Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

A reconciliation of goodwill and accumulated goodwill impairment losses, by reportable segment, is as follows:


(in millions)	Northeast		South		West		Midwest		Interactive		Other		Total
Balance as of December 31, 2022
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,628.4	$	87.7	$	4,209.7
Accumulated goodwill impairment losses	(798.8)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,520.2)
Goodwill, net	$	124.7	$	175.6	$	200.2	$	560.6	$	1,628.4	$	—	$	2,689.5

Goodwill acquired during the period	$	—	$	—	$	—	$	—	$	231.9	$	—	$	231.9
Goodwill disposed of during the period	—		—		—		—		(231.9)		—		(231.9)
Effect of foreign currency exchange rates	—		—		—		—		(2.2)		—		(2.2)


Balance as of September 30, 2023
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,626.2	$	87.7	$	4,207.5
Accumulated goodwill impairment losses	(798.8)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,520.2)
Goodwill, net	$	124.7	$	175.6	$	200.2	$	560.6	$	1,626.2	$	—	$	2,687.3

There were no impairment charges recorded to goodwill during the three and nine months ended September 30, 2023, as compared to a $37.4 million impairment charge recorded to goodwill during both the three and nine months ended September 30, 2022 which pertained to our Northeast segment.

During the three months ended September 30, 2023, in connection with the Barstool SPA, we recorded a pre-tax loss on disposal of $923.2 million, inclusive of a goodwill write-off of $231.9 million within our Interactive segment. See Note 6, “Acquisitions and Dispositions.”

The table below presents the gross carrying amount, accumulated amortization, and net carrying amount of each major class of other intangible assets:


	September 30, 2023						December 31, 2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,207.8	$	—	$	1,207.8	$	1,207.6	$	—	$	1,207.6
Trademarks	332.1		—		332.1		332.2		—		332.2
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	112.0		(102.6)		9.4		114.4		(102.0)		12.4
Technology	273.2		(116.3)		156.9		249.6		(80.4)		169.2
Other	28.5		(14.0)		14.5		27.7		(10.9)		16.8
Total other intangible assets, net	$	1,954.3	$	(232.9)	$	1,721.4	$	1,932.2	$	(193.3)	$	1,738.9

There were no impairment charges recorded to other intangible assets, net during the three and nine months ended September 30, 2023, as compared to a $65.4 million impairment charge recorded to other intangible assets, net during both the three and nine months ended September 30, 2022 which pertained to our Northeast segment.

During the three months ended September 30, 2023, in connection with the Barstool SPA, we recorded a pre-tax loss on disposal of $923.2 million, inclusive of trademarks and other intangible assets write-offs of $482.9 million in our Interactive segment. See Note 6, “Acquisitions and Dispositions.”

Amortization expense related to our amortizing intangible assets was $14.3 million for both the three months ended September 30, 2023 and 2022, and $46.2 million and $44.2 million for the nine months ended September 30, 2023 and 2022, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of September 30, 2023 (in millions):


Years ending December 31,
2023 (excluding the nine months ended September 30, 2023)	$	15.0
2024	57.2
2025	37.4
2026	24.3
2027	21.7
Thereafter	25.2
Total	$	180.8