Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

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		Other		Total
Balance as of December 31, 2020
Goodwill, gross	$	914.3	$	236.6	$	216.8	$	1,116.7	$	155.5	$	2,639.9
Accumulated goodwill impairment losses	(761.4)		(61.0)		(16.6)		(556.1)		(87.7)		(1,482.8)
Goodwill, net	$	152.9	$	175.6	$	200.2	$	560.6	$	67.8	$	1,157.1

Balance as of March 31, 2021
Goodwill, gross	$	914.3	$	236.6	$	216.8	$	1,116.7	$	155.5	$	2,639.9
Accumulated goodwill impairment losses	(761.4)		(61.0)		(16.6)		(556.1)		(87.7)		(1,482.8)
Goodwill, net	$	152.9	$	175.6	$	200.2	$	560.6	$	67.8	$	1,157.1

There were no impairment charges recorded to goodwill during the three months ended March 31, 2021.

2020 Assessment for Impairment

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. As a result of the COVID-19 pandemic, we revised our cash flow projections to reflect the current economic environment, including the uncertainty surrounding the nature, timing and extent of reopening our gaming properties. As a result of the interim assessment for impairment, during the first quarter of 2020, we recognized impairments on our goodwill, gaming licenses, and trademarks of $113.0 million, $437.0 million, and $61.5 million, respectively. The estimated fair values of the reporting units were determined through a combination of a discounted cash flow model and a market-based approach, which utilized Level 3 inputs. The estimated fair values of the gaming licenses and trademarks were determined by using discounted cash flow models, which utilized Level 3 inputs.

The goodwill impairments pertained to our Northeast, South, and Midwest segments, in the amounts of $43.5 million, $9.0 million and $60.5 million, respectively. The gaming license impairments pertained to our Northeast, South, and Midwest segments in the amounts of $177.0 million, $166.0 million and $94.0 million, respectively. The trademark impairments pertained to our Northeast, South, Midwest, and West segments, in the amounts of $17.0 million, $17.0 million, $15.0 million, and $12.5 million, respectively.

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


	March 31, 2021						December 31, 2020
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,246.4	$	—	$	1,246.4	$	1,246.1	$	—	$	1,246.1
Trademarks	240.9		—		240.9		240.9		—		240.9
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	106.9		(86.7)		20.2		106.9		(85.2)		21.7
Other	39.9		(36.2)		3.7		39.6		(35.5)		4.1
Total other intangible assets	$	1,634.8	$	(122.9)	$	1,511.9	$	1,634.2	$	(120.7)	$	1,513.5

There were no impairment charges recorded to other intangible assets for the three months ended March 31, 2021.

Amortization expense related to our amortizing intangible assets was $2.2 million and $6.1 million for the three months ended March 31, 2021 and 2020, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of March 31, 2021 (in millions):


Years ending December 31,
2021 (excluding the three months ended March 31, 2021)	$	5.4
2022	5.6
2023	4.2
2024	3.7
2025	3.0
Thereafter	2.0
Total	$	23.9