View Filing Data

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Summary Information from Discontinued Operations, Net of Tax

The following table presents the financial results of Big Fish Games included in "Income from discontinued operations, net of tax" in the accompanying consolidated statements of comprehensive income:


	Years Ended December 31,
(in millions)	2019		2018		2017
Net revenue	$	—	$	13.2	$	466.0

Operating expenses	—		8.4		369.0
Selling, general and administrative expense	3.5		6.0		27.8
Research and development	—		0.9		39.6
Transaction expense, net	—		—		4.7
Total operating expense	3.5		15.3		441.1
Operating (loss) income	(3.5)		(2.1)		24.9
Other income (expense)
Gain on sale of Big Fish Games	—		219.5		—
Other expense	—		0.1		(1.7)
Total other income (loss)	—		219.6		(1.7)

(Loss) income from discontinued operations before provision for income taxes	(3.5)		217.5		23.2
Income tax benefit (provision)	1.1		(47.3)		(5.1)
(Loss) income from discontinued operations, net of tax	$	(2.4)	$	170.2	$	18.1

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Consolidated Statements Of Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net revenue:
Churchill Downs	$ 274.2	$ 195.8	$ 161.3
Online Wagering	290.5	290.2	255.6
Gaming	692.4	449.5	389.3
All Other	72.6	73.5	76.4
Total net revenue	1,329.7	1,009.0	882.6
Operating expense:
Churchill Downs	163.8	116.3	89.5
Online Wagering	205.8	196.1	170.2
Gaming	528.1	331.0	293.8
All Other	89.0	75.9	75.9
Selling, general and administrative expense	122.0	90.6	83.5
Impairment of tangible and other intangible assets	0.0	0.0	21.7
Transaction expense, net	5.3	10.3	2.3
Total operating expense	1,114.0	820.2	736.9
Operating income	215.7	188.8	145.7
Other income (expense):
Interest expense, net	(70.9)	(40.1)	(49.3)
Loss on extinguishment of debt	0.0	0.0	(20.7)
Equity in income of unconsolidated investments	50.6	29.6	25.5
Gain on Ocean Downs/Saratoga transaction	0.0	54.9	0.0
Miscellaneous, net	1.0	0.7	1.3
Total other (expense) income	(19.3)	45.1	(43.2)
Income from continuing operations before provision for income taxes	196.4	233.9	102.5
Income tax (provision) benefit	(56.8)	(51.3)	19.9
Income from continuing operations, net of tax	139.6	182.6	122.4
(Loss) income from discontinued operations, net of tax	(2.4)	170.2	18.1
Net income	137.2	352.8	140.5
Net loss attributable to noncontrolling interest	0.3	0.0	0.0
Net income attributable to Churchill Downs Incorporated	$ 137.5	$ 352.8	$ 140.5
Net income (loss) per common share data - basic:
Continuing operations (in dollars per share)	$ 3.49	$ 4.42	$ 2.59
Discontinued operations (in dollars per share)	(0.06)	4.12	0.38
Net income per common share - basic (in dollars per share)	3.43	8.54	2.97
Net income (loss) per common share data - diluted:
Continuing operations (in dollars per share)	3.44	4.39	2.55
Discontinued operations (in dollars per share)	(0.06)	4.09	0.37
Net income per common share - diluted (in dollars per share)	$ 3.38	$ 8.48	$ 2.92
Weighted average shares outstanding:
Basic (in shares)	40.1	41.3	47.2
Diluted (in shares)	40.6	41.6	48.0
Other comprehensive income (loss):
Foreign currency translation, net of tax	$ 0.0	$ 0.6	$ (0.1)
Change in pension benefits, net of tax	0.0	(0.2)	0.0
Other comprehensive income (loss)	0.0	0.4	(0.1)
Comprehensive income attributable to CDI	$ 137.5	$ 353.2	$ 140.4

Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Shares outstanding, beginning (in shares) at Dec. 31, 2016		49.5
Shareholders' equity, beginning at Dec. 31, 2016	$ 685.0	$ 116.5	$ 569.7	$ (1.2)	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	140.5		140.5
Issuance of common stock (in shares)		0.1
Issuance of common stock	2.1	$ 2.1
Repurchase of common stock (in shares)		(3.4)
Repurchase of common stock	(180.9)	$ (138.4)	(42.5)
Taxes paid related to net share settlement of stock awards (in shares)		(0.2)
Taxes paid related to net share settlement of stock awards	(10.0)		(10.0)
Issuance of restricted stock awards, net of forfeitures (in shares)		0.2
Stock-based compensation	27.1	$ 27.1
Cash dividends	(23.4)		(23.4)
Foreign currency translation, net of tax	(0.1)			(0.1)
Change in pension benefits, net of tax	0.0
Shares outstanding, ending (in shares) at Dec. 31, 2017		46.2
Shareholders' equity, ending at Dec. 31, 2017	640.3	$ 7.3	634.3	(1.3)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASC	29.7		29.7
Net income	352.8		352.8
Issuance of common stock (in shares)		0.3
Issuance of common stock	1.5	$ 1.5
Repurchase of common stock (in shares)		(6.1)
Repurchase of common stock	(533.9)	$ (29.9)	(504.0)
Taxes paid related to net share settlement of stock awards (in shares)		(0.1)
Taxes paid related to net share settlement of stock awards	(15.6)		(15.6)
Issuance of restricted stock awards, net of forfeitures (in shares)		0.1
Stock-based compensation	21.1	$ 21.1
Cash dividends	(23.0)		(23.0)
Foreign currency translation, net of tax	0.6			0.6
Change in pension benefits, net of tax	(0.2)			(0.2)
Shares outstanding, ending (in shares) at Dec. 31, 2018		40.4
Shareholders' equity, ending at Dec. 31, 2018	473.3	$ 0.0	474.2	(0.9)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASC	(0.3)		(0.3)
Net income	137.2		137.5		(0.3)
Contributions from noncontrolling interest	3.0				3.0
Issuance of common stock (in shares)		0.2
Issuance of common stock	1.9	$ 1.9
Repurchase of common stock (in shares)		(0.9)
Repurchase of common stock	(93.0)	$ (25.7)	(67.3)
Taxes paid related to net share settlement of stock awards (in shares)		(0.1)
Taxes paid related to net share settlement of stock awards	(11.5)		(11.5)
Issuance of restricted stock awards, net of forfeitures (in shares)		0.1
Stock-based compensation	23.8	$ 23.8
Cash dividends	(23.4)		(23.4)
Foreign currency translation, net of tax	0.0
Change in pension benefits, net of tax	0.0
Shares outstanding, ending (in shares) at Dec. 31, 2019		39.7
Shareholders' equity, ending at Dec. 31, 2019	$ 511.0	$ 0.0	$ 509.2	$ (0.9)	$ 2.7

Significant Accounting Policies - Cumulative Effect of Changes Due to Adoption of ASU 2014-09 (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Assets [Abstract]
Other current assets	$ 26.9	$ 22.1	$ 22.4
Property and equipment, net	912.5	782.8	757.5
Liabilities [Abstract]
Accrued expenses and other current liabilities		93.6	89.8
Other liabilities	39.4	37.2	15.7
SHAREHOLDERS' EQUITY
Retained earnings	$ 509.2	473.9	$ 474.2
Difference between Revenue Guidance in Effect before and after Topic 606 \| Adoption of ASC 842
Assets [Abstract]
Other current assets		(0.3)
Property and equipment, net		25.3
Liabilities [Abstract]
Accrued expenses and other current liabilities		3.8
Other liabilities		21.5
SHAREHOLDERS' EQUITY
Retained earnings		$ (0.3)

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Lease liabilities	$ 6.8
Deferred compensation plans	5.9	$ 5.8
Deferred income	4.8	5.6
Net operating losses and credit carryforward	3.4	3.7
Deferred liabilities	2.7	2.2
Allowance for uncollectible receivables	1.0	0.9
Deferred tax assets	24.6	18.2
Valuation allowance	(0.2)	(0.2)
Net deferred tax asset	24.4	18.0
Deferred tax liabilities:
Equity investments in excess of tax basis	114.8	6.9
Intangible assets in excess of tax basis	60.2	49.3
Property and equipment in excess of tax basis	53.4	38.7
Right-of-use assets	6.8
Other	2.0	1.3
Deferred tax liabilities	237.2	96.2
Net deferred tax liability	$ (212.8)	$ (78.2)

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS Churchill Downs Incorporated (the "Company", "we", "us", "our") is an industry-leading racing, online wagering and gaming entertainment company anchored by our iconic flagship event - The Kentucky Derby. We own and operate Derby City Gaming, a historical racing machine ("HRM") facility in Louisville, Kentucky. We also own and operate the largest online horse racing wagering platform in the U.S., TwinSpires.com, and we operate sports betting and iGaming through our BetAmerica platform in multiple states. We are also a leader in brick-and-mortar casino gaming with approximately 11,000 slot machines and video lottery terminals ("VLTs") and 200 table games in eight states. We were organized as a Kentucky corporation in 1928, and our principal executive offices are located in Louisville, Kentucky. Segments During the first quarter of 2019, we realigned our operating segments to reflect the internal management reporting used by our chief operating decision maker to evaluate results of operations and to assess performance and allocate resources. Our internal management reporting changed primarily due to the continued growth in our Churchill Downs Racetrack and Derby City Gaming business and our casino and associated racing businesses, which resulted in our chief operating decision maker's decision to realign our operating segments primarily based on the regulatory licenses governing each business. Since each of these individual businesses operates under single or interdependent licenses, each of these businesses represents an operating segment. As our TwinSpires business and online sports betting and iGaming businesses are managed together, these businesses represent an operating segment. For financial reporting purposes, we aggregate our operating segments that are similar into three reportable segments as follows: •Churchill Downs The Churchill Downs segment includes live and historical pari-mutuel racing related revenue and expenses at Churchill Downs Racetrack and Derby City Gaming. Churchill Downs Racetrack is the home of The Kentucky Derby and conducts live racing during the year. Derby City Gaming is an HRM facility that operates under the Churchill Downs pari-mutuel racing license at its auxiliary training facility in Louisville, Kentucky. Churchill Downs Racetrack and Derby City Gaming earn commissions primarily from pari-mutuel wagering on live races at Churchill Downs and on historical races at Derby City Gaming; simulcast fees earned from other wagering sites; admissions, personal seat licenses, sponsorships, television rights, and other miscellaneous services (collectively "racing event-related services"), as well as food and beverage services. •Online Wagering The Online Wagering segment includes the revenue and expenses for the TwinSpires business ("TwinSpires") and the online sports betting and iGaming business. TwinSpires operates our online horse racing wagering business on TwinSpires.com, BetAmerica.com and other white-label platforms; facilitates high dollar wagering by international customers ("Velocity"); and provides the Bloodstock Research Information Services ("BRIS") platform for horse racing statistical data. Our sports betting and iGaming business operates the BetAmerica sports betting and casino iGaming platform in multiple states, including Mississippi, New Jersey, Indiana, Pennsylvania, and Arkansas. The mobile and online BetAmerica sports betting and casino iGaming results are included in the Online Wagering segment and the retail operations are included in the Gaming segment. •Gaming The Gaming segment includes revenue and expenses for the casino properties and associated racetrack or jai alai facilities which support the casino license as applicable. The Gaming segment has approximately 11,000 slot machines and video lottery terminals ("VLTs") and 200 table games located in eight states. The Gaming segment revenue and expenses includes the following properties: ◦Calder Casino and Racing ("Calder") ◦Fair Grounds Slots, Fair Grounds Race Course, and Video Services, LLC ("VSI") (collectively, "Fair Grounds and VSI") ◦Harlow’s Casino Resort and Spa ("Harlow's") ◦Lady Luck Casino Nemacolin ("Lady Luck Nemacolin") management agreement ◦Ocean Downs Casino and Racetrack ("Ocean Downs") ◦Oxford Casino and Hotel ("Oxford") ◦Presque Isle Downs and Casino ("Presque Isle") ◦Riverwalk Casino Hotel ("Riverwalk") The Gaming segment also includes net income for our ownership portion of the Company’s equity investments in the following: ◦61.3% equity investment in Midwest Gaming Holdings, LLC ("Midwest Gaming"), the parent company of Rivers Casino Des Plaines in Des Plaines, Illinois ("Rivers Des Plaines") ◦50% equity investment in Miami Valley Gaming and Racing ("MVG") The Gaming segment generates revenue and expenses from slot machines, table games, VLTs, video poker, retail sports betting, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, racing event-related services, and / or other miscellaneous operations. We have aggregated the following businesses as well as certain corporate operations, and other immaterial joint ventures in "All Other" to reconcile to consolidated results: •Arlington International Racecourse ("Arlington") •United Tote •Oak Grove Racing and Gaming ("Oak Grove") •Turfway Park •Corporate We conduct our business through these reportable segments and report net revenue and operating expense associated with these reportable segments in the accompanying consolidated statements of comprehensive income. The prior year results were reclassified to conform to this presentation. Effective January 1, 2019, the Company does not allocate corporate and other related expenses to the reportable segments in the accompanying consolidated statements of comprehensive income. The prior year results in the accompanying consolidated statements of comprehensive income were reclassified to conform to this presentation. Acquisitions of Presque Isle and Lady Luck Nemacolin On January 11, 2019, we completed the acquisition of Presque Isle located in Erie, Pennsylvania from Eldorado Resorts, Inc. ("ERI") for cash consideration of $178.9 million (the "Presque Isle Transaction") and $1.6 million of working capital and other purchase price adjustments. On March 8, 2019, the Company assumed management and acquired certain assets related to the management of Lady Luck Nemacolin in Farmington, Pennsylvania, from ERI for cash consideration of $100,000 (the "Lady Luck Nemacolin Transaction"). For additional information on the Presque Isle Transaction and the Lady Luck Nemacolin Transaction, refer to Note 3, Acquisitions. Acquisition of Certain Ownership Interests of Rivers Des Plaines On March 5, 2019, the Company completed the acquisition of certain ownership interests of Midwest Gaming, the parent company of Rivers Des Plaines to acquire approximately 42% of Midwest Gaming from affiliates and co-investors of Clairvest Group Inc. ("Clairvest") and members of High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC and Casino Investors, LLC ("Casino Investors") for cash consideration of approximately $406.6 million and $3.5 million of certain transaction costs and working capital adjustments (the "Sale Transaction"). Following the closing of the Sale Transaction, the parties completed a recapitalization transaction on March 6, 2019 (the "Recapitalization"), pursuant to which Midwest Gaming used approximately $300.0 million in proceeds from amended and extended credit facilities to redeem, on a pro rata basis, additional Midwest Gaming units held by High Plaines and Casino Investors. As a result of the Recapitalization, the Company's ownership of Midwest Gaming increased to 61.3%. High Plaines retained ownership of 36.0% of Midwest Gaming and Casino Investors retained ownership of 2.7% of Midwest Gaming. We also recognized a $103.2 million deferred tax liability and a corresponding increase in our investment in unconsolidated affiliates related to an entity we acquired in conjunction with our acquisition of the Clairvest ownership stake in Midwest Gaming. For additional information on the Sale Transaction, refer to Note 14, Investments in and Advances to Unconsolidated Affiliates. Turfway Park Acquisition The Company completed the acquisition of Turfway Park from Jack Entertainment LLC ("JACK") and Hard Rock International (“Hard Rock”) on October 9, 2019 for total consideration of $46.0 million in cash ("Turfway Park Acquisition"). Turfway Park is located on 197 acres in Florence, Kentucky. The Company has announced plans and has begun to invest up to $150.0 million (including the Turfway Park Acquisition total consideration of $46.0 million) in a state-of-the-art live and historical thoroughbred racing facility at Turfway Park. Of the $46.0 million total consideration, $36.0 million, less $0.9 million of working capital and purchase price adjustments, was accounted for as a business combination. The remaining $10.0 million was paid to Hard Rock for the assignment of the purchase and sale agreement rights and was accounted for separately from the business combination as an intangible asset and was amortized through expense in the fourth quarter of 2019. Refer to Note 3, Acquisitions, for additional information on the Turfway Park Acquisition. Stock Split On January 25, 2019, the Company distributed the additional shares resulting from a previously announced three-for-one split (the "Stock Split") of the Company's common stock for shareholders of record as of January 11, 2019. Our common stock began trading at the split-adjusted price on January 28, 2019. All share and per-share amounts in the Company’s consolidated financial statements and related notes have been retroactively adjusted for prior periods to reflect the effects of the Stock Split.

Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 09, 2019
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	$ 369.8	$ 369.8	$ 264.0
Definite lived intangible assets	16.3	16.3	18.0
Amortization of definite-lived intangible assets		15.0	6.0	$ 6.8
Finite-lived intangible assets acquired		32.1	0.0	0.0
Additional payments not included in future estimated amortization expense	2.3	2.3
Other
Finite-Lived Intangible Assets [Line Items]
Definite lived intangible assets	7.2	7.2	7.2
Total Churchill Downs
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired		2.3	2.3
Gaming rights
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	303.2	303.2	216.4
Gaming rights \| Online Wagering
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	8.0	8.0
Gaming rights \| Gaming
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	3.0	3.0
Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	50.2	50.2	29.5
Illinois Horseracing Equity Trust \| Churchill Downs
Finite-Lived Intangible Assets [Line Items]
Impairment of indefinite lived intangible assets				3.3
Presque Isle \| Gaming rights
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	56.0	56.0
Presque Isle \| Gaming rights \| Online Wagering
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	10.0	10.0
Presque Isle \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	15.2	15.2
Turfway Park
Finite-Lived Intangible Assets [Line Items]
Amortization of definite-lived intangible assets	10.0
Purchase and sale agreement rights					$ 10.0
Turfway Park \| Gaming rights
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	9.8	9.8
Turfway Park \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	$ 5.5	$ 5.5
Ocean Downs \| Other
Finite-Lived Intangible Assets [Line Items]
Definite lived intangible assets			2.3
Ocean Downs \| Gaming rights
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)			87.0
Ocean Downs \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)			8.3
Derby City Gaming \| Other
Finite-Lived Intangible Assets [Line Items]
Definite lived intangible assets			$ 0.1
Bluff Media \| Online Wagering
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)				4.7
Bluff Media \| Trademarks \| Online Wagering
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)				4.5
Bluff Media \| Customer Relationships \| Online Wagering
Finite-Lived Intangible Assets [Line Items]
Impairment of definite lived intangible assets				$ 0.2

Stock-Based Compensation Plans - Activity for Awards Made Outside of Share-Based Compensation Plans (Details) - ELTI Plan, the 2013 New Company LTIP, the 2007 Incentive Plan and awards made outside of stock-based compensation plans - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Shares/Units
Shares outstanding, beginning of period (in shares)	596	440	590
Shares, granted (in shares)	188	449	238
Shares, performance adjustment (in shares)	87	70	45
Shares, vested (in shares)	(287)	(346)	(430)
Shares cancelled/forfeited (in shares)	(5)	(17)	(3)
Shares outstanding, end of period (in shares)	579	596	440
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 68.66	$ 47.23	$ 37.23
Shares, weighted average grant date fair value, granted (in dollars per share)	93.96	75.39	53.25
Shares, weighted average grant date fair value, adjustments (in dollars per share)	55.75	47.01	51.00
Shares, weighted average grant date fair value, vested (in dollars per share)	61.57	46.60	39.98
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	77.59	54.49	41.92
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 78.45	$ 68.66	$ 47.23
Market Condition & Performance-Based Awards
Number of Shares/Units
Shares outstanding, beginning of period (in shares)	321	124	110
Shares, granted (in shares)	58	256	65
Shares, performance adjustment (in shares)	87	70	45
Shares, vested (in shares)	(152)	(129)	(96)
Shares cancelled/forfeited (in shares)	0	0	0
Shares outstanding, end of period (in shares)	314	321	124
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 65.77	$ 51.59	$ 48.86
Shares, weighted average grant date fair value, granted (in dollars per share)	92.90	68.32	55.75
Shares, weighted average grant date fair value, adjustments (in dollars per share)	55.75	47.01	51.00
Shares, weighted average grant date fair value, vested (in dollars per share)	55.75	47.01	51.00
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	0	0	0
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 72.84	$ 65.77	$ 51.59
Service Period Awards
Number of Shares/Units
Shares outstanding, beginning of period (in shares)	275	316	480
Shares, granted (in shares)	130	193	173
Shares, performance adjustment (in shares)	0	0	0
Shares, vested (in shares)	(135)	(217)	(334)
Shares cancelled/forfeited (in shares)	(5)	(17)	(3)
Shares outstanding, end of period (in shares)	265	275	316
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 72.03	$ 45.51	$ 36.90
Shares, weighted average grant date fair value, granted (in dollars per share)	94.42	84.78	52.31
Shares, weighted average grant date fair value, adjustments (in dollars per share)	0	0	0
Shares, weighted average grant date fair value, vested (in dollars per share)	68.15	46.35	36.79
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	77.59	54.49	41.92
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 85.07	$ 72.03	$ 45.51

Quarterly Results of Operations (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Results of Operations


(in millions, except per common share data)	Year Ended December 31, 2019
	First Quarter^(a)		Second Quarter		Third Quarter		Fourth Quarter^(b)
Net revenues	$	265.4	$	477.4	$	306.3	$	280.6
Operating income	28.0		156.4		27.8		3.5
Income from continuing operations, net of tax	11.9		108.3		15.2		4.2
Income (loss) from discontinued operations, net of tax	(0.3)		(1.2)		(0.4)		(0.5)

Net income (loss) per common share - basic ^(e):
Continuing operations	$	0.30	$	2.70	$	0.38	$	0.11
Discontinued operations	$	(0.01)	$	(0.03)	$	(0.01)	$	(0.01)
Net income per common share - basic	$	0.29	$	2.67	$	0.37	$	0.10

Net income (loss) per common share - diluted ^(e):
Continuing operations	$	0.30	$	2.66	$	0.37	$	0.11
Discontinued operations	$	(0.01)	$	(0.03)	$	(0.01)	$	(0.01)
Net income per common share - diluted	$	0.29	$	2.63	$	0.36	$	0.10


(in millions, except per common share data)	Year Ended December 31, 2018
	First Quarter^(c)		Second Quarter		Third Quarter^(d)		Fourth Quarter
Net revenues	$	189.3	$	379.4	$	221.3	$	219.0
Operating income	19.7		136.6		20.5		12.0
Income from continuing operations, net of tax	14.1		103.2		58.0		7.3
Income (loss) from discontinued operations, net of tax	167.9		(0.1)		(1.7)		4.1

Net income (loss) per common share - basic ^(e):
Continuing operations	$	0.33	$	2.54	$	1.43	$	0.18
Discontinued operations	3.88		—		(0.04)		0.10
Net income per common share - basic	$	4.21	$	2.54	$	1.39	$	0.28

Net income (loss) per common share - diluted ^(e):
Continuing operations	$	0.32	$	2.52	$	1.42	$	0.18
Discontinued operations	3.86		—		(0.04)		0.10
Net income per common share - diluted	$	4.18	$	2.52	$	1.38	$	0.28

(a)First quarter of 2019 includes the acquisitions of Presque Isle and Lady Luck Nemacolin, and equity investment in Midwest Gaming.

(b)Fourth quarter of 2019 includes the acquisition of Turfway Park and $10.0 million accelerated amortization of the purchase and sale rights related to the Turfway Park Acquisition.

(c)First quarter of 2018 includes a $219.5 million gain on the Big Fish Games Transaction, which is included as a discontinued operation.

(d)Third quarter of 2018 includes a $54.9 million gain on the Ocean Downs/Saratoga Transaction.

(e)Net income per common share calculations for each quarter are based on the weighted average number of shares outstanding during the respective period. The sum of the quarters may not equal the full-year income (loss) per share.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Components of the provision for income taxes are as follows:


	Years Ended December 31,
(in millions)	2019		2018		2017
Current provision:
Federal	$	19.2	$	10.1	$	29.5
State and local	6.0		3.8		3.0
	25.2		13.9		32.5
Deferred provision (benefit):
Federal	16.1		35.0		(53.0)
State and local	15.5		2.5		0.8
Foreign	—		(0.1)		(0.2)
	31.6		37.4		(52.4)
	$	56.8	$	51.3	$	(19.9)

Income from continuing operations before provision for income taxes were as follows:


	Years Ended December 31,
(in millions)	2019		2018		2017
Domestic	$	196.4	$	234.2	$	102.2
Foreign	—		(0.3)		0.3
	$	196.4	$	233.9	$	102.5

Our income tax expense is different from the amount computed by applying the federal statutory income tax rate to income from continuing operations before taxes as follows:


	Years Ended December 31,
(in millions)	2019		2018		2017
Federal statutory tax on earnings before income taxes	$	41.2	$	49.1	$	35.9
State income taxes, net of federal income tax benefit	8.0		5.4		2.5
Non-deductible officer's compensation	5.5		2.6		4.7
Re-measurement of deferred taxes	8.3		—		(57.7)
Windfall deduction from equity compensation	(5.2)		(4.7)		(5.2)
Other	(1.0)		(1.1)		(0.1)
	$	56.8	$	51.3	$	(19.9)

During 2019, the Company recognized $8.3 million of income tax expense from the re-measurement of our net deferred tax liabilities based on an increase in income attributable to states with higher tax rates compared to the prior period.

On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Act") was signed into law. The Tax Act significantly revised the U.S. corporate income tax by, among other things, lowering the statutory corporate tax rate from 35% to 21%, eliminating certain deductions, imposing a one-time tax on accumulated earnings of foreign subsidiaries as of 2017, introducing new tax regimes, and changing how foreign earnings are subject to U.S. tax. The Tax Act also enhanced and extended through 2026 the option to claim accelerated depreciation deductions on qualified property.

In 2017, the Company recognized $56.9 million of future tax benefits from the re-measurement of its deferred tax assets and liabilities at December 22, 2017, using the maximum U.S. federal tax rate of 21%, and $0.8 million of tax benefits in relation to the mandatory deemed repatriation of its foreign earnings and profits pursuant to the Tax Act in combination with the reversal of deferred tax liabilities that had been maintained on foreign earnings. In 2018 and 2019, the Company's federal income tax expense was based on the new 21% corporate tax rate.

In accordance with Staff Accounting Bulletin No. 118 (“SAB 118”), the Company recorded provisional tax expense of $5.6 million in 2017 related to non-deductible officer’s compensation and the tax consequences of mandatory deemed repatriation required by the Tax Act. The Company also recorded a provisional tax benefit of $19.7 million for the accelerated cost recovery allowance granted by the Tax Act, effective September 27, 2017. In the fourth quarter of 2018, the Company finalized its accounting for these estimates and recorded immaterial adjustments as of December 31, 2018, including any subsequent impact to the re-measurement of deferred taxes at a reduced tax rate of 21%.

Components of our deferred tax assets and liabilities were as follows:


	As of December 31,
(in millions)	2019		2018
Deferred tax assets:
Lease liabilities	$	6.8	$	—
Deferred compensation plans	5.9		5.8
Deferred income	4.8		5.6
Net operating losses and credit carryforward	3.4		3.7
Deferred liabilities	2.7		2.2
Allowance for uncollectible receivables	1.0		0.9
Deferred tax assets	24.6		18.2
Valuation allowance	(0.2)		(0.2)
Net deferred tax asset	24.4		18.0
Deferred tax liabilities:
Equity investments in excess of tax basis	114.8		6.9
Intangible assets in excess of tax basis	60.2		49.3
Property and equipment in excess of tax basis	53.4		38.7
Right-of-use assets	6.8		—
Other	2.0		1.3
Deferred tax liabilities	237.2		96.2
Net deferred tax liability	$	(212.8)	$	(78.2)

As of December 31, 2019, we had federal net operating losses of $3.2 million which were acquired in conjunction with the 2010 acquisition of Youbet.com. The utilization of these losses, which expire in 2025 and 2026, is limited on an annual basis pursuant to Internal Revenue Code § 382. We believe that we will be able to fully utilize all of these losses. We also have state net operating losses valued at $0.7 million. We have recorded a valuation allowance of $0.2 million against the state net operating losses due to the fact that it is unlikely that we will generate income in certain states which is necessary to utilize the assets.

The Internal Revenue Service has completed audits through 2012. Tax years 2016 and after are open to examination. State and local tax years open for examination vary by jurisdiction.

As of December 31, 2019, we had approximately $1.8 million of total gross unrecognized tax benefits, excluding interest of $0.1 million. If the total gross unrecognized tax benefits were recognized, there would be a $1.8 million effect to the annual effective tax rate. We anticipate a decrease in our unrecognized tax positions of approximately $0.6 million during the next twelve months primarily due to the expiration of statutes of limitation.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in millions)	2019		2018		2017
Balance as of January 1	$	2.8	$	2.9	$	2.3
Additions for tax positions related to the current year	0.1		0.1		0.5
Additions for tax positions of prior years	—		0.1		0.3
Reductions for tax positions of prior years	(1.1)		(0.3)		(0.2)
Balance as of December 31	$	1.8	$	2.8	$	2.9

Goodwill - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Oct. 09, 2019	Mar. 31, 2019	Jan. 11, 2019	Dec. 31, 2017
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 367.1	$ 338.0				$ 317.6
Additions	29.1	20.4
Churchill Downs
Indefinite-lived Intangible Assets [Line Items]
Goodwill				$ 51.7
Churchill Downs Reporting Unit
Indefinite-lived Intangible Assets [Line Items]
Goodwill				49.7
Gaming
Indefinite-lived Intangible Assets [Line Items]
Goodwill				1.0
Arlington Reporting Unit
Indefinite-lived Intangible Assets [Line Items]
Goodwill				$ 1.0
Presque Isle
Indefinite-lived Intangible Assets [Line Items]
Goodwill					$ 26.1
Turfway Park
Indefinite-lived Intangible Assets [Line Items]
Goodwill			$ 3.0
Gaming \| Presque Isle
Indefinite-lived Intangible Assets [Line Items]
Additions	26.1
Gaming \| Turfway Park
Indefinite-lived Intangible Assets [Line Items]
Additions	$ 3.0
Gaming \| Ocean Downs
Indefinite-lived Intangible Assets [Line Items]
Additions		$ 20.4

Revenue From Contracts With Customers - Performance Obligations (Details) $ in Millions	Dec. 31, 2019 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 166.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 47.0
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 36.9
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, amount	$ 31.7
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period

Investment In and Advances to Unconsolidated Affiliates - Additional Information (Details) $ in Millions			12 Months Ended
	Mar. 06, 2019 USD ($)	Mar. 05, 2019 USD ($)	Dec. 31, 2019 USD ($) joint_venture	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Mar. 04, 2019 USD ($)	Aug. 31, 2018	Aug. 30, 2018	Jul. 16, 2018	Jan. 01, 2017
Schedule of Equity Method Investments [Line Items]
Number of immaterial joint ventures \| joint_venture			2
Distributions from unconsolidated affiliates			$ 38.1	$ 19.8	$ 18.0
Deferred tax liability			212.8	78.2
Other assets, net			240.1	106.7
Property and equipment, net			$ 256.1	$ 95.7
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			50.00%
Midwest Gaming Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		42.00%	61.30%
Aggregated cash consideration paid at closing of the Sale Transaction		$ 406.6
Deferred tax liability		103.2				$ 103.2
Carrying value of equity method investment		835.0	$ 834.2
Other assets, net		853.7
Midwest Gaming Holdings, LLC \| Grandstands and buildings
Schedule of Equity Method Investments [Line Items]
Property and equipment, net		(9.5)
Property, plant, and equipment, useful life			35 years 3 months 18 days
Midwest Gaming Holdings, LLC \| Land
Schedule of Equity Method Investments [Line Items]
Property and equipment, net		(13.7)
Midwest Gaming Holdings, LLC \| Personal property
Schedule of Equity Method Investments [Line Items]
Carrying value of equity method investment						$ 4.5
Property, plant, and equipment, useful life			3 years 8 months 12 days
Clairvest Group Inc.
Schedule of Equity Method Investments [Line Items]
Transaction costs and working capital adjustments		3.5
Ocean Downs
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage							100.00%	50.00%	50.00%	50.00%
Saratoga Casino Holdings LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage							25.00%		25.00%
Delaware North Companies Gaming & Entertainment Inc. \| Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			50.00%
Midwest Gaming Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Proceeds from new credit facilities	$ 300.0	$ 300.0
High Plaines \| Midwest Gaming Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			36.00%
Midwest Gaming and Casino Investors \| Midwest Gaming Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			2.70%

Total Debt - Credit Agreements (Details) - USD ($)		12 Months Ended
Total Debt - Credit Agreements (Details) - USD ($)	Dec. 27, 2017	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt		$ 1,473,900,000	$ 884,300,000
Line of Credit
Debt Instrument [Line Items]
Coverage ratio, prior year permitted acquisition amount	$ 100,000,000.0
Line of Credit \| Minimum
Debt Instrument [Line Items]
Maximum leverage ratio	4.0
Minimum interest coverage ratio	2.5
Line of Credit \| Maximum
Debt Instrument [Line Items]
Maximum leverage ratio	4.5
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 700,000,000.0
Available borrowing capacity		$ 694,400,000
Commitment fee percentage		0.30%
Debt issuance costs	$ 1,600,000
Amortization period of debt issuance costs	5 years
Revolving Credit Facility \| Line of Credit \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on variable rate		1.50%
Letter of credit \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000,000.0
Long-term debt		$ 5,600,000
Swing Line Commitment \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000.0
Term Loan B due 2024 \| Line of Credit \| Term Loan B due 2022
Debt Instrument [Line Items]
Face amount of debt issuance	$ 400,000,000.0
Required payment as a percentage of original balance	0.25%
Required periodic payment	$ 1,000,000.0
Debt issuance costs	$ 5,100,000
Amortization period of debt issuance costs	7 years
Term Loan B due 2024 \| Line of Credit \| Term Loan B due 2022 \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Margin on variable rate		2.00%

Acquisitions - Presque Isle (Details) - USD ($) $ in Millions		4 Months Ended	12 Months Ended
	Jan. 11, 2019	Dec. 31, 2018	Dec. 31, 2019	Aug. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Cash acquired in the acquisition				$ 13.1
Goodwill acquired in the acquisition		$ 338.0	$ 367.1		$ 317.6
Revenue since date of acquisition		$ 25.9
Presque Isle
Business Acquisition [Line Items]
Payments to acquire business	$ 178.9
Working capital and other purchase price adjustments	1.6
Cash acquired in the acquisition	8.4
Goodwill acquired in the acquisition	$ 26.1
Revenue since date of acquisition			$ 138.5

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current provision:
Federal	$ 19.2	$ 10.1	$ 29.5
State and local	6.0	3.8	3.0
Current income tax expense (benefit)	25.2	13.9	32.5
Deferred provision (benefit):
Federal	16.1	35.0	(53.0)
State and local	15.5	2.5	0.8
Foreign	0.0	(0.1)	(0.2)
Deferred income tax expense (benefit)	31.6	37.4	(52.4)
Income tax expense (benefit)	$ 56.8	$ 51.3	$ (19.9)

Fair Value Of Assets And Liabilities

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Of Assets And Liabilities

FAIR VALUE OF ASSETS AND LIABILITIES

We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate:

Restricted Cash

Our restricted cash accounts that are held in interest-bearing accounts qualify for Level 1 in the fair value hierarchy, which includes unadjusted quoted market prices in active markets for identical assets.

Debt

The fair value of the Company’s 2028 Senior Notes and 2027 Senior Notes are estimated based on unadjusted quoted prices for identical or similar liabilities in markets that are not active and as such are Level 2 measurements. The fair value of the Company's Senior Secured Term Loan B due 2024 (the "Term Loan B") approximates its gross carrying value as it is variable rate debt and as such is a Level 2 measurement.

The carrying amounts and estimated fair values by input level of the Company's financial instruments are as follows:


	December 31, 2019
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	46.3	$	46.3	$	46.3	$	—	$	—
Financial liabilities:
Term Loan B	388.0		392.0		—		392.0		—
2027 Senior Notes	592.0		636.0				636.0
2028 Senior Notes	493.9		515.2		—		515.2		—


	December 31, 2018
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	40.0	$	40.0	$	40.0	$	—	$	—
Financial liabilities:
Term Loan B	391.3		396.0		—		396.0		—
2028 Senior Notes	493.0		452.4		—		452.4		—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of Least Cost

The components of total lease cost were as follows:


(in millions)	Twelve Months Ended December 31, 2019
Short-term lease cost ^{(a) (b)}	$	14.3
Operating lease cost ^(b)	6.7
Total lease cost	$	21.0

(a)Includes leases with terms of one month or less

(b)Includes variable lease costs, which were not material

Other information related to operating leases was as follows:


(in millions)	Twelve Months Ended December 31, 2019
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities	$	5.2
ROUAs obtained in exchange for lease obligations	$	3.7


Lease Term and Discount Rate	December 31, 2019
Weighted average remaining lease term	6.5 years
Weighted average discount rate	3.9	%

Schedule of Future Minimum Operating Leases

As of December 31, 2019, the future undiscounted cash flows associated with the Company's operating lease liabilities were as follows:


(in millions)
Years Ended December 31,	Totals
2020	$	5.6
2021	5.1
2022	4.0
2023	3.4
2024	3.3
Thereafter	8.3
Total future minimum lease payments	29.7
Less: Imputed interest	3.5
Present value of lease liabilities	$	26.2

Reported lease liabilities as of December 31, 2019
Accrued expense and other current liabilities (current maturities of leases)	$	5.0
Other liabilities (non-current maturities of leases)	21.2
Present value of lease liabilities	$	26.2

Future Minimum Operating Lease Payments


Years Ended December 31,

2019	$	5.0
2020	4.5
2021	3.8
2022	3.1
2023	3.0
Thereafter	11.2
Total	$	30.6

Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 31.3	$ 32.1
Accumulated Amortization	(15.0)	(14.1)
Net Carrying Amount	16.3	18.0
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	369.8	264.0
Trademarks
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	50.2	29.5
Gaming rights
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	303.2	216.4
Other
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	0.1	0.1
Favorable contracts
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	11.0	11.0
Accumulated Amortization	(8.1)	(7.5)
Net Carrying Amount	2.9	3.5
Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	10.5	9.5
Accumulated Amortization	(3.3)	(2.3)
Net Carrying Amount	7.2	7.2
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	4.7	6.4
Accumulated Amortization	(1.6)	(2.5)
Net Carrying Amount	3.1	3.9
Gaming licenses
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	5.1	5.2
Accumulated Amortization	(2.0)	(1.8)
Net Carrying Amount	$ 3.1	$ 3.4

Director and Employee Benefit Plans	12 Months Ended
Director and Employee Benefit Plans	Dec. 31, 2019
Retirement Benefits [Abstract]
Director and Employee Benefit Plans	DIRECTOR AND EMPLOYEE BENEFIT PLANS Directors and Officers Retirement Plan We provide eligible executives and directors an opportunity to defer to a future date the receipt of base and bonus compensation for services as well as director’s fees through the 2005 Deferred Compensation Plan (the "Deferred Plan"). Our matching contribution on base compensation deferral of executives equals the matching contribution of our profit-sharing plan with certain limits. Our directors may elect to invest the deferred director fee compensation into our common stock within the Deferred Plan. Investments in our common stock are credited as hypothetical shares of common stock based on the market price of the stock at the time the compensation was earned. Upon the end of the director's service, common stock shares are issued to the director. On December 13, 2019, the Compensation Committee elected to freeze the Deferred Plan with respect to employee participant deferrals after the 2019 plan year, although directors will continue to participate in the Deferred Plan. On December 13, 2019, the Compensation Committee adopted the Churchill Downs Incorporated Restricted Stock Unit Deferral Plan (the "RSU Deferral Plan"), effective January 1, 2020. Certain individual employees who are management or highly compensated employees of the Company may elect to defer settlement of RSUs granted pursuant to the 2016 Incentive Plan. Other Retirement Plans We have a profit-sharing plan that covers all employees not otherwise participating in an associated profit-sharing plan, with three months or more of service. We match contributions made by employees up to 3% of the employee’s annual compensation and match at 50% contributions made by the employee up to an additional 2% of compensation with certain limits. We may also contribute a discretionary amount determined annually by the Board of Directors as well as a year-end discretionary match not to exceed 4% of compensation. Our cash contribution to the plan was $4.1 million in 2019, $3.0 million in 2018, and $2.7 million in 2017. We are a member of a noncontributory defined benefit multi-employer retirement plan for all members of the Pari-mutuel Clerk’s Union of Kentucky and several other collectively bargained retirement plans, which are administered by unions. Cash contributions are made in accordance with negotiated labor contracts. Retirement plan expense was $0.6 million in 2019, and $0.7 million in both 2018 and 2017. Our policy is to fund this expense as accrued, and we currently estimate that future contributions to these plans will not increase significantly from prior years.

Description of Business - Additional Information (Details) slot_machine in Thousands, $ in Millions							3 Months Ended	12 Months Ended
	Oct. 09, 2019 USD ($) a	Mar. 08, 2019 USD ($)	Mar. 06, 2019 USD ($)	Mar. 05, 2019 USD ($)	Jan. 25, 2019	Jan. 11, 2019 USD ($)	Dec. 31, 2019 USD ($) numberOfTableGames state segment	Dec. 31, 2019 USD ($) slot_machine numberOfTableGames state segment	Mar. 04, 2019 USD ($)	Dec. 31, 2018 USD ($)
Variable Interest Entity [Line Items]
Number of slot machines \| slot_machine								11
Number of table games \| numberOfTableGames							200	200
Number of states in which entity operates \| state							8	8
Number of reportable segments \| segment							3	3
Deferred tax liability							$ 212.8	$ 212.8		$ 78.2
Area of land sold \| a	197
Stock split, conversion ratio					3
Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Proceeds from new credit facilities			$ 300.0	$ 300.0
Presque Isle Downs & Casino And Lady Luck Casino
Variable Interest Entity [Line Items]
Payments to acquire business						$ 178.9
Presque Isle
Variable Interest Entity [Line Items]
Payments to acquire business						178.9
Working capital and other purchase price adjustments						$ 1.6
Lady Luck Nemacolin
Variable Interest Entity [Line Items]
Payments to acquire business		$ 0.1
Turfway Park
Variable Interest Entity [Line Items]
Payments to acquire business	$ 36.0
Working capital and other purchase price adjustments	0.9
Total consideration	46.0
Purchase and sale agreement rights	10.0
Turfway Park \| Maximum \| Scenario, Plan
Variable Interest Entity [Line Items]
Total consideration	$ 150.0
Midwest Gaming Holdings, LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage				42.00%			61.30%	61.30%
Aggregated cash consideration paid at closing of the Sale Transaction				$ 406.6
Deferred tax liability				103.2					$ 103.2
Midwest Gaming Holdings, LLC \| High Plaines
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage							36.00%	36.00%
Midwest Gaming Holdings, LLC \| Midwest Gaming and Casino Investors
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage							2.70%	2.70%
Miami Valley Gaming LLC
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage							50.00%	50.00%
Clairvest Group Inc.
Variable Interest Entity [Line Items]
Transaction costs and working capital adjustments				$ 3.5

Acquisitions - Summary of Intangible Assets Acquired (Details) - USD ($) $ in Millions	Aug. 31, 2018	Jan. 11, 2019
Saratoga New York And Saratoga Colorado
Business Acquisition [Line Items]
Intangible assets	$ 95.4
Other \| Saratoga New York And Saratoga Colorado
Business Acquisition [Line Items]
Intangible assets	$ 0.1
Weighted-Average Useful Life	1 year 3 months 18 days
Gaming rights \| Saratoga New York And Saratoga Colorado
Business Acquisition [Line Items]
Intangible assets	$ 87.0
Trademark \| Saratoga New York And Saratoga Colorado
Business Acquisition [Line Items]
Intangible assets	$ 8.3
Presque Isle
Business Acquisition [Line Items]
Intangible assets		$ 71.2
Presque Isle \| Gaming rights
Business Acquisition [Line Items]
Intangible assets		56.0
Presque Isle \| Trademark
Business Acquisition [Line Items]
Intangible assets		$ 15.2

Leases - Schedule of Future Minimum Operating Lease Payments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
2020	$ 5.6
2021	5.1
2022	4.0
2023	3.4
2024	3.3
Thereafter	8.3
Total future minimum lease payments	29.7
Less: Imputed interest	3.5
Present value of lease liabilities	26.2
Accrued expense and other current liabilities (current maturities of leases)	5.0
Other liabilities (non-current maturities of leases)	$ 21.2
2019		$ 5.0
2020		4.5
2021		3.8
2022		3.1
2023		3.0
Thereafter		11.2
Present value of lease liabilities		$ 30.6

Acquisitions - Pro Forma Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Ocean Downs
Business Acquisition [Line Items]
Net revenue		$ 1,065.4	$ 947.2
Presque Isle
Business Acquisition [Line Items]
Net revenue	$ 1,332.9	$ 1,150.8	$ 1,020.5

Net Income Per Common Share Computations (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Calculation

The following is a reconciliation of the numerator and denominator of the net income per common share computations:


	Years Ended December 31,
(in millions, except per share data)	2019		2018		2017
Numerator for basic net income per common share:
Net income from continuing operations	$	139.6	$	182.6	$	122.4
Net loss attributable to noncontrolling interest	(0.3)		—		—
Net income from continuing operations, net of loss attributable to noncontrolling interests	139.9		182.6		122.4
Net income from continuing operations allocated to participating securities	—		—		(0.1)
Net (loss) income from discontinued operations	(2.4)		170.2		18.1
Numerator for basic net income per common share	$	137.5	$	352.8	$	140.4

Numerator for diluted net income from continuing operations per common share	$	139.9	$	182.6	$	122.4

Numerator for diluted net income per common share	$	137.5	$	352.8	$	140.5

Denominator for net income per common share:
Basic	40.1		41.3		47.2
Plus dilutive effect of stock awards	0.5		0.3		0.6
Plus dilutive effect of participating securities	—		—		0.2
Diluted	40.6		41.6		48.0

Net income (loss) per common share data:
Basic
Continuing operations	$	3.49	$	4.42	$	2.59
Discontinued operations	$	(0.06)	$	4.12	$	0.38
Net income per common share - basic	$	3.43	$	8.54	$	2.97

Diluted
Continuing operations	$	3.44	$	4.39	$	2.55
Discontinued operations	$	(0.06)	$	4.09	$	0.37
Net income per common share - diluted	$	3.38	$	8.48	$	2.92

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,547.9		$ 1,317.2
Accumulated depreciation	(635.4)		(559.7)
Right-of-use assets	24.8
Total	912.5	$ 782.8	757.5
Total	937.3
Grandstands and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	625.2		532.8
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	406.5		356.3
Tracks and other improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	222.3		207.3
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	162.4		140.5
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	79.2		73.3
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 52.3		$ 7.0

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2016
Income Taxes [Line Items]
Income tax expense recognized from the re-measurement of net deferred tax liabilities	$ 8.3
Change in tax rate income tax expense (benefit)		$ 56.9
Transition tax for accumulated foreign earnings, income tax benefit		(0.8)
Non-deductible officer's compensation provisional income tax expense		5.6
Tax depreciation provisional income tax benefit		19.7
Unrecognized tax benefits	1.8	$ 2.9	$ 2.8	$ 2.3
Interest	0.1
Unrecognized tax benefits that would impact effective tax rate	1.8
Anticipated decrease in unrecognized tax positions	0.6
Federal
Income Taxes [Line Items]
Operating loss carryforwards	3.2
State
Income Taxes [Line Items]
Operating loss carryforwards	0.7
Operating loss carryforwards, valuation allowance	$ 0.2

Segment Information - Schedule of Equity in Income (Losses) of Unconsolidated Investments Included in Reported Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 50.6	$ 29.6	$ 25.5
Gaming
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	50.5	29.4	25.3
All Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Equity in income of unconsolidated investments	$ 0.1	$ 0.2	$ 0.2

Total Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Total Debt

TOTAL DEBT

The following table presents our total debt outstanding:


	As of December 31, 2019

(in millions)	Outstanding Principal		Issuance Costs and Fees		Long-Term Debt, Net
Term Loan B due 2024	$	392.0	$	4.0	$	388.0
2027 Senior Notes	600.0		8.0		592.0
2028 Senior Notes	500.0		6.1		493.9
Total debt	1,492.0		18.1		1,473.9
Current maturities of long-term debt	4.0		—		4.0
Total debt, net of current maturities	$	1,488.0	$	18.1	$	1,469.9


	As of December 31, 2018

(in millions)	Outstanding Principal		Issuance Costs and Fees		Long-Term Debt, Net
Term Loan B due 2024	$	396.0	$	4.7	$	391.3
2028 Senior Notes	500.0		7.0		493.0
Total debt	896.0		11.7		884.3
Current maturities of long-term debt	4.0		—		4.0
Total debt, net of current maturities	$	892.0	$	11.7	$	880.3

2017 Credit Agreement

On December 27, 2017, we entered into a senior secured credit agreement (the "2017 Credit Agreement") with a syndicate of lenders. The 2017 Credit Agreement replaced our 2014 senior secured credit agreement (the "2014 Credit Agreement"). The 2017 Credit Agreement provides for a $700.0 million senior secured revolving credit facility due 2022 (the "Revolver") and a $400.0 million senior secured term loan B due 2024 (the "Term Loan B"). Included in the maximum borrowing of $700.0 million under the Revolver is a letter of credit sub facility not to exceed $50.0 million and a swing line commitment up to a maximum principal amount of $50.0 million. We had $694.4 million of available borrowing capacity, after consideration of $5.6 million in outstanding letters of credit, under the Revolver as of December 31, 2019. The 2017 Credit Agreement is collateralized by substantially all of the wholly-owned assets of the Company.

The Term Loan B requires quarterly payments of 0.25% of the original $400.0 million balance, or $1.0 million per quarter. The Term Loan B may be subject to additional mandatory prepayment from excess cash flow on an annual basis per the provisions of the 2017 Credit Agreement. The Company is required to pay a commitment fee on the unused portion of the Revolver determined by a pricing grid based on the consolidated total net secured leverage ratio of the Company. For the period ended December 31, 2019, the Company's commitment fee rate was 0.30%.

The Revolver bears interest at LIBOR plus a spread as determined by the Company's net leverage ratio, which was LIBOR plus 150 points at December 31, 2019. The Term Loan B bears interest at LIBOR plus 200 basis points.

The 2017 Credit Agreement contains certain customary affirmative and negative covenants, which include limitations on liens, investments, indebtedness, dispositions, mergers and acquisitions, the making of restricted payments, changes in the nature of business, changes in fiscal year, and transactions with affiliates. The 2017 Credit Agreement also contains financial covenants

providing for the maintenance of a maximum consolidated secured net leverage ratio (4.0 to 1.0 or 4.5 to 1.0 for the year following any permitted acquisition greater than $100.0 million) and the maintenance of a minimum consolidated interest coverage ratio of 2.5 to 1.0. The Company was in compliance with all applicable covenants in the 2017 Credit Agreement at December 31, 2019.

The Company utilized borrowings from the Revolver to fund a portion of the purchase price related to the closing of the Presque Isle Transaction on January 11, 2019.

As a result of the Company's 2017 Credit Agreement, $5.1 million of debt issuance costs were capitalized associated with the Term Loan B and are amortized as interest expense over the shorter of the respective debt period or 7 years. The Company also capitalized $1.6 million of debt issuance costs associated with the Revolver which are amortized as interest expense over the shorter of the respective debt period or 5 years.

2027 Senior Notes

On March 25, 2019, we completed an offering of $600.0 million in aggregate principal amount of 5.50% Senior Unsecured Notes that mature on April 1, 2027 (the "2027 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The 2027 Senior Notes were issued at par, with interest payable on April 1^st and October 1^st of each year, commencing on October 1, 2019. The Company used the net proceeds from the offering to repay our outstanding balance on our 2017 Senior Secured credit agreement (the "2017 Credit Agreement"). In connection with the offering, we capitalized $8.9 million of debt issuance costs which are being amortized as interest expense over the term of the 2027 Senior Notes.

The 2027 Senior Notes were issued pursuant to an indenture, dated March 25, 2019 (the "2027 Indenture"), among the Company, certain subsidiaries of the Company as guarantors (the "2027 Guarantors"), and U.S. Bank National Association, as trustee. The Company may redeem some or all of the 2027 Senior Notes at any time prior to April 1, 2022, at a price equal to 100% of the principal amount of the 2027 Senior Notes redeemed plus an applicable make-whole premium. On or after such date, the Company may redeem some or all of the 2027 Senior Notes at redemption prices set forth in the 2027 Indenture. At any time prior to April 1, 2022, the Company may redeem up to 40% of the aggregate principal amount of the 2027 Senior Notes at a redemption price equal to 105.5% of the principal amount thereof with the net cash proceeds of one or more equity offerings provided that certain conditions are met. The terms of the 2027 Indenture, among other things, limit the ability of the Company to: (i) incur additional debt and issue preferred stock; (ii) pay dividends or make other restricted payments; (iii) make certain investments; (iv) create liens; (v) allow restrictions on the ability of certain of our subsidiaries to pay dividends or make other payments; (vi) sell assets; (vii) merge or consolidate with other entities; and (viii) enter into transactions with affiliates.

In connection with the issuance of the 2027 Senior Notes, the Company and the 2027 Guarantors entered into a Registration Rights Agreement to register any 2027 Senior Notes under the Securities Act for resale that are not freely tradable 366 days from March 25, 2019.

2028 Senior Notes

On December 27, 2017, we completed an offering of $500.0 million in aggregate principal amount of 4.75% Senior Unsecured Notes that mature on January 15, 2028 (the "2028 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that is exempt from registration under the Securities Act, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The 2028 Senior Notes were issued at par, with interest payable on January 15^th and July 15^th of each year, commencing on July 15, 2018. The Company used the net proceeds from the offering to repay a portion of our $600.0 million 5.375% Senior Unsecured Notes (the "2021 Senior Notes"). In connection with the offering, we capitalized $7.7 million of debt issuance costs which are being amortized as interest expense over the term of the 2028 Senior Notes.

The 2028 Senior Notes were issued pursuant to an indenture, dated December 27, 2017 (the "2028 Indenture"), among the Company, certain subsidiaries of the Company as guarantors (the "2028 Guarantors"), and U.S Bank National Association, as trustee. The Company may redeem some or all of the 2028 Senior Notes at any time prior to January 15, 2023, at a price equal to 100% of the principal amount of the 2028 Senior Notes redeemed plus an applicable make-whole premium. On or after such date, the Company may redeem some or all of the 2028 Senior Notes at redemption prices set forth in the 2028 Indenture. At any time prior to January 15, 2021, the Company may redeem up to 40% of the aggregate principal amount of the 2028 Senior Notes at a redemption price equal to 104.75% of the principal amount thereof with the net cash proceeds of one or more equity offerings provided that certain conditions are met. The terms of the 2028 Indenture, among other things, limit the ability of the Company to: (i) incur additional debt and issue preferred stock; (ii) pay dividends or make other restricted payments; (iii) make certain investments; (iv) create liens; (v) allow restrictions on the ability of certain of our subsidiaries to pay dividends or make other payments; (vi) sell assets; (vii) merge or consolidate with other entities; and (viii) enter into transactions with affiliates.

In connection with the issuance of the 2028 Senior Notes, the Company and the 2028 Guarantors entered into a Registration Rights Agreement to register any 2028 Senior Notes under the Securities Act for resale that are not freely tradable 366 days from December 27, 2017.

2021 Senior Notes

The 2021 Senior Notes were comprised of 5.375% Senior Unsecured Notes that were scheduled to mature on December 15, 2021, which were issued in an initial offering of $300.0 million in aggregate principal amount at par, completed on December 16, 2013, and an additional offering of $300.0 million in aggregate principal amount at 101% completed on December 16, 2015. Interest on the 2021 Senior Notes was payable on June 15th and December 15th of each year.

The Company used the proceeds from the 2017 Credit Agreement and 2028 Senior Notes to redeem the 2021 Senior Notes and to pay related fees and expenses. The 2021 Senior Notes were redeemed at a price equal to the principal amount thereof and the applicable "make-whole" premium, $16.1 million, which is included in loss on extinguishment of debt in the accompanying consolidated statements of comprehensive income in 2017. The Company accounted for the redemption of the 2021 Senior Notes as an extinguishment and wrote off $6.3 million of unamortized debt issuance costs and incurred a benefit of $2.0 million related to the unamortized bond premium, both of which are included in loss on extinguishment of debt in the accompanying consolidated statements of comprehensive income.

The Company also expensed approximately $0.4 million of debt issuance costs relating to our 2014 Credit Agreement in the fourth quarter of 2017, which is included in loss on extinguishment of debt in the accompanying consolidated statements of comprehensive income.

Future aggregate maturities of total debt are as follows (in millions):


Years Ended December 31,

2020	$	4.0
2021	4.0
2022	4.0
2023	4.0
2024	376.0
Thereafter	1,100.0
Total	$	1,492.0

Total Debt - Senior Notes (Details) - USD ($)			3 Months Ended
Total Debt - Senior Notes (Details) - USD ($)	Mar. 25, 2019	Dec. 27, 2017	Dec. 31, 2017	Dec. 16, 2015	Dec. 16, 2013
Senior Notes \| 2027 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance	$ 600.0
Stated interest rate	5.50%
Debt issuance costs	$ 8,900,000
Redemption price, percentage of face amount	100.00%
Senior Notes \| 2027 Senior Notes \| Any time prior to January 15, 2021
Debt Instrument [Line Items]
Redemption price, percentage of face amount	105.50%
Percentage of principal amount available for redemption	40.00%
Senior Notes \| 2028 Senior Notes 4.75%
Debt Instrument [Line Items]
Face amount of debt issuance		$ 500,000,000.0
Stated interest rate		4.75%
Debt issuance costs		$ 7,700,000
Redemption price, percentage of face amount		100.00%
Senior Notes \| 2028 Senior Notes 4.75% \| Any time prior to January 15, 2021
Debt Instrument [Line Items]
Redemption price, percentage of face amount		104.75%
Percentage of principal amount available for redemption		40.00%
Senior Notes \| 2028 Senior Notes 5.375%
Debt Instrument [Line Items]
Face amount of debt issuance		$ 600,000,000.0		$ 300,000,000.0	$ 300,000,000.0
Stated interest rate		5.375%			5.375%
Debt issuance, premium percentage				101.00%
Extinguishment of debt, amount		$ 16,100,000
Write off of debt issuance costs		6,300,000
Bond premium		$ 2,000,000.0
Line of Credit \| 2014 Credit Agreement \| Term Loan B due 2024
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 400,000

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance for doubtful accounts:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	$ 4.0	$ 3.6	$ 3.5
Charged to Expense	2.1	3.0	1.8
Deductions	(1.7)	(2.6)	(1.7)
Balance End of Year	4.4	4.0	3.6
Deferred income tax asset valuation allowance:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	0.2	0.2	0.4
Additions	0.0	0.0	0.0
Deductions	0.0	0.0	(0.2)
Balance End of Year	$ 0.2	$ 0.2	$ 0.2

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

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)	2019		2018		2017
Net revenue from external customers:
Churchill Downs:
Churchill Downs Racetrack	$	187.6	$	181.0	$	161.3
Derby City Gaming	86.6		14.8		—
Total Churchill Downs	274.2		195.8		161.3
Online Wagering:
TwinSpires	289.9		290.2		255.6
Online Sports Betting and iGaming	0.6		—		—
Total Online Wagering	290.5		290.2		255.6
Gaming:
Presque Isle	138.5		—		—
Fair Grounds and VSI	123.0		117.7		111.1
Oxford Casino	101.7		102.0		90.8
Calder	99.8		98.6		87.9
Ocean Downs	85.9		25.9		—
Riverwalk Casino	58.9		54.5		48.2
Harlow’s Casino	55.3		50.2		50.0
Lady Luck Nemacolin	29.3		—		—
Saratoga	—		0.6		1.3
Total Gaming	692.4		449.5		389.3
All Other	72.6		73.5		76.4
Net revenue from external customers	$	1,329.7	$	1,009.0	$	882.6

Intercompany net revenues:
Churchill Downs	$	15.2	$	12.7	$	11.4
Online Wagering	1.1		1.3		1.1
Gaming:
Fair Grounds and VSI	1.8		1.6		1.6
Calder	0.1		0.1		—
Presque Isle	0.5		—		—
Total Gaming	2.4		1.7		1.6
All Other	11.6		11.2		10.8
Eliminations	(30.3)		(26.9)		(24.9)
Intercompany net revenue	$	—	$	—	$	—


	Twelve Months Ended December 31, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	59.0	$	277.1	$	30.7	$	366.8	$	41.1	$	407.9
Historical racing^(a)	81.6		—		—		81.6		—		81.6
Racing event-related services	118.7		—		4.1		122.8		5.6		128.4
Gaming^(a)	—		0.6		585.2		585.8		—		585.8
Other^(a)	14.9		12.8		72.4		100.1		25.9		126.0
Total	$	274.2	$	290.5	$	692.4	$	1,257.1	$	72.6	$	1,329.7


	Twelve Months Ended December 31, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	54.9	$	278.4	$	27.1	$	360.4	$	43.1	$	403.5
Historical racing^(a)	13.8		—		—		13.8		—		13.8
Racing event-related services	115.2		—		3.9		119.1		5.8		124.9
Gaming^(a)	—		—		365.9		365.9		—		365.9
Other^(a)	11.9		11.8		52.6		76.3		24.6		100.9
Total	$	195.8	$	290.2	$	449.5	$	935.5	$	73.5	$	1,009.0


	Twelve Months Ended December 31, 2017
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	52.0	$	239.6	$	27.1	$	318.7	$	44.8	$	363.5
Historical racing^(a)	—		—		—		—		—		—
Racing event-related services	100.5		—		4.2		104.7		6.4		111.1
Gaming^(a)	—		—		315.6		315.6		—		315.6
Other^(a)	8.8		16.0		42.4		67.2		25.2		92.4
Total	$	161.3	$	255.6	$	389.3	$	806.2	$	76.4	$	882.6

(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 $33.4 million in 2019, $26.1 million in 2018, and $21.5 million in 2017.

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:


	Year Ended December 31, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	289.4	$	291.6	$	694.8

Taxes and purses	(66.5)		(15.3)		(270.3)
Marketing and advertising	(7.1)		(12.2)		(21.5)
Salaries and benefits	(32.0)		(11.4)		(103.3)
Content expense	(2.4)		(152.8)		(6.0)
Selling, general and administrative expense	(8.0)		(7.2)		(29.0)
Other operating expense	(35.9)		(26.4)		(84.1)
Other income	0.2		—		100.3

Adjusted EBITDA	$	137.7	$	66.3	$	280.9


	Year Ended December 31, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	208.5	$	291.5	$	451.2

Taxes and purses	(41.3)		(15.2)		(153.4)
Marketing and advertising	(5.7)		(6.0)		(15.5)
Salaries & benefits	(23.7)		(9.2)		(68.9)
Content expense	(2.2)		(152.0)		(4.1)
Selling, general and administrative expense	(5.3)		(5.9)		(18.6)
Other operating expense	(28.0)		(24.2)		(60.0)
Other income	0.1		—		43.3

Adjusted EBITDA	$	102.4	$	79.0	$	174.0


	Year Ended December 31, 2017
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	172.7	$	256.7	$	390.9

Taxes and purses	(34.1)		(14.7)		(130.7)
Marketing and advertising	(2.7)		(8.2)		(13.0)
Salaries & benefits	(19.3)		(9.9)		(63.4)
Content expense	(2.4)		(125.0)		(4.0)
Selling, general and administrative expense	(4.0)		(6.9)		(17.1)
Other operating expense	(21.3)		(22.1)		(56.1)
Other income	0.1		—		42.0

Adjusted EBITDA	$	89.0	$	69.9	$	148.6


	Years Ended December 31,
(in millions)	2019		2018		2017
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income attributable to CDI	$	137.5	$	353.2	$	140.4
Foreign currency translation, net of tax	—		(0.6)		0.1
Change in pension benefits, net of tax	—		0.2		—
Net income attributable to CDI	137.5		352.8		140.5
Net loss attributable to noncontrolling interest	0.3		—		—
Net income before noncontrolling interest	137.2		352.8		140.5
Loss (income) from discontinued operations, net of tax	2.4		(170.2)		(18.1)
Income from continuing operations, net of tax	139.6		182.6		122.4

Additions:
Depreciation and amortization	96.4		63.6		56.0
Interest expense	70.9		40.1		49.3
Loss on extinguishment of debt	—		—		20.7
Income tax provision (benefit)	56.8		51.3		(19.9)
EBITDA	$	363.7	$	337.6	$	228.5

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	23.8	$	17.7	$	16.0
Legal reserves	3.6		—		—
Other, net	0.4		(0.6)		0.5
Pre-opening expense	5.1		4.8		0.5
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	32.6		13.9		16.7
Changes in fair value of Midwest Gaming's interest rate swaps	12.4		—		—
Midwest Gaming's recapitalization and transactions costs	4.7		—		—
Other charges and recoveries, net	(0.2)		—		—
Gain on Ocean Downs/Saratoga transaction	—		(54.9)		—
Transaction expense, net	5.3		10.3		2.3
Impairment of tangible and other intangible assets	—		—		21.7
Total adjustments to EBITDA	87.7		(8.8)		57.7
Adjusted EBITDA	$	451.4	$	328.8	$	286.2

Adjusted EBITDA by segment:
Churchill Downs	$	137.7	$	102.4	$	89.0
Online Wagering	66.3		79.0		69.9
Gaming	280.9		174.0		148.6
Total segment Adjusted EBITDA	484.9		355.4		307.5
All Other	(33.5)		(26.6)		(21.3)
Total Adjusted EBITDA	$	451.4	$	328.8	$	286.2

The table below presents information about equity in income of unconsolidated affiliates included in our reported segments:


	Years Ended December 31,
(in millions)	2019		2018		2017
Gaming	$	50.5	$	29.4	$	25.3
All Other	0.1		0.2		0.2
	$	50.6	$	29.6	$	25.5

Schedule of Total Assets and Capital Expenditures by Operating Segment

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


	As of December 31,
(in millions)	2019		2018
Total assets:
Churchill Downs	$	370.3	$	359.6
Online Wagering	241.5		222.8
Gaming	1,030.1		877.1
Total segment assets	1,641.9		1,459.5
All Other	909.1		265.7
	$	2,551.0	$	1,725.2

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


	Years Ended December 31,
(in millions)	2019		2018		2017
Capital expenditures:
Churchill Downs	$	31.4	$	109.6	$	54.1
Online Wagering	9.7		9.7		9.0
Gaming	37.1		20.7		39.7
Total segment capital expenditures	78.2		140.0		102.8
All Other	53.0		9.4		6.2
Total capital expenditures	$	131.2	$	149.4	$	109.0

Other Balance Sheet Items - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 41.7	$ 32.8
Allowance for doubtful accounts	(4.4)	(4.0)
Accounts receivable, net	37.3	28.8
Trade receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	12.3	7.7
Simulcast and online wagering receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	20.9	19.9
Other receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 8.5	$ 5.2

Leases - Schedule of Lease Cost (Details)	12 Months Ended
Leases - Schedule of Lease Cost (Details)	Dec. 31, 2019 USD ($)
Leases [Abstract]
Short-term lease cost	$ 14,300,000
Operating lease cost	6,700,000
Total lease cost	21,000,000.0
Cash paid for amounts included in the measurement of lease liabilities	5,200,000
ROUAs obtained in exchange for lease obligations	$ 3.7
Weighted average remaining lease term	6 years 6 months
Weighted average discount rate	3.90%

Goodwill

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

In the first quarter of 2019, we realigned our segments as described in Note 1, Description of Business. This change resulted in the allocation of the previous Racing segment goodwill balance of $51.7 million as follows: $49.7 million to the Churchill Downs segment, $1.0 million to the Gaming segment, and $1.0 million to All Other, based on the relative fair value approach. The Company evaluated whether an interim goodwill impairment test should be performed as a result of our segment changes. Based on this evaluation, the Company determined this event did not indicate it was more likely than not that a goodwill impairment exists.

Goodwill, by segment, is comprised of the following:


(in millions)	Churchill Downs		Online Wagering		Gaming		All Other		Total
Balances as of December 31, 2017	$	49.7	$	148.2	$	118.7	$	1.0	$	317.6
Additions	—		—		20.4		—		20.4
Balances as of December 31, 2018	49.7		148.2		139.1		1.0		338.0
Additions	—		—		26.1		3.0		29.1
Balances as of December 31, 2019	$	49.7	$	148.2	$	165.2	$	4.0	$	367.1

In 2019, we established goodwill of $26.1 million related to the Presque Isle Transaction, and $3.0 million related to the Turfway Park Acquisition. In 2018, we established goodwill of $20.4 million related to the Ocean Downs/Saratoga Transaction.

We performed our annual goodwill impairment analysis as of April 1, 2019 and no adjustment to the carrying value of goodwill was required. We elected to bypass the qualitative assessment and proceeded directly to perform step one fair value calculations on a quantitative basis for each reporting unit. We concluded that the fair values of our reporting units exceeded their carrying value and therefore step two of the assessment was not required.

Other Balance Sheet Items - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Receivables [Abstract]
Bad debt expense	$ 2.1	$ 1.7	$ 1.2

Total Debt - Schedule of Total Debt Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Outstanding Principal	$ 1,492.0	$ 896.0
Issuance Costs and Fees	18.1	11.7
Long-Term Debt, Net	1,473.9	884.3
Current maturities of long-term debt	4.0	4.0
Total principal amount of debt, net of current maturities	1,488.0	892.0
Total debt, net of current maturities	1,469.9	880.3
2027 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Outstanding Principal	600.0
Issuance Costs and Fees	8.0
Long-Term Debt, Net	592.0
2028 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Outstanding Principal	500.0	500.0
Issuance Costs and Fees	6.1	7.0
Long-Term Debt, Net	493.9	493.0
Term Loan B due 2024 \| 2017 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal	392.0	396.0
Issuance Costs and Fees	4.0	4.7
Long-Term Debt, Net	$ 388.0	$ 391.3

Investments In and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Investments In and Advances to Unconsolidated Affiliates

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

The Company owns a 50% interest in MVG, a 61.3% interest in Rivers Des Plaines (as described further below), and two other immaterial joint ventures.

Miami Valley Gaming

Delaware North Companies Gaming & Entertainment Inc. ("DNC") owns the remaining 50% interest in MVG. Since both we and DNC have participating rights over MVG, and both must consent to MVG's operating, investing and financing decisions, we account for MVG using the equity method.

Rivers Des Plaines

On March 5, 2019, the Company completed the Sale Transaction to acquire approximately 42% of Midwest Gaming, the parent company of Rivers Des Plaines, for cash consideration of approximately $406.6 million and $3.5 million of certain transaction costs and working capital adjustments. Following the closing of the Sale Transaction, the parties completed the Recapitalization pursuant to which Midwest Gaming used approximately $300.0 million in proceeds from amended and extended credit facilities to redeem, on a pro rata basis, additional Midwest Gaming units held by High Plaines and Casino Investors. As a result of the Recapitalization, the Company's ownership of Midwest Gaming increased to 61.3%. High Plaines retained ownership of 36.0% of Midwest Gaming and Casino Investors retained ownership of 2.7% of Midwest Gaming.

We also recognized a $103.2 million deferred tax liability and a corresponding increase in our investment in unconsolidated affiliates related to an entity we acquired in conjunction with our acquisition of the Clairvest ownership stake in Midwest Gaming.

A new limited liability company agreement was entered into by the members of Midwest Gaming as a result of the change in ownership structure. Under the new limited liability company agreement, both the Company and High Plaines have participating rights over Midwest Gaming, and both must consent to Midwest Gaming's operating, investing and financing decisions. As a result, we account for Midwest Gaming using the equity method.

The Company’s investment in Midwest Gaming is presented at our initial cost of investment plus its accumulated proportional share of income or loss, including depreciation/accretion of the difference in the historical basis of the Company’s contribution, less any distributions it has received. Following the Sale Transaction and Recapitalization, the carrying value of the Company’s investment in Midwest Gaming was $835.0 million higher than the Company’s underlying equity in the net assets of Midwest Gaming. This equity method basis difference was comprised of $853.7 million related to goodwill and indefinite-lived intangible assets, $(13.7) million related to non-depreciable land, $(9.5) million related to buildings that will be accreted into income over a weighted average useful life of 35.3 years, and $4.5 million related to personal property that will be depreciated over a weighted average useful life of 3.7 years. As of December 31, 2019, the net aggregate basis difference between the Company’s investment in Midwest Gaming and the amounts of the underlying equity in net assets was $834.2 million.

Ocean Downs

On August 31, 2018, the Company closed the acquisition of the remaining 50% ownership of Ocean Downs owned by SCH in exchange for liquidating the Company's 25% equity interest in SCH, which is the parent company of Saratoga New York and Saratoga Colorado. Upon the closing of the Ocean Downs/Saratoga Transaction, the Company owns 100% of Ocean Downs and has no equity interest or management involvement in Saratoga New York or Saratoga Colorado. Prior to August 31, 2018, Ocean Downs was accounted for under the equity method.

Summarized Financial Results for our Unconsolidated Affiliates

The financial results for our unconsolidated affiliates are summarized below. The summarized income statement information for 2019 and summarized balance sheet information as of December 31, 2019 includes the following equity investments: MVG, Rivers Des Plaines from the transaction date of March 5, 2019, and two other immaterial joint venture. The summarized income statement information for 2018 includes the following equity investments: MVG, Saratoga New York, Saratoga Colorado, Ocean Downs, and two other immaterial joint ventures. As noted above, on August 31, 2018, the Company completed the Ocean Downs/Saratoga Transaction. As such, the 2018 summarized income statement information includes the results of Ocean Downs, Saratoga New York, and Saratoga Colorado through August 31, 2018. Summarized balance sheet information as of December 31, 2018 included MVG and two other immaterial joint ventures. The summarized income

statement for 2017 includes the following equity investments: MVG, Saratoga New York, Saratoga Colorado, Ocean Downs, and two other immaterial joint ventures.


	December 31,
(in millions)	2019		2018
Assets
Current assets	$	64.0	$	24.0
Property and equipment, net	256.1		95.7
Other assets, net	240.1		106.7
Total assets	$	560.2	$	226.4

Liabilities and Members' (Deficit) Equity
Current liabilities	$	73.3	$	21.2
Long-term debt	745.0		—
Other liabilities	20.6		—
Members' (deficit) equity	(278.7)		205.2
Total liabilities and members' (deficit) equity	$	560.2	$	226.4


	Years Ended December 31,
(in millions)	2019		2018		2017
Net revenue	$	585.5	$	367.2	$	443.7
Operating and SG&A expense	411.4		271.9		345.3
Depreciation and amortization	13.0		22.2		25.9
Operating income	161.1		73.1		72.5
Interest and other expense, net	(67.0)		(6.3)		(8.5)
Net income	$	94.1	$	66.8	$	64.0

Investment In and Advances to Unconsolidated Affiliates - Balance Sheet of Equity Method Investments (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Current assets	$ 64.0	$ 24.0
Property and equipment, net	256.1	95.7
Other assets, net	240.1	106.7
Total assets	560.2	226.4
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Current liabilities	73.3	21.2
Long-term debt	745.0	0.0
Other liabilities	20.6	0.0
Members' (deficit) equity	(278.7)	205.2
Total liabilities and members' (deficit) equity	$ 560.2	$ 226.4

Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Other Intangible Assets

OTHER INTANGIBLE ASSETS

Other intangible assets, net are comprised of the following:


	December 31, 2019										December 31, 2018
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Favorable contracts	$	11.0	$	(8.1)	$	2.9	$	11.0	$	(7.5)	$	3.5
Other	10.5		(3.3)		7.2		9.5		(2.3)		7.2
Customer relationships	4.7		(1.6)		3.1		6.4		(2.5)		3.9
Gaming licenses	5.1		(2.0)		3.1		5.2		(1.8)		3.4
	$	31.3	$	(15.0)	$	16.3	$	32.1	$	(14.1)	$	18.0
Indefinite-lived intangible assets:
Trademarks					50.2						29.5
Gaming rights					303.2						216.4
Other					0.1						0.1
Total					$	369.8					$	264.0

In 2019, we established indefinite-lived intangible assets of $56.0 million for gaming rights and $15.2 million for trademarks related to the Presque Isle Transaction. We also acquired indefinite-lived intangible assets of $8.0 million for online gaming rights in Pennsylvania related to our Online Wagering operations, $10.0 million for retail sports betting gaming rights at Presque Isle and online sports betting gaming rights in Pennsylvania, as well as $3.0 million for other gaming rights at Presque Isle. We also established indefinite-lived intangible assets of $5.5 million for trademarks and $9.8 million for gaming rights related to the Turfway Park acquisition.

In 2018, we established indefinite-lived intangible assets of $87.0 million for gaming rights and $8.3 million for trademarks related to the Ocean Downs/Saratoga Transaction. We also established definite-lived intangible assets of $2.3 million relating to the opening of Derby City Gaming and $0.1 million relating to the Ocean Downs/Saratoga Transaction for other intangibles.

Amortization expense for definite-lived intangible assets was $15.0 million in 2019, $6.0 million in 2018, and $6.8 million in 2017 and is classified in operating expense in the accompanying consolidated statements of comprehensive income. As described further in Note 3, Acquisitions, we accelerated the amortization for the assignment of the Turfway Park Acquisition purchase and sale agreement rights of $10.0 million in the fourth quarter of 2019, which is included in All Other in the accompanying consolidated statements of comprehensive income. We submitted payments of $2.3 million in 2019 and 2018 for annual license fees for Calder, which are being amortized to expense over the annual license period.

Indefinite-lived intangible assets consist primarily of trademarks and state gaming rights in Maine, Maryland, Mississippi, Louisiana, Pennsylvania and Kentucky.

We performed our annual indefinite-lived intangible assets impairment analysis as of April 1, 2019, which included an assessment of qualitative and quantitative factors to determine whether it is more likely than not that the fair values of the indefinite-lived intangible assets are less than the carrying amount. We concluded that the fair values of our indefinite-lived intangible assets exceeded their carrying value, and therefore step two of the assessment was not required.

During 2017, the Company recorded a $4.7 million non-cash impairment charge related to our Bluff operations ($4.5 million for a trademark and $0.2 million related to customer relationships), which is included in our Online Wagering segment, and a $3.3 million non-cash impairment charge related to our Illinois Horseracing Equity Trust, which is included in All Other in the accompanying consolidated statements of comprehensive income. These impairments were due to changes in the business climate in 2017 that resulted in projected future cash flows being less than carrying value.

Future estimated aggregate amortization expense on existing definite-lived intangible assets for each of the next five fiscal years is as follows (in millions):


Years Ended December 31,	Estimated Amortization Expense
2020	$	5.2
2021	2.2
2022	2.2
2023	1.7
2024	1.1

Future estimated amortization expense does not include additional payments of $2.3 million in 2020 and in each year thereafter for the ongoing amortization of future expected annual Calder license fees not yet incurred or paid.

Stock-Based Compensation Plans - Additional Information (Details) $ in Millions		1 Months Ended	12 Months Ended
	Feb. 24, 2016	Oct. 31, 2018	Dec. 31, 2019 USD ($) service_period	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 23.8	$ 21.1	$ 27.1
Income tax benefit related to stock-based employee compensation			2.1	2.7	5.5
Fair value of shares and units vested			$ 36.9	$ 32.4	$ 29.6
Award period			1 year
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
2018 RSU Awards \| Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		4 years
Performance and service period under adopted ELTI Plan		7 years
Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	1 year
Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| February 23, 2016 \| Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum award payout curve percentage of original performance share units awarded (as a percent)			200.00%
Percentage increase in awards if in top quartile			25.00%
Percentage decrease if in bottom quartile			25.00%
Maximum number of performance share units as percentage of original award (as a percent)			250.00%
Performance-Based Awards \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| February 23, 2016 \| Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance and service period under adopted ELTI Plan			3 years	3 years	3 years
Requisite service periods \| service_period			3
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 23.8	$ 17.7	$ 16.0
Minimum \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum award payout curve percentage of original performance share units awarded (as a percent)		0.00%
Maximum \| Executive Long-Term Incentive Compensation Plan (the “ELTI Plan”) \| Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum award payout curve percentage of original performance share units awarded (as a percent)		200.00%

Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 11, 2019	Dec. 31, 2018	Aug. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill	$ 367.1		$ 338.0		$ 317.6
Saratoga New York And Saratoga Colorado
Business Acquisition [Line Items]
Current assets				$ 1.9
Property and equipment				57.4
Goodwill				20.4
Intangible assets				95.4
Current liabilities				(5.2)
Debt				(54.7)
Assets acquired and liabilities assumed				$ 115.2
Presque Isle
Business Acquisition [Line Items]
Current assets		$ 2.1
Property and equipment		78.5
Goodwill		26.1
Intangible assets		71.2
Current liabilities		(5.2)
Non-current liabilities		(0.6)
Assets acquired and liabilities assumed		$ 172.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Components of the provision for income taxes are as follows:


	Years Ended December 31,
(in millions)	2019		2018		2017
Current provision:
Federal	$	19.2	$	10.1	$	29.5
State and local	6.0		3.8		3.0
	25.2		13.9		32.5
Deferred provision (benefit):
Federal	16.1		35.0		(53.0)
State and local	15.5		2.5		0.8
Foreign	—		(0.1)		(0.2)
	31.6		37.4		(52.4)
	$	56.8	$	51.3	$	(19.9)

Schedule of Income from Operations Before Provision for Income Taxes

Income from continuing operations before provision for income taxes were as follows:


	Years Ended December 31,
(in millions)	2019		2018		2017
Domestic	$	196.4	$	234.2	$	102.2
Foreign	—		(0.3)		0.3
	$	196.4	$	233.9	$	102.5

Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate

Our income tax expense is different from the amount computed by applying the federal statutory income tax rate to income from continuing operations before taxes as follows:


	Years Ended December 31,
(in millions)	2019		2018		2017
Federal statutory tax on earnings before income taxes	$	41.2	$	49.1	$	35.9
State income taxes, net of federal income tax benefit	8.0		5.4		2.5
Non-deductible officer's compensation	5.5		2.6		4.7
Re-measurement of deferred taxes	8.3		—		(57.7)
Windfall deduction from equity compensation	(5.2)		(4.7)		(5.2)
Other	(1.0)		(1.1)		(0.1)
	$	56.8	$	51.3	$	(19.9)

Schedule of Components Deferred Tax Assets and Liabilities

Components of our deferred tax assets and liabilities were as follows:


	As of December 31,
(in millions)	2019		2018
Deferred tax assets:
Lease liabilities	$	6.8	$	—
Deferred compensation plans	5.9		5.8
Deferred income	4.8		5.6
Net operating losses and credit carryforward	3.4		3.7
Deferred liabilities	2.7		2.2
Allowance for uncollectible receivables	1.0		0.9
Deferred tax assets	24.6		18.2
Valuation allowance	(0.2)		(0.2)
Net deferred tax asset	24.4		18.0
Deferred tax liabilities:
Equity investments in excess of tax basis	114.8		6.9
Intangible assets in excess of tax basis	60.2		49.3
Property and equipment in excess of tax basis	53.4		38.7
Right-of-use assets	6.8		—
Other	2.0		1.3
Deferred tax liabilities	237.2		96.2
Net deferred tax liability	$	(212.8)	$	(78.2)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in millions)	2019		2018		2017
Balance as of January 1	$	2.8	$	2.9	$	2.3
Additions for tax positions related to the current year	0.1		0.1		0.5
Additions for tax positions of prior years	—		0.1		0.3
Reductions for tax positions of prior years	(1.1)		(0.3)		(0.2)
Balance as of December 31	$	1.8	$	2.8	$	2.9

Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA (Details) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
	Aug. 31, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Comprehensive income attributable to CDI										$ 137.5	$ 353.2	$ 140.4
Foreign currency translation, net of tax										0.0	(0.6)	0.1
Change in pension benefits, net of tax										0.0	0.2	0.0
Net income attributable to CDI										137.5	352.8	140.5
Net income before noncontrolling interest										(0.3)	0.0	0.0
Net income										137.2	352.8	140.5
Loss (income) from discontinued operations, net of tax		$ 0.5	$ 0.4	$ 1.2	$ 0.3	$ (4.1)	$ 1.7	$ 0.1	$ (167.9)	2.4	(170.2)	(18.1)
Income from continuing operations, net of tax		$ 4.2	$ 15.2	$ 108.3	$ 11.9	$ 7.3	58.0	$ 103.2	$ 14.1	139.6	182.6	122.4
Depreciation and amortization										96.4	63.6	97.1
Loss on extinguishment of debt										0.0	0.0	20.7
Income tax provision (benefit)										56.8	51.3	(19.9)
EBITDA										363.7	337.6	228.5
Stock-based compensation expense										23.8	21.1	27.1
Legal reserves										3.6	0.0	0.0
Changes in fair value of Midwest Gaming's interest rate swaps										12.4	0.0	0.0
Recapitalization Costs										4.7	0.0	0.0
Gain on Ocean Downs/Saratoga transaction	$ (54.9)						$ (54.9)			0.0	(54.9)	0.0
Impairment of tangible and other intangible assets										0.0	0.0	21.7
Total adjustments to EBITDA										87.7	(8.8)	57.7
Adjusted EBITDA										451.4	328.8	286.2
Churchill Downs
Segment Reporting Information [Line Items]
Adjusted EBITDA										137.7	102.4	89.0
Online Wagering
Segment Reporting Information [Line Items]
Adjusted EBITDA										66.3	79.0	69.9
Gaming
Segment Reporting Information [Line Items]
Adjusted EBITDA										280.9	174.0	148.6
All Other
Segment Reporting Information [Line Items]
Adjusted EBITDA										484.9	355.4	307.5
Total Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA										(33.5)	(26.6)	(21.3)
Continuing Operations
Segment Reporting Information [Line Items]
Depreciation and amortization										96.4	63.6	56.0
Interest expense										70.9	40.1	49.3
Loss on extinguishment of debt										0.0	0.0	20.7
Income tax provision (benefit)										56.8	51.3	(19.9)
Stock-based compensation expense										23.8	17.7	16.0
Other, net										0.4	(0.6)	0.5
Pre-opening expense										5.1	4.8	0.5
Interest, depreciation and amortization expense related to equity investments										32.6	13.9	16.7
Other charges and recoveries, net										(0.2)	0.0	0.0
Gain on Ocean Downs/Saratoga transaction										0.0	(54.9)	0.0
Transaction expense, net										5.3	10.3	2.3
Impairment of tangible and other intangible assets										$ 0.0	$ 0.0	$ 21.7

Acquisition (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Summary of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed, net of cash acquired of $8.4 million, at the date of the acquisition.


(in millions)	Total
Current assets	$	2.1
Property and equipment	78.5
Goodwill	26.1
Intangible assets	71.2
Current liabilities	(5.2)
Non-current liabilities	(0.6)
	$	172.1

The following table summarizes the final fair values of the assets acquired and liabilities assumed, net of cash acquired of $13.1 million, at the acquisition date.



(in millions)	Total
Current assets	$	1.9
Property and equipment	57.4
Goodwill	20.4
Intangible assets	95.4
Current liabilities	(5.2)
Debt	(54.7)
	$	115.2

Schedule of Indefinite-lived Intangible Assets Acquired as Part of Business Combination

The fair value of the intangible assets consists of the following:


(in millions)	Fair Value Recognized		Weighted-Average Useful Life
Gaming rights	$	56.0	N/A
Trademark	15.2		N/A
Total intangible assets	$	71.2

The final fair value of the intangible assets consisted of the following:


(in millions)	Fair Value Recognized		Weighted-Average Useful Life
Gaming rights	$	87.0	N/A
Trademark	8.3		N/A
Other	0.1		1.3 years
Total intangible assets	$	95.4

Business Acquisition, Pro Forma Information

The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company's acquisition of Presque Isle occurred as of January 1, 2017. The unaudited pro forma financial information is not necessarily indicative of either future results of operations or results of operations that might have been achieved had the acquisition been consummated as of January 1, 2017. The unaudited pro forma net income giving effect to the Presque Isle Transaction was not materially different than our historical net income.


	Year Ended December 31,
(in millions)	2019		2018		2017
Net revenue	$	1,332.9	$	1,150.8	$	1,020.5

The unaudited pro forma financial information is not necessarily indicative of either future results of operations or results of operations that might have been achieved had the acquisition been consummated as of January 1, 2017. The unaudited pro forma net income giving effect to the Ocean Downs/Saratoga Transaction was not materially different than our historical net income.


	Years Ended December 31,
(in millions)	2018		2017
Net revenue	$	1,065.4	$	947.2

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The final fair value of the intangible assets consisted of the following:


(in millions)	Fair Value Recognized		Weighted-Average Useful Life
Gaming rights	$	87.0	N/A
Trademark	8.3		N/A
Other	0.1		1.3 years
Total intangible assets	$	95.4

Segment Information - Schedule of Total Assets and Capital Expenditures by Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 2,551.0	$ 1,725.2
Capital expenditures	131.2	149.4	$ 109.0
Churchill Downs
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	31.4	109.6	54.1
Churchill Downs \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	370.3	359.6
Online Wagering
Segment Reporting, Asset Reconciling Item [Line Items]
Capital expenditures	9.7	9.7	9.0
Online Wagering \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	241.5	222.8
Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,030.1	877.1
Capital expenditures	37.1	20.7	39.7
Total Segments \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,641.9	1,459.5
Capital expenditures	78.2	140.0	102.8
All Other \| All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	909.1	265.7
Capital expenditures	$ 53.0	$ 9.4	$ 6.2

Total Debt - Schedule of Future Aggregate Maturities of Total Debt (Details) $ in Millions	Dec. 31, 2019 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2020	$ 4.0
2021	4.0
2022	4.0
2023	4.0
2024	376.0
Thereafter	1,100.0
Total	$ 1,492.0

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net revenues	$ 280.6	$ 306.3	$ 477.4	$ 265.4	$ 219.0	$ 221.3	$ 379.4	$ 189.3	$ 1,329.7	$ 1,009.0	$ 882.6
Adjusted EBITDA									451.4	328.8	286.2
Churchill Downs
Segment Reporting Information [Line Items]
Net revenues									289.4	208.5	172.7
Adjusted EBITDA									137.7	102.4	89.0
Online Wagering
Segment Reporting Information [Line Items]
Net revenues									291.6	291.5	256.7
Adjusted EBITDA									66.3	79.0	69.9
Gaming
Segment Reporting Information [Line Items]
Net revenues									694.8	451.2	390.9
Adjusted EBITDA									280.9	174.0	148.6
All Other
Segment Reporting Information [Line Items]
Adjusted EBITDA									484.9	355.4	307.5
Total Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA									(33.5)	(26.6)	(21.3)
Operating Segments
Segment Reporting Information [Line Items]
Net revenues									1,329.7	1,009.0	882.6
Operating Segments \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenues									274.2	195.8	161.3
Taxes and purses									(66.5)	(41.3)	(34.1)
Marketing and advertising									(7.1)	(5.7)	(2.7)
Salaries and benefits									(32.0)	(23.7)	(19.3)
Content expense									(2.4)	(2.2)	(2.4)
Selling, general and administrative expense									(8.0)	(5.3)	(4.0)
Other operating expense									(35.9)	(28.0)	(21.3)
Other income									0.2	0.1	0.1
Adjusted EBITDA									137.7	102.4	89.0
Operating Segments \| Online Wagering
Segment Reporting Information [Line Items]
Net revenues									290.5	290.2	255.6
Taxes and purses									(15.3)	(15.2)	(14.7)
Marketing and advertising									(12.2)	(6.0)	(8.2)
Salaries and benefits									(11.4)	(9.2)	(9.9)
Content expense									(152.8)	(152.0)	(125.0)
Selling, general and administrative expense									(7.2)	(5.9)	(6.9)
Other operating expense									(26.4)	(24.2)	(22.1)
Other income									0.0	0.0	0.0
Adjusted EBITDA									66.3	79.0	69.9
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenues									692.4	449.5	389.3
Taxes and purses									(270.3)	(153.4)	(130.7)
Marketing and advertising									(21.5)	(15.5)	(13.0)
Salaries and benefits									(103.3)	(68.9)	(63.4)
Content expense									(6.0)	(4.1)	(4.0)
Selling, general and administrative expense									(29.0)	(18.6)	(17.1)
Other operating expense									(84.1)	(60.0)	(56.1)
Other income									100.3	43.3	42.0
Adjusted EBITDA									$ 280.9	$ 174.0	$ 148.6

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Income from continuing operations, net of tax	$ 4.2	$ 15.2	$ 108.3	$ 11.9	$ 7.3	$ 58.0	$ 103.2	$ 14.1	$ 139.6	$ 182.6	$ 122.4
Net loss attributable to noncontrolling interest									0.3	0.0	0.0
Net income from continuing operations, net of loss attributable to noncontrolling interests									139.9	182.6	122.4
Net income from continuing operations allocated to participating securities									0.0	0.0	(0.1)
Net (loss) income from discontinued operations	$ (0.5)	$ (0.4)	$ (1.2)	$ (0.3)	$ 4.1	$ (1.7)	$ (0.1)	$ 167.9	(2.4)	170.2	18.1
Numerator for basic net income per common share									137.5	352.8	140.4
Numerator for diluted net income from continuing operations per common share									139.9	182.6	122.4
Numerator for diluted net income per common share									$ 137.5	$ 352.8	$ 140.5
Denominator for net income per common share:
Basic (in shares)									40.1	41.3	47.2
Plus dilutive effect of stock awards (in shares)									0.5	0.3	0.6
Plus dilutive effect of participating securities (in shares)									0.0	0.0	0.2
Diluted (in shares)									40.6	41.6	48.0
Basic
Continuing operations (in dollars per share)	$ 0.11	$ 0.38	$ 2.70	$ 0.30	$ 0.18	$ 1.43	$ 2.54	$ 0.33	$ 3.49	$ 4.42	$ 2.59
Discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.03)	(0.01)	0.10	(0.04)	0	3.88	(0.06)	4.12	0.38
Net income per common share - basic (in dollars per share)	0.10	0.37	2.67	0.29	0.28	1.39	2.54	4.21	3.43	8.54	2.97
Diluted
Continuing operations (in dollars per share)	0.11	0.37	2.66	0.30	0.18	1.42	2.52	0.32	3.44	4.39	2.55
Discontinued operations (in dollars per share)	(0.01)	(0.01)	(0.03)	(0.01)	0.10	(0.04)	0	3.86	(0.06)	4.09	0.37
Net income per common share - diluted (in dollars per share)	$ 0.10	$ 0.36	$ 2.63	$ 0.29	$ 0.28	$ 1.38	$ 2.52	$ 4.18	$ 3.38	$ 8.48	$ 2.92

Total Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Total Debt Outstanding

The following table presents our total debt outstanding:


	As of December 31, 2019

(in millions)	Outstanding Principal		Issuance Costs and Fees		Long-Term Debt, Net
Term Loan B due 2024	$	392.0	$	4.0	$	388.0
2027 Senior Notes	600.0		8.0		592.0
2028 Senior Notes	500.0		6.1		493.9
Total debt	1,492.0		18.1		1,473.9
Current maturities of long-term debt	4.0		—		4.0
Total debt, net of current maturities	$	1,488.0	$	18.1	$	1,469.9


	As of December 31, 2018

(in millions)	Outstanding Principal		Issuance Costs and Fees		Long-Term Debt, Net
Term Loan B due 2024	$	396.0	$	4.7	$	391.3
2028 Senior Notes	500.0		7.0		493.0
Total debt	896.0		11.7		884.3
Current maturities of long-term debt	4.0		—		4.0
Total debt, net of current maturities	$	892.0	$	11.7	$	880.3

Schedule of Future Aggregate Maturities of Total Debt

Future aggregate maturities of total debt are as follows (in millions):


Years Ended December 31,

2020	$	4.0
2021	4.0
2022	4.0
2023	4.0
2024	376.0
Thereafter	1,100.0
Total	$	1,492.0

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2019	Feb. 10, 2020	Jun. 28, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-33998
Entity Registrant Name	Churchill Downs Inc
Entity Incorporation, State or Country Code	KY
Entity Tax Identification Number	61-0156015
Entity Address, Address Line One	600 North Hurstbourne Parkway, Suite 400
Entity Address, City or Town	Louisville,
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40222
City Area Code	502
Local Phone Number	636-4400
Title of 12(b) Security	Common Stock, No Par Value
Trading Symbol	CHDN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,622,384
Entity Public Float			$ 4,000,887,471
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement for its Annual Meeting of Shareholders to be held on April 21, 2020 are incorporated by reference herein in response to Items 10, 11, 12, 13 and 14 of Part III of Form 10-K.
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS


(in millions)	Balance Beginning of Year		Charged to Expense		Deductions		Balance End of Year
Allowance for doubtful accounts:
2019	$	4.0	$	2.1	$	(1.7)	$	4.4
2018	3.6		3.0		(2.6)		4.0
2017	3.5		1.8		(1.7)		3.6


(in millions)	Balance Beginning of Year		Additions		Deductions		Balance End of Year
Deferred income tax asset valuation allowance:
2019	$	0.2	$	—	$	—	$	0.2
2018	0.2		—		—		0.2
2017	0.4		—		(0.2)		0.2

Other Balance Sheet Items

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Other Balance Sheet Items

OTHER BALANCE SHEET ITEMS

Accounts receivable

Accounts receivable is comprised of the following:


	As of December 31,
(in millions)	2019		2018
Trade receivables	$	12.3	$	7.7
Simulcast and online wagering receivables	20.9		19.9
Other receivables	8.5		5.2
	41.7		32.8
Allowance for doubtful accounts	(4.4)		(4.0)
Total	$	37.3	$	28.8

We recognized bad debt expense of $2.1 million in 2019, $1.7 million in 2018 and $1.2 million in 2017.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,
(in millions)	2019		2018
Accrued salaries and related benefits	$	29.2	$	24.1
Account wagering deposits liability	28.9		29.6
Purses payable	19.9		15.8
Accrued interest	19.7		11.4
Other	75.7		54.3
Total	$	173.4	$	135.2

Stock-Based Compensation Plans - Summary of Restricted Stock Units, Performance Stock Units, and Restricted Stock (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2019 shares
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	65
Award vesting period (in years)	3 years
Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	58
Performance and service period under adopted ELTI Plan	3 years
Tranche One \| Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	55
Award vesting period (in years)	1 year
Tranche Two \| Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	10
Award vesting period (in years)	3 years

Segment Information - Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019 USD ($) segment	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) segment	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	3								3
Segment Reporting Information [Line Items]
Net revenues	$ 280.6	$ 306.3	$ 477.4	$ 265.4	$ 219.0	$ 221.3	$ 379.4	$ 189.3	$ 1,329.7	$ 1,009.0	$ 882.6
Intercompany net revenues									0.0	0.0	0.0
Other revenue									33.4	26.1	21.5
External Customer
Segment Reporting Information [Line Items]
Net revenues									1,329.7	1,009.0	882.6
External Customer \| Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenues									407.9	403.5	363.5
External Customer \| Historical racing
Segment Reporting Information [Line Items]
Net revenues									81.6	13.8	0.0
External Customer \| Racing event-related services
Segment Reporting Information [Line Items]
Net revenues									128.4	124.9	111.1
External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenues									585.8	365.9	315.6
External Customer \| Other
Segment Reporting Information [Line Items]
Net revenues									126.0	100.9	92.4
Churchill Downs
Segment Reporting Information [Line Items]
Net revenues									289.4	208.5	172.7
Online Wagering
Segment Reporting Information [Line Items]
Net revenues									291.6	291.5	256.7
Gaming
Segment Reporting Information [Line Items]
Net revenues									694.8	451.2	390.9
Operating Segments
Segment Reporting Information [Line Items]
Net revenues									1,329.7	1,009.0	882.6
Operating Segments \| Total Segments \| External Customer
Segment Reporting Information [Line Items]
Net revenues									1,257.1	935.5	806.2
Operating Segments \| Total Segments \| External Customer \| Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenues									366.8	360.4	318.7
Operating Segments \| Total Segments \| External Customer \| Historical racing
Segment Reporting Information [Line Items]
Net revenues									81.6	13.8	0.0
Operating Segments \| Total Segments \| External Customer \| Racing event-related services
Segment Reporting Information [Line Items]
Net revenues									122.8	119.1	104.7
Operating Segments \| Total Segments \| External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenues									585.8	365.9	315.6
Operating Segments \| Total Segments \| External Customer \| Other
Segment Reporting Information [Line Items]
Net revenues									100.1	76.3	67.2
Operating Segments \| Churchill Downs
Segment Reporting Information [Line Items]
Net revenues									274.2	195.8	161.3
Intercompany net revenues									15.2	12.7	11.4
Operating Segments \| Churchill Downs \| External Customer
Segment Reporting Information [Line Items]
Net revenues									274.2	195.8	161.3
Operating Segments \| Churchill Downs \| External Customer \| Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenues									59.0	54.9	52.0
Operating Segments \| Churchill Downs \| External Customer \| Historical racing
Segment Reporting Information [Line Items]
Net revenues									81.6	13.8	0.0
Operating Segments \| Churchill Downs \| External Customer \| Racing event-related services
Segment Reporting Information [Line Items]
Net revenues									118.7	115.2	100.5
Operating Segments \| Churchill Downs \| External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Operating Segments \| Churchill Downs \| External Customer \| Other
Segment Reporting Information [Line Items]
Net revenues									14.9	11.9	8.8
Operating Segments \| Churchill Downs \| Churchill Downs Racetrack
Segment Reporting Information [Line Items]
Net revenues									187.6	181.0	161.3
Operating Segments \| Churchill Downs \| Derby City Gaming
Segment Reporting Information [Line Items]
Net revenues									86.6	14.8	0.0
Operating Segments \| Online Wagering
Segment Reporting Information [Line Items]
Net revenues									290.5	290.2	255.6
Intercompany net revenues									1.1	1.3	1.1
Operating Segments \| Online Wagering \| External Customer
Segment Reporting Information [Line Items]
Net revenues									290.5	290.2	255.6
Operating Segments \| Online Wagering \| External Customer \| Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenues									277.1	278.4	239.6
Operating Segments \| Online Wagering \| External Customer \| Historical racing
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Operating Segments \| Online Wagering \| External Customer \| Racing event-related services
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Operating Segments \| Online Wagering \| External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenues									0.6	0.0	0.0
Operating Segments \| Online Wagering \| External Customer \| Other
Segment Reporting Information [Line Items]
Net revenues									12.8	11.8	16.0
Operating Segments \| Online Wagering \| TwinSpires
Segment Reporting Information [Line Items]
Net revenues									289.9	290.2	255.6
Operating Segments \| Online Wagering \| Online Sports Betting and iGaming
Segment Reporting Information [Line Items]
Net revenues									0.6	0.0	0.0
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenues									692.4	449.5	389.3
Intercompany net revenues									2.4	1.7	1.6
Operating Segments \| Gaming \| External Customer
Segment Reporting Information [Line Items]
Net revenues									692.4	449.5	389.3
Operating Segments \| Gaming \| External Customer \| Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenues									30.7	27.1	27.1
Operating Segments \| Gaming \| External Customer \| Historical racing
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
Operating Segments \| Gaming \| External Customer \| Racing event-related services
Segment Reporting Information [Line Items]
Net revenues									4.1	3.9	4.2
Operating Segments \| Gaming \| External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenues									585.2	365.9	315.6
Operating Segments \| Gaming \| External Customer \| Other
Segment Reporting Information [Line Items]
Net revenues									72.4	52.6	42.4
Operating Segments \| Gaming \| Oxford Casino
Segment Reporting Information [Line Items]
Net revenues									101.7	102.0	90.8
Operating Segments \| Gaming \| Riverwalk Casino
Segment Reporting Information [Line Items]
Net revenues									58.9	54.5	48.2
Operating Segments \| Gaming \| Harlow’s Casino
Segment Reporting Information [Line Items]
Net revenues									55.3	50.2	50.0
Operating Segments \| Gaming \| Calder
Segment Reporting Information [Line Items]
Net revenues									99.8	98.6	87.9
Intercompany net revenues									0.1	0.1	0.0
Operating Segments \| Gaming \| Fair Grounds and VSI
Segment Reporting Information [Line Items]
Net revenues									123.0	117.7	111.1
Intercompany net revenues									1.8	1.6	1.6
Operating Segments \| Gaming \| Saratoga
Segment Reporting Information [Line Items]
Net revenues									0.0	0.6	1.3
Operating Segments \| Gaming \| Lady Luck Nemacolin
Segment Reporting Information [Line Items]
Net revenues									29.3	0.0	0.0
Operating Segments \| Gaming \| Presque Isle
Segment Reporting Information [Line Items]
Net revenues									138.5	0.0	0.0
Intercompany net revenues									0.5	0.0	0.0
Operating Segments \| Gaming \| Ocean Downs
Segment Reporting Information [Line Items]
Net revenues									85.9	25.9	0.0
All Other \| All Other
Segment Reporting Information [Line Items]
Net revenues									72.6	73.5	76.4
Intercompany net revenues									11.6	11.2	10.8
All Other \| All Other \| External Customer
Segment Reporting Information [Line Items]
Net revenues									72.6	73.5	76.4
All Other \| All Other \| External Customer \| Pari-mutuel, live and simulcast racing
Segment Reporting Information [Line Items]
Net revenues									41.1	43.1	44.8
All Other \| All Other \| External Customer \| Historical racing
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
All Other \| All Other \| External Customer \| Racing event-related services
Segment Reporting Information [Line Items]
Net revenues									5.6	5.8	6.4
All Other \| All Other \| External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenues									0.0	0.0	0.0
All Other \| All Other \| External Customer \| Other
Segment Reporting Information [Line Items]
Net revenues									25.9	24.6	25.2
Intersegment Eliminations
Segment Reporting Information [Line Items]
Intercompany net revenues									$ (30.3)	$ (26.9)	$ (24.9)

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 96.2	$ 133.3
Restricted cash	46.3	40.0
Accounts receivable, net of allowance for doubtful accounts of $4.4 in 2019 and $4.0 in 2018	37.3	28.8
Income taxes receivable	14.5	17.0
Other current assets	26.9	22.4
Total current assets	221.2	241.5
Property and equipment, net	912.5	757.5
Property and equipment, net	937.3
Investment in and advances to unconsolidated affiliates	634.5	108.1
Goodwill	367.1	338.0
Other intangible assets, net	369.8	264.0
Other assets	21.1	16.1
Total assets	2,551.0	1,725.2
Current liabilities:
Accounts payable	57.8	47.0
Accrued expenses and other current liabilities	173.4	135.2
Current deferred revenue	42.5	47.9
Current maturities of long-term debt	4.0	4.0
Dividends payable	23.5	22.5
Total current liabilities	301.2	256.6
Long-term debt (net of current maturities and loan origination fees of $4.0 in 2019 and $4.7 in 2018)	384.0	387.3
Notes payable (net of debt issuance costs of $14.1 in 2019 and $7.0 in 2018)	1,085.9	493.0
Non-current deferred revenue	16.7	21.1
Deferred income taxes	212.8	78.2
Other liabilities	39.4	15.7
Total liabilities	2,040.0	1,251.9
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value; 0.3 shares authorized; no shares issued or outstanding	0.0	0.0
Common stock, no par value; 150.0 shares authorized; 39.7 shares issued and outstanding in 2019 and 40.4 in 2018	0.0	0.0
Retained earnings	509.2	474.2
Accumulated other comprehensive loss	(0.9)	(0.9)
Total Churchill Downs Incorporated shareholders' equity	508.3	473.3
Noncontrolling interest	2.7	0.0
Total shareholders' equity	511.0	473.3
Total liabilities and shareholders' equity	$ 2,551.0	$ 1,725.2

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net income	$ 137.2	$ 352.8	$ 140.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	96.4	63.6	97.1
Equity in income of unconsolidated affiliates	(50.6)	(29.6)	(25.5)
Distributions from unconsolidated affiliates	38.1	19.8	18.0
Stock-based compensation	23.8	21.1	27.1
Deferred income taxes	31.5	36.5	(65.0)
Amortization of operating lease assets	4.6
Loss on impairment of assets	0.0	0.0	21.7
Loss on extinguishment of debt	0.0	0.0	20.7
Gain on Ocean Downs/Saratoga transaction	0.0	(54.9)	0.0
Gain on sale of Big Fish Games	0.0	(219.5)	0.0
Game software development amortization	0.0	0.4	17.5
Other	2.8	(1.6)	(0.6)
Changes in operating assets and liabilities, net of businesses acquired and dispositions:
Game software development	0.0	(0.3)	(22.1)
Income taxes	2.5	13.8	(27.4)
Deferred revenue	(9.3)	(10.3)	17.2
Other assets and liabilities	12.6	6.0	(4.1)
Net cash provided by operating activities	289.6	197.8	215.1
Cash flows from investing activities:
Capital maintenance expenditures	(48.3)	(29.6)	(33.3)
Capital project expenditures	(82.9)	(119.8)	(83.6)
Acquisition of businesses, net of cash acquired	(206.6)	13.1	(24.2)
Investments in and advances to unconsolidated affiliates	(410.1)	0.0	(24.0)
Acquisition of other intangible assets	(32.1)	0.0	0.0
Proceeds from sale of Big Fish Games	0.0	970.7	0.0
Receivable from escrow	0.0	0.0	13.6
Other	(1.2)	(10.3)	(2.1)
Net cash (used in) provided by investing activities	(781.2)	824.1	(153.6)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	1,236.3	135.0	2,050.4
Repayments of borrowings under long-term debt obligations	(640.3)	(381.0)	(1,835.8)
Payment of dividends	(22.2)	(23.7)	(21.5)
Repurchase of common stock	(95.0)	(531.4)	(180.9)
Taxes paid related to net share settlement of stock awards	(11.5)	(15.6)	(10.0)
Repayment of Ocean Downs debt	0.0	(54.7)	0.0
Big Fish Games earnout and deferred payments	0.0	(58.2)	(31.8)
Call premium on 2021 Senior Notes	0.0	0.0	(16.1)
Debt issuance costs	(8.9)	(0.8)	(14.4)
Other	2.4	(2.9)	0.6
Net cash provided by (used in) financing activities	460.8	(933.3)	(59.5)
Net (decrease) increase in cash, cash equivalents and restricted cash	(30.8)	88.6	2.0
Effect of exchange rate changes on cash	0.0	(0.8)	0.5
Cash, cash equivalents and restricted cash, beginning of year	173.3	85.5	83.0
Cash, cash equivalents and restricted cash, end of year	142.5	173.3	85.5
Supplemental disclosures of cash flow information:
Interest	61.7	31.1	47.5
Income taxes	23.5	48.6	75.9
Schedule of non-cash investing and financing activities:
Dividends payable	23.5	22.5	23.7
Deferred tax liability assumed from equity investment	103.2	0.0	0.0
Property and equipment additions included in accounts payable and accrued expense and other current liabilities	12.4	6.6	9.6
Repurchase of common stock in payment of income taxes on stock-based compensation included in accrued expense and other current liabilities	3.9	2.5	1.3
Repurchase of common stock included in accrued expense and other current liabilities	0.5	2.5	0.0
Acquisition of Ocean Downs, net of cash acquired	$ 0.0	$ 115.2	$ 0.0

Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Indefinite-Lived Intangible Assets

Other intangible assets, net are comprised of the following:


	December 31, 2019										December 31, 2018
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Favorable contracts	$	11.0	$	(8.1)	$	2.9	$	11.0	$	(7.5)	$	3.5
Other	10.5		(3.3)		7.2		9.5		(2.3)		7.2
Customer relationships	4.7		(1.6)		3.1		6.4		(2.5)		3.9
Gaming licenses	5.1		(2.0)		3.1		5.2		(1.8)		3.4
	$	31.3	$	(15.0)	$	16.3	$	32.1	$	(14.1)	$	18.0
Indefinite-lived intangible assets:
Trademarks					50.2						29.5
Gaming rights					303.2						216.4
Other					0.1						0.1
Total					$	369.8					$	264.0

Schedule of Finite-lived Intangible Assets

Other intangible assets, net are comprised of the following:


	December 31, 2019										December 31, 2018
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets:
Favorable contracts	$	11.0	$	(8.1)	$	2.9	$	11.0	$	(7.5)	$	3.5
Other	10.5		(3.3)		7.2		9.5		(2.3)		7.2
Customer relationships	4.7		(1.6)		3.1		6.4		(2.5)		3.9
Gaming licenses	5.1		(2.0)		3.1		5.2		(1.8)		3.4
	$	31.3	$	(15.0)	$	16.3	$	32.1	$	(14.1)	$	18.0
Indefinite-lived intangible assets:
Trademarks					50.2						29.5
Gaming rights					303.2						216.4
Other					0.1						0.1
Total					$	369.8					$	264.0

Schedule of Future Estimated Amortization Expense

Future estimated aggregate amortization expense on existing definite-lived intangible assets for each of the next five fiscal years is as follows (in millions):


Years Ended December 31,	Estimated Amortization Expense
2020	$	5.2
2021	2.2
2022	2.2
2023	1.7
2024	1.1

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES We are involved in litigation arising in the ordinary course of conducting business. We carry insurance for workers' compensation claims from our employees and general liability for claims from independent contractors, customers and guests. We are self-insured up to an aggregate stop loss for our general liability and workers' compensation coverages. We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in the early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our consolidated financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse impact on our business. Louisiana Environmental Protection Agency Non-Compliance Issue On December 6, 2013, we received a notice from the United States Environmental Protection Agency ("EPA") regarding alleged CAFO non-compliance at Fair Grounds Race Course. On October 21, 2019, we reached an agreement in principle, subject to final regulatory and court approval. If approved, the agreement will include a $2.8 million penalty, which has been accrued and is included in selling, general and administrative expense in our accompanying consolidated statement of comprehensive income for the year ended December 31, 2019, and accrued expense and other current liabilities in our accompanying consolidated balance sheet at December 31, 2019.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of the Affects of New Accounting Pronouncements

The cumulative effects of the changes made to our accompanying consolidated balance sheets as of January 1, 2019 for the adoption of ASC 842 were as follows:


(in millions)	As Reported at December 31, 2018		Adoption of ASC 842		Balance at January 1, 2019
ASSETS
Other current assets	$	22.4	$	(0.3)	$	22.1
Property and equipment, net	757.5		25.3		782.8

LIABILITIES
Accrued expense and other current liabilities	89.8		3.8		93.6
Other liabilities	15.7		21.5		37.2

SHAREHOLDERS' EQUITY
Retained earnings	474.2		(0.3)		473.9

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Plans

STOCK-BASED COMPENSATION PLANS

Our total compensation expense, which includes expense related to restricted stock awards, restricted stock unit awards, performance share unit awards, and stock options associated with our employee stock purchase plan, was $23.8 million in 2019, $17.7 million in 2018, and $16.0 million in 2017. The income tax benefit related to stock-based employee compensation expense was $2.1 million in 2019, $2.7 million in 2018, and $5.5 million in 2017. Our stock-based employee compensation plans are described below.

2016 Omnibus Stock Incentive Plan

On February 24, 2016, we replaced our previous stock compensation program, the Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan (the "2007 Incentive Plan") with a new program, the Churchill Downs Incorporated 2016

Omnibus Stock Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan is intended to advance our long-term success by encouraging stock ownership among key employees and the Board of Directors. Awards may be in the form of stock options, stock appreciation rights, restricted stock ("RSA"), restricted stock units ("RSU"), performance share units ("PSU"), performance units, or performance cash. The 2016 Incentive Plan has a minimum vesting period of one year for awards granted.

Restricted Stock, Restricted Stock Units, and Performance Share Units

The 2007 Incentive Plan and the 2016 Incentive Plan (collectively "the 2007 and 2016 Plans") permit the award of RSAs, RSUs, or PSUs to directors and key employees responsible for the management, growth and protection of our business. The fair value of RSAs and RSUs that vest solely based on continued service under the 2007 and 2016 Plans is determined by the product of the number of shares granted and the grant date market price of our common stock.

RSAs and RSUs granted to employees under the 2007 and 2016 Plans generally vest either in full upon three years from the date of grant or on a pro rata basis over a three-year term. RSAs are legally issued common stock at the time of grant, with certain restrictions placed on them. RSUs granted to employees are converted into shares of our common stock at vesting. The RSUs granted to directors under the 2007 and 2016 Plans generally vest in full upon one year from the date of grant. RSUs granted to directors are converted into shares of our common stock at the time of the director's retirement.

In 2017, 2018, and 2019, the Company granted three-year performance and total shareholder return ("TSR") PSU awards (the "PSU Awards") to certain named executive officers ("NEOs"). The two performance criteria for the PSU Awards are: (1) a cumulative Adjusted EBITDA target that was set at the beginning of the plan performance period for the three year period; and (2) a cash flow metric that is the aggregate of the cash flow targets for the three individual years that is set annually at the beginning of each year. The cash flow metric is defined as cash flow from operating activities, excluding the change in restricted cash, plus distributions of capital from equity investments less capital maintenance expenditures. The Compensation Committee of the Board of Directors (the "Compensation Committee") can make adjustments as it may deem appropriate to these metrics. Measurement against these criteria will be determined against a payout curve which provides up to 200% of performance share units based on the original award.

The TSR criteria for the PSU Awards is related to the Company’s TSR relative to the TSR of companies in the Russell 2000 index during the performance period. The PSU Awards may be adjusted based on the Company’s relative TSR performance as follows:

1.The PSU Awards will increase by 25% if the Company’s TSR is in the top quartile;

2.The PSU Awards will decrease by 25% if the Company’s TSR is in the bottom quartile; and

3.The PSU Awards will not change if the Company’s TSR is in the middle two quartiles.

The maximum number of PSU Awards, including the impact of the TSR performance, that can be earned for a performance period is 250% of the original award.

On February 12, 2020, the Compensation Committee offered, and the NEOs accepted, to settle the 2017 PSU Awards in cash.

In October 2018, the Company granted RSU awards (the "2018 RSU Awards") and TSR PSU awards (the "2018 TSR PSU Awards") to certain NEOs. The 2018 RSU Awards contain a seven year service period and vest on a pro rata basis over a four year period beginning on the fourth anniversary of the award. The total number of 2018 TSR PSU Awards earned will vary between 0% to 200% of the award amount depending on the Company's TSR relative to the TSR of companies in the Russell 2000 index over a three-year performance period. At the end of the three year performance period, the 2018 TSR PSU Awards will vest on a pro rata basis over the remaining four year service period beginning on the fourth anniversary of the award.

The total compensation cost recognized for PSU Awards and 2018 TSR PSU Awards is determined using the Monte Carlo valuation methodology, which factors in the value of the TSR when determining the grant date fair value of the award. Compensation cost for the PSU Awards is recognized during the three year performance and service period based on the probable achievement of the two performance criteria. Compensation cost for the TSR PSU Awards is recognized during the seven year service period. All PSUs awards are converted into shares of our common stock at the time the award value is finalized.

A summary of the 2019 RSAs, RSUs, and PSUs granted to certain NEOs, employees, and directors is presented below (shares/units in thousands):


Grant Year	Award Type	Number of Shares/Units Awarded⁽¹⁾	Vesting Terms
2019	RSA	65	Vest equally over three service periods ending in 2020, 2021 and 2022
2019	RSU	55	Vest equally over three service periods ending in 2019, 2020, and 2021
2019	RSU	10	One year service period ending in 2020
2019	PSU	58	Three year performance and service period ending in 2021

(1) PSUs presented are based on the target number of units for the original PSU grant.

Activity for our RSAs, RSUs, and PSUs is presented below (shares/units in thousands):


	PSUs				RSAs and RSUs					Total
(in thousands, except grant date values)	Number of Shares/Units	Weighted Average Grant Date Fair Value		Number of Shares/Units	Weighted Average Grant Date Fair Value		Number of Shares/Units	Weighted Average Grant Date Fair Value
Balance as of December 31, 2016	110	$	48.86	480	$	36.90	590	$	37.23
Granted	65	$	55.75	173	$	52.31	238	$	53.25
Performance adjustment⁽¹⁾	45	$	51.00	—	$	—	45	$	51.00
Vested	(96)	$	51.00	(334)	$	36.79	(430)	$	39.98
Canceled/forfeited	—	$	—	(3)	$	41.92	(3)	$	41.92
Balance as of December 31, 2017	124	$	51.59	316	$	45.51	440	$	47.23
Granted	256	$	68.32	193	$	84.78	449	$	75.39
Performance adjustment⁽¹⁾	70	$	47.01	—	$	—	70	$	47.01
Vested	(129)	$	47.01	(217)	$	46.35	(346)	$	46.60
Canceled/forfeited	—	$	—	(17)	$	54.49	(17)	$	54.49
Balance as of December 31, 2018	321	$	65.77	275	$	72.03	596	$	68.66
Granted	58	$	92.90	130	$	94.42	188	$	93.96
Performance adjustment⁽¹⁾	87	$	55.75	—	$	—	87	$	55.75
Vested	(152)	$	55.75	(135)	$	68.15	(287)	$	61.57
Canceled/forfeited	—	$	—	(5)	$	77.59	(5)	$	77.59
Balance as of December 31, 2019	314	$	72.84	265	$	85.07	579	$	78.45

(1)Adjustment to number of target units awarded for PSUs based on achievement of performance and TSR goals.

The fair value of shares and units vested was $36.9 million in 2019, $32.4 million in 2018, and $29.6 million in 2017.

A summary of total unrecognized stock-based compensation expense related to RSAs, RSUs, and PSUs (based on current performance estimates), at December 31, 2019 is presented below:


(in millions, except years)	December 31, 2019		Weighted Average Remaining Vesting Period (Years)
Unrecognized expense:
RSA	$	3.3	1.47
RSU	7.8		3.38
PSU	16.7		3.36
Total	$	27.8	3.14

Employee Stock Purchase Plan

Under the Employee Stock Purchase Plan (the "ESP Plan"), we are authorized to sell, pursuant to short-term stock options, shares of our common stock to our full-time and qualifying part-time employees at a discount from our common stock’s fair market value. The ESP Plan operates on the basis of recurring, consecutive one-year periods. Each period commences on August 1 and ends on the following July 31. Compensation expense related to the ESP Plan was not material for any year included in our accompanying consolidated statements of comprehensive income.

Net Income Per Common Share Computations

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Net Income Per Common Share Computations

NET INCOME PER COMMON SHARE COMPUTATIONS

The following is a reconciliation of the numerator and denominator of the net income per common share computations:


	Years Ended December 31,
(in millions, except per share data)	2019		2018		2017
Numerator for basic net income per common share:
Net income from continuing operations	$	139.6	$	182.6	$	122.4
Net loss attributable to noncontrolling interest	(0.3)		—		—
Net income from continuing operations, net of loss attributable to noncontrolling interests	139.9		182.6		122.4
Net income from continuing operations allocated to participating securities	—		—		(0.1)
Net (loss) income from discontinued operations	(2.4)		170.2		18.1
Numerator for basic net income per common share	$	137.5	$	352.8	$	140.4

Numerator for diluted net income from continuing operations per common share	$	139.9	$	182.6	$	122.4

Numerator for diluted net income per common share	$	137.5	$	352.8	$	140.5

Denominator for net income per common share:
Basic	40.1		41.3		47.2
Plus dilutive effect of stock awards	0.5		0.3		0.6
Plus dilutive effect of participating securities	—		—		0.2
Diluted	40.6		41.6		48.0

Net income (loss) per common share data:
Basic
Continuing operations	$	3.49	$	4.42	$	2.59
Discontinued operations	$	(0.06)	$	4.12	$	0.38
Net income per common share - basic	$	3.43	$	8.54	$	2.97

Diluted
Continuing operations	$	3.44	$	4.39	$	2.55
Discontinued operations	$	(0.06)	$	4.09	$	0.37
Net income per common share - diluted	$	3.38	$	8.48	$	2.92

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2019
Equity [Abstract]
Shareholders' Equity	SHAREHOLDERS’ EQUITY Stock Repurchase Program On April 25, 2017, the Board of Directors of the Company approved a new common stock repurchase program of up to $250.0 million. The program replaced the prior $150.0 million program that was authorized in February 2016 and had unused authorization of $114.6 million. The authorized amount included and was not in addition to any unspent amount remaining under the prior authorization in February 2016. Repurchases could be made at management’s discretion from time to time on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. Share repurchases resulted in the shares being retired, and the cost of the shares acquired were treated as a reduction from common stock and retained earnings. The repurchase program had no time limit and could be suspended or discontinued at any time. On June 9, 2017, we entered into an agreement with a related party, The Duchossois Group ("TDG"), to repurchase 3,000,000 shares of the Company's common stock for $52.93 per share in a privately negotiated transaction. The aggregate purchase price was $158.8 million. For the year ended December 31, 2017, including the repurchase of 3,000,000 shares from TDG, we repurchased 3,231,087 shares of our common stock under the April 2017 stock repurchase program at a total cost of $171.7 million. We had approximately $78.3 million of repurchase authority remaining under this program at December 31, 2017. On November 29, 2017, the Board of Directors of the Company authorized a $500.0 million share repurchase program in a "modified Dutch auction" tender offer (the "Tender Offer") utilizing a portion of the proceeds from the Big Fish Transaction. The Company completed the Tender Offer on February 12, 2018, and repurchased 5,660,376 shares of the Company's common stock at a purchase price of $88.33 per share with an aggregate cost of $500.0 million, excluding fees and expenses related to the Tender Offer. On October 30, 2018, the Board of Directors of the Company approved a new common stock repurchase program of up to $300.0 million. The new program replaced the prior $250.0 million program that was authorized in April 2017 and had unused authorization of $78.3 million. The new authorized amount includes and is not in addition to any unspent amount remaining under the prior authorization. Repurchases may be made at management’s discretion from time to time on the open market (either with or without a 10b5-1 plan) or through privately negotiated transactions. The repurchase program has no time limit and may be suspended or discontinued at any time. For the year ended December 31, 2019, we repurchased 864,233 shares of our common stock under the October 2018 stock repurchase program at a total cost of $93.0 million. We had $175.0 million of repurchase authority remaining under this program at December 31, 2019. As of December 31, 2019, we accrued $0.5 million for the future cash settlement of executed repurchases of our common stock compared to $2.5 million as of December 31, 2018. For the year ended December 31, 2018, excluding the shares purchased under the Tender Offer, we repurchased 372,282 shares of our common stock under the October 2018 stock repurchase program at a total cost of $32.0 million. Stock Split On October 30, 2018, the Company’s Board of Directors approved the Stock Split and an amendment to the Company’s Articles of Incorporation to increase the number of shares of common stock the Company is authorized to issue from 50,000,000 shares, no par value, to 150,000,000 shares, no par value. This amendment to the Company’s Articles of Incorporation became effective on January 25, 2019 and our common stock began trading at the split-adjusted price on January 28, 2019. All share and per-share amounts in the Company’s consolidated financial statements and related notes have been retroactively adjusted to reflect the effects of the Stock Split.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

LEASES

Our operating leases with terms greater than one year are primarily related to buildings and land. Our operating leases with terms less than one year are primarily related to equipment. Most of our building and land leases have terms of 2 to 10 years and include one or more options to renew, with renewal terms that can extend the lease term from 1 to 5 years or more. Certain of our lease agreements include lease payments based on a percentage of net gaming revenue and others include rental payment adjustments periodically for inflation. The estimated discount rate for each of our leases is determined based on adjustments made to our secured debt borrowing rate.

The components of total lease cost were as follows:


(in millions)	Twelve Months Ended December 31, 2019
Short-term lease cost ^{(a) (b)}	$	14.3
Operating lease cost ^(b)	6.7
Total lease cost	$	21.0

(a)Includes leases with terms of one month or less

(b)Includes variable lease costs, which were not material

Other information related to operating leases was as follows:


(in millions)	Twelve Months Ended December 31, 2019
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities	$	5.2
ROUAs obtained in exchange for lease obligations	$	3.7


Lease Term and Discount Rate	December 31, 2019
Weighted average remaining lease term	6.5 years
Weighted average discount rate	3.9	%

As of December 31, 2019, the future undiscounted cash flows associated with the Company's operating lease liabilities were as follows:


(in millions)
Years Ended December 31,	Totals
2020	$	5.6
2021	5.1
2022	4.0
2023	3.4
2024	3.3
Thereafter	8.3
Total future minimum lease payments	29.7
Less: Imputed interest	3.5
Present value of lease liabilities	$	26.2

Reported lease liabilities as of December 31, 2019
Accrued expense and other current liabilities (current maturities of leases)	$	5.0
Other liabilities (non-current maturities of leases)	21.2
Present value of lease liabilities	$	26.2

As required by ASC 842, the future minimum operating lease payments on non-cancelable leases as of December 31, 2018 under the accounting standards in effect as of that period were as follows:


Years Ended December 31,

2019	$	5.0
2020	4.5
2021	3.8
2022	3.1
2023	3.0
Thereafter	11.2
Total	$	30.6

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4.4	$ 4.0
Current maturities and loan origination fees	4.0	4.7
Debt issuance costs	$ 14.1	$ 7.0
Preferred stock, shares authorized (in shares)	300,000	300,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0
Common stock, shares authorized (in shares)	150,000,000.0	150,000,000.0
Common stock, shares issued (in shares)	39,700,000	40,400,000
Common stock, shares outstanding (in shares)	39,700,000	40,400,000

Acquisitions - Turfway Park (Details) - USD ($) $ in Millions	Oct. 09, 2019	Dec. 31, 2019	Dec. 31, 2018	Aug. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Cash acquired in the acquisition				$ 13.1
Goodwill acquired in the acquisition		$ 367.1	$ 338.0		$ 317.6
Turfway Park
Business Acquisition [Line Items]
Total consideration	$ 46.0
Consideration to be paid	36.0
Purchase and sale agreement rights	10.0
Working capital and other purchase price adjustments	0.9
Cash acquired in the acquisition	0.6
Land acquired in the acquisition	18.8
Goodwill acquired in the acquisition	3.0
Current liabilities acquired in the acquisition	2.6
Turfway Park \| Gaming rights
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired in the acquisition	9.8
Turfway Park \| Trademarks
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired in the acquisition	$ 5.5

Shareholders' Equity - Additional Information (Details) - USD ($)		3 Months Ended	12 Months Ended
	Jun. 09, 2017	Feb. 12, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Oct. 30, 2018	Oct. 29, 2018	Nov. 29, 2017	Apr. 25, 2017	Feb. 29, 2016
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount									$ 250,000,000.0	$ 150,000,000.0
Remaining unused authorization for stock repurchase program						$ 78,300,000				$ 114,600,000
Repurchase aggregate cost			$ 93,000,000.0	$ 533,900,000	$ 180,900,000
Repurchase of common stock included in accrued expenses			$ 500,000
Common stock, shares authorized (in shares)			150,000,000.0	150,000,000.0		150,000,000	50,000,000
The Duchossois Group
Distribution Made to Limited Partner [Line Items]
Stock repurchased during period (in shares)	3,000,000				3,000,000
Repurchase price (in dollars per share)	$ 52.93
Stock repurchased and retired during period, value	$ 158,800,000
April 2017 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Remaining unused authorization for stock repurchase program					$ 78,300,000
Stock repurchased during period (in shares)					3,231,087
Stock repurchased and retired during period, value					$ 171,700,000
Tender Offer
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount								$ 500,000,000.0
Stock repurchased during period (in shares)		5,660,376
Repurchase price (in dollars per share)		$ 88.33
Repurchase aggregate cost		$ 500,000,000.0
October 2018 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount						$ 300,000,000.0
Remaining unused authorization for stock repurchase program			$ 175,000,000.0
Stock repurchased during period (in shares)			864,233	372,282
Repurchase aggregate cost			$ 93,000,000.0	$ 32,000,000.0
Repurchase of common stock included in accrued expenses				$ 2,500,000

Income Taxes - Schedule of Income from Operations Before Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Domestic	$ 196.4	$ 234.2	$ 102.2
Foreign	0.0	(0.3)	0.3
Income from continuing operations before provision for income taxes	$ 196.4	$ 233.9	$ 102.5

Revenue From Contracts With Customers	12 Months Ended
Revenue From Contracts With Customers	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customers	REVENUE FROM CONTRACTS WITH CUSTOMERS Performance Obligations As of December 31, 2019, our Churchill Downs segment had remaining performance obligations on contracts with a duration greater than one year relating to television rights, sponsorships, personal seat licenses, and admissions, with an aggregate transaction price of $166.8 million. The revenue we expect to recognize on these remaining performance obligations is $47.0 million in 2020, $36.9 million in 2021, $31.7 million in 2022, and the remainder thereafter. As of December 31, 2019, our remaining performance obligations on contracts with a duration greater than one year in segments other than Churchill Downs were not material. Contract Assets and Contract Liabilities As of December 31, 2019 and 2018, contract assets were not material. As of December 31, 2019 and 2018, contract liabilities were $63.1 million and $69.9 million, respectively, which are included in current deferred revenue, non-current deferred revenue, and accrued expense and other current liabilities in the accompanying consolidated balance sheets. Contract liabilities primarily relate to our Churchill Downs segment and the decrease was primarily due to revenue recognized for fulfilled performance obligations. We recognized $51.2 million of revenue during the year ended December 31, 2019 that was included in the contract liabilities balance at December 31, 2018. We recognized $53.7 million of revenue during the year ended December 31, 2018 that was included in the contract liabilities balance at January 1, 2018. Disaggregation of Revenue In Note 20, Segment Information, the Company has included its disaggregated revenue disclosures as follows: •For the Churchill Downs segment, revenue is disaggregated between Churchill Downs Racetrack and Derby City Gaming given that Churchill Downs Racetrack's revenues primarily revolve around live racing events while Derby City Gaming's revenues primarily revolve around historical racing events. Within the Churchill Downs segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, and other services. •For the Online Wagering segment, revenue is disaggregated between the TwinSpires business and online sports betting and iGaming business given that TwinSpires' revenue is primarily related to online pari-mutuel wagering on live race events while online sports betting and iGaming revenue relates to casino gaming service offerings. Online sports betting and iGaming service offerings are currently nominal. Within the Online Wagering segment, revenue is further disaggregated between live and simulcast racing, gaming, and other services. •For the Gaming segment, revenue is disaggregated by location given the geographic economic factors that affect the revenue of Gaming service offerings. Within the Gaming segment, revenue is further disaggregated between live and simulcast racing, racing event-related services, gaming, and other services. We believe that these disclosures depict how the amount, nature, timing, and uncertainty of cash flows are affected by economic factors.

Discontinued Operations - Additional Information (Details) - USD ($)		12 Months Ended
	Jan. 09, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 29, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of Big Fish Games		$ 0	$ 970,700,000	$ 0
Big Fish Games \| Earnout Liability
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities measured at fair value on a recurring basis				34,200,000
Big Fish Games \| Deferred Payments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liabilities measured at fair value on a recurring basis				28,400,000
Big Fish Games \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate consideration	$ 990,000,000.0
Proceeds from sale of Big Fish Games	970,700,000
Working capital adjustments	5,200,000
Transaction expense, net	14,100,000	0	0	4,700,000
Gain on sale of Big Fish Games	219,500,000	$ 0	219,500,000	0
Carrying Value of Disposal Group	751,200,000
Income tax provision on gain from sale of business	51,200,000
After tax gain	$ 168,300,000
Previously recognized compensation expense					$ 0
Compensation expense recognized due to acceleration of vesting				3,400,000
Stock-based compensation expense			$ 3,400,000	$ 11,100,000

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Directors and employees may from time to time own or have interests in horses racing at our racetracks. All such races are conducted under the regulations of each state’s respective regulatory agency, as applicable, and no director or employee receives any extra or special benefit with regard to having his or her horses selected to run in races or in connection with the actual running of races. There is no material financial statement impact attributable to directors or employees who may have interests in horses racing at our racetracks. In the ordinary course of business, we may enter into transactions with certain of our officers and directors for the sale of personal seat licenses, suite accommodations, and tickets for our live racing events. We believe that each such transaction has been on terms no less favorable for us than could have been obtained in a transaction with a third party, and no officer or director received any extra or special benefit in connection with such transactions. On June 9, 2017, we entered into an agreement with a related party, TDG, to repurchase 3,000,000 shares of the Company's common stock for $52.93 per share in a privately negotiated transaction. The aggregate purchase price was $158.8 million. Refer to Note 9, Shareholders' Equity, for additional information related to the repurchases.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Accounting Policies

SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. We consolidate a VIE when we have both the power to direct the activities that most significantly impact the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. WKY Development, LLC, a joint venture owned 95% by the Company, owns Oak Grove, and is consolidated in our accompanying consolidated financial statements. As of December 31, 2019, on a consolidated basis Oak Grove had total assets of $62.1 million, primarily related to property and equipment, net, and total liabilities of $9.3 million, primarily related to accrued expenses and other current liabilities.

Use of Estimates

Our financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP"), which requires management to make estimates, judgments and assumptions that we believe are reasonable based on our historical experience, contract terms, observance of known trends in our Company and the industry as a whole and information available from other outside sources. Our estimates affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results may differ from those initial estimates.

Goodwill and Indefinite-Lived Intangible Assets

Goodwill and indefinite-lived intangible assets are required to be tested annually or more frequently if events or changes in circumstances indicate that it is more likely than not that an asset is impaired. An entity may first assess qualitative factors to determine whether it is necessary to complete the two-step impairment test using a more likely than not criteria. If an entity believes it is more likely than not that the fair value of a reporting unit is greater than its carrying value, including goodwill, the quantitative impairment test can be bypassed. Alternatively, an entity has an unconditional option to bypass the qualitative assessment and proceed directly to performing the two-step quantitative impairment test. Qualitative factors include macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, among others. These factors require judgments and estimates, and application of alternative assumptions could produce significantly different results. Evaluations of possible impairment utilizing the two-step approach require us to estimate, among other factors,

forecasts of future operating results, revenue growth, EBITDA margin, tax rates, capital expenditures, depreciation, working capital, weighted average cost of capital, long-term growth rates, risk premiums, terminal values and fair market values of our reporting units and assets. Changes in estimates or the application of alternative assumptions could produce significantly different results.

We perform our annual review for impairment of goodwill and indefinite-lived intangible assets on April 1 of each fiscal year, or more frequently if events or changes in circumstances indicate that it is more likely than not the relevant asset is impaired. Adverse industry or economic trends, lower projections of profitability, or a sustained decline in our market capitalization, among other items, may be indications of potential impairment issues, which are triggering events requiring the testing of an asset’s carrying value for recoverability. Goodwill is allocated and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component. We are required to aggregate the components of an operating segment into one reporting unit if they have similar economic characteristics.

Our gaming rights and trademarks are considered indefinite-lived intangible assets that do not require amortization based on our future expectations to operate our gaming facilities and use the trademarks indefinitely and our historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. The indefinite lived-intangible assets carrying value are tested annually, or more frequently, if indicators of impairment exist, by comparing the fair value of the recorded assets to the associated carrying amount. If the carrying amount of the gaming rights and trademark intangible assets exceed fair value, an impairment loss is recognized.

Property and Equipment

We review the carrying value of our property and equipment to be held and used in our operations whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable from estimated future undiscounted cash flows expected to result from its use and eventual disposition. Adverse industry or economic trends, lower projections of profitability, or a significant adverse change in legal factors or in the business climate, among other items, may be indications of potential impairment issues. If the undiscounted cash flows exceed the carrying value, no impairment is indicated. If the undiscounted cash flows do not exceed the carrying value, an impairment is recorded based on the fair value of the asset.

Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets as follows: 10 to 40 years for grandstands and buildings, 2 to 10 years for equipment, 2 to 10 years for furniture and fixtures and 10 to 20 years for tracks and other improvements.

Revenue Recognition

On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers ("ASC 606") using the modified retrospective method. The adoption of ASC 606 had no impact on cash provided by or used in operating, financing, or investing activities on our accompanying consolidated statements of cash flows. Due to the adoption of ASC 606, we made certain modifications to the classification of net revenue and operating expenses in the Online Wagering segment primarily due to the fact that under ASC 606, we are the principal in all import revenue contracts. Under ASC 606, in circumstances where we make advance sales and advance billings to customers, we recognize a receivable and deferred revenue when we have an unconditional right to receive payment. Previously, we recognized a receivable and deferred revenue at the time of the advance sale and billing if it was probable we would collect the receivable and recognize revenue.

We generate revenue from pari-mutuel wagering transactions with customers related to live races, simulcast races, and historical races as well as simulcast host fees earned from other wagering sites. Our racetracks that host live races also generate revenue through sponsorships, admissions (including luxury suites), personal seat licenses ("PSLs"), television rights, concessions, programs and parking. Concessions, programs, and parking revenue is recognized once the good or service is delivered.

Our live racetracks' revenue and income are influenced by our racing calendar. Similarly, Online Wagering horse racing revenue and income is influenced by racing calendars. Therefore, revenue and operating results for any interim quarter are not generally indicative of the revenue and operating results for the year and may not be comparable with results for the corresponding period of the previous year. We historically have had fewer live racing days during the first quarter of each year, and the majority of our live racing revenue occurs during the second quarter with the running of the Kentucky Oaks and Kentucky Derby.

For live races we present at our racetracks, we recognize revenue on wagers we accept from customers at our racetrack ("on-track revenue") and revenue we earn from exporting our live racing signals to other race tracks, off-track betting facilities

("OTBs"), and advance deposit wagering providers ("export revenue"). For simulcast races we display at our racetracks, OTBs, and Online Wagering platforms, we recognize revenue we earn from providing a wagering service to our customers on these imported live races ("import revenue"). Online Wagering import revenue is generated through advance deposit wagering which consists of patrons wagering through an advance deposit account. Each wagering contract for on-track revenue, and import revenue contains a single performance obligation and our export revenue contracts contain a series of distinct services that form a single performance obligation. The transaction price for on-track revenue and import revenue is fixed based on the established commission rate we are entitled to retain. The transaction price for export revenue is variable based on the simulcast host fee we charge our customers for exporting our signal. We may provide cash incentives in conjunction with wagering transactions we accept from Online Wagering customers. These cash incentives represent consideration payable to a customer and therefore are treated as a reduction of the transaction price for the wagering transaction. Our export revenue contracts generally have a duration of one year or less. These arrangements are licenses of intellectual property containing a usage based royalty. As a result, we have elected to use the practical expedient to omit disclosure related to remaining performance obligations for our export revenue contracts. We recognize on-track revenue, export revenue, and import revenue once the live race event is made official by the relevant racing regulatory body.

We recognize revenue we earn from providing a wagering service to our customers on historical races at our HRM facilities. The transaction price for HRM revenue is based on the established commission rate we are entitled to retain for each wager on the HRM. We recognize HRM revenue once the historical race has been completed on the historical racing machine, net of the liability to the pool.

We evaluate our on-track revenue, export revenue, import revenue, and HRM revenue contracts in order to determine whether we are acting as the principal or as the agent when providing services, which we consider in determining if revenue should be reported gross or net. An entity is a principal if it controls the specified service before that service is transferred to a customer.

The revenue we recognize for on-track revenue, import revenue, and HRM revenue is the commission we are entitled to retain for providing a wagering service to our customers. For these arrangements, we are the principal as we control the wagering service; therefore, any charges, including any applicable simulcast fees, we incur for delivering the wagering service are presented as operating expenses.

For export revenue, our customer is the third-party wagering site such as a racetrack, OTB, or advance deposit wagering provider. Therefore, the revenue we recognize for export revenue is the simulcast host fee we earn for exporting our racing signal to the third-party wagering site.

Our admission contracts are either for a single live racing event day or multiple days. Our PSLs, sponsorships, and television rights contracts generally relate to multiple live racing event days. Multiple day admission, PSLs, sponsorships, and television rights contracts contain a distinct series of services that form single performance obligations. Sponsorships contracts generally include performance obligations related to admissions and advertising rights at our racetracks. Television rights contracts contain a performance obligation related to the rights to distribute certain live racing events on media platforms. The transaction prices for our admissions, PSLs, sponsorships, and television rights contracts are fixed. We allocate the transaction price to our sponsorship contract performance obligations based on the estimated relative standalone selling price of each distinct service.

The revenue we recognize for admissions to a live racing event day is recognized once the related event is complete. For admissions, PSLs, sponsorships, and television rights contracts that relate to multiple live racing event days, we recognize revenue over time using an output method of each completed live racing event day as our measure of progress. Each completed live racing event day corresponds with the transfer of the relevant service to a customer and therefore is considered a faithful depiction of our efforts to satisfy the promises in these contracts. This output method results in measuring the value transferred to date to the customer relative to the remaining services promised under the contracts. Certain premium live racing event days such as the Kentucky Derby and Oaks result in a higher value of revenue allocated relative to other live racing event days due to, among other things, the quality of thoroughbreds racing, higher levels of on-track attendance, national broadcast audience, local and national media coverage, and overall entertainment value of the event. While these performance obligations are satisfied over time, the timing of when this revenue is recognized is directly associated with the occurrence of our live racing events, which is when the majority of our revenues recognized at a point in time are also recognized.

Timing of revenue recognition may differ from the timing of invoicing to customers for our long-term contracts for racing event-related services. We generally invoice customers prior to delivery of services for our admissions, PSLs, sponsorships, and television rights contracts. We recognize a receivable and a contract liability at the time we have an unconditional right to receive payment. When cash is received in advance of delivering services under our contracts, we defer revenue and recognize it in accordance with our policies for that type of contract. In situations where the timing of revenue recognition differs from

the timing of invoicing, we have determined our contracts do not include a significant financing component. The primary purpose of our invoicing terms is to allow our customers to secure the right to the specific services provided under our contracts, not to receive financing from our customers.

Gaming revenue primarily consists of gaming wager transactions. Other operating revenue, such as food and beverage or hotel revenue, is recognized once delivery of the product or service has occurred.

The transaction price for gaming wager transactions is the difference between gaming wins and losses. Gaming wager revenue is recognized when the wager settles.

The majority of our HRM facilities and casinos offer loyalty programs that enable customers to earn loyalty points based on their play. Gaming and HRM wager transactions involve two performance obligations for those customers earning loyalty points under the Company’s loyalty programs and a single performance obligation for customers who do not participate in the program. Loyalty points are primarily redeemable for free wagering activities and food and beverage. For purposes of allocating the transaction price in a gaming or HRM wagering transaction between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a loyalty point that can be redeemed for wagering activities or food and beverage. For gaming wagering transactions, an amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. For HRM wagering transactions, the amount allocated to the HRM wager performance obligation is the commission rate we are entitled to retain. The loyalty point contract liability amount is deferred and recognized as revenue when the customer redeems the points for a wagering transaction or food and beverage and such goods or services are delivered to the customer.

Income Taxes

We use estimates and judgments for financial reporting to determine our current tax liability and deferred taxes. In accordance with the liability method of accounting for income taxes, we recognize the amount of taxes payable or refundable for the current year and deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the consolidated financial statements or tax returns.

Adjustments to deferred taxes are determined based upon the changes in differences between the book basis and tax basis of our assets and liabilities and measured using enacted tax rates we estimate will be applicable when these differences are expected to reverse. Changes in current tax laws, enacted tax rates or the estimated level of taxable income or non-deductible expense could change the valuation of deferred tax assets and liabilities and affect the overall effective tax rate and tax provision.

When tax returns are filed, it is highly certain that some positions taken will be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that will be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with the tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying consolidated balance sheets, along with any associated interest and penalties that would be payable to the taxing authorities upon examination.

Cash and Cash Equivalents

We consider investments with original maturities of three months or less that are readily convertible to cash to be cash equivalents. We have, from time to time, cash in the bank in excess of federally insured limits. Under our cash management system, checks issued but not yet presented to banks that would result in negative bank balances when presented are classified as a current liability in the accompanying consolidated balance sheets.

Restricted Cash and Account Wagering Deposit Liabilities

Amounts included in restricted cash represent amounts due to horsemen for purses, stakes and awards that are paid in accordance with the terms of our contractual agreements or statutory requirements. Restricted cash also includes deposits collected from our Online Wagering customers.

Allowance for Doubtful Accounts Receivable

We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The allowance is maintained at a level considered appropriate based on historical experience and other factors that affect our expectation of future collectability. Uncollectible accounts receivable are written off against the allowance for doubtful accounts receivable when management determines that the probability of payment is remote and collection efforts have ceased.

Internal Use Software

Internal use software costs for Online Wagering software is capitalized in property and equipment, net in the accompanying consolidated balance sheets, in accordance with accounting guidance governing computer software developed or obtained for internal use. Once the software is placed in operation, we amortize the capitalized software over its estimated economic useful life, which is generally three years. We capitalized internal use software of approximately $9.8 million in 2019, $9.7 million in 2018, and $7.2 million in 2017. We incurred amortization expense of approximately $8.8 million in 2019, $7.3 million in 2018, and $6.3 million in 2017, for projects which had been placed in service.

Fair Value of Assets and Liabilities

We adhere to a hierarchy for ranking the quality and reliability of the information used to determine fair values. Assets and liabilities that are carried at fair value are classified and disclosed in one of the following three categories: Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities; Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability; and Level 3: Unobservable inputs for the asset or liability. We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

Investments in and Advances to Unconsolidated Affiliates

We have investments in unconsolidated affiliates accounted for under the equity method. Under the equity method, carrying value is adjusted for our share of the investees' income and losses, amortization of certain basis differences as well as capital contributions to and distributions from these companies. We use the cumulative earnings approach to present distributions received from equity method investees. Distributions in excess of equity method income are recognized as a return of investment and recorded as investing cash inflows in the accompanying consolidated statements of cash flows. We classify income and losses as well as gains and impairments related to our investments in unconsolidated affiliates as a component of other income (expense) in the accompanying consolidated statements of comprehensive income.

We evaluate our investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may have experienced an "other-than-temporary" decline in value. If such conditions exist, we compare the estimated fair value of the investment to its carrying value to determine if an impairment is indicated and determine whether the impairment is "other-than-temporary" based on an assessment of all relevant factors, including consideration of our intent and ability to retain our investment until the recovery of the unrealized loss. We estimate fair value using a discounted cash flow analysis based on estimated future results of the investee.

Debt Issuance Costs and Loan Origination Fees

Debt issuance costs and loan origination fees associated with our term debt, revolver, and notes payable are amortized as interest expense over the term of each respective financial instrument. Debt issuance costs and loan origination fees associated with our term debt and notes payable are presented as a direct deduction from the carrying amount of the related liability. Debt issuance costs and loan origination fees associated with our revolver are presented as an asset.

Casino and Pari-mutuel Taxes

We recognize casino and pari-mutuel tax expense based on the statutory requirements of the federal, state, and local jurisdictions in which we conduct business. All of our casino taxes and the majority of our pari-mutuel taxes are gross receipts taxes levied on the gaming entity. We recognize these taxes as Churchill Downs, Online Wagering, Gaming, and All Other operating expenses in our consolidated statements of comprehensive income. In certain jurisdictions governing our pari-mutuel contracts with customers, there are specific pari-mutuel taxes that are assessed on winning wagers from our customers, which we collect and remit to the government. These taxes are presented on a net basis.

Purse Expense

We recognize purse expense based on the statutorily or contractually determined amount that is required to be paid out in the form of purses to the qualifying finishers of horse races run at our racetracks in the period in which wagering occurs. We incur a liability for all unpaid purses that will be paid out on a future live race event.

Self-insurance Accruals

Key variables and assumptions include, but are not limited to, loss development factors and trend factors such as changes in workers' compensation laws, medical care costs and wages. These loss development factors and trend factors are developed using our actual historical losses. It is possible that reasonable alternative selections would produce different reserve estimates.

Advertising and Marketing

We expense the costs of general advertising, marketing and associated promotional expenditures at the time the costs are incurred. We incurred advertising and marketing expense of approximately $41.8 million in 2019, $28.8 million in 2018, and $24.8 million in 2017 in our accompanying consolidated statements of comprehensive income.

Stock-Based Compensation

All stock-based payments to employees and directors, including grants of performance share units and restricted stock, are recognized as compensation expense over the service period based on the fair value on the date of grant. For awards that have a graded vesting schedule, we recognize expense on a straight-line basis for each separately vesting portion of the award. We recognize forfeitures of awards as incurred.

Computation of Net Income per Common Share

Net income per common share is presented for both basic earnings per common share ("Basic EPS") and diluted earnings per common share ("Diluted EPS"). Basic EPS is based upon the weighted average number of common shares outstanding, excluding unvested stock awards, during the period plus vested common stock equivalents that have not yet been converted to common shares. Diluted EPS is based upon the weighted average number of shares used to calculate Basic EPS and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares result from applying the treasury stock method to unvested stock awards.

Common Stock Share Repurchases

From time-to-time, we repurchase shares of our common stock under share repurchase programs authorized by our Board of Directors. Share repurchases constitute authorized but unissued shares under the Kentucky laws under which we are incorporated. Our common stock has no par or stated value. We record the full value of share repurchases, upon the trade date, against common stock on our consolidated balance sheets except when to do so would result in a negative balance in such common stock account. In such instances, we record the cost of any further share repurchases as a reduction to retained earnings. Due to the large number of share repurchases of our common stock over the past several years our common stock balance frequently will be zero at the end of any given reporting period. Refer to Note 9, Shareholders' Equity, for additional information on our share repurchases.

Recent Accounting Pronouncements - Adopted on January 1, 2019

In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU No. 2016-02, Leases, and subsequently issued additional guidance (collectively, "ASC 842"), which requires companies to generally recognize operating and financing lease liabilities and corresponding right-of-use assets ("ROUAs") on the balance sheet. We adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, we elected the package of practical expedients that allowed us to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification of any expired or existing leases and (3) initial direct costs of any expired or existing leases. We recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods.

The adoption of ASC 842 had no impact on our accompanying consolidated statements of comprehensive income or statements of cash flows. Due to the adoption of ASC 842, we recognized operating lease ROUAs and lease liabilities for our operating leases with lease terms greater than one year. We do not have any material finance leases or any material operating leases where we are the lessor.

The cumulative effects of the changes made to our accompanying consolidated balance sheets as of January 1, 2019 for the adoption of ASC 842 were as follows:


(in millions)	As Reported at December 31, 2018		Adoption of ASC 842		Balance at January 1, 2019
ASSETS
Other current assets	$	22.4	$	(0.3)	$	22.1
Property and equipment, net	757.5		25.3		782.8

LIABILITIES
Accrued expense and other current liabilities	89.8		3.8		93.6
Other liabilities	15.7		21.5		37.2

SHAREHOLDERS' EQUITY
Retained earnings	474.2		(0.3)		473.9

Operating lease ROUAs and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. The operating lease ROUAs also include any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. Our lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Recent Accounting Pronouncements - effective in 2020 or thereafter

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses, which introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets. The guidance will become effective in 2020, and is to be applied through a modified retrospective approach during the year of adoption. The Company's implementation activities, which remain in progress, include identifying the financial assets in the scope of the new standard, developing methods to estimate current expected credit losses associated with these financial assets, and determining changes needed to control activities. We do not expect our future adoption of such guidance to have a material impact on our results of operations, financial condition, or cash flows.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other: Internal-Use Software, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new guidance also requires an entity to expense the capitalized implementation costs of a hosting arrangement over the term of the hosting arrangement. The guidance is effective in 2020 with early adoption permitted and may be applied prospectively or retrospectively. As this new guidance is consistent with our current accounting policies, we do not expect our future adoption of such guidance to have a material impact on our results of operations, financial condition, or cash flows.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This new guidance simplifies the accounting for goodwill impairments by removing step two from the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess. The new guidance is effective in 2020 with early adoption permitted for any

goodwill impairment test performed between January 1, 2017 and January 1, 2020, and is to be applied prospectively. The new guidance will not result in a cumulative adjustment upon adoption and will only be applicable in the event a reporting unit's carrying amount exceeds its fair value when testing goodwill for impairment. As a result, we do not expect our future adoption of such guidance to have a material impact on our results of operations, financial condition, or cash flows.

Discontinued Operations

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

On November 29, 2017, the Company entered into a definitive Stock Purchase Agreement (the "Stock Purchase Agreement") to sell its mobile gaming subsidiary, Big Fish Games, Inc. ("Big Fish Games"), a Washington corporation, to Aristocrat Technologies, Inc. (the "Purchaser"), a Nevada corporation, an indirect, wholly owned subsidiary of Aristocrat Leisure Limited, an Australian corporation (the "Big Fish Transaction"). On January 9, 2018, pursuant to the Stock Purchase Agreement, the Company completed the Big Fish Transaction. The Purchaser paid an aggregate consideration of $990.0 million in cash in connection with the Big Fish Transaction, subject to customary adjustments for working capital and indebtedness and certain other adjustments as set forth in the Stock Purchase Agreement.

The Big Fish Games segment and related Big Fish Transaction meet the criteria for held for sale and discontinued operation presentation. The consolidated statements of comprehensive income and the notes to consolidated financial statements reflect the Big Fish Games segment as discontinued operations for all periods presented. Unless otherwise specified, disclosures in these consolidated financial statements reflect continuing operations only. The consolidated statements of cash flows includes both continuing and discontinued operations.

The Company received cash proceeds of $970.7 million which was net of $5.2 million of working capital adjustments and $14.1 million of transaction costs. The Company recognized a gain of $219.5 million upon the sale recorded in income from discontinued operations in the accompanying consolidated statements of comprehensive income in 2018. The gain consisted of cash proceeds of $970.7 million offset by the carrying value of Big Fish Games of $751.2 million. The income tax provision on the gain was $51.2 million, resulting in an after tax gain of $168.3 million.

The following table presents the financial results of Big Fish Games included in "Income from discontinued operations, net of tax" in the accompanying consolidated statements of comprehensive income:


	Years Ended December 31,
(in millions)	2019		2018		2017
Net revenue	$	—	$	13.2	$	466.0

Operating expenses	—		8.4		369.0
Selling, general and administrative expense	3.5		6.0		27.8
Research and development	—		0.9		39.6
Transaction expense, net	—		—		4.7
Total operating expense	3.5		15.3		441.1
Operating (loss) income	(3.5)		(2.1)		24.9
Other income (expense)
Gain on sale of Big Fish Games	—		219.5		—
Other expense	—		0.1		(1.7)
Total other income (loss)	—		219.6		(1.7)

(Loss) income from discontinued operations before provision for income taxes	(3.5)		217.5		23.2
Income tax benefit (provision)	1.1		(47.3)		(5.1)
(Loss) income from discontinued operations, net of tax	$	(2.4)	$	170.2	$	18.1

Stock-Based Compensation

As part of the Big Fish Transaction, the vesting dates for all outstanding unvested restricted stock awards, restricted stock unit awards, and performance share units awards (collectively the "Stock Awards") for certain Big Fish Games' employees were accelerated to vest on the closing date. Most of these Stock Awards would not have vested prior to the closing date of the Big Fish Transaction. Therefore, the related stock-based compensation expense previously recognized through the modification date was reduced to zero and a new fair value of the Stock Awards was established on the date of the announcement of the Big Fish Transaction. The expense was amortized during the period from the date of the announcement to the closing of the Big Fish Transaction. The incremental stock-based compensation expense recognized during 2017 due to the acceleration of vesting was $3.4 million, which is included in income from discontinued operations, net of tax in the accompanying consolidated statements of comprehensive income.

Total stock-based compensation expense related to Big Fish Games, which includes the accelerated vesting of the Stock Awards and stock options associated with the Company's employee stock purchase plan, was $3.4 million in 2018 and $11.1 million in 2017.

Earnout Liabilities

As of December 31, 2017, we had $34.2 million of deferred earnout consideration and $28.4 million of deferred payments due to the founder of Big Fish Games, both of which were paid on January 3, 2018.

Acquisitions - Ocean Downs (Details) - USD ($) $ in Millions				3 Months Ended	4 Months Ended	12 Months Ended
	Sep. 04, 2018	Aug. 31, 2018	Jul. 16, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Aug. 30, 2018	Jan. 01, 2017
Business Acquisition [Line Items]
Online real-money sports betting and iGaming agreement term			15 years
Gain on Ocean Downs/Saratoga transaction		$ 54.9		$ 54.9		$ 0.0	$ 54.9	$ 0.0
Repayments of assumed debt	$ 54.7					0.0	54.7	0.0
Goodwill					$ 338.0	$ 367.1	$ 338.0	$ 317.6
Ocean Downs deferred tax liability		$ 12.6
Revenue since date of acquisition					$ 25.9
Saratoga
Business Acquisition [Line Items]
Equity method investment, ownership percentage		25.00%	25.00%
Saratoga New York And Saratoga Colorado
Business Acquisition [Line Items]
Equity method investment, ownership percentage		25.00%
Equity method investment, amount		$ 47.8
Goodwill		$ 20.4
Ocean Downs
Business Acquisition [Line Items]
Equity method investment, ownership percentage		100.00%	50.00%						50.00%	50.00%
Ocean Downs LLC
Business Acquisition [Line Items]
Equity method investment, ownership percentage		62.50%
Equity method investment, amount		$ 80.5

Leases - Additional Details (Details)	Dec. 31, 2019
Minimum
Lessee, Lease, Description [Line Items]
Lease term	2 years
Lessee, Operating Lease, Renewal Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years
Lessee, Operating Lease, Renewal Term	5 years

Fair Value Of Assets And Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements on a Recurring Basis

The carrying amounts and estimated fair values by input level of the Company's financial instruments are as follows:


	December 31, 2019
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	46.3	$	46.3	$	46.3	$	—	$	—
Financial liabilities:
Term Loan B	388.0		392.0		—		392.0		—
2027 Senior Notes	592.0		636.0				636.0
2028 Senior Notes	493.9		515.2		—		515.2		—


	December 31, 2018
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	40.0	$	40.0	$	40.0	$	—	$	—
Financial liabilities:
Term Loan B	391.3		396.0		—		396.0		—
2028 Senior Notes	493.0		452.4		—		452.4		—

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSAs of the date of this filing, there were no subsequent events.

Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended								12 Months Ended
	Aug. 31, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Net revenues		$ 280.6	$ 306.3	$ 477.4	$ 265.4	$ 219.0	$ 221.3	$ 379.4	$ 189.3	$ 1,329.7	$ 1,009.0	$ 882.6
Operating income		3.5	27.8	156.4	28.0	12.0	20.5	136.6	19.7	215.7	188.8	145.7
Income from continuing operations, net of tax		4.2	15.2	108.3	11.9	7.3	58.0	103.2	14.1	139.6	182.6	122.4
Income (loss) from discontinued operations, net of tax		$ (0.5)	$ (0.4)	$ (1.2)	$ (0.3)	$ 4.1	$ (1.7)	$ (0.1)	$ 167.9	$ (2.4)	$ 170.2	$ 18.1
Net income (loss) per common share data - basic:
Continuing operations (in dollars per share)		$ 0.11	$ 0.38	$ 2.70	$ 0.30	$ 0.18	$ 1.43	$ 2.54	$ 0.33	$ 3.49	$ 4.42	$ 2.59
Discontinued operations (in dollars per share)		(0.01)	(0.01)	(0.03)	(0.01)	0.10	(0.04)	0	3.88	(0.06)	4.12	0.38
Net income per common share - basic (in dollars per share)		0.10	0.37	2.67	0.29	0.28	1.39	2.54	4.21	3.43	8.54	2.97
Net income (loss) per common share data - diluted:
Continuing operations (in dollars per share)		0.11	0.37	2.66	0.30	0.18	1.42	2.52	0.32	3.44	4.39	2.55
Discontinued operations (in dollars per share)		(0.01)	(0.01)	(0.03)	(0.01)	0.10	(0.04)	0	3.86	(0.06)	4.09	0.37
Net income per common share - diluted (in dollars per share)		$ 0.10	$ 0.36	$ 2.63	$ 0.29	$ 0.28	$ 1.38	$ 2.52	$ 4.18	$ 3.38	$ 8.48	$ 2.92
Gain on sale of Big Fish Games									$ 219.5
Gain on Ocean Downs/Saratoga transaction	$ 54.9						$ 54.9			$ 0.0	$ 54.9	$ 0.0
Finite-Lived Intangible Assets [Line Items]
Amortization of definite-lived intangible assets										$ 15.0	$ 6.0	$ 6.8
Turfway Park
Finite-Lived Intangible Assets [Line Items]
Amortization of definite-lived intangible assets		$ 10.0

Acquisitions - Lady Luck Nemacolin (Details) $ in Millions	Mar. 08, 2019 USD ($)
Lady Luck Nemacolin
Business Acquisition [Line Items]
Consideration to be paid	$ 0.1

Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATIONWe manage our operations through three reportable segments: Churchill Downs, Online Wagering and Gaming. Refer to Note 1, Description of Business, for additional information regarding the changes we made to our segments during the first quarter of 2019. Prior year amounts have been reclassified to conform to this presentation.

Eliminations include the elimination of intersegment transactions. We utilize non-GAAP measures, including EBITDA (earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA. Our chief operating decision maker utilizes Adjusted EBITDA to evaluate segment performance, develop strategy and allocate resources. Adjusted EBITDA includes the following adjustments:

Adjusted EBITDA includes our portion of EBITDA from our equity investments.

Adjusted EBITDA excludes:

•Transaction expense, net which includes:

◦Acquisition and disposition related charges, including fair value adjustments related to earnouts and deferred payments;

◦Calder racing exit costs; and

◦Other transaction expense, including legal, accounting, and other deal-related expense;

•Stock-based compensation expense;

•Midwest Gaming's impact on our investments in unconsolidated affiliates from:

◦The impact of changes in fair value of interest rate swaps; and

◦Recapitalization and transaction costs;

•Asset impairments;

•Gain on Ocean Downs/Saratoga Transaction;

•Loss on extinguishment of debt;

•Legal reserves;

•Pre-opening expense; and

•Other charges, recoveries and expenses

We utilize the Adjusted EBITDA metric to provide a more accurate measure of our core operating results and enable management and investors to evaluate and compare from period to period our operating performance in a meaningful and consistent manner. Adjusted EBITDA should not be considered as an alternative to operating income as an indicator of performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure provided in accordance with GAAP. Our calculation of Adjusted EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited. For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the accompanying consolidated statements of comprehensive income.

Effective January 1, 2019, the Company does not allocate corporate and other related expenses to our segments in the accompanying consolidated statements of comprehensive income. The prior year amounts in the accompanying consolidated statements of comprehensive income were reclassified to conform to this presentation.

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)	2019		2018		2017
Net revenue from external customers:
Churchill Downs:
Churchill Downs Racetrack	$	187.6	$	181.0	$	161.3
Derby City Gaming	86.6		14.8		—
Total Churchill Downs	274.2		195.8		161.3
Online Wagering:
TwinSpires	289.9		290.2		255.6
Online Sports Betting and iGaming	0.6		—		—
Total Online Wagering	290.5		290.2		255.6
Gaming:
Presque Isle	138.5		—		—
Fair Grounds and VSI	123.0		117.7		111.1
Oxford Casino	101.7		102.0		90.8
Calder	99.8		98.6		87.9
Ocean Downs	85.9		25.9		—
Riverwalk Casino	58.9		54.5		48.2
Harlow’s Casino	55.3		50.2		50.0
Lady Luck Nemacolin	29.3		—		—
Saratoga	—		0.6		1.3
Total Gaming	692.4		449.5		389.3
All Other	72.6		73.5		76.4
Net revenue from external customers	$	1,329.7	$	1,009.0	$	882.6

Intercompany net revenues:
Churchill Downs	$	15.2	$	12.7	$	11.4
Online Wagering	1.1		1.3		1.1
Gaming:
Fair Grounds and VSI	1.8		1.6		1.6
Calder	0.1		0.1		—
Presque Isle	0.5		—		—
Total Gaming	2.4		1.7		1.6
All Other	11.6		11.2		10.8
Eliminations	(30.3)		(26.9)		(24.9)
Intercompany net revenue	$	—	$	—	$	—


	Twelve Months Ended December 31, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	59.0	$	277.1	$	30.7	$	366.8	$	41.1	$	407.9
Historical racing^(a)	81.6		—		—		81.6		—		81.6
Racing event-related services	118.7		—		4.1		122.8		5.6		128.4
Gaming^(a)	—		0.6		585.2		585.8		—		585.8
Other^(a)	14.9		12.8		72.4		100.1		25.9		126.0
Total	$	274.2	$	290.5	$	692.4	$	1,257.1	$	72.6	$	1,329.7


	Twelve Months Ended December 31, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	54.9	$	278.4	$	27.1	$	360.4	$	43.1	$	403.5
Historical racing^(a)	13.8		—		—		13.8		—		13.8
Racing event-related services	115.2		—		3.9		119.1		5.8		124.9
Gaming^(a)	—		—		365.9		365.9		—		365.9
Other^(a)	11.9		11.8		52.6		76.3		24.6		100.9
Total	$	195.8	$	290.2	$	449.5	$	935.5	$	73.5	$	1,009.0


	Twelve Months Ended December 31, 2017
(in millions)	Churchill Downs		Online Wagering		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	52.0	$	239.6	$	27.1	$	318.7	$	44.8	$	363.5
Historical racing^(a)	—		—		—		—		—		—
Racing event-related services	100.5		—		4.2		104.7		6.4		111.1
Gaming^(a)	—		—		315.6		315.6		—		315.6
Other^(a)	8.8		16.0		42.4		67.2		25.2		92.4
Total	$	161.3	$	255.6	$	389.3	$	806.2	$	76.4	$	882.6

Adjusted EBITDA by segment is comprised of the following:


	Year Ended December 31, 2019
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	289.4	$	291.6	$	694.8

Taxes and purses	(66.5)		(15.3)		(270.3)
Marketing and advertising	(7.1)		(12.2)		(21.5)
Salaries and benefits	(32.0)		(11.4)		(103.3)
Content expense	(2.4)		(152.8)		(6.0)
Selling, general and administrative expense	(8.0)		(7.2)		(29.0)
Other operating expense	(35.9)		(26.4)		(84.1)
Other income	0.2		—		100.3

Adjusted EBITDA	$	137.7	$	66.3	$	280.9


	Year Ended December 31, 2018
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	208.5	$	291.5	$	451.2

Taxes and purses	(41.3)		(15.2)		(153.4)
Marketing and advertising	(5.7)		(6.0)		(15.5)
Salaries & benefits	(23.7)		(9.2)		(68.9)
Content expense	(2.2)		(152.0)		(4.1)
Selling, general and administrative expense	(5.3)		(5.9)		(18.6)
Other operating expense	(28.0)		(24.2)		(60.0)
Other income	0.1		—		43.3

Adjusted EBITDA	$	102.4	$	79.0	$	174.0


	Year Ended December 31, 2017
(in millions)	Churchill Downs		Online Wagering		Gaming
Net revenue	$	172.7	$	256.7	$	390.9

Taxes and purses	(34.1)		(14.7)		(130.7)
Marketing and advertising	(2.7)		(8.2)		(13.0)
Salaries & benefits	(19.3)		(9.9)		(63.4)
Content expense	(2.4)		(125.0)		(4.0)
Selling, general and administrative expense	(4.0)		(6.9)		(17.1)
Other operating expense	(21.3)		(22.1)		(56.1)
Other income	0.1		—		42.0

Adjusted EBITDA	$	89.0	$	69.9	$	148.6


	Years Ended December 31,
(in millions)	2019		2018		2017
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Comprehensive income attributable to CDI	$	137.5	$	353.2	$	140.4
Foreign currency translation, net of tax	—		(0.6)		0.1
Change in pension benefits, net of tax	—		0.2		—
Net income attributable to CDI	137.5		352.8		140.5
Net loss attributable to noncontrolling interest	0.3		—		—
Net income before noncontrolling interest	137.2		352.8		140.5
Loss (income) from discontinued operations, net of tax	2.4		(170.2)		(18.1)
Income from continuing operations, net of tax	139.6		182.6		122.4

Additions:
Depreciation and amortization	96.4		63.6		56.0
Interest expense	70.9		40.1		49.3
Loss on extinguishment of debt	—		—		20.7
Income tax provision (benefit)	56.8		51.3		(19.9)
EBITDA	$	363.7	$	337.6	$	228.5

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	23.8	$	17.7	$	16.0
Legal reserves	3.6		—		—
Other, net	0.4		(0.6)		0.5
Pre-opening expense	5.1		4.8		0.5
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	32.6		13.9		16.7
Changes in fair value of Midwest Gaming's interest rate swaps	12.4		—		—
Midwest Gaming's recapitalization and transactions costs	4.7		—		—
Other charges and recoveries, net	(0.2)		—		—
Gain on Ocean Downs/Saratoga transaction	—		(54.9)		—
Transaction expense, net	5.3		10.3		2.3
Impairment of tangible and other intangible assets	—		—		21.7
Total adjustments to EBITDA	87.7		(8.8)		57.7
Adjusted EBITDA	$	451.4	$	328.8	$	286.2

Adjusted EBITDA by segment:
Churchill Downs	$	137.7	$	102.4	$	89.0
Online Wagering	66.3		79.0		69.9
Gaming	280.9		174.0		148.6
Total segment Adjusted EBITDA	484.9		355.4		307.5
All Other	(33.5)		(26.6)		(21.3)
Total Adjusted EBITDA	$	451.4	$	328.8	$	286.2

The table below presents information about equity in income of unconsolidated affiliates included in our reported segments:


	Years Ended December 31,
(in millions)	2019		2018		2017
Gaming	$	50.5	$	29.4	$	25.3
All Other	0.1		0.2		0.2
	$	50.6	$	29.6	$	25.5

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


	As of December 31,
(in millions)	2019		2018
Total assets:
Churchill Downs	$	370.3	$	359.6
Online Wagering	241.5		222.8
Gaming	1,030.1		877.1
Total segment assets	1,641.9		1,459.5
All Other	909.1		265.7
	$	2,551.0	$	1,725.2

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


	Years Ended December 31,
(in millions)	2019		2018		2017
Capital expenditures:
Churchill Downs	$	31.4	$	109.6	$	54.1
Online Wagering	9.7		9.7		9.0
Gaming	37.1		20.7		39.7
Total segment capital expenditures	78.2		140.0		102.8
All Other	53.0		9.4		6.2
Total capital expenditures	$	131.2	$	149.4	$	109.0

Fair Value Of Assets And Liabilities - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 46.3	$ 40.0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	46.3	40.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0.0	0.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0.0	0.0
Line of Credit \| Term Loan B due 2024 \| 2017 Credit Agreement \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0.0	0.0
Line of Credit \| Term Loan B due 2024 \| 2017 Credit Agreement \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	392.0	396.0
Line of Credit \| Term Loan B due 2024 \| 2017 Credit Agreement \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0.0	0.0
Senior Notes \| 2027 Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt
Senior Notes \| 2027 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	636.0
Senior Notes \| 2027 Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt
Senior Notes \| 2028 Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0.0	0.0
Senior Notes \| 2028 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	515.2	452.4
Senior Notes \| 2028 Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	0.0	0.0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	46.3	40.0
Carrying Amount \| Line of Credit \| Term Loan B due 2024 \| 2017 Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	388.0	391.3
Carrying Amount \| Senior Notes \| 2027 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	592.0
Carrying Amount \| Senior Notes \| 2028 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	493.9	493.0
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	46.3	40.0
Fair Value \| Line of Credit \| Term Loan B due 2024 \| 2017 Credit Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	392.0	396.0
Fair Value \| Senior Notes \| 2027 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	636.0
Fair Value \| Senior Notes \| 2028 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value disclosure of debt	$ 515.2	$ 452.4

Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.581	$ 0.543	$ 0.507
Foreign currency translation adjustment, tax		$ (0.1)	$ (0.1)
Change in pension benefits, tax		$ (0.1)

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Activity

A summary of the 2019 RSAs, RSUs, and PSUs granted to certain NEOs, employees, and directors is presented below (shares/units in thousands):


Grant Year	Award Type	Number of Shares/Units Awarded⁽¹⁾	Vesting Terms
2019	RSA	65	Vest equally over three service periods ending in 2020, 2021 and 2022
2019	RSU	55	Vest equally over three service periods ending in 2019, 2020, and 2021
2019	RSU	10	One year service period ending in 2020
2019	PSU	58	Three year performance and service period ending in 2021

(1) PSUs presented are based on the target number of units for the original PSU grant.

Activity for Awards Made Outside of Share-Based Compensation Plans

Activity for our RSAs, RSUs, and PSUs is presented below (shares/units in thousands):


	PSUs				RSAs and RSUs					Total
(in thousands, except grant date values)	Number of Shares/Units	Weighted Average Grant Date Fair Value		Number of Shares/Units	Weighted Average Grant Date Fair Value		Number of Shares/Units	Weighted Average Grant Date Fair Value
Balance as of December 31, 2016	110	$	48.86	480	$	36.90	590	$	37.23
Granted	65	$	55.75	173	$	52.31	238	$	53.25
Performance adjustment⁽¹⁾	45	$	51.00	—	$	—	45	$	51.00
Vested	(96)	$	51.00	(334)	$	36.79	(430)	$	39.98
Canceled/forfeited	—	$	—	(3)	$	41.92	(3)	$	41.92
Balance as of December 31, 2017	124	$	51.59	316	$	45.51	440	$	47.23
Granted	256	$	68.32	193	$	84.78	449	$	75.39
Performance adjustment⁽¹⁾	70	$	47.01	—	$	—	70	$	47.01
Vested	(129)	$	47.01	(217)	$	46.35	(346)	$	46.60
Canceled/forfeited	—	$	—	(17)	$	54.49	(17)	$	54.49
Balance as of December 31, 2018	321	$	65.77	275	$	72.03	596	$	68.66
Granted	58	$	92.90	130	$	94.42	188	$	93.96
Performance adjustment⁽¹⁾	87	$	55.75	—	$	—	87	$	55.75
Vested	(152)	$	55.75	(135)	$	68.15	(287)	$	61.57
Canceled/forfeited	—	$	—	(5)	$	77.59	(5)	$	77.59
Balance as of December 31, 2019	314	$	72.84	265	$	85.07	579	$	78.45

(1)Adjustment to number of target units awarded for PSUs based on achievement of performance and TSR goals.

Summary of Unrecognized Stock-based Compensation Expense

A summary of total unrecognized stock-based compensation expense related to RSAs, RSUs, and PSUs (based on current performance estimates), at December 31, 2019 is presented below:


(in millions, except years)	December 31, 2019		Weighted Average Remaining Vesting Period (Years)
Unrecognized expense:
RSA	$	3.3	1.47
RSU	7.8		3.38
PSU	16.7		3.36
Total	$	27.8	3.14

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.We consolidate all subsidiaries in which we have a controlling financial interest and variable interest entities (“VIEs”) for which we or one of our consolidated subsidiaries is the primary beneficiary. We consolidate a VIE when we have both the power to direct the activities that most significantly impact the results of the VIE and the right to receive benefits or the obligation to absorb losses of the entity that could be potentially significant to the VIE. WKY Development, LLC, a joint venture owned 95% by the Company, owns Oak Grove, and is consolidated in our accompanying consolidated financial statements. As of December 31, 2019, on a consolidated basis Oak Grove had total assets of $62.1 million, primarily related to property and equipment, net, and total liabilities of $9.3 million, primarily related to accrued expenses and other current liabilities.

Use of Estimates

Goodwill and Indefinite-Lived Intangible Assets

Property and Equipment

Revenue Recognition

The transaction price for gaming wager transactions is the difference between gaming wins and losses. Gaming wager revenue is recognized when the wager settles.

Income Taxes

Cash and Cash Equivalents

Restricted Cash

Account Wagering Deposit Liabilities

Allowance for Doubtful Accounts Receivable

Internal Use Software

Fair Value of Assets and Liabilities

Investments in and Advances to Unconsolidated Affiliates

Debt Issuance Costs and Loan Origination Fees

Casino and Pari-mutuel Taxes

Purse Expense

Self Insurance Accruals

We are self-insured up to certain limits for costs associated with general liability, workers’ compensation and employee health coverage, and we purchase insurance for claims that exceed our self-insurance retention or deductible levels. We record self-insurance reserves that include accruals of estimated settlements for known claims ("Case Reserves"), as well as accruals of third-party actuarial estimates for claims incurred but not yet reported ("IBNR"). Case Reserves represent estimated liabilities for unpaid losses, based on a claims administrator's estimates of future payments on individual reported claims, including allocated loss adjustment expense, which generally include claims settlement costs such as legal fees. IBNR includes the provision for unreported claims, changes in case reserves and future payments on reopened claims.Key variables and assumptions include, but are not limited to, loss development factors and trend factors such as changes in workers' compensation laws, medical care costs and wages. These loss development factors and trend factors are developed using our actual historical losses. It is possible that reasonable alternative selections would produce different reserve estimates.

Advertising and Marketing

We expense the costs of general advertising, marketing and associated promotional expenditures at the time the costs are incurred.

Stock-Based Compensation

Computation of Net Income per Common Share

Common Stock Share Repurchases

Leases

Upon adopting ASC 842, we determine if an arrangement is a lease at inception. Operating leases are included in property and equipment, net; accrued expense and other current liabilities; and other liabilities on our consolidated balance sheets. We generally do not separate lease and non-lease components for our lease contracts. We do not apply the ROUA and leases liability recognition requirements to short-term leases.Operating lease ROUAs and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. The operating lease ROUAs also include any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. Our lease terms include all non-cancelable periods and may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term

Recent Accounting Pronouncements

Recent Accounting Pronouncements - Adopted on January 1, 2019

The cumulative effects of the changes made to our accompanying consolidated balance sheets as of January 1, 2019 for the adoption of ASC 842 were as follows:


(in millions)	As Reported at December 31, 2018		Adoption of ASC 842		Balance at January 1, 2019
ASSETS
Other current assets	$	22.4	$	(0.3)	$	22.1
Property and equipment, net	757.5		25.3		782.8

LIABILITIES
Accrued expense and other current liabilities	89.8		3.8		93.6
Other liabilities	15.7		21.5		37.2

SHAREHOLDERS' EQUITY
Retained earnings	474.2		(0.3)		473.9

Recent Accounting Pronouncements - effective in 2020 or thereafter

Related Party Transactions - Additional Information (Details) - The Duchossois Group - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jun. 09, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)	3,000,000	3,000,000
Repurchase price (in dollars per share)	$ 52.93
Stock repurchased and retired during period, value	$ 158.8

Revenue From Contracts With Customers - Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 63.1	$ 69.9
Contract with customer, revenue recognized	$ 51.2	$ 53.7

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2019

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable is comprised of the following:


	As of December 31,
(in millions)	2019		2018
Trade receivables	$	12.3	$	7.7
Simulcast and online wagering receivables	20.9		19.9
Other receivables	8.5		5.2
	41.7		32.8
Allowance for doubtful accounts	(4.4)		(4.0)
Total	$	37.3	$	28.8

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of December 31,
(in millions)	2019		2018
Accrued salaries and related benefits	$	29.2	$	24.1
Account wagering deposits liability	28.9		29.6
Purses payable	19.9		15.8
Accrued interest	19.7		11.4
Other	75.7		54.3
Total	$	173.4	$	135.2

Stock-Based Compensation Plans - Summary of Unrecognized Stock-based Compensation Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 27.8
Weighted Average Remaining Vesting Period (Years)	3 years 1 month 20 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 3.3
Weighted Average Remaining Vesting Period (Years)	1 year 5 months 19 days
Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 7.8
Weighted Average Remaining Vesting Period (Years)	3 years 4 months 17 days
Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 16.7
Weighted Average Remaining Vesting Period (Years)	3 years 4 months 9 days

Director and Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Duration of service for eligibility	3 months
Employer matching contribution, percent	3.00%
Maximum annual contribution per employee, percent	50.00%
Employer's maximum additional match, percentage	2.00%
Employer's discretionary matching contribution	4.00%
Cash contribution to profit-sharing plan	$ 4.1	$ 3.0	$ 2.7
Noncontributory Defined Benefit Multi-Employer Retirement Plan
Defined Benefit Plan Disclosure [Line Items]
Retirement plan expense	$ 0.6	$ 0.7	$ 0.7

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Balance, beginning of period	$ 338.0	$ 317.6
Additions	29.1	20.4
Balance, end of period	367.1	338.0
Churchill Downs
Goodwill [Roll Forward]
Balance, beginning of period	49.7	49.7
Additions	0.0	0.0
Balance, end of period	49.7	49.7
Online Wagering
Goodwill [Roll Forward]
Balance, beginning of period	148.2	148.2
Additions	0.0	0.0
Balance, end of period	148.2	148.2
Gaming
Goodwill [Roll Forward]
Balance, beginning of period	139.1	118.7
Additions	26.1	20.4
Balance, end of period	165.2	139.1
All Other
Goodwill [Roll Forward]
Balance, beginning of period	1.0	1.0
Additions	3.0	0.0
Balance, end of period	$ 4.0	$ 1.0

Contingencies (Details) $ in Millions	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Penalty	$ 2.8

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net is comprised of the following:


	As of December 31,
(in millions)	2019		2018
Grandstands and buildings	$	625.2	$	532.8
Equipment	406.5		356.3
Tracks and other improvements	222.3		207.3
Land	162.4		140.5
Furniture and fixtures	79.2		73.3
Construction in progress	52.3		7.0
	1,547.9		1,317.2
Accumulated depreciation	(635.4)		(559.7)
Subtotal	912.5		757.5
Right-of-use assets	24.8		—
Total	$	937.3	$	757.5

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Total assets	$ 2,551.0	$ 1,725.2
Total liabilities	2,040.0	1,251.9
Advertising and marketing expense	41.8	28.8	$ 24.8
Oak Grove
Variable Interest Entity [Line Items]
Total assets	62.1
Total liabilities	$ 9.3
Grandstands and buildings \| Minimum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Grandstands and buildings \| Maximum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	40 years
Equipment \| Minimum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	2 years
Equipment \| Maximum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Furniture and fixtures \| Minimum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	2 years
Furniture and fixtures \| Maximum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Tracks and other improvements \| Minimum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	10 years
Tracks and other improvements \| Maximum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	20 years
Internally developed and purchased third party software
Variable Interest Entity [Line Items]
Capitalized computer software developed or acquired for internal use	$ 9.8	9.7	7.2
Capitalized computer software developed or acquired for internal use, amortization expense	$ 8.8	$ 7.3	$ 6.3
Internally developed and purchased third party software \| Maximum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	3 years
WKY Development, LLC
Variable Interest Entity [Line Items]
Ownership percentage	95.00%

Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - Big Fish Games - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions		12 Months Ended
	Jan. 09, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenue		$ 0.0	$ 13.2	$ 466.0
Operating expenses		0.0	8.4	369.0
Selling, general and administrative expense		3.5	6.0	27.8
Research and development		0.0	0.9	39.6
Transaction expense, net	$ 14.1	0.0	0.0	4.7
Total operating expense		3.5	15.3	441.1
Operating (loss) income		(3.5)	(2.1)	24.9
Gain on sale of Big Fish Games	$ 219.5	0.0	219.5	0.0
Other expense		0.0		(1.7)
Other expense			0.1
Total other income (loss)		0.0	219.6	(1.7)
(Loss) income from discontinued operations before provision for income taxes		(3.5)	217.5	23.2
Income tax benefit (provision)		1.1	(47.3)	(5.1)
(Loss) income from discontinued operations, net of tax		$ (2.4)	$ 170.2	$ 18.1

Acquisitions

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

Presque Isle

On January 11, 2019, the Company completed the Presque Isle Transaction for a cash purchase price of $178.9 million and $1.6 million of working capital and other purchase price adjustments. The following table summarizes the fair values of the assets acquired and liabilities assumed, net of cash acquired of $8.4 million, at the date of the acquisition.


(in millions)	Total
Current assets	$	2.1
Property and equipment	78.5
Goodwill	26.1
Intangible assets	71.2
Current liabilities	(5.2)
Non-current liabilities	(0.6)
	$	172.1

The fair value of the intangible assets consists of the following:


(in millions)	Fair Value Recognized		Weighted-Average Useful Life
Gaming rights	$	56.0	N/A
Trademark	15.2		N/A
Total intangible assets	$	71.2

Current assets and current liabilities were valued at the existing carrying values as these items are short term in nature and represent management's estimated fair value of the respective items at January 11, 2019.

The property and equipment acquired primarily relates to land, buildings, equipment, and furniture and fixtures. The fair value of the land was determined using the market approach and the fair values of the remaining property and equipment were primarily determined using the cost replacement method which is based on replacement or reproduction costs of the assets.

The fair value of the Presque Isle gaming rights was determined using the Greenfield Method, which is an income approach methodology that calculates the present value of the overall business enterprise based on a projected cash flow stream. This method assumes that the gaming rights intangible asset provides the opportunity to develop a casino in a specified region, and that the present value of the projected cash flows are a result of the realization of advantages contained in these rights. Under this methodology, the acquirer is expected to absorb all start-up costs, as well as incur all expenses pertaining to the acquisition and/or the creation of all tangible and intangible assets. The estimated future revenue, future operating expenses, start-up costs, and discount rate were the primary inputs in the valuation. The gaming rights intangible asset was assigned an indefinite useful life based on the Company's expected use of the asset and determination that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the gaming rights. The renewal of the gaming rights in Pennsylvania is subject to various legal requirements. However, the Company's historical experience has not indicated, nor does the Company expect, any limitations regarding its ability to continue to renew its gaming rights in Pennsylvania.

The trademark intangible asset was valued using the relief-from-royalty method of the income approach, which estimates the fair value of the intangible asset by discounting the fair value of the hypothetical royalty payments a market participant would be willing to pay to enjoy the benefits of the asset. The estimated future revenue, royalty rate, and discount rate were the primary inputs in the valuation of the trademark. The trademark was assigned an indefinite useful life based on the Company’s intention to keep the Presque Isle name for an indefinite period of time.

Goodwill of $26.1 million was recognized due to the expected contribution of Presque Isle to the Company's overall business strategy. The goodwill was assigned to the Gaming segment and is deductible for tax purposes.

For the period from the Presque Isle Transaction on January 11, 2019 through December 31, 2019, net revenue was $138.5 million and net income was not material.


	Year Ended December 31,
(in millions)	2019		2018		2017
Net revenue	$	1,332.9	$	1,150.8	$	1,020.5

Lady Luck Nemacolin

On March 8, 2019, the Company completed the Lady Luck Nemacolin Transaction, pursuant to which the Company assumed management and acquired certain assets related to the management of Lady Luck Nemacolin from ERI for cash consideration of $100,000. The Lady Luck Nemacolin Transaction did not meet the definition of a business and therefore was accounted for as an asset acquisition. The net assets acquired in conjunction with the Lady Luck Nemacolin Transaction were not material.

Turfway Park

On October 9, 2019, the Company completed the Turfway Park Acquisition for total consideration of $46.0 million. Of the total consideration paid, $36.0 million was allocated to JACK and accounted for as a business combination. The remaining $10.0 million was paid to Hard Rock for the assignment of the purchase and sale agreement rights and was accounted for separately from the business combination as an intangible asset and amortized through expense in the fourth quarter of 2019.

The cash purchase price paid to JACK was $36.0 million, less $0.9 million of working capital and purchase price adjustments. The preliminary fair values of the assets acquired and liabilities assumed, net of cash acquired of $0.6 million, at the date of acquisition were as follows: property and equipment (primarily land) of $18.8 million, indefinite-lived gaming rights of $9.8 million, indefinite-lived trademark of $5.5 million, goodwill of $3.0 million, and current liabilities of $2.6 million.

The Company has not included other disclosures regarding the Turfway Park Acquisition because the acquisition is immaterial to our business.

Ocean Downs

On July 16, 2018, the Company announced its entry into a tax-efficient partial liquidation agreement (the "Liquidation Agreement") for the remaining 50% ownership of the Casino at Ocean Downs and Ocean Downs Racetrack located in Berlin, Maryland ("Ocean Downs") owned by Saratoga Casino Holdings LLC ("SCH") in exchange for the Company's 25% equity interest in SCH, which is the parent company of Saratoga Casino Hotel in Saratoga Springs, New York ("Saratoga New York") and Saratoga Casino Black Hawk in Black Hawk, Colorado ("Saratoga Colorado") (collectively, the "Ocean Downs/Saratoga Transaction"). On August 31, 2018, the Company closed the Ocean Downs/Saratoga Transaction, which resulted in the Company owning 100% of Ocean Downs and having no further equity interest or management involvement in Saratoga New York or Saratoga Colorado.

As part of the Ocean Downs/Saratoga Transaction, Saratoga Harness Racing, Inc. ("SHRI") has agreed to grant the Company and its affiliates exclusive rights to operate online sports betting and iGaming on behalf of SHRI in New York and Colorado for a period of fifteen years from the date of the Liquidation Agreement, should such states permit SHRI to engage in sports betting and iGaming, subject to payment of commercially reasonable royalties to SHRI.

We consolidated Ocean Downs upon closing of the Ocean Downs/Saratoga Transaction on August 31, 2018. Prior to the Ocean Downs/Saratoga Transaction, the Company held an effective 62.5% ownership interest in Ocean Downs, and a 25% ownership interest in Saratoga New York and Saratoga Colorado, all of which were accounted for under the equity method. The consideration transferred to SCH to acquire the remaining interest in Ocean Downs was the Company's equity investments in Saratoga New York and Saratoga Colorado, which had an aggregate fair value of $47.8 million at the acquisition date. Under the acquisition method, the fair values of the consideration transferred and the Company's equity method investment in Ocean Downs, which had a fair value of $80.5 million at the acquisition date, were allocated to the assets acquired and liabilities assumed in the Ocean Downs/Saratoga Transaction. The Company's carrying values in these equity method investments were significantly less than their fair values, resulting in a pre-tax gain of $54.9 million, which is included in the accompanying consolidated statements of comprehensive income. The fair values of the Company's equity method investments

in Ocean Downs, Saratoga New York, and Saratoga Colorado were determined under the market and income valuation approaches using inputs primarily related to discounted projected cash flows and price multiples of publicly traded comparable companies.

The following table summarizes the final fair values of the assets acquired and liabilities assumed, net of cash acquired of $13.1 million, at the acquisition date.



(in millions)	Total
Current assets	$	1.9
Property and equipment	57.4
Goodwill	20.4
Intangible assets	95.4
Current liabilities	(5.2)
Debt	(54.7)
	$	115.2

The final fair value of the intangible assets consisted of the following:


(in millions)	Fair Value Recognized		Weighted-Average Useful Life
Gaming rights	$	87.0	N/A
Trademark	8.3		N/A
Other	0.1		1.3 years
Total intangible assets	$	95.4

Current assets and current liabilities were valued at the existing carrying values due to their short term nature and represented management's estimated fair value of the respective items at August 31, 2018. The debt of $54.7 million assumed by the Company was valued at its outstanding principal balance, which approximated fair value at August 31, 2018. The Company subsequently paid off the debt in full on September 4, 2018.

The property and equipment acquired primarily relates to land, buildings, equipment, and furniture and fixtures. The fair values of the property and equipment were primarily determined using the cost replacement method, which is based on replacement or reproduction costs of the assets.

The fair value of the Ocean Downs gaming rights was determined using the Greenfield method, which is an income approach methodology that calculates the present value of the overall business enterprise based on a projected cash flow stream. This method assumes that the gaming rights intangible asset provides the opportunity to develop a casino in a specified region, and that the present value of the projected cash flows is a result of the realization of advantages contained in these rights. Under this methodology, the acquirer is expected to absorb all start-up costs, as well as incur all expenses pertaining to the acquisition and/or the creation of all tangible and intangible assets. The estimated future revenue and operating expenses and start-up costs of Ocean Downs were the primary inputs in the valuation. The gaming rights intangible asset was assigned an indefinite useful life based on the Company's expected use of the asset and determination that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the gaming rights. The renewal of the gaming rights in Maryland is subject to various legal requirements. However, the Company's historical experience has not indicated, nor does the Company expect, any limitations regarding its ability to continue to renew its gaming rights in Maryland.

The trademark intangible asset was valued using the relief-from-royalty method of the income approach, which estimates the fair value of the intangible asset by discounting the fair value of the hypothetical royalty payments a market participant would be willing to pay to enjoy the benefits of the asset. The trademark was assigned an indefinite useful life based on the Company’s intention to keep the Ocean Downs name for an indefinite period of time.

Goodwill of $20.4 million was recognized due to the expected contribution of Ocean Downs to the Company's overall business strategy. The goodwill was assigned to the Gaming segment and is not deductible for tax purposes.

In connection with the Ocean Downs/Saratoga Transaction, the Company recorded a deferred tax liability and income tax expense of $12.6 million. The deferred tax liability represents the excess of the financial reporting amounts of the net assets of

Ocean Downs over their respective basis under U.S., state, and local tax law expected to be applied to taxable income in the periods such differences are expected to be realized.

After the closing of the Ocean Downs/Saratoga Transaction, for the period from September 1, 2018 through December 31, 2018, net revenue for Ocean Downs was $25.9 million, and net income was not material.

The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the Company's acquisition of the remaining 50% interest in Ocean Downs occurred as of January 1, 2017 and excludes the gain recognized from the Ocean Downs/Saratoga Transaction. The unaudited pro forma financial information is not necessarily indicative of either future results of operations or results of operations that might have been achieved had the acquisition been consummated as of January 1, 2017. The unaudited pro forma net income giving effect to the Ocean Downs/Saratoga Transaction was not materially different than our historical net income.


	Years Ended December 31,
(in millions)	2018		2017
Net revenue	$	1,065.4	$	947.2

Goodwill (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill, by segment, is comprised of the following:


(in millions)	Churchill Downs		Online Wagering		Gaming		All Other		Total
Balances as of December 31, 2017	$	49.7	$	148.2	$	118.7	$	1.0	$	317.6
Additions	—		—		20.4		—		20.4
Balances as of December 31, 2018	49.7		148.2		139.1		1.0		338.0
Additions	—		—		26.1		3.0		29.1
Balances as of December 31, 2019	$	49.7	$	148.2	$	165.2	$	4.0	$	367.1

Other Intangible Assets - Schedule of Future Estimated Amortization Expense (Details) $ in Millions	Dec. 31, 2019 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2020	$ 5.2
2021	2.2
2022	2.2
2023	1.7
2024	$ 1.1

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 81.4	$ 57.6	$ 49.1
Online Wagering
Property, Plant and Equipment [Line Items]
Long-lived asset impairment	$ 13.7

Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations (Unaudited)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)


(in millions, except per common share data)	Year Ended December 31, 2019
	First Quarter^(a)		Second Quarter		Third Quarter		Fourth Quarter^(b)
Net revenues	$	265.4	$	477.4	$	306.3	$	280.6
Operating income	28.0		156.4		27.8		3.5
Income from continuing operations, net of tax	11.9		108.3		15.2		4.2
Income (loss) from discontinued operations, net of tax	(0.3)		(1.2)		(0.4)		(0.5)

Net income (loss) per common share - basic ^(e):
Continuing operations	$	0.30	$	2.70	$	0.38	$	0.11
Discontinued operations	$	(0.01)	$	(0.03)	$	(0.01)	$	(0.01)
Net income per common share - basic	$	0.29	$	2.67	$	0.37	$	0.10

Net income (loss) per common share - diluted ^(e):
Continuing operations	$	0.30	$	2.66	$	0.37	$	0.11
Discontinued operations	$	(0.01)	$	(0.03)	$	(0.01)	$	(0.01)
Net income per common share - diluted	$	0.29	$	2.63	$	0.36	$	0.10


(in millions, except per common share data)	Year Ended December 31, 2018
	First Quarter^(c)		Second Quarter		Third Quarter^(d)		Fourth Quarter
Net revenues	$	189.3	$	379.4	$	221.3	$	219.0
Operating income	19.7		136.6		20.5		12.0
Income from continuing operations, net of tax	14.1		103.2		58.0		7.3
Income (loss) from discontinued operations, net of tax	167.9		(0.1)		(1.7)		4.1

Net income (loss) per common share - basic ^(e):
Continuing operations	$	0.33	$	2.54	$	1.43	$	0.18
Discontinued operations	3.88		—		(0.04)		0.10
Net income per common share - basic	$	4.21	$	2.54	$	1.39	$	0.28

Net income (loss) per common share - diluted ^(e):
Continuing operations	$	0.32	$	2.52	$	1.42	$	0.18
Discontinued operations	3.86		—		(0.04)		0.10
Net income per common share - diluted	$	4.18	$	2.52	$	1.38	$	0.28

(a)First quarter of 2019 includes the acquisitions of Presque Isle and Lady Luck Nemacolin, and equity investment in Midwest Gaming.

(b)Fourth quarter of 2019 includes the acquisition of Turfway Park and $10.0 million accelerated amortization of the purchase and sale rights related to the Turfway Park Acquisition.

(c)First quarter of 2018 includes a $219.5 million gain on the Big Fish Games Transaction, which is included as a discontinued operation.

(d)Third quarter of 2018 includes a $54.9 million gain on the Ocean Downs/Saratoga Transaction.

Property and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment, net is comprised of the following:


	As of December 31,
(in millions)	2019		2018
Grandstands and buildings	$	625.2	$	532.8
Equipment	406.5		356.3
Tracks and other improvements	222.3		207.3
Land	162.4		140.5
Furniture and fixtures	79.2		73.3
Construction in progress	52.3		7.0
	1,547.9		1,317.2
Accumulated depreciation	(635.4)		(559.7)
Subtotal	912.5		757.5
Right-of-use assets	24.8		—
Total	$	937.3	$	757.5

Depreciation expense was $81.4 million in 2019, $57.6 million in 2018 and $49.1 million in 2017 and is classified in operating expense in the accompanying consolidated statements of comprehensive income.

During the fourth quarter of 2017, the Company recorded a $13.7 million non-cash impairment charge related to certain iGaming assets included in our Online Wagering segment. The impairment was due to a change in the Company's planned usage of these assets.

Investment In and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Balance Sheet of Equity Method Investments

statement for 2017 includes the following equity investments: MVG, Saratoga New York, Saratoga Colorado, Ocean Downs, and two other immaterial joint ventures.


	December 31,
(in millions)	2019		2018
Assets
Current assets	$	64.0	$	24.0
Property and equipment, net	256.1		95.7
Other assets, net	240.1		106.7
Total assets	$	560.2	$	226.4

Liabilities and Members' (Deficit) Equity
Current liabilities	$	73.3	$	21.2
Long-term debt	745.0		—
Other liabilities	20.6		—
Members' (deficit) equity	(278.7)		205.2
Total liabilities and members' (deficit) equity	$	560.2	$	226.4

Income Statement of Equity Method Investments


	Years Ended December 31,
(in millions)	2019		2018		2017
Net revenue	$	585.5	$	367.2	$	443.7
Operating and SG&A expense	411.4		271.9		345.3
Depreciation and amortization	13.0		22.2		25.9
Operating income	161.1		73.1		72.5
Interest and other expense, net	(67.0)		(6.3)		(8.5)
Net income	$	94.1	$	66.8	$	64.0

Investment In and Advances to Unconsolidated Affiliates - Income Statement of Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Net revenue	$ 585.5	$ 367.2	$ 443.7
Operating and SG&A expense	411.4	271.9	345.3
Depreciation and amortization	13.0	22.2	25.9
Operating income	161.1	73.1	72.5
Interest and other expense, net	(67.0)	(6.3)	(8.5)
Net income	$ 94.1	$ 66.8	$ 64.0

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit, beginning of period	$ 2.8	$ 2.9	$ 2.3
Additions for tax positions related to the current year	0.1	0.1	0.5
Additions for tax positions of prior years	0.0	0.1	0.3
Reductions for tax positions of prior years	(1.1)	(0.3)	(0.2)
Unrecognized tax benefit, end of period	$ 1.8	$ 2.8	$ 2.9

Other Balance Sheet Items - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Receivables [Abstract]
Accrued salaries and related benefits	$ 29.2	$ 24.1
Account wagering deposits liability	28.9	29.6
Purses payable	19.9	15.8
Accrued interest	19.7	11.4
Other	75.7	54.3
Total	$ 173.4	$ 135.2

Income Taxes - Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Federal statutory tax on earnings before income taxes	$ 41.2	$ 49.1	$ 35.9
State income taxes, net of federal income tax benefit	8.0	5.4	2.5
Non-deductible officer's compensation	5.5	2.6	4.7
Re-measurement of deferred taxes	8.3	0.0	(57.7)
Windfall deduction from equity compensation	(5.2)	(4.7)	(5.2)
Other	(1.0)	(1.1)	(0.1)
Income tax expense (benefit)	$ 56.8	$ 51.3	$ (19.9)