Item 6. — SELECTED FINANCIAL DATA

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Item 6. — SELECTED FINANCIAL DATA

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. Revenues and operating expenses for the year ended December 31, 2015 were not revised and are presented in accordance with ASC 605, Revenue Recognition, and related interpretations.

We adopted ASC 842, Leases, effective January 1, 2019, on a prospective basis. See "Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 14 — Leases" for further information regarding these changes. Total assets for the years ended December 31, 2018, 2017, 2016 and 2015 were not revised and are presented in accordance with ASC 840, Leases, and related interpretations.



	Year Ended December 31,
	2019(1)			2018(2)			2017(3)			2016(4)			2015
	(In millions, except per share data)
STATEMENT OF OPERATIONS DATA
Net revenues	$	13,739		$	13,729		$	12,728		$	11,271		$	11,688
Operating expenses	10,041			9,978			9,264			8,769			8,847
Operating income	3,698			3,751			3,464			2,502			2,841
Interest income	74			59			16			10			15
Interest expense, net of amounts capitalized	(555		)	(446		)	(327		)	(274		)	(265		)
Other income (expense)	23			26			(94		)	31			31
Gain on sale of Sands Bethlehem	556			—			—			—			—
Loss on modification or early retirement of debt	(24		)	(64		)	(5		)	(5		)	—
Income before income taxes	3,772			3,326			3,054			2,264			2,622
Income tax (expense) benefit	(468		)	(375		)	209			(239		)	(236		)
Net income	3,304			2,951			3,263			2,025			2,386
Net income attributable to noncontrolling interests	(606		)	(538		)	(455		)	(346		)	(420		)
Net income attributable to Las Vegas Sands Corp.	$	2,698		$	2,413		$	2,808		$	1,679		$	1,966
Per share data:
Basic and diluted earnings per share	$	3.50		$	3.07		$	3.55		$	2.11		$	2.47
Cash dividends declared per common share(5)	$	3.08		$	3.00		$	2.92		$	2.88		$	2.60
OTHER DATA
Capital expenditures	$	1,216		$	949		$	837		$	1,398		$	1,529



	December 31,
	2019(6)		2018(7)		2017		2016		2015
	(In millions)
BALANCE SHEET DATA
Total assets	$	23,199	$	22,547	$	20,687	$	20,469	$	20,863
Long-term debt	$	12,422	$	11,874	$	9,344	$	9,428	$	9,249
Total Las Vegas Sands Corp. stockholders' equity	$	5,187	$	5,684	$	6,486	$	6,177	$	6,817


(1)	We completed the sale of Sands Bethlehem on May 31, 2019. Results of operations include Sands Bethlehem through May 30, 2019. During the year ended December 31, 2019, we recorded a gain on the sale of Sands Bethlehem of $556 million.


(2)	During the year ended December 31, 2018, we recorded a $64 million loss on 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.


(3)	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, 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.


(4)	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, 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.


(5)	During the years ended December 31, 2019, 2018, 2017, 2016, and 2015, we paid quarterly dividends of $0.77, $0.75, $0.73, $0.72 and $0.65, respectively, per common share as part of a regular cash dividend program.


(6)	During the year ended December 31, 2019, LVSC issued four series of unsecured notes in an aggregate principal amount of $4.0 billion, a portion of which was used to repay in full the outstanding borrowings under the 2013 U.S. Credit Facility and repurchase shares of our common stock. See "Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 8 — Long-Term Debt."

(6)

During the year ended December 31, 2019, LVSC issued four series of unsecured notes in an aggregate principal amount of $4.0 billion, a portion of which was used to repay in full the outstanding borrowings under the 2013 U.S. Credit Facility and repurchase shares of our common stock. See "Item 8 — Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 8 — Long-Term Debt."


(7)	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 8 — Long-Term Debt."

(7)

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 8 — Long-Term Debt."

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