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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 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:
| December 31, 2019
(in millions) | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 437.4 |  |  | $ | 437.4 |  |  | $ | 437.4 |  |  | $ | — |  |  | $ | — |
Equity securities | $ | 40.5 |  |  | $ | 40.5 |  |  | $ | — |  |  | $ | 40.5 |  |  | $ | — |
Held-to-maturity securities | $ | 6.7 |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 6.7 |  |  | $ | — |
Promissory notes | $ | 15.1 |  |  | $ | 15.1 |  |  | $ | — |  |  | $ | 15.1 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |
Senior Secured Credit Facilities | $ | 1,896.5 |  |  | $ | 1,930.6 |  |  | $ | 1,930.6 |  |  | $ | — |  |  | $ | — |
5.625% Notes | $ | 399.4 |  |  | $ | 426.0 |  |  | $ | 426.0 |  |  | $ | — |  |  | $ | — |
Other long-term obligations | $ | 89.2 |  |  | $ | 89.7 |  |  | $ | — |  |  | $ | 89.7 |  |  | $ | — |
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 Purchase Price
Balance as of January 1, 2017 | $ | 48.2 |
Additions | 0.9 |
Payments | (19.6 | )
Included in earnings (1) | (6.8 | )
Balance as of December 31, 2017 | 22.7 |
Payments | (4.2 | )
Included in earnings (1) | 0.5 |
Balance as of December 31, 2018 | 19.0 |
Payments | (8.5 | )
Included in earnings (1) | 7.0 |
Balance as of December 31, 2019 | $ | 17.5 |
(1) The expense is included in “General and administrative” within our Consolidated Statements of Income.
Schedule of the assets measured at fair value on a non-recurring basis | The following table sets forth the assets measured at fair value on a non-recurring basis during the years ended December 31, 2019 and 2018:
(in millions) | Valuation Date |  | Valuation Technique |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Balance |  | Total Reduction in Fair Value Recorded
Goodwill | 10/1/2019 |  | Discounted cash flow and market approach |  | $ | — |  |  | $ | — |  |  | $ | 161.1 |  |  | $ | 161.1 |  |  | $ | (88.0 | )
Gaming licenses | 10/1/2019 |  | Discounted cash flow |  | $ | — |  |  | $ | — |  |  | $ | 290.0 |  |  | $ | 290.0 |  |  | $ | (62.6 | )
Trademarks | 10/1/2019 |  | Discounted cash flow |  | $ | — |  |  | $ | — |  |  | $ | 87.5 |  |  | $ | 87.5 |  |  | $ | (20.0 | )
Property and equipment (1) | 12/31/2018 |  | Cost and market approach |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (34.3 | )
(1) The fair value, which was concluded to be zero, of our property and equipment associated with Resorts Casino Tunica was determined using Level 2 inputs. See Note 7, “Property and Equipment” for more information.
Summary of significant unobservable inputs used in fair value calculations | The following table presents quantitative information about the significant unobservable inputs used in the fair value measurements of other indefinite-lived intangible assets as of the valuation date below:
(in millions) | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range or Amount
As of October 1, 2019 |  |  |  |  |  |  |
Gaming licenses | $ | 290.0 |  |  | Discounted cash flow |  | Discount rate |  | 10.5% - 11.25% |
|  |  |  |  | Long-term revenue growth rate |  | 2.0 | %
Trademarks | $ | 87.5 |  |  | Discounted cash flow |  | Discount rate |  | 10.5% - 11.25% |
|  |  |  |  | Long-term revenue growth rate |  | 2.0 | %
|  |  |  |  | Pretax royalty rate |  | 1.0% - 2.0% |
The following table summarizes the significant unobservable inputs used in calculating fair value for our Level 3 liabilities on a recurring basis as of December 31, 2019:
| Valuation Technique |  | Unobservable Input |  | Discount Rate
Plainridge Park Casino contingent purchase price | Discounted cash flow |  | Discount rate |  | 5.63%

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