CDK Global (CDK) 10-Q 4 Feb 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Dec. 31, 2021	Jan. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-36486
Entity Registrant Name	CDK Global, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5743146
Entity Address, Address Line One	1950 Hassell Road,
Entity Address, City or Town	Hoffman Estates,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60169
City Area Code	847
Local Phone Number	397-1700
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	CDK
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		116,784,137
Amendment Flag	false
Entity Central Index Key	0001609702
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 436.7	$ 406.3	$ 876.7	$ 820
Expenses:
Cost of revenue	229.9	207.7	456.6	432.4
Selling, general and administrative expenses	99.1	85	196.7	173.6
Litigation Settlement, Expense	0	0	0	12
Total expenses	329	292.7	653.3	618
Operating earnings	107.7	113.6	223.4	202
Interest expense	(22.3)	(34.3)	(43.7)	(69)
Loss from equity method investment	(1.4)	(1.8)	(2.6)	(5.2)
Other income, net	3.9	4	7	28.7
Earnings before income taxes	87.9	81.5	186.2	156.5
Provision for income taxes	(24.1)	(22.7)	(49.2)	(49.7)
Net earnings from continuing operations	63.8	58.8	137	106.8
Net earnings from discontinued operations	1.6	11.3	2.1	21.3
Net earnings	65.4	70.1	139.1	128.1
Less: net earnings attributable to noncontrolling interest	1.7	1.8	3.7	4.1
Net earnings attributable to CDK	$ 63.7	$ 68.3	$ 135.4	$ 124
Net earnings attributable to CDK per share - basic:
Continuing operations (in dollars per share)	$ 0.53	$ 0.47	$ 1.11	$ 0.85
Discontinued operations (in dollars per share)	0.01	0.09	0.02	0.17
Total net earnings attributable to CDK per share - basic (in dollars per share)	0.54	0.56	1.13	1.02
Net earnings attributable to CDK per share - diluted:
Continuing operations (in dollars per share)	0.53	0.47	1.10	0.84
Discontinued operations (in dollars per share)	0.01	0.09	0.02	0.17
Total net earnings attributable to CDK per share - diluted (in dollars per share)	$ 0.54	$ 0.56	$ 1.12	$ 1.01
Weighted average common shares outstanding:
Basic (shares)	118.2	121.9	119.7	121.8
Diluted (shares)	118.9	122.6	120.5	122.3

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 65.4	$ 70.1	$ 139.1	$ 128.1
Total other comprehensive income (loss):
Currency translation adjustments	0.1	33.2	(2)	60.4
Unrealized gain on available-for-sale security	0.2	0	0.2	0
Total other comprehensive income (loss)	0.3	33.2	(1.8)	60.4
Comprehensive income	65.7	103.3	137.3	188.5
Less: comprehensive income attributable to noncontrolling interest	1.7	1.8	3.7	4.1
Comprehensive income attributable to CDK	$ 64	$ 101.5	$ 133.6	$ 184.4

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 108.6	$ 157
Accounts receivable, net	239.8	236.4
Other current assets	132	168.9
Total current assets	480.4	562.3
Property, plant and equipment, net of accumulated depreciation of $248.2 and $236.4, respectively	70.2	71.8
Other assets	469.9	448.7
Goodwill	1,437.8	1,297.1
Intangible assets, net	378.2	332.7
Total assets	2,836.5	2,712.6
Current liabilities:
Current maturities of long-term debt and finance lease liabilities	5.8	7.1
Accounts payable	25.7	29
Accrued expenses and other current liabilities	197.4	188.1
Litigation liability	34	34
Accrued payroll and payroll-related expenses	55.7	81.5
Deferred revenue	30.3	28.6
Total current liabilities	348.9	368.3
Debt and finance lease liabilities	1,817	1,586.5
Deferred revenue	37.5	40.4
Deferred income taxes	117	111.4
Other liabilities	99.7	111.1
Total liabilities	2,420.1	2,217.7
Stockholders' Equity:
Preferred stock, $0.01 par value: 50.0 shares authorized; none issued and outstanding	0	0
Common stock, $0.01 par value: 650.0 shares authorized; 160.3 and 160.3 shares issued, respectively; 117.4 and 121.5 shares outstanding, respectively	1.6	1.6
Additional paid-in capital	719.8	715.1
Retained earnings	2,096.1	1,997.4
Treasury stock, at cost: 42.9 and 38.8 shares, respectively	(2,486)	(2,306)
Accumulated other comprehensive income	70.9	72.7
Total CDK stockholders' equity	402.4	480.8
Noncontrolling interest	14	14.1
Total stockholders' equity	416.4	494.9
Total liabilities and stockholders' equity	$ 2,836.5	$ 2,712.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 248.2	$ 236.4
Preferred stock, par value (in usd per share)	$ 0.01		$ 0.01
Preferred stock, shares authorized	50,000,000		50,000,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	650,000,000	650,000,000
Common stock, shares, issued	160,300,000	160,300,000
Common stock, shares, outstanding	117,400,000	121,500,000
Treasury stock, shares	42,900,000	38,800,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities
Net earnings	$ 139.1	$ 128.1
Less: net earnings from discontinued operations	2.1	21.3
Net earnings from continuing operations	137	106.8
Adjustments to reconcile net earnings from continuing operations to cash flows provided by operating activities, continuing operations:
Depreciation and amortization	58.9	46.5
Gain on extinguishment of debt	(2.1)	0
Loss from equity method investment	2.6	5.2
Deferred income taxes	0.5	2.5
Stock-based compensation expense	28.5	21.3
Other	2.2	4
Changes in assets and liabilities, net of effect from acquisitions of businesses:
Accounts receivable	(2.2)	15.5
Other assets	5.4	(5.5)
Accounts payable	(3.5)	(10.3)
Accrued expenses and other liabilities	(50.4)	(38.7)
Net cash flows provided by operating activities, continuing operations	176.9	147.3
Net cash flows provided by operating activities, discontinued operations	0.2	25.9
Net cash flows provided by operating activities	177.1	173.2
Cash Flows from Investing Activities
Capital expenditures	(8.3)	(10.1)
Capitalized software	(52)	(31.9)
Acquisitions of businesses, net of cash acquired	(153.8)	0
Net cash flows used in investing activities, continuing operations	(214.1)	(42)
Net cash flows provided by (used in) investing activities, discontinued operations	1.9	(4.6)
Net cash flows used in investing activities	(212.2)	(46.6)
Cash Flows from Financing Activities
Net proceeds (repayments) from revolving credit facilities	230	(15)
Repayments of long-term debt and lease liabilities	(7.7)	(10.9)
Dividends paid to stockholders	(35.8)	(36.5)
Repurchases of common stock	(195.6)	0
Proceeds from exercises of stock options	0	2
Withholding tax payments for stock-based compensation awards	(8.1)	(4.2)
Dividend payments to noncontrolling owners	(3.8)	(6.2)
Net cash flows used in financing activities, continuing operations	(21)	(70.8)
Net cash flows used in financing activities, discontinued operations	0	0
Net cash flows used in financing activities	(21)	(70.8)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash, including cash classified as current assets held for sale	(0.5)	22.1
Net change in cash, cash equivalents, and restricted cash, including cash classified as current assets held for sale	(56.6)	77.9
Net change in cash classified in current assets held for sale	0	(102.8)
Net change in cash, cash equivalents, and restricted cash	(56.6)	(24.9)
Cash, cash equivalents, and restricted cash, beginning of period	177.2	97.3
Cash, cash equivalents, and restricted cash, end of period	120.6	72.4
Cash and cash equivalents	108.6	62.8
Restricted cash in funds held for clients included in other current assets	12	9.6
Cash paid for:
Income taxes and foreign withholding taxes, net of refunds, continuing operations	39.9	49.6
Income taxes and foreign withholding taxes, net of refunds, discontinued operations	0	0
Interest	41.8	65.4
Non-cash investing and financing activities, continuing operations:
Capitalized property and equipment obtained under lease	7.9	8.1
Lease liabilities incurred	(7.9)	(8.1)
Capital expenditures and capitalized software, accrued not paid	$ 0.1	$ 1.2

Consolidated Statements Stockho

Consolidated Statements Stockholders' Deficit - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in-Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Total CDK Stockholders' Deficit	Total CDK Stockholders' DeficitCumulative Effect, Period of Adoption, Adjustment	Non-controlling Interest
Stockholders' equity, beginning balance at Jun. 30, 2020	$ (580.7)	$ (8.2)	$ 1.6	$ 687.9	$ 1,045.5	$ (8.2)	$ (2,305.2)	$ (25.9)	$ (596.1)	$ (8.2)	$ 15.4
Common stock, shares issued, beginning balance (in shares) at Jun. 30, 2020			160.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	128.1				124				124		4.1
Currency translation adjustments	60.4							60.4	60.4
Unrealized gain on available-for-sale security	0
Stock-based compensation expense and related dividend equivalents	20.1			20.5	(0.4)				20.1
Common stock issued for the exercise and vesting of stock-based compensation awards, net	(2.2)			(12.1)			9.9		(2.2)
Dividends paid to stockholders	(36.5)				(36.5)				(36.5)
Dividend payments to noncontrolling owners	(6.2)										(6.2)
Common stock, shares issued, end balance (in shares) at Dec. 31, 2020			160.3
Stockholders' equity, ending balance at Dec. 31, 2020	(425.2)		$ 1.6	696.3	1,124.4		(2,295.3)	34.5	(438.5)		13.3
Stockholders' equity, beginning balance at Sep. 30, 2020	(514.5)		$ 1.6	689.7	1,074.6		(2,298.2)	1.3	(531)		16.5
Common stock, shares issued, beginning balance (in shares) at Sep. 30, 2020			160.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	70.1				68.3				68.3		1.8
Currency translation adjustments	33.2							33.2	33.2
Unrealized gain on available-for-sale security	0
Stock-based compensation expense and related dividend equivalents	8.1			8.3	(0.2)				8.1
Common stock issued for the exercise and vesting of stock-based compensation awards, net	1.2			1.7			2.9		1.2
Dividends paid to stockholders	(18.3)				(18.3)				(18.3)
Dividend payments to noncontrolling owners	(5)										(5)
Common stock, shares issued, end balance (in shares) at Dec. 31, 2020			160.3
Stockholders' equity, ending balance at Dec. 31, 2020	(425.2)		$ 1.6	696.3	1,124.4		(2,295.3)	34.5	(438.5)		13.3
Stockholders' equity, beginning balance at Jun. 30, 2021	$ 494.9		$ 1.6	715.1	1,997.4		(2,306)	72.7	480.8		14.1
Common stock, shares issued, beginning balance (in shares) at Jun. 30, 2021	160.3		160.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 139.1				135.4				135.4		3.7
Currency translation adjustments	(2)							(2)	(2)
Unrealized gain on available-for-sale security	0.2							0.2	0.2
Stock-based compensation expense and related dividend equivalents	27.5			28.4	(0.9)				27.5
Common stock issued for the exercise and vesting of stock-based compensation awards, net	(8.1)			(23.7)			15.6		(8.1)
Dividends paid to stockholders	(35.8)				(35.8)				(35.8)
Repurchases of common stock	(195.6)						(195.6)		(195.6)
Dividend payments to noncontrolling owners	$ (3.8)										(3.8)
Common stock, shares issued, end balance (in shares) at Dec. 31, 2021	160.3		160.3
Stockholders' equity, ending balance at Dec. 31, 2021	$ 416.4		$ 1.6	719.8	2,096.1		(2,486)	70.9	402.4		14
Stockholders' equity, beginning balance at Sep. 30, 2021	461.3		$ 1.6	704.1	2,050.6		(2,379.5)	70.6	447.4		13.9
Common stock, shares issued, beginning balance (in shares) at Sep. 30, 2021			160.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	65.4				63.7				63.7		1.7
Currency translation adjustments	0.1							0.1	0.1
Unrealized gain on available-for-sale security	0.2							0.2	0.2
Stock-based compensation expense and related dividend equivalents	16.4			16.9	(0.5)				16.4
Common stock issued for the exercise and vesting of stock-based compensation awards, net	(0.4)			1.2			0.8		(0.4)
Dividends paid to stockholders	(17.7)				(17.7)				(17.7)
Repurchases of common stock	(107.3)						(107.3)		(107.3)
Dividend payments to noncontrolling owners	$ (1.6)										(1.6)
Common stock, shares issued, end balance (in shares) at Dec. 31, 2021	160.3		160.3
Stockholders' equity, ending balance at Dec. 31, 2021	$ 416.4		$ 1.6	$ 719.8	$ 2,096.1		$ (2,486)	$ 70.9	$ 402.4		$ 14

Consolidated Statements Stock_2

Consolidated Statements Stockholders' Deficit (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, declared (in dollars per share)	$ 0.15	$ 0.15	$ 0.30	$ 0.30

Basis of Presentation

Basis of Presentation	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Description of Business. CDK Global, Inc. (the "Company" or "CDK") is a leading provider of retail technology and software as a service ("SaaS") solutions that help dealers and auto manufacturers run their businesses more efficiently, drive improved profitability and create frictionless purchasing and ownership experiences for consumers. Today, CDK serves over 15,000 retail locations in North America. Basis of Preparation. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect assets, liabilities, revenue, and expenses that are reported in the accompanying financial statements and footnotes thereto. Actual results may differ from those estimates and assumptions. The accompanying consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods. Interim financial results are not necessarily indicative of financial results for a full year. The financial statements in this Quarterly Report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2021 (the "Annual Report").

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of significant accounting policies	Summary of Significant Accounting Policies The Company's significant accounting policies are described in the aforementioned Annual Report. Included below are certain updates to those policies. Funds Receivable and Funds Held for Clients and Client Fund Obligations. Funds receivable and funds held for clients represent amounts received or expected to be received from clients in advance of performing titling and registration services on behalf of those clients. These amounts are classified in other current assets on the Consolidated Balance Sheets. The total amount due to remit for titling and registration obligations with the department of motor vehicles is recorded to client fund obligations which is classified as accrued expenses and other current liabilities on the Consolidated Balance Sheets. Funds receivable was $29.7 million and $42.7 million, and funds held for clients was $12.0 million and $20.2 million as of December 31, 2021 and June 30, 2021, respectively. Client fund obligations were $41.7 million and $62.9 million as of December 31, 2021 and June 30, 2021, respectively. Internal Use Software and Computer Software to be Sold, Leased, or Otherwise Marketed. The Company incurred expenses to research, develop, and deploy new and enhanced solutions of $22.2 million and $16.0 million for the three months ended December 31, 2021 and 2020, respectively, and $36.1 million and $36.3 million for the six months ended December 31, 2021 and 2020, respectively. These expenses were classified in cost of revenue on the Consolidated Statements of Operations. Additionally, the Company had cash flows used for qualifying capitalized software development cost of $52.0 million and $31.9 million for the six months ended December 31, 2021 and 2020, respectively. Fair Value of Financial Instruments. Cash and cash equivalents, accounts receivable, other current assets, accounts payable, and other current liabilities are reflected on the Consolidated Balance Sheets at cost, which approximates fair value due to the short-term nature of these instruments. The carrying value of the Company's revolving credit facility (as described in Note 10 - Debt), including accrued interest, approximates fair value based on the Company's current estimated incremental borrowing rate for similar types of arrangements.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Dec. 31, 2021
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements. In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," ("ASU 2019-12"), which simplifies the accounting for income taxes in various areas. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. The Company adopted ASU 2019-12 on July 1, 2021. The adoption of the new standard did not have a material impact on the Company's consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08 "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts With Customers" ("ASU 2021-08"). ASU 2021-08 requires companies to apply "Revenue from Contracts with Customers (Topic 606)" ("ASC 606") when recognizing and measuring contract assets and contract liabilities acquired in a business combination. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The Company elected to adopt ASU 2021-08 effective October 1, 2021. ASU 2021-08 will apply to all business combinations that occur during fiscal year ended June 30, 2022. The adoption of the new standard did not have a material impact on the Company's consolidated financial statements.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations International Business. On March 1, 2021, the Company completed its sale of the CDK International business ("International Business") to Francisco Partners. The Company expects to provide limited services to Francisco Partners to assist in the integration of the International Business through early 2022. The financial results are presented in net earnings from discontinued operations in the Consolidated Statements of Operations for all periods presented. Digital Marketing Business. On April 21, 2020, the Company completed its sale of the Digital Marketing Business to Sincro LLC, a newly formed company owned by Ansira Partners, Inc., which is a subsidiary of Advent International. The following table summarizes the comparative financial results of discontinued operations which are presented in net earnings from discontinued operations in the Consolidated Statements of Operations: Three Months Ended Six Months Ended December 31, December 31, 2021 2020 2021 2020 Revenue $ — $ 80.7 $ — $ 160.6 Cost of revenue — 38.0 — 75.4 Selling, general and administrative expenses 0.2 22.7 0.7 46.3 Restructuring expenses — 2.5 — 11.2 Operating earnings (0.2) 17.5 (0.7) 27.7 Interest expense — (0.1) — (0.1) Other income, net — 1.3 — 0.3 Earnings before income taxes (0.2) 18.7 (0.7) 27.9 Gain on sale of the International Business 1.9 — 1.9 — Provision for income taxes (0.1) (8.0) 0.9 (7.4) Net earnings from discontinued operations - International Business $ 1.6 $ 10.7 $ 2.1 $ 20.5 Net earnings from discontinued operations - Digital Marketing Business $ — $ 0.6 $ — $ 0.8 Net earnings from discontinued operations $ 1.6 $ 11.3 $ 2.1 $ 21.3

Acquisitions

Acquisitions	6 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Acquisitions	Acquisition Salty Dot, Inc. On October 1, 2021, the Company acquired all of the outstanding equity of Salty Dot, Inc.("Salty"), a privately held automobile insurance technology solution provider. The acquisition is being recorded using the acquisition method of accounting, which requires, among other things, the assets acquired and liabilities assumed to be recognized at their respective fair values as of the acquisition date. Under the acquisition method, total consideration was determined to be $181.6 million, subject to customary adjustments. Total consideration includes the fair value of contingent payments. The fair value of contingent payments, determined using an option pricing model, was estimated at $23.7 million as of the acquisition date. The range of contingent payments is zero to $147.0 million with the final amount dependent on the achievement of certain revenue and gross margin milestones over the 3-year period following acquisition. The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date, subject to the finalized purchase price allocation: Cash and cash equivalents $ 6.2 Intangible assets 38.1 Other assets 0.9 Other liabilities (4.7) Total identifiable net assets $ 40.5 Goodwill 141.1 Total consideration $ 181.6 The intangible assets acquired primarily relate to software that is being amortized over a useful life of 8 years. The goodwill resulting from this acquisition reflects expected synergies resulting from adding Salty products and processes to the Company's portfolio. The acquired goodwill is not deductible for tax purposes.

Revenue

Revenue	6 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Contract Balances Accounts Receivable A receivable is recorded when an unconditional right to invoice and receive payment exists, such that only the passage of time is required before payment of consideration is due. The Company receives payments from customers based upon contractual billing schedules. Payment terms can vary by contract, but the period between invoicing and when payments are due is not significant. The timing of revenue recognition may differ from the timing of invoicing to customers. Included in accounts receivable on the Consolidated Balance Sheets are unbilled receivable balances which have not yet been invoiced. As of December 31, 2021, the balance of accounts receivable, net of allowances for doubtful accounts, was $239.8 million, inclusive of unbilled receivables of $1.5 million. As of June 30, 2021, the balance of accounts receivable, net of allowances for doubtful accounts, was $236.4 million, inclusive of unbilled receivables of $1.8 million. Contract Assets A contract asset is recognized when a conditional right to consideration exists and transfer of control has occurred. Contract assets are typically related to subscription contracts where the transaction price allocated to the satisfied performance obligation exceeds the value of billings to-date. Contract assets are reported in a net position on a contract-by-contract basis and are included in other current assets for the current portion and other assets for the long-term portion on the Consolidated Balance Sheets. The Company regularly reviews contract asset balances for impairment, considering factors such as historical experience, credit-worthiness, age of the balance, and other economic or business factors. Refer to Note 8 – Allowance for Credit Losses for more information about credit losses. Contract asset impairments were not significant in the six months ended December 31, 2021 and 2020. Contract assets were $61.7 million and $64.3 million as of December 31, 2021 and June 30, 2021, respectively. Deferred Revenue The Company's deferred revenue primarily consists of payments received from customers, or such consideration that is contractually due, in advance of providing the product or performing services. Deferred revenue is reported in a net position on a contract-by-contract basis at the end of each reporting period. As of December 31, 2021 and June 30, 2021, the deferred revenue balance was $67.8 million and $69.0 million, respectively. For the six months ended December 31, 2021 and 2020, the Company recognized revenue of $60.5 million and $75.4 million, respectively, related to its deferred revenue. Remaining Performance Obligations. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The following information represents the total transaction price for the remaining performance obligations as of December 31, 2021 related to non-cancelable contracts, including contracts less than one year in duration, that is expected to be recognized over future periods. In each case the fiscal period represents the year ended June 30. As of December 31, 2021, the Company had $2.6 billion of remaining performance obligations which represent contracted revenue that has not yet been recognized. The Company expects to recognize approximately $540.0 million of the remaining performance obligations as revenue during the remainder of the fiscal year ending June 30, 2022 ("fiscal 2022"), $820.0 million for fiscal 2023, $600.0 million for fiscal 2024, $380.0 million for fiscal 2025, $220.0 million for fiscal 2026, and $50.0 million thereafter. The remaining performance obligations exclude future transaction revenue where revenue is recognized as the services are rendered and in the amount to which the Company has the right to invoice. Costs to Obtain and Fulfill a Contract. The Company capitalizes certain contract acquisition costs consisting primarily of commissions incurred when contracts are signed. The Company does not capitalize commissions related to contracts with a duration of less than one year; such commissions are expensed in selling, general and administrative expenses when incurred. Costs to fulfill contracts are capitalized when such costs are direct and related to transition or installation activities for hosted software solutions. Capitalized costs to fulfill contracts primarily include travel and employee compensation and benefit related costs for the Company's implementation and training teams. Capitalized costs to obtain a contract and most costs to fulfill a contract are amortized over a period of five years which represents the expected period of benefit of these costs. In instances where the contract term is significantly less than five years, costs to fulfill are amortized over the contract term which the Company believes best reflects the period of benefit of these costs. As of December 31, 2021 and June 30, 2021, the Company capitalized contract acquisition and fulfillment costs of $212.4 million and $195.7 million, respectively. The Company expects that incremental commission fees incurred as a result of obtaining contracts and fulfillment costs are recoverable. During the six months ended December 31, 2021 and 2020, the Company recognized cost amortization of $39.4 million and $36.4 million, respectively, and there were no significant impairment losses. Revenue Disaggregation. The following table presents revenue by category for the three and six months ended December 31, 2021 and 2020: Three Months Six Months December 31, December 31, 2021 2020 2021 2020 Subscription $ 349.3 $ 328.3 $ 694.4 $ 652.2 Transaction 38.4 39.1 81.2 83.0 Other 49.0 38.9 101.1 84.8 Total Revenue $ 436.7 $ 406.3 $ 876.7 $ 820.0

Earnings per Share

Earnings per Share	6 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share The numerator for basic and diluted earnings per share is net earnings attributable to CDK. The denominator for basic and diluted earnings per share is based on the weighted average number of shares of the Company's common stock outstanding during the applicable reporting periods. Diluted earnings per share also reflects the dilutive effect of unexercised in-the-money stock options and unvested restricted stock. The following table summarizes the components of earnings per share: Three Months Ended Six Months Ended December 31, December 31, 2021 2020 2021 2020 Net earnings from continuing operations attributable to CDK $ 62.1 $ 57.0 $ 133.3 $ 102.7 Net earnings from discontinued operations 1.6 11.3 2.1 21.3 Net earnings attributable to CDK $ 63.7 $ 68.3 $ 135.4 $ 124.0 Weighted average shares outstanding: Basic 118.2 121.9 119.7 121.8 Effect of dilutive securities (1) 0.7 0.7 0.8 0.5 Diluted 118.9 122.6 120.5 122.3 Net earnings attributable to CDK per share - basic: Continuing operations $ 0.53 $ 0.47 $ 1.11 $ 0.85 Discontinued operations 0.01 0.09 0.02 0.17 Total net earnings attributable to CDK per share - basic $ 0.54 $ 0.56 $ 1.13 $ 1.02 Net earnings attributable to CDK per share - diluted: Continuing operations $ 0.53 $ 0.47 $ 1.10 $ 0.84 Discontinued operations 0.01 0.09 0.02 0.17 Total net earnings attributable to CDK per share - diluted $ 0.54 $ 0.56 $ 1.12 $ 1.01 (1) The dilutive effect of outstanding stock options, restricted stock units, restricted stock, and performance share units is reflected in the diluted weighted average shares outstanding using the treasury stock method. The weighted average number of shares outstanding used in the calculation of diluted earnings per share does not include the effect of anti-dilutive securities. The potential common shares excluded were 2.0 million and 1.1 million for the three months ended December 31, 2021 and 2020, respectively, and 1.3 million and 1.3 million for the six months ended December 31, 2021 and 2020, respectively.

Allowance for Credit Losses

Allowance for Credit Losses	6 Months Ended
	Dec. 31, 2021
Credit Loss [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses Credit loss expense is included in selling, general and administrative expenses in the Consolidated Statements of Operations. The following tables provide a rollforward of the allowance for credit losses that is deducted from the amortized cost basis to present the net amount expected to be collected as of December 31, 2021 and 2020. Accounts receivable, net Other current assets Other assets Total Balance as of June 30, 2021 $ 6.3 $ 0.7 $ 9.2 $ 16.2 Provision for expected credit losses 0.1 (0.2) 0.8 0.7 Write-offs (3.5) — — (3.5) Other 0.3 — — 0.3 Balance as of December 31, 2021 $ 3.2 $ 0.5 $ 10.0 $ 13.7 Accounts receivable, net Other current assets Other assets Total Balance as of June 30, 2020 $ 10.6 $ — $ — $ 10.6 Cumulative-effect adjustment upon adoption 0.7 0.5 8.2 9.4 Provision for expected credit losses (2.6) 0.5 0.4 (1.7) Write-offs (0.9) — — (0.9) Other 0.1 — — 0.1 Balance as of December 31, 2020 $ 7.9 $ 1.0 $ 8.6 $ 17.5

Leases

Leases	6 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Leases CDK as a Lessor. The Company's hardware-as-a-service arrangements, in which the Company provides customers continuous access to CDK owned hardware, such as networking and telephony equipment and laser printers, are accounted for as sales-type leases under ASU N0. 2016-02 "Leases (Topic 842)" ("ASC 842"), primarily because they do not contain substantive substitution rights. Since the Company elected to not reassess prior conclusions related to arrangements containing leases, the lease classification, and the initial direct costs, only hardware leases that commenced or are modified on or subsequent to July 1, 2019, are accounted for under ASC 842. Historically, the Company has accounted for these arrangements as a distinct performance obligation under the revenue recognition guidance and recognized revenue over the term of the arrangement. Sales-type lease arrangements follow the Company’s customary contracting practices and, generally, include a fixed monthly fee for the lease and non-lease components for the duration of the contract term. The Company does not typically provide renewal, termination or purchase options to its customers. The Company recognizes net investment in sales-type leases based on the present value of the lease receivable when collectability is probable. The Company accounts for lease and non-lease components such as maintenance costs, separately. Consideration is allocated between lease and non-lease components based on stand-alone selling price. The following summarizes components of net lease income reported in the Consolidated Statements of Operations: Three Months Ended Six Months Ended December 31, December 31, 2021 2020 2021 2020 Revenue (1) $ 14.2 $ 5.7 $ 33.4 $ 18.3 Cost of revenue (10.1) (9.6) (20.6) (17.6) Interest income 0.8 0.5 1.4 0.9 Total lease income (loss) $ 4.9 $ (3.4) $ 14.2 $ 1.6
Leases	Leases CDK as a Lessor. The Company's hardware-as-a-service arrangements, in which the Company provides customers continuous access to CDK owned hardware, such as networking and telephony equipment and laser printers, are accounted for as sales-type leases under ASU N0. 2016-02 "Leases (Topic 842)" ("ASC 842"), primarily because they do not contain substantive substitution rights. Since the Company elected to not reassess prior conclusions related to arrangements containing leases, the lease classification, and the initial direct costs, only hardware leases that commenced or are modified on or subsequent to July 1, 2019, are accounted for under ASC 842. Historically, the Company has accounted for these arrangements as a distinct performance obligation under the revenue recognition guidance and recognized revenue over the term of the arrangement. Sales-type lease arrangements follow the Company’s customary contracting practices and, generally, include a fixed monthly fee for the lease and non-lease components for the duration of the contract term. The Company does not typically provide renewal, termination or purchase options to its customers. The Company recognizes net investment in sales-type leases based on the present value of the lease receivable when collectability is probable. The Company accounts for lease and non-lease components such as maintenance costs, separately. Consideration is allocated between lease and non-lease components based on stand-alone selling price. The following summarizes components of net lease income reported in the Consolidated Statements of Operations: Three Months Ended Six Months Ended December 31, December 31, 2021 2020 2021 2020 Revenue (1) $ 14.2 $ 5.7 $ 33.4 $ 18.3 Cost of revenue (10.1) (9.6) (20.6) (17.6) Interest income 0.8 0.5 1.4 0.9 Total lease income (loss) $ 4.9 $ (3.4) $ 14.2 $ 1.6
Leases	Leases CDK as a Lessor. The Company's hardware-as-a-service arrangements, in which the Company provides customers continuous access to CDK owned hardware, such as networking and telephony equipment and laser printers, are accounted for as sales-type leases under ASU N0. 2016-02 "Leases (Topic 842)" ("ASC 842"), primarily because they do not contain substantive substitution rights. Since the Company elected to not reassess prior conclusions related to arrangements containing leases, the lease classification, and the initial direct costs, only hardware leases that commenced or are modified on or subsequent to July 1, 2019, are accounted for under ASC 842. Historically, the Company has accounted for these arrangements as a distinct performance obligation under the revenue recognition guidance and recognized revenue over the term of the arrangement. Sales-type lease arrangements follow the Company’s customary contracting practices and, generally, include a fixed monthly fee for the lease and non-lease components for the duration of the contract term. The Company does not typically provide renewal, termination or purchase options to its customers. The Company recognizes net investment in sales-type leases based on the present value of the lease receivable when collectability is probable. The Company accounts for lease and non-lease components such as maintenance costs, separately. Consideration is allocated between lease and non-lease components based on stand-alone selling price. The following summarizes components of net lease income reported in the Consolidated Statements of Operations: Three Months Ended Six Months Ended December 31, December 31, 2021 2020 2021 2020 Revenue (1) $ 14.2 $ 5.7 $ 33.4 $ 18.3 Cost of revenue (10.1) (9.6) (20.6) (17.6) Interest income 0.8 0.5 1.4 0.9 Total lease income (loss) $ 4.9 $ (3.4) $ 14.2 $ 1.6

Debt

Debt	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Long-term debt and finance lease liabilities consisted of: December 31, 2021 June 30, 2021 Maturity Date Interest Rate Amount Interest Rate Amount Credit Facilities Revolving credit facility May 2026 1.602% $ 230.0 $ — Total credit facilities $ 230.0 $ — Unsecured Senior Notes Senior notes, due 2024 October 2024 5.000% 500.0 5.000% 500.0 Senior notes, due 2027 May 2027 4.875% 600.0 4.875% 600.0 Senior notes, due 2029 May 2029 5.250% 500.0 5.250% 500.0 Total unsecured senior notes 1,600.0 1,600.0 Finance lease liabilities 8.6 8.7 Other — 2.2 Unamortized debt financing costs (15.8) (17.3) Total debt and finance lease liabilities $ 1,822.8 $ 1,593.6 Less: current maturities of long-term debt and finance lease liabilities 5.8 7.1 Total long-term debt and finance lease liabilities $ 1,817.0 $ 1,586.5 Credit Facility. The Company has a five-year senior unsecured revolving credit facility (the "revolving credit facility"). The revolving credit facility provides up to $750.0 million of borrowing capacity and includes a sub-limit of up to $100.0 million for loans in euro, pound sterling, and, if approved by the revolving lenders, other currencies. The average outstanding balances of the revolving credit facility were $212.7 million and $56.6 million for the three months ended December 31, 2021 and 2020, respectively, and $106.4 million and $86.5 million for the six months ended December 31, 2021 and 2020, respectively. Unamortized Debt Financing Costs. Debt financing costs are amortized over the terms of the related debt instruments and recorded to interest expense on the Consolidated Statements of Operations. Finance Lease Liabilities. The Company has lease agreements for equipment, which are classified as finance lease liabilities. Refer to Note 9 - Leases for scheduled maturities and additional information relating to finance lease liabilities. Fair Value. The Company's senior notes are considered Level 2 fair value measurements in the fair value hierarchy and the approximate aggregate fair value is based on quoted market prices for similar instruments. The fair value of the revolving credit facility is equal to its carrying value as the Company has the ability to repay the outstanding principal at par value at any time. The approximate fair values and related carrying values of the long-term debt, including current maturities and excluding unamortized debt financing costs, are as follows: December 31, 2021 June 30, 2021 Fair value $ 1,709.6 $ 1,746.8 Carrying value 1,608.6 1,610.9

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Provision for Income Taxes. Income tax expense was $24.1 million and $22.7 million for the three months ended December 31, 2021 and 2020, respectively. The effective tax rate, expressed by calculating the provision for income taxes as a percentage of earnings before income taxes, was 27.4% and 27.9% for the three months ended December 31, 2021 and 2020, respectively. The effective tax rate for the three months ended December 31, 2021 differed from the U.S. federal statutory rate of 21.0% primarily due to state and local income taxes and non-deductible officers' compensation. The effective tax rate for the three months ended December 31, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to state and local income tax expense, non-deductible officers' compensation as well as a reduction of certain U.S. foreign tax credits. Income tax expense was $49.2 million and $49.7 million for the six months ended December 31, 2021 and 2020, respectively. The effective tax rate, expressed by calculating the provision for income taxes as a percentage of earnings before income taxes, was 26.4% and 31.8%, for the six months ended December 31, 2021 and 2020, respectively. The effective tax rate for the six months ended December 31, 2021 differed from the U.S. federal statutory rate of 21.0% primarily due to state and local income taxes and non-deductible officers' compensation, partially offset by a $2.0 million benefit due to the expiration of the statute of limitations related to certain transfer pricing exposures. The effective tax rate for the six months ended December 31, 2020 differed from the U.S. federal statutory rate of 21.0% primarily due to state and local income taxes, $4.1 million of tax expense from prior year true-up of income taxes payable, and $3.9 million of tax expense from non-deductible officers' compensation. Valuation Allowances. The Company had valuation allowances of $14.6 million and $13.6 million as of December 31, 2021 and June 30, 2021, respectively, because the Company has concluded it is more likely than not that it will be unable to utilize certain net operating carryforwards, capital loss carryforwards, and U.S. tax credits. As of each reporting date, the Company's management considers new evidence, both positive and negative, which could impact management's view with regard to future realization of deferred tax assets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings. From time to time, the Company is subject to various claims and is involved in various legal, regulatory, and arbitration proceedings concerning matters arising in connection with the conduct of its business activities, including those noted in this section. Although management at present has no basis to conclude that the ultimate outcome of these proceedings, individually and in the aggregate, will materially harm the Company's financial position, results of operations, cash flows, or overall trends, legal proceedings and related government investigations are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could include substantial monetary damages. In addition, in matters for which injunctive relief or other conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting the Company from selling one or more products at all or in particular ways, precluding particular business practices, or requiring other remedies. An unfavorable outcome may result in a material adverse impact on the Company's business, results of operations, financial position, and overall trends. The Company might also conclude that settling one or more such matters is in the best interests of its stockholders, employees, and customers, and any such settlement could include substantial payments. Competition Matters. The Company is currently involved in the following antitrust lawsuits that set forth allegations of anti-competitive agreements between the Company and The Reynolds and Reynolds Company ("Reynolds") relating to the manner in which the defendants control access to, and allow integration with, their respective Dealer Management System ("DMS"), and that seek, among other things, treble damages and injunctive relief. These lawsuits have been transferred to, or filed in, the U.S. District Court for the Northern District of Illinois for consolidated and coordinated pretrial proceedings as part of a multi-district litigation proceeding ("MDL"). • Teterboro Automall, Inc. d/b/a Teterboro Chrysler Dodge Jeep Ram ("Teterboro") brought a putative class action suit on behalf of itself and all similarly situated automobile dealerships against CDK Global, LLC and Reynolds. Teterboro’s suit was originally filed on October 19, 2017, in the U.S. District Court for the District of New Jersey. Since that time, several more putative class actions were filed in a number of federal district courts, with substantively similar allegations; all of them have been consolidated with the MDL proceeding. On June 4, 2018, a consolidated class action complaint was filed on behalf of a putative class made up of all dealerships in the United States that directly purchased DMS and/or allegedly indirectly purchased DMS or data integration services from CDK Global, LLC or Reynolds ("Putative Dealership Class Plaintiffs"). CDK Global, LLC moved to dismiss the complaint, or in the alternative, compel arbitration of certain of the cases while staying the remainder pending the outcome of those arbitration proceedings; its motion to dismiss was granted in part and denied in part, while its motion to compel arbitration was denied. On February 22, 2019, CDK Global, LLC filed an answer to the remaining claims in Putative Dealership Class Plaintiffs' complaint and asserted counterclaims against the Putative Dealership Class Plaintiffs. The Putative Dealership Class Plaintiffs filed a motion to dismiss CDK Global, LLC’s counterclaims; that motion was granted in part and denied in part on September 3, 2019. On October 23, 2018, the Putative Dealership Class Plaintiffs and Reynolds filed a motion for preliminary approval of settlement and for conditional certification of the proposed settlement class. The court finally approved that settlement on January 22, 2019. The parties' cross-motions for summary judgment and Daubert motions were fully briefed as of September 28, 2020 and remain pending. • Loop LLC d/b/a AutoLoop ("AutoLoop") brought suit against CDK Global, LLC on April 9, 2018, in the U.S. District Court for the Northern District of Illinois, but reserved its rights with respect to remand to the U.S. District Court for the Western District of Wisconsin at the conclusion of the MDL proceedings. On June 5, 2018, AutoLoop amended its complaint to sue on behalf of itself and a putative class of all other automotive software vendors in the United States that purchased data integration services from CDK Global, LLC or Reynolds. CDK Global, LLC moved to compel arbitration of AutoLoop's claims, or in the alternative, to dismiss those claims; that motion was denied on January 25, 2019. CDK Global, LLC filed an answer to AutoLoop’s complaint and asserted counterclaims against AutoLoop on February 15, 2019. AutoLoop filed an answer to CDK Global, LLC's counterclaims on March 8, 2019. The parties' cross-motions for summary judgment and Daubert motions were fully briefed as of September 28, 2020 and remain pending. The Company believes that the remaining unsettled cases are without merit and will continue to vigorously contest all asserted claims. Nonetheless, in light of the Company's settlements with Authenticom, i3 Brands, MVSC, and Cox and its continued expenditure of legal costs to contest the remaining claims, the Company has determined that a loss of some measure is probable and can be reasonably estimated. As of December 31, 2021 and June 30, 2021, the litigation liability for the remaining unsettled cases was $34.0 million and $34.0 million, respectively. This estimated loss is based upon currently available information and represents the Company's best estimate of such loss. Estimating the value of this estimated loss involved significant judgment given the uncertainty that still exists with respect to the remaining unsettled cases due to a variety of factors typical of complex, large scale litigation, including, among others: (i) formative issues, including: (a) the causes of action the plaintiffs can pursue; (b) the definition of the class(es) of plaintiffs; (c) the types of damages that can be recovered; and (d) whether plaintiffs can establish loss causation as a matter of law, all of which have yet to be determined pending the outcome of dispositive motions (e.g., motions for class certification and motions for summary judgment); (ii) significant factual issues remain to be resolved; (iii) expert perspectives with respect to, among other things, alleged antitrust injury and damages is widely divergent and remains subject to dispositive motions; (iv) the absence of productive settlement discussions to date with the remaining plaintiffs; and (v) the novel or uncertain nature of the legal issues presented. For these same reasons, the Company cannot reasonably estimate a maximum potential loss exposure at this time. In addition, the Company's estimate does not incorporate or reflect the potential value of the Company's counterclaims against certain of the plaintiffs in the ongoing cases. The legal proceedings underlying the estimated litigation liability will change from time to time and actual results may vary significantly from the estimate. As noted above, an adverse result in any of the remaining cases could have a material adverse effect on the Company's business, results of operations, financial condition, or liquidity. On June 22, 2017, the Company received from the Federal Trade Commission ("FTC") a Civil Investigative Demand consisting of specifications calling for the production of documents relating to any agreements between the Company and Reynolds. Parallel document requests have been received from certain states' Attorneys General. Since 2017, the Company has engaged in continuing communication with and received subsequent requests from the FTC related to its investigation. The Company has responded to the requests and no proceedings have been instituted. The Company believes there has not been any conduct by the Company or its current or former employees that would be actionable under the antitrust laws in connection with the agreements between the Company and Reynolds or otherwise. At this time, the Company does not have sufficient information to predict the outcome of, or the cost of responding to or resolving, these investigations. Other Commitments and Contingencies. In the normal course of business, the Company may enter into contracts in which the Company makes representations and warranties that relate to the performance of the Company's services and products. The Company does not expect any material losses related to such representations and warranties. The Company has provided approximately $28.1 million of guarantees as of December 31, 2021 in the form of surety bonds issued to support certain licenses and contracts which require a surety bond as a guarantee of performance of contractual obligations. In general, the Company would only be liable for the amount of these guarantees in the event the Company defaulted in performing the obligations under each contract, of which, the probability is remote. The Company had a total of $1.8 million in letters of credit outstanding as of December 31, 2021 primarily in connection with insurance programs.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect assets, liabilities, revenue, and expenses that are reported in the accompanying financial statements and footnotes thereto. Actual results may differ from those estimates and assumptions.
Funds receivable and funds held for clients and client fund obligations	Funds receivable and funds held for clients represent amounts received or expected to be received from clients in advance of performing titling and registration services on behalf of those clients. These amounts are classified in other current assets on the Consolidated Balance Sheets. The total amount due to remit for titling and registration obligations with the department of motor vehicles is recorded to client fund obligations which is classified as accrued expenses and other current liabilities on the Consolidated Balance Sheets.
Fair value of financial instruments	Cash and cash equivalents, accounts receivable, other current assets, accounts payable, and other current liabilities are reflected on the Consolidated Balance Sheets at cost, which approximates fair value due to the short-term nature of these instruments. The carrying value of the Company's revolving credit facility (as described in Note 10 - Debt), including accrued interest, approximates fair value based on the Company's current estimated incremental borrowing rate for similar types of arrangements.
Recently Adopted/Issued Accounting Pronouncement	Recently Adopted Accounting Pronouncements. In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," ("ASU 2019-12"), which simplifies the accounting for income taxes in various areas. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. The Company adopted ASU 2019-12 on July 1, 2021. The adoption of the new standard did not have a material impact on the Company's consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08 "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts With Customers" ("ASU 2021-08"). ASU 2021-08 requires companies to apply "Revenue from Contracts with Customers (Topic 606)" ("ASC 606") when recognizing and measuring contract assets and contract liabilities acquired in a business combination. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The Company elected to adopt ASU 2021-08 effective October 1, 2021. ASU 2021-08 will apply to all business combinations that occur during fiscal year ended June 30, 2022. The adoption of the new standard did not have a material impact on the Company's consolidated financial statements.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table summarizes the comparative financial results of discontinued operations which are presented in net earnings from discontinued operations in the Consolidated Statements of Operations: Three Months Ended Six Months Ended December 31, December 31, 2021 2020 2021 2020 Revenue $ — $ 80.7 $ — $ 160.6 Cost of revenue — 38.0 — 75.4 Selling, general and administrative expenses 0.2 22.7 0.7 46.3 Restructuring expenses — 2.5 — 11.2 Operating earnings (0.2) 17.5 (0.7) 27.7 Interest expense — (0.1) — (0.1) Other income, net — 1.3 — 0.3 Earnings before income taxes (0.2) 18.7 (0.7) 27.9 Gain on sale of the International Business 1.9 — 1.9 — Provision for income taxes (0.1) (8.0) 0.9 (7.4) Net earnings from discontinued operations - International Business $ 1.6 $ 10.7 $ 2.1 $ 20.5 Net earnings from discontinued operations - Digital Marketing Business $ — $ 0.6 $ — $ 0.8 Net earnings from discontinued operations $ 1.6 $ 11.3 $ 2.1 $ 21.3

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date, subject to the finalized purchase price allocation: Cash and cash equivalents $ 6.2 Intangible assets 38.1 Other assets 0.9 Other liabilities (4.7) Total identifiable net assets $ 40.5 Goodwill 141.1 Total consideration $ 181.6

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents revenue by category for the three and six months ended December 31, 2021 and 2020: Three Months Six Months December 31, December 31, 2021 2020 2021 2020 Subscription $ 349.3 $ 328.3 $ 694.4 $ 652.2 Transaction 38.4 39.1 81.2 83.0 Other 49.0 38.9 101.1 84.8 Total Revenue $ 436.7 $ 406.3 $ 876.7 $ 820.0

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended Six Months Ended December 31, December 31, 2021 2020 2021 2020 Net earnings from continuing operations attributable to CDK $ 62.1 $ 57.0 $ 133.3 $ 102.7 Net earnings from discontinued operations 1.6 11.3 2.1 21.3 Net earnings attributable to CDK $ 63.7 $ 68.3 $ 135.4 $ 124.0 Weighted average shares outstanding: Basic 118.2 121.9 119.7 121.8 Effect of dilutive securities (1) 0.7 0.7 0.8 0.5 Diluted 118.9 122.6 120.5 122.3 Net earnings attributable to CDK per share - basic: Continuing operations $ 0.53 $ 0.47 $ 1.11 $ 0.85 Discontinued operations 0.01 0.09 0.02 0.17 Total net earnings attributable to CDK per share - basic $ 0.54 $ 0.56 $ 1.13 $ 1.02 Net earnings attributable to CDK per share - diluted: Continuing operations $ 0.53 $ 0.47 $ 1.10 $ 0.84 Discontinued operations 0.01 0.09 0.02 0.17 Total net earnings attributable to CDK per share - diluted $ 0.54 $ 0.56 $ 1.12 $ 1.01

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	6 Months Ended
	Dec. 31, 2021
Credit Loss [Abstract]
Financing Receivable, Allowance for Credit Loss	The following tables provide a rollforward of the allowance for credit losses that is deducted from the amortized cost basis to present the net amount expected to be collected as of December 31, 2021 and 2020. Accounts receivable, net Other current assets Other assets Total Balance as of June 30, 2021 $ 6.3 $ 0.7 $ 9.2 $ 16.2 Provision for expected credit losses 0.1 (0.2) 0.8 0.7 Write-offs (3.5) — — (3.5) Other 0.3 — — 0.3 Balance as of December 31, 2021 $ 3.2 $ 0.5 $ 10.0 $ 13.7 Accounts receivable, net Other current assets Other assets Total Balance as of June 30, 2020 $ 10.6 $ — $ — $ 10.6 Cumulative-effect adjustment upon adoption 0.7 0.5 8.2 9.4 Provision for expected credit losses (2.6) 0.5 0.4 (1.7) Write-offs (0.9) — — (0.9) Other 0.1 — — 0.1 Balance as of December 31, 2020 $ 7.9 $ 1.0 $ 8.6 $ 17.5

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Sales-type Lease, Lease Income	The following summarizes components of net lease income reported in the Consolidated Statements of Operations: Three Months Ended Six Months Ended December 31, December 31, 2021 2020 2021 2020 Revenue (1) $ 14.2 $ 5.7 $ 33.4 $ 18.3 Cost of revenue (10.1) (9.6) (20.6) (17.6) Interest income 0.8 0.5 1.4 0.9 Total lease income (loss) $ 4.9 $ (3.4) $ 14.2 $ 1.6

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt and finance lease liabilities consisted of: December 31, 2021 June 30, 2021 Maturity Date Interest Rate Amount Interest Rate Amount Credit Facilities Revolving credit facility May 2026 1.602% $ 230.0 $ — Total credit facilities $ 230.0 $ — Unsecured Senior Notes Senior notes, due 2024 October 2024 5.000% 500.0 5.000% 500.0 Senior notes, due 2027 May 2027 4.875% 600.0 4.875% 600.0 Senior notes, due 2029 May 2029 5.250% 500.0 5.250% 500.0 Total unsecured senior notes 1,600.0 1,600.0 Finance lease liabilities 8.6 8.7 Other — 2.2 Unamortized debt financing costs (15.8) (17.3) Total debt and finance lease liabilities $ 1,822.8 $ 1,593.6 Less: current maturities of long-term debt and finance lease liabilities 5.8 7.1 Total long-term debt and finance lease liabilities $ 1,817.0 $ 1,586.5 December 31, 2021 June 30, 2021 Fair value $ 1,709.6 $ 1,746.8 Carrying value 1,608.6 1,610.9

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details)	Dec. 31, 2021retailLocation
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of retail locations	15,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Accounting Policies [Abstract]
Funds Receivable	$ 29,700		$ 29,700		$ 42,700
Funds Held for Clients	12,000		12,000		20,200
Client fund obligations	41,700		41,700		62,900
Research and development expense, software (excluding acquired in process cost)	22,200	$ 16,000	36,100	$ 36,300
Payments to acquire software			52,000	$ 31,900
Debt Instrument [Line Items]
Investments	21,000		21,000		21,000
Equity method investments	27,500		27,500		30,400
Other assets
Debt Instrument [Line Items]
Equity method investments	48,500		48,500		50,400
Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Debt instrument, fair value disclosure	$ 1,709,600		$ 1,709,600		$ 1,746,800

Discontinued Operations (Detail

Discontinued Operations (Details) - Discontinued Operations, Held-for-sale - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 1.6	$ 11.3	$ 2.1	$ 21.3
Digital Marketing Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	0	0.6	0	0.8
CDKI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	0	80.7	0	160.6
Cost of revenues	0	38	0	75.4
Selling, general and administrative expenses	0.2	22.7	0.7	46.3
Restructuring expenses	0	2.5	0	11.2
Disposal Group, Including Discontinued Operation, Gross Profit (Loss)	(0.2)	17.5	(0.7)	27.7
Disposal Group, Including Discontinued Operation, Interest Expense	0	0.1	0	0.1
Disposal Group, Including Discontinued Operation, Other Income (Expense)	0	1.3	0	0.3
(Loss) Earnings before income taxes	(0.2)	18.7	(0.7)	27.9
Gain on sale of the International Business	1.9	0	1.9	0
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal	(0.1)	(8)	0.9	(7.4)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 1.6	$ 10.7	$ 2.1	$ 20.5

Acquisitions (Details)

Acquisitions (Details) - Salty Dot, Inc - USD ($)	1 Months Ended
	Oct. 31, 2021	Oct. 01, 2021
Acquisition
Total consideration		$ 181,600,000
Business Combination, Contingent Consideration, Liability		23,700,000
Software and Software Development Costs
Acquisition
Weighted average remaining useful life	8 years
Minimum
Acquisition
Business Combination, Contingent Consideration, Liability		0
Maximum
Acquisition
Business Combination, Contingent Consideration, Liability		$ 147,000,000

Acquisitions - Schedule of Asse

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2021	Oct. 01, 2021	Jun. 30, 2021
Acquisition
Goodwill	$ 1,437.8		$ 1,297.1
Salty Dot, Inc
Acquisition
Cash and cash equivalents		$ 6.2
Intangible assets		38.1
Other assets		0.9
Other liabilities		(4.7)
Total identifiable net assets		40.5
Goodwill		141.1
Total consideration		$ 181.6

Revenue Contract Balances - Nar

Revenue Contract Balances - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Accounts receivable, net	$ 239.8		$ 236.4
Contract with Customer, Liability	1.5		1.8
Deposit Contracts, Assets	61.7		64.3
Deferred Revenue	67.8		69
Contract with customer, liability, revenue recognized	(60.5)	$ (75.4)
Revenue, Remaining Performance Obligation, Amount	2,600
Capitalized contract cost, net	212.4		$ 195.7
Capitalized contract cost, amortization	39.4	$ 36.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 540
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 820
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	1 year
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, Amount	$ 600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 380
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 220
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 50
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 1	1 year

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 436.7	$ 406.3	$ 876.7	$ 820
Subscription
Disaggregation of Revenue [Line Items]
Revenue	349.3	328.3	694.4	652.2
Transaction
Disaggregation of Revenue [Line Items]
Revenue	38.4	39.1	81.2	83
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 49	$ 38.9	$ 101.1	$ 84.8

- Components of Basic and Dilut

- Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net earnings from continuing operations attributable to CDK	$ 62.1	$ 57	$ 133.3	$ 102.7
(Loss) Earnings from discontinued operations, net of taxes	1.6	11.3	2.1	21.3
Net earnings attributable to CDK	$ 63.7	$ 68.3	$ 135.4	$ 124
Weighted-average shares outstanding:
Basic (shares)	118.2	121.9	119.7	121.8
Effect of employee restricted stock (shares)	0.7	0.7	0.8	0.5
Diluted (shares)	118.9	122.6	120.5	122.3
Net earnings (loss) attributable to CDK per share - basic:
Continuing operations (in dollars per share)	$ 0.53	$ 0.47	$ 1.11	$ 0.85
Discontinued operations (in dollars per share)	0.01	0.09	0.02	0.17
Total net earnings attributable to CDK per share - basic (in dollars per share)	0.54	0.56	1.13	1.02
Net earnings (loss) attributable to CDK per share - diluted:
Continuing operations (in dollars per share)	0.53	0.47	1.10	0.84
Discontinued operations (in dollars per share)	0.01	0.09	0.02	0.17
Total net earnings attributable to CDK per share - diluted (in dollars per share)	$ 0.54	$ 0.56	$ 1.12	$ 1.01

Earnings per Share - Antidiluti

Earnings per Share - Antidilutive Securities Excluded from Computation of Diluted Earnings per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock-based awards	2	1.1	1.3	1.3

Allowance for Credit Losses (De

Allowance for Credit Losses (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of June 30, 2020	$ 16.2	$ 10.6
Provision for expected credit losses	0.7	(1.7)
Write-offs	(3.5)	(0.9)
Other	0.3	0.1
Balance as of December 31, 2020	13.7	17.5
Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of June 30, 2020		9.4
Accounts receivable, net
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of June 30, 2020	6.3	10.6
Provision for expected credit losses	0.1	(2.6)
Write-offs	(3.5)	(0.9)
Other	0.3	0.1
Balance as of December 31, 2020	3.2	7.9
Accounts receivable, net | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of June 30, 2020		0.7
Other current assets
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of June 30, 2020	0.7	0
Provision for expected credit losses	(0.2)	0.5
Write-offs	0	0
Other	0	0
Balance as of December 31, 2020	0.5	1
Other current assets | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of June 30, 2020		0.5
Other assets
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of June 30, 2020	9.2	0
Provision for expected credit losses	0.8	0.4
Write-offs	0	0
Other	0	0
Balance as of December 31, 2020	$ 10	8.6
Other assets | Cumulative Effect, Period of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of June 30, 2020		$ 8.2

Leases - Lessor, Lease Income (

Leases - Lessor, Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Revenues	$ 14.2	$ 5.7	$ 33.4	$ 18.3
Cost of revenue	(10.1)	(9.6)	(20.6)	(17.6)
Interest income	0.8	0.5	1.4	0.9
Total lease income (loss)	$ 4.9	$ (3.4)	$ 14.2	$ 1.6

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021	Oct. 15, 2016
Debt Instrument [Line Items]
Unamortized debt financing costs	$ (15.8)	$ (17.3)
Total debt and capital lease obligations	1,822.8	1,593.6
Current maturities of long-term debt and finance lease liabilities	5.8	7.1
Total long-term debt and finance lease liabilities	1,817	1,586.5
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Finance lease liabilities	$ 230	0
Interest rate	1.602%
Term Loan Facilities
Debt Instrument [Line Items]
Finance lease liabilities	$ 230	0
Senior Notes
Debt Instrument [Line Items]
Finance lease liabilities	1,600	1,600
Senior Notes | Senior notes, due 2024
Debt Instrument [Line Items]
Finance lease liabilities	500	500
Interest rate			5.00%
Senior Notes | 4.875% senior notes, due 2027
Debt Instrument [Line Items]
Finance lease liabilities	$ 600	600
Interest rate	4.875%
Senior Notes | 5.250% Senior Notes, Due 2029
Debt Instrument [Line Items]
Finance lease liabilities	$ 500	500
Interest rate	5.25%
Finance lease liabilities
Debt Instrument [Line Items]
Finance lease liabilities	$ 8.6	8.7
Other	$ 0	$ 2.2

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Aug. 17, 2018
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity						$ 750,000,000
Revolving credit facility, Euro or Sterling sublimit						$ 100,000,000
Average outstanding amount	$ 212,700,000	$ 56,600,000	$ 106,400,000	$ 86,500,000
Finance lease liabilities	230,000,000		230,000,000		$ 0
Term Loan Facilities
Debt Instrument [Line Items]
Finance lease liabilities	230,000,000		230,000,000		0
Senior Notes
Debt Instrument [Line Items]
Finance lease liabilities	1,600,000,000		1,600,000,000		1,600,000,000
Senior Notes | Senior notes, due 2024
Debt Instrument [Line Items]
Finance lease liabilities	500,000,000		500,000,000		500,000,000
Senior Notes | 4.875% senior notes, due 2027
Debt Instrument [Line Items]
Finance lease liabilities	600,000,000		600,000,000		600,000,000
Senior Notes | 5.250% Senior Notes, Due 2029
Debt Instrument [Line Items]
Finance lease liabilities	$ 500,000,000		$ 500,000,000		$ 500,000,000

Debt - Long-Term Debt, Includin

Debt - Long-Term Debt, Including Current Maturities and Excluding Unamortized Debt Financing Costs (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Debt Instrument [Line Items]
Fair value	$ 1,709.6	$ 1,746.8
Carrying value	$ 1,608.6	$ 1,610.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Income Tax Contingency [Line Items]
Income tax expense (benefit)	$ 24.1	$ 22.7		$ 49.2	$ 49.7
Effective tax rate				26.40%	31.80%
Tax expense (benefit) changes in law				$ (2)
Effective income tax rate reconciliation, state and local income taxes, amount					$ 4.1
Tax expense (benefit), non-deductible compensation, amount					$ 3.9
Valuation allowances	14.6			14.6		$ 13.6
Unrecognized income tax benefits	15.7			15.7		23
Unrecognized income tax benefits that would impact effective tax rate, if recognized	$ 0.9			$ 0.9		$ 3.9
Forecast
Income Tax Contingency [Line Items]
Income tax expense (benefit)			$ 1

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Surety bonds outstanding, amount	$ 28.1
Letters of credit outstanding, amount	$ 1.8