text: During 2001 and 2002, the Company entered into several interest rate swap 
  agreements, designated as fair value hedges, which effectively converted a portion of 
  the Company’s fixed rate debt to floating rate debt. By the second quarter of 2002, 
  the Company had terminated these interest rate swap agreements. The Company 
  received net payments totaling $11 million during 2001 and 2002 upon the 
  termination of these swap agreements. These amounts have been added to the 
  carrying value of the related debt obligations and are being amortized and recorded 
  as a reduction of interest expense over the remaining life of that debt. 
  
  The Company and each of its material subsidiaries, excluding MGM Grand Detroit, 
  LLC and the Company’s foreign subsidiaries, are directly liable for or uncondition- 