XML 48 R37.htm IDEA: XBRL DOCUMENT v3.22.2.2

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

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

X

- 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

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration