|
|
306,236
|
|
|
|
(88,298
|
)
|
|
Comprehensive loss attributable to MGM Resorts International
|
|
$
|
(535,071
|
)
|
|
$
|
(57,913
|
)
|
|
$
|
(619,188
|
)
|
|
$
|
(620
|
)
|
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,
|
|
|
|
2020
|
|
|
2019
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$
|
(863,939
|
)
|
|
$
|
148,430
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
911,859
|
|
|
|
973,211
|
|
|
Amortization of debt discounts, premiums and issuance costs
|
|
24,918
|
|
|
|
29,539
|
|
|
Loss on early retirement of debt
|
|
126,462
|
|
|
|
55,932
|
|
|
Provision for doubtful accounts
|
|
76,228
|
|
|
|
30,456
|
|
|
Stock-based compensation
|
|
77,681
|
|
|
|
64,518
|
|
|
Property transactions, net
|
|
85,440
|
|
|
|
264,424
|
|
|
Gain on REIT transactions, net
|
|
(1,491,945
|
)
|
|
|
—
|
|
|
Noncash lease expense
|
|
139,914
|
|
|
|
47,753
|
|
|
Loss (income) from unconsolidated affiliates
|
|
31,956
|
|
|
|
(47,656
|
)
|
|
Distributions from unconsolidated affiliates
|
|
62,399
|
|
|
|
—
|
|
|
Deferred income taxes
|
|
49,633
|
|
|
|
52,785
|
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
192,393
|
|
|
|
(655,786
|
)
|
|
Inventories
|
|
5,692
|
|
|
|
7,734
|
|
|
Income taxes receivable and payable, net
|
|
(143,213
|
)
|
|
|
4,555
|
|
|
Prepaid expenses and other
|
|
(44,895
|
)
|
|
|
(23,105
|
)
|
|
Accounts payable and accrued liabilities
|
|
(450,378
|
)
|
|
|
436,494
|
|
|
Other
|
|
(39,810
|
)
|
|
|
(33,176
|
)
|
|
Net cash provided by (used in) operating activities
|
|
(1,249,605
|
)
|
|
|
1,356,108
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
Capital expenditures, net of construction payable
|
|
(177,571
|
)
|
|
|
(482,786
|
)
|
|
Dispositions of property and equipment
|
|
433
|
|
|
|
1,936
|
|
|
Proceeds from Mandalay Bay and MGM Grand Las Vegas transaction
|
|
2,455,839
|
|
|
|
—
|
|
|
Acquisition of Empire City Casino, net of cash acquired
|
|
—
|
|
|
|
(535,681
|
)
|
|
Investments in unconsolidated affiliates
|
|
(71,110
|
)
|
|
|
(81,271
|
)
|
|
Distributions from unconsolidated affiliates
|
|
63,578
|
|
|
|
99,661
|
|
|
Other
|
|
385
|
|
|
|
(31,112
|
)
|
|
Net cash provided by (used in) investing activities
|
|
2,271,554
|
|
|
|
(1,029,253
|
)
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
Net repayments under bank credit facilities – maturities of 90 days
or less
|
|
(1,071,180
|
)
|
|
|
(1,711,007
|
)
|
|
Issuance of long-term debt
|
|
2,050,000
|
|
|
|
3,250,000
|
|
|
Retirement of senior notes
|
|
(846,815
|
)
|
|
|
(1,759,978
|
)
|
|
Debt issuance costs
|
|
(42,030
|
)
|
|
|
(63,391
|
)
|
|
Proceeds from issuance of bridge loan facility
|
|
1,304,625
|
|
|
|
—
|
|
|
Issuance of MGM Growth Properties Class A shares, net
|
|
524,704
|
|
|
|
699,362
|
|
|
Dividends paid to common shareholders
|
|
(76,370
|
)
|
|
|
(205,163
|
)
|
|
Distributions to noncontrolling interest owners
|
|
(219,775
|
)
|
|
|
(172,239
|
)
|
|
Purchases of common stock
|
|
(353,720
|
)
|
|
|
(638,815
|
)
|
|
Other
|
|
(29,601
|
)
|
|
|
(18,655
|
)
|
|
Net cash provided by (used in) financing activities
|
|
1,239,838
|
|
|
|
(619,886
|
)
|
|
Effect of exchange rate on cash
|
|
2,481
|
|
|
|
(162
|
)
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
Net increase (decrease) for the period
|
|
2,264,268
|
|
|
|
(293,193
|
)
|
|
Balance, beginning of period
|
|
2,329,604
|
|
|
|
1,526,762
|
|
|
Balance, end of period
|
$
|
4,593,872
|
|
|
$
|
1,233,569
|
|
|
Supplemental cash flow disclosures
|
|
|
|
|
|
|
|
|
Interest paid, net of amounts capitalized
|
$
|
428,520
|
|
|
$
|
597,785
|
|
|
Federal, state and foreign income taxes paid, net of refunds
|
|
8,595
|
|
|
|
18,222
|
|
|
Non-cash investing and financing activities
|
|
|
|
|
|
|
|
|
Investment in MGP BREIT Venture
|
$
|
802,000
|
|
|
$
|
—
|
|
|
MGP BREIT Venture assumption of bridge loan facility
|
|
1,304,625
|
|
|
|
—
|
|
The accompanying notes are an integral part of these consolidated
financial statements.
4
|
MGM RESORTS INTERNATIONAL AND SUBSIDIARIES
|
|
|
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
|
|
|
(In thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
MGM Resorts
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Capital in
|
|
|
|
|
|
|
Other
|
|
|
International
|
|
|
Non-
|
|
|
Total
|
|
|
|
|
|
|
|
|
Par
|
|
|
Excess of
|
|
|
Retained
|
|
|
Comprehensive
|
|
|
Stockholders'
|
|
|
Controlling
|
|
|
Stockholders'
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Par Value
|
|
|
Earnings
|
|
|
Loss
|
|
|
Equity
|
|
|
Interests
|
|
|
Equity
|
|
|
Balances, June 30, 2020
|
|
|
493,281
|
|
|
$
|
4,933
|
|
|
$
|
3,333,074
|
|
|
$
|
4,075,812
|
|
|
$
|
(39,030
|
)
|
|
$
|
7,374,789
|
|
|
$
|
4,973,993
|
|
|
$
|
12,348,782
|
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(534,731
|
)
|
|
|
—
|
|
|
|
(534,731
|
)
|
|
|
(69,423
|
)
|
|
|
(604,154
|
)
|
|
Currency translation adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
424
|
|
|
|
424
|
|
|
|
114
|
|
|
|
538
|
|
|
Cash flow hedges
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(764
|
)
|
|
|
(764
|
)
|
|
|
316
|
|
|
|
(448
|
)
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
19,739
|
|
|
|
—
|
|
|
|
—
|
|
|
|
19,739
|
|
|
|
2,209
|
|
|
|
21,948
|
|
|
Issuance of common stock pursuant to
stock-based compensation awards
|
|
|
26
|
|
|
|
—
|
|
|
|
(129
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(129
|
)
|
|
|
—
|
|
|
|
(129
|
)
|
|
Cash distributions to noncontrolling
interest owners
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,044
|
)
|
|
|
(1,044
|
)
|
|
Dividends declared and paid to common
shareholders ($0.0025 per share)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,233
|
)
|
|
|
—
|
|
|
|
(1,233
|
)
|
|
|
—
|
|
|
|
(1,233
|
)
|
|
MGP dividend payable to Class A
shareholders
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(64,085
|
)
|
|
|
(64,085
|
)
|
|
Adjustment of redeemable noncontrolling
interest to redemption value
|
|
|
—
|
|
|
|
—
|
|
|
|
3,009
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,009
|
|
|
|
—
|
|
|
|
3,009
|
|
|
Other
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(522
|
)
|
|
|
(522
|
)
|
|
Balances, September 30, 2020
|
|
|
493,307
|
|
|
$
|
4,933
|
|
|
$
|
3,355,693
|
|
|
$
|
3,539,848
|
|
|
$
|
(39,370
|
)
|
|
$
|
6,861,104
|
|
|
$
|
4,841,558
|
|
|
$
|
11,702,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances, January 1, 2020
|
|
|
503,148
|
|
|
$
|
5,031
|
|
|