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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company accounts for fair value in accordance with ASC 820. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a three-tier hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities.
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying value of accounts receivable and payables and the Company's restricted cash approximates fair value due to the short time to expected payment or receipt of cash.

The following table summarizes the fair value measurement of the Company’s long-term debt (in millions):
June 30, 2025
Face ValueFair ValueFair Value Hierarchy
Term Loan$1,819.3 $1,787.5 Level 2
Senior Notes600.0 544.5 Level 2
Total debt$2,419.3 $2,332.0 

December 31, 2024
Face ValueFair ValueFair Value Hierarchy
Term Loan$1,828.8 $1,831.1 Level 2
Senior Notes600.0 541.5 Level 2
Total debt$2,428.8 $2,372.6 

The estimated fair value of the Company’s term loan is based upon the prices at which the Company’s debt traded in the days immediately preceding the balance sheet date. As the trading volume of the Company’s debt is low relative to the overall debt balance, the Company does not believe that the associated transactions represent an active market, and therefore this indication of value represents a level 2 fair value input.
The following table sets forth the assets and liabilities measured at fair value on a recurring basis in the Company’s consolidated balance sheets at June 30, 2025 and December 31, 2024 (in millions):
Fair Value at
Fair Value HierarchyJune 30,
2025		December 31, 2024
Cash equivalents
Money market fundsLevel 1$277.7 $331.4 
Term depositsLevel 144.2 93.1 
Commercial papersLevel 212.7 10.0 
Short-term investments
Term depositsLevel 11.8 — 
Commercial papersLevel 2$89.4 $— 
Prepaid expenses and other current assets
Derivative instruments - interest rate swapsLevel 2$14.6 $19.4 
Derivative instruments - foreign currency derivative contractsLevel 215.0 1.1 
Other non-current assets
Derivative instruments - interest rate swapsLevel 2$— $9.8 
Accrued expenses and other current liabilities
Derivative instruments - interest rate swapsLevel 2$0.1 $— 
Derivative instruments - foreign currency derivative contractsLevel 2$— $3.3 
Other long-term liabilities, including employee related benefits
Derivative instruments - interest rate swapsLevel 2$2.7 $— 

The carrying values of the Company’s cash equivalents and short-term investments approximate fair value because of the short duration of these financial instruments.

The inputs used to measure the fair value of the Company’s interest rate swap contracts and foreign currency contracts are categorized as Level 2 in the fair value hierarchy as established by ASC 820.

The change in fair value of contingent consideration payable was valued using significant unobservable inputs (Level 3), was included in the general and administrative expenses in the Company’s consolidated statements of comprehensive income and consisted of the following (in millions):

Balance as of January 1, 2025
$379.6 
Fair value adjustments based upon post-acquisition performance and passage of time(26.1)
Balance as of June 30, 2025 (1)
$353.5 
_______
(1)    Amount comprised of $310.0 million and $43.5 million for SuperPlay and InnPlay acquisitions, respectively.

The Company estimated the fair value of its SuperPlay contingent consideration liability using a Monte Carlo simulation to model components of cash flow analyses. The significant assumptions used in the SuperPlay model include revenue volatility of 20% and a 20-year-risk free rate of 4.8%. The Company estimated the fair value of its InnPlay contingent consideration liability using probability-weighted discounted cash flow analyses. These fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 measurements as defined in ASC 820. The extent to which the
actual results differ from assumptions made within the simulation and analyses, along with adjustments resulting from the passage of time, will result in changes in these liabilities in future periods.

The Company has not elected the fair value measurement option available under U.S. GAAP for any of its assets or liabilities
that meet the option for this criteria.