Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,311.3	$	1,311.3	$	1,311.3	$	—	$	—
Equity securities	$	13.9	$	13.9	$	—	$	13.9	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Amended Credit Facilities	$	1,495.6	$	1,515.3	$	1,515.3	$	—	$	—
5.625% Notes	$	399.7	$	373.0	$	373.0	$	—	$	—
4.125% Notes	$	394.0	$	330.0	$	330.0	$	—	$	—
Convertible Notes	$	324.8	$	473.7	$	473.7	$	—	$	—
Other long-term obligations	$	163.5	$	162.1	$	—	$	35.9	$	126.2
Other liabilities	$	10.2	$	10.1	$	—	$	2.7	$	7.4

	December 31, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	1,624.0	$	1,624.0	$	1,624.0	$	—	$	—
Equity securities	$	17.1	$	17.1	$	—	$	17.1	$	—
Held-to-maturity securities	$	6.7	$	6.7	$	—	$	6.7	$	—
Promissory notes	$	7.9	$	7.9	$	—	$	7.9	$	—
Financial liabilities:
Long-term debt
Amended Credit Facilities	$	1,503.6	$	1,514.7	$	1,514.7	$	—	$	—
5.625% Notes	$	399.7	$	371.0	$	371.0	$	—	$	—
4.125% Notes	$	393.8	$	327.0	$	327.0	$	—	$	—
Convertible Notes	$	324.3	$	550.8	$	550.8	$	—	$	—
Other long-term obligations	$	156.1	$	154.4	$	—	$	36.4	$	118.0
Other liabilities	$	9.9	$	9.6	$	—	$	2.4	$	7.2
Puts and calls related to certain Barstool shares	$	0.4	$	0.4			$	0.4	$	—

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, 2023	$	125.2
Interest	8.1
Included in earnings (1)	0.3
Balance as of March 31, 2023	$	133.6

(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 March 31, 2023:

	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	7.7%