Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2024

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, 2023
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,664.0	$	87.7	$	4,245.3
Accumulated goodwill impairment losses	(828.8)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,550.2)
Goodwill, net	$	94.7	$	175.6	$	200.2	$	560.6	$	1,664.0	$	—	$	2,695.1


Effect of foreign currency exchange rates	—		—		—		—		(30.8)		—		(30.8)


Balance as of September 30, 2024
Goodwill, gross	$	923.5	$	236.6	$	216.8	$	1,116.7	$	1,633.2	$	87.7	$	4,214.5
Accumulated goodwill impairment losses	(828.8)		(61.0)		(16.6)		(556.1)		—		(87.7)		(1,550.2)
Goodwill, net	$	94.7	$	175.6	$	200.2	$	560.6	$	1,633.2	$	—	$	2,664.3

During the three months ended September 30, 2023, in connection with the Barstool SPA, we recorded a pre-tax loss on disposal of $923.2 million, inclusive of a goodwill write-off of $231.9 million as well as trademarks and other intangible assets write-offs of $482.9 million, all within our Interactive segment. See Note 5, “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:


	September 30, 2024						December 31, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-lived intangible assets
Gaming licenses	$	1,132.2	$	—	$	1,132.2	$	1,107.2	$	—	$	1,107.2
Trademarks	332.5		—		332.5		334.4		—		334.4
Other	0.7		—		0.7		0.7		—		0.7
Amortizing intangible assets
Customer relationships	112.0		(106.2)		5.8		112.1		(103.7)		8.4
Technology	307.8		(175.7)		132.1		286.0		(132.3)		153.7
Other	39.9		(18.4)		21.5		29.0		(15.2)		13.8
Total other intangible assets, net	$	1,925.1	$	(300.3)	$	1,624.8	$	1,869.4	$	(251.2)	$	1,618.2

During the three months ended September 30, 2024, we acquired a gaming license for operating online sports wagering in the state of New York, which was recorded to “Gaming licenses” at its fair value of $25.0 million.

Amortization expense related to our amortizing intangible assets was $12.6 million and $14.3 million for the three months ended September 30, 2024 and 2023, respectively, and $37.8 million and $46.2 million for the nine months ended September 30, 2024 and 2023, respectively. The following table presents the estimated amortization expense based on our amortizing intangible assets as of September 30, 2024 (in millions):


Years ending December 31,
2024 (excluding the nine months ended September 30, 2024)	$	17.3
2025	53.5
2026	33.3
2027	24.5
2028	19.3
Thereafter	11.5
Total	$	159.4