Churchill Downs Inc Leases Disclosure
| Years Ended December 31, | |||||||||||
| (in millions) | 2025 | 2024 | |||||||||
Short-term lease cost (a) (b) | $ | 23.6 | $ | 21.0 | |||||||
Operating lease cost (b) | 7.9 | 9.5 | |||||||||
| Finance lease interest expense | 1.8 | 2.3 | |||||||||
Finance lease amortization expense (b) | 3.7 | 4.2 | |||||||||
| Total lease cost | $ | 37.0 | $ | 37.0 | |||||||
| Years Ended December 31, | |||||||||||
| (in millions) | 2025 | 2024 | |||||||||
| Cash paid for amounts included in the measurement of lease liabilities | |||||||||||
| Operating cash flows from operating leases | $ | 6.8 | $ | 6.5 | |||||||
| Operating cash flows from finance leases | 1.8 | 2.1 | |||||||||
| Financing cash flows from finance leases | 2.9 | 2.6 | |||||||||
| Right-of-use assets obtained in exchange for lease obligations | |||||||||||
| Operating leases | $ | 17.6 | $ | 6.0 | |||||||
| Finance leases | — | 3.6 | |||||||||
| December 31, | |||||||||||
| Weighted Average Remaining Lease Term | 2025 | 2024 | |||||||||
| Operating leases | 11.2 years | 5.7 years | |||||||||
| Finance leases | 8.6 years | 10.4 years | |||||||||
| Weighted Average Discount Rate | |||||||||||
| Operating leases | 5.1 | % | 4.6 | % | |||||||
| Finance leases | 4.8 | % | 4.9 | % | |||||||
| (in millions) | |||||||||||
| Years Ended December 31, | Operating Leases | Finance Leases | |||||||||
| 2026 | $ | 6.9 | $ | 3.9 | |||||||
| 2027 | 6.3 | 4.0 | |||||||||
| 2028 | 5.0 | 4.0 | |||||||||
| 2029 | 4.1 | 4.1 | |||||||||
| 2030 | 3.7 | 4.2 | |||||||||
| Thereafter | 28.3 | 13.7 | |||||||||
| Total future minimum lease payments | 54.3 | 33.9 | |||||||||
| Less: Imputed interest | 15.3 | 6.1 | |||||||||
| Present value of lease liabilities | $ | 39.0 | $ | 27.8 | |||||||
| Reported lease liabilities as of December 31, 2025 | |||||||||||
| $ | 5.7 | $ | 2.7 | ||||||||
| 33.3 | 25.1 | ||||||||||
| Present value of lease liabilities | $ | 39.0 | $ | 27.8 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 24, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.