0000020212-23-000059 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2022	Feb. 15, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,382,489
Entity Public Float			$ 6,381,050,626
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement for its Annual Meeting of Shareholders to be held on April 25, 2023 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
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Louisville, Kentucky
Auditor Firm ID	238

Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net revenue:
Total net revenue	$ 1,809.8	$ 1,597.2	$ 1,054.0
Operating expense:
Selling, general and administrative expense	164.2	138.5	114.8
Asset impairments	38.3	15.3	17.5
Transaction expense	42.1	7.9	1.0
Total operating expense	1,488.0	1,312.8	993.8
Operating income	321.8	284.4	60.2
Other income (expense):
Interest expense, net	(147.3)	(84.7)	(80.0)
Equity in income of unconsolidated affiliates	152.7	143.2	27.7
Gain on Calder land sale	274.6	0.0	0.0
Miscellaneous, net	7.0	0.7	0.1
Total other income (expense)	287.0	59.2	(52.2)
Income from continuing operations before provision for income taxes	608.8	343.6	8.0
Income tax (provision) benefit	(169.4)	(94.5)	5.3
Income from continued operations, net of tax	439.4	249.1	13.3
Loss from discontinued operations, net of tax	0.0	0.0	(95.4)
Net income (loss)	439.4	249.1	(82.1)
Net loss attributable to noncontrolling interest	0.0	0.0	(0.2)
Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated	$ 439.4	$ 249.1	$ (81.9)
Net income (loss) per common share data - basic:
Continuing operations (in dollars per share)	$ 11.58	$ 6.45	$ 0.34
Discontinued operations (in dollars per share)	0	0	(2.41)
Net income (loss) per common share - basic (in dollars per share)	11.58	6.45	(2.07)
Net income (loss) per common share data - diluted:
Continuing operations (in dollars per share)	11.42	6.35	0.33
Discontinued operations (in dollars per share)	0	0	(2.41)
Net income (loss) per common share - diluted (in dollars per share)	$ 11.42	$ 6.35	$ (2.08)
Weighted average shares outstanding:
Basic (in shares)	37.9	38.6	39.6
Diluted (in shares)	38.5	39.2	40.1
Gain on Calder land sale	$ 274.6	$ 0.0	$ 0.0
Live and Historical Racing
Net revenue:
Total net revenue	614.6	409.1	169.6
Operating expense:
Operating expense	400.9	288.9	179.0
TwinSpires
Net revenue:
Total net revenue	436.4	451.4	430.1
Operating expense:
Operating expense	293.6	345.8	293.1
Gaming
Net revenue:
Total net revenue	755.9	695.4	435.3
Operating expense:
Operating expense	537.9	476.3	357.9
All Other
Net revenue:
Total net revenue	2.9	41.3	19.0
Operating expense:
Operating expense	$ 11.0	$ 40.1	$ 30.5

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 129.8	$ 291.3
Restricted cash	74.9	64.3
Accounts receivable, net	81.5	42.3
Income taxes receivable	14.0	66.0
Other current assets	44.3	37.6
Total current assets	344.5	501.5
Property and equipment, net	1,978.3	994.9
Investment in and advances to unconsolidated affiliates	659.4	663.6
Goodwill	723.8	366.8
Other intangible assets, net	2,391.8	348.1
Other assets	27.0	18.9
Long-term assets held for sale	82.0	87.8
Total assets	6,206.8	2,981.6
Current liabilities:
Accounts payable	145.5	81.6
Accrued expenses and other current liabilities	361.0	231.7
Income taxes payable	2.1	0.9
Current deferred revenue	39.0	47.7
Current maturities of long-term debt	47.0	7.0
Dividends payable	27.0	26.1
Total current liabilities	621.6	395.0
Long-term debt (net of current maturities and loan origination fees of $10.2 in 2022 and $6.2 in 2021)	2,081.6	668.6
Notes payable (net of debt issuance costs of $22.9 in 2022 and $7.6 in 2021)	2,477.1	1,292.4
Non-current deferred revenue	11.8	13.3
Deferred income taxes	340.8	252.9
Other liabilities	122.4	52.6
Total liabilities	5,655.3	2,674.8
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; 37.4 shares issued and outstanding December 31, 2022 and 38.1 shares at December 31, 2021	0.0	0.0
Retained earnings	552.4	307.7
Accumulated other comprehensive loss	(0.9)	(0.9)
Total shareholders' equity	551.5	306.8
Total liabilities and shareholders' equity	$ 6,206.8	$ 2,981.6

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Current maturities and loan origination fees	$ 10.2	$ 6.2
Debt issuance costs	$ 22.9	$ 7.6
Preferred stock, no par value (in shares)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	0.3	0.3
Preferred stock, shares issued (in shares)	0.0	0.0
Preferred stock, shares outstanding (in shares)	0.0	0.0
Preferred stock, no par value (in shares)	$ 0	$ 0
Common stock, shares authorized (in shares)	150.0	150.0
Common stock, shares issued (in shares)	37.4	38.1
Common stock, shares outstanding (in shares)	37.4	38.1

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Shares outstanding, beginning (in shares) at Dec. 31, 2019			39,700,000
Shareholders' equity, beginning at Dec. 31, 2019	$ 511.0	$ (0.5)	$ 0.0	$ 509.2	$ (0.5)	$ (0.9)	$ 2.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(82.1)			(81.9)			(0.2)
Purchase of noncontrolling interest	(3.0)			(0.5)			(2.5)
Issuance of common stock (in shares)			100,000
Issuance of common stock	$ 2.4		$ 2.4
Repurchase of common stock (in shares)	(235,590)		(200,000)
Repurchase of common stock	$ (27.9)		$ (4.3)	(23.6)
Cash settlement of stock awards	(12.7)			(12.7)
Taxes paid related to net share settlement of stock awards (in shares)			(100,000)
Taxes paid related to net share settlement of stock awards	(18.7)		$ (3.6)	(15.1)
Stock-based compensation	23.7		$ 23.7
Cash dividends	(25.1)			(25.1)
Shares outstanding, ending (in shares) at Dec. 31, 2020			39,500,000
Shareholders' equity, ending at Dec. 31, 2020	367.1		$ 18.2	349.8		(0.9)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	249.1			249.1
Issuance of common stock (in shares)			200,000
Issuance of common stock	$ 2.5		$ 2.5
Repurchase of common stock (in shares)	(471,364)		(1,500,000)
Repurchase of common stock	$ (297.5)		$ (48.5)	(249.0)
Taxes paid related to net share settlement of stock awards (in shares)			(100,000)
Taxes paid related to net share settlement of stock awards	(16.1)			(16.1)
Stock-based compensation	27.8		$ 27.8
Cash dividends	(26.1)			(26.1)
Shares outstanding, ending (in shares) at Dec. 31, 2021			38,100,000
Shareholders' equity, ending at Dec. 31, 2021	306.8		$ 0.0	307.7		(0.9)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	439.4			439.4
Issuance of common stock (in shares)			300,000
Issuance of common stock	$ 2.7		$ 2.7
Repurchase of common stock (in shares)	(873,922)		(900,000)
Repurchase of common stock	$ (175.5)		$ (34.5)	(141.0)
Taxes paid related to net share settlement of stock awards (in shares)			(100,000)
Taxes paid related to net share settlement of stock awards	(26.9)			(26.9)
Stock-based compensation	31.8		$ 31.8
Cash dividends	(26.8)			(26.8)
Shares outstanding, ending (in shares) at Dec. 31, 2022			37,400,000
Shareholders' equity, ending at Dec. 31, 2022	$ 551.5		$ 0.0	$ 552.4		$ (0.9)	$ 0.0

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.714	$ 0.667	$ 0.622
Accounting Standards Update [Extensible List]				Accounting Standards Update 2016-02 [Member]

- Definition

Indicates amendment to accounting standards.

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+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 439.4	$ 249.1	$ (82.1)
Loss from discontinued operations, net of tax	0.0	0.0	(95.4)
Income from continuing operations, net of tax	439.4	249.1	13.3
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	113.7	103.2	92.9
Equity in income of unconsolidated affiliates	(152.7)	(143.2)	(27.7)
Distributions from unconsolidated affiliates	156.9	109.4	30.7
Stock-based compensation	31.8	27.8	23.7
Deferred income taxes	108.7	9.8	30.1
Asset impairments	38.3	15.3	17.5
Amortization of operating lease assets	5.3	5.3	5.0
Gain on Calder land sale	(274.6)	0.0	0.0
Other	7.4	5.3	4.5
Changes in operating assets and liabilities, net of businesses acquired and dispositions:
Income taxes	28.2	12.9	(34.6)
Deferred revenue	(12.7)	10.7	(8.3)
Other assets and liabilities	21.1	53.9	(3.9)
Net cash provided by operating activities	510.8	459.5	143.2
Cash flows from investing activities:
Capital maintenance expenditures	(50.2)	(39.5)	(23.0)
Capital project expenditures	(373.3)	(52.3)	(211.2)
Acquisition of businesses, net of cash acquired	(2,918.5)	0.0	0.0
Acquisition of gaming rights, net of cash acquired	(33.3)	0.0	0.0
Proceeds from the Calder land sale	279.0	0.0	0.0
Other	(7.4)	(8.6)	(5.2)
Net cash used in investing activities	(3,103.7)	(100.4)	(239.4)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	2,862.4	780.8	726.1
Repayments of borrowings under long-term debt obligations	(205.4)	(430.9)	(580.4)
Payment of dividends	(26.0)	(24.8)	(23.4)
Repurchase of common stock	(174.9)	(297.5)	(28.4)
Cash settlement of stock awards	0.0	0.0	(12.7)
Taxes paid related to net share settlement of stock awards	(28.4)	(12.9)	(18.7)
Debt issuance costs	(27.3)	(6.9)	(2.0)
Change in bank overdraft	13.3	(10.5)	13.4
Other	2.3	2.2	2.1
Net cash provided by (used in) financing activities	2,416.0	(0.5)	76.0
Cash flows from discontinued operations:
Operating cash flows of discontinued operations	26.0	(124.0)	(1.3)
Net (decrease) increase in cash, cash equivalents and restricted cash	(150.9)	234.6	(21.5)
Cash, cash equivalents and restricted cash, beginning of year	355.6	121.0	142.5
Cash, cash equivalents and restricted cash, end of year	204.7	355.6	121.0
Supplemental disclosures of cash flow information:
Interest	133.6	77.5	79.6
Cash paid for income taxes	68.6	72.4	1.6
Cash received from income tax refunds	61.6	0.0	0.0
Schedule of non-cash investing and financing activities:
Dividends payable	27.0	27.0	25.8
Deferred payment on gaming rights included in accounts payable and accrued expenses	50.6	0.0	0.0
Property and equipment additions included in accounts payable and accrued expense and other current liabilities	51.3	18.7	12.9
Repurchase of common stock in payment of income taxes on stock-based compensation included in accrued expense and other current liabilities	$ 1.7	$ 3.2	$ 0.0

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS Churchill Downs Incorporated ("CDI" or the "Company") has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the Company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. We own and operate 13 live and historical racing entertainment venues in three states, one of the largest online horse racing wagering platforms in the U.S., twelve casino gaming properties in ten states and ten retail sportsbooks. We were organized as a Kentucky corporation in 1928, and our principal executive offices are located in Louisville, Kentucky. In the first quarter of 2022, we updated 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. During the first quarter of 2022, our chief operating decision maker decided to include the results of our United Tote business in the TwinSpires segment as we evolve our strategy to integrate the United Tote offering with TwinSpires Horse Racing, which we believe will create additional business-to-business revenue opportunities. For additional information, refer to Note 21, Segment Information. Acquisition of Peninsula Pacific Entertainment On November 1, 2022, the Company completed the acquisition of substantially all of the assets of Peninsula Pacific Entertainment LLC ("P2E") with a base purchase price of $2.75 billion ("P2E Transaction") subject to working capital and other purchase price adjustments. The P2E assets acquired included Colonial Downs Racetrack ("Colonial Downs") and six Historical Racing Machine ("HRM") entertainment venues in Virginia, del Lago Resort & Casino in New York ("del Lago"), and Hard Rock Hotel & Casino in Iowa ("Hard Rock Sioux City"), as well as the development rights for Dumfries and Emporia HRM facilities in Virginia, up to five additional HRM entertainment venues in Virginia, and the potential for ONE Casino and Resort in Virginia in collaboration with Urban One. Refer to Note 3, Acquisitions, for further information on the transaction. Acquisition of Ellis Park and Chasers Poker Room Chasers Poker Room Acquisition On September 2, 2022, the Company completed the acquisition of Chasers Poker Room ("Chasers") in Salem, New Hampshire (the "Chasers Transaction"). As part of the transaction, we made an initial payment to the sellers for rights to operate the poker room and to build an HRM venue. Additional payments will be made once all necessary permits are obtained, and the planned historical racing entertainment venue is opened. The Company plans to develop an expanded charitable gaming facility in Salem to accommodate HRMs and table games. Ellis Park Acquisition On September 26, 2022, the Company completed the acquisition of Ellis Park Racing & Gaming ("Ellis Park") in Henderson, Kentucky, from Enchantment Holdings, LLC, an affiliate of Laguna Development Corporation, for total consideration of $79.0 million in cash, subject to certain working capital and other purchase price adjustments (the "Ellis Park Transaction"). Refer to Note 3, Acquisitions, for further information on the transactions. Impact of the COVID-19 Global Pandemic In March 2020, as a result of the COVID-19 outbreak, we temporarily suspended operations at our wholly-owned and managed gaming properties. In May 2020, we began to reopen our properties with patron restrictions and gaming limitations, which fluctuated with the changing environment. All of our gaming properties have remained open since January 2021. The 146th Kentucky Oaks and Derby were held in the third quarter of 2020 without spectators. During the second quarter of 2021, we held the 147th Kentucky Oaks and Derby with capacity restrictions in compliance with Kentucky venue limitations at that time. Due to such restrictions, our revenues from the Kentucky Oaks and Derby in each year were significantly less than we would otherwise expect. The 148th Kentucky Oaks and Derby were held in the second quarter of 2022 without capacity restrictions. The extent to which the COVID-19 pandemic, including the emergence of variant strains, will continue to impact the Company remains uncertain and will depend on many factors that are not within our control. We will continue to monitor for new developments related to the pandemic and assess these developments to maintain continuity in our operations. Exit of the Direct Online Sports and Casino BusinessIn 2022, the Company exited the direct online Sports and Casino business in every state except for Pennsylvania and Arizona. The Company will maintain its retail Sports operations and has monetized two of its online market access licenses.

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2022
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 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. 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 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 the reporting unit's 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 quantitative impairment test. If a quantitative impairment test of goodwill is required, we generally determine the fair value under the market and income valuation approaches using inputs primarily related to discounted projected cash flows and price multiples of publicly traded comparable companies. If a quantitative impairment test of our indefinite-lived intangible assets is required, we generally determine the fair value using the Greenfield Method for gaming rights and relief-from-royalty method of the income approach for trademarks. The Greenfield Method is an income approach methodology that calculates the present value based on a projected cash flow stream. 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 require us to estimate, among other factors, forecasts of future operating results, revenue growth, operating expense, tax rates, start-up costs, capital expenditures, depreciation, working capital, discount rates, long-term growth rates, risk premiums, royalty rates, terminal values and fair market values of our reporting units and assets. The estimated future revenue, operating expenses, start-up costs and discount rate are the primary inputs to the Greenfield Method. 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 the asset's 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 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, TwinSpires 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 racetracks, off-track betting facilities ("OTBs"), and advance deposit wagering providers ("export revenue"). For simulcast races we display at our racetracks, OTBs, and TwinSpires' platforms, we recognize revenue we earn from providing a wagering service to our customers on these imported live races ("import revenue"). TwinSpires 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 TwinSpires' 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 HRM, 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. Sponsorship 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 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 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 gaming properties offer loyalty programs that enable customers to earn loyalty points based on their play. HRM and gaming 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 an HRM and gaming 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 transactions, an amount of the transaction price allocated to the gaming 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 transactions, the amount of the transaction price allocated to the HRM 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 Restricted cash includes deposits collected from our TwinSpires' customers. Other 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. Allowance for Doubtful Accounts Receivable Upon our adoption of Accounting Standards Update ("ASU") of the Accounting Standards Codification ("ASC") No. 2016-13, Financial Instruments - Credit Losses ("ASC 326") on January 1, 2020, we maintain an allowance for doubtful accounts for current expected credit losses on our financial assets measured at amortized cost which are primarily included in Accounts receivable, net in the accompanying Consolidated Balance Sheets. The Company evaluates current expected credit losses on a collective (pool) basis when similar risk characteristics exist. Write-offs are recognized when the Company concludes that all or a portion of a financial asset is no longer collectible. Any subsequent recovery is recognized when it occurs. Internal Use Software Internal use software costs for our TwinSpires' segment software are 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 the software's estimated economic useful life, which is generally three years. We capitalized internal use software of approximately $11.2 million in 2022, $10.7 million in 2021, and $10.5 million in 2020. We incurred amortization expense of approximately $10.7 million in 2022, $10.3 million in 2021, and $9.4 million in 2020, 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 (Loss). 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 the investment's 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. Business Combinations We account for acquisitions of businesses in accordance with ASC 805, Business Combinations. We initially allocate the purchase price of an acquisition to the assets acquired and liabilities assumed based on their estimated fair values, with any excess of consideration transferred recorded as goodwill. The results of operations of acquisitions are included in the consolidated financial statements from their respective dates of acquisition. Costs incurred to complete the business combination are not considered part of consideration and are expensed as incurred. Refer to Note 3, Acquisitions, for further information. Leases We determine if an arrangement is a lease at inception and categorize as either operating or finance based on the criteria of ASC 842. An arrangement contains a lease when the arrangement conveys the right to control the use of an identified asset over the lease term. Operating and finance leases are included in Property and equipment, net; Accrued expense and Other current liabilities; and Other liabilities in the accompanying Consolidated Balance Sheets. We generally do not separate lease and non-lease components for our lease contracts. We do not apply the right-of-use assets ("ROUA") and leases liability recognition requirements to short-term leases. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. These leases do not provide an implicit rate, so therefore we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. ROUAs are recognized at the lease commencement date at the value of the lease liability, adjusted for any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. The 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 for operating leases. Interest expense on the finance lease liabilities is recorded separately using the interest method. We do not have any material leases where we are the lessor. 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 Live and Historical Racing, TwinSpires, Gaming, and All Other operating expenses in our Consolidated Statements of Comprehensive Income (Loss). 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 We are self-insured up to certain limits for costs associated with general liability, workers’ compensation and certain employee health coverage costs, 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. We incurred advertising and marketing expense of approximately $52.9 million in 2022, $74.5 million in 2021, and $31.4 million in 2020 in our accompanying Consolidated Statements of Comprehensive Income (Loss). 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 and privately negotiated transactions 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 shares of our common stock repurchased over the past several years, our common stock balance will frequently be zero at the end of any given reporting period. Refer to Note 10, Shareholders' Equity, for additional information on our share repurchases. Insurance Recoveries The Company maintains insurance policies that provide coverage for property damages and business interruption. Losses due to physical damages are recognized during the accounting period in which the loss occurs, while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable. Losses, which are reduced by the related probable insurance recoveries, are recorded as operating expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved. Recent Accounting Pronouncements - Adopted on January 1, 2021 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendments also clarify and amend existing guidance to improve consistent application of and simplify GAAP for other areas of Topic 740. This ASU was effective for public business entities for fiscal years and interim periods beginning after December 15, 2020. The adoption of this ASU did not have a material impact on our business. Recent Accounting Pronouncements - effective in 2023 or thereafter In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, and to simplify the accounting for transitioning from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance. In December 2022, the FASB deferred the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. The use of LIBOR was phased out at the end of 2021, although the phase-out of U.S. dollar LIBOR for existing agreements has been delayed until June 2023. We continue to monitor developments related to the LIBOR transition and identification of an alternative, market-accepted rate.

Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ACQUISITIONS

Chasers Poker Room

On September 2, 2022, the Company completed the Chasers Transaction which was treated as an asset acquisition because substantially all the value of the gross assets acquired was concentrated in the gaming rights. The Company made an initial payment at closing and recorded a liability for the remaining payments due on a future date. In conjunction with the acquisition, the Company recorded an $82.2 million gaming rights intangible asset which represented its fair value at the date of acquisition.

The fair value of the gaming rights acquired in the Chasers Transaction was determined using the Greenfield Method, which is an income approach methodology that calculates the present value of the gaming rights intangible asset based on a projected cash flow stream. This method assumes that the gaming rights intangible asset provides the opportunity to develop a gaming or historical racing facility 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, 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.

Ellis Park

On September 26, 2022, the Company completed the Ellis Park Transaction for total consideration of $79.0 million in cash, plus $3.5 million in working capital and other preliminary purchase price adjustments. The fair values of the Ellis Park Transaction were based upon preliminary valuations. Estimates and assumptions used in such valuations are subject to change, which could be significant, within the measurement period up to one year from the acquisition date. The areas of the preliminary valuations that are not yet finalized relate to the amounts for income taxes, working capital adjustments and the final amount of residual goodwill. The Company expects to continue to obtain information to assist in determining fair values of net assets acquired at the acquisition date during the measurement period. The preliminary fair values of the assets acquired and liabilities assumed, net of cash acquired of $1.4 million, at the date of acquisition were as follows: property and equipment of $19.3 million, indefinite-lived gaming rights of $47.4 million, indefinite-lived trademark of $3.6 million, goodwill of $9.2 million, and net working capital of $1.6 million.

The Company has not included other disclosures regarding the Chasers or Ellis Park Transactions as they are immaterial to our business.

P2E Transaction

On November 1, 2022, the Company completed the acquisition of substantially all the assets of P2E for a preliminary purchase consideration of $2,835.9 million, net of cash acquired. The P2E assets acquired included Colonial Downs and six HRM entertainment venues in Virginia, del Lago in New York, and Hard Rock Sioux City in Iowa, as well as the development rights for Dumfries and Emporia HRM facilities in Virginia, up to five additional HRM entertainment venues in Virginia, and ONE Casino & Resort in Virginia in collaboration with Urban One.

The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed, net of cash acquired of $126.4 million, as of November 1, 2022:


(in millions)	Total
Accounts receivable, net	$	9.8
Other current assets	7.2
Property and equipment	611.2
Goodwill	347.8
Other intangible assets	1,941.5
Deferred taxes	20.8
Other assets	16.0
Total assets acquired	$	2,954.3

Accounts payable	4.0
Accrued expenses and other current liabilities	96.9
Other liabilities assumed	17.5
Total liabilities assumed	$	118.4
Net assets acquired (net of cash)	$	2,835.9

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


(in millions)	Fair Value Recognized
Gaming rights	$	1,865.6
Trademark	75.9
Total intangible assets	$	1,941.5

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 November 1, 2022.

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 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 assets provide the opportunity to develop a casino or historical racing facility 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 and operating expenses, start-up costs, and discount rates were the primary assumptions and estimates in the valuation of the gaming rights. The gaming rights intangible assets were assigned an indefinite useful life based on the Company's expected use of the assets and determination that no legal, regulatory, contractual, competitive, economic, or other factors limit the useful life of the gaming rights.

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

Goodwill of $347.8 million was recognized due to the expected contribution of P2E to the Company's overall business strategy. The goodwill was assigned to the Gaming segment in the amount of $129.1 million and to the Live and Historical Racing segment in the amount of $218.7 million and is mostly deductible for tax purposes.

Estimates and assumptions used in such valuations are subject to change, which could be significant, within the measurement period up to one year from the acquisition date. The preliminary purchase consideration is subject to adjustment upon finalization of customary post-closing adjustments related to working capital. The primary areas of the preliminary valuation that are not yet finalized relate to the fair values of amounts for income taxes, property and equipment, and intangible assets, adjustments to working capital, and the final amount of residual goodwill. The Company expects to continue to obtain information to assist in determining fair values of net assets acquired at the acquisition date during the measurement period.

For the period November 1, 2022 through December 31, 2022, the operations of the properties acquired as part of the P2E Transaction, including the associated retail sportsbooks, generated net revenue of $109.7 million and net income of $42.9 million.

The following unaudited pro forma consolidated financial information for the Company has been prepared assuming the P2E Transaction had occurred as of January 1, 2021. 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, 2021.


(in millions)	Year Ended December 31, 2022		Year Ended December 31, 2021
Net revenue	$	2,348.7	$	2,153.6
Net income	$	535.4	$	205.1

Dispositions, Assets Held For Sale & Discontinued Operations	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Dispositions, Assets Held For Sale & Discontinued Operations	DISPOSITIONS, ASSETS HELD FOR SALE & DISCONTINUED OPERATIONS Calder Land Sale On June 17, 2022, the Company closed on the sale of 115.7 acres of land near Calder Casino ("Calder") for $291.0 million or approximately $2.5 million per acre to Link Logistics Real Estate, a Blackstone portfolio company. The Company received cash proceeds of $279.0 million which was net of $12.0 million of transaction costs. We recognized a gain of $274.6 million on the sale of the land, which is included in Other income in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss). The gain consisted of cash proceeds of $279.0 million offset by the carrying value of the assets sold of $4.4 million. The proceeds were held by a qualifying intermediary in an interest-bearing account until they could be utilized in a like-kind exchange. The Company utilized proceeds and interest earned from the sale to purchase property as part of the P2E Transaction and to invest in other replacement properties that qualify as Internal Revenue Code §1031 transactions to defer the federal income tax on the gain on the Calder land sale. The Company completed one reverse like-kind exchange in June 2022 involving our $9.9 million investment in real property for the Derby City Gaming Downtown facility in Louisville, Kentucky, and one reverse like-kind exchange in December 2022 involving our $24.9 million investment in real property for the Terre Haute Casino Resort in Vigo County, Indiana ("Terre Haute"). The remaining proceeds were used to execute a forward like-kind exchange with the P2E Transaction to purchase real property associated with del Lago in November 2022. As of December 31, 2022, the Company recorded a $76.0 million deferred tax liability on the Condensed Consolidated Balance Sheets. As of December 31, 2021, the assets sold as part of the Calder land sale were classified as held for sale on the accompanying Condensed Consolidated Balance Sheets. Calder's operations and assets are included in the Gaming segment in our consolidated results. Assets Held for Sale On September 29, 2021, the Company announced an agreement to sell the 326-acre property in Arlington Heights, Illinois (the "Arlington Property"), to the Chicago Bears for $197.2 million. The Company has classified certain assets of Arlington International Racecourse ("Arlington") totaling $82.0 million and $81.5 million as held for sale as of December 31, 2022 and December 31, 2021, respectively, on the accompanying Consolidated Balance Sheets. Arlington’s operations and assets are included in All Other in our consolidated results. The Company executed a forward like-kind exchange transaction by purchasing certain property as part of the P2E Transaction for $197.2 million. An exchange accommodation titleholder ("EAT"), a type of variable interest entity, was used to facilitate this reverse like-kind exchange. The Company determined that it is the primary beneficiary of the EAT, thus the property held by the EAT has been consolidated and recorded in Property and equipment, net on the Condensed Consolidated Balance Sheets. On February 15, 2023, the Company closed on the sale and fully realized all the planned tax savings. Discontinued Operations On January 9, 2018, the Company completed the sale of its mobile gaming subsidiary, Big Fish Games, Inc. ("Big Fish Games"). The Big Fish Games business met the criteria for discontinued operation presentation. The Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Cash Flows, and the Notes to Consolidated Financial Statements reflect Big Fish Games as discontinued operations for all periods presented. On May 22, 2020, we entered into an agreement in principle to settle Cheryl Kater v. Churchill Downs Incorporated and Manasa Thimmegowda v. Big Fish Games, Inc. The $124.0 million settlement was paid on March 25, 2021. During 2022, the Company received a $26.0 million tax refund related to the capital loss associated with this settlement.

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment, net is comprised of the following:


	December 31,
(in millions)	2022		2021
Grandstands and buildings	$	1,217.8	$	745.5
Equipment	574.5		491.9
Tracks and other improvements	304.3		221.7
Land	161.2		101.3
Furniture and fixtures	172.0		78.9
Construction in progress	353.7		65.8
	2,783.5		1,705.1
Accumulated depreciation	(837.1)		(736.7)
Subtotal	1,946.4		968.4
Operating lease right-of-use assets	31.9		26.5
Total	$	1,978.3	$	994.9

Depreciation expense was $109.0 million in 2022, $98.4 million in 2021 and $88.0 million in 2020 and is classified in operating expense in the accompanying Consolidated Statements of Comprehensive Income (Loss)

Goodwill

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Goodwill, by segment, is comprised of the following:


(in millions)	Live and Historical		TwinSpires		Gaming		All Other		Total
Balance, December 31, 2020	$	52.4	$	152.2	$	161.2	$	1.0	$	366.8
Adjustments	—		—		—		—		—
Balance, December 31, 2021	52.4		152.2		161.2		1.0		366.8
Additions	227.9		—		129.1		—		357.0
Balance, December 31, 2022	$	280.3	$	152.2	$	290.3	$	1.0	$	723.8

In 2022, we established goodwill of $9.2 million related to the Ellis Park Transaction and $347.8 million related to the P2E Transaction. Refer to Note 3 - Acquisitions for more information on the Ellis Park and P2E Transactions.

We performed our annual goodwill impairment analysis as of April 1, 2022. We assessed goodwill for impairment by performing qualitative or quantitative analyses for each reporting unit. Based on the results of these analyses, no goodwill impairments were identified in connection with our annual impairment testing.

Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Other Intangible Assets

OTHER INTANGIBLE ASSETS

Other intangible assets, net is comprised of the following:


	December 31, 2022						December 31, 2021
(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	$	(10.1)	$	0.9	$	11.0	$	(9.4)	$	1.6
Other	10.2		(5.5)		4.7		10.4		(4.6)		5.8
Customer relationships	4.7		(3.3)		1.4		4.7		(2.8)		1.9
Gaming licenses	5.1		(2.5)		2.6		5.1		(2.3)		2.8
	$	31.0	$	(21.4)	$	9.6	$	31.2	$	(19.1)	$	12.1
Indefinite-lived intangible assets:
Trademarks					125.7						47.7
Gaming rights					2,256.5						288.2
Other					—						0.1
Total					$	2,391.8					$	348.1

During 2022 we established indefinite-lived intangibles assets of $5.0 million for gaming rights associated with the planned development of Terre Haute. We also established indefinite-lived intangible assets of $82.2 million for the gaming rights related to the Chasers Transaction, as well as, $47.4 million for gaming rights and $3.6 million for trademarks related to the Ellis Park Transaction. We also established indefinite-lived intangible assets of $1.9 billion for the gaming rights and $75.9 million for the trademarks related to the P2E Transaction. Refer to Note 3 - Acquisitions for more information on the Chasers, Ellis Park and P2E Transactions.

Amortization expense for definite-lived intangible assets was $4.7 million in 2022, $4.8 million in 2021, and $4.9 million in 2020, and is classified in operating expense in the accompanying Consolidated Statements of Comprehensive Income (Loss). We submitted payments of $2.3 million in 2022 and 2021 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 Indiana, Maine, Maryland, Mississippi, Louisiana, Pennsylvania, Kentucky, New Hampshire, New York, Iowa, and Virginia.

Refer to Note 8, Asset Impairments, for information regarding intangible asset impairments recognized during 2022.

We performed our annual indefinite-lived intangible assets impairment analysis as of April 1, 2022, 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 other than impairments described in Note 8, Assets Impairments.

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
2023	$	2.4
2024	1.8
2025	1.0
2026	0.5
2027	0.3

Future estimated amortization expense does not include additional payments of $2.3 million in 2023 and in each year thereafter for the ongoing amortization of future expected annual Calder license fees not yet incurred or paid.

Asset Impairments	12 Months Ended
Asset Impairments	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Asset Impairments	ASSET IMPAIRMENTS Presque Isle Impairment 2022 During the quarter ended December 31, 2022, the Company evaluated whether it was more likely than not that any of the Company's intangible assets, goodwill, or property and equipment, were impaired. The Company concluded that a trigger event for impairment testing occurred related to the Presque Isle Downs and Casino ("Presque Isle") gaming rights, trademark, and the reporting unit's goodwill due to the impact and uncertainty of current negative economic trends. Factors considered in this evaluation included, among other things, the amount of the fair value over carrying value from the annual impairment testing performed as of April 1, 2022, changes in carrying values, changes in discount rates, and the impact of negative economic trends on cash flows. Based on the 2022 trigger event, the Company updated the discount rate to reflect the increased uncertainty of the cash flows and updated the projected cash flow stream. As a result, the Company recognized an impairment of $33.4 million in the fourth quarter of 2022 for the Presque Isle gaming rights and trademark. The fair value of the Presque Isle reporting unit's goodwill was 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. In accordance with Accounting Standards Codification 350, Intangibles - Goodwill and Other, the Company performed the impairment testing of the Presque Isle gaming rights and trademark prior to testing Presque Isle goodwill. Based on the trigger event, the Company updated the discount rate to reflect the increased uncertainty of the cash flows and updated the project cash flow stream. As a result, the Company did not recognize an impairment for Presque Isle goodwill in the fourth quarter of 2022 because the fair value exceeded the carrying value. Other Impairments On February 24, 2022, the Company announced plans to exit the direct online Sports and Casino business. The Company will maintain its retail Sports operations and pursue monetization of its online market access licenses. During the quarter ended March 31, 2022, the Company evaluated whether this planned exit would indicate it is more likely than not that any of the Company’s intangible assets, long-lived assets, current assets or property and equipment, were impaired. Based on the Company’s evaluation, the Company concluded that a trigger event for impairment testing occurred related to certain TwinSpires assets. As a result, the Company recorded a $4.9 million non-cash impairment charge related to certain assets in the TwinSpires segment. During the quarter ended December 31, 2021, the Company recorded a $4.1 million non-cash impairment charge related to certain assets in the TwinSpires segment due to changes in expectations of future realization of certain third-party market access royalty prepayments related to our New Jersey sports betting and iGaming that resulted in projected future cash flows being less than carrying value in the fourth quarter of 2021. During the quarter ended June 30, 2021, the Company recorded an $11.2 million non-cash impairment charge related to certain assets at Churchill Downs Racetrack included in our Live and Historical Racing segment. The impairment was due to a change in the Churchill Downs Racetrack capital plans and the Company's planned use of these assets. Presque Isle Impairment 2020 During the quarter ended March 31, 2020, the Company evaluated whether events or circumstances changed that would indicate it is more likely than not that any of the Company's intangible assets, goodwill, or property and equipment, were impaired. The Company concluded that a trigger event for impairment testing occurred related to the Presque Isle gaming rights, trademark, and the reporting unit's goodwill due to the impact and uncertainty of the COVID-19 global pandemic. The initial fair value of Presque Isle gaming rights in the first quarter of 2019 was determined using the Greenfield Method, which is an income approach methodology that calculates the present value based on a projected cash flow stream. This method assumes that the Presque Isle gaming rights provide the opportunity to develop a casino and online wagering platform 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, operating expenses, start-up costs, and discount rate were the primary inputs in the valuation. Based on the trigger event, the Company updated the discount rate to reflect the increased uncertainty of the cash flows and updated the projected cash flow stream. As a result, the Company recognized an impairment of $15.0 million in first quarter of 2020 for the Presque Isle gaming rights.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Components of the provision (benefit) for income taxes are as follows:


	Years Ended December 31,
(in millions)	2022		2021		2020
Current provision (benefit):
Federal	$	41.0	$	66.1	$	(38.7)
State and local	19.7		18.5		3.0
Foreign	—		0.1		0.1
	60.7		84.7		(35.6)
Deferred provision:
Federal	79.9		7.5		28.7
State and local	28.8		2.3		1.5
Foreign	—		—		0.1
	108.7		9.8		30.3
Income tax provision (benefit)	$	169.4	$	94.5	$	(5.3)

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


	Years Ended December 31,
(in millions)	2022		2021		2020
Domestic	$	608.9	$	343.7	$	8.2
Foreign	(0.1)		(0.1)		(0.2)
Income from continuing operations before provision for income taxes	$	608.8	$	343.6	$	8.0

Our income tax provision (benefit) 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)	2022		2021		2020
Federal statutory tax on earnings before income taxes	$	127.9	$	72.1	$	1.7
State income taxes, net of federal income tax benefit	32.6		15.8		(0.6)
Non-deductible officer's compensation	7.6		6.4		3.5
Valuation allowance - state and foreign net operating losses	2.5		1.8		1.1
Uncertain tax positions	2.3		0.1		1.7
Re-measurement of deferred taxes	1.3		(1.5)		1.9
Windfall deduction from equity compensation	(2.3)		(1.4)		(1.3)
Net operating loss carry back - CARES Act	—		—		(13.3)
Other	(2.5)		1.2		—
Income tax provision (benefit)	$	169.4	$	94.5	$	(5.3)

The CARES Act provided, among other things, that any net operating loss arising in a tax year beginning in 2018, 2019 or 2020 may be carried back five years or carried forward indefinitely, offsetting up to 100% of taxable income in tax years beginning before 2021. The Company filed a refund claim in 2021 from carrying back our 2020 net operating loss to a year before the statutory corporate tax rate was reduced from 35% to 21% by the Tax Act. Due to the higher statutory rate applied to this net operating loss, the Company recognized an income tax benefit of $13.3 million for the year ended December 31, 2020.

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


	December 31,
(in millions)	2022		2021
Deferred tax assets:
§ 163(j) interest expense limitation carryforward	$	18.2	$	—
Lease liabilities	12.6		10.2
Net operating losses and credits carryforward	8.1		8.8
Deferred liabilities	7.4		5.1
Deferred compensation plans	7.0		6.9
Deferred income	3.6		4.7
Research and experimental expenditures	3.0		—
Deferred tax assets	59.9		35.7
Valuation allowance	(5.7)		(3.2)
Net deferred tax asset	54.2		32.5
Deferred tax liabilities:
Property and equipment in excess of tax basis	158.7		69.7
Equity investments in excess of tax basis	141.6		128.9
Intangible assets in excess of tax basis	78.1		74.1
Right-of-use assets	12.3		9.9
Other	4.3		2.8
Deferred tax liabilities	395.0		285.4
Net deferred tax liability	$	(340.8)	$	(252.9)

As of December 31, 2022, we had U.S. state and foreign net operating losses with tax values of $7.7 million and $0.5 million, respectively. We have recorded a valuation allowance of $5.7 million due to the fact that it is unlikely that we will generate income in certain state and foreign jurisdictions which is necessary to utilize the deferred tax assets. We also had U.S. state tax credits with a tax value of $1.3 million that do not expire which we expect to fully utilize.

The Internal Revenue Service has completed audits through 2012. Tax years 2019 and after are open to examination. Tax year 2015 and 2018 are open to examination as a result of the Company's claim for refund of 2015 and 2018 tax from carrying back its 2020 net operating loss and 2021 capital loss pursuant to the CARES Act.

As of December 31, 2022, we had approximately $6.4 million of total gross unrecognized tax benefits, excluding interest of $0.5 million. If the total gross unrecognized tax benefits were recognized, there would be a $5.8 million effect to the annual effective tax rate. We anticipate a decrease in our unrecognized tax positions of approximately $2.8 million during the next twelve months primarily due to expected settlements with tax authorities and the expiration of statutes of limitation.

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


(in millions)	2022		2021		2020
Balance as of January 1	$	3.9	$	3.9	$	1.8
Additions for tax positions related to the current year	0.1		0.1		0.1
Additions for tax positions of prior years	2.9		1.0		2.6
Reductions for tax positions of prior years	(0.5)		(1.1)		(0.6)
Balance as of December 31	$	6.4	$	3.9	$	3.9

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Shareholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

Stock Repurchase Programs

On October 30, 2018, the Board of Directors of the Company approved a common stock repurchase program of up to $300.0 million ("2018 Stock Repurchase Program"). The 2018 Stock Repurchase Program was in effect until September 29, 2021 and had unused authorization of $97.9 million.

On September 29, 2021, the Board of Directors of the Company approved a common stock repurchase program of up to $500.0 million ("2021 Stock Repurchase Program"). The 2021 Stock Repurchase Program includes and is not in addition to any unspent amount remaining under the prior 2018 Stock Purchase Program 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. We had $270.2 million of repurchase authority remaining under this program on December 31, 2022.

We repurchased the following shares under the 2018 and 2021 Stock Repurchase Programs:


	For the year ending December 31,
(in millions, except share data)	2022			2021			2020
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
2021 Stock Repurchase Program	873,922	$	175.5	226,232	$	54.4	—	$	—
2018 Stock Repurchase Program	—	—		245,132	49.2		235,590	27.9
Total	873,922	$	175.5	471,364	$	103.6	235,590	$	27.9

The Duchossois Group ("TDG") Share Repurchase

On February 1, 2021, the Company entered into an agreement (the "Stock Repurchase Agreement") with an affiliate of TDG to repurchase 1,000,000 shares of the Company’s common stock for $193.94 per share in a privately negotiated transaction for an aggregate purchase price of $193.9 million. The repurchase of shares of common stock from TDG pursuant to the Stock Repurchase Agreement was approved by the Company's Board of Directors separately from, and did not reduce the authorized amount remaining under, the existing common stock repurchase program. The Company repurchased the shares using available cash and borrowings under the Revolver (as defined in Note 12, Debt).

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock-Based Compensation Plans

12 Months Ended

Dec. 31, 2022

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 $31.8 million in 2022, $27.8 million in 2021, and $23.7 million in 2020. We recorded a tax benefit related to stock-based compensation expense of $1.6 million in 2022, $1.5 million in 2021, and $1.9 million in 2020. Our stock-based employee compensation plans are described below.

2016 Omnibus Stock Incentive Plan

We have a stock-based employee compensation plan with awards outstanding under the Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan (the "2016 Plan") and Executive Long-Term Incentive Compensation Plan, which was adopted pursuant to the 2016 Plan. The 2016 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 awards ("RSA"), restricted stock units ("RSU"), performance share units ("PSU"), performance units, or performance cash. The 2016 Plan has a minimum vesting period of one year for awards granted.

Restricted Stock, Restricted Stock Units, and Performance Share Units

The 2016 Plan permits 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 Plan 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 2016 Plan 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 2016 Plan generally vests 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 2020, 2021, and 2022, 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 and discontinued operations 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 PSU Awards may be adjusted based on the Company’s TSR performance relative to the TSR performance during the performance period of the companies remaining in the Russell 2000 index and Russell 1000 index beginning with 2022 grants at the end of the performance period 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 a special equity award to two NEOs ("7-Year Grant") consisting of PSU Awards that may be adjusted up to 200% based on the Company's relative TSR performance versus the Russell 2000 over a three-year period ending October 29, 2021, and service-based RSU awards, both of which vest in 25% annual increments over four years beginning on the fourth anniversary of the grant date, totaling seven years to be fully vested. The performance period ended on October 29, 2021, and the TSR performance was 200%.

The total compensation cost recognized for 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, with the exception of the 7-Year Grant, which compensation cost 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 2022 RSUs, and PSUs granted to certain NEOs, employees, and the Board of Directors is presented below (shares/units in thousands):

Grant Year

Award Type

Number of Units Awarded(1)

Vesting Terms

2022

RSU

Vest equally over three service periods ending in 2025

2022

PSU

Three-year performance and service period ending in 2024

2022

RSU

One year service period ending in 2023

(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, December 31, 2019	314	$	72.84	265	$	85.07	579	$	78.45
Granted	37	$	182.45	94	$	150.12	131	$	159.30
Performance adjustment(1)	41	$	90.73	—	$	—	41	$	90.73
Vested	(90)	$	90.73	(121)	$	90.01	(211)	$	90.32
Canceled/forfeited	—	$	—	(3)	$	121.39	(3)	$	121.39
Balance, December 31, 2020	302	$	83.40	235	$	107.90	537	$	94.14
Granted	27	$	254.29	68	$	211.11	95	$	223.25
Performance adjustment(1)	258	$	68.87	—	$	—	258	$	68.87
Vested	(108)	$	92.90	(112)	$	121.77	(220)	$	107.63
Canceled/forfeited	—	$	—	(12)	$	160.42	(12)	$	160.42
Balance, December 31, 2021	479	$	82.99	179	$	135.01	658	$	90.27
Granted	34	$	220.25	67	$	222.16	101	$	221.52
Performance adjustment(1)	47	$	182.45	—	$	—	47	$	182.45
Vested	(184)	$	115.32	(92)	$	158.89	(276)	$	129.65
Canceled/forfeited	(6)	$	213.8	(6)	$	204.71	(12)	$	208.82
Balance, December 31, 2022	370	$	90.07	148	$	160.18	518	$	110.13

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

The fair value of shares and units vested was $56.9 million in 2022, $45.4 million in 2021, and $36.9 million in 2020.

A summary of total unrecognized stock-based compensation expense related to RSAs, RSUs, and PSUs (based on current performance estimates), on December 31, 2022, is presented below:


(in millions, except years)	December 31, 2022		Weighted Average Remaining Vesting Period (Years)
Unrecognized expense:

RSU	$	8.8	1.52
PSU	13.2		1.71
Total	$	22.0	1.63

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 (Loss).

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

DEBT

The following table presents our total debt outstanding:


	December 31, 2022

(in millions)	Outstanding Principal		Issuance Costs and Fees		Long-Term Debt, Net
Term Loan B due 2024	$	380.0	$	1.6	$	378.4
Term Loan B-1 due 2028	294.7		3.1		291.6
Term Loan A due 2027	800.0		5.5		794.5
Revolver	664.1		—		664.1
2027 Senior Notes	600.0		4.7		595.3
2028 Senior Notes	700.0		1.6		698.4
2030 Senior Notes	1,200.0		16.6		1,183.4
Total debt	4,638.8		33.1		4,605.7
Current maturities of long-term debt	47.0		—		47.0
Total debt, net of current maturities	$	4,591.8	$	33.1	$	4,558.7


	December 31, 2021

(in millions)	Outstanding Principal		Issuance Costs and Fees		Long-Term Debt, Net
Term Loan B due 2024	$	384.0	$	2.4	$	381.6
Term Loan B-1 due 2028	297.8		3.8		294.0

2027 Senior Notes	600.0		5.7		594.3
2028 Senior Notes	700.0		1.9		698.1
Total debt	1,981.8		13.8		1,968.0
Current maturities of long-term debt	7.0		—		7.0
Total debt, net of current maturities	$	1,974.8	$	13.8	$	1,961.0

Credit Agreement

On December 27, 2017, we entered into a senior secured credit agreement ("2017 Credit Agreement") with a syndicate of lenders. The 2017 Credit Agreement provided for a $700.0 million senior secured revolving credit facility due 2024 (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 was 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.

The Term Loan B bears interest at LIBOR plus 200 basis points and 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 as determined by a pricing grid based on the consolidated total net secured leverage ratio of the Company. For the period ended December 31, 2022, the Company's commitment fee rate was 0.175%.

On April 28, 2020, the Company entered into an amendment to the 2017 Credit Agreement (as amended, the "Credit Agreement"), which provided for a financial covenant relief period through the date on which the Company delivered the Company's quarterly financial statements and compliance certificate for the fiscal quarter ended June 30, 2021, subject to certain exceptions (the "Financial Covenant Relief Period"). On February 1, 2021, the Company entered into an amendment to increase the amount of certain otherwise restricted payments permitted from $26.0 million to $226.0 million during the Financial Covenant Relief Period.

On March 17, 2021, the Company entered into the Incremental Joinder Agreement No. 1 (the "Joinder") to its Credit Agreement which provided $300.0 million in New Term Loan Commitments ("Term Loan B-1") as a new tranche of term loans under the existing Credit Agreement (as conformed to recognize the new loan) and carries a maturity date of March 17, 2028.

The Company capitalized $3.5 million of debt issuance costs associated with the Joinder which are being amortized as interest expense over the 7-year term of the Term Loan B-1.

The Term Loan B-1 bears interest at LIBOR plus 200 basis points and requires quarterly payments of 0.25% of the original $300.0 million balance. The Term Loan B-1 may be subject to additional mandatory prepayment from excess cash flow on an annual basis per the provisions of the Credit Agreement.

On April 13, 2022, the Company amended the Credit Agreement to extend the maturity date of its existing Revolver to April 13, 2027, to increase the commitments under the existing Revolver from $700.0 million to $1.2 billion, and to increase the swing line commitment from $50.0 million to $100.0 million. The amendment also provides for a senior secured Delayed Draw Term Loan A due April 13, 2027 in the amount of $800.0 million, which was drawn on November 1, 2022 as part of the financing for the P2E Transaction. Refer to Note 3, Acquisitions for more information regarding the P2E Transaction. The Company capitalized $3.2 million of debt issuance costs associated with the Revolver commitment increase and $6.4 million of debt issuance costs associated with the Delayed Draw Term Loan A which are being amortized as interest expense over the 5-year term.

The Revolver and Delayed Draw Term Loan A bear interest at the Secured Overnight Financing Rate ("SOFR") plus 10 basis points, plus a variable applicable margin which is determined by the Company's net leverage ratio. As of December 31, 2022, that applicable margin was 125 basis points which was based on the pricing grid in the Credit Agreement. During 2022, we have borrowed $664.1 million on our Revolver which provided the Company with financing for the Chasers, Ellis Park, and P2E Transactions. Refer to Note 3, Acquisitions for more regarding the Chasers, Ellis Park and P2E Transactions. The Company had $524.8 million available borrowing capacity, after consideration of $11.1 million in outstanding letters of credit, under the Revolver as of December 31, 2022.

The phase-out of LIBOR in existing debt agreements is set for June 30, 2023. The Credit Agreement includes a general process for establishing an alternative reference rate to the extent LIBOR is phased out. The Company is in the process of transitioning its financing from LIBOR to alternative reference rates. These transition activities are not expected to have a material impact on the Company’s financial statements.

The Credit Agreement is collateralized by substantially all the wholly-owned assets of the Company. The 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 Credit Agreement also contains financial covenants providing for the maintenance of a maximum consolidated secured net leverage ratio and maintenance of a minimum consolidated interest coverage ratio.

Actual as of
December 31, 2022

Requirement

Interest coverage ratio

6.6 to 1.0

> 2.5 to 1.0

Consolidated total secured net leverage ratio

0.9 to 1.0

< 4.0 to 1.0

The Company was compliant with all applicable covenants on December 31, 2022.

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 1st and October 1st of each year, commencing on October 1, 2019. The Company used the net proceeds from the offering to repay the then-outstanding balance on the Revolver portion of our 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 at redemption prices set forth in the 2027 Indenture. 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 "Existing 2028 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 Existing 2028 Notes were issued at par, with interest payable on January 15th and July 15th 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 due in 2021. 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 Existing 2028 Notes.

On March 17, 2021, the Company completed an offering of $200.0 million in aggregate principal amount of 4.75% Senior Unsecured Notes that mature on January 15, 2028 (the "Additional 2028 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 Additional 2028 Notes were offered under the indenture dated as of December 27, 2017, governing the $500.0 million aggregate principal amount of 4.75% Senior Unsecured Notes due 2028 and form a part of the same series for purposes of the indenture. In connection with the offering, we capitalized $3.4 million of debt issuance costs which are being amortized as interest expense over the term of the Additional 2028 Notes. Upon completion of this offering, the aggregate principal amount outstanding of the Existing 2028 Notes, together with the Additional 2028 Notes (collectively, the "2028 Senior Notes"), is $700.0 million.

The Additional 2028 Notes were issued at 103.25% of the principal amount, plus interest deemed to have accrued from January 15, 2021, with interest payable on January 15th and July 15th of each year, commencing on July 15, 2021. The 2028 Senior Notes will vote as one class under the indenture governing the 2028 Senior Notes. The 3.25% premium is being amortized through interest expense, net over the term of the Additional 2028 Notes.

The Company used the net proceeds from the Additional 2028 Notes and the Term Loan B-1: (i) to repay indebtedness outstanding under our Revolver, (ii) to fund related transaction fees and expenses, and (iii) for working capital and other general corporate purposes.

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 the 2028 Senior Notes at redemption prices set forth in the 2028 Indenture. 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 Additional 2028 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 March 17, 2021.

2030 Senior Notes

On April 13, 2022, a wholly-owned subsidiary of the Company completed an offering of $1.2 billion in aggregate principal amount of 5.75% Senior Unsecured Notes that mature on April 13, 2030 (the "2030 Senior Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A that was exempt from registration under the Securities Act, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The offering of the 2030 Senior Notes was part of the financing utilized for the P2E Transaction. In connection with the offering, we capitalized $18.3 million of debt issuance costs which are being amortized as interest expense over the term of the 2030 Senior Notes. The Company held the net proceeds of this transaction of $1.2 billion in escrow until the proceeds were utilized to complete the P2E Transaction on November 1, 2022, at which time CDI assumed the obligation and became the Issuer.

The 2030 Senior Notes were issued at 100% of the principal amount, plus interest deemed to have accrued from April 13, 2022, with interest payable in arrears on April 1st and October 1st of each year, commencing on October 1, 2022. The 2030 Senior Notes will vote as one class under the indenture governing the 2030 Senior Notes.

The Issuer may redeem some of or all the 2030 Senior Notes at any time prior to April 1, 2025, at redemption prices set forth in the 2030 Offering Memorandum.

In connection with the issuance of the 2030 Senior Notes, the Escrow Issuer and the guarantors of the 2030 Senior Notes entered into a Registration Rights Agreement to register any 2030 Senior Notes under the Securities Act for resale that are not freely tradable 366 days from April 13, 2022.

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


Years Ended December 31,

2023	$	47.0
2024	419.0
2025	43.0
2026	43.0
2027	1,907.0
Thereafter	2,179.8
Total	$	4,638.8

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

REVENUE FROM CONTRACTS WITH CUSTOMERS

Performance Obligations

As of December 31, 2022, our Live and Historical Racing 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 $154.4 million. The revenue we expect to recognize on these remaining performance obligations is $46.0 million in 2023, $39.6 million in 2024, $30.5 million in 2025, and the remainder thereafter.

As of December 31, 2022, our remaining performance obligations on contracts with a duration greater than one year in segments other than Live and Historical Racing were not material.

Contract Assets and Contract Liabilities

Contract assets were not material as of December 31, 2022 and 2021.

Contract liabilities were $58.7 million as of December 31, 2022 and $64.9 million as of December 31, 2021. Contract liabilities 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 Live and Historical Racing segment. The decrease in contract liabilities from December 31, 2021 to December 31, 2022 was due to the recognition of revenue for fulfilled performance obligations. We recognized $49.9 million of revenue during the year ended December 31, 2022 that was included in the contract liabilities balance on December 31, 2021. We recognized $33.0 million of revenue during the year ended December 31, 2021 that was included in the contract liabilities balance on December 31, 2020.

Disaggregation of Revenue

The Company has included its disaggregated revenue disclosures as follows:

•For the Live and Historical Racing segment, revenue is disaggregated between Churchill Downs Racetrack and historical racing properties given that our racing facilities revenues primarily revolve around live racing events while our historical racing properties revenues primarily revolve around historical racing. This segment is also disaggregated by location given the geographic economic factors that affect the revenue of service offerings. Within the Live and Historical racing segment, revenue is further disaggregated between live and simulcast racing, historical racing, racing event-related services, and other services.

•For the TwinSpires segment, revenue is 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. The tables below present net revenue from external customers and intercompany revenue from each of our segments:


	Years Ended December 31,
(in millions)	2022		2021		2020
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	196.8	$	128.1	$	63.3
Louisville	169.9		154.3		79.5
Northern Kentucky	46.1		26.0		10.2
Southwestern Kentucky	131.4		100.7		16.6
Western Kentucky	4.5		—		—
Virginia	62.4		—		—
New Hampshire	3.5		—		—
Total Live and Historical Racing	$	614.6	$	409.1	$	169.6

TwinSpires:	$	436.4	$	451.4	$	430.1

Gaming:
Florida	$	106.2	$	100.0	$	51.8
Iowa	15.6		—		—
Louisiana	140.8		133.6		97.6
Maine	114.4		99.8		44.9
Maryland	105.3		100.6		60.2
Mississippi	101.8		117.3		87.0
New York	30.9		—		—
Pennsylvania	140.9		144.1		93.8
Total Gaming	$	755.9	$	695.4	$	435.3
All Other	2.9		41.3		19.0
Net revenue from external customers	$	1,809.8	$	1,597.2	$	1,054.0

Intercompany net revenues:
Live and Historical Racing	$	31.8	$	21.5	$	19.2
TwinSpires	5.2		6.4		5.5
Gaming	5.9		3.0		2.5
All Other	0.4		7.9		7.8
Eliminations	(43.3)		(38.8)		(35.0)
Intercompany net revenue	$	—	$	—	$	—


	Year Ended December 31, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	66.8	$	367.4	$	28.1	$	462.3	$	—	$	462.3
Historical racing(a)	374.1		—		9.8		383.9		—		383.9
Racing event-related services	129.8		—		1.8		131.6		—		131.6
Gaming(a)	3.5		28.2		647.4		679.1		—		679.1
Other(a)	40.4		40.8		68.8		150.0		2.9		152.9
Total	$	614.6	$	436.4	$	755.9	$	1,806.9	$	2.9	$	1,809.8


	Year Ended December 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	64.0	$	380.7	$	28.2	$	472.9	$	29.7	$	502.6
Historical racing(a)	253.0		—		—		253.0		—		253.0
Racing event-related services	68.5		—		1.2		69.7		7.0		76.7
Gaming(a)	—		34.8		622.0		656.8		—		656.8
Other(a)	23.6		35.9		44.0		103.5		4.6		108.1
Total	$	409.1	$	451.4	$	695.4	$	1,555.9	$	41.3	$	1,597.2


	Year Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	46.5	$	387.5	$	22.9	$	456.9	$	18.2	$	475.1
Historical racing(a)	93.6		—		—		93.6		—		93.6
Racing event-related services	21.0		—		3.4		24.4		0.3		24.7
Gaming(a)	—		11.3		381.3		392.6		—		392.6
Other(a)	8.5		31.3		27.7		67.5		0.5		68.0
Total	$	169.6	$	430.1	$	435.3	$	1,035.0	$	19.0	$	1,054.0

(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 $33.9 million in 2022, $20.9 million in 2021, and $13.1 million in 2020

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Other Balance Sheet Items

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Other Balance Sheet Items

OTHER BALANCE SHEET ITEMS

Accounts receivable

Accounts receivable is comprised of the following:


	December 31,
(in millions)	2022		2021
Trade receivables	$	12.5	$	7.6
Simulcast and online wagering receivables	54.1		29.6
Other receivables	20.6		10.5
	87.2		47.7
Allowance for doubtful accounts	(5.7)		(5.4)
Total	$	81.5	$	42.3

We recognized bad debt expense of $2.3 million in 2022, $3.2 million in 2021 and $2.5 million in 2020.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
(in millions)	2022		2021
Account wagering deposits liability	$	57.8	$	47.5
Accrued salaries and related benefits	39.6		39.9
Purses payable	46.1		28.6
Accrued interest	47.8		23.9
Accrued fixed assets	39.5		17.1

Other	130.2		74.7
Total	$	361.0	$	231.7

Investments in and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates as of December 31, 2022 and 2021 primarily consisted of a 61.3% interest in Midwest Gaming Holdings, LLC ("Midwest Gaming"), the parent company of Rivers Casino Des Plaines ("Rivers Des Plaines"), a 50% interest in Miami Valley Gaming ("MVG"), and other immaterial joint ventures.

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.

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 the Company's 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, 2022, the net aggregate basis difference between the Company’s investment in Midwest Gaming and the amounts of the underlying equity in net assets was $835.0 million.

Our investment in Rivers Des Plaines was $544.9 million as of December 31, 2022 and $554.8 million as of December 31, 2021. The Company received distributions from Rivers Des Plaines of $123.8 million in 2022, $67.2 million in 2021 and $10.7 million in 2020.

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.

Our investment in MVG was $114.4 million as of December 31, 2022 and $108.7 million as of December 31, 2021. The Company received distributions from MVG of $33.0 million in 2022, $42.0 million in 2021 and $20.0 million in 2020.

Summarized Financial Results for our Unconsolidated Affiliates

The financial results for our unconsolidated affiliates are summarized below. The summarized income statement information for 2022 and 2021 and summarized balance sheet information as of December 31, 2022 and 2021 includes the following equity investments: MVG, Rivers Des Plaines, and other immaterial joint ventures.


	December 31,
(in millions)	2022		2021
Assets
Current assets	$	91.0	$	96.0
Property and equipment, net	345.7		312.3
Other assets, net	265.0		264.1
Total assets	$	701.7	$	672.4

Liabilities and Members' Deficit
Current liabilities	$	97.9	$	95.3
Long-term debt	838.6		786.9
Other liabilities	0.2		20.6
Members' deficit	(235.0)		(230.4)
Total liabilities and members' deficit	$	701.7	$	672.4


	Years Ended December 31,
(in millions)	2022		2021		2020
Net revenue	$	825.5	$	740.0	$	386.3
Operating and SG&A expense	509.1		434.2		252.1
Depreciation and amortization	25.8		17.6		17.0
Operating income	290.6		288.2		117.2
Interest and other expense, net	(24.8)		(38.6)		(63.1)
Net income	$	265.8	$	249.6	$	54.1

Leases

12 Months Ended

Dec. 31, 2022

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:


	Years Ended December 31,
(in millions)	2022		2021
Short-term lease cost (a) (b)	$	12.5	$	11.1
Operating lease cost (b)	8.1		7.8
Finance lease interest expense	0.4		0.3
Finance lease amortization expense (b)	0.7		0.5
Total lease cost	$	21.7	$	19.7

(a)Includes leases with terms of one year or less.

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

Supplemental cash flow information related to leases are as follows:


	Years Ended December 31,
(in millions)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6.5	$	6.5
Operating cash flows from finance leases	$	0.5	$	0.3
Financing cash flows from finance leases	$	0.4	$	0.2

ROUAs obtained in exchange for lease obligations
Operating leases	$	10.7	$	9.8
Finance leases	$	6.2	$	4.4

Other information related to operating leases was as follows:


	December 31,
Weighted Average Remaining Lease Term	2022		2021
Operating leases	6.5 years		5.9 years
Finance leases	14.9 years		16.0 years

Weighted Average Discount Rate
Operating leases	4.1	%	3.5	%
Finance leases	4.1	%	3.3	%

As of December 31, 2022, the future undiscounted cash flows associated with the Company's operating and financing lease liabilities were as follows:


(in millions)
Years Ended December 31,	Operating Leases		Finance Leases
2023	$	7.6	$	1.3
2024	7.1		1.4
2025	6.6		1.4
2026	6.2		1.4
2027	3.0		1.4
Thereafter	7.0		15.0
Total future minimum lease payments	37.5		21.9
Less: Imputed interest	4.5		5.8
Present value of lease liabilities	$	33.0	$	16.1

Reported lease liabilities as of December 31, 2022
Accrued expense and other current liabilities (current maturities of leases)	$	7.0	$	0.9
Other liabilities (non-current maturities of leases)	26.0		15.2
Present value of lease liabilities	$	33.0	$	16.1

Leases

LEASES

The components of total lease cost were as follows:


	Years Ended December 31,
(in millions)	2022		2021
Short-term lease cost (a) (b)	$	12.5	$	11.1
Operating lease cost (b)	8.1		7.8
Finance lease interest expense	0.4		0.3
Finance lease amortization expense (b)	0.7		0.5
Total lease cost	$	21.7	$	19.7

(a)Includes leases with terms of one year or less.

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

Supplemental cash flow information related to leases are as follows:


	Years Ended December 31,
(in millions)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6.5	$	6.5
Operating cash flows from finance leases	$	0.5	$	0.3
Financing cash flows from finance leases	$	0.4	$	0.2

ROUAs obtained in exchange for lease obligations
Operating leases	$	10.7	$	9.8
Finance leases	$	6.2	$	4.4

Other information related to operating leases was as follows:


	December 31,
Weighted Average Remaining Lease Term	2022		2021
Operating leases	6.5 years		5.9 years
Finance leases	14.9 years		16.0 years

Weighted Average Discount Rate
Operating leases	4.1	%	3.5	%
Finance leases	4.1	%	3.3	%

As of December 31, 2022, the future undiscounted cash flows associated with the Company's operating and financing lease liabilities were as follows:


(in millions)
Years Ended December 31,	Operating Leases		Finance Leases
2023	$	7.6	$	1.3
2024	7.1		1.4
2025	6.6		1.4
2026	6.2		1.4
2027	3.0		1.4
Thereafter	7.0		15.0
Total future minimum lease payments	37.5		21.9
Less: Imputed interest	4.5		5.8
Present value of lease liabilities	$	33.0	$	16.1

Reported lease liabilities as of December 31, 2022
Accrued expense and other current liabilities (current maturities of leases)	$	7.0	$	0.9
Other liabilities (non-current maturities of leases)	26.0		15.2
Present value of lease liabilities	$	33.0	$	16.1

Board of Director and Employee Benefit Plans	12 Months Ended
Board of Director and Employee Benefit Plans	Dec. 31, 2022
Retirement Benefits [Abstract]
Board of Director and Employee Benefit Plans	BOARD OF DIRECTOR AND EMPLOYEE BENEFIT PLANS Board of Directors and Officers Retirement Plan Under the 2005 Deferred Compensation Plan (the "Deferred Plan"), members of our Board of 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. Prior to December 13, 2019, we provided eligible executives the opportunity to defer the receipt of base and bonus compensation to a future date and included a Company matching contribution on base compensation with certain limits through the Deferred Plan. On December 13, 2019, the Compensation Committee elected to freeze the Deferred Plan for eligible executives after the 2019 plan year. On December 13, 2019, the Compensation Committee adopted the Churchill Downs Incorporated Restricted Stock Unit Deferral Plan, effective January 1, 2020 (the "RSU Deferral Plan"). Under the RSU Deferral Plan, 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 Plan. Other Retirement Plans We have a profit-sharing plan for all employees with three months or more of service who are not otherwise participating in an associated profit-sharing plan. We match contributions made by employees up to 3% of the employee’s annual compensation and match at 50% any 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 $4.3 million in 2022, $4.1 million in 2021, and $3.7 million in 2020.

Fair Value of Assets and Liabilities

12 Months Ended

Dec. 31, 2022

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 Senior Secured Term Loan B, Term Loan B-1, Term Loan A and Revolver under the Credit Agreement approximate the gross carrying value of the variable rate debt and as such are Level 2 measurements. The fair value of the Company’s 2030 Senior Notes, 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 carrying amounts and estimated fair values by input level of the Company's financial instruments are as follows:


	December 31, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	74.9	$	74.9	$	74.9	$	—	$	—
Financial liabilities:
Term Loan B	$	378.4	$	380.0	$	—	$	380.0	$	—
Term Loan B-1	291.6		294.8		—		294.8		—
Term Loan A	794.5		800.0		—		800.0		—
Revolver	664.1		664.1		—		664.1		—
2027 Senior Notes	595.3		574.5		—		574.5		—
2028 Senior Notes	698.4		626.5		—		626.5		—
2030 Senior Notes	1,183.4		1,079.4		—		1,079.4		—


	December 31, 2021
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	64.3	$	64.3	$	64.3	$	—	$	—
Financial liabilities:
Term Loan B	$	381.6	$	384.0	$	—	$	384.0	$	—
Term Loan B-1	294.0		297.8		—		297.8		—

2027 Senior Notes	594.3		619.5		—		619.5		—
2028 Senior Notes	698.1		724.5		—		724.5		—

- 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

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2022
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.

Net Income (Loss) Per Common Share Computations

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share Computations

NET INCOME (LOSS) PER COMMON SHARE COMPUTATIONS

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


	Years Ended December 31,
(in millions, except per share data)	2022		2021		2020
Numerator for basic net income (loss) per common share:
Net income from continuing operations	$	439.4	$	249.1	$	13.3
Net loss attributable to noncontrolling interest	—		—		(0.2)
Net income from continuing operations, net of loss attributable to noncontrolling interests	439.4		249.1		13.5
Net loss from discontinued operations	—		—		(95.4)
Numerator for basic net income (loss) per common share	$	439.4	$	249.1	$	(81.9)

Numerator for diluted net income from continuing operations per common share	$	439.4	$	249.1	$	13.5

Numerator for diluted net income (loss) per common share	$	439.4	$	249.1	$	(81.9)

Denominator for net income (loss) per common share:
Basic	37.9		38.6		39.6
Plus dilutive effect of stock awards	0.6		0.6		0.5
Diluted	38.5		39.2		40.1

Net income (loss) per common share data:
Basic
Continuing operations	$	11.58	$	6.45	$	0.34
Discontinued operations	—		—		(2.41)
Net income (loss) per common share - basic	$	11.58	$	6.45	$	(2.07)

Diluted
Continuing operations	$	11.42	$	6.35	$	0.33
Discontinued operations (1)	—		—		(2.41)
Net income (loss) per common share - diluted	$	11.42	$	6.35	$	(2.08)

(1) Amounts exclude all potential common equivalent shares for periods when there is a net loss from discontinued operations.

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We manage our operations through three reportable segments: Live and Historical Racing, TwinSpires, and Gaming. Refer to Note 1, Description of Business, for additional information regarding the changes we made to our segments during the first quarters of 2021 and 2022. Prior year amounts have been reclassified to conform to this presentation. Our operating segments reflect the internal management reporting used by our chief operating decision maker to evaluate results of operations and to assess performance and allocate resources.

•Live and Historical Racing

The Live and Historical Racing segment includes live and historical pari-mutuel racing related revenue and expenses at Churchill Downs Racetrack and our historical racing properties in Kentucky, Virginia, and New Hampshire.

Our Live and Historical Racing properties earn commissions primarily from pari-mutuel wagering on live and historical races; simulcast fees earned from other wagering sites, fees from racing event-related services including admissions, personal seat licenses, sponsorships, television rights, and other miscellaneous services, and revenue from food and beverage services.

•TwinSpires

The TwinSpires segment includes the revenue and expenses for TwinSpires Horse Racing, TwinSpires Sports and Casino and United Tote businesses and these businesses are headquartered in Louisville, Kentucky.

TwinSpires Horse Racing operates the online horse racing wagering business for TwinSpires.com, BetAmerica.com, and other white-label platforms; facilitates high dollar wagering by international customers; and provides the Bloodstock Research Information Services platform for horse racing statistical data.

Our sports betting and casino business includes the retail and online TwinSpires sports betting and online casino gaming operations.

Our TwinSpires Sports and Casino business includes the results of our nine retail sportsbooks at our wholly-owned gaming properties and our casino platform in Pennsylvania. Rivers Des Plaines retail and online BetRivers sportsbook is included in the Gaming segment.

The Company exited the direct online Sports and Casino business during 2022 in every state except Pennsylvania and Arizona.

United Tote manufactures and operates pari-mutuel wagering systems for racetracks, OTBs and other pari-mutuel wagering businesses. United Tote provides totalisator services which accumulate wagers, calculate payoffs and displays wagering data to patrons who wager on horse races. United Tote has contracts to provide totalisator services to third-party racetracks, OTBs and other pari-mutuel wagering businesses and also provides these services at our facilities.

•Gaming

The Gaming segment includes revenue and expenses for the casino properties and associated racetrack facilities which support the casino license as applicable. The Gaming segment has approximately 13,980 slot machines and video lottery terminals ("VLTs") and 358 table games located in ten states.

The Gaming segment revenue and expenses includes the following properties:

◦Florida - Calder Casino ("Calder")

◦Iowa - Hard Rock Hotel & Casino ("Hard Rock Sioux City")

◦Louisiana - Fair Grounds Slots, Fair Grounds Race Course, and Video Services, LLC ("VSI") (collectively, "Fair Grounds and VSI")

◦Maryland - Ocean Downs Casino & Racetrack ("Ocean Downs")

◦Maine - Oxford Casino & Hotel ("Oxford")

◦Mississippi

▪Harlow’s Casino Resort and Spa ("Harlow's")

▪Riverwalk Casino Hotel ("Riverwalk")

◦New York - del Lago Resort & Casino ("del Lago")

◦Pennsylvania

▪Presque Isle Downs & Casino ("Presque Isle")

▪Lady Luck Casino Nemacolin ("Lady Luck Nemacolin") management agreement

The Gaming segment also includes net income for our ownership portion of the Company’s equity investments in the following:

◦Illinois - 61.3% equity investment in Midwest Gaming, the parent company of Rivers Des Plaines

◦Ohio - 50% equity investment in MVG

The Gaming segment includes revenue and expenses for the casino properties and associated racetracks which support the casino license. The Gaming segment generates revenue and expenses from slot machines, table games, VLTs, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, racing event-related services, and other miscellaneous operations.

We have aggregated Arlington as well as certain corporate operations, and other immaterial joint ventures in All Other to reconcile to consolidated results.

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, disposition, and land sale related charges;

–Direct online Sports and Casino business exit costs; and

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

•Stock-based compensation expense;

•Rivers Des Plaines' impact on our investments in unconsolidated affiliates from:

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

–Legal reserves and transaction costs;

•Asset impairments;

•Gain on Calder Land sale;

•Legal reserves;

•Pre-opening expense; and

•Other charges, recoveries, and expenses

As of December 31, 2021, Arlington ceased racing and simulcast operations. On February 15, 2023, the Company closed on the sale of the property to the Chicago Bears. Refer to Note 4, Dispositions and Assets Held for Sale for additional information. Arlington's operating loss in the current quarter and year is treated as an adjustment to EBITDA and is included in Other expenses, net in the Reconciliation of Comprehensive Income to Adjusted EBITDA.

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 (Loss).

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:

Net revenue by segment is comprised of the following:


	Years Ended December 31,
(in millions)	2022		2021		2020
Live and Historical Racing	$	614.6	$	409.1	$	169.6
TwinSpires	436.4		451.4		430.1
Gaming	755.9		695.4		435.3
All Other	2.9		41.3		19.0
Net Revenue	$	1,809.8	$	1,597.2	$	1,054.0

Adjusted EBITDA by segment is comprised of the following:


	Year Ended December 31, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenue	$	646.4	$	441.6	$	761.8

Taxes and purses	(168.6)		(27.0)		(278.1)
Marketing and advertising	(19.8)		(13.0)		(18.9)
Salaries and benefits	(63.4)		(26.8)		(102.7)
Content expense	(3.4)		(203.3)		(8.3)
Selling, general and administrative expense	(18.6)		(9.7)		(31.3)
Other operating expense	(85.5)		(47.8)		(91.5)
Other income	0.4		0.1		190.9

Adjusted EBITDA	$	287.5	$	114.1	$	421.9


	Year Ended December 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenue	$	430.6	$	457.8	$	698.4

Taxes and purses	(126.3)		(30.7)		(264.4)
Marketing and advertising	(12.9)		(49.4)		(11.8)
Salaries and benefits	(48.4)		(27.0)		(87.1)
Content expense	(2.5)		(206.6)		(4.7)
Selling, general and administrative expense	(12.8)		(11.0)		(27.9)
Other operating expense	(53.0)		(50.4)		(72.3)
Other income	0.3		—		181.7

Adjusted EBITDA	$	175.0	$	82.7	$	411.9


	Year Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenue	$	188.8	$	435.6	$	437.8

Taxes and purses	(64.1)		(25.1)		(171.6)
Marketing and advertising	(6.2)		(16.5)		(7.5)
Salaries and benefits	(32.5)		(24.6)		(75.9)
Content expense	(1.5)		(202.7)		(3.5)
Selling, general and administrative expense	(8.7)		(10.4)		(25.4)
Other operating expense	(36.8)		(40.5)		(59.7)
Other income	0.1		0.1		78.9

Adjusted EBITDA	$	39.1	$	115.9	$	173.1


	Years Ended December 31,
(in millions)	2022		2021		2020
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA:

Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated	$	439.4	$	249.1	$	(81.9)



Net loss attributable to noncontrolling interest	—		—		0.2
Net income (loss)	439.4		249.1		(82.1)
Loss from discontinued operations, net of tax	—		—		95.4
Income from continuing operations, net of tax	439.4		249.1		13.3

Additions:
Depreciation and amortization	113.7		103.2		92.9
Interest expense	147.3		84.7		80.0
Income tax provision (benefit)	169.4		94.5		(5.3)
EBITDA	$	869.8	$	531.5	$	180.9

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	31.8	$	27.8	$	23.7
Legal reserves	3.8		—		—
Other charges	7.4		0.2		0.8
Pre-opening expense and other expense	13.2		5.8		11.2
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	42.8		41.5		38.5
Changes in fair value of Rivers Des Plaines' interest rate swaps	(12.6)		(12.9)		12.9
Rivers Des Plaines' legal reserves and transactions costs	0.6		9.9		—
Other charges and recoveries, net	1.0		—		—
Gain on Calder land sale	(274.6)		—		—
Transaction expense, net	42.1		7.9		1.0
Asset impairments	38.3		15.3		17.5
Total adjustments to EBITDA	(106.2)		95.5		105.6
Adjusted EBITDA	$	763.6	$	627.0	$	286.5

Adjusted EBITDA by segment:
Live and Historical Racing	$	287.5	$	175.0	$	39.1
TwinSpires	114.1		82.7		115.9
Gaming	421.9		411.9		173.1
Total segment Adjusted EBITDA	823.5		669.6		328.1
All Other	(59.9)		(42.6)		(41.6)
Total Adjusted EBITDA	$	763.6	$	627.0	$	286.5

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


	December 31,
(in millions)	2022		2021
Total assets:
Live and Historical Racing	$	3,345.4	$	682.7
TwinSpires	287.9		289.6
Gaming	1,824.2		1,003.3
Total segment assets	5,457.5		1,975.6
All Other	749.3		1,006.0
	$	6,206.8	$	2,981.6

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


	Years Ended December 31,
(in millions)	2022		2021		2020
Capital expenditures:
Live and Historical Racing	$	307.0	$	60.1	$	213.3
TwinSpires	87.6		18.6		6.7
Gaming	11.8		10.3		11.6
Total segment capital expenditures	406.4		89.0		231.6
All Other	17.1		2.8		2.6
Total capital expenditures	$	423.5	$	91.8	$	234.2

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
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. Stock Repurchase Agreement On February 1, 2021, the Company entered into an agreement (the "Stock Repurchase Agreement") with an affiliate of TDG to repurchase 1,000,000 shares of the Company’s common stock for $193.94 per share in a privately negotiated transaction. The aggregate purchase price was $193.9 million. The Stock Repurchase Agreement contains customary representations, warranties and covenants of the parties. The repurchase of shares of common stock from TDG pursuant to the Stock Repurchase Agreement was approved by the Company's Board of Directors separately from, and did not reduce the authorized amount remaining under, the existing common stock repurchase program from October 2018. The Company repurchased the shares using available cash and borrowings under the Revolver. Amendment to Credit Agreement Also, on February 1, 2021, the Company entered into an amendment to the Credit Agreement to increase the amount of certain otherwise restricted payments permitted during the Financial Covenant Relief Period from $26.0 million to $226.0 million to accommodate the repurchase of shares of common stock from TDG described above.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSOn February 15, 2023, we closed on the sale of 326-acres of property in Arlington Heights, Illinois, to the Chicago Bears for $197.2 million per the agreement announced in September 2021.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

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		Change in Accounting Standard		Charged to Expense		Deductions		Balance End of Year
Allowance for doubtful accounts:
December 31, 2022	$	5.4	$	—	$	2.3	$	(2.0)	$	5.7
December 31, 2021	4.9		—		3.2		(2.7)		5.4
December 31, 2020	4.4		0.5		2.5		(2.5)		4.9


(in millions)	Balance Beginning of Year		Additions		Deductions		Balance End of Year
Deferred income tax asset valuation allowance:
December 31, 2022	$	3.2	$	2.5	$	—	$	5.7
December 31, 2021	1.4		1.8		—		3.2
December 31, 2020	0.2		1.2		—		1.4

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	The accompanying consolidated financial statements include the accounts of the Company and 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.
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 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 the reporting unit's 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 quantitative impairment test. If a quantitative impairment test of goodwill is required, we generally determine the fair value under the market and income valuation approaches using inputs primarily related to discounted projected cash flows and price multiples of publicly traded comparable companies. If a quantitative impairment test of our indefinite-lived intangible assets is required, we generally determine the fair value using the Greenfield Method for gaming rights and relief-from-royalty method of the income approach for trademarks. The Greenfield Method is an income approach methodology that calculates the present value based on a projected cash flow stream. 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 require us to estimate, among other factors, forecasts of future operating results, revenue growth, operating expense, tax rates, start-up costs, capital expenditures, depreciation, working capital, discount rates, long-term growth rates, risk premiums, royalty rates, terminal values and fair market values of our reporting units and assets. The estimated future revenue, operating expenses, start-up costs and discount rate are the primary inputs to the Greenfield Method. 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 the asset's 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	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, TwinSpires 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 racetracks, off-track betting facilities ("OTBs"), and advance deposit wagering providers ("export revenue"). For simulcast races we display at our racetracks, OTBs, and TwinSpires' platforms, we recognize revenue we earn from providing a wagering service to our customers on these imported live races ("import revenue"). TwinSpires 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 TwinSpires' 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 HRM, 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. Sponsorship 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 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 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 gaming properties offer loyalty programs that enable customers to earn loyalty points based on their play. HRM and gaming 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 an HRM and gaming 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 transactions, an amount of the transaction price allocated to the gaming 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 transactions, the amount of the transaction price allocated to the HRM 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	Restricted cash includes deposits collected from our TwinSpires' customers. Other 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.
Account Wagering Deposit Liabilities	Restricted cash includes deposits collected from our TwinSpires' customers. Other 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.
Allowance for Doubtful Accounts Receivable	Upon our adoption of Accounting Standards Update ("ASU") of the Accounting Standards Codification ("ASC") No. 2016-13, Financial Instruments - Credit Losses ("ASC 326") on January 1, 2020, we maintain an allowance for doubtful accounts for current expected credit losses on our financial assets measured at amortized cost which are primarily included in Accounts receivable, net in the accompanying Consolidated Balance Sheets. The Company evaluates current expected credit losses on a collective (pool) basis when similar risk characteristics exist. Write-offs are recognized when the Company concludes that all or a portion of a financial asset is no longer collectible. Any subsequent recovery is recognized when it occurs.
Internal Use Software	Internal use software costs for our TwinSpires' segment software are 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 the software's estimated economic useful life, which is generally three years.
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 (Loss). 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 the investment's 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.
Business Combinations	We account for acquisitions of businesses in accordance with ASC 805, Business Combinations. We initially allocate the purchase price of an acquisition to the assets acquired and liabilities assumed based on their estimated fair values, with any excess of consideration transferred recorded as goodwill. The results of operations of acquisitions are included in the consolidated financial statements from their respective dates of acquisition. Costs incurred to complete the business combination are not considered part of consideration and are expensed as incurred. Refer to Note 3, Acquisitions, for further information.
Leases	We determine if an arrangement is a lease at inception and categorize as either operating or finance based on the criteria of ASC 842. An arrangement contains a lease when the arrangement conveys the right to control the use of an identified asset over the lease term. Operating and finance leases are included in Property and equipment, net; Accrued expense and Other current liabilities; and Other liabilities in the accompanying Consolidated Balance Sheets. We generally do not separate lease and non-lease components for our lease contracts. We do not apply the right-of-use assets ("ROUA") and leases liability recognition requirements to short-term leases. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. These leases do not provide an implicit rate, so therefore we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future lease payments. ROUAs are recognized at the lease commencement date at the value of the lease liability, adjusted for any lease payments made prior to commencement and exclude lease incentives and initial direct costs incurred. The 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 for operating leases. Interest expense on the finance lease liabilities is recorded separately using the interest method. We do not have any material leases where we are the lessor.
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 Live and Historical Racing, TwinSpires, Gaming, and All Other operating expenses in our Consolidated Statements of Comprehensive Income (Loss). 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	We are self-insured up to certain limits for costs associated with general liability, workers’ compensation and certain employee health coverage costs, 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	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 and privately negotiated transactions 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 shares of our common stock repurchased over the past several years, our common stock balance will frequently be zero at the end of any given reporting period. Refer to Note 10, Shareholders' Equity, for additional information on our share repurchases. Insurance Recoveries The Company maintains insurance policies that provide coverage for property damages and business interruption. Losses due to physical damages are recognized during the accounting period in which the loss occurs, while the amount of monetary assets to be received from the insurance policy is recognized when receipt of insurance recoveries is probable. Losses, which are reduced by the related probable insurance recoveries, are recorded as operating expenses on the accompanying Consolidated Statements of Comprehensive Income (Loss). Anticipated proceeds in excess of recognized losses would be considered a gain contingency and recognized when the contingency related to the insurance claim has been resolved.
Recent Accounting Pronouncements - Adopted on January 1, 2021	Recent Accounting Pronouncements - Adopted on January 1, 2021 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 740, Income Taxes. The amendments also clarify and amend existing guidance to improve consistent application of and simplify GAAP for other areas of Topic 740. This ASU was effective for public business entities for fiscal years and interim periods beginning after December 15, 2020. The adoption of this ASU did not have a material impact on our business. Recent Accounting Pronouncements - effective in 2023 or thereafter In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions to applying the guidance on contract modifications, hedge accounting, and other transactions, and to simplify the accounting for transitioning from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance. In December 2022, the FASB deferred the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. The use of LIBOR was phased out at the end of 2021, although the phase-out of U.S. dollar LIBOR for existing agreements has been delayed until June 2023. We continue to monitor developments related to the LIBOR transition and identification of an alternative, market-accepted rate.

Acquisition (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Summary of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed, net of cash acquired of $126.4 million, as of November 1, 2022:


(in millions)	Total
Accounts receivable, net	$	9.8
Other current assets	7.2
Property and equipment	611.2
Goodwill	347.8
Other intangible assets	1,941.5
Deferred taxes	20.8
Other assets	16.0
Total assets acquired	$	2,954.3

Accounts payable	4.0
Accrued expenses and other current liabilities	96.9
Other liabilities assumed	17.5
Total liabilities assumed	$	118.4
Net assets acquired (net of cash)	$	2,835.9

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
Gaming rights	$	1,865.6
Trademark	75.9
Total intangible assets	$	1,941.5

Business Acquisition, Pro Forma Information


(in millions)	Year Ended December 31, 2022		Year Ended December 31, 2021
Net revenue	$	2,348.7	$	2,153.6
Net income	$	535.4	$	205.1

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net is comprised of the following:


	December 31,
(in millions)	2022		2021
Grandstands and buildings	$	1,217.8	$	745.5
Equipment	574.5		491.9
Tracks and other improvements	304.3		221.7
Land	161.2		101.3
Furniture and fixtures	172.0		78.9
Construction in progress	353.7		65.8
	2,783.5		1,705.1
Accumulated depreciation	(837.1)		(736.7)
Subtotal	1,946.4		968.4
Operating lease right-of-use assets	31.9		26.5
Total	$	1,978.3	$	994.9

Goodwill (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill, by segment, is comprised of the following:


(in millions)	Live and Historical		TwinSpires		Gaming		All Other		Total
Balance, December 31, 2020	$	52.4	$	152.2	$	161.2	$	1.0	$	366.8
Adjustments	—		—		—		—		—
Balance, December 31, 2021	52.4		152.2		161.2		1.0		366.8
Additions	227.9		—		129.1		—		357.0
Balance, December 31, 2022	$	280.3	$	152.2	$	290.3	$	1.0	$	723.8

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
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-Name Accounting Standards Codification
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+ Details

Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Indefinite-Lived Intangible Assets

Other intangible assets, net is comprised of the following:


	December 31, 2022						December 31, 2021
(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	$	(10.1)	$	0.9	$	11.0	$	(9.4)	$	1.6
Other	10.2		(5.5)		4.7		10.4		(4.6)		5.8
Customer relationships	4.7		(3.3)		1.4		4.7		(2.8)		1.9
Gaming licenses	5.1		(2.5)		2.6		5.1		(2.3)		2.8
	$	31.0	$	(21.4)	$	9.6	$	31.2	$	(19.1)	$	12.1
Indefinite-lived intangible assets:
Trademarks					125.7						47.7
Gaming rights					2,256.5						288.2
Other					—						0.1
Total					$	2,391.8					$	348.1

Schedule of Finite-lived Intangible Assets

Other intangible assets, net is comprised of the following:


	December 31, 2022						December 31, 2021
(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	$	(10.1)	$	0.9	$	11.0	$	(9.4)	$	1.6
Other	10.2		(5.5)		4.7		10.4		(4.6)		5.8
Customer relationships	4.7		(3.3)		1.4		4.7		(2.8)		1.9
Gaming licenses	5.1		(2.5)		2.6		5.1		(2.3)		2.8
	$	31.0	$	(21.4)	$	9.6	$	31.2	$	(19.1)	$	12.1
Indefinite-lived intangible assets:
Trademarks					125.7						47.7
Gaming rights					2,256.5						288.2
Other					—						0.1
Total					$	2,391.8					$	348.1

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
2023	$	2.4
2024	1.8
2025	1.0
2026	0.5
2027	0.3

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Components of the provision (benefit) for income taxes are as follows:


	Years Ended December 31,
(in millions)	2022		2021		2020
Current provision (benefit):
Federal	$	41.0	$	66.1	$	(38.7)
State and local	19.7		18.5		3.0
Foreign	—		0.1		0.1
	60.7		84.7		(35.6)
Deferred provision:
Federal	79.9		7.5		28.7
State and local	28.8		2.3		1.5
Foreign	—		—		0.1
	108.7		9.8		30.3
Income tax provision (benefit)	$	169.4	$	94.5	$	(5.3)

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)	2022		2021		2020
Domestic	$	608.9	$	343.7	$	8.2
Foreign	(0.1)		(0.1)		(0.2)
Income from continuing operations before provision for income taxes	$	608.8	$	343.6	$	8.0

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

Our income tax provision (benefit) 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)	2022		2021		2020
Federal statutory tax on earnings before income taxes	$	127.9	$	72.1	$	1.7
State income taxes, net of federal income tax benefit	32.6		15.8		(0.6)
Non-deductible officer's compensation	7.6		6.4		3.5
Valuation allowance - state and foreign net operating losses	2.5		1.8		1.1
Uncertain tax positions	2.3		0.1		1.7
Re-measurement of deferred taxes	1.3		(1.5)		1.9
Windfall deduction from equity compensation	(2.3)		(1.4)		(1.3)
Net operating loss carry back - CARES Act	—		—		(13.3)
Other	(2.5)		1.2		—
Income tax provision (benefit)	$	169.4	$	94.5	$	(5.3)

Schedule of Components Deferred Tax Assets and Liabilities

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


	December 31,
(in millions)	2022		2021
Deferred tax assets:
§ 163(j) interest expense limitation carryforward	$	18.2	$	—
Lease liabilities	12.6		10.2
Net operating losses and credits carryforward	8.1		8.8
Deferred liabilities	7.4		5.1
Deferred compensation plans	7.0		6.9
Deferred income	3.6		4.7
Research and experimental expenditures	3.0		—
Deferred tax assets	59.9		35.7
Valuation allowance	(5.7)		(3.2)
Net deferred tax asset	54.2		32.5
Deferred tax liabilities:
Property and equipment in excess of tax basis	158.7		69.7
Equity investments in excess of tax basis	141.6		128.9
Intangible assets in excess of tax basis	78.1		74.1
Right-of-use assets	12.3		9.9
Other	4.3		2.8
Deferred tax liabilities	395.0		285.4
Net deferred tax liability	$	(340.8)	$	(252.9)

Reconciliation of Unrecognized Tax Benefits

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


(in millions)	2022		2021		2020
Balance as of January 1	$	3.9	$	3.9	$	1.8
Additions for tax positions related to the current year	0.1		0.1		0.1
Additions for tax positions of prior years	2.9		1.0		2.6
Reductions for tax positions of prior years	(0.5)		(1.1)		(0.6)
Balance as of December 31	$	6.4	$	3.9	$	3.9

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Repurchase Agreements

We repurchased the following shares under the 2018 and 2021 Stock Repurchase Programs:


	For the year ending December 31,
(in millions, except share data)	2022			2021			2020
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
2021 Stock Repurchase Program	873,922	$	175.5	226,232	$	54.4	—	$	—
2018 Stock Repurchase Program	—	—		245,132	49.2		235,590	27.9
Total	873,922	$	175.5	471,364	$	103.6	235,590	$	27.9

Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Activity

A summary of the 2022 RSUs, and PSUs granted to certain NEOs, employees, and the Board of Directors is presented below (shares/units in thousands):

Grant Year

Award Type

Number of Units Awarded(1)

Vesting Terms

2022

RSU

Vest equally over three service periods ending in 2025

2022

PSU

Three-year performance and service period ending in 2024

2022

RSU

One year service period ending in 2023

(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, December 31, 2019	314	$	72.84	265	$	85.07	579	$	78.45
Granted	37	$	182.45	94	$	150.12	131	$	159.30
Performance adjustment(1)	41	$	90.73	—	$	—	41	$	90.73
Vested	(90)	$	90.73	(121)	$	90.01	(211)	$	90.32
Canceled/forfeited	—	$	—	(3)	$	121.39	(3)	$	121.39
Balance, December 31, 2020	302	$	83.40	235	$	107.90	537	$	94.14
Granted	27	$	254.29	68	$	211.11	95	$	223.25
Performance adjustment(1)	258	$	68.87	—	$	—	258	$	68.87
Vested	(108)	$	92.90	(112)	$	121.77	(220)	$	107.63
Canceled/forfeited	—	$	—	(12)	$	160.42	(12)	$	160.42
Balance, December 31, 2021	479	$	82.99	179	$	135.01	658	$	90.27
Granted	34	$	220.25	67	$	222.16	101	$	221.52
Performance adjustment(1)	47	$	182.45	—	$	—	47	$	182.45
Vested	(184)	$	115.32	(92)	$	158.89	(276)	$	129.65
Canceled/forfeited	(6)	$	213.8	(6)	$	204.71	(12)	$	208.82
Balance, December 31, 2022	370	$	90.07	148	$	160.18	518	$	110.13

(1)Adjustment to number of target units awarded for PSUs based on achievement of underlying performance 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), on December 31, 2022, is presented below:


(in millions, except years)	December 31, 2022		Weighted Average Remaining Vesting Period (Years)
Unrecognized expense:

RSU	$	8.8	1.52
PSU	13.2		1.71
Total	$	22.0	1.63

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Total Debt Outstanding

The following table presents our total debt outstanding:


	December 31, 2022

(in millions)	Outstanding Principal		Issuance Costs and Fees		Long-Term Debt, Net
Term Loan B due 2024	$	380.0	$	1.6	$	378.4
Term Loan B-1 due 2028	294.7		3.1		291.6
Term Loan A due 2027	800.0		5.5		794.5
Revolver	664.1		—		664.1
2027 Senior Notes	600.0		4.7		595.3
2028 Senior Notes	700.0		1.6		698.4
2030 Senior Notes	1,200.0		16.6		1,183.4
Total debt	4,638.8		33.1		4,605.7
Current maturities of long-term debt	47.0		—		47.0
Total debt, net of current maturities	$	4,591.8	$	33.1	$	4,558.7


	December 31, 2021

(in millions)	Outstanding Principal		Issuance Costs and Fees		Long-Term Debt, Net
Term Loan B due 2024	$	384.0	$	2.4	$	381.6
Term Loan B-1 due 2028	297.8		3.8		294.0

2027 Senior Notes	600.0		5.7		594.3
2028 Senior Notes	700.0		1.9		698.1
Total debt	1,981.8		13.8		1,968.0
Current maturities of long-term debt	7.0		—		7.0
Total debt, net of current maturities	$	1,974.8	$	13.8	$	1,961.0

Schedule of Future Aggregate Maturities of Total Debt

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


Years Ended December 31,

2023	$	47.0
2024	419.0
2025	43.0
2026	43.0
2027	1,907.0
Thereafter	2,179.8
Total	$	4,638.8

Interest Coverage Ratio and Net Leverage Ratio

Actual as of
December 31, 2022

Requirement

Interest coverage ratio

6.6 to 1.0

> 2.5 to 1.0

Consolidated total secured net leverage ratio

0.9 to 1.0

< 4.0 to 1.0

- 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

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+ Details

Revenue from Contract with Customer (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [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:


	Years Ended December 31,
(in millions)	2022		2021		2020
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	196.8	$	128.1	$	63.3
Louisville	169.9		154.3		79.5
Northern Kentucky	46.1		26.0		10.2
Southwestern Kentucky	131.4		100.7		16.6
Western Kentucky	4.5		—		—
Virginia	62.4		—		—
New Hampshire	3.5		—		—
Total Live and Historical Racing	$	614.6	$	409.1	$	169.6

TwinSpires:	$	436.4	$	451.4	$	430.1

Gaming:
Florida	$	106.2	$	100.0	$	51.8
Iowa	15.6		—		—
Louisiana	140.8		133.6		97.6
Maine	114.4		99.8		44.9
Maryland	105.3		100.6		60.2
Mississippi	101.8		117.3		87.0
New York	30.9		—		—
Pennsylvania	140.9		144.1		93.8
Total Gaming	$	755.9	$	695.4	$	435.3
All Other	2.9		41.3		19.0
Net revenue from external customers	$	1,809.8	$	1,597.2	$	1,054.0

Intercompany net revenues:
Live and Historical Racing	$	31.8	$	21.5	$	19.2
TwinSpires	5.2		6.4		5.5
Gaming	5.9		3.0		2.5
All Other	0.4		7.9		7.8
Eliminations	(43.3)		(38.8)		(35.0)
Intercompany net revenue	$	—	$	—	$	—


	Year Ended December 31, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	66.8	$	367.4	$	28.1	$	462.3	$	—	$	462.3
Historical racing(a)	374.1		—		9.8		383.9		—		383.9
Racing event-related services	129.8		—		1.8		131.6		—		131.6
Gaming(a)	3.5		28.2		647.4		679.1		—		679.1
Other(a)	40.4		40.8		68.8		150.0		2.9		152.9
Total	$	614.6	$	436.4	$	755.9	$	1,806.9	$	2.9	$	1,809.8


	Year Ended December 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	64.0	$	380.7	$	28.2	$	472.9	$	29.7	$	502.6
Historical racing(a)	253.0		—		—		253.0		—		253.0
Racing event-related services	68.5		—		1.2		69.7		7.0		76.7
Gaming(a)	—		34.8		622.0		656.8		—		656.8
Other(a)	23.6		35.9		44.0		103.5		4.6		108.1
Total	$	409.1	$	451.4	$	695.4	$	1,555.9	$	41.3	$	1,597.2


	Year Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	46.5	$	387.5	$	22.9	$	456.9	$	18.2	$	475.1
Historical racing(a)	93.6		—		—		93.6		—		93.6
Racing event-related services	21.0		—		3.4		24.4		0.3		24.7
Gaming(a)	—		11.3		381.3		392.6		—		392.6
Other(a)	8.5		31.3		27.7		67.5		0.5		68.0
Total	$	169.6	$	430.1	$	435.3	$	1,035.0	$	19.0	$	1,054.0

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:

Net revenue by segment is comprised of the following:


	Years Ended December 31,
(in millions)	2022		2021		2020
Live and Historical Racing	$	614.6	$	409.1	$	169.6
TwinSpires	436.4		451.4		430.1
Gaming	755.9		695.4		435.3
All Other	2.9		41.3		19.0
Net Revenue	$	1,809.8	$	1,597.2	$	1,054.0

Other Balance Sheet Items (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable is comprised of the following:


	December 31,
(in millions)	2022		2021
Trade receivables	$	12.5	$	7.6
Simulcast and online wagering receivables	54.1		29.6
Other receivables	20.6		10.5
	87.2		47.7
Allowance for doubtful accounts	(5.7)		(5.4)
Total	$	81.5	$	42.3

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
(in millions)	2022		2021
Account wagering deposits liability	$	57.8	$	47.5
Accrued salaries and related benefits	39.6		39.9
Purses payable	46.1		28.6
Accrued interest	47.8		23.9
Accrued fixed assets	39.5		17.1

Other	130.2		74.7
Total	$	361.0	$	231.7

Investment In and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Balance Sheet of Equity Method Investments


	December 31,
(in millions)	2022		2021
Assets
Current assets	$	91.0	$	96.0
Property and equipment, net	345.7		312.3
Other assets, net	265.0		264.1
Total assets	$	701.7	$	672.4

Liabilities and Members' Deficit
Current liabilities	$	97.9	$	95.3
Long-term debt	838.6		786.9
Other liabilities	0.2		20.6
Members' deficit	(235.0)		(230.4)
Total liabilities and members' deficit	$	701.7	$	672.4

Income Statement of Equity Method Investments


	Years Ended December 31,
(in millions)	2022		2021		2020
Net revenue	$	825.5	$	740.0	$	386.3
Operating and SG&A expense	509.1		434.2		252.1
Depreciation and amortization	25.8		17.6		17.0
Operating income	290.6		288.2		117.2
Interest and other expense, net	(24.8)		(38.6)		(63.1)
Net income	$	265.8	$	249.6	$	54.1

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Least Cost

The components of total lease cost were as follows:


	Years Ended December 31,
(in millions)	2022		2021
Short-term lease cost (a) (b)	$	12.5	$	11.1
Operating lease cost (b)	8.1		7.8
Finance lease interest expense	0.4		0.3
Finance lease amortization expense (b)	0.7		0.5
Total lease cost	$	21.7	$	19.7

(a)Includes leases with terms of one year or less.

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

Supplemental cash flow information related to leases are as follows:


	Years Ended December 31,
(in millions)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6.5	$	6.5
Operating cash flows from finance leases	$	0.5	$	0.3
Financing cash flows from finance leases	$	0.4	$	0.2

ROUAs obtained in exchange for lease obligations
Operating leases	$	10.7	$	9.8
Finance leases	$	6.2	$	4.4

Other information related to operating leases was as follows:


	December 31,
Weighted Average Remaining Lease Term	2022		2021
Operating leases	6.5 years		5.9 years
Finance leases	14.9 years		16.0 years

Weighted Average Discount Rate
Operating leases	4.1	%	3.5	%
Finance leases	4.1	%	3.3	%

Schedule of Future Minimum Operating Leases

As of December 31, 2022, the future undiscounted cash flows associated with the Company's operating and financing lease liabilities were as follows:


(in millions)
Years Ended December 31,	Operating Leases		Finance Leases
2023	$	7.6	$	1.3
2024	7.1		1.4
2025	6.6		1.4
2026	6.2		1.4
2027	3.0		1.4
Thereafter	7.0		15.0
Total future minimum lease payments	37.5		21.9
Less: Imputed interest	4.5		5.8
Present value of lease liabilities	$	33.0	$	16.1

Reported lease liabilities as of December 31, 2022
Accrued expense and other current liabilities (current maturities of leases)	$	7.0	$	0.9
Other liabilities (non-current maturities of leases)	26.0		15.2
Present value of lease liabilities	$	33.0	$	16.1

Fair Value Of Assets And Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	74.9	$	74.9	$	74.9	$	—	$	—
Financial liabilities:
Term Loan B	$	378.4	$	380.0	$	—	$	380.0	$	—
Term Loan B-1	291.6		294.8		—		294.8		—
Term Loan A	794.5		800.0		—		800.0		—
Revolver	664.1		664.1		—		664.1		—
2027 Senior Notes	595.3		574.5		—		574.5		—
2028 Senior Notes	698.4		626.5		—		626.5		—
2030 Senior Notes	1,183.4		1,079.4		—		1,079.4		—


	December 31, 2021
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	64.3	$	64.3	$	64.3	$	—	$	—
Financial liabilities:
Term Loan B	$	381.6	$	384.0	$	—	$	384.0	$	—
Term Loan B-1	294.0		297.8		—		297.8		—

2027 Senior Notes	594.3		619.5		—		619.5		—
2028 Senior Notes	698.1		724.5		—		724.5		—

Net Income (Loss) Per Common Share Computations (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Calculation

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


	Years Ended December 31,
(in millions, except per share data)	2022		2021		2020
Numerator for basic net income (loss) per common share:
Net income from continuing operations	$	439.4	$	249.1	$	13.3
Net loss attributable to noncontrolling interest	—		—		(0.2)
Net income from continuing operations, net of loss attributable to noncontrolling interests	439.4		249.1		13.5
Net loss from discontinued operations	—		—		(95.4)
Numerator for basic net income (loss) per common share	$	439.4	$	249.1	$	(81.9)

Numerator for diluted net income from continuing operations per common share	$	439.4	$	249.1	$	13.5

Numerator for diluted net income (loss) per common share	$	439.4	$	249.1	$	(81.9)

Denominator for net income (loss) per common share:
Basic	37.9		38.6		39.6
Plus dilutive effect of stock awards	0.6		0.6		0.5
Diluted	38.5		39.2		40.1

Net income (loss) per common share data:
Basic
Continuing operations	$	11.58	$	6.45	$	0.34
Discontinued operations	—		—		(2.41)
Net income (loss) per common share - basic	$	11.58	$	6.45	$	(2.07)

Diluted
Continuing operations	$	11.42	$	6.35	$	0.33
Discontinued operations (1)	—		—		(2.41)
Net income (loss) per common share - diluted	$	11.42	$	6.35	$	(2.08)

(1) Amounts exclude all potential common equivalent shares for periods when there is a net loss from discontinued operations.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

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:


	Years Ended December 31,
(in millions)	2022		2021		2020
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	196.8	$	128.1	$	63.3
Louisville	169.9		154.3		79.5
Northern Kentucky	46.1		26.0		10.2
Southwestern Kentucky	131.4		100.7		16.6
Western Kentucky	4.5		—		—
Virginia	62.4		—		—
New Hampshire	3.5		—		—
Total Live and Historical Racing	$	614.6	$	409.1	$	169.6

TwinSpires:	$	436.4	$	451.4	$	430.1

Gaming:
Florida	$	106.2	$	100.0	$	51.8
Iowa	15.6		—		—
Louisiana	140.8		133.6		97.6
Maine	114.4		99.8		44.9
Maryland	105.3		100.6		60.2
Mississippi	101.8		117.3		87.0
New York	30.9		—		—
Pennsylvania	140.9		144.1		93.8
Total Gaming	$	755.9	$	695.4	$	435.3
All Other	2.9		41.3		19.0
Net revenue from external customers	$	1,809.8	$	1,597.2	$	1,054.0

Intercompany net revenues:
Live and Historical Racing	$	31.8	$	21.5	$	19.2
TwinSpires	5.2		6.4		5.5
Gaming	5.9		3.0		2.5
All Other	0.4		7.9		7.8
Eliminations	(43.3)		(38.8)		(35.0)
Intercompany net revenue	$	—	$	—	$	—


	Year Ended December 31, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	66.8	$	367.4	$	28.1	$	462.3	$	—	$	462.3
Historical racing(a)	374.1		—		9.8		383.9		—		383.9
Racing event-related services	129.8		—		1.8		131.6		—		131.6
Gaming(a)	3.5		28.2		647.4		679.1		—		679.1
Other(a)	40.4		40.8		68.8		150.0		2.9		152.9
Total	$	614.6	$	436.4	$	755.9	$	1,806.9	$	2.9	$	1,809.8


	Year Ended December 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	64.0	$	380.7	$	28.2	$	472.9	$	29.7	$	502.6
Historical racing(a)	253.0		—		—		253.0		—		253.0
Racing event-related services	68.5		—		1.2		69.7		7.0		76.7
Gaming(a)	—		34.8		622.0		656.8		—		656.8
Other(a)	23.6		35.9		44.0		103.5		4.6		108.1
Total	$	409.1	$	451.4	$	695.4	$	1,555.9	$	41.3	$	1,597.2


	Year Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	46.5	$	387.5	$	22.9	$	456.9	$	18.2	$	475.1
Historical racing(a)	93.6		—		—		93.6		—		93.6
Racing event-related services	21.0		—		3.4		24.4		0.3		24.7
Gaming(a)	—		11.3		381.3		392.6		—		392.6
Other(a)	8.5		31.3		27.7		67.5		0.5		68.0
Total	$	169.6	$	430.1	$	435.3	$	1,035.0	$	19.0	$	1,054.0

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:

Net revenue by segment is comprised of the following:


	Years Ended December 31,
(in millions)	2022		2021		2020
Live and Historical Racing	$	614.6	$	409.1	$	169.6
TwinSpires	436.4		451.4		430.1
Gaming	755.9		695.4		435.3
All Other	2.9		41.3		19.0
Net Revenue	$	1,809.8	$	1,597.2	$	1,054.0

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:


	Year Ended December 31, 2022
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenue	$	646.4	$	441.6	$	761.8

Taxes and purses	(168.6)		(27.0)		(278.1)
Marketing and advertising	(19.8)		(13.0)		(18.9)
Salaries and benefits	(63.4)		(26.8)		(102.7)
Content expense	(3.4)		(203.3)		(8.3)
Selling, general and administrative expense	(18.6)		(9.7)		(31.3)
Other operating expense	(85.5)		(47.8)		(91.5)
Other income	0.4		0.1		190.9

Adjusted EBITDA	$	287.5	$	114.1	$	421.9


	Year Ended December 31, 2021
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenue	$	430.6	$	457.8	$	698.4

Taxes and purses	(126.3)		(30.7)		(264.4)
Marketing and advertising	(12.9)		(49.4)		(11.8)
Salaries and benefits	(48.4)		(27.0)		(87.1)
Content expense	(2.5)		(206.6)		(4.7)
Selling, general and administrative expense	(12.8)		(11.0)		(27.9)
Other operating expense	(53.0)		(50.4)		(72.3)
Other income	0.3		—		181.7

Adjusted EBITDA	$	175.0	$	82.7	$	411.9


	Year Ended December 31, 2020
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenue	$	188.8	$	435.6	$	437.8

Taxes and purses	(64.1)		(25.1)		(171.6)
Marketing and advertising	(6.2)		(16.5)		(7.5)
Salaries and benefits	(32.5)		(24.6)		(75.9)
Content expense	(1.5)		(202.7)		(3.5)
Selling, general and administrative expense	(8.7)		(10.4)		(25.4)
Other operating expense	(36.8)		(40.5)		(59.7)
Other income	0.1		0.1		78.9

Adjusted EBITDA	$	39.1	$	115.9	$	173.1


	Years Ended December 31,
(in millions)	2022		2021		2020
Reconciliation of Comprehensive Income (Loss) to Adjusted EBITDA:

Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated	$	439.4	$	249.1	$	(81.9)



Net loss attributable to noncontrolling interest	—		—		0.2
Net income (loss)	439.4		249.1		(82.1)
Loss from discontinued operations, net of tax	—		—		95.4
Income from continuing operations, net of tax	439.4		249.1		13.3

Additions:
Depreciation and amortization	113.7		103.2		92.9
Interest expense	147.3		84.7		80.0
Income tax provision (benefit)	169.4		94.5		(5.3)
EBITDA	$	869.8	$	531.5	$	180.9

Adjustments to EBITDA:
Selling, general and administrative:
Stock-based compensation expense	$	31.8	$	27.8	$	23.7
Legal reserves	3.8		—		—
Other charges	7.4		0.2		0.8
Pre-opening expense and other expense	13.2		5.8		11.2
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	42.8		41.5		38.5
Changes in fair value of Rivers Des Plaines' interest rate swaps	(12.6)		(12.9)		12.9
Rivers Des Plaines' legal reserves and transactions costs	0.6		9.9		—
Other charges and recoveries, net	1.0		—		—
Gain on Calder land sale	(274.6)		—		—
Transaction expense, net	42.1		7.9		1.0
Asset impairments	38.3		15.3		17.5
Total adjustments to EBITDA	(106.2)		95.5		105.6
Adjusted EBITDA	$	763.6	$	627.0	$	286.5

Adjusted EBITDA by segment:
Live and Historical Racing	$	287.5	$	175.0	$	39.1
TwinSpires	114.1		82.7		115.9
Gaming	421.9		411.9		173.1
Total segment Adjusted EBITDA	823.5		669.6		328.1
All Other	(59.9)		(42.6)		(41.6)
Total Adjusted EBITDA	$	763.6	$	627.0	$	286.5

Schedule of Total Assets and Capital Expenditures by Operating Segment

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


	December 31,
(in millions)	2022		2021
Total assets:
Live and Historical Racing	$	3,345.4	$	682.7
TwinSpires	287.9		289.6
Gaming	1,824.2		1,003.3
Total segment assets	5,457.5		1,975.6
All Other	749.3		1,006.0
	$	6,206.8	$	2,981.6

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


	Years Ended December 31,
(in millions)	2022		2021		2020
Capital expenditures:
Live and Historical Racing	$	307.0	$	60.1	$	213.3
TwinSpires	87.6		18.6		6.7
Gaming	11.8		10.3		11.6
Total segment capital expenditures	406.4		89.0		231.6
All Other	17.1		2.8		2.6
Total capital expenditures	$	423.5	$	91.8	$	234.2

Description of Business - Additional Information (Details) $ in Millions			12 Months Ended
	Nov. 01, 2022 USD ($) venue	Sep. 26, 2022 USD ($)	Dec. 31, 2022 venue state property segment license
Business Acquisition [Line Items]
Number of live and historical racing entertainment venues owned and operated \| venue			13
Number of states in which entity operates \| state			10
Number of casino gaming properties \| property			12
Number of retail sportbooks \| segment			10
Number of additional HRM entertainment venues \| venue	5
Number of licenses, online market access \| license			2
Live and Historical Racing
Business Acquisition [Line Items]
Number of states in which entity operates \| state			3
Ellis Park
Business Acquisition [Line Items]
Payments to acquire business \| $		$ 79.0
P2E Transaction
Business Acquisition [Line Items]
Purchase price \| $	$ 2,750.0
Number of HRM entertainment venues \| venue	6
Payments to acquire business \| $	$ 2,835.9

Significant Accounting Policies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) obligation	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Variable Interest Entity [Line Items]
Revenue contract, term (in years)	1 year
Number of performance obligations \| obligation	2
Advertising and marketing expense	$ 52.9	$ 74.5	$ 31.4
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	$ 11.2	10.7	10.5
Capitalized computer software developed or acquired for internal use, amortization expense	$ 10.7	$ 10.3	$ 9.4
Internally developed and purchased third party software \| Maximum
Variable Interest Entity [Line Items]
Property, plant, and equipment, useful life	3 years

Acquisitions - Chasers Poker Room (Details) $ in Millions	Sep. 02, 2022 USD ($)
Chasers Poker Room
Business Acquisition [Line Items]
Gaming rights intangible asset	$ 82.2

Acquisitions - Ellis Park (Details) - USD ($) $ in Millions	Sep. 26, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 723.8	$ 366.8	$ 366.8
Ellis Park
Business Acquisition [Line Items]
Consideration to be paid	$ 79.0
Cash acquired in the acquisition	1.4
Property and equipment	19.3
Goodwill	9.2
Working capital and other purchase price adjustments	3.5
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Working Capital	1.6
Ellis Park \| Gaming Rights
Business Acquisition [Line Items]
Other intangible assets	47.4
Ellis Park \| Trademarks
Business Acquisition [Line Items]
Other intangible assets	$ 3.6

Acquisitions - P2E Transaction (Details) $ in Millions		2 Months Ended	12 Months Ended
Acquisitions - P2E Transaction (Details) $ in Millions	Nov. 01, 2022 USD ($) venue segment	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 723.8	$ 723.8	$ 366.8	$ 366.8
P2E Transaction
Business Acquisition [Line Items]
Number of HRM entertainment venues \| venue	6
Revenue since date of acquisition		109.7
Net income		$ 42.9	$ 535.4	$ 205.1
Consideration to be paid	$ 2,835.9
Number of licenses \| segment	5
Goodwill	$ 347.8
P2E Transaction \| Gaming
Business Acquisition [Line Items]
Goodwill	129.1
P2E Transaction \| Live and Historical Racing
Business Acquisition [Line Items]
Goodwill	$ 218.7

Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2022	Nov. 01, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 723.8		$ 366.8	$ 366.8
P2E Transaction
Business Acquisition [Line Items]
Assets acquired and liabilities assumed, net of cash		$ 126.4
Accounts receivable, net		9.8
Other current assets		7.2
Property and equipment		611.2
Goodwill		347.8
Other intangible assets		1,941.5
Deferred taxes		20.8
Other assets		16.0
Total assets acquired		2,954.3
Accounts payable		4.0
Accrued expenses and other current liabilities		96.9
Other liabilities assumed		17.5
Total liabilities assumed		118.4
Net assets acquired (net of cash)		$ 2,835.9

Acquisitions - Summary of Intangible Assets Acquired (Details) - P2E Transaction $ in Millions	Nov. 01, 2022 USD ($)
Business Acquisition [Line Items]
Intangible assets, fair value recognized	$ 1,941.5
Gaming rights
Business Acquisition [Line Items]
Intangible assets, fair value recognized	1,865.6
Trademarks
Business Acquisition [Line Items]
Intangible assets, fair value recognized	$ 75.9

Acquisitions - Pro Forma Information (Details) - P2E Transaction - USD ($) $ in Millions	2 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Net revenue		$ 2,348.7	$ 2,153.6
Net income	$ 42.9	$ 535.4	$ 205.1

Dispositions, Assets Held For Sale & Discontinued Operations - Additional Information (Details) $ / a in Millions, $ in Millions			1 Months Ended		12 Months Ended
	Jun. 17, 2022 USD ($) a $ / a	Mar. 25, 2021 USD ($)	Dec. 31, 2022 USD ($) exchange	Jun. 30, 2022 USD ($) exchange	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 29, 2021 USD ($) a
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Calder land sale					$ 274.6	$ 0.0	$ 0.0
Number of reverse like-kind exchange \| exchange			1	1
Deferred tax liability			$ 340.8		340.8	252.9
Cash received from income tax refunds					61.6	0.0	$ 0.0
P2E Transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Forward like-kind exchange					197.2
Deferred Income Taxes
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred tax liability			76.0		76.0
Louisville
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property purchase price				$ 9.9
Terre Haute Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property purchase price			24.9
Kater and Thimmegowda Litigation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Litigation settlement		$ 124.0
Calder Property \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land sold \| a	115.7
Aggregate consideration	$ 291.0
Sale agreement, per acre \| $ / a	2.5
Cash proceeds	$ 279.0
Transaction costs	12.0
Gain on Calder land sale	274.6
Asset held for sale	$ 4.4
Arlington Park \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land sold \| a								326
Aggregate consideration								$ 197.2
Arlington International Racecourse \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset held for sale			$ 82.0		82.0	$ 81.5
Kater and Thimmegowda Litigation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from income tax refunds					$ 26.0

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,783.5	$ 1,705.1
Accumulated depreciation	(837.1)	(736.7)
Subtotal	1,946.4	968.4
Operating lease right-of-use assets	31.9	26.5
Total	$ 1,978.3	$ 994.9
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total	Total
Grandstands and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,217.8	$ 745.5
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	574.5	491.9
Tracks and other improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	304.3	221.7
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	161.2	101.3
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	172.0	78.9
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 353.7	$ 65.8

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 109.0	$ 98.4	$ 88.0

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance, beginning of period	$ 366.8	$ 366.8
Additions	357.0	0.0
Balance, end of period	723.8	366.8
All Other
Goodwill [Roll Forward]
Balance, beginning of period	1.0	1.0
Additions	0.0	0.0
Balance, end of period	1.0	1.0
Live and Historical \| Operating Segments
Goodwill [Roll Forward]
Balance, beginning of period	52.4	52.4
Additions	227.9	0.0
Balance, end of period	280.3	52.4
TwinSpires \| Operating Segments
Goodwill [Roll Forward]
Balance, beginning of period	152.2	152.2
Additions	0.0	0.0
Balance, end of period	152.2	152.2
Gaming \| Operating Segments
Goodwill [Roll Forward]
Balance, beginning of period	161.2	161.2
Additions	129.1	0.0
Balance, end of period	$ 290.3	$ 161.2

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Nov. 01, 2022	Sep. 26, 2022	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 723.8			$ 366.8	$ 366.8
Ellis Park
Indefinite-lived Intangible Assets [Line Items]
Goodwill			$ 9.2
P2E Transaction
Indefinite-lived Intangible Assets [Line Items]
Goodwill		$ 347.8

- Definition

+ References + Details

Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 31.0	$ 31.2
Accumulated Amortization	(21.4)	(19.1)
Net Carrying Amount	9.6	12.1
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	2,391.8	348.1
Trademarks
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	125.7	47.7
Gaming rights
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	2,256.5	288.2
Other
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-lived intangible assets (excluding goodwill)	0.0	0.1
Favorable contracts
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	11.0	11.0
Accumulated Amortization	(10.1)	(9.4)
Net Carrying Amount	0.9	1.6
Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	10.2	10.4
Accumulated Amortization	(5.5)	(4.6)
Net Carrying Amount	4.7	5.8
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	4.7	4.7
Accumulated Amortization	(3.3)	(2.8)
Net Carrying Amount	1.4	1.9
Gaming licenses
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	5.1	5.1
Accumulated Amortization	(2.5)	(2.3)
Net Carrying Amount	$ 2.6	$ 2.8

Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Nov. 01, 2022	Sep. 26, 2022
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)			$ 2,391.8	$ 348.1
Amortization of definite-lived intangible assets			4.7	4.8	$ 4.9
Additional payments not included in future estimated amortization expense			2.3
Calder
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired			2.3	2.3
Gaming \| Terre Haute Property
Finite-Lived Intangible Assets [Line Items]
Gaming rights intangible asset		$ 5.0
Trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)			125.7	47.7
Gaming rights
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets (excluding goodwill)			2,256.5	$ 288.2
P2E Transaction
Finite-Lived Intangible Assets [Line Items]
Other intangible assets						$ 1,941.5
P2E Transaction \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Other intangible assets						$ 75.9
P2E Transaction \| Gaming Rights
Finite-Lived Intangible Assets [Line Items]
Other intangible assets			$ 1,900.0
Ellis Park
Finite-Lived Intangible Assets [Line Items]
Gaming rights intangible asset	$ 47.4
Ellis Park \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Gaming rights intangible asset	$ 3.6
Other intangible assets							$ 3.6
Ellis Park \| Gaming Rights
Finite-Lived Intangible Assets [Line Items]
Other intangible assets							$ 47.4

Other Intangible Assets - Schedule of Future Estimated Amortization Expense (Details) $ in Millions	Dec. 31, 2022 USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2023	$ 2.4
2024	1.8
2025	1.0
2026	0.5
2027	$ 0.3

Asset Impairments (Details) - USD ($) $ in Millions	3 Months Ended					12 Months Ended
Asset Impairments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Non-cash impairment charge						$ 38.3	$ 15.3	$ 17.5
TwinSpires
Indefinite-lived Intangible Assets [Line Items]
Non-cash impairment charge		$ 4.9	$ 4.1
Live and Historical Racing
Indefinite-lived Intangible Assets [Line Items]
Non-cash impairment charge				$ 11.2
Presque Isle Downs & Casino
Indefinite-lived Intangible Assets [Line Items]
Asset impairments					$ 15.0
Gaming rights \| Presque Isle Downs & Casino
Indefinite-lived Intangible Assets [Line Items]
Asset impairments	$ 33.4

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current provision (benefit):
Federal	$ 41.0	$ 66.1	$ (38.7)
State and local	19.7	18.5	3.0
Foreign	0.0	0.1	0.1
Current (benefit) provision	60.7	84.7	(35.6)
Deferred provision:
Federal	79.9	7.5	28.7
State and local	28.8	2.3	1.5
Foreign	0.0	0.0	0.1
Deferred provision	108.7	9.8	30.3
Income tax provision (benefit)	$ 169.4	$ 94.5	$ (5.3)

Income Taxes - Schedule of Income from Operations Before Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ 608.9	$ 343.7	$ 8.2
Foreign	(0.1)	(0.1)	(0.2)
Income from continuing operations before provision for income taxes	$ 608.8	$ 343.6	$ 8.0

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Income Taxes - Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Federal statutory tax on earnings before income taxes	$ 127.9	$ 72.1	$ 1.7
State income taxes, net of federal income tax benefit	32.6	15.8	(0.6)
Non-deductible officer's compensation	7.6	6.4	3.5
Valuation allowance - state and foreign net operating losses	2.5	1.8	1.1
Uncertain tax positions	2.3	0.1	1.7
Re-measurement of deferred taxes	1.3	(1.5)	1.9
Windfall deduction from equity compensation	(2.3)	(1.4)	(1.3)
Net operating loss carry back - CARES Act	0.0	0.0	(13.3)
Other	(2.5)	1.2	0.0
Income tax provision (benefit)	$ 169.4	$ 94.5	$ (5.3)

Income Taxes - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Income Taxes [Line Items]
CARES Act, Operating loss carryforward, period	5 years
CARES Act, operating loss carryforward, maximum taxable income offset (in percent)	1
Deferred tax asset reclass		$ 13.3
Interest	$ 0.5
Unrecognized tax benefits, excluding interest	6.4
Unrecognized tax benefits that would impact effective tax rate	5.8
Anticipated decrease in unrecognized tax positions	2.8
Federal
Income Taxes [Line Items]
Operating loss carryforwards	7.7
Foreign Tax Authority
Income Taxes [Line Items]
Operating loss carryforwards	0.5
State
Income Taxes [Line Items]
Operating loss carryforwards, valuation allowance	5.7
State tax credit	$ 1.3

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
§ 163(j) interest expense limitation carryforward	$ 18.2	$ 0.0
Lease liabilities	12.6	10.2
Net operating losses and credits carryforward	8.1	8.8
Deferred liabilities	7.4	5.1
Deferred compensation plans	7.0	6.9
Deferred income	3.6	4.7
Research and experimental expenditures	3.0	0.0
Deferred tax assets	59.9	35.7
Valuation allowance	(5.7)	(3.2)
Net deferred tax asset	54.2	32.5
Deferred tax liabilities:
Property and equipment in excess of tax basis	158.7	69.7
Equity investments in excess of tax basis	141.6	128.9
Intangible assets in excess of tax basis	78.1	74.1
Right-of-use assets	12.3	9.9
Other	4.3	2.8
Deferred tax liabilities	395.0	285.4
Net deferred tax liability	$ (340.8)	$ (252.9)

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit, beginning of period	$ 3.9	$ 3.9	$ 1.8
Additions for tax positions related to the current year	0.1	0.1	0.1
Additions for tax positions of prior years	2.9	1.0	2.6
Reductions for tax positions of prior years	(0.5)	(1.1)	(0.6)
Unrecognized tax benefit, end of period	$ 6.4	$ 3.9	$ 3.9

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 29, 2021	Oct. 30, 2018
Distribution Made to Limited Partner [Line Items]
Stock repurchased during period (in shares)		873,922	471,364	235,590
Repurchase aggregate cost		$ 175.5	$ 297.5	$ 27.9
2021 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount					$ 500.0
Remaining unused authorization for stock repurchase program		$ 270.2
Stock repurchased during period (in shares)		873,922	226,232	0
Repurchase aggregate cost		$ 175.5	$ 54.4	$ 0.0
October 2018 Stock Repurchase Program
Distribution Made to Limited Partner [Line Items]
Authorized stock repurchase amount						$ 300.0
Remaining unused authorization for stock repurchase program					$ 97.9
Stock repurchased during period (in shares)			245,132	235,590
Repurchase aggregate cost			$ 49.2	$ 27.9
Total Repurchase Programs
Distribution Made to Limited Partner [Line Items]
Repurchase aggregate cost		$ 175.5	$ 103.6	$ 27.9
Stock Repurchase Agreement with The Duchossois Group, Inc Affiliate
Distribution Made to Limited Partner [Line Items]
Stock repurchased during period (in shares)	1,000,000
Repurchase aggregate cost	$ 193.9
Repurchase price (in dollars per share)	$ 193.94

Stock-Based Compensation Plans - Additional Information (Details) $ in Millions		1 Months Ended	12 Months Ended
	Feb. 24, 2016	Oct. 31, 2018 executiveOfficer performanceCondition	Dec. 31, 2022 USD ($) service_period	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 29, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 31.8	$ 27.8	$ 23.7
Income tax benefit related to stock-based employee compensation			1.6	1.5	1.9
Fair value of shares and units vested			$ 56.9	$ 45.4	$ 36.9
Award period			1 year
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
Churchill Downs Incorporated 2007 Omnibus Stock Incentive Plan \| Restricted Stock Units (RSU)
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%
7-Year Grant Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		7 years
Performance and service period under adopted ELTI Plan		3 years
Number of named executives \| executiveOfficer		2
Number of performance criteria \| performanceCondition		2
7-Year Grant Plan \| Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		4 years
Award vesting (as a percent)		25.00%
7-Year Grant Plan \| Performance Share Units (PSU)
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		3 years
Maximum award payout curve percentage of original performance share units awarded (as a percent)		200.00%				200.00%
Award vesting (as a percent)		25.00%
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			$ 31.8	$ 27.8	$ 23.7

Stock-Based Compensation Plans - Summary of Restricted Stock Units, Performance Stock Units, and Restricted Stock (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2022 shares
Tranche One \| Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	62
Award vesting period (in years)	3 years
Tranche Two \| Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	34
Performance and service period under adopted ELTI Plan	3 years
Tranche Three \| Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, granted (in shares)	5
Award vesting period (in years)	1 year

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares / Units
Shares outstanding, beginning of period (in shares)	658	537	579
Shares, granted (in shares)	101	95	131
Shares, performance adjustment (in shares)	47	258	41
Shares, vested (in shares)	(276)	(220)	(211)
Shares cancelled/forfeited (in shares)	(12)	(12)	(3)
Shares outstanding, end of period (in shares)	518	658	537
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 90.27	$ 94.14	$ 78.45
Shares, weighted average grant date fair value, granted (in dollars per share)	221.52	223.25	159.30
Shares, weighted average grant date fair value, adjustments (in dollars per share)	182.45	68.87	90.73
Shares, weighted average grant date fair value, vested (in dollars per share)	129.65	107.63	90.32
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	208.82	160.42	121.39
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 110.13	$ 90.27	$ 94.14
PSUs
Number of Shares / Units
Shares outstanding, beginning of period (in shares)	479	302	314
Shares, granted (in shares)	34	27	37
Shares, performance adjustment (in shares)	47	258	41
Shares, vested (in shares)	(184)	(108)	(90)
Shares cancelled/forfeited (in shares)	(6)	0	0
Shares outstanding, end of period (in shares)	370	479	302
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 82.99	$ 83.40	$ 72.84
Shares, weighted average grant date fair value, granted (in dollars per share)	220.25	254.29	182.45
Shares, weighted average grant date fair value, adjustments (in dollars per share)	182.45	68.87	90.73
Shares, weighted average grant date fair value, vested (in dollars per share)	115.32	92.90	90.73
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	213.8	0	0
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 90.07	$ 82.99	$ 83.40
RSAs and RSUs
Number of Shares / Units
Shares outstanding, beginning of period (in shares)	179	235	265
Shares, granted (in shares)	67	68	94
Shares, performance adjustment (in shares)	0	0	0
Shares, vested (in shares)	(92)	(112)	(121)
Shares cancelled/forfeited (in shares)	(6)	(12)	(3)
Shares outstanding, end of period (in shares)	148	179	235
Weighted Average Grant Date Fair Value
Shares outstanding, weighted average grant date fair value, beginning of period (in dollars per share)	$ 135.01	$ 107.90	$ 85.07
Shares, weighted average grant date fair value, granted (in dollars per share)	222.16	211.11	150.12
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)	158.89	121.77	90.01
Shares, weighted average grant date fair value, cancelled/forfeited (in dollars per share)	204.71	160.42	121.39
Shares outstanding, weighted average grant date fair value, end of period (in dollars per share)	$ 160.18	$ 135.01	$ 107.90

Stock-Based Compensation Plans - Summary of Unrecognized Stock-based Compensation Expense (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 22.0
Weighted Average Remaining Vesting Period (Years)	1 year 7 months 17 days
Restricted Stock Units (RSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 8.8
Weighted Average Remaining Vesting Period (Years)	1 year 6 months 7 days
Performance Share Units (PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense	$ 13.2
Weighted Average Remaining Vesting Period (Years)	1 year 8 months 15 days

Debt - Schedule of Total Debt Outstanding (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding Principal	$ 4,638.8	$ 1,981.8
Issuance Costs and Fees	33.1	13.8
Long-Term Debt, Net	4,605.7	1,968.0
Issuance Costs and Fees	0.0	0.0
Current maturities of long-term debt	47.0	7.0
Total principal amount of debt, net of current maturities	4,591.8	1,974.8
Total debt, net of current maturities	4,558.7	1,961.0
2027 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Outstanding Principal	600.0	600.0
Issuance Costs and Fees	4.7	5.7
Long-Term Debt, Net	595.3	594.3
2028 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Outstanding Principal	700.0	700.0
Issuance Costs and Fees	1.6	1.9
Long-Term Debt, Net	698.4	698.1
2030 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Outstanding Principal	1,200.0
Issuance Costs and Fees	16.6
Long-Term Debt, Net	1,183.4
Term Loan \| Term Loan B due 2024 \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal	380.0	384.0
Issuance Costs and Fees	1.6	2.4
Long-Term Debt, Net	378.4	381.6
Term Loan \| Term Loan B-1 due 2028
Debt Instrument [Line Items]
Outstanding Principal	294.7	297.8
Issuance Costs and Fees	3.1	3.8
Long-Term Debt, Net	291.6	$ 294.0
Term Loan \| Term Loan A due 2027 \| Line of Credit
Debt Instrument [Line Items]
Outstanding Principal	800.0
Issuance Costs and Fees	5.5
Long-Term Debt, Net	794.5
Revolving Credit Facility \| Revolver
Debt Instrument [Line Items]
Outstanding Principal	664.1
Issuance Costs and Fees	0.0
Long-Term Debt, Net	$ 664.1

Debt - Credit Agreements (Details) - USD ($) $ in Millions						12 Months Ended
Debt - Credit Agreements (Details) - USD ($) $ in Millions	Apr. 13, 2022	Mar. 17, 2021	Feb. 01, 2021	Apr. 28, 2020	Dec. 27, 2017	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Amortization period of debt issuance costs	5 years	7 years
Term Loan B-1 due 2028
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300.0
Required payment as a percentage of original balance		0.25%
Margin on variable rate		2.00%
Line of Credit \| Term Loan B due 2024
Debt Instrument [Line Items]
Face amount of debt issuance		$ 300.0
Revolving Credit Facility \| Revolver
Debt Instrument [Line Items]
Proceeds from revolver						$ 664.1
Available borrowing capacity						524.8
Consideration outstanding						$ 11.1
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 700.0
Face amount of debt issuance	$ 1,200.0
Commitment fee percentage							0.175%
Debt covenant, restricted payments			$ 226.0	$ 26.0
Revolving Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin on variable rate						0.10%
Revolving Credit Facility \| Line of Credit \| Credit Agreement Amendment \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Margin on variable rate						1.25%
Term Loan
Debt Instrument [Line Items]
Debt issuance costs		$ 3.5
Term Loan \| Delayed Draw Term Loan A
Debt Instrument [Line Items]
Maximum borrowing capacity	800.0
Debt issuance costs	6.4
Term Loan \| Revolver
Debt Instrument [Line Items]
Debt issuance costs	3.2
Term Loan \| Line of Credit \| Term Loan B due 2024
Debt Instrument [Line Items]
Face amount of debt issuance					$ 400.0
Required payment as a percentage of original balance					0.25%
Required periodic payment					$ 1.0
Letter of credit \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					50.0
Swing Line Commitment \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					50.0
Swing Line Commitment \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100.0				$ 50.0

Debt - Senior Notes (Details) - Senior Notes - USD ($) $ in Millions	Mar. 17, 2021	Apr. 13, 2022	Mar. 25, 2019	Dec. 27, 2017
2027 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance			$ 600.0
Stated interest rate			5.50%
Debt issuance costs			$ 8.9
Senior Notes Due 2028, Existing
Debt Instrument [Line Items]
Face amount of debt issuance	$ 500.0			$ 500.0
Stated interest rate	4.75%			4.75%
Debt issuance costs	$ 3.4
2021 Senior Notes 5.375%
Debt Instrument [Line Items]
Face amount of debt issuance				$ 600.0
Stated interest rate				5.375%
2028 Senior Notes 4.75%
Debt Instrument [Line Items]
Face amount of debt issuance	700.0
Debt issuance costs				$ 7.7
Senior Notes Due 2028, Additional
Debt Instrument [Line Items]
Face amount of debt issuance	$ 200.0
Stated interest rate	4.75%
Redemption price, percentage of face amount	103.25%
Premium percentage	3.25%
2030 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance		$ 1,200.0
Stated interest rate		5.75%
Debt issuance costs		$ 18.3

Debt - Interest Coverage Ratio and Net Leverage Ratio (Details) - Line of Credit - Credit Agreement Amendment - Revolving Credit Facility	Dec. 31, 2022
Debt Instrument [Line Items]
Interest coverage ratio, minimum	6.6
Interest coverage ratio requirement, minimum	2.5
Leverage ratio, maximum	0.9
Leverage ratio requirement, maximum	4.0

Debt - Schedule of Future Aggregate Maturities of Total Debt (Details) $ in Millions	Dec. 31, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	$ 47.0
2024	419.0
2025	43.0
2026	43.0
2027	1,907.0
Thereafter	2,179.8
Total	$ 4,638.8

Revenue From Contracts With Customers - Performance Obligations (Details) $ in Millions	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 154.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 46.0
Performance obligations expected to be satisfied in	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 39.6
Performance obligations expected to be satisfied in	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 30.5
Performance obligations expected to be satisfied in

Revenue From Contracts With Customers - Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract with customer, liability	$ 58.7	$ 64.9
Contract with customer, revenue recognized	$ 49.9	$ 33.0

Revenue from Contracts with Customers - Net Revenue From External Customer and Intercompany Revenue From Each Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total net revenue	$ 1,809.8	$ 1,597.2	$ 1,054.0
Intercompany net revenues	0.0	0.0	0.0
Other revenue	33.9	20.9	13.1
External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	1,809.8	1,597.2	1,054.0
Live and simulcast racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	462.3	502.6	475.1
Historical racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	383.9	253.0	93.6
Racing event-related services \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	131.6	76.7	24.7
Gaming
Disaggregation of Revenue [Line Items]
Total net revenue	755.9	695.4	435.3
Gaming \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	679.1	656.8	392.6
All Other
Disaggregation of Revenue [Line Items]
Total net revenue	2.9	41.3	19.0
All Other \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	152.9	108.1	68.0
Live and Historical Racing
Disaggregation of Revenue [Line Items]
Total net revenue	646.4	430.6	188.8
TwinSpires
Disaggregation of Revenue [Line Items]
Total net revenue	441.6	457.8	435.6
Gaming
Disaggregation of Revenue [Line Items]
Total net revenue	761.8	698.4	437.8
Operating Segments \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	1,806.9	1,555.9	1,035.0
Operating Segments \| Live and simulcast racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	462.3	472.9	456.9
Operating Segments \| Historical racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	383.9	253.0	93.6
Operating Segments \| Racing event-related services \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	131.6	69.7	24.4
Operating Segments \| Gaming \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	679.1	656.8	392.6
Operating Segments \| All Other \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	150.0	103.5	67.5
Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Total net revenue	614.6	409.1	169.6
Intercompany net revenues	31.8	21.5	19.2
Operating Segments \| Live and Historical Racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	614.6	409.1	169.6
Operating Segments \| Live and Historical Racing \| Live and simulcast racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	66.8	64.0	46.5
Operating Segments \| Live and Historical Racing \| Historical racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	374.1	253.0	93.6
Operating Segments \| Live and Historical Racing \| Racing event-related services \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	129.8	68.5	21.0
Operating Segments \| Live and Historical Racing \| Gaming \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	3.5	0.0	0.0
Operating Segments \| Live and Historical Racing \| All Other \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	40.4	23.6	8.5
Operating Segments \| TwinSpires
Disaggregation of Revenue [Line Items]
Total net revenue	436.4	451.4	430.1
Intercompany net revenues	5.2	6.4	5.5
Operating Segments \| TwinSpires \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	436.4	451.4	430.1
Operating Segments \| TwinSpires \| Live and simulcast racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	367.4	380.7	387.5
Operating Segments \| TwinSpires \| Historical racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	0.0	0.0	0.0
Operating Segments \| TwinSpires \| Racing event-related services \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	0.0	0.0	0.0
Operating Segments \| TwinSpires \| Gaming \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	28.2	34.8	11.3
Operating Segments \| TwinSpires \| All Other \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	40.8	35.9	31.3
Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Intercompany net revenues	5.9	3.0	2.5
Operating Segments \| Gaming \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	755.9	695.4	435.3
Operating Segments \| Gaming \| Live and simulcast racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	28.1	28.2	22.9
Operating Segments \| Gaming \| Historical racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	9.8	0.0	0.0
Operating Segments \| Gaming \| Racing event-related services \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	1.8	1.2	3.4
Operating Segments \| Gaming \| Gaming \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	647.4	622.0	381.3
Operating Segments \| Gaming \| All Other \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	68.8	44.0	27.7
All Other
Disaggregation of Revenue [Line Items]
Total net revenue	2.9	41.3	19.0
Intercompany net revenues	0.4	7.9	7.8
All Other \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	2.9	41.3	19.0
All Other \| Live and simulcast racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	0.0	29.7	18.2
All Other \| Historical racing \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	0.0	0.0	0.0
All Other \| Racing event-related services \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	0.0	7.0	0.3
All Other \| Gaming \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	0.0	0.0	0.0
All Other \| All Other \| External Customer
Disaggregation of Revenue [Line Items]
Total net revenue	2.9	4.6	0.5
Eliminations
Disaggregation of Revenue [Line Items]
Intercompany net revenues	(43.3)	(38.8)	(35.0)
Churchill Downs Racetrack \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Total net revenue	196.8	128.1	63.3
Churchill Downs Racetrack \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Total net revenue	755.9	695.4	435.3
Louisville \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Total net revenue	169.9	154.3	79.5
Northern Kentucky \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Total net revenue	46.1	26.0	10.2
Southwestern Kentucky \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Total net revenue	131.4	100.7	16.6
Western Kentucky \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Total net revenue	4.5	0.0	0.0
Virginia \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Total net revenue	62.4	0.0	0.0
New Hampshire \| Operating Segments \| Live and Historical Racing
Disaggregation of Revenue [Line Items]
Total net revenue	3.5	0.0	0.0
Florida \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Total net revenue	106.2	100.0	51.8
Iowa \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Total net revenue	15.6	0.0	0.0
Louisiana \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Total net revenue	140.8	133.6	97.6
Maine \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Total net revenue	114.4	99.8	44.9
Maryland \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Total net revenue	105.3	100.6	60.2
Mississippi \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Total net revenue	101.8	117.3	87.0
New York \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Total net revenue	30.9	0.0	0.0
Pennsylvania \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Total net revenue	$ 140.9	$ 144.1	$ 93.8

Other Balance Sheet Items - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 87.2	$ 47.7
Allowance for doubtful accounts	(5.7)	(5.4)
Total	81.5	42.3
Trade receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	12.5	7.6
Simulcast and online wagering receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	54.1	29.6
Other receivables
Accounts Receivable, Net, Current [Abstract]
Accounts receivable, gross	$ 20.6	$ 10.5

Other Balance Sheet Items - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Bad debt expense	$ 2.3	$ 3.2	$ 2.5

Other Balance Sheet Items - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Account wagering deposits liability	$ 57.8	$ 47.5
Accrued salaries and related benefits	39.6	39.9
Purses payable	46.1	28.6
Accrued interest	47.8	23.9
Accrued fixed assets	39.5	17.1
Other	130.2	74.7
Total	$ 361.0	$ 231.7

Investment In and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Mar. 05, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 06, 2019
Schedule of Equity Method Investments [Line Items]
Deferred tax liability		$ 340.8	$ 252.9
Distributions from unconsolidated affiliates		$ 156.9	$ 109.4	$ 30.7
Midwest Gaming Holdings, LLC
Schedule of Equity Method Investments [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
Equity method investment, amount		$ 544.9	$ 554.8
Carrying value of equity method investment	835.0	835.0
Distributions from unconsolidated affiliates		$ 123.8	$ 67.2	10.7
Midwest Gaming Holdings, LLC \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Goodwill and indefinite-lived intangible assets	853.7
Midwest Gaming Holdings, LLC \| Land
Schedule of Equity Method Investments [Line Items]
Property and equipment, net	(13.7)
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 \| 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
Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		50.00%	50.00%
Equity method investment, amount		$ 114.4	$ 108.7
Distributions from unconsolidated affiliates		$ 33.0	$ 42.0	$ 20.0
Clairvest Group Inc.
Schedule of Equity Method Investments [Line Items]
Transaction costs and working capital adjustments	3.5
Rivers Des Plaines
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		61.30%
Midwest Gaming Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Proceeds from new credit facilities	$ 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%
Delaware North Companies Gaming & Entertainment Inc. \| Miami Valley Gaming LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		50.00%

Investment In and Advances to Unconsolidated Affiliates - Balance Sheet of Equity Method Investments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Current assets	$ 344.5	$ 501.5
Property and equipment, net	1,978.3	994.9
Other assets, net	27.0	18.9
Total assets	6,206.8	2,981.6
Liabilities and Members' Deficit
Current liabilities	621.6	395.0
Long-term debt	4,605.7	1,968.0
Other liabilities	122.4	52.6
Members' deficit	552.4	307.7
Total liabilities and shareholders' equity	6,206.8	2,981.6
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Current assets	91.0	96.0
Property and equipment, net	345.7	312.3
Other assets, net	265.0	264.1
Total assets	701.7	672.4
Liabilities and Members' Deficit
Current liabilities	97.9	95.3
Long-term debt	838.6	786.9
Other liabilities	0.2	20.6
Members' deficit	(235.0)	(230.4)
Total liabilities and shareholders' equity	$ 701.7	$ 672.4

Investment In and Advances to Unconsolidated Affiliates - Income Statement of Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Net revenue	$ 1,809.8	$ 1,597.2	$ 1,054.0
Operating and SG&A expense	164.2	138.5	114.8
Operating income	321.8	284.4	60.2
Interest and other expense, net	(147.3)	(84.7)	(80.0)
Net income (loss)	439.4	249.1	(82.1)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Net revenue	825.5	740.0	386.3
Operating and SG&A expense	509.1	434.2	252.1
Depreciation and amortization	25.8	17.6	17.0
Operating income	290.6	288.2	117.2
Interest and other expense, net	(24.8)	(38.6)	(63.1)
Net income (loss)	$ 265.8	$ 249.6	$ 54.1

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Leases - Additional Details (Details)	Dec. 31, 2022 option
Lessee, Lease, Description [Line Items]
Lease term (in years)	1 year
Number of options to renew	1
Minimum
Lessee, Lease, Description [Line Items]
Lease term (in years)	2 years
Lease renewal term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term (in years)	10 years
Lease renewal term (in years)	5 years

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Short-term lease cost	$ 12.5	$ 11.1
Operating lease cost	8.1	7.8
Finance lease interest expense	0.4	0.3
Finance lease amortization expense	0.7	0.5
Total lease cost	$ 21.7	19.7
Lease term (in years)	1 year
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 6.5	6.5
Operating cash flows from finance leases	0.5	0.3
Financing cash flows from finance leases	0.4	0.2
ROUAs obtained in exchange for lease obligations
Operating leases	10.7	9.8
Finance leases	$ 6.2	$ 4.4
Weighted Average Remaining Lease Term
Operating leases	6 years 6 months	5 years 10 months 24 days
Finance leases	14 years 10 months 24 days	16 years
Weighted Average Discount Rate
Operating leases	4.10%	3.50%
Finance leases	4.10%	3.30%

Leases - Schedule of Future Minimum Operating Lease Payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 7.6
2024	7.1
2025	6.6
2026	6.2
2027	3.0
Thereafter	7.0
Total future minimum lease payments	37.5
Less: Imputed interest	4.5
Present value of lease liabilities	33.0
Accrued expense and other current liabilities (current maturities of leases)	7.0
Other liabilities (non-current maturities of leases)	$ 26.0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities
Finance Leases
2023	$ 1.3
2024	1.4
2025	1.4
2026	1.4
2027	1.4
Thereafter	15.0
Total future minimum lease payments	21.9
Less: Imputed interest	5.8
Present value of lease liabilities	16.1
Accrued expense and other current liabilities (current maturities of leases)	0.9
Other liabilities (non-current maturities of leases)	$ 15.2
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities

Board of Director and Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
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	$ 4.3	$ 4.1	$ 3.7

Net Income (Loss) Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income from continuing operations	$ 439.4	$ 249.1	$ 13.3
Net loss attributable to noncontrolling interest	0.0	0.0	(0.2)
Net income from continuing operations, net of loss attributable to noncontrolling interests	439.4	249.1	13.5
Net loss from discontinued operations	0.0	0.0	(95.4)
Numerator for basic net income (loss) per common share	439.4	249.1	(81.9)
Numerator for diluted net income from continuing operations per common share	439.4	249.1	13.5
Numerator for diluted net income (loss) per common share	$ 439.4	$ 249.1	$ (81.9)
Denominator for net income (loss) per common share:
Basic (in shares)	37.9	38.6	39.6
Plus dilutive effect of stock awards (in shares)	0.6	0.6	0.5
Diluted (in shares)	38.5	39.2	40.1
Basic
Continuing operations (in dollars per share)	$ 11.58	$ 6.45	$ 0.34
Discontinued operations (in dollars per share)	0	0	(2.41)
Net income (loss) per common share - basic (in dollars per share)	11.58	6.45	(2.07)
Diluted
Continuing operations (in dollars per share)	11.42	6.35	0.33
Discontinued operations (in dollars per share)	0	0	(2.41)
Net income (loss) per common share - diluted (in dollars per share)	$ 11.42	$ 6.35	$ (2.08)

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2022 state segment slot_machine numberOfTableGames	Dec. 31, 2021	Mar. 05, 2019
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	3
Number of states in which entity operates \| state	10
Midwest Gaming Holdings, LLC
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	61.30%	61.30%	42.00%
Miami Valley Gaming LLC
Segment Reporting Information [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
TwinSpires
Segment Reporting Information [Line Items]
Number of sportsbooks \| segment	9
Gaming
Segment Reporting Information [Line Items]
Number of slot machines \| slot_machine	13,980
Number of table games \| numberOfTableGames	358
Number of states in which entity operates \| state	10

Segment Information - Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total net revenue	$ 1,809.8	$ 1,597.2	$ 1,054.0
Live and Historical Racing
Segment Reporting Information [Line Items]
Total net revenue	646.4	430.6	188.8
TwinSpires
Segment Reporting Information [Line Items]
Total net revenue	441.6	457.8	435.6
Gaming
Segment Reporting Information [Line Items]
Total net revenue	761.8	698.4	437.8
External Customer
Segment Reporting Information [Line Items]
Total net revenue	1,809.8	1,597.2	1,054.0
Operating Segments \| Live and Historical Racing
Segment Reporting Information [Line Items]
Total net revenue	614.6	409.1	169.6
Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Total net revenue	436.4	451.4	430.1
Operating Segments \| External Customer
Segment Reporting Information [Line Items]
Total net revenue	1,806.9	1,555.9	1,035.0
Operating Segments \| External Customer \| Live and Historical Racing
Segment Reporting Information [Line Items]
Total net revenue	614.6	409.1	169.6
Operating Segments \| External Customer \| TwinSpires
Segment Reporting Information [Line Items]
Total net revenue	436.4	451.4	430.1
Operating Segments \| External Customer \| Gaming
Segment Reporting Information [Line Items]
Total net revenue	755.9	695.4	435.3
All Other
Segment Reporting Information [Line Items]
Total net revenue	2.9	41.3	19.0
All Other \| External Customer
Segment Reporting Information [Line Items]
Total net revenue	$ 2.9	$ 41.3	$ 19.0

- Definition

+ References

+ Details

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total net revenue	$ 1,809.8	$ 1,597.2	$ 1,054.0
Adjusted EBITDA	763.6	627.0	286.5
Live and Historical Racing
Segment Reporting Information [Line Items]
Total net revenue	646.4	430.6	188.8
Taxes and purses	(168.6)	(126.3)	(64.1)
Marketing and advertising	(19.8)	(12.9)	(6.2)
Salaries and benefits	(63.4)	(48.4)	(32.5)
Content expense	(3.4)	(2.5)	(1.5)
Selling, general and administrative expense	(18.6)	(12.8)	(8.7)
Other operating expense	(85.5)	(53.0)	(36.8)
Other income	0.4	0.3	0.1
Adjusted EBITDA	287.5	175.0	39.1
TwinSpires
Segment Reporting Information [Line Items]
Total net revenue	441.6	457.8	435.6
Taxes and purses	(27.0)	(30.7)	(25.1)
Marketing and advertising	(13.0)	(49.4)	(16.5)
Salaries and benefits	(26.8)	(27.0)	(24.6)
Content expense	(203.3)	(206.6)	(202.7)
Selling, general and administrative expense	(9.7)	(11.0)	(10.4)
Other operating expense	(47.8)	(50.4)	(40.5)
Other income	0.1	0.0	0.1
Adjusted EBITDA	114.1	82.7	115.9
Gaming
Segment Reporting Information [Line Items]
Total net revenue	761.8	698.4	437.8
Taxes and purses	(278.1)	(264.4)	(171.6)
Marketing and advertising	(18.9)	(11.8)	(7.5)
Salaries and benefits	(102.7)	(87.1)	(75.9)
Content expense	(8.3)	(4.7)	(3.5)
Selling, general and administrative expense	(31.3)	(27.9)	(25.4)
Other operating expense	(91.5)	(72.3)	(59.7)
Other income	190.9	181.7	78.9
Adjusted EBITDA	$ 421.9	$ 411.9	$ 173.1

Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net income (loss) and comprehensive income (loss) attributable to Churchill Downs Incorporated				$ 439.4	$ 249.1	$ (81.9)
Net loss attributable to noncontrolling interest				0.0	0.0	0.2
Net income (loss)				439.4	249.1	(82.1)
Loss from discontinued operations, net of tax				0.0	0.0	95.4
Income from continuing operations, net of tax				439.4	249.1	13.3
Depreciation and amortization				113.7	103.2	92.9
Interest expense				147.3	84.7	80.0
Income tax provision (benefit)				169.4	94.5	(5.3)
EBITDA				869.8	531.5	180.9
Stock-based compensation expense				31.8	27.8	23.7
Legal reserves				3.8	0.0	0.0
Other charges				7.4	0.2	0.8
Pre-opening expense and other expense				13.2	5.8	11.2
Interest, depreciation and amortization expense related to equity investments				42.8	41.5	38.5
Changes in fair value of Rivers Des Plaines' interest rate swaps				(12.6)	(12.9)	12.9
Rivers Des Plaines' legal reserves and transactions costs				0.6	9.9	0.0
Other charges and recoveries, net				1.0	0.0	0.0
Gain on Calder land sale				(274.6)	0.0	0.0
Transaction expense, net				42.1	7.9	1.0
Asset impairments				38.3	15.3	17.5
Total adjustments to EBITDA				(106.2)	95.5	105.6
Adjusted EBITDA				763.6	627.0	286.5
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA				823.5	669.6	328.1
All Other
Segment Reporting Information [Line Items]
Adjusted EBITDA				(59.9)	(42.6)	(41.6)
Live and Historical Racing
Segment Reporting Information [Line Items]
Asset impairments			$ 11.2
Adjusted EBITDA				287.5	175.0	39.1
Live and Historical Racing \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA				287.5	175.0	39.1
TwinSpires
Segment Reporting Information [Line Items]
Asset impairments	$ 4.9	$ 4.1
Adjusted EBITDA				114.1	82.7	115.9
TwinSpires \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA				114.1	82.7	115.9
Gaming
Segment Reporting Information [Line Items]
Adjusted EBITDA				421.9	411.9	173.1
Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA				$ 421.9	$ 411.9	$ 173.1

Segment Information - Schedule of Equity in Income (Losses) of Unconsolidated Investments Included in Reported Segments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	$ 6,206.8	$ 2,981.6
Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	5,457.5	1,975.6
All Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	749.3	1,006.0
Live and Historical Racing \| Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	3,345.4	682.7
TwinSpires \| Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	287.9	289.6
Gaming \| Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Assets	$ 1,824.2	$ 1,003.3

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
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-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
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-Section 55
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-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.7-03(a)(12))
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information - Schedule of Total Assets and Capital Expenditures by Operating Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 6,206.8	$ 2,981.6
Capital expenditures	423.5	91.8	$ 234.2
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	5,457.5	1,975.6
Capital expenditures	406.4	89.0	231.6
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	749.3	1,006.0
Capital expenditures	17.1	2.8	2.6
Live and Historical Racing \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,345.4	682.7
Capital expenditures	307.0	60.1	213.3
TwinSpires \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	287.9	289.6
Capital expenditures	87.6	18.6	6.7
Gaming \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,824.2	1,003.3
Capital expenditures	$ 11.8	$ 10.3	$ 11.6

- Definition

+ References

+ Details

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 01, 2021	Apr. 28, 2020
Revolving Credit Facility \| Line of Credit
Related Party Transaction [Line Items]
Debt covenant, restricted payments	$ 226.0	$ 26.0
Private Placement
Related Party Transaction [Line Items]
Stock repurchase (in shares)	1,000,000
Stock repurchase price (in dollars per share)	$ 193.94
Private Placement \| Affiliate Of Duchossois Group, Inc.
Related Party Transaction [Line Items]
Aggregate purchase price	$ 193.9

Subsequent Events (Details) - Subsequent Event - Disposal Group, Held-for-sale, Not Discontinued Operations - Arlington Heights Property $ in Millions	Feb. 15, 2023 USD ($) a
Subsequent Event [Line Items]
Area of land sold \| a	326
Aggregate consideration \| $	$ 197.2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	$ 5.4	$ 4.9	$ 4.4
Charged to Expense	2.3	3.2	2.5
Deductions	(2.0)	(2.7)	(2.5)
Balance End of Year	5.7	5.4	4.9
Allowance for doubtful accounts: \| Change in Accounting Standard
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	0.0	0.0	0.5
Balance End of Year		0.0	0.0
Deferred income tax asset valuation allowance:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance Beginning of Year	3.2	1.4	0.2
Additions	2.5	1.8	1.2
Deductions	0.0	0.0	0.0
Balance End of Year	$ 5.7	$ 3.2	$ 1.4

Fair Value Of Assets And Liabilities - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	$ 74.9	$ 64.3
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	74.9	64.3
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0.0	0.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	0.0	0.0
Term Loan \| Term Loan B-1 \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Term Loan \| Term Loan B-1 \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	294.8	297.8
Term Loan \| Term Loan B-1 \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Term Loan \| Term Loan A \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
Term Loan \| Term Loan A \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	800.0
Term Loan \| Term Loan A \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
Revolving Credit Facility \| Revolver \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
Revolving Credit Facility \| Revolver \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	664.1
Revolving Credit Facility \| Revolver \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
Line of Credit \| Term Loan \| Term Loan B due 2024 \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Line of Credit \| Term Loan \| Term Loan B due 2024 \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	380.0	384.0
Line of Credit \| Term Loan \| Term Loan B due 2024 \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2027 Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2027 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	574.5	619.5
Senior Notes \| 2027 Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2028 Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2028 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	626.5	724.5
Senior Notes \| 2028 Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Senior Notes \| 2030 Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
Senior Notes \| 2030 Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,079.4
Senior Notes \| 2030 Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	74.9	64.3
Carrying Amount \| Term Loan \| Term Loan B due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	378.4
Carrying Amount \| Term Loan \| Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	291.6	294.0
Carrying Amount \| Term Loan \| Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	794.5
Carrying Amount \| Revolving Credit Facility \| Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	664.1
Carrying Amount \| Line of Credit \| Term Loan \| Term Loan B due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities		381.6
Carrying Amount \| Senior Notes \| 2027 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	595.3	594.3
Carrying Amount \| Senior Notes \| 2028 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	698.4	698.1
Carrying Amount \| Senior Notes \| 2030 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,183.4
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets	74.9	64.3
Fair Value \| Term Loan \| Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	294.8	297.8
Fair Value \| Term Loan \| Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	800.0
Fair Value \| Revolving Credit Facility \| Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	664.1
Fair Value \| Line of Credit \| Term Loan \| Term Loan B due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	380.0	384.0
Fair Value \| Senior Notes \| 2027 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	574.5	619.5
Fair Value \| Senior Notes \| 2028 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	626.5	$ 724.5
Fair Value \| Senior Notes \| 2030 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 1,079.4