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Fair Value Measurements (Tables) | 9 Months Ended
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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%

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- 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=117815213&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=117815213&loc=d3e19279-110258 + Details
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