The following reflects selected historical financial data that should be read in conjunction with "Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. The historical results are not necessarily indicative of the results of operations to be expected in the future.
We adopted Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, effective January 1, 2018, by applying the full retrospective method. See "Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 3 — Revenue" for further information regarding these changes. Revenues and operating expenses for the years ended December 31, 2015 and 2014 were not revised and are presented in accordance with ASC 605, Revenue Recognition, and related interpretations.
Year Ended December 31,
2018(1)
2017(2)
2016(3)
2015
2014(4)
(In millions, except per share data)
STATEMENT OF OPERATIONS DATA
Net revenues
$
13,729
$
12,728
$
11,271
$
11,688
$
14,584
Operating expenses
9,978
9,264
8,769
8,847
10,485
Operating income
3,751
3,464
2,502
2,841
4,099
Interest income
59
16
10
15
26
Interest expense, net of amounts capitalized
(446
)
(327
)
(274
)
(265
)
(274
)
Other income (expense)
26
(94
)
31
31
2
Loss on modification or early retirement of debt
(64
)
(5
)
(5
)
—
(20
)
Income before income taxes
3,326
3,054
2,264
2,622
3,833
Income tax (expense) benefit
(375
)
209
(239
)
(236
)
(245
)
Net income
2,951
3,263
2,025
2,386
3,588
Net income attributable to noncontrolling interests
(538
)
(455
)
(346
)
(420
)
(747
)
Net income attributable to Las Vegas Sands Corp.
$
2,413
$
2,808
$
1,679
$
1,966
$
2,841
Per share data:
Basic earnings per share
$
3.07
$
3.55
$
2.11
$
2.47
$
3.52
Diluted earnings per share
$
3.07
$
3.55
$
2.11
$
2.47
$
3.52
Cash dividends declared per common share(5)
$
3.00
$
2.92
$
2.88
$
2.60
$
2.00
OTHER DATA
Capital expenditures
$
949
$
837
$
1,398
$
1,529
$
1,179
December 31,
2018(6)
2017
2016
2015
2014
(In millions)
BALANCE SHEET DATA
Total assets
$
22,547
$
20,687
$
20,469
$
20,863
$
22,207
Long-term debt
$
11,874
$
9,344
$
9,428
$
9,249
$
9,746
Total Las Vegas Sands Corp. stockholders' equity
$
5,684
$
6,486
$
6,177
$
6,817
$
7,214
(1)
During the year ended December 31, 2018, we recorded $64 million of loss on modification or early retirement of debt primarily due to the retirement of the 2016 VML Credit Facility in connection with the issuance of the SCL Senior Notes.
(2)
During the year ended December 31, 2017, we recorded a nonrecurring non-cash income tax benefit of $526 million due to U.S. tax reform enacted at the end of 2017. We also revised the estimated useful lives of certain assets to better reflect the estimated periods during which these assets are expected to remain in service, resulting in a decrease in depreciation and amortization expense and an increase in operating income of $112 million, and an increase in net income attributable to Las Vegas Sands Corp. of $72 million, or earnings per share of $0.09 on a basic and diluted basis.
(3)
During the year ended December 31, 2016, we recorded pre-opening expenses of $130 million driven by the opening of The Parisian Macao in September 2016, a nonrecurring corporate expense of $79 million and a loss on disposal or impairment of assets of $79 million primarily related to the write-off of costs related to the Las Vegas Condo Tower, as well as other dispositions at the Company's various operating properties.
(4)
During the year ended December 31, 2014, we received a $90 million property tax refund related to a property tax settlement at Marina Bay Sands for the years 2010 through 2014.
(5)
During the years ended December 31, 2018, 2017, 2016, 2015 and 2014, we paid quarterly dividends of $0.75, $0.73, $0.72, $0.65 and $0.50, respectively, per common share as part of a regular cash dividend program.
(6)
During the year ended December 31, 2018, SCL issued three series of unsecured notes in an aggregate principal amount of $5.50 billion, a portion of which was used to repay in full the outstanding borrowings under the 2016 VML Credit Facility, and amended our U.S. Credit Facility to increase the amount of the term loans by $1.35 billion. See "Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 9 — Long-Term Debt."
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