XML 35 R6.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Basis Of Presentation | 6 Months Ended
--- | ---
Jun. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis Of Presentation | NOTE 1 — BASIS OF PRESENTATION The accompanying Condensed Consolidated Financial Statements are presented in accordance with the requirements of this Quarterly Report on Form 10-Q and consequently do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America or those normally made in Churchill Downs Incorporated’s (the “Company”) Annual Report on Form 10-K. The year-end Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Accordingly, the reader of this Quarterly Report on Form 10-Q should refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 for further information. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with the Company’s customary accounting practices and have not been audited. 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. Certain financial statement accounts associated with promotional allowances have been reclassified in prior years to conform to current year presentation. There was no impact from these reclassifications on total assets, total liabilities, total net revenues, operating income or cash flows. The Company’s revenues and earnings are seasonal in nature, primarily due to its Racing Operations segment. Therefore, revenues and operating results for any interim quarter are generally not indicative of the revenues and operating results for the year and may not be comparable with results for the corresponding period of the previous year. For instance, the Company historically has had fewer live racing days during the first quarter of each year, and the majority of its live racing revenue occurs during the second quarter, with the running of the Kentucky Derby and the Kentucky Oaks. The Company conducted 124 live thoroughbred racing days during the second quarter of 2013, which compares to 122 live thoroughbred racing days during the second quarter of 2012. For the six months ended June 30, 2013, the Company conducted 180 live thoroughbred racings days, which compares to 178 live racing days during the six months ended June 30, 2012. Furthermore, gaming revenues and earnings have historically been higher during the first quarter due to seasonal revenues from the Company's predominately southern gaming properties. Customer Loyalty Programs The Company’s customer loyalty programs offer incentives to customers who wager at the Company’s racetracks, through its advance deposit wagering platform, TwinSpires.com, or at its gaming facilities. The TSC Elite program is for pari-mutuel wagering at the Company’s racetracks or through TwinSpires.com. The Player’s Club is offered at the Company’s gaming facilities in Louisiana, Florida and Mississippi. As of June 30, 2013 and December 31, 2012, the outstanding reward point liabilities were $2.2 million and $2.1 million, respectively. Promotional Allowances Promotional allowances, which include the Company’s customer loyalty programs, primarily consist of the retail value of complimentary goods and services provided to guests at no charge. The retail value of these promotional allowances is included in gross revenue and then deducted to arrive at net revenue. During the three months ended June 30, 2013 and 2012, promotional allowances of $9.1 million and $5.1 million, respectively, were included as a reduction to arrive at net revenues. During those periods, Online Business promotional allowances were $3.7 million and $2.3 million, respectively. Gaming promotional allowances were $5.1 million and $2.5 million, respectively. Racing Operations promotional allowances were $0.3 million for each period, respectively. The estimated cost of providing promotional allowances included in operating expenses for the three months ended June 30, 2013 and 2012 totaled $2.4 million and $1.2 million, respectively. During the six months ended June 30, 2013 and 2012, promotional allowances of $16.4 million and $9.5 million, respectively, were included as a reduction to arrive at net revenues. During those periods, Online Business promotional allowances were $6.1 million and $4.0 million, respectively. Gaming promotional allowances were $9.8 million and $5.0 million, respectively. Racing Operations promotional allowances were $0.5 million for each period, respectively. The estimated cost of providing promotional allowances included in operating expenses for the six months ended June 30, 2013 and 2012 totaled $4.7 million and $2.4 million, respectively. Comprehensive Income The Company had no other components of comprehensive income and, as such, comprehensive income is the same as net earnings as presented in the accompanying Condensed Consolidated Statements of Comprehensive Income.

X
- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References No definition available. + Details
Name: | us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration