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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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:

									September 30, 2024
(in thousands)			Balance Sheet Location						Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents			Cash and cash equivalents						$	190,975					$	—					$	—
Restricted cash			Restricted cash						89,564						—						—
Convertible loans			Other assets						—						—						4,321
Investments in equity securities			Other assets						2,440						—						—
Investment in GLPI partnership			Other assets						—						14,748						—
Derivative assets designated as hedging instruments:
Interest rate contracts			Prepaid expenses and other current assets						—						95						—
Interest rate contracts			Other assets						—						—						—
Cross currency swaps			Prepaid expenses and other current assets						—						5,066						—
Cross currency swaps			Other assets						—						3,906						—
Total derivative assets at fair value									—						9,067						—
Total assets									$	282,979					$	23,815					$	4,321
Liabilities:
Contingent consideration			Other long-term liabilities						$	—					$	—					$	58,844
Derivative liabilities not designated as hedging instruments:
Sinclair Performance Warrants			Commercial rights liabilities						—						—						55,318
Derivative liabilities designated as hedging instruments:
Interest rate contracts			Accrued and other current liabilities						—						3,570						—
Interest rate contracts			Other long-term liabilities						—						52,452						—
Cross currency swaps			Accrued and other current liabilities						—						4,005						—
Cross currency swaps			Other long-term liabilities						—						44,429						—
Total derivative liabilities at fair value									—						104,456						55,318
Total liabilities									$	—					$	104,456					$	114,162

									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
Change in fair value			(6,317)						1,040						4
Ending as of June 30, 2024			$	38,386					$	57,785					$	4,086
Change in fair value			16,932						1,059						235
Ending as of September 30, 2024			$	55,318					$	58,844					$	4,321

(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
Additions in the period (acquisition fair value)			—						—						500
Reductions in the period			—						(9,292)						—
Change in fair value			(7,558)						(169)						136
Ending as of June 30, 2023			$	29,696					$	—					$	11,474
Additions in the period (acquisition fair value)			—						58,580						500
Change in fair value			(4,676)						—						(1,289)
Ending as of September 30, 2023			$	25,020					$	58,580					$	10,685

Derivative Instruments, Gain (Loss)

The gains (losses) recognized in the condensed consolidated statements of operations for derivative instruments during the three and nine months ended September 30, 2024 and 2023 are as follows:

			Condensed Consolidated Statements of Operations Location						Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)									2024						2023						2024						2023
Derivatives not designated as hedging instruments
Sinclair Performance Warrants			Other non-operating (expense) income, net						$	(16,932)					$	4,676					$	(10,615)					$	11,967
Derivatives designated as hedging instruments
Interest rate contracts			Interest expense, net						$	(3,983)					$	(443)					$	(9,678)					$	(443)
Cross currency swaps			Interest expense, net						(634)						(388)						(3,170)						(388)

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 are net of debt issuance costs and debt discounts. Refer to Note 14 “Long-Term Debt” for further information.

			September 30, 2024												December 31, 2023
(in thousands)			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Term Loan Facility			$	1,861,903					$	1,809,739					$	1,871,330					$	1,888,100
5.625% Senior Notes due 2029			737,988						559,687						736,447						596,250
5.875% Senior Notes due 2031			721,047						504,394						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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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.

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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.

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