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Fair Value Measurements (Tables)

12 Months Ended

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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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).

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