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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Allocation of Purchase Price and Adjustments | The following table reflects the allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed, with the excess recorded as goodwill, at the February 17, 2023 acquisition date.
(in millions) | Fair value
Cash and cash equivalents | $ | 10.1
Accounts receivable | 44.8
Inventory | 25.2
Other current assets | 5.0
Lease right-of-use assets | 13.5
Property and equipment | 3.8
Goodwill | 231.9
Other intangible assets |
Barstool tradename | 420.0
Advertising relationships | 32.0
Other tradenames and brands | 29.0
Customer relationships | 11.0
Other long-term assets | 18.7
Total assets | $ | 845.0 |
Accounts payable, accrued expenses and other current liabilities | $ | 38.7 |
Deferred income taxes | 115.9 |
Other long-term liabilities | 30.4 |
Total liabilities | 185.0 |
Net assets acquired | $ | 660.0 |
Schedule of Valuation Approaches of Intangible Assets Acquired | The following valuation approaches were utilized to determine the fair value of each intangible asset at the February 17, 2023 acquisition date:
Intangible Asset |  | Valuation Approach
Barstool tradename |  | Relief-from-royalty (variation of income approach)
Advertising relationships |  | With-and-without (variation of income approach)
Other tradenames and brands |  | Relief-from-royalty (variation of income approach)
Customer relationships |  | Replacement cost
Schedule of Disposal Groups, Including Discontinued Operations | The following table reflects the major classes of assets and liabilities disposed of pursuant to the Barstool SPA, which were part of the Interactive Segment:
(in millions) | August 8, 2023
Current assets |
Cash and cash equivalents | $ | 50.9 |
Accounts receivable, net | 53.5 |
Inventory, net | 21.9 |
Other current assets | 6.4 |
Total current assets | 132.7 |
Property and equipment, net | 8.8 |
Goodwill | 231.9 |
Other intangible assets, net | 482.9 |
Lease right-of-use assets | 21.4 |
Other assets | 21.0 |
Total assets | $ | 898.7 |
Current liabilities |
Accounts payable | $ | 11.1 |
Accrued expenses and other current liabilities | 23.1 |
Total current liabilities | 34.2 |
Other long-term liabilities | 19.9 |
Total liabilities | $ | 54.1 |
Schedule of Actual and Pro Forma Financial Results |
| For the year ended December 31,
(in millions) | 2021
Revenues | $ | 5,978.0 |
Net income | $ | 347.6 |

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