0000020212-24-000105 | 10-Q | XBRL Viewer

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Stock-based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of RSUs and PSUs Granted

A summary of the RSAs, RSUs and PSUs granted during 2024 is presented below (units in thousands):

Grant Year

Award Type

Number of Units Awarded(1)

Vesting Terms

2024

RSU

140

Vest equally over three service periods ending in 2026

2024

PSU

Three-year performance and service period ending in 2026

2024

RSA

One-year service period ending in 2025

(1) PSUs reflect the target number of units for the original PSU grant.

Shareholders' Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Shareholders' Equity

6. SHAREHOLDERS' EQUITY

Stock Repurchase Programs

On September 29, 2021, the Board of Directors of the Company approved a common stock repurchase program of up to $500.0 million (the "2021 Stock Repurchase Program"). The 2021 Stock Repurchase Program includes and is not in addition to any unspent amount remaining under the prior 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 repurchased the following shares under the 2021 Stock Repurchase Program:


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except share data)	2024			2023			2024			2023
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
2021 Stock Repurchase Program	93,874	$	13.0	—	$	—	278,695	$	35.0	—	$	—

We had approximately $179.9 million of repurchase authority remaining under the 2021 Stock Repurchase Program at June 30, 2024, based on trade date.

On January 2, 2024, the Company closed on an agreement, dated December 18, 2023, with an affiliate of The Duchossois Group ("TDG") to repurchase 1,000,000 shares of the Company’s common stock, for $123.75 per share in a privately negotiated transaction for an aggregate purchase price of $123.8 million. This represented a discount of 4.03% to the closing price on December 15, 2023 of $128.95. The repurchase of shares of common stock from TDG was approved by the Company's Board of Directors separately from and did not reduce the authorized amount remaining under any existing common stock repurchase programs. The repurchase of the shares was funded using available cash and borrowings under the Company’s senior secured credit facility.

Two for One Stock Split

Effective May 22, 2023, the Company's common stock was split two-for-one with a proportionate increase in the number of its authorized shares of common stock.

- Definition

The entire disclosure for equity.

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+ Details

Segment Information - Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 890.7	$ 768.5	$ 1,481.6	$ 1,328.0
External Customer
Segment Reporting Information [Line Items]
Net revenue	890.7	768.5	1,481.6	1,328.0
Operating Segments \| Live and Historical
Segment Reporting Information [Line Items]
Net revenue	464.7	385.0	709.8	599.4
Operating Segments \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue	151.7	137.4	258.3	232.2
Operating Segments \| Gaming
Segment Reporting Information [Line Items]
Net revenue	274.2	245.9	513.4	495.9
Operating Segments \| External Customer
Segment Reporting Information [Line Items]
Net revenue	890.6	768.3	1,481.5	1,327.5
Operating Segments \| External Customer \| Live and Historical
Segment Reporting Information [Line Items]
Net revenue	464.7	385.0	709.8	599.4
Operating Segments \| External Customer \| TwinSpires
Segment Reporting Information [Line Items]
Net revenue	151.7	137.4	258.3	232.2
Operating Segments \| External Customer \| Gaming
Segment Reporting Information [Line Items]
Net revenue	274.2	245.9	513.4	495.9
All Other
Segment Reporting Information [Line Items]
Net revenue	0.1	0.2	0.1	0.5
All Other \| External Customer
Segment Reporting Information [Line Items]
Net revenue	$ 0.1	$ 0.2	$ 0.1	$ 0.5

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 17, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		73,416,581
Entity Central Index Key	0000020212
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions			3 Months Ended			6 Months Ended
	Dec. 18, 2023 USD ($) $ / shares shares	May 22, 2023	Jun. 30, 2024 USD ($) shares	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Dec. 15, 2023 $ / shares	Sep. 29, 2021 USD ($)
Share Repurchase Program [Line Items]
Share price (in dollars per share) \| $ / shares								$ 128.95
Repurchase aggregate cost			$ 13.0	$ 145.7
Stock split, conversion ratio		2
2021 Stock Repurchase Program
Share Repurchase Program [Line Items]
Authorized stock repurchase amount									$ 500.0
Remaining unused authorization for stock repurchase program			$ 179.9			$ 179.9
Repurchase of common stock (in shares) \| shares			93,874		0	278,695	0
Repurchase aggregate cost			$ 13.0		$ 0.0	$ 35.0	$ 0.0
Stock Repurchase Agreement with The Duchossois Group, Inc Affiliate
Share Repurchase Program [Line Items]
Repurchase of common stock (in shares) \| shares	1,000,000
Price per common stock (in dollars per share) \| $ / shares	$ 123.75
Purchase discount	4.03%
Stock Repurchase Agreement with The Duchossois Group, Inc Affiliate \| Affiliate Of Duchossois Group, Inc.
Share Repurchase Program [Line Items]
Repurchase aggregate cost	$ 123.8

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

Goodwill and Other Intangible Assets - Additional Information (Details) $ in Millions	3 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Non-cash impairment charges	$ 24.5

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

8. DEBT

The following table presents our total debt outstanding:


(in millions)	June 30, 2024		December 31, 2023


Term Loan B-1 due 2028	$	290.2	$	291.8
Term Loan A due 2029	1,202.5		1,235.0
Revolver	300.4		247.2
2027 Senior Notes	600.0		600.0
2028 Senior Notes	700.0		700.0
2030 Senior Notes	1,200.0		1,200.0
2031 Senior Notes	600.0		600.0
Total debt	4,893.1		4,874.0
Current maturities of long-term debt	(68.0)		(68.0)
Unamortized premium and deferred finance charges	(33.8)		(37.7)
Total debt, net of current maturities and costs	$	4,791.3	$	4,768.3

Credit Agreement

At June 30, 2024, the Company’s senior secured credit facility (as amended from time to time, the “Credit Agreement") consisted of a $1.2 billion revolving credit facility (the "Revolver"), $290.2 million senior secured term loan B-1 (the "Term Loan B-1"), $1.2 billion senior secured term loan A (the "Term Loan A"), and $100.0 million swing line commitment. On July 3, 2024, the Company closed an amendment of the Credit Agreement to (i) extend the maturity date of the Revolver and Term Loan A from 2027 to 2029 subject to an earlier “springing maturity” if certain indebtedness in respect of outstanding notes or other material indebtedness having a maturity date prior to July 3, 2029, is not refinanced or extended to a date after July 3, 2029, at least 91 days prior to such other debt’s stated maturity date, and (ii) amend certain other provisions of the Credit Agreement.

Term Loan B-1 bears interest at the Secured Overnight Financing Rate ("SOFR") plus 210 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.

The Revolver and Term Loan A bear interest at SOFR plus 10 basis points, plus a variable applicable margin which is determined by the Company's net leverage ratio. As of June 30, 2024, that applicable margin was 150 basis points which was based on the pricing grid in the Credit Agreement. The Company had $893.5 million available borrowing capacity, after consideration of $6.0 million in outstanding letters of credit, under the Revolver as of June 30, 2024.

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 June 30, 2024, the Company's commitment fee rate was 0.25%.

2027 Senior Notes

As of June 30, 2024, we had $600.0 million in aggregate principal amount of 5.500% senior unsecured notes that mature on April 1, 2027 (the "2027 Senior Notes"). The 2027 Senior Notes were issued at par in a private offering to qualified institutional buyers, with interest payable in arrears on April 1st and October 1st of each year, commencing on October 1st, 2019. The Company may redeem some or all of the 2027 Senior Notes at redemption prices set forth in the 2027 Indenture.

2028 Senior Notes

As of June 30, 2024, we had a total of $700.0 million in aggregate principal amount of 4.750% senior unsecured notes (the “2028 Senior Notes”) maturing on January 15, 2028. The 2028 Senior Notes consist of $500.0 million notes issued at par and $200.0 million notes issued at 103.25%. The 2028 Senior Notes were issued in a private offering to qualified institutional buyers, with interest payable in arrears on January 15th and July 15th of each year, commencing on July 15th, 2018. The 3.25% premium is being amortized through interest expense, net over the term of the notes. The Company may redeem some or all the 2028 Senior Notes at redemption prices set forth in the 2028 Indenture.

2030 Senior Notes

As of June 30, 2024, we had $1.2 billion in aggregate principal amount of 5.750% senior unsecured notes that mature on April 13, 2030 (the "2030 Senior Notes"). The 2030 Senior Notes were issued at par in a private offering to qualified institutional buyers, with interest payable in arrears on April 1st and October 1st of each year, commencing on October 1st, 2022. The Company may redeem some or all the 2030 Senior Notes at redemption prices set forth in the 2030 Indenture.

2031 Senior Notes

As of June 30, 2024, we had $600.0 million in aggregate principal amount of 6.750% senior unsecured notes that mature on April 25, 2031 (the "2031 Senior Notes"). The 2031 Senior Notes were issued at par in a private offering to qualified institutional buyers, with interest payable in arrears on May 1st and November 1st of each year, commencing on November 1st, 2023. The Company may redeem some or all of the 2031 Notes at any time prior to April 25, 2025, at redemption prices set forth in the 2031 Offering Memorandum.

Temporary Equity

6 Months Ended

Jun. 30, 2024

Temporary Equity Disclosure [Abstract]

Redeemable Noncontrolling Interest

REDEEMABLE NONCONTROLLING INTEREST

In April 2024, the Company closed on the sale of 49% of United Tote, a wholly-owned subsidiary of CDI, to NYRA. NYRA's interest includes certain embedded redemption features, such as a put right, that are not exclusively within the Company’s control. NYRA's interest is treated as redeemable noncontrolling interest and is presented outside of permanent equity on the Company’s Condensed Consolidated Balance Sheets.

The redeemable noncontrolling interest is initially accounted for at fair value and subsequently adjusted to the greater of the redemption value or the carrying value. Redeemable noncontrolling interest adjustments of carrying value to redemption value are reflected in retained earnings and are also included as an adjustment to income available to the Company’s shareholders in the calculation of earnings per share (See Note 15, Net Income Per Common Share Computations). The table below depicts changes in the Company’s redeemable noncontrolling interest balance.


(in millions)
Balance, December 31, 2023	$	—
Redeemable noncontrolling interest initial measurement	14.4
Net income attributable to redeemable noncontrolling interest	0.9
Redemption value adjustment	0.8
Balance, June 30, 2024	$	16.1

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	5. INCOME TAXES The Company’s effective income tax rate for the three months ended June 30, 2024 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from state income taxes and non-deductible officer's compensation. The Company's effective income tax rate for the six months ended June 30, 2024 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from state income taxes and non-deductible officer's compensation, partially offset by a benefit from the remeasurement of deferred income tax liabilities, primarily related to certain entity classification elections made in the first quarter of 2024 that decreased income attributable to states with higher tax rates compared to the prior year. The Company’s effective income tax rate for the three months and six months ended June 30, 2023 was higher than the U.S. federal statutory rate of 21.0% primarily resulting from state income taxes and non-deductible officer’s compensation.

- Definition

The entire disclosure for income tax.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 209.3	$ 80.4	$ 143.0	$ 155.7	$ 289.7	$ 298.7

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Investments in and Advances to Unconsolidated Affiliates - Affiliate Income Statement (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments in and Advances to Affiliates [Line Items]
Net revenue	$ 890.7		$ 768.5		$ 1,481.6	$ 1,328.0
Operating and SG&A expense	57.4		48.1		112.2	100.4
Operating income	330.0		225.6		456.3	345.5
Net income attributable to Churchill Downs Incorporated	209.3	$ 80.4	143.0	$ 155.7	289.7	298.7
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Investments in and Advances to Affiliates [Line Items]
Net revenue	215.9		218.7		432.8	439.3
Operating and SG&A expense	132.2		135.0		267.1	272.2
Depreciation and amortization	7.0		5.9		13.3	11.6
Total operating expense	139.2		140.9		280.4	283.8
Operating income	76.7		77.8		152.4	155.5
Interest and other, net	(11.4)		(10.7)		(22.4)	(21.6)
Net income attributable to Churchill Downs Incorporated	$ 65.3		$ 67.1		$ 130.0	$ 133.9

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 899.9
Adjustments	0.3
Goodwill, Ending Balance	900.2
All Other
Goodwill [Roll Forward]
Goodwill, Beginning Balance	0.0
Adjustments	0.0
Goodwill, Ending Balance	0.0
Live and Historical Racing \| Operating Segments
Goodwill [Roll Forward]
Goodwill, Beginning Balance	376.2
Adjustments	0.1
Goodwill, Ending Balance	376.3
TwinSpires \| Operating Segments
Goodwill [Roll Forward]
Goodwill, Beginning Balance	233.4
Adjustments	0.2
Goodwill, Ending Balance	233.6
Gaming \| Operating Segments
Goodwill [Roll Forward]
Goodwill, Beginning Balance	290.3
Adjustments	0.0
Goodwill, Ending Balance	$ 290.3

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 290.6	$ 298.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	96.1	79.7
Distributions from unconsolidated affiliates	81.7	91.7
Equity in income of unconsolidated affiliates	(75.5)	(77.1)
Stock-based compensation	16.1	16.7
Deferred income taxes	19.7	32.4
Asset impairments	0.0	24.5
Amortization of operating lease assets	2.7	3.5
Gain on sale of Arlington	0.0	(114.0)
Other	4.8	3.6
Changes in operating assets and liabilities:
Income taxes	52.9	41.6
Deferred revenue	(45.7)	(15.5)
Other assets and liabilities	28.3	16.8
Net cash provided by operating activities	471.7	402.6
Cash flows from investing activities:
Capital maintenance expenditures	(34.8)	(30.2)
Capital project expenditures	(257.2)	(282.2)
Proceeds from sale of Arlington	0.0	195.7
Other	1.9	(2.3)
Net cash used in investing activities	(290.1)	(119.0)
Cash flows from financing activities:
Proceeds from borrowings under long-term debt obligations	617.4	1,223.3
Repayments of borrowings under long-term debt obligations	(598.3)	(1,201.4)
Payment of dividends	(28.8)	(26.7)
Repurchase of common stock	(154.7)	(0.5)
Taxes paid related to net share settlement of stock awards	(10.5)	(13.2)
Debt issuance costs	0.0	(12.2)
Change in bank overdraft	2.6	(16.2)
Other	(1.2)	(0.8)
Net cash used in financing activities	(173.5)	(47.7)
Cash flows from discontinued operations:
Operating activities of discontinued operations	1.0	0.5
Net increase in cash, cash equivalents and restricted cash	9.1	236.4
Cash, cash equivalents and restricted cash, beginning of period	221.8	204.7
Cash, cash equivalents and restricted cash, end of period	230.9	441.1
Supplemental disclosures of cash flow information:
Cash paid for interest	155.4	135.4
Cash paid for income taxes	33.1	35.6
Cash received from income tax refunds	1.2	0.8
Schedule of non-cash operating, investing and financing activities:
Property and equipment additions included in accounts payable and accrued expenses	78.8	51.4
Right-of-use assets obtained in exchange for lease obligations in operating leases	3.2	1.1
Right-of-use assets obtained in exchange for lease obligations in finance leases	3.6	33.2
Repurchase of common stock included in accrued expense and other current liabilities	$ 4.0	$ 0.0

Temporary Equity (Tables)

6 Months Ended

Jun. 30, 2024

Temporary Equity Disclosure [Abstract]

Redeemable Noncontrolling Interest

The table below depicts changes in the Company’s redeemable noncontrolling interest balance.


(in millions)
Balance, December 31, 2023	$	—
Redeemable noncontrolling interest initial measurement	14.4
Net income attributable to redeemable noncontrolling interest	0.9
Redemption value adjustment	0.8
Balance, June 30, 2024	$	16.1

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Gross Carrying Amount	$ 96.0	$ 97.5
Accumulated Amortization	(28.9)	(26.4)
Definite-lived intangible assets, Net Carrying Amount	67.1	71.1
Indefinite-lived intangible assets, Net Carrying Amount	2,347.3	2,347.3
Total intangible assets	$ 2,414.4	$ 2,418.4

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 252.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Remaining performance obligation, amount	$ 1.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Remaining performance obligation, amount	$ 51.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period
Remaining performance obligation, amount	$ 52.7

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	3. ACQUISITIONS Exacta Systems On August 22, 2023, the Company completed its acquisition of Exacta Systems, LLC ("Exacta") for a purchase consideration of $248.2 million, net of cash acquired, which consisted of a $241.3 million cash payment and $6.9 million of deferred payments, which are payable over two years from acquisition (the "Exacta Transaction"). As of June 30, 2024, there were $4.9 million deferred payments remaining. Exacta is a leading provider of central determinate system technology in Historical Racing Machines ("HRMs") across the country. The Exacta Transaction enables the Company to realize significant synergies related to the Company’s HRM operations. Exacta operates within the Company’s TwinSpires segment and will continue to service its growing portfolio of third-party HRM operators in Kentucky, Wyoming, and New Hampshire and plans to expand its international presence. Goodwill of $177.4 million related to the Exacta Transaction was recognized, of which $96.0 million was allocated to the Live and Historical Racing segment and $81.4 million was allocated to the TwinSpires segment. The goodwill related to the Exacta Transaction is deductible for tax purposes.

Investments in and Advances to Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Investments in and Advances to Affiliates [Line Items]
Distributions from unconsolidated affiliates	$ 81.7	$ 91.7
Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	61.30%
Equity method investment, difference between carrying amount and underlying equity	$ 832.8
Equity method investment, amount	535.1		$ 541.2
Distributions from unconsolidated affiliates	$ 58.7	68.2
Miami Valley Gaming LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investment, amount	$ 113.7		$ 114.6
Distributions from unconsolidated affiliates	$ 23.0	$ 23.5
High Plaines \| Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	36.00%
Casino Investors \| Rivers Des Plaines
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	2.70%
Delaware North Companies Gaming & Entertainment Inc. \| Miami Valley Gaming LLC
Investments in and Advances to Affiliates [Line Items]
Equity method investment, ownership percentage	50.00%

Fair Value of Assets And Liabilities

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Assets And Liabilities

13. 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 held in money market and 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 2031 Senior Notes, 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 fair values of the Company's 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 carrying amounts and estimated fair values by input level of the Company's financial instruments are as follows:


	June 30, 2024
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	90.6	$	90.6	$	90.6	$	—	$	—
Financial liabilities:
Term Loan B-1	288.0		287.3		—		287.3		—
Term Loan A	1,197.2		1,137.5		—		1,137.5		—
Revolver	300.4		300.4		—		300.4		—
2027 Senior Notes	597.0		589.5		—		589.5		—
2028 Senior Notes	698.9		669.3		—		669.3		—
2030 Senior Notes	1,186.8		1,165.8		—		1,165.8		—
2031 Senior Notes	591.0		602.5				602.5

	December 31, 2023
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	77.3	$	77.3	$	77.3	$	—	$	—
Financial liabilities:
Term Loan B-1	289.2		291.8		—		291.8		—
Term Loan A	1,228.7		1,235.0		—		1,235.0		—
Revolver	247.2		247.2		—		247.2		—
2027 Senior Notes	596.5		591.8		—		591.8		—
2028 Senior Notes	698.7		668.6		—		668.6		—
2030 Senior Notes	1,185.6		1,171.5		—		1,171.5		—
2031 Senior Notes	590.4		611.2		—		611.2		—

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Subparagraph (g)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Shares outstanding, beginning (in shares) at Dec. 31, 2022		74.8
Shareholders' equity, beginning at Dec. 31, 2022	$ 551.5	$ 0.0	$ 552.4	$ (0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	155.7		155.7
Issuance of common stock (in shares)		0.2
Taxes paid related to net share settlement of stock awards (in shares)		(0.1)
Taxes paid related to net share settlement of stock awards	(11.3)	$ (8.6)	(2.7)
Stock-based compensation	8.6	$ 8.6
Other	(0.3)		(0.3)
Shares outstanding, ending (in shares) at Mar. 31, 2023		74.9
Shareholders' equity, ending at Mar. 31, 2023	704.2	$ 0.0	705.1	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2022		74.8
Shareholders' equity, beginning at Dec. 31, 2022	551.5	$ 0.0	552.4	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	298.7
Shares outstanding, ending (in shares) at Jun. 30, 2023		74.9
Shareholders' equity, ending at Jun. 30, 2023	853.8	$ 8.0	846.7	(0.9)
Shares outstanding, beginning (in shares) at Mar. 31, 2023		74.9
Shareholders' equity, beginning at Mar. 31, 2023	704.2	$ 0.0	705.1	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	143.0		143.0
Taxes paid related to net share settlement of stock awards	(0.1)	(0.1)
Stock-based compensation	8.1	$ 8.1
Other	(1.4)		(1.4)
Shares outstanding, ending (in shares) at Jun. 30, 2023		74.9
Shareholders' equity, ending at Jun. 30, 2023	853.8	$ 8.0	846.7	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2023		74.5
Shareholders' equity, beginning at Dec. 31, 2023	893.6	$ 0.0	894.5	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	80.4		80.4
Issuance of common stock (in shares)		0.3
Repurchase of common stock (in shares)		(1.2)
Repurchase of common stock	(145.7)	$ (7.2)	(138.5)
Taxes paid related to net share settlement of stock awards (in shares)		(0.1)
Taxes paid related to net share settlement of stock awards	(7.6)		(7.6)
Stock-based compensation	7.2	$ 7.2
Other	(1.0)		(1.0)
Shares outstanding, ending (in shares) at Mar. 31, 2024		73.5
Shareholders' equity, ending at Mar. 31, 2024	826.9	$ 0.0	827.8	(0.9)
Shares outstanding, beginning (in shares) at Dec. 31, 2023		74.5
Shareholders' equity, beginning at Dec. 31, 2023	893.6	$ 0.0	894.5	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	289.7
Shares outstanding, ending (in shares) at Jun. 30, 2024		73.4
Shareholders' equity, ending at Jun. 30, 2024	1,030.9	$ 0.0	1,031.9	(1.0)
Shares outstanding, beginning (in shares) at Mar. 31, 2024		73.5
Shareholders' equity, beginning at Mar. 31, 2024	826.9	$ 0.0	827.8	(0.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	209.3		209.3
Repurchase of common stock (in shares)		(0.1)
Repurchase of common stock	(13.0)	$ (8.9)	(4.1)
Taxes paid related to net share settlement of stock awards	(0.2)		(0.2)
Stock-based compensation	8.9	$ 8.9
Other	(1.0)		(0.9)	(0.1)
Shares outstanding, ending (in shares) at Jun. 30, 2024		73.4
Shareholders' equity, ending at Jun. 30, 2024	$ 1,030.9	$ 0.0	$ 1,031.9	$ (1.0)

Net Income Per Common Share Computations (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2024		2023		2024		2023
Numerator for basic and diluted net income per common share:
Net income attributable to Churchill Downs Incorporated	$	209.3	$	143.0	$	289.7	$	298.7
Adjustments related to redeemable noncontrolling interest	(0.8)		—		(0.8)		—
Net income attributable to common shareholders	$	208.5	$	143.0	$	288.9	$	298.7

Denominator for net income per common share:
Basic	73.9		75.3		74.0		75.3
Plus dilutive effect of stock awards	0.7		1.6		0.6		1.2
Diluted	74.6		76.9		74.6		76.5

Net income per common share data:

Basic net income	$	2.82	$	1.90	$	3.90	$	3.97


Diluted net income	$	2.79	$	1.86	$	3.87	$	3.90

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

9. REVENUE FROM CONTRACTS WITH CUSTOMERS

Performance Obligations

As of June 30, 2024, 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 $252.3 million. The revenue we expect to recognize on these remaining performance obligations is $1.6 million for the remainder of 2024, $51.9 million in 2025, $52.7 million in 2026, and the remainder thereafter.

As of June 30, 2024, 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

As of June 30, 2024 and December 31, 2023, contract assets were not material.

As of June 30, 2024 and December 31, 2023, contract liabilities were $46.6 million and $92.3 million, respectively, which are included in current deferred revenue, non-current deferred revenue, and accrued expense in the accompanying Condensed Consolidated Balance Sheets. Contract liabilities primarily relate to the Live and Historical Racing segment and the decrease was primarily due to recognized deferred revenue related to the 150th Kentucky Derby. We recognized $67.2 million and $73.0 million of revenue during the three months and six months ended June 30, 2024, respectively, which was included in the contract liabilities balance at December 31, 2023. We recognized $38.8 million and $42.4 million of revenue during the three months and six months ended June 30, 2023, respectively, which was included in the contract liabilities balance at December 31, 2022.

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 Churchill Downs Racetrack revenue primarily revolves around live racing events while our other Live and 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:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	228.0	$	178.3	$	231.1	$	180.7
Louisville	53.1		45.3		106.8		89.3
Northern Kentucky	22.0		17.3		50.5		43.6
Southwestern Kentucky	40.2		37.6		78.8		74.1
Western Kentucky	6.1		9.4		12.9		14.2
Virginia	111.9		94.6		223.1		192.3
New Hampshire	3.4		2.5		6.6		5.2
Total Live and Historical Racing	$	464.7	$	385.0	$	709.8	$	599.4

TwinSpires:	$	151.7	$	137.4	$	258.3	$	232.2

Gaming:
Florida	$	26.5	$	26.0	$	52.6	$	52.1
Iowa	23.5		24.0		46.9		48.5
Indiana	33.9		—		33.9		—
Louisiana	37.1		33.8		81.4		77.9
Maine	26.8		29.5		53.6		57.2
Maryland	26.2		27.6		47.8		50.9
Mississippi	24.5		25.8		50.5		53.3
New York	46.5		44.6		91.5		89.1
Pennsylvania	29.2		34.6		55.2		66.9
Total Gaming	274.2		245.9		513.4		495.9
All Other	0.1		0.2		0.1		0.5
Net revenue from external customers	$	890.7	$	768.5	$	1,481.6	$	1,328.0

Intercompany net revenues:
Live and Historical Racing	$	25.5	$	23.0	$	29.3	$	24.4
TwinSpires	8.2		1.7		15.7		3.3
Gaming	0.2		2.0		4.2		3.6
All Other	1.8		—		1.8		—
Eliminations	(35.7)		(26.7)		(51.0)		(31.3)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended June 30, 2024
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	50.4	$	115.4	$	4.5	$	170.3	$	—	$	170.3
Historical racing(a)	212.1		—		9.3		221.4		—		221.4
Racing event-related services	176.0		—		1.4		177.4		—		177.4
Gaming(a)	3.3		4.3		228.1		235.7		—		235.7
Other(a)	22.9		32.0		30.9		85.8		0.1		85.9
Total	$	464.7	$	151.7	$	274.2	$	890.6	$	0.1	$	890.7


	Three Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	40.2	$	117.5	$	3.2	$	160.9	$	—	$	160.9
Historical racing(a)	184.1		—		7.0		191.1		—		191.1
Racing event-related services	136.7		—		1.5		138.2		—		138.2
Gaming(a)	2.5		1.2		206.9		210.6		—		210.6
Other(a)	21.5		18.7		27.3		67.5		0.2		67.7
Total	$	385.0	$	137.4	$	245.9	$	768.3	$	0.2	$	768.5

(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 $14.2 million for the three months ended June 30, 2024 and $12.3 million for the three months ended June 30, 2023.


	Six Months Ended June 30, 2024
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	61.4	$	195.2	$	15.1	$	271.7	$	—	$	271.7
Historical racing(a)	424.2		—		18.1		442.3		—		442.3
Racing event-related services	177.1		—		3.6		180.7		—		180.7
Gaming(a)	6.4		10.0		421.2		437.6		—		437.6
Other(a)	40.7		53.1		55.4		149.2		0.1		149.3
Total	$	709.8	$	258.3	$	513.4	$	1,481.5	$	0.1	$	1,481.6


	Six Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	51.2	$	196.9	$	14.8	$	262.9	$	—	$	262.9
Historical racing(a)	369.4		—		13.0		382.4		—		382.4
Racing event-related services	137.7		—		3.4		141.1		—		141.1
Gaming(a)	5.1		5.6		412.4		423.1		—		423.1
Other(a)	36.0		29.7		52.3		118.0		0.5		118.5
Total	$	599.4	$	232.2	$	495.9	$	1,327.5	$	0.5	$	1,328.0

(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 $27.6 million for the six months ended June 30, 2024 and $24.5 million for the six months ended June 30, 2023.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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+ Details

Investments in and Advances to Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2024

Investments in and Advances to Affiliates [Abstract]

Investments in and Advances to Unconsolidated Affiliates

12. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Investments in and advances to unconsolidated affiliates as of June 30, 2024 and December 31, 2023 primarily consisted of interests in Rivers Casino Des Plaines ("Rivers Des Plaines") and Miami Valley Gaming and Racing ("MVG").

Rivers Casino Des Plaines

The ownership of Rivers Des Plaines is comprised of the following: (1) the Company owns 61.3%, (2) High Plaines Gaming, LLC ("High Plaines"), an affiliate of Rush Street Gaming, LLC, owns 36.0%, and (3) Casino Investors, LLC owns 2.7%. Both the Company and High Plaines have participating rights over Rivers Des Plaines, and both must consent to certain operating, investing and financing decisions. As a result, we account for Rivers Des Plaines using the equity method. As of June 30, 2024, the net aggregate basis difference between the Company’s investment in Rivers Des Plaines and the amounts of the underlying equity in net assets was $832.8 million.

Our investment in Rivers Des Plaines was $535.1 million and $541.2 million as of June 30, 2024 and December 31, 2023, respectively. The Company received distributions from Rivers Des Plaines of $58.7 million and $68.2 million for the six months ended June 30, 2024 and 2023, respectively.

Miami Valley Gaming and Racing

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

Our investment in MVG was $113.7 million and $114.6 million as of June 30, 2024 and December 31, 2023, respectively. The Company received distributions from MVG of $23.0 million and $23.5 million for the six months ended June 30, 2024 and 2023, respectively.

Summarized Financial Results for our Unconsolidated Affiliates

Summarized below are the financial results for our unconsolidated affiliates.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net revenue	$	215.9	$	218.7	$	432.8	$	439.3

Operating and SG&A expense	132.2		135.0		267.1		272.2
Depreciation and amortization	7.0		5.9		13.3		11.6
Total operating expense	139.2		140.9		280.4		283.8
Operating income	76.7		77.8		152.4		155.5
Interest and other, net	(11.4)		(10.7)		(22.4)		(21.6)
Net income	$	65.3	$	67.1	$	130.0	$	133.9


(in millions)	June 30, 2024		December 31, 2023
Assets
Current assets	$	91.9	$	104.8
Property and equipment, net	334.3		339.4
Other assets, net	270.1		266.1
Total assets	$	696.3	$	710.3
Liabilities and Members' Deficit
Current liabilities	$	103.7	$	106.2
Long-term debt	847.0		847.2
Other liabilities	0.8		0.7
Members' deficit	(255.2)		(243.8)
Total liabilities and members' deficit	$	696.3	$	710.3

Revenue from Contract with Customer (Tables)

6 Months Ended

Jun. 30, 2024

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:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	228.0	$	178.3	$	231.1	$	180.7
Louisville	53.1		45.3		106.8		89.3
Northern Kentucky	22.0		17.3		50.5		43.6
Southwestern Kentucky	40.2		37.6		78.8		74.1
Western Kentucky	6.1		9.4		12.9		14.2
Virginia	111.9		94.6		223.1		192.3
New Hampshire	3.4		2.5		6.6		5.2
Total Live and Historical Racing	$	464.7	$	385.0	$	709.8	$	599.4

TwinSpires:	$	151.7	$	137.4	$	258.3	$	232.2

Gaming:
Florida	$	26.5	$	26.0	$	52.6	$	52.1
Iowa	23.5		24.0		46.9		48.5
Indiana	33.9		—		33.9		—
Louisiana	37.1		33.8		81.4		77.9
Maine	26.8		29.5		53.6		57.2
Maryland	26.2		27.6		47.8		50.9
Mississippi	24.5		25.8		50.5		53.3
New York	46.5		44.6		91.5		89.1
Pennsylvania	29.2		34.6		55.2		66.9
Total Gaming	274.2		245.9		513.4		495.9
All Other	0.1		0.2		0.1		0.5
Net revenue from external customers	$	890.7	$	768.5	$	1,481.6	$	1,328.0

Intercompany net revenues:
Live and Historical Racing	$	25.5	$	23.0	$	29.3	$	24.4
TwinSpires	8.2		1.7		15.7		3.3
Gaming	0.2		2.0		4.2		3.6
All Other	1.8		—		1.8		—
Eliminations	(35.7)		(26.7)		(51.0)		(31.3)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended June 30, 2024
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	50.4	$	115.4	$	4.5	$	170.3	$	—	$	170.3
Historical racing(a)	212.1		—		9.3		221.4		—		221.4
Racing event-related services	176.0		—		1.4		177.4		—		177.4
Gaming(a)	3.3		4.3		228.1		235.7		—		235.7
Other(a)	22.9		32.0		30.9		85.8		0.1		85.9
Total	$	464.7	$	151.7	$	274.2	$	890.6	$	0.1	$	890.7


	Three Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	40.2	$	117.5	$	3.2	$	160.9	$	—	$	160.9
Historical racing(a)	184.1		—		7.0		191.1		—		191.1
Racing event-related services	136.7		—		1.5		138.2		—		138.2
Gaming(a)	2.5		1.2		206.9		210.6		—		210.6
Other(a)	21.5		18.7		27.3		67.5		0.2		67.7
Total	$	385.0	$	137.4	$	245.9	$	768.3	$	0.2	$	768.5


	Six Months Ended June 30, 2024
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	61.4	$	195.2	$	15.1	$	271.7	$	—	$	271.7
Historical racing(a)	424.2		—		18.1		442.3		—		442.3
Racing event-related services	177.1		—		3.6		180.7		—		180.7
Gaming(a)	6.4		10.0		421.2		437.6		—		437.6
Other(a)	40.7		53.1		55.4		149.2		0.1		149.3
Total	$	709.8	$	258.3	$	513.4	$	1,481.5	$	0.1	$	1,481.6


	Six Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	51.2	$	196.9	$	14.8	$	262.9	$	—	$	262.9
Historical racing(a)	369.4		—		13.0		382.4		—		382.4
Racing event-related services	137.7		—		3.4		141.1		—		141.1
Gaming(a)	5.1		5.6		412.4		423.1		—		423.1
Other(a)	36.0		29.7		52.3		118.0		0.5		118.5
Total	$	599.4	$	232.2	$	495.9	$	1,327.5	$	0.5	$	1,328.0

(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 $27.6 million for the six months ended June 30, 2024 and $24.5 million for the six months ended June 30, 2023.

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

Net revenue by segment is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Live and Historical Racing	$	464.7	$	385.0	$	709.8	$	599.4
TwinSpires	151.7		137.4		258.3		232.2
Gaming	274.2		245.9		513.4		495.9
All Other	0.1		0.2		0.1		0.5
Net Revenue	$	890.7	$	768.5	$	1,481.6	$	1,328.0

Recent Accounting Pronouncements (Policies)	6 Months Ended
Recent Accounting Pronouncements (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements - Effective in 2024 or Thereafter	Recent Accounting Pronouncements - effective in 2024 or thereafter In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission’s ("SEC") Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements for a variety of topics within FASB's Accounting Standards Codification ("ASC"). These amendments align the requirements in the ASC regarding the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company is currently evaluating the impact of this standard on the consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the impact of this standard on the consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. The amendments are expected to be applied prospectively to all annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on the consolidated financial statements and related disclosures.

Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Account wagering deposits liability	$ 74.0	$ 58.7
Accrued salaries and related benefits	35.1	45.1
Purses payable	39.0	35.2
Accrued interest	48.9	49.4
Accrued fixed assets	64.1	88.6
Accrued gaming liabilities	29.6	29.5
Other	128.4	120.3
Total	$ 419.1	$ 426.8

- Definition

Amount of liabilities classified as other.

+ References + Details

Shareholders' Equity - Schedule of Repurchase Agreements (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Repurchase Program [Line Items]
Repurchase aggregate cost	$ 13.0	$ 145.7
2021 Stock Repurchase Program
Share Repurchase Program [Line Items]
Repurchase of common stock (in shares)	93,874		0	278,695	0
Repurchase aggregate cost	$ 13.0		$ 0.0	$ 35.0	$ 0.0

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Description of Business (Details) - segment	6 Months Ended
Description of Business (Details) - segment	Jun. 30, 2024	Apr. 08, 2024
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reportable segments	3
United Tote Company
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Percent sold		49.00%

Supplemental Balance Sheet Information - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 142.0	$ 111.9
Allowance for credit losses	(5.9)	(5.0)
Accounts receivable, net	136.1	106.9
Trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	56.8	42.6
Simulcast and online wagering receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	54.6	44.9
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 30.6	$ 24.4

Goodwill And Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill, by segment, is composed of the following:


(in millions)	Live and Historical		TwinSpires		Gaming		All Other		Total
Balances as of December 31, 2023	$	376.2	$	233.4	$	290.3	$	—	$	899.9
Adjustments	0.1		0.2		—		—		0.3
Balances as of June 30, 2024	$	376.3	$	233.6	$	290.3	$	—	$	900.2

Schedule of Indefinite and Finite Lived Assets

Other intangible assets are comprised of the following:


	June 30, 2024						December 31, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets	$	96.0	$	(28.9)	$	67.1	$	97.5	$	(26.4)	$	71.1
Indefinite-lived intangible assets					2,347.3						2,347.3
Total					$	2,414.4					$	2,418.4

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, revenue recognized	$ 67.2	$ 38.8	$ 73.0	$ 42.4
Contract with customer, liability	$ 46.6		$ 46.6		$ 92.3

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table presents our total debt outstanding:


(in millions)	June 30, 2024		December 31, 2023


Term Loan B-1 due 2028	$	290.2	$	291.8
Term Loan A due 2029	1,202.5		1,235.0
Revolver	300.4		247.2
2027 Senior Notes	600.0		600.0
2028 Senior Notes	700.0		700.0
2030 Senior Notes	1,200.0		1,200.0
2031 Senior Notes	600.0		600.0
Total debt	4,893.1		4,874.0
Current maturities of long-term debt	(68.0)		(68.0)
Unamortized premium and deferred finance charges	(33.8)		(37.7)
Total debt, net of current maturities and costs	$	4,791.3	$	4,768.3

- 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

Segment Information - Schedule of Total Assets and Capital Expenditures by Operating Segment (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 7,170.1		$ 6,955.5
Capital expenditures:	292.0	$ 312.4
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	6,464.6		6,267.7
Capital expenditures:	284.0	308.6
Operating Segments \| Live and Historical
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	4,040.0		3,872.9
Capital expenditures:	188.3	239.8
Operating Segments \| TwinSpires
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	480.2		473.9
Capital expenditures:	7.2	6.4
Operating Segments \| Gaming
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,944.4		1,920.9
Capital expenditures:	88.5	62.4
All Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	705.5		$ 687.8
Capital expenditures:	$ 8.0	$ 3.8

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Investments in and Advances to Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2024

Investments in and Advances to Affiliates [Abstract]

Affiliate Income Statement

Summarized below are the financial results for our unconsolidated affiliates.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net revenue	$	215.9	$	218.7	$	432.8	$	439.3

Operating and SG&A expense	132.2		135.0		267.1		272.2
Depreciation and amortization	7.0		5.9		13.3		11.6
Total operating expense	139.2		140.9		280.4		283.8
Operating income	76.7		77.8		152.4		155.5
Interest and other, net	(11.4)		(10.7)		(22.4)		(21.6)
Net income	$	65.3	$	67.1	$	130.0	$	133.9

Affiliate Balance Sheet


(in millions)	June 30, 2024		December 31, 2023
Assets
Current assets	$	91.9	$	104.8
Property and equipment, net	334.3		339.4
Other assets, net	270.1		266.1
Total assets	$	696.3	$	710.3
Liabilities and Members' Deficit
Current liabilities	$	103.7	$	106.2
Long-term debt	847.0		847.2
Other liabilities	0.8		0.7
Members' deficit	(255.2)		(243.8)
Total liabilities and members' deficit	$	696.3	$	710.3

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Repurchase Agreements

We repurchased the following shares under the 2021 Stock Repurchase Program:


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except share data)	2024			2023			2024			2023
Repurchase Program	Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price		Shares	Aggregate Purchase Price
2021 Stock Repurchase Program	93,874	$	13.0	—	$	—	278,695	$	35.0	—	$	—

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	17. SUBSEQUENT EVENTS On July 3, 2024, the Company closed an amendment of the Credit Agreement to (i) extend the maturity date of the Revolver and Term Loan A from 2027 to 2029 and (ii) amend certain other provisions of the Credit Agreement.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. DESCRIPTION OF BUSINESS Basis of Presentation Churchill Downs Incorporated (the "Company" or "CDI") financial statements are presented in conformity with the requirements of this Quarterly Report on Form 10-Q and consequently do not include all of the disclosures normally required by U.S. generally accepted accounting principles ("GAAP") or those normally made in our Annual Report on Form 10-K. The December 31, 2023 Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The following information is unaudited. All per share amounts assume dilution unless otherwise noted. This report should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments necessary for a fair statement of this information have been made, and all such adjustments are of a normal, recurring nature. In April 2024, the Company closed on the sale of 49% of the United Tote Company (“United Tote”), a wholly-owned subsidiary of CDI, to NYRA Content Management Solutions, LLC ("NYRA"), a subsidiary of the New York Racing Association, Inc. Refer to Note 11, Redeemable Noncontrolling Interest, for further information on the transaction. We conduct our business through three reportable segments: Live and Historical Racing, TwinSpires, and Gaming. We aggregate our other businesses as well as certain corporate operations in All Other. We report net revenue and operating expense associated with these reportable segments in the accompanying Condensed Consolidated Statements of Comprehensive Income.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 140.3	$ 144.5
Restricted cash	90.6	77.3
Accounts receivable, net	136.1	106.9
Income taxes receivable	0.0	12.6
Other current assets	69.0	59.5
Total current assets	436.0	400.8
Property and equipment, net	2,752.4	2,561.2
Investment in and advances to unconsolidated affiliates	648.8	655.9
Goodwill	900.2	899.9
Other intangible assets, net	2,414.4	2,418.4
Other assets	18.3	19.3
Total assets	7,170.1	6,955.5
Current liabilities:
Accounts payable	215.0	158.5
Accrued expenses and other current liabilities	419.1	426.8
Income taxes payable	41.3	0.0
Current deferred revenue	19.2	73.2
Current maturities of long-term debt	68.0	68.0
Dividends payable	0.6	29.3
Total current liabilities	763.2	755.8
Long-term debt, net of current maturities and loan origination fees	1,717.6	1,697.1
Notes payable, net of debt issuance costs	3,073.7	3,071.2
Non-current deferred revenue	20.1	11.8
Deferred income taxes	407.9	388.2
Other liabilities	140.6	137.8
Total liabilities	6,123.1	6,061.9
Commitments and contingencies
Redeemable noncontrolling interest	16.1	0.0
Shareholders' equity:
Preferred stock	0.0	0.0
Common stock	0.0	0.0
Retained earnings	1,031.9	894.5
Accumulated other comprehensive loss	(1.0)	(0.9)
Total Churchill Downs Incorporated shareholders' equity	1,030.9	893.6
Total liabilities and shareholders' equity	$ 7,170.1	$ 6,955.5

Contingencies	6 Months Ended
Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	14. 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 us, 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.

Supplemental Balance Sheet Information

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Supplemental Balance Sheet Information

10. SUPPLEMENTAL BALANCE SHEET INFORMATION

Accounts receivable, net

Accounts receivable is comprised of the following:


(in millions)	June 30, 2024		December 31, 2023
Trade receivables	$	56.8	$	42.6
Simulcast and online wagering receivables	54.6		44.9
Other receivables	30.6		24.4
	142.0		111.9
Allowance for credit losses	(5.9)		(5.0)
Total	$	136.1	$	106.9

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


(in millions)	June 30, 2024		December 31, 2023
Account wagering deposits liability	$	74.0	$	58.7
Accrued salaries and related benefits	35.1		45.1
Purses payable	39.0		35.2
Accrued interest	48.9		49.4
Accrued fixed assets	64.1		88.6
Accrued gaming liabilities	29.6		29.5
Other	128.4		120.3
Total	$	419.1	$	426.8

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net revenue:
Net revenue	$ 890.7	$ 768.5	$ 1,481.6	$ 1,328.0
Operating expense:
Selling, general and administrative expense	57.4	48.1	112.2	100.4
Asset impairments	0.0	24.5	0.0	24.5
Transaction expense, net	0.6	0.5	4.7	0.3
Total operating expense	560.7	542.9	1,025.3	982.5
Operating income	330.0	225.6	456.3	345.5
Other (expense) income:
Interest expense, net	(73.5)	(65.2)	(143.9)	(129.9)
Equity in income of unconsolidated affiliates	37.7	38.8	75.5	77.1
Gain on sale of Arlington	0.0	0.0	0.0	114.0
Miscellaneous, net	0.1	0.0	8.2	1.4
Total other (expense) income	(35.7)	(26.4)	(60.2)	62.6
Income from operations before provision for income taxes	294.3	199.2	396.1	408.1
Income tax provision	(84.1)	(56.2)	(105.5)	(109.4)
Net income	210.2	143.0	290.6	298.7
Net income attributable to noncontrolling interest	0.9	0.0	0.9	0.0
Net income attributable to Churchill Downs Incorporated	$ 209.3	$ 143.0	$ 289.7	$ 298.7
Net income attributable to Churchill Downs Incorporated per common share data:
Basic net income (in dollars per share)	$ 2.82	$ 1.90	$ 3.90	$ 3.97
Diluted net income (in dollars per share)	$ 2.79	$ 1.86	$ 3.87	$ 3.90
Weighted average shares outstanding:
Basic (in shares)	73,900	75,300	74,000	75,300
Diluted (in shares)	74,600	76,900	74,600	76,500
Live and Historical Racing
Net revenue:
Net revenue	$ 464.7	$ 385.0	$ 709.8	$ 599.4
Operating expense:
Operating expense	221.4	204.2	378.6	347.5
TwinSpires
Net revenue:
Net revenue	151.7	137.4	258.3	232.2
Operating expense:
Operating expense	89.3	80.7	157.2	146.4
Gaming
Net revenue:
Net revenue	274.2	245.9	513.4	495.9
Operating expense:
Operating expense	188.4	179.2	366.9	352.7
All Other
Net revenue:
Net revenue	0.1	0.2	0.1	0.5
Operating expense:
Operating expense	$ 3.6	$ 5.7	$ 5.7	$ 10.7

Revenue from Contracts with Customers - Net Revenue From External Customers and Intercompany Revenue From Each Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net revenue	$ 890.7	$ 768.5	$ 1,481.6	$ 1,328.0
Disclosure of complimentary revenue	14.2	12.3	27.6	24.5
Related Party
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Gaming
Disaggregation of Revenue [Line Items]
Net revenue	274.2	245.9	513.4	495.9
Other
Disaggregation of Revenue [Line Items]
Net revenue	0.1	0.2	0.1	0.5
External Customer
Disaggregation of Revenue [Line Items]
Net revenue	890.7	768.5	1,481.6	1,328.0
External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	170.3	160.9	271.7	262.9
External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	221.4	191.1	442.3	382.4
External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	177.4	138.2	180.7	141.1
External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	235.7	210.6	437.6	423.1
External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	85.9	67.7	149.3	118.5
Operating Segments \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	890.6	768.3	1,481.5	1,327.5
Operating Segments \| External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	170.3	160.9	271.7	262.9
Operating Segments \| External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	221.4	191.1	442.3	382.4
Operating Segments \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	177.4	138.2	180.7	141.1
Operating Segments \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	235.7	210.6	437.6	423.1
Operating Segments \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	85.8	67.5	149.2	118.0
Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	464.7	385.0	709.8	599.4
Operating Segments \| Live and Historical \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	25.5	23.0	29.3	24.4
Operating Segments \| Live and Historical \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	464.7	385.0	709.8	599.4
Operating Segments \| Live and Historical \| External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	50.4	40.2	61.4	51.2
Operating Segments \| Live and Historical \| External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	212.1	184.1	424.2	369.4
Operating Segments \| Live and Historical \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	176.0	136.7	177.1	137.7
Operating Segments \| Live and Historical \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	3.3	2.5	6.4	5.1
Operating Segments \| Live and Historical \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	22.9	21.5	40.7	36.0
Operating Segments \| TwinSpires
Disaggregation of Revenue [Line Items]
Net revenue	151.7	137.4	258.3	232.2
Operating Segments \| TwinSpires \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	8.2	1.7	15.7	3.3
Operating Segments \| TwinSpires \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	151.7	137.4	258.3	232.2
Operating Segments \| TwinSpires \| External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	115.4	117.5	195.2	196.9
Operating Segments \| TwinSpires \| External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Operating Segments \| TwinSpires \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
Operating Segments \| TwinSpires \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	4.3	1.2	10.0	5.6
Operating Segments \| TwinSpires \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	32.0	18.7	53.1	29.7
Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	274.2	245.9	513.4	495.9
Operating Segments \| Gaming \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	0.2	2.0	4.2	3.6
Operating Segments \| Gaming \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	274.2	245.9	513.4	495.9
Operating Segments \| Gaming \| External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	4.5	3.2	15.1	14.8
Operating Segments \| Gaming \| External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	9.3	7.0	18.1	13.0
Operating Segments \| Gaming \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	1.4	1.5	3.6	3.4
Operating Segments \| Gaming \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	228.1	206.9	421.2	412.4
Operating Segments \| Gaming \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	30.9	27.3	55.4	52.3
All Other
Disaggregation of Revenue [Line Items]
Net revenue	0.1	0.2	0.1	0.5
All Other \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	1.8	0.0	1.8	0.0
All Other \| External Customer
Disaggregation of Revenue [Line Items]
Net revenue	0.1	0.2	0.1	0.5
All Other \| External Customer \| Pari-mutuel, live and simulcast racing
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
All Other \| External Customer \| Pari-mutuel, historical racing
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
All Other \| External Customer \| Racing event-related services
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
All Other \| External Customer \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	0.0	0.0	0.0	0.0
All Other \| External Customer \| Other
Disaggregation of Revenue [Line Items]
Net revenue	0.1	0.2	0.1	0.5
Eliminations \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	(35.7)	(26.7)	(51.0)	(31.3)
Churchill Downs Racetrack \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	228.0	178.3	231.1	180.7
Louisville \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	53.1	45.3	106.8	89.3
Northern Kentucky \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	22.0	17.3	50.5	43.6
Southwestern Kentucky \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	40.2	37.6	78.8	74.1
Western Kentucky \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	6.1	9.4	12.9	14.2
Virginia \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	111.9	94.6	223.1	192.3
New Hampshire \| Operating Segments \| Live and Historical
Disaggregation of Revenue [Line Items]
Net revenue	3.4	2.5	6.6	5.2
Florida \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	26.5	26.0	52.6	52.1
Iowa \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	23.5	24.0	46.9	48.5
Indiana \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	33.9	0.0	33.9	0.0
Louisiana \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	37.1	33.8	81.4	77.9
Maine \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	26.8	29.5	53.6	57.2
Maryland \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	26.2	27.6	47.8	50.9
Mississippi \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	24.5	25.8	50.5	53.3
New York \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	46.5	44.6	91.5	89.1
Pennsylvania \| Operating Segments \| Gaming
Disaggregation of Revenue [Line Items]
Net revenue	$ 29.2	$ 34.6	$ 55.2	$ 66.9

Investments in and Advances to Unconsolidated Affiliates - Affiliate Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Current assets	$ 436.0	$ 400.8
Other assets, net	18.3	19.3
Total assets	7,170.1	6,955.5
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	763.2	755.8
Other liabilities	140.6	137.8
Members' deficit	1,031.9	894.5
Total liabilities and shareholders' equity	7,170.1	6,955.5
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Assets
Current assets	91.9	104.8
Property and equipment, net	334.3	339.4
Other assets, net	270.1	266.1
Total assets	696.3	710.3
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities	103.7	106.2
Long-term debt	847.0	847.2
Other liabilities	0.8	0.7
Members' deficit	(255.2)	(243.8)
Total liabilities and shareholders' equity	$ 696.3	$ 710.3

Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 4,893.1	$ 4,874.0
Current maturities of long-term debt	(68.0)	(68.0)
Unamortized premium and deferred finance charges	(33.8)	(37.7)
Total debt, net of current maturities and costs	4,791.3	4,768.3
2027 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	600.0	600.0
2028 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	700.0	700.0
2030 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	1,200.0	1,200.0
2031 Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Total debt	600.0	600.0
Term Loan \| Term Loan B-1 due 2028 \| Line of Credit
Debt Instrument [Line Items]
Total debt	290.2	291.8
Term Loan \| Term Loan A due 2029 \| Line of Credit
Debt Instrument [Line Items]
Total debt	1,202.5	1,235.0
Revolving Credit Facility \| Revolver \| Line of Credit
Debt Instrument [Line Items]
Total debt	$ 300.4	$ 247.2

Stock-based Compensation Plans

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation Plans

7. STOCK-BASED COMPENSATION PLANS

We have stock-based employee compensation plans with awards outstanding under the Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan (the "2016 Plan") and the Executive Long-Term Incentive Compensation Plan, which was adopted pursuant to the 2016 Plan. Our total stock-based compensation expense, which includes expenses related to restricted stock awards ("RSAs"), restricted stock unit awards ("RSUs"), performance share unit awards ("PSUs"), and stock options associated with our employee stock purchase plan was $8.9 million and $16.1 million for the three months and six months ended June 30, 2024 and $8.1 million and $16.7 million for the three months and six months ended June 30, 2023, respectively.

During the six months ended June 30, 2024, the Company awarded RSUs to employees, RSUs and PSUs to certain named executive officers ("NEOs"), and RSAs and RSUs to directors. The vesting criteria for the PSU awards granted in 2024 were based on a three-year service period with two performance conditions and a market condition related to relative total shareholder return ("TSR") consistent with prior year grants. The total compensation cost we will recognize under the PSUs is

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

A summary of the RSAs, RSUs and PSUs granted during 2024 is presented below (units in thousands):

Grant Year

Award Type

Number of Units Awarded(1)

Vesting Terms

2024

RSU

140

Vest equally over three service periods ending in 2026

2024

PSU

Three-year performance and service period ending in 2026

2024

RSA

One-year service period ending in 2025

(1) PSUs reflect the target number of units for the original PSU grant.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

4. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill, by segment, is composed of the following:


(in millions)	Live and Historical		TwinSpires		Gaming		All Other		Total
Balances as of December 31, 2023	$	376.2	$	233.4	$	290.3	$	—	$	899.9
Adjustments	0.1		0.2		—		—		0.3
Balances as of June 30, 2024	$	376.3	$	233.6	$	290.3	$	—	$	900.2

We performed our annual goodwill impairment analysis as of April 1, 2024, and no adjustment to the carrying value of goodwill was required. We assessed goodwill for impairment by performing qualitative or quantitative analyses for each reporting unit. We concluded that the fair values of our reporting units exceeded their carrying values, and therefore no impairments were identified.

Other intangible assets are comprised of the following:


	June 30, 2024						December 31, 2023
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived intangible assets	$	96.0	$	(28.9)	$	67.1	$	97.5	$	(26.4)	$	71.1
Indefinite-lived intangible assets					2,347.3						2,347.3
Total					$	2,414.4					$	2,418.4

In the second quarter of 2023, the Company recognized a $24.5 million non-cash impairment charge for the Presque Isle Downs and Casino ("Presque Isle") gaming rights and trademark. The Company continues to monitor the current economic conditions and the impacts on the results of operations of Presque Isle. Future economic conditions could have a negative impact on the estimates and assumptions utilized in our asset impairment assessments. These potential impacts could increase the risk of a future impairment of assets at Presque Isle.

We performed our annual indefinite-lived intangible assets impairment analysis as of April 1, 2024. We assessed our indefinite-lived intangible assets for impairment by performing qualitative or quantitative analyses for each asset. Based on the results of these analyses, no indefinite-lived intangible asset impairments were identified in connection with our annual impairment testing.

Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

16. SEGMENT INFORMATION

We manage our operations through three reportable segments: Live and Historical Racing, TwinSpires, and Gaming. 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.

On September 7, 2023, the Company began operating retail sports betting at its racetracks and HRM facilities in Kentucky. In addition to retail sports betting, third-party service providers began operating online sports wagering in partnership with the Company’s racetracks on September 28, 2023. Our retail and online sports betting business is included in the TwinSpires segment.

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 and the portion of EBITDA attributable to a noncontrolling interest.

Adjusted EBITDA excludes:

•Transaction expense, net which includes:

–Acquisition, disposition, and property sale related charges;

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

•Stock-based compensation expense;

•Asset impairments;

•Gain on property sales;

•Legal reserves;

•Pre-opening expense; and

•Other charges, recoveries, and expenses

As of December 31, 2021, our property in Arlington Heights, Illinois ("Arlington") ceased racing and simulcast operations and the property was sold on February 15, 2023 to the Chicago Bears. Arlington's results and exit costs in 2023 are treated as an adjustment to EBITDA and are included in other expenses, net in the Reconciliation of Comprehensive Income to Adjusted EBITDA.

On June 26, 2023, the Company's management agreement for Lady Luck Casino Nemacolin ("Lady Luck") in Farmington, Pennsylvania expired and was not renewed. The Company completed the sale of substantially all its assets at Lady Luck for an immaterial amount.

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 Condensed Consolidated Statements of Comprehensive Income.

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

Net revenue by segment is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Live and Historical Racing	$	464.7	$	385.0	$	709.8	$	599.4
TwinSpires	151.7		137.4		258.3		232.2
Gaming	274.2		245.9		513.4		495.9
All Other	0.1		0.2		0.1		0.5
Net Revenue	$	890.7	$	768.5	$	1,481.6	$	1,328.0

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended June 30, 2024
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	490.2	$	159.9	$	274.4

Gaming taxes and purses	(100.0)		(7.3)		(83.5)
Marketing and advertising	(12.5)		(4.9)		(9.2)
Salaries and benefits	(36.5)		(8.0)		(40.3)
Content expense	(2.1)		(73.3)		(2.6)
Selling, general and administrative expense	(8.5)		(4.3)		(11.8)
Maintenance, insurance and utilities	(11.5)		(1.0)		(11.1)
Property and other taxes	(1.8)		—		(3.3)

Other operating expense	(38.3)		(14.9)		(20.2)
Other income	0.2		—		48.3
Adjusted EBITDA	$	279.2	$	46.2	$	140.7


	Three Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	408.0	$	139.1	$	247.9

Gaming taxes and purses	(85.4)		(7.0)		(81.7)
Marketing and advertising	(12.1)		(5.3)		(9.0)
Salaries and benefits	(30.3)		(7.5)		(39.5)
Content expense	(2.0)		(68.7)		(2.7)
Selling, general and administrative expense	(7.3)		(2.7)		(10.3)
Maintenance, insurance and utilities	(10.1)		(0.8)		(9.6)
Property and other taxes	(1.5)		(0.1)		(3.0)

Other operating expense	(36.0)		(13.1)		(17.4)
Other income	0.2		—		48.7
Adjusted EBITDA	$	223.5	$	33.9	$	123.4


	Six Months Ended June 30, 2024
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	739.1	$	274.0	$	517.6

Gaming taxes and purses	(165.0)		(12.2)		(164.0)
Marketing and advertising	(21.8)		(6.1)		(17.0)
Salaries and benefits	(63.3)		(15.9)		(78.3)
Content expense	(3.4)		(117.3)		(4.4)
Selling, general and administrative expense	(17.3)		(8.8)		(22.0)
Maintenance, insurance and utilities	(21.8)		(2.0)		(20.7)
Property and other taxes	(4.5)		(0.1)		(6.7)
Other operating expense	(62.2)		(25.8)		(38.5)
Other income	0.2		—		97.5
Adjusted EBITDA	$	380.0	$	85.8	$	263.5


	Six Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	623.8	$	235.5	$	499.5

Gaming taxes and purses	(141.9)		(12.0)		(165.3)
Marketing and advertising	(20.3)		(6.7)		(17.6)
Salaries and benefits	(52.1)		(13.7)		(74.0)
Content expense	(3.5)		(111.7)		(4.5)
Selling, general and administrative expense	(16.0)		(5.1)		(22.5)
Maintenance, insurance and utilities	(19.4)		(1.7)		(19.4)
Property and other taxes	(2.7)		(0.1)		(6.3)

Other operating expense	(62.5)		(22.2)		(34.3)
Other income	0.2		1.0		97.3
Adjusted EBITDA	$	305.6	$	63.3	$	252.9

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Net income attributable to Churchill Downs Incorporated	$	209.3	$	143.0	$	289.7	$	298.7
Net income attributable to noncontrolling interest	0.9		—		0.9		—
Net income and comprehensive income	210.2		143.0		290.6		298.7

Additions:
Depreciation and amortization	49.2		41.8		96.1		79.7
Interest expense	73.5		65.2		143.9		129.9
Income tax provision	84.1		56.2		105.5		109.4
EBITDA	$	417.0	$	306.2	$	636.1	$	617.7

Adjustments to EBITDA:
Stock-based compensation expense	$	8.9	$	8.1	$	16.1	$	16.7

Pre-opening expense	7.5		3.2		15.8		6.4
Arlington exit costs	—		5.9		—		9.3
Other expenses, net	0.1		6.6		0.3		6.9
Asset impairments	—		24.5		—		24.5
Transaction expense, net	0.6		0.5		4.7		0.3
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	10.5		9.9		20.8		19.7

Rivers Des Plaines' legal reserves and transaction costs	0.3		—		0.3		—
Other charges and recoveries, net	(0.1)		(1.2)		(6.8)		(0.9)
Gain on sale of Arlington	—		—		—		(114.0)
Total adjustments to EBITDA	27.8		57.5		51.2		(31.1)
Adjusted EBITDA	$	444.8	$	363.7	$	687.3	$	586.6

Adjusted EBITDA by segment:
Live and Historical Racing	$	279.2	$	223.5	$	380.0	$	305.6
TwinSpires	46.2		33.9		85.8		63.3
Gaming	140.7		123.4		263.5		252.9
Total segment Adjusted EBITDA	466.1		380.8		729.3		621.8
All Other	(21.3)		(17.1)		(42.0)		(35.2)
Total Adjusted EBITDA	$	444.8	$	363.7	$	687.3	$	586.6

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


(in millions)	June 30, 2024		December 31, 2023
Total assets:
Live and Historical Racing	$	4,040.0	$	3,872.9
TwinSpires	480.2		473.9
Gaming	1,944.4		1,920.9
Total segment assets	6,464.6		6,267.7
All Other	705.5		687.8
Total assets	$	7,170.1	$	6,955.5

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


	Six Months Ended June 30,
(in millions)	2024		2023
Capital expenditures:
Live and Historical Racing	$	188.3	$	239.8
TwinSpires	7.2		6.4
Gaming	88.5		62.4
Total segment capital expenditures	284.0		308.6
All Other	8.0		3.8
Total capital expenditures	$	292.0	$	312.4

- 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

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Stock-based Compensation Plans - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) performanceCondition performanceCriteria	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 16.1	$ 16.7
Number of performance criteria \| performanceCriteria	2
PSUs \| Churchill Downs Incorporated 2016 Omnibus Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Number of performance conditions \| performanceCondition	2
Continuing Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 8.9	$ 8.1	$ 16.1	$ 16.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(1)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(3)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Additional Information (Details) $ in Millions	6 Months Ended
Debt - Additional Information (Details) $ in Millions	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Line of Credit \| Credit Agreement Amendment
Debt Instrument [Line Items]
Basis spread	1.50%
Current borrowing capacity	$ 893.5
Senior Notes \| 2027 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance	$ 600.0
Stated interest rate	5.50%
Senior Notes \| 2028 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance	$ 700.0
Senior Notes \| Senior Notes Due 2028, Existing
Debt Instrument [Line Items]
Face amount of debt issuance	$ 500.0
Stated interest rate	4.75%
Senior Notes \| Senior Notes Due 2028, Additional
Debt Instrument [Line Items]
Face amount of debt issuance	$ 200.0
Redemption price, percentage of face amount	103.25%
Premium (percent)	0.0325
Senior Notes \| 2030 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance	$ 1,200.0
Stated interest rate	5.75%
Senior Notes \| 2031 Senior Notes
Debt Instrument [Line Items]
Face amount of debt issuance	$ 600.0
Stated interest rate	6.75%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Face amount of debt issuance	$ 1,200.0
Basis spread	0.10%
Commitment fee percentage	0.25%
Term Loan \| Line of Credit \| Term Loan B-1 due 2028
Debt Instrument [Line Items]
Face amount of debt issuance	$ 300.0
Basis spread	2.10%
Payment percentage of principal	0.25%
Term Loan \| Line of Credit \| Term Loan A due 2029
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,200.0
Basis spread	0.10%
Bridge Loan \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100.0
Letter of Credit \| Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 6.0

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	2. RECENT ACCOUNTING PRONOUNCEMENTS Recent Accounting Pronouncements - effective in 2024 or thereafter In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission’s ("SEC") Disclosure Update and Simplification Initiative, to amend certain disclosure and presentation requirements for a variety of topics within FASB's Accounting Standards Codification ("ASC"). These amendments align the requirements in the ASC regarding the removal of certain disclosure requirements set out in Regulation S-X and Regulation S-K, announced by the SEC. The effective date for each amended topic in the ASC is either the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, or on June 30, 2027, if the SEC has not removed the requirements by that date. Early adoption is prohibited. The Company is currently evaluating the impact of this standard on the consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances the disclosures required for operating segments in the Company’s annual and interim consolidated financial statements. The amendments are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the impact of this standard on the consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. The amendments are expected to be applied prospectively to all annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on the consolidated financial statements and related disclosures.

Supplemental Balance Sheet Information (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Accounts receivable is comprised of the following:


(in millions)	June 30, 2024		December 31, 2023
Trade receivables	$	56.8	$	42.6
Simulcast and online wagering receivables	54.6		44.9
Other receivables	30.6		24.4
	142.0		111.9
Allowance for credit losses	(5.9)		(5.0)
Total	$	136.1	$	106.9

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


(in millions)	June 30, 2024		December 31, 2023
Account wagering deposits liability	$	74.0	$	58.7
Accrued salaries and related benefits	35.1		45.1
Purses payable	39.0		35.2
Accrued interest	48.9		49.4
Accrued fixed assets	64.1		88.6
Accrued gaming liabilities	29.6		29.5
Other	128.4		120.3
Total	$	419.1	$	426.8

Segment Information - Schedule of Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 444.8	$ 363.7	$ 687.3	$ 586.6
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	466.1	380.8	729.3	621.8
Live and Historical \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	490.2	408.0	739.1	623.8
Gaming taxes and purses	(100.0)	(85.4)	(165.0)	(141.9)
Marketing and advertising	(12.5)	(12.1)	(21.8)	(20.3)
Salaries and benefits	(36.5)	(30.3)	(63.3)	(52.1)
Content expense	(2.1)	(2.0)	(3.4)	(3.5)
Selling, general and administrative expense	(8.5)	(7.3)	(17.3)	(16.0)
Maintenance, insurance and utilities	(11.5)	(10.1)	(21.8)	(19.4)
Property and other taxes	(1.8)	(1.5)	(4.5)	(2.7)
Other operating expense	(38.3)	(36.0)	(62.2)	(62.5)
Other income	0.2	0.2	0.2	0.2
Adjusted EBITDA	279.2	223.5	380.0	305.6
TwinSpires \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	159.9	139.1	274.0	235.5
Gaming taxes and purses	(7.3)	(7.0)	(12.2)	(12.0)
Marketing and advertising	(4.9)	(5.3)	(6.1)	(6.7)
Salaries and benefits	(8.0)	(7.5)	(15.9)	(13.7)
Content expense	(73.3)	(68.7)	(117.3)	(111.7)
Selling, general and administrative expense	(4.3)	(2.7)	(8.8)	(5.1)
Maintenance, insurance and utilities	(1.0)	(0.8)	(2.0)	(1.7)
Property and other taxes	0.0	(0.1)	(0.1)	(0.1)
Other operating expense	(14.9)	(13.1)	(25.8)	(22.2)
Other income	0.0	0.0	0.0	1.0
Adjusted EBITDA	46.2	33.9	85.8	63.3
Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Revenues	274.4	247.9	517.6	499.5
Gaming taxes and purses	(83.5)	(81.7)	(164.0)	(165.3)
Marketing and advertising	(9.2)	(9.0)	(17.0)	(17.6)
Salaries and benefits	(40.3)	(39.5)	(78.3)	(74.0)
Content expense	(2.6)	(2.7)	(4.4)	(4.5)
Selling, general and administrative expense	(11.8)	(10.3)	(22.0)	(22.5)
Maintenance, insurance and utilities	(11.1)	(9.6)	(20.7)	(19.4)
Property and other taxes	(3.3)	(3.0)	(6.7)	(6.3)
Other operating expense	(20.2)	(17.4)	(38.5)	(34.3)
Other income	48.3	48.7	97.5	97.3
Adjusted EBITDA	$ 140.7	$ 123.4	$ 263.5	$ 252.9

Net Income Per Common Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for basic and diluted net income per common share:
Net income attributable to Churchill Downs Incorporated	$ 209.3	$ 80.4	$ 143.0	$ 155.7	$ 289.7	$ 298.7
Adjustments related to redeemable noncontrolling interest	(0.8)		0.0		(0.8)	0.0
Net income attributable to common shareholders	$ 208.5		$ 143.0		$ 288.9	$ 298.7
Denominator for net income per common share:
Basic (in shares)	73,900		75,300		74,000	75,300
Plus dilutive effect of stock awards (in shares)	700		1,600		600	1,200
Diluted (in shares)	74,600		76,900		74,600	76,500
Basic
Basic net income (in dollars per share)	$ 2.82		$ 1.90		$ 3.90	$ 3.97
Diluted
Diluted net income (in dollars per share)	$ 2.79		$ 1.86		$ 3.87	$ 3.90

Net Income Per Common Share Computations

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Common Share Computations

15. NET INCOME PER COMMON SHARE COMPUTATIONS

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


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2024		2023		2024		2023
Numerator for basic and diluted net income per common share:
Net income attributable to Churchill Downs Incorporated	$	209.3	$	143.0	$	289.7	$	298.7
Adjustments related to redeemable noncontrolling interest	(0.8)		—		(0.8)		—
Net income attributable to common shareholders	$	208.5	$	143.0	$	288.9	$	298.7

Denominator for net income per common share:
Basic	73.9		75.3		74.0		75.3
Plus dilutive effect of stock awards	0.7		1.6		0.6		1.2
Diluted	74.6		76.9		74.6		76.5

Net income per common share data:

Basic net income	$	2.82	$	1.90	$	3.90	$	3.97


Diluted net income	$	2.79	$	1.86	$	3.87	$	3.90

Fair Value Of Assets And Liabilities - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 90.6	$ 77.3
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	90.6	77.3
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0.0	0.0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	0.0	0.0
2027 Senior Notes \| Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
2027 Senior Notes \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	589.5	591.8
2027 Senior Notes \| Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
2028 Senior Notes \| Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
2028 Senior Notes \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	669.3	668.6
2028 Senior Notes \| Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
2030 Senior Notes \| Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
2030 Senior Notes \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,165.8	1,171.5
2030 Senior Notes \| Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
2031 Senior Notes \| Senior Notes \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities		0.0
2031 Senior Notes \| Senior Notes \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	602.5	611.2
2031 Senior Notes \| Senior Notes \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities		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	287.3	291.8
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	0.0
Term Loan \| Term Loan A \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,137.5	1,235.0
Term Loan \| Term Loan A \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	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	0.0
Revolving Credit Facility \| Revolver \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	300.4	247.2
Revolving Credit Facility \| Revolver \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	0.0	0.0
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	90.6	77.3
Carrying Amount \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	597.0	596.5
Carrying Amount \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	698.9	698.7
Carrying Amount \| 2030 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,186.8	1,185.6
Carrying Amount \| 2031 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	591.0	590.4
Carrying Amount \| Term Loan \| Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	288.0	289.2
Carrying Amount \| Term Loan \| Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,197.2	1,228.7
Carrying Amount \| Revolving Credit Facility \| Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	300.4	247.2
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	90.6	77.3
Fair Value \| 2027 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	589.5	591.8
Fair Value \| 2028 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	669.3	668.6
Fair Value \| 2030 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,165.8	1,171.5
Fair Value \| 2031 Senior Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	602.5	611.2
Fair Value \| Term Loan \| Term Loan B-1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	287.3	291.8
Fair Value \| Term Loan \| Term Loan A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	1,137.5	1,235.0
Fair Value \| Revolving Credit Facility \| Revolver
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial liabilities	$ 300.4	$ 247.2

Acquisitions - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
	Aug. 22, 2023	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 900.2	$ 899.9
Operating Segments \| Live and Historical
Business Acquisition [Line Items]
Goodwill		376.3	376.2
Operating Segments \| TwinSpires
Business Acquisition [Line Items]
Goodwill		233.6	$ 233.4
Exacta Systems
Business Acquisition [Line Items]
Total consideration	$ 248.2
Cash payment	241.3
Deferred payments	$ 6.9
Deferred payment term	2 years
Deferred payment liability		4.9
Goodwill		177.4
Exacta Systems \| Operating Segments \| Live and Historical
Business Acquisition [Line Items]
Goodwill additions		96.0
Exacta Systems \| Operating Segments \| TwinSpires
Business Acquisition [Line Items]
Goodwill additions		$ 81.4

Segment Information - Reconciliation of Comprehensive Income to Adjusted EBITDA by Segment (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net income attributable to Churchill Downs Incorporated	$ 209.3	$ 80.4	$ 143.0	$ 155.7	$ 289.7	$ 298.7
Net income attributable to noncontrolling interest	0.9		0.0		0.9	0.0
Net income and comprehensive income	210.2		143.0		290.6	298.7
Depreciation and amortization	49.2		41.8		96.1	79.7
Interest expense	73.5		65.2		143.9	129.9
Income tax provision	84.1		56.2		105.5	109.4
EBITDA	417.0		306.2		636.1	617.7
Stock-based compensation expense	8.9		8.1		16.1	16.7
Pre-opening expense	7.5		3.2		15.8	6.4
Arlington exit costs	0.0		5.9		0.0	9.3
Other expenses, net	0.1		6.6		0.3	6.9
Asset impairments	0.0		24.5		0.0	24.5
Transaction expense, net	0.6		0.5		4.7	0.3
Interest, depreciation and amortization expense related to equity investments	10.5		9.9		20.8	19.7
Other charges and recoveries, net	(0.1)		(1.2)		(6.8)	(0.9)
Gain on sale of Arlington	0.0		0.0		0.0	(114.0)
Total adjustments to EBITDA	27.8		57.5		51.2	(31.1)
Adjusted EBITDA	444.8		363.7		687.3	586.6
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	466.1		380.8		729.3	621.8
All Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(21.3)		(17.1)		(42.0)	(35.2)
Live and Historical \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	279.2		223.5		380.0	305.6
TwinSpires \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	46.2		33.9		85.8	63.3
Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	140.7		123.4		263.5	252.9
Rivers Des Plaines
Segment Reporting Information [Line Items]
Rivers Des Plaines' legal reserves and transaction costs	$ 0.3		$ 0.0		$ 0.3	$ 0.0

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

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:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net revenue from external customers:
Live and Historical Racing:
Churchill Downs Racetrack	$	228.0	$	178.3	$	231.1	$	180.7
Louisville	53.1		45.3		106.8		89.3
Northern Kentucky	22.0		17.3		50.5		43.6
Southwestern Kentucky	40.2		37.6		78.8		74.1
Western Kentucky	6.1		9.4		12.9		14.2
Virginia	111.9		94.6		223.1		192.3
New Hampshire	3.4		2.5		6.6		5.2
Total Live and Historical Racing	$	464.7	$	385.0	$	709.8	$	599.4

TwinSpires:	$	151.7	$	137.4	$	258.3	$	232.2

Gaming:
Florida	$	26.5	$	26.0	$	52.6	$	52.1
Iowa	23.5		24.0		46.9		48.5
Indiana	33.9		—		33.9		—
Louisiana	37.1		33.8		81.4		77.9
Maine	26.8		29.5		53.6		57.2
Maryland	26.2		27.6		47.8		50.9
Mississippi	24.5		25.8		50.5		53.3
New York	46.5		44.6		91.5		89.1
Pennsylvania	29.2		34.6		55.2		66.9
Total Gaming	274.2		245.9		513.4		495.9
All Other	0.1		0.2		0.1		0.5
Net revenue from external customers	$	890.7	$	768.5	$	1,481.6	$	1,328.0

Intercompany net revenues:
Live and Historical Racing	$	25.5	$	23.0	$	29.3	$	24.4
TwinSpires	8.2		1.7		15.7		3.3
Gaming	0.2		2.0		4.2		3.6
All Other	1.8		—		1.8		—
Eliminations	(35.7)		(26.7)		(51.0)		(31.3)
Intercompany net revenue	$	—	$	—	$	—	$	—


	Three Months Ended June 30, 2024
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	50.4	$	115.4	$	4.5	$	170.3	$	—	$	170.3
Historical racing(a)	212.1		—		9.3		221.4		—		221.4
Racing event-related services	176.0		—		1.4		177.4		—		177.4
Gaming(a)	3.3		4.3		228.1		235.7		—		235.7
Other(a)	22.9		32.0		30.9		85.8		0.1		85.9
Total	$	464.7	$	151.7	$	274.2	$	890.6	$	0.1	$	890.7


	Three Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	40.2	$	117.5	$	3.2	$	160.9	$	—	$	160.9
Historical racing(a)	184.1		—		7.0		191.1		—		191.1
Racing event-related services	136.7		—		1.5		138.2		—		138.2
Gaming(a)	2.5		1.2		206.9		210.6		—		210.6
Other(a)	21.5		18.7		27.3		67.5		0.2		67.7
Total	$	385.0	$	137.4	$	245.9	$	768.3	$	0.2	$	768.5


	Six Months Ended June 30, 2024
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	61.4	$	195.2	$	15.1	$	271.7	$	—	$	271.7
Historical racing(a)	424.2		—		18.1		442.3		—		442.3
Racing event-related services	177.1		—		3.6		180.7		—		180.7
Gaming(a)	6.4		10.0		421.2		437.6		—		437.6
Other(a)	40.7		53.1		55.4		149.2		0.1		149.3
Total	$	709.8	$	258.3	$	513.4	$	1,481.5	$	0.1	$	1,481.6


	Six Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming		Total Segments		All Other		Total
Net revenue from external customers
Pari-mutuel:
Live and simulcast racing	$	51.2	$	196.9	$	14.8	$	262.9	$	—	$	262.9
Historical racing(a)	369.4		—		13.0		382.4		—		382.4
Racing event-related services	137.7		—		3.4		141.1		—		141.1
Gaming(a)	5.1		5.6		412.4		423.1		—		423.1
Other(a)	36.0		29.7		52.3		118.0		0.5		118.5
Total	$	599.4	$	232.2	$	495.9	$	1,327.5	$	0.5	$	1,328.0

(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 $27.6 million for the six months ended June 30, 2024 and $24.5 million for the six months ended June 30, 2023.

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

Net revenue by segment is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Live and Historical Racing	$	464.7	$	385.0	$	709.8	$	599.4
TwinSpires	151.7		137.4		258.3		232.2
Gaming	274.2		245.9		513.4		495.9
All Other	0.1		0.2		0.1		0.5
Net Revenue	$	890.7	$	768.5	$	1,481.6	$	1,328.0

Schedule of Segment Reporting Information

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended June 30, 2024
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	490.2	$	159.9	$	274.4

Gaming taxes and purses	(100.0)		(7.3)		(83.5)
Marketing and advertising	(12.5)		(4.9)		(9.2)
Salaries and benefits	(36.5)		(8.0)		(40.3)
Content expense	(2.1)		(73.3)		(2.6)
Selling, general and administrative expense	(8.5)		(4.3)		(11.8)
Maintenance, insurance and utilities	(11.5)		(1.0)		(11.1)
Property and other taxes	(1.8)		—		(3.3)

Other operating expense	(38.3)		(14.9)		(20.2)
Other income	0.2		—		48.3
Adjusted EBITDA	$	279.2	$	46.2	$	140.7


	Three Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	408.0	$	139.1	$	247.9

Gaming taxes and purses	(85.4)		(7.0)		(81.7)
Marketing and advertising	(12.1)		(5.3)		(9.0)
Salaries and benefits	(30.3)		(7.5)		(39.5)
Content expense	(2.0)		(68.7)		(2.7)
Selling, general and administrative expense	(7.3)		(2.7)		(10.3)
Maintenance, insurance and utilities	(10.1)		(0.8)		(9.6)
Property and other taxes	(1.5)		(0.1)		(3.0)

Other operating expense	(36.0)		(13.1)		(17.4)
Other income	0.2		—		48.7
Adjusted EBITDA	$	223.5	$	33.9	$	123.4


	Six Months Ended June 30, 2024
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	739.1	$	274.0	$	517.6

Gaming taxes and purses	(165.0)		(12.2)		(164.0)
Marketing and advertising	(21.8)		(6.1)		(17.0)
Salaries and benefits	(63.3)		(15.9)		(78.3)
Content expense	(3.4)		(117.3)		(4.4)
Selling, general and administrative expense	(17.3)		(8.8)		(22.0)
Maintenance, insurance and utilities	(21.8)		(2.0)		(20.7)
Property and other taxes	(4.5)		(0.1)		(6.7)
Other operating expense	(62.2)		(25.8)		(38.5)
Other income	0.2		—		97.5
Adjusted EBITDA	$	380.0	$	85.8	$	263.5


	Six Months Ended June 30, 2023
(in millions)	Live and Historical Racing		TwinSpires		Gaming
Revenues	$	623.8	$	235.5	$	499.5

Gaming taxes and purses	(141.9)		(12.0)		(165.3)
Marketing and advertising	(20.3)		(6.7)		(17.6)
Salaries and benefits	(52.1)		(13.7)		(74.0)
Content expense	(3.5)		(111.7)		(4.5)
Selling, general and administrative expense	(16.0)		(5.1)		(22.5)
Maintenance, insurance and utilities	(19.4)		(1.7)		(19.4)
Property and other taxes	(2.7)		(0.1)		(6.3)

Other operating expense	(62.5)		(22.2)		(34.3)
Other income	0.2		1.0		97.3
Adjusted EBITDA	$	305.6	$	63.3	$	252.9

Adjusted EBITDA by segment is comprised of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Reconciliation of Comprehensive Income to Adjusted EBITDA:

Net income attributable to Churchill Downs Incorporated	$	209.3	$	143.0	$	289.7	$	298.7
Net income attributable to noncontrolling interest	0.9		—		0.9		—
Net income and comprehensive income	210.2		143.0		290.6		298.7

Additions:
Depreciation and amortization	49.2		41.8		96.1		79.7
Interest expense	73.5		65.2		143.9		129.9
Income tax provision	84.1		56.2		105.5		109.4
EBITDA	$	417.0	$	306.2	$	636.1	$	617.7

Adjustments to EBITDA:
Stock-based compensation expense	$	8.9	$	8.1	$	16.1	$	16.7

Pre-opening expense	7.5		3.2		15.8		6.4
Arlington exit costs	—		5.9		—		9.3
Other expenses, net	0.1		6.6		0.3		6.9
Asset impairments	—		24.5		—		24.5
Transaction expense, net	0.6		0.5		4.7		0.3
Other income, expense:
Interest, depreciation and amortization expense related to equity investments	10.5		9.9		20.8		19.7

Rivers Des Plaines' legal reserves and transaction costs	0.3		—		0.3		—
Other charges and recoveries, net	(0.1)		(1.2)		(6.8)		(0.9)
Gain on sale of Arlington	—		—		—		(114.0)
Total adjustments to EBITDA	27.8		57.5		51.2		(31.1)
Adjusted EBITDA	$	444.8	$	363.7	$	687.3	$	586.6

Adjusted EBITDA by segment:
Live and Historical Racing	$	279.2	$	223.5	$	380.0	$	305.6
TwinSpires	46.2		33.9		85.8		63.3
Gaming	140.7		123.4		263.5		252.9
Total segment Adjusted EBITDA	466.1		380.8		729.3		621.8
All Other	(21.3)		(17.1)		(42.0)		(35.2)
Total Adjusted EBITDA	$	444.8	$	363.7	$	687.3	$	586.6

Schedule of Total Assets and Capital Expenditures by Operating Segment

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


(in millions)	June 30, 2024		December 31, 2023
Total assets:
Live and Historical Racing	$	4,040.0	$	3,872.9
TwinSpires	480.2		473.9
Gaming	1,944.4		1,920.9
Total segment assets	6,464.6		6,267.7
All Other	705.5		687.8
Total assets	$	7,170.1	$	6,955.5

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


	Six Months Ended June 30,
(in millions)	2024		2023
Capital expenditures:
Live and Historical Racing	$	188.3	$	239.8
TwinSpires	7.2		6.4
Gaming	88.5		62.4
Total segment capital expenditures	284.0		308.6
All Other	8.0		3.8
Total capital expenditures	$	292.0	$	312.4

Temporary Equity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Temporary Equity (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 30, 2024	Apr. 08, 2024
Redeemable Noncontrolling Interest Rollforward [Roll Forward]
Balance, December 31, 2023			$ 0.0
Redeemable noncontrolling interest initial measurement					$ 14.4
Net income attributable to redeemable noncontrolling interest			0.9
Redemption value adjustment	$ 0.8	$ 0.0	0.8	$ 0.0
Balance, June 30, 2024	$ 16.1		$ 16.1
United Tote Company
Redeemable Noncontrolling Interest [Line Items]
Percent sold						49.00%

Fair Value Of Assets And Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

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


	June 30, 2024
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	90.6	$	90.6	$	90.6	$	—	$	—
Financial liabilities:
Term Loan B-1	288.0		287.3		—		287.3		—
Term Loan A	1,197.2		1,137.5		—		1,137.5		—
Revolver	300.4		300.4		—		300.4		—
2027 Senior Notes	597.0		589.5		—		589.5		—
2028 Senior Notes	698.9		669.3		—		669.3		—
2030 Senior Notes	1,186.8		1,165.8		—		1,165.8		—
2031 Senior Notes	591.0		602.5				602.5

	December 31, 2023
(in millions)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Restricted cash	$	77.3	$	77.3	$	77.3	$	—	$	—
Financial liabilities:
Term Loan B-1	289.2		291.8		—		291.8		—
Term Loan A	1,228.7		1,235.0		—		1,235.0		—
Revolver	247.2		247.2		—		247.2		—
2027 Senior Notes	596.5		591.8		—		591.8		—
2028 Senior Notes	698.7		668.6		—		668.6		—
2030 Senior Notes	1,185.6		1,171.5		—		1,171.5		—
2031 Senior Notes	590.4		611.2		—		611.2		—

Stock-based Compensation Plans - Summary of RSUs and PSUs Granted (Details) - Tranche One shares in Thousands	6 Months Ended
	Jun. 30, 2024 shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	140
Award vesting period (in years)	3 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	63
Service period vested (in years)	3 years
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Awarded (in shares)	4
Service period vested (in years)	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details