Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment

The tables below present net revenue from external customers and intercompany revenue from each of our segments, Adjusted EBITDA by segment and reconciles comprehensive income to Adjusted EBITDA:

	Years Ended December 31,
(in millions)	2021		2020		2019
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	128.1	$	63.3	$	187.6
Derby City Gaming	154.3		79.5		86.6
Oak Grove	100.7		16.6		—
Turfway Park	8.1		7.1		2.5
Newport	17.9		3.1		—
Total Live and Historical Racing	409.1		169.6		276.7
TwinSpires:
Horse Racing	396.9		403.2		289.9
Sports and Casino	34.8		11.3		5.7
Total TwinSpires	431.7		414.5		295.6
Gaming:
Fair Grounds and VSI	133.6		97.6		123.0
Presque Isle	119.6		73.1		137.5
Ocean Downs	100.6		60.2		85.9
Calder	100.0		51.8		99.8
Oxford Casino	99.8		44.9		101.7
Riverwalk Casino	61.2		46.3		56.1
Harlow’s Casino	56.1		40.7		54.0
Lady Luck Nemacolin	24.5		20.7		29.3
Total Gaming	695.4		435.3		687.3
All Other	61.0		34.6		70.1
Net revenue from external customers	$	1,597.2	$	1,054.0	$	1,329.7
Intercompany net revenues:
Live and Historical Racing:
Churchill Downs Racetrack	$	19.9	$	17.8	$	15.2
Turfway Park	1.6		1.4		0.3
Total Live and Historical Racing	21.5		19.2		15.5
TwinSpires	1.4		1.5		1.1
Gaming:
Fair Grounds and VSI	2.6		2.3		1.9
Presque Isle	0.3		0.2		0.4
Calder	0.1		—		0.1
Total Gaming	3.0		2.5		2.4
All Other	12.9		11.8		11.3
Eliminations	(38.8)		(35.0)		(30.3)
Intercompany net revenue	$	—	$	—	$	—

	Year Ended December 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	64.0	$	380.7	$	28.2	$	472.9	$	29.7	$	502.6
Historical racing(a)	253.0		—		—		253.0		—		253.0
Racing event-related services	68.5		—		1.2		69.7		7.0		76.7
Gaming(a)	—		34.8		622.0		656.8		—		656.8
Other(a)	23.6		16.2		44.0		83.8		24.3		108.1
Total	$	409.1	$	431.7	$	695.4	$	1,536.2	$	61.0	$	1,597.2

	Year Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	46.5	$	387.5	$	22.9	$	456.9	$	18.2	$	475.1
Historical racing(a)	93.6		—		—		93.6		—		93.6
Racing event-related services	21.0		—		3.4		24.4		0.3		24.7
Gaming(a)	—		11.3		381.3		392.6		—		392.6
Other(a)	8.5		15.7		27.7		51.9		16.1		68.0
Total	$	169.6	$	414.5	$	435.3	$	1,019.4	$	34.6	$	1,054.0

	Year Ended December 31, 2019
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	61.1	$	277.1	$	30.7	$	368.9	$	39.0	$	407.9
Historical racing(a)	81.6		—		—		81.6		—		81.6
Racing event-related services	118.6		—		4.1		122.7		5.7		128.4
Gaming(a)	—		5.7		580.1		585.8		—		585.8
Other(a)	15.4		12.8		72.4		100.6		25.4		126.0
Total	$	276.7	$	295.6	$	687.3	$	1,259.6	$	70.1	$	1,329.7

(a)Food and beverage, hotel, and other services furnished to customers for free as an inducement to wager or through the redemption of our customers' loyalty points are recorded at the estimated standalone selling prices in Other revenue with a corresponding offset recorded as a reduction in historical racing pari-mutuel revenue for HRMs or gaming revenue for our casino properties. These amounts were $20.9 million in 2021, $13.1 million in 2020, and $33.4 million in 2019.

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:

	Year Ended December 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	430.6	$	433.1	$	698.4
Taxes and purses	(126.3)		(30.6)		(264.4)
Marketing and advertising	(12.9)		(49.4)		(11.8)
Salaries and benefits	(48.4)		(13.9)		(87.1)
Content expense	(2.5)		(206.6)		(4.7)
Selling, general and administrative expense	(12.8)		(9.2)		(27.9)
Other operating expense	(53.0)		(45.4)		(72.3)
Other income	0.3		—		181.7
Adjusted EBITDA	$	175.0	$	78.0	$	411.9

	Year Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	188.8	$	416.0	$	437.8
Taxes and purses	(64.1)		(25.1)		(171.6)
Marketing and advertising	(6.2)		(16.5)		(7.5)
Salaries & benefits	(32.5)		(13.0)		(75.9)
Content expense	(1.5)		(202.7)		(3.5)
Selling, general and administrative expense	(8.7)		(8.8)		(25.4)
Other operating expense	(36.8)		(37.1)		(59.7)
Other income	0.1		0.1		78.9
Adjusted EBITDA	$	39.1	$	112.9	$	173.1

	Year Ended December 31, 2019
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Net revenue	$	292.2	$	296.7	$	689.7
Taxes and purses	(68.7)		(16.2)		(269.4)
Marketing and advertising	(7.1)		(12.3)		(21.4)
Salaries & benefits	(32.8)		(11.4)		(103.3)
Content expense	(2.6)		(152.2)		(5.3)
Selling, general and administrative expense	(8.3)		(7.1)		(29.1)
Other operating expense	(37.3)		(28.2)		(83.6)
Other income	0.2		—		100.3
Adjusted EBITDA	$	135.6	$	69.3	$	277.9

	Years Ended December 31,
(in millions)	2021		2020		2019
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA:
Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated	$	249.1	$	(81.9)	$	137.5
Net loss attributable to noncontrolling interest	—		0.2		0.3
Net income (loss)	249.1		(82.1)		137.2
Loss from discontinued operations, net of tax	—		95.4		2.4
Income from continuing operations, net of tax	249.1		13.3		139.6
Additions:
Depreciation and amortization	103.2		92.9		96.4
Interest expense	84.7		80.0		70.9
Income tax provision (benefit)	94.5		(5.3)		56.8
EBITDA	$	531.5	$	180.9	$	363.7
Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	27.8	$	23.7	$	23.8
Legal reserves	—		—		3.6
Other charges	0.2		0.8		0.4
Pre-opening expense and other expense	5.8		11.2		5.1
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	41.5		38.5		32.6
Changes in fair value of Rivers Des Plaines' interest rate swaps	(12.9)		12.9		12.4
Rivers Des Plaines' legal reserves and transactions costs	9.9		—		4.7
Other charges and recoveries, net	—		—		(0.2)
Transaction expense, net	7.9		1.0		5.3
Asset impairments	15.3		17.5		—
Total adjustments to EBITDA	95.5		105.6		87.7
Adjusted EBITDA	$	627.0	$	286.5	$	451.4
Adjusted EBITDA by segment:
Live and Historical Racing	$	175.0	$	39.1	$	135.6
TwinSpires	78.0		112.9		69.3
Gaming	411.9		173.1		277.9
Total segment Adjusted EBITDA	664.9		325.1		482.8
All Other	(37.9)		(38.6)		(31.4)
Total Adjusted EBITDA	$	627.0	$	286.5	$	451.4

Schedule of Total Assets and Capital Expenditures by Operating Segment

The table below presents total asset information for each of our segments:

	December 31,
(in millions)	2021		2020
Total assets:
Live and Historical Racing	$	682.7	$	663.1
TwinSpires	271.8		257.2
Gaming	1,003.3		950.3
Total segment assets	1,957.8		1,870.6
All Other	1,023.8		815.8
	$	2,981.6	$	2,686.4

The table below presents total capital expenditures for each of our segments:

	Years Ended December 31,
(in millions)	2021		2020		2019
Capital expenditures:
Live and Historical Racing	$	60.1	$	213.3	$	77.7
TwinSpires	17.4		6.6		9.7
Gaming	10.3		11.6		37.1
Total segment capital expenditures	87.8		231.5		124.5
All Other	4.0		2.7		6.7
Total capital expenditures	$	91.8	$	234.2	$	131.2