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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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:

									March 31, 2024
(in thousands)			Balance Sheet Location						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents			Cash and cash equivalents						$	169,356					$	—					$	—
Restricted cash			Restricted cash						141,533						—						—
Convertible loans			Other assets						—						—						4,082
Investments in equity securities			Other assets						3,391						—						—
Investment in GLPI partnership			Other assets						—						13,206						—
Derivative assets designated as hedging instruments:
Interest rate contracts			Prepaid expenses and other current assets						—						6,612						—
Interest rate contracts			Other assets						—						408						—
Cross currency swaps			Prepaid expenses and other current assets						—						4,419						—
Cross currency swaps			Other assets						—						6,929						—
Total derivative assets at fair value									—						18,368						—
Total assets									$	314,280					$	31,574					$	4,082
Liabilities:
Contingent consideration			Other long-term liabilities						$	—					$	—					$	56,745
Derivative liabilities not designated as hedging instruments:
Sinclair Performance Warrants			Commercial rights liabilities						—						—						44,703
Derivative liabilities designated as hedging instruments:
Interest rate contracts			Other long-term liabilities						—						5,616						—
Cross currency swaps			Accrued and other current liabilities						—						1,000						—
Cross currency swaps			Other long-term liabilities						—						24,874						—
Total derivative liabilities at fair value									—						31,490						44,703
Total liabilities									$	—					$	31,490					$	101,448

									December 31, 2023
(in thousands)			Balance Sheet Location						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents			Cash and cash equivalents						$	163,194					$	—					$	—
Restricted cash			Restricted cash						152,068						—						—
Convertible loans			Other assets						—						—						4,115
Investments in equity securities			Other assets						3,409						—						—
Investment in GLPI partnership			Other assets						—						14,146						—
Derivative assets designated as hedging instruments:
Interest rate contracts			Prepaid expenses and other current assets						—						5,356						—
Cross currency swaps			Prepaid expenses and other current assets						—						4,174						—
Cross currency swaps			Other assets						—						6,477						—
Total derivative assets at fair value									—						16,007						—
Total assets									$	318,671					$	30,153					$	4,115
Liabilities:
Contingent consideration			Other long-term liabilities						$	—					$	—					$	58,580
Derivatives not designated as hedging instruments
Sinclair Performance Warrants			Commercial rights liabilities						—						—						44,703
Derivative liabilities designated as hedging instruments:
Interest rate contracts			Other long-term liabilities						—						21,492						—
Cross currency swaps			Accrued and other current liabilities						—						1,225						—
Cross currency swaps			Other long-term liabilities						—						29,376						—
Total derivative liabilities at fair value									—						52,093						44,703
Total liabilities									$	—					$	52,093					$	103,283

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize the changes in fair value of the Company’s Level 3 assets and liabilities:

(in thousands)			Sinclair Performance Warrants						Contingent Consideration						Convertible Loans
Beginning as of December 31, 2023			$	44,703					$	58,580					$	4,115
Change in fair value			—						(1,835)						(33)
Ending as of March 31, 2024			$	44,703					$	56,745					$	4,082

(in thousands)			Sinclair Performance Warrants						Contingent Consideration						Convertible Loans
Beginning as of December 31, 2022			$	36,987					$	8,220					$	10,212
Additions in the period (acquisition fair value)			—						—						500
Change in fair value			267						1,241						126
Ending as of March 31, 2023			$	37,254					$	9,461					$	10,838

Derivative Instruments, Gain (Loss)

The gains (losses) recognized in the condensed consolidated statements of operations for derivative instruments during the three months ended March 31, 2024 and 2023 are as follows:

			Condensed Consolidated Statements of Operations Location						Three Months Ended March 31,
(in thousands)									2024						2023
Derivatives not designated as hedging instruments
Sinclair Performance Warrants			Other non-operating income, net						$	—					$	(267)
Derivatives designated as hedging instruments
Interest rate contracts			Interest expense, net						$	(2,886)					$	—
Cross currency swaps			Interest expense, net						(1,211)						—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

In the table below, the carrying amounts of the Company’s long-term debt is net of debt issuance costs and debt discounts. Refer to Note 14 “Long-Term Debt” for further information.

			March 31, 2024												December 31, 2023
(in thousands)			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Term Loan Facility			$	1,868,169					$	1,869,226					$	1,871,330					$	1,888,100
5.625% Senior Notes due 2029			736,953						577,500						736,447						596,250
5.875% Senior Notes due 2031			720,248						542,063						719,858						570,544

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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