Rendering
Component: (Network and Table) |
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Network | 2305301 - Disclosure - Income Taxes (Tables) (http://www.caesars.com/role/IncomeTaxesTables) |
Table | (Implied) |
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis] | 0001575879 (http://www.sec.gov/CIK) |
Income Tax Disclosure [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Income Tax Disclosure [Abstract] | |
Provision for income taxes | The components of income before income taxes and the related provision for U.S. and other income taxes were as follows: | | | | | | | | | | | | | | Year Ended December 31, | (In millions) | 2016 | | 2015 | | 2014 | Income before income taxes | | | | | | United States | $ | 790.6 |
| | $ | 66.2 |
| | $ | 54.0 |
| Outside of the United States | — |
| | — |
| | — |
| Total income before income taxes | $ | 790.6 |
| | $ | 66.2 |
| | $ | 54.0 |
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| | | | | | | | | | | | | | Year Ended December 31, | (In millions) | 2016 | | 2015 | | 2014 | Provision for income taxes | | | | | | Current | | | | | | Federal | $ | 378.9 |
| | $ | — |
| | $ | — |
| State | 3.1 |
| | — |
| | — |
| Deferred | | | | | | Federal | (207.8 | ) | | 34.2 |
| | 38.4 |
| State | (2.7 | ) | | — |
| | 1.0 |
| Total provision for income taxes | $ | 171.5 |
| | $ | 34.2 |
| | $ | 39.4 |
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Schedule of effective income tax rate reconciliation | The differences between the United States statutory federal income tax rate and the effective tax rate expressed as a percentage of income before taxes were as follows: | | | | | | | | | | | Year Ended December 31, | | 2016 | | 2015 | | 2014 | Statutory tax rate | 35.0 | % | | 35.0 | % | | 35.0 | % | Increases/(decreases) in tax resulting from: | | | | | | State tax, net of federal tax benefit | 0.2 |
| | 0.1 |
| | 1.2 |
| Change in valuation allowance | (11.0 | ) | | 16.7 |
| | 36.5 |
| Dividends received deduction | (2.6 | ) | | — |
| | — |
| Nondeductible expenses from CGP LLC | 0.1 |
| | 0.3 |
| | 0.4 |
| Federal tax credits from CGP LLC | (0.1 | ) | | (0.4 | ) | | (0.5 | ) | Other | 0.1 |
| | — |
| | 0.3 |
| Effective tax rate | 21.7 | % | | 51.7 | % | | 72.9 | % |
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Schedule of deferred tax assets and liabilities | The major components of the Deferred tax assets and liabilities in our Balance Sheets were as follows: | | | | | | | | | | December 31, | (In millions) | 2016 | | 2015 | Deferred tax assets | | | | Federal net operating loss carryover | $ | — |
| | $ | 2.4 |
| State net operating loss carryovers | 0.6 |
| | 1.4 |
| Federal tax credit carryover | — |
| | 0.8 |
| Indirect tax benefits of state uncertain tax positions | 1.0 |
| | — |
| Compensation programs | 2.3 |
| | 2.1 |
| Investment in CGP LLC | 44.9 |
| | — |
| Investment in notes from related party | 91.1 |
| | 89.6 |
| Other | 2.3 |
| | 1.4 |
| Total deferred tax assets | 142.2 |
| | 97.7 |
| Less: valuation allowance | (0.9 | ) | | (87.7 | ) | Total deferred tax assets, less valuation allowance | 141.3 |
| | 10.0 |
| | | | | Deferred tax liabilities | | | | Investment in CGP LLC | — |
| | 79.1 |
| Prepaid expenses | 0.7 |
| | 0.8 |
| Total deferred tax liabilities | 0.7 |
| | 79.9 |
| Net deferred tax asset/(liability) | $ | 140.6 |
| | $ | (69.9 | ) |
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Summary of tax uncertainties | Reserve amounts related to potential income tax liabilities resulting from uncertain tax positions were as follows: | | | | | (In millions) | | Balance at January 1, 2016 | $ | — |
| Additions for tax positions of current year | 94.6 |
| Additions for tax positions of prior years | — |
| Reductions for tax positions of prior years | — |
| Expiration of statutes | — |
| Balance at December 31, 2016 | $ | 94.6 |
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