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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2022
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:
| June 30, 2022
(in millions) | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,708.3 |  |  | $ | 1,708.3 |  |  | $ | 1,708.3 |  |  | $ | — |  |  | $ | — |
Equity securities | $ | 31.4 |  |  | $ | 31.4 |  |  | $ | — |  |  | $ | 31.4 |  |  | $ | — |
Held-to-maturity securities | $ | 6.7 |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 6.7 |  |  | $ | — |
Promissory notes | $ | 7.9 |  |  | $ | 7.9 |  |  | $ | — |  |  | $ | 7.9 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |
Senior Secured Credit Facilities | $ | 1,519.7 |  |  | $ | 1,496.8 |  |  | $ | 1,496.8 |  |  | $ | — |  |  | $ | — |
5.625% Notes | $ | 399.6 |  |  | $ | 350.0 |  |  | $ | 350.0 |  |  | $ | — |  |  | $ | — |
4.125% Notes | $ | 393.3 |  |  | $ | 305.0 |  |  | $ | 305.0 |  |  | $ | — |  |  | $ | — |
Convertible Notes | $ | 323.5 |  |  | $ | 489.7 |  |  | $ | 489.7 |  |  | $ | — |  |  | $ | — |
Other long-term obligations | $ | 150.1 |  |  | $ | 148.3 |  |  | $ | — |  |  | $ | 45.0 |  |  | $ | 103.3 |
Other liabilities | $ | 11.4 |  |  | $ | 11.3 |  |  | $ | — |  |  | $ | 2.6 |  |  | $ | 8.7 |
Puts and calls related to certain Barstool Sports shares | $ | 0.6 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 0.6 |  |  | $ | — |
| 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 |
Schedule 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, 2022 | $ | 100.9 |
Interest | 12.9 |
Payment installments | (0.8) |
Included in earnings (1) | (1.0) |
Balance as of June 30, 2022 | $ | 112.0 |
(1)The expense is included in “General and administrative” within our unaudited Consolidated Statements of Operations.
Schedule of Significant Unobservable Inputs Used in Calculating Level 3 Assets and Liabilities | The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of June 30, 2022:
| 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 |  | 9.1%

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