Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of carrying amounts and estimated fair values by input level

The carrying amounts and estimated fair values by input level of the Company’s financial instruments were as follows:

	September 30, 2019
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	406.9	$	406.9	$	406.9	$	—	$	—
Equity securities	$	28.3	$	28.3	$	—	$	28.3	$	—
Held-to-maturity securities	$	7.5	$	7.8	$	—	$	7.8	$	—
Promissory notes	$	16.9	$	17.3	$	—	$	17.3	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,966.3	$	2,000.5	$	2,000.5	$	—	$	—
5.625% Notes	$	399.4	$	411.0	$	411.0	$	—	$	—
Other long-term obligations	$	89.2	$	82.5	$	—	$	82.5	$	—
Other liabilities	$	20.3	$	20.3	$	—	$	2.8	$	17.5

	December 31, 2018
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	479.6	$	479.6	$	479.6	$	—	$	—
Held-to-maturity securities	$	7.5	$	7.9	$	—	$	7.9	$	—
Promissory notes	$	16.9	$	17.4	$	—	$	17.4	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,907.9	$	1,886.3	$	1,886.3	$	—	$	—
5.625% Notes	$	399.3	$	360.0	$	360.0	$	—	$	—
Other long-term obligations	$	104.6	$	96.3	$	—	$	96.3	$	—
Other liabilities	$	21.9	$	21.8	$	—	$	2.8	$	19.0

Summary of the changes in fair value of Level 3 liabilities

The following table summarizes the changes in fair value of our Level 3 liabilities measured on a recurring basis:

	Other Liabilities
(in millions)	Contingent Consideration
Balance as of January 1, 2019	$	19.0
Payments	(8.5		)
Included in earnings (1)	7.0
Balance as of September 30, 2019	$	17.5

(1)

The expense is included in “General and administrative” within our unaudited Condensed Consolidated Statements of Operations.

Summary of significant unobservable inputs used in calculating Level 3 assets and liabilities

The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of September 30, 2019:

	Valuation Technique	Unobservable Input	Discount Rate
Contingent consideration - Plainridge Park Casino	Discounted cash flow	Discount rate	6.33%