Churchill Downs Inc Fair Value Disclosure
| December 31, 2025 | |||||||||||||||||||||||||||||
| (in millions) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||||||||
| Restricted cash | $ | 87.9 | $ | 87.9 | $ | 87.9 | $ | — | $ | — | |||||||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||||||||
| Term Loan B-1 | 284.2 | 285.8 | — | 285.8 | — | ||||||||||||||||||||||||
| Term Loan A | 1,107.9 | 1,112.3 | — | 1,112.3 | — | ||||||||||||||||||||||||
| Revolver | 657.0 | 657.0 | — | 657.0 | — | ||||||||||||||||||||||||
| 2027 Senior Notes | 598.7 | 598.7 | — | 598.7 | — | ||||||||||||||||||||||||
| 2028 Senior Notes | 699.3 | 696.1 | — | 696.1 | — | ||||||||||||||||||||||||
| 2030 Senior Notes | 1,190.2 | 1,211.0 | — | 1,211.0 | — | ||||||||||||||||||||||||
| 2031 Senior Notes | 593.0 | 621.9 | — | 621.9 | — | ||||||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||
| (in millions) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||||||||
| Restricted cash | $ | 77.2 | $ | 77.2 | $ | 77.2 | $ | — | $ | — | |||||||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||||||||
| Term Loan B-1 | 286.8 | 288.8 | — | 288.8 | — | ||||||||||||||||||||||||
| Term Loan A | 1,166.7 | 1,172.4 | — | 1,172.4 | — | ||||||||||||||||||||||||
| Revolver | 377.5 | 377.5 | — | 377.5 | — | ||||||||||||||||||||||||
| 2027 Senior Notes | 597.6 | 593.2 | — | 593.2 | — | ||||||||||||||||||||||||
| 2028 Senior Notes | 699.0 | 675.2 | — | 675.2 | — | ||||||||||||||||||||||||
| 2030 Senior Notes | 1,187.9 | 1,172.6 | — | 1,172.6 | — | ||||||||||||||||||||||||
| 2031 Senior Notes | 591.7 | 605.2 | — | 605.2 | — | ||||||||||||||||||||||||
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About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.