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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
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, 2020
(in millions) | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,873.1 |  |  | $ | 1,873.1 |  |  | $ | 1,873.1 |  |  | $ | — |  |  | $ | — |
Equity securities | $ | 112.1 |  |  | $ | 112.1 |  |  | $ | — |  |  | $ | 112.1 |  |  | $ | — |
Held-to-maturity securities | $ | 6.7 |  |  | $ | 6.7 |  |  | $ | — |  |  | $ | 6.7 |  |  | $ | — |
Promissory notes | $ | 15.1 |  |  | $ | 15.4 |  |  | $ | — |  |  | $ | 15.4 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |
Senior Secured Credit Facilities | $ | 1,723.7 |  |  | $ | 1,713.7 |  |  | $ | 1,713.7 |  |  | $ | — |  |  | $ | — |
5.625% Notes | $ | 399.4 |  |  | $ | 415.0 |  |  | $ | 415.0 |  |  | $ | — |  |  | $ | — |
Convertible Notes | $ | 236.6 |  |  | $ | 1,057.6 |  |  | $ | 1,057.6 |  |  | $ | — |  |  | $ | — |
Other long-term obligations | $ | 80.8 |  |  | $ | 81.1 |  |  | $ | — |  |  | $ | 81.1 |  |  | $ | — |
Other liabilities | $ | 9.8 |  |  | $ | 9.8 |  |  | $ | — |  |  | $ | 2.8 |  |  | $ | 7.0 |
| 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 |
Schedule 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, 2020 | $ | 17.5 |
Payments | (9.1) |
Included in loss (1) | (1.4) |
Balance as of September 30, 2020 | $ | 7.0 |
(1)The reduction in expense is included in “General and administrative” within our unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
Schedule of Assets Measured at Fair Value on a Nonrecurring | The following table sets forth the assets measured at fair value on a non-recurring basis during the nine months ended September 30, 2020:
(in millions) | Valuation Date |  | Valuation Technique |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Balance |  | Total Reduction in Fair Value Recorded
Goodwill | 3/31/2020 |  | Discounted cash flow and market approach |  | $ | — |  |  | $ | — |  |  | $ | 160.5 |  |  | $ | 160.5 |  |  | $ | (113.0) |
Gaming licenses | 3/31/2020 |  | Discounted cash flow |  | $ | — |  |  | $ | — |  |  | $ | 568.0 |  |  | $ | 568.0 |  |  | $ | (437.0) |
Trademarks | 3/31/2020 |  | Discounted cash flow |  | $ | — |  |  | $ | — |  |  | $ | 216.5 |  |  | $ | 216.5 |  |  | $ | (61.5) |
Schedule 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, 2020:
| Valuation Technique |  | Unobservable Input |  | Discount Rate
Contingent purchase price - Plainridge Park Casino | Discounted cash flow |  | Discount rate |  | 5.67%
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 March 31, 2020 |  |  |  |  |  |  |
Gaming licenses | $ | 568.0 |  |  | Discounted cash flow |  | Discount rate |  | 13.25% - 14.0%
|  |  |  |  | Long-term revenue growth rate |  | 2.0 | %
Trademarks | $ | 216.5 |  |  | Discounted cash flow |  | Discount rate |  | 13.25% - 14.0%
|  |  |  |  | Long-term revenue growth rate |  | 2.0 | %
|  |  |  |  | Pretax royalty rate |  | 1.0% - 2.0%

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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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