Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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:

	June 30, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,708.3	$	1,708.3	$	1,708.3	$	—	$	—
Equity securities	$	31.4	$	31.4	$	—	$	31.4	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,519.7	$	1,496.8	$	1,496.8	$	—	$	—
5.625% Notes	$	399.6	$	350.0	$	350.0	$	—	$	—
4.125% Notes	$	393.3	$	305.0	$	305.0	$	—	$	—
Convertible Notes	$	323.5	$	489.7	$	489.7	$	—	$	—
Other long-term obligations	$	150.1	$	148.3	$	—	$	45.0	$	103.3
Other liabilities	$	11.4	$	11.3	$	—	$	2.6	$	8.7
Puts and calls related to certain Barstool Sports shares	$	0.6	$	0.6	$	—	$	0.6	$	—

	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

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, 2022	$	100.9
Interest	12.9
Payment installments	(0.8)
Included in earnings (1)	(1.0)
Balance as of June 30, 2022	$	112.0

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

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 June 30, 2022:

	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	9.1%