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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2022
Fair Value Disclosures [Abstract] |
Fair Value, by Balance Sheet Grouping | The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:
|  |  | June 30, 2022
(in thousands) | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Other current assets | Prepaid expenses and other current assets |  | $ | 25 |  |  | $ | — |  |  | $ | — |
Convertible loans | Prepaid expenses and other current assets |  | 5,205 |  |  | — |  |  | — |
Convertible loans | Other assets |  | — |  |  | — |  |  | 2,486 |
Investments in equity securities | Other assets |  | 2,523 |  |  | — |  |  | — |
Total |  |  | $ | 7,753 |  |  | $ | — |  |  | $ | 2,486 |
Liabilities: |  |  |  |  |  |  |
Sinclair Performance Warrants | Naming rights liabilities |  | $ | — |  |  | $ | — |  |  | $ | 36,153 |
Contingent consideration | Contingent consideration payable |  | — |  |  | — |  |  | 8,701 |
Total |  |  | $ | — |  |  | $ | — |  |  | $ | 44,854 |
|  |  | December 31, 2021
(in thousands) | Balance Sheet Location |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Other current assets | Prepaid expenses and other current assets |  | $ | 176 |  |  | $ | — |  |  | $ | — |
Convertible loans | Other assets |  | 5,905 |  |  | — |  |  | 2,025 |
Total |  |  | $ | 6,081 |  |  | $ | — |  |  | $ | 2,025 |
Liabilities: |  |  |  |  |  |  |
Sinclair Performance Warrants | Naming rights liabilities |  | $ | — |  |  | $ | — |  |  | $ | 69,564 |
Contingent consideration | Contingent consideration payable |  | — |  |  | — |  |  | 34,931 |
Total |  |  | $ | — |  |  | $ | — |  |  | $ | 104,495 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the changes in fair value of the Company’s Level 3 assets and liabilities:
(in thousands) | Sinclair Performance Warrants |  | Contingent Consideration |  | Convertible Loans |  | Total
Beginning as of December 31, 2021 | $ | 69,564 |  |  | $ | 34,931 |  |  | $ | 2,025 |  |  | $ | 106,520 |
Additions in the period (acquisition fair value) | — |  |  | — |  |  | 667 |  |  | 667 |
Reductions in the period | — |  |  | (15,862) |  |  | — |  |  | (15,862) |
Change in fair value | (33,411) |  |  | (10,368) |  |  | (206) |  |  | (43,985) |
Ending as of June 30, 2022 | $ | 36,153 |  |  | $ | 8,701 |  |  | $ | 2,486 |  |  | $ | 47,340 |
(in thousands) | Sinclair Performance Warrants |  | Contingent Consideration |  |  |  | Total
Beginning as of December 31, 2020 | $ | 88,119 |  |  | $ | — |  |  |  |  | $ | 88,119 |
Additions in the period (acquisition fair value) | — |  |  | 58,623 |  |  |  |  | 58,623 |
Change in fair value | 6,810 |  |  | (11,703) |  |  |  |  | (4,893) |
Ending as of June 30, 2021 | $ | 94,929 |  |  | $ | 46,920 |  |  |  |  | $ | 141,849 |
Derivative Instruments, Gain (Loss) | The gains (losses) recognized in the condensed consolidated statement of operations for derivatives not designated as hedging instruments during the three and six months ended June 30, 2022 and 2021 are as follows:
| Condensed Consolidated Statements of Operations Location |  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Foreign exchange forward contracts | Other, net |  | $ | — |  |  | $ | (14,773) |  |  | $ | — |  |  | $ | (14,773) |
Sinclair Performance Warrants | Change in value of naming rights liabilities |  | $ | 20,032 |  |  | $ | 19,070 |  |  | $ | 33,411 |  |  | $ | (6,810) |
Sinclair Options | Change in value of naming rights liabilities |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,526) |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | In the table below, the carrying amount of the Company’s long-term debt is net of debt issuance costs and debt discounts. Refer to Note 12 “Long-Term Debt” for further information.
| June 30, 2022 |  | December 31, 2021
(in thousands) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Term Loan Facility | $ | 1,890,506 |  |  | $ | 1,935,275 |  |  | $ | 1,897,030 |  |  | $ | 1,945,000 |
5.625% Senior Notes due 2029 | 733,443 |  |  | 534,041 |  |  | 732,660 |  |  | 746,250 |
5.875% Senior Notes due 2031 | 732,118 |  |  | 519,693 |  |  | 731,537 |  |  | 754,223 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 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 liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + 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 (c) -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 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: 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 + Details
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