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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2021
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:
| December 31, 2021
(in millions) | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,863.9 |  |  | $ | 1,863.9 |  |  | $ | 1,863.9 |  |  | $ | — |  |  | $ | — |
Equity securities | $ | 84.3 |  |  | $ | 84.3 |  |  | $ | — |  |  | $ | 84.3 |  |  | $ | — |
Held-to-maturity securities | $ | 6.7 |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 6.7 |  |  | $ | — |
Promissory notes | $ | 15.1 |  |  | $ | 15.1 |  |  | $ | — |  |  | $ | 15.1 |  |  | $ | — |
Puts and calls related to certain Barstool Sports shares | $ | 1.9 |  |  | $ | 1.9 |  |  | $ | — |  |  | $ | 1.9 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |
Senior Secured Credit Facilities | $ | 1,544.5 |  |  | $ | 1,559.6 |  |  | $ | 1,559.6 |  |  | $ | — |  |  | $ | — |
5.625% Notes | $ | 399.6 |  |  | $ | 411.5 |  |  | $ | 411.5 |  |  | $ | — |  |  | $ | — |
4.125% Notes | $ | 392.9 |  |  | $ | 389.5 |  |  | $ | 389.5 |  |  | $ | — |  |  | $ | — |
Convertible Notes | $ | 253.5 |  |  | $ | 780.0 |  |  | $ | 780.0 |  |  | $ | — |  |  | $ | — |
Other long-term obligations | $ | 146.3 |  |  | $ | 144.3 |  |  | $ | — |  |  | $ | 53.9 |  |  | $ | 90.4 |
Other liabilities | $ | 13.3 |  |  | $ | 13.2 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 10.5 |
| December 31, 2020
(in millions) | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,853.8 |  |  | $ | 1,853.8 |  |  | $ | 1,853.8 |  |  | $ | — |  |  | $ | — |
Equity securities | $ | 143.1 |  |  | $ | 143.1 |  |  | $ | — |  |  | $ | 143.1 |  |  | $ | — |
Held-to-maturity securities | $ | 6.7 |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 6.7 |  |  | $ | — |
Promissory notes | $ | 15.1 |  |  | $ | 15.1 |  |  | $ | — |  |  | $ | 15.1 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |
Senior Secured Credit Facilities | $ | 1,600.3 |  |  | $ | 1,609.3 |  |  | $ | 1,609.3 |  |  | $ | — |  |  | $ | — |
5.625% Notes | $ | 399.5 |  |  | $ | 418.0 |  |  | $ | 418.0 |  |  | $ | — |  |  | $ | — |
Convertible Notes | $ | 239.8 |  |  | $ | 1,274.5 |  |  | $ | 1,274.5 |  |  | $ | — |  |  | $ | — |
Other long-term obligations | $ | 73.0 |  |  | $ | 72.8 |  |  | $ | — |  |  | $ | 72.8 |  |  | $ | — |
Other liabilities | $ | 10.1 |  |  | $ | 10.1 |  |  | $ | — |  |  | $ | 2.8 |  |  | $ | 7.3 |
Puts and calls related to certain Barstool Sports shares | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |
Summary 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, 2019 | $ | 19.0 |
Payments | (8.5) |
Included in earnings (1) | 7.0 |
Balance as of December 31, 2019 | 17.5 |
Payments | (9.1) |
Included in loss (1) | (1.1) |
Balance as of December 31, 2020 | 7.3 |
Additions | 75.5 |
Interest | 17.9 |
Payments | (1.7) |
Included in earnings (1) | 1.9 |
Balance as of December 31, 2021 | $ | 100.9 |
(1)The expense is included in “General and administrative” within our Consolidated Statements of Operations.
Schedule of the assets measured at fair value on a non-recurring basis | The following table sets forth the assets measured at fair value on a non-recurring basis as of December 31, 2020:
(in millions) | Valuation Date |  | Valuation Technique |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Balance |  | Total Reduction in Fair Value Recorded
Property and equipment (1) | 12/31/2020 |  | Discounted cash flow |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (7.3) |
Goodwill (2) | 3/31/2020 |  | Discounted cash flow and market approach |  | $ | — |  |  | $ | — |  |  | $ | 160.5 |  |  | $ | 160.5 |  |  | $ | (113.0) |
Gaming licenses (2) | 3/31/2020 |  | Discounted cash flow |  | $ | — |  |  | $ | — |  |  | $ | 568.0 |  |  | $ | 568.0 |  |  | $ | (437.0) |
Trademarks (2) | 3/31/2020 |  | Discounted cash flow |  | $ | — |  |  | $ | — |  |  | $ | 216.5 |  |  | $ | 216.5 |  |  | $ | (61.5) |
(1)The fair value, which was concluded to be zero, of our property and equipment associated with Tropicana was determined using Level 3 inputs. See Note 8, “Property and Equipment,” for more information. (2)During the first quarter of 2020, we identified an indicator of impairment on our goodwill and other intangible assets due to the COVID-19 pandemic. See Note 9, “Goodwill and Other Intangible Assets” for more information.
Summary of significant unobservable inputs used in fair value calculations | The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of December 31, 2021:
| 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 |  | 4.5%
(in millions) | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range or Amount
As of March 31, 2020 |  |  |  |  |  |  |
Gaming licenses | $ | 568.0 |  |  | Discounted cash flow |  | Discount rate |  | 13.25% - 14.0%
|  |  |  |  | Long-term revenue growth rate |  | 2.0 | %
Trademarks | $ | 216.5 |  |  | Discounted cash flow |  | Discount rate |  | 13.25% - 14.0%
|  |  |  |  | Long-term revenue growth rate |  | 2.0 | %
|  |  |  |  | Pretax royalty rate |  | 1.0% - 2.0%

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