Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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:



	March 31, 2019
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	400,280	$	400,280	$	400,280	$	—	$	—
Held-to-maturity securities	$	7,466	$	7,931	$	—	$	7,931	$	—
Promissory notes	$	16,853	$	17,491	$	—	$	17,491	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,877,885	$	1,893,268	$	1,893,268	$	—	$	—
5.625% Notes	$	399,353	$	389,520	$	389,520	$	—	$	—
Other long-term obligations	$	96,646	$	89,408	$	—	$	89,408	$	—
Other liabilities	$	26,556	$	26,548	$	—	$	2,810	$	23,738



	December 31, 2018
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Cash and cash equivalents	$	479,598	$	479,598	$	479,598	$	—	$	—
Held-to-maturity securities	$	7,466	$	7,879	$	—	$	7,879	$	—
Promissory notes	$	16,853	$	17,415	$	—	$	17,415	$	—
Financial liabilities:
Long-term debt
Senior Secured Credit Facilities	$	1,907,932	$	1,886,333	$	1,886,333	$	—	$	—
5.625% Notes	$	399,332	$	360,000	$	360,000	$	—	$	—
Other long-term obligations	$	104,583	$	96,338	$	—	$	96,338	$	—
Other liabilities	$	21,863	$	21,857	$	—	$	2,815	$	19,042

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 thousands)	Contingent Purchase Price
Balance as of January 1, 2019	$	19,042
Payments	(21		)
Included in earnings⁽¹⁾	4,717
Balance as of March 31, 2019	$	23,738

(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 March 31, 2019:



	Valuation Technique	Unobservable Input	Discount Rate
Contingent purchase price - Plainridge Park Casino	Discounted cash flow	Discount rate	7.48%