Recast Segment Information

Apr. 26, 2022

Accounting Changes and Error Corrections [Abstract]

Segment Reporting Disclosure

CHURCHILL DOWNS INCORPORATED

Recast Segment Operating Results

(unaudited)

	Three Months Ended								Year Ended December 31,
(in millions)	March 31, 2021		June 30, 2021		September 30, 2021		December 31, 2021		2021		2020
Net revenue:
Live and Historical Racing	$	63.2	$	175.9	$	79.7	$	90.3	$	409.1	$	169.6
TwinSpires	103.5		140.8		107.5		99.6		451.4		430.1
Gaming	152.0		186.0		185.3		172.1		695.4		435.3
All Other	5.6		12.4		20.5		2.8		41.3		19.0
Total net revenue	324.3		515.1		393.0		364.8		1,597.2		1,054.0
Operating expense:
Live and Historical Racing	54.7		100.3		62.3		71.6		288.9		179.0
TwinSpires	77.5		102.1		83.0		83.2		345.8		293.1
Gaming	106.3		121.0		127.7		121.3		476.3		357.9
All Other	8.8		11.7		14.3		5.3		40.1		30.5
Selling, general and administrative expense	30.2		33.4		36.1		38.8		138.5		114.8
Asset impairments	—		11.2		—		4.1		15.3		17.5
Transaction expense, net	0.1		—		2.0		5.8		7.9		1.0
Total operating expense	277.6		379.7		325.4		330.1		1,312.8		993.8
Operating income	$	46.7	$	135.4	$	67.6	$	34.7	$	284.4	$	60.2

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