Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of carrying amounts and estimated fair values by input level

The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows:

	December 31, 2021
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,863.9	$	1,863.9	$	1,863.9	$	—	$	—
Equity securities	$	84.3	$	84.3	$	—	$	84.3	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	15.1	$	15.1	$	—	$	15.1	$	—
Puts and calls related to certain Barstool Sports shares	$	1.9	$	1.9	$	—	$	1.9	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,544.5	$	1,559.6	$	1,559.6	$	—	$	—
5.625% Notes	$	399.6	$	411.5	$	411.5	$	—	$	—
4.125% Notes	$	392.9	$	389.5	$	389.5	$	—	$	—
Convertible Notes	$	253.5	$	780.0	$	780.0	$	—	$	—
Other long-term obligations	$	146.3	$	144.3	$	—	$	53.9	$	90.4
Other liabilities	$	13.3	$	13.2	$	—	$	2.7	$	10.5

	December 31, 2020
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,853.8	$	1,853.8	$	1,853.8	$	—	$	—
Equity securities	$	143.1	$	143.1	$	—	$	143.1	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	15.1	$	15.1	$	—	$	15.1	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,600.3	$	1,609.3	$	1,609.3	$	—	$	—
5.625% Notes	$	399.5	$	418.0	$	418.0	$	—	$	—
Convertible Notes	$	239.8	$	1,274.5	$	1,274.5	$	—	$	—
Other long-term obligations	$	73.0	$	72.8	$	—	$	72.8	$	—
Other liabilities	$	10.1	$	10.1	$	—	$	2.8	$	7.3
Puts and calls related to certain Barstool Sports shares	$	0.3	$	0.3	$	—	$	0.3	$	—

Summary of the changes in fair value of Level 3 liabilities

The following table summarizes the changes in fair value of our Level 3 liabilities measured on a recurring basis:

(in millions)	Other Liabilities
Balance as of January 1, 2019	$	19.0
Payments	(8.5)
Included in earnings (1)	7.0
Balance as of December 31, 2019	17.5
Payments	(9.1)
Included in loss (1)	(1.1)
Balance as of December 31, 2020	7.3
Additions	75.5
Interest	17.9
Payments	(1.7)
Included in earnings (1)	1.9
Balance as of December 31, 2021	$	100.9

(1)The expense is included in “General and administrative” within our Consolidated Statements of Operations.

Schedule of the assets measured at fair value on a non-recurring basis

The following table sets forth the assets measured at fair value on a non-recurring basis as of December 31, 2020:

(in millions)	Valuation Date	Valuation Technique	Level 1		Level 2		Level 3		Total Balance		Total  Reduction in Fair Value Recorded
Property and equipment (1)	12/31/2020	Discounted cash flow	$	—	$	—	$	—	$	—	$	(7.3)
Goodwill (2)	3/31/2020	Discounted cash flow and market approach	$	—	$	—	$	160.5	$	160.5	$	(113.0)
Gaming licenses (2)	3/31/2020	Discounted cash flow	$	—	$	—	$	568.0	$	568.0	$	(437.0)
Trademarks (2)	3/31/2020	Discounted cash flow	$	—	$	—	$	216.5	$	216.5	$	(61.5)

(1)The fair value, which was concluded to be zero, of our property and equipment associated with Tropicana was determined using Level 3 inputs.     See Note 8, “Property and Equipment,” for more information.

(2)During the first quarter of 2020, we identified an indicator of impairment on our goodwill and other intangible assets due to the COVID-19 pandemic. See Note 9, “Goodwill and Other Intangible Assets” for more information.

Summary of significant unobservable inputs used in fair value calculations

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of December 31, 2021:

	Valuation Technique	Unobservable Input	Discount Rate
Other long-term obligation	Discounted cash flow	Discount rate	27.0%
Contingent purchase price - Plainridge Park Casino	Discounted cash flow	Discount rate	4.5%

(in millions)	Fair Value		Valuation Technique	Unobservable Input	Range or Amount
As of March 31, 2020
Gaming licenses	$	568.0	Discounted cash flow	Discount rate	13.25% - 14.0%
				Long-term revenue growth rate	2.0	%
Trademarks	$	216.5	Discounted cash flow	Discount rate	13.25% - 14.0%
				Long-term revenue growth rate	2.0	%
				Pretax royalty rate	1.0% - 2.0%