Recast Segment Information

Apr. 20, 2021

Accounting Changes and Error Corrections [Abstract]

Recast Segment Information

CHURCHILL DOWNS INCORPORATED

Recast Segment Operating Results

(unaudited)

	Three Months Ended								Year Ended December 31,
(in millions)	March 31, 2020		June 30, 2020		September 30, 2020		December 31, 2020		2020		2019
Net revenue:
Live and Historical Racing	$	28.1	$	23.3	$	63.8	$	54.4	$	169.6	$	276.7
TwinSpires	69.1		121.3		127.1		97.0		414.5		295.6
Gaming	145.9		37.3		133.5		118.6		435.3		687.3
All Other	9.8		3.2		13.4		8.2		34.6		70.1
Total net revenue	252.9		185.1		337.8		278.2		1,054.0		1,329.7
Operating expense:
Live and Historical Racing	33.1		33.1		55.7		57.1		179.0		178.8
TwinSpires	50.8		74.7		84.0		66.3		275.8		207.9
Gaming	124.1		45.5		96.2		92.1		357.9		526.0
All Other	14.6		9.6		13.1		10.5		47.8		74.0
Selling, general and administrative expense	24.1		22.4		38.8		29.5		114.8		122.0
Impairment of intangible assets	17.5		—		—		—		17.5		—
Transaction expense, net	0.3		0.2		0.5		—		1.0		5.3
Total operating expense	264.5		185.5		288.3		255.5		993.8		1,114.0
Operating (loss) income	$	(11.6)	$	(0.4)	$	49.5	$	22.7	$	60.2	$	215.7

NOTE: There were no changes to line items in our consolidated statements of comprehensive income (loss) below operating income for any annual or interim period.