Goodwill and Other Intangible Assets

6 Months Ended

Jun. 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
Effect of foreign currency exchange rates	—		—		—		—		35.7		—		35.7


Balance as of June 30, 2023
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,896.0	$	87.7	$	4,477.3
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	$	1,896.0	$	—	$	2,957.1

There were no impairment charges recorded to goodwill during the three and six months ended June 30, 2023 and 2022.

In August 2023, in connection with the Barstool SPA, we expect to record an estimated pre-tax non-cash loss on disposal of $800.0 million to $850.0 million, inclusive of an estimated goodwill write off in the range of $225.0 million to $235.0 million in 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:


	June 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	754.4		—		754.4		332.2		—		332.2
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	123.1		(103.7)		19.4		114.4		(102.0)		12.4
Technology	270.0		(105.0)		165.0		249.6		(80.4)		169.2
Other	89.9		(18.6)		71.3		27.7		(10.9)		16.8
Total other intangible assets, net	$	2,445.9	$	(227.3)	$	2,218.6	$	1,932.2	$	(193.3)	$	1,738.9

There were no impairment charges recorded to other intangible assets, net during the three and six months ended June 30, 2023 and 2022.

In August 2023, in connection with the Barstool SPA, we expect to record an estimated pre-tax non-cash loss on disposal of $800.0 million to $850.0 million, inclusive of estimated trademarks and other intangible assets write offs in the range of $480.0 million to $485.0 million in our Interactive segment. See Note 6, “Acquisitions and Dispositions.”

Amortization expense related to our amortizing intangible assets was $17.9 million and $31.9 million for the three and six months ended June 30, 2023, respectively, as compared to $14.9 million and $29.9 million for the three and six months ended June 30, 2022, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of June 30, 2023 (in millions):


Years ending December 31,
2023 (excluding the six months ended June 30, 2023)	$	39.2
2024	74.0
2025	51.0
2026	31.9
2027	28.1
Thereafter	31.5
Total	$	255.7