Fair Value Measurements (Tables)

3 Months Ended

Mar. 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:

	March 31, 2021
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	2,062.2	$	2,062.2	$	2,062.2	$	—	$	—
Equity securities	$	169.3	$	169.3	$	—	$	169.3	$	—
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	$	1,586.4	$	1,603.9	$	1,603.9	$	—	$	—
5.625% Notes	$	399.5	$	415.5	$	415.5	$	—	$	—
Convertible Notes	$	243.1	$	1,488.9	$	1,488.9	$	—	$	—
Other long-term obligations	$	146.3	$	146.3	$	—	$	72.3	$	74.0
Other liabilities	$	10.2	$	10.0	$	—	$	2.6	$	7.4
Puts and calls related to certain Barstool Sports shares	$	3.1	$	3.1	$	—	$	3.1	$	—

	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	$	—

Schedule 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, 2021	$	7.3
Additions	72.5
Interest	1.5
Included in earnings (1)	0.1
Balance as of March 31, 2021	$	81.4

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

Schedule of Significant Unobservable Inputs Used in Calculating Level 3 Assets and Liabilities

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

	Valuation Technique	Unobservable Input	Discount Rate
Other long-term obligation	Discounted cash flow	Discount rate	25.00%
Contingent purchase price - Plainridge Park Casino	Discounted cash flow	Discount rate	5.28%