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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The following table sets forth the assets and liabilities measured at fair value on a recurring basis, by input level, in the Balance Sheets at December 31, 2021 and 2020:
(In millions) | December 31, 2021
Assets: | Level 1 |  | Level 2 |  | Level 3 |  | Total
Restricted cash and investments | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |
Marketable securities | 69 |  |  | 9 |  |  | — |  |  | 78 |
Derivative instruments - FX forward | — |  |  | 1 |  |  | — |  |  | 1 |
Total assets at fair value | $ | 70 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 81 |
Liabilities: |  |  |  |  |  |  |
Derivative instruments - interest rate swaps | $ | — |  |  | $ | 28 |  |  | $ | — |  |  | $ | 28 |
Derivative instruments - FX forwards | — |  |  | 16 |  |  | — |  |  | 16 |
Total liabilities at fair value | $ | — |  |  | $ | 44 |  |  | $ | — |  |  | $ | 44 |
(In millions) | December 31, 2020
Assets: | Level 1 |  | Level 2 |  | Level 3 |  | Total
Restricted cash and investments | $ | 1 |  |  | $ | 3 |  |  | $ | 44 |  |  | $ | 48 |
Marketable securities | 23 |  |  | 10 |  |  | — |  |  | 33 |
Derivative instruments - FX forward | — |  |  | 40 |  |  | — |  |  | 40 |
Total assets at fair value | $ | 24 |  |  | $ | 53 |  |  | $ | 44 |  |  | $ | 121 |
Liabilities: |  |  |  |  |  |  |
Derivative instruments - 5% Convertible Notes | $ | — |  |  | $ | 326 |  |  | $ | — |  |  | $ | 326 |
Derivative instruments - interest rate swaps | — |  |  | 90 |  |  | — |  |  | 90 |
Total liabilities at fair value | $ | — |  |  | $ | 416 |  |  | $ | — |  |  | $ | 416 |
Schedule of Change in Restricted Investments Valued Using Level 3 Inputs |
Change in restricted investments using Level 3 inputs
(In millions) | Level 3 Investment |  | Level 3 Other Liabilities
Fair value of investment at December 31, 2019 | $ | 29 |  |  | $ | — |
Value of additional investment received | 5 |  |  | 2 |
Released from restrictions | (8) |  |  | (4) |
Unrealized gain | 18 |  |  | 2 |
Fair value of investment at December 31, 2020 | 44 |  |  | — |
Change in fair value | 7 |  |  | — |
Acquisition of William Hill | (51) |  |  | — |
Fair value at December 31, 2021 | $ | — |  |  | $ | — |
Schedule of Derivative Instruments | The major terms of the interest rate swap agreements as of December 31, 2021 were as follows:
Effective Date |  | Notional Amount (In millions) |  | Fixed Rate Paid |  | Variable Rate Received as of December 31, 2021 |  |  |  | Maturity Date
1/1/2019 |  | 250 |  | 2.274% |  | 0.09038% |  |  |  | 12/31/2022
1/1/2019 |  | 200 |  | 2.828% |  | 0.09038% |  |  |  | 12/31/2022
1/1/2019 |  | 200 |  | 2.828% |  | 0.09038% |  |  |  | 12/31/2022
1/1/2019 |  | 600 |  | 2.739% |  | 0.09038% |  |  |  | 12/31/2022
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in AOCI by component, net of tax, for the periods through December 31, 2021 and 2020 are shown below.
(In millions) | Unrealized Net Gains on Derivative Instruments |  | Foreign Currency Translation Adjustments |  | Other |  | Total
Balances as of December 31, 2019 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other comprehensive income (loss) before reclassifications | (5) |  |  | 8 |  |  | — |  |  | 3 |
Amounts reclassified from accumulated other comprehensive income | 31 |  |  | — |  |  | — |  |  | 31 |
Total other comprehensive income, net of tax | 26 |  |  | 8 |  |  | — |  |  | 34 |
Balances as of December 31, 2020 | $ | 26 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 34 |
Other comprehensive loss before reclassifications | (12) |  |  | (44) |  |  | (1) |  |  | (57) |
Amounts reclassified from accumulated other comprehensive income | 59 |  |  | — |  |  | — |  |  | 59 |
Total other comprehensive income (loss), net of tax | 47 |  |  | (44) |  |  | (1) |  |  | 2 |
Balances as of December 31, 2021 | $ | 73 |  |  | $ | (36) |  |  | $ | (1) |  |  | $ | 36 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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