Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-38300 | ||
Entity Registrant Name | CANNAE HOLDINGS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 82-1273460 | ||
Entity Address, Address Line One | 1701 Village Center Circle, | ||
Entity Address, City or Town | Las Vegas, | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89134 | ||
City Area Code | 702 | ||
Local Phone Number | 323-7330 | ||
Title of 12(b) Security | Cannae Common Stock, $0.0001 par value | ||
Trading Symbol | CNNE | ||
Security Exchange Name | NYSE | ||
Entity Well-Known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,536,132,331 | ||
Entity Common Stock, Shares Outstanding | 91,651,257 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001704720 | ||
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 724.7 | $ 533.7 |
Fixed maturity securities available for sale, at fair value | 35.2 | 0 |
Other current assets | 84.3 | 97.2 |
Total current assets | 844.2 | 630.9 |
Equity securities, at fair value | 1,799.1 | 0 |
Investments in unconsolidated affiliates | 1,453 | 836.5 |
Lease assets | 202.3 | 192.9 |
Property and equipment, net | 145.8 | 162.6 |
Other intangible assets, net | 51.8 | 63.1 |
Goodwill | 53.4 | 66.1 |
Fixed maturity securities available for sale, at fair value | 0 | 19.2 |
Deferred tax assets | 0 | 54.5 |
Other long term investments and noncurrent assets | 63.8 | 66.4 |
Total assets | 4,613.4 | 2,092.2 |
Current liabilities: | ||
Accounts payable and other accrued liabilities, current | 93.2 | 86.4 |
Lease liabilities, current | 26.2 | 41.5 |
Income taxes payable | 47.4 | 37.4 |
Deferred revenue | 23.9 | 26.4 |
Notes payable, current | 11.3 | 7 |
Total current liabilities | 202 | 198.7 |
Deferred tax liabilities | 325.3 | 0 |
Lease liabilities, long-term | 195.6 | 199.7 |
Notes payable, long-term | 52.2 | 120.1 |
Accounts payable and other accrued liabilities, long-term | 53.1 | 43.9 |
Total liabilities | 828.2 | 562.4 |
Commitments and contingencies - see Note M | ||
Equity: | ||
Cannae common stock, $0.0001 par value; authorized 115,000,000 shares as of December 31, 2020 and December 31, 2019; issued of 92,391,965 and 79,727,972 shares as of December 31, 2020 and December 31, 2019, respectively; and outstanding of 91,651,257 and 79,516,833 shares as of December 31, 2020 and December 31, 2019, respectively | 0 | 0 |
Preferred stock, $0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of December 31, 2020 and December 31, 2019 | 0 | 0 |
Retained earnings | 1,929.8 | 143.6 |
Additional paid-in capital | 1,875.8 | 1,396.7 |
Less: Treasury stock, 740,708 and 211,139 shares as of December 31, 2020 and December 31, 2019, respectively, at cost | (21.1) | (5.9) |
Accumulated other comprehensive loss | (4.9) | (45.9) |
Total Cannae shareholders' equity | 3,779.6 | 1,488.5 |
Noncontrolling interests | 5.6 | 41.3 |
Total equity | 3,785.2 | 1,529.8 |
Total liabilities and equity | $ 4,613.4 | $ 2,092.2 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Par value per share (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 115,000,000 | 115,000,000 |
Common stock, shares, issued (in shares) | 92,391,965 | 79,727,972 |
Common stock, shares, outstanding (in shares) | 91,651,257 | 79,516,833 |
Preferred stock, par or value (in usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury stock, shares (in shares) | 740,708 | 211,139 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Total operating revenues | $ 585.7 | $ 1,070 | $ 1,147.5 |
Operating expenses: | |||
Cost of restaurant revenue | 524.3 | 912.8 | 991.3 |
Personnel costs | 94.8 | 90.3 | 137.2 |
Depreciation and amortization | 30.7 | 40.7 | 46.3 |
Other operating expenses, including asset impairments | 116.6 | 133.4 | 91.8 |
Goodwill impairment | 7.8 | 10.4 | 26.7 |
Total operating expenses | 774.2 | 1,187.6 | 1,293.3 |
Operating loss | (188.5) | (117.6) | (145.8) |
Other income (expense): | |||
Interest, investment and other income | 17.2 | 15.6 | 6.3 |
Interest expense | (9) | (17.8) | (4.7) |
Recognized gains and losses, net | 2,362.2 | 357.7 | 166.8 |
Total other income | 2,370.4 | 355.5 | 168.4 |
Earnings from continuing operations before income taxes and equity in earnings (losses) of unconsolidated affiliates | 2,181.9 | 237.9 | 22.6 |
Income tax expense | 481.2 | 24.2 | 15 |
Earnings from continuing operations before equity in earnings (losses) of unconsolidated affiliates | 1,700.7 | 213.7 | 7.6 |
Equity in earnings (losses) of unconsolidated affiliates | 59.1 | (115.1) | (16.1) |
Earnings (loss) from continuing operations | 1,759.8 | 98.6 | (8.5) |
Net loss from discontinued operations, net of tax - see Note N | 0 | (51.8) | (2.1) |
Net earnings (loss) | 1,759.8 | 46.8 | (10.6) |
Less: Net loss attributable to non-controlling interests | (26.4) | (30.5) | (38.2) |
Net earnings attributable to Cannae Holdings, Inc. common shareholders | 1,786.2 | 77.3 | 27.6 |
Amounts attributable to Cannae Holdings, Inc. common shareholders | |||
Net earnings from continuing operations attributable to Cannae Holdings, Inc. common shareholders | 1,786.2 | 127.6 | 29.5 |
Net loss from discontinued operations attributable to Cannae Holdings, Inc. common shareholders | 0 | (50.3) | (1.9) |
Net earnings attributable to Cannae Holdings, Inc. common shareholders | $ 1,786.2 | $ 77.3 | $ 27.6 |
Basic | |||
Net earning per share from continuing operations (in usd per share) | $ 20.84 | $ 1.77 | $ 0.42 |
Net loss per share from discontinued operations (in usd per share) | 0 | (0.70) | (0.03) |
Net earnings per share (in usd per share) | 20.84 | 1.07 | 0.39 |
Diluted | |||
Net earnings per share from continuing operations (in usd per share) | 20.79 | 1.76 | 0.42 |
Net loss per share from discontinued operations (in usd per share) | 0 | (0.69) | (0.03) |
Net earnings per share (in usd per share) | $ 20.79 | $ 1.07 | $ 0.39 |
Weighted average shares outstanding Cannae Holdings common stock, basic basis (in shares) | 85.7 | 72.2 | 71.2 |
Weighted average shares outstanding Cannae Holdings common stock, diluted basis (in shares) | 85.9 | 72.4 | 71.3 |
Restaurant revenue | |||
Revenues: | |||
Total operating revenues | $ 559.7 | $ 1,043.3 | $ 1,117.8 |
Other operating revenue | |||
Revenues: | |||
Total operating revenues | $ 26 | $ 26.7 | $ 29.7 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 1,759.8 | $ 46.8 | $ (10.6) | |
Other comprehensive earnings (loss), net of tax: | ||||
Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) | [1] | 10.7 | 0.1 | 0.9 |
Unrealized (loss) gain relating to investments in unconsolidated affiliates | [2] | (15.9) | 7.1 | (12) |
Reclassification of unrealized losses on investments in unconsolidated affiliates, net of tax, included in net earnings | [3] | 46.2 | 19.1 | 24 |
Reclassification of unrealized losses (gains) on investments and other financial instruments, net of tax, included in net earnings | [4] | 0 | 0 | 7 |
Other comprehensive earnings | 41 | 26.3 | 19.9 | |
Comprehensive earnings | 1,800.8 | 73.1 | 9.3 | |
Less: Comprehensive loss attributable to noncontrolling interests | (26.4) | (30.5) | (38.2) | |
Comprehensive earnings attributable to Cannae | $ 1,827.2 | $ 103.6 | $ 47.5 | |
[1] | Net of income tax expense of $2.9 million, less than $0.1 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. | |||
[2] | Net of income tax (benefit) expense of $(4.2) million, $1.9 million and $(3.2) million for the years ended December 31, 2020, 2019 and 2018, respectively. | |||
[3] | Net of income tax expense of $12.3 million, $5.1 million and $6.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. | |||
[4] | Net of income tax benefit of $1.9 million for the year ended December 31, 2018. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Statement of Comprehensive Income [Abstract] | ||||||
Unrealized gain on investments and other financial instruments, tax expense | [1] | $ 2.9 | $ 0.1 | $ 0.3 | ||
Unrealized (loss) gain relating to investments in unconsolidated affiliates, tax (benefit) expense | [2] | (4.2) | 1.9 | (3.2) | ||
Reclassification of unrealized losses on investments in unconsolidated affiliates, tax expense | $ 12.3 | $ 5.1 | [3] | 6.4 | [3] | |
Reclassification of unrealized losses on investments and other financial instruments, tax benefit | [4] | $ (1.9) | ||||
[1] | Net of income tax expense of $2.9 million, less than $0.1 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. | |||||
[2] | Net of income tax (benefit) expense of $(4.2) million, $1.9 million and $(3.2) million for the years ended December 31, 2020, 2019 and 2018, respectively. | |||||
[3] | Net of income tax expense of $12.3 million, $5.1 million and $6.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. | |||||
[4] | Net of income tax benefit of $1.9 million for the year ended December 31, 2018. |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions | Total | Unconsolidated affiliates | Ceridian | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Additional Paid-in CapitalUnconsolidated affiliates | Additional Paid-in CapitalCeridian | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comp (Loss) Earnings | Accumulated Other Comp (Loss) EarningsCumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Non-controlling Interests | ||
Beginning balance (in shares) at Dec. 31, 2017 | 70.9 | 0 | ||||||||||||||
Beginning balance at Dec. 31, 2017 | $ 1,153.1 | $ 0 | $ 1,130.2 | $ 0.2 | $ (71) | $ 0 | $ 93.7 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Adjustment for adoption of ASU 2018-02 | 0 | 16.1 | (16.1) | |||||||||||||
Reclassification of unrealized losses gains on investments in unconsolidated affiliates, net of tax, included in net earnings | 24 | [1] | 24 | |||||||||||||
Reclassification of unrealized losses on investments and other financial instruments, net of tax, included in net earnings | 7 | [2] | 7 | |||||||||||||
Other comprehensive earnings — unrealized loss on investments and other financial instruments, net of tax | 0.9 | [3] | 0.9 | |||||||||||||
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates, net of tax | (12) | [4] | (12) | |||||||||||||
Stock-based compensation | 2 | $ 6.5 | 2 | $ 6.5 | ||||||||||||
Issuance of restricted stock (in shares) | 0.3 | |||||||||||||||
Shares withheld for taxes and in treasury | (0.2) | $ (0.2) | ||||||||||||||
Shares issued for during the period (in shares) | 1 | |||||||||||||||
Shares issued, investment success, equity offering, net of offering costs | 19.8 | 19.8 | ||||||||||||||
Contribution of CSA services from FNF | 1.3 | 1.3 | ||||||||||||||
Restaurant Group Restructuring | 2 | (13.6) | 15.6 | |||||||||||||
Subsidiary dividends paid to noncontrolling interests | (0.1) | (0.1) | ||||||||||||||
Net change in Parent investment in FNFV | 4.1 | 4.1 | ||||||||||||||
Net earnings (loss) | (10.6) | 27.6 | (38.2) | |||||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 72.2 | 0 | ||||||||||||||
Ending balance at Dec. 31, 2018 | 1,199.7 | $ 1.9 | $ 0 | 1,146.2 | 45.8 | $ 1.9 | (67.2) | $ (0.2) | 75.1 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Adjustment for adoption of ASU 2018-02 | (5) | |||||||||||||||
Reclassification of unrealized losses gains on investments in unconsolidated affiliates, net of tax, included in net earnings | 19.1 | [1] | 19.1 | |||||||||||||
Reclassification of unrealized losses on investments and other financial instruments, net of tax, included in net earnings | [2] | 0 | ||||||||||||||
Other comprehensive earnings — unrealized loss on investments and other financial instruments, net of tax | 0.1 | [3] | 0.1 | |||||||||||||
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates, net of tax | 7.1 | [4] | 7.1 | |||||||||||||
Stock-based compensation | 4.6 | $ 10.6 | 4 | $ 10.6 | 0.6 | |||||||||||
Shares withheld for taxes and in treasury | (0.8) | $ (0.8) | ||||||||||||||
Shares issued for during the period (in shares) | 7.5 | |||||||||||||||
Shares issued, investment success, equity offering, net of offering costs | 236 | 236 | ||||||||||||||
Contribution of CSA services from FNF | 1.3 | 1.3 | ||||||||||||||
Subsidiary dividends paid to noncontrolling interests | (1) | (1) | ||||||||||||||
Dun & Bradstreet equity issuance costs | (1.4) | (1.4) | ||||||||||||||
Treasury stock repurchases (in shares) | 0.2 | |||||||||||||||
Treasury stock repurchases | (4.9) | $ (4.9) | ||||||||||||||
Deconsolidation of T-System | (2.9) | (2.9) | ||||||||||||||
Net earnings (loss) | 46.8 | 77.3 | (30.5) | |||||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 79.7 | 0.2 | ||||||||||||||
Ending balance at Dec. 31, 2019 | 1,529.8 | $ 15.5 | $ 0 | 1,396.7 | 143.6 | $ 20.5 | (45.9) | $ (5) | $ (5.9) | 41.3 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Reclassification of unrealized losses gains on investments in unconsolidated affiliates, net of tax, included in net earnings | 46.2 | [1] | 46.2 | |||||||||||||
Reclassification of unrealized losses on investments and other financial instruments, net of tax, included in net earnings | [2] | 0 | ||||||||||||||
Other comprehensive earnings — unrealized loss on investments and other financial instruments, net of tax | 10.7 | [3] | 10.7 | |||||||||||||
Other comprehensive earnings — unrealized gain on investments in unconsolidated affiliates, net of tax | (15.9) | [4] | (15.9) | |||||||||||||
Stock-based compensation | 4.2 | $ 11.9 | 4.2 | $ 11.9 | ||||||||||||
Shares withheld for taxes and in treasury | (0.8) | $ (0.8) | ||||||||||||||
Shares issued for during the period (in shares) | 12.7 | |||||||||||||||
Shares issued, investment success, equity offering, net of offering costs | 455 | 455 | ||||||||||||||
Contribution of CSA services from FNF | 1.2 | 1.2 | ||||||||||||||
Subsidiary dividends paid to noncontrolling interests | (0.7) | (0.7) | ||||||||||||||
Treasury stock repurchases (in shares) | 0.5 | |||||||||||||||
Treasury stock repurchases | (14.4) | $ (14.4) | ||||||||||||||
Restaurant Group Reorganization | (5.5) | 6.8 | (12.3) | |||||||||||||
Sale of noncontrolling interest in consolidated subsidiary | 3.7 | 3.7 | ||||||||||||||
Net earnings (loss) | 1,759.8 | 1,786.2 | (26.4) | |||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 92.4 | 0.7 | ||||||||||||||
Ending balance at Dec. 31, 2020 | $ 3,785.2 | $ 0 | $ 1,875.8 | $ 1,929.8 | $ (4.9) | $ (21.1) | $ 5.6 | |||||||||
[1] | Net of income tax expense of $12.3 million, $5.1 million and $6.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. | |||||||||||||||
[2] | Net of income tax benefit of $1.9 million for the year ended December 31, 2018. | |||||||||||||||
[3] | Net of income tax expense of $2.9 million, less than $0.1 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. | |||||||||||||||
[4] | Net of income tax (benefit) expense of $(4.2) million, $1.9 million and $(3.2) million for the years ended December 31, 2020, 2019 and 2018, respectively. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ 1,759.8 | $ 46.8 | $ (10.6) |
Adjustments to reconcile net earnings (loss) to net cash used in operating activities: | |||
Depreciation and amortization | 30.7 | 54.5 | 61.3 |
Equity in (earnings) losses of unconsolidated affiliates | (59.1) | 115.1 | 16.1 |
Distributions from investments in unconsolidated affiliates | 128.4 | 2 | 1.4 |
Recognized gains and losses, net | (2,367.9) | (354.1) | (182.7) |
Loss on sale of consolidated subsidiaries | 0 | 6.4 | 0 |
Impairments of assets | 24.4 | 90.8 | 55.2 |
Lease asset amortization | 25.1 | 38.8 | 0 |
Stock-based compensation cost | 4.2 | 4.6 | 21.8 |
Changes in assets and liabilities, net of effects from acquisitions: | |||
Net (increase) decrease in trade receivables | (1.6) | 18.2 | (7.3) |
Net (increase) decrease in other assets | (29.8) | (36.2) | 9.5 |
Net increase in accounts payable, accrued liabilities, deferred revenue and other | 26 | 8.4 | 0.9 |
Net decrease in lease liabilities | (28.3) | (46.9) | 0 |
Net change in income taxes | 374.2 | (32.6) | 11.5 |
Net cash used in operating activities | (113.9) | (84.2) | (22.9) |
Cash flows from investing activities: | |||
Proceeds from sales of equity securities | 0 | 0 | 17.7 |
Proceeds from sale of Ceridian shares | 721 | 477.9 | 152.5 |
Proceeds from sale of LifeWorks | 0 | 0 | 56.2 |
Additions to property and equipment and other intangible assets | (22.3) | (28.3) | (15.9) |
Additions to notes receivable | (37.3) | 0 | 0 |
Collections of notes receivable | 7.2 | 0 | 0 |
Purchases of investment securities | (0.7) | 0 | (3.5) |
Proceeds from the sale of other investments | 9.9 | 4.8 | 7.8 |
Proceeds from the sale of property and equipment | 4.4 | 21.4 | 4.9 |
Purchases of other long-term investments | 0 | (30) | (7.4) |
Distributions from investments in unconsolidated affiliates | 48.3 | 1 | 0.4 |
Net proceeds from (purchases of) short term investments | 0.5 | 30.9 | (31.4) |
Net other investing activities | 0.1 | 3 | 0.1 |
Cash deconsolidated at the inception of the Blue Ribbon Reorganization | (1.1) | 0 | 0 |
Cash acquired upon acquisition of Legendary Baking and VIBSQ - see Note I | 8.6 | 0 | 0 |
Cash proceeds from the contribution of T-System to CorroHealth, net of cash transferred | 0 | 66.9 | 0 |
Holdback proceeds received from sale of OneDigital | 0 | 0 | 4.6 |
Other acquisitions/disposals of businesses, net of cash acquired/disposed | 0 | 0 | 0.7 |
Net cash (used in) provided by investing activities | (74.2) | (24.2) | 186.7 |
Cash flows from financing activities: | |||
Borrowings, net of debt issuance costs | 45.2 | 367.3 | 33.9 |
Debt service payments | (108.8) | (290.8) | (124.1) |
Equity offering proceeds, net of capitalized costs | 455 | 236 | 0 |
Sale of noncontrolling interest in consolidated subsidiary | 3.7 | 0 | 4.1 |
Subsidiary distributions paid to noncontrolling interest shareholders | (0.8) | (0.9) | (0.1) |
Proceeds from Restaurant Group sale and leaseback of corporate office, net of issuance costs | 0 | 13.2 | 0 |
Payment for shares withheld for taxes and in treasury | (0.8) | (0.8) | (0.2) |
Purchases of treasury stock | (14.4) | (4.9) | 0 |
Net cash provided by (used in) financing activities | 379.1 | 319.1 | (86.4) |
Net increase in cash and cash equivalents | 191 | 210.7 | 77.4 |
Cash and cash equivalents at beginning of period, including cash of discontinued operations | 533.7 | 323 | 245.6 |
Cash and cash equivalents at end of period, including cash of discontinued operations | 724.7 | 533.7 | 323 |
Investments Excluding Dun & Bradstreet | |||
Cash flows from investing activities: | |||
Investments in unconsolidated affiliates, Dun & Bradstreet, net of capitalized syndication fees | (323.8) | (45.7) | 0 |
Dun & Bradstreet | |||
Adjustments to reconcile net earnings (loss) to net cash used in operating activities: | |||
Equity in (earnings) losses of unconsolidated affiliates | 46.8 | 132.8 | 0 |
Cash flows from investing activities: | |||
Investments in unconsolidated affiliates, Dun & Bradstreet, net of capitalized syndication fees | (200) | (526.1) | 0 |
Optimal Blue | |||
Adjustments to reconcile net earnings (loss) to net cash used in operating activities: | |||
Equity in (earnings) losses of unconsolidated affiliates | 9.4 | 0 | 0 |
Cash flows from investing activities: | |||
Investments in unconsolidated affiliates, Dun & Bradstreet, net of capitalized syndication fees | $ (289) | $ 0 | $ 0 |
Business and Summary of Signifi
Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Summary of Significant Accounting Policies | Business and Summary of Significant Accounting Policies The following describes the significant accounting policies of Cannae Holdings, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” "Cannae," or the "Company”), which have been followed in preparing the accompanying Consolidated Financial Statements. Description of Business We are engaged in actively managing and operating a group of companies and investments, as well as making additional majority and minority equity portfolio investments in businesses, in order to achieve superior financial performance and maximize the value of these assets. Our primary investments as of December 31, 2020 include our minority ownership interests in Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet" or "D&B"), Ceridian HCM Holding, Inc. ("Ceridian"), Optimal Blue Holdco, LLC ("Optimal Blue") and AmeriLife Group, LLC ("AmeriLife"); majority equity ownership stakes in O'Charley's Holdings, LLC ("O'Charley's") and 99 Restaurants Holdings, LLC ("99 Restaurants"); and various other controlled portfolio companies and minority equity and debt investments. See Note Q Segment Information for further discussion of the businesses comprising our reportable segments. Split-off of Cannae from FNF On November 17, 2017, Fidelity National Financial, Inc. (“FNF”) redeemed each outstanding share of its FNF Ventures ("FNFV") Group common stock, par value $0.0001, for one share of common stock, par value $0.0001, of a newly formed entity, Cannae (the "Split-Off"). In conjunction with the Split-Off, FNF contributed to us its portfolio of investments unrelated to its primary insurance and real estate operations, which included majority and minority equity investment stakes in a number of entities and certain fixed income investments. On November 20, 2017, Cannae common stock began “regular-way” trading on The New York Stock Exchange under the “CNNE” stock symbol. Following the Split-Off, FNF and Cannae operate as separate, publicly-traded companies. In connection with the Split-Off, FNF and Cannae entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a reorganization agreement, a corporate services agreement, a registration rights agreement, a voting agreement and a tax matters agreement. The reorganization agreement provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Cannae and FNF with respect to and resulting from the Split-Off. The tax matters agreement provides for the allocation and indemnification of tax liabilities and benefits between FNF and Cannae and other agreements related to tax matters. The voting and registration rights agreements provide for certain appearance and voting restrictions and registration rights on shares of Cannae owned by FNF after consummation of the Split-Off. Pursuant to the corporate services agreement (the "CSA"), FNF will provide Cannae with certain "back office" services including legal, tax, accounting, treasury and investor relations support. Cannae will reimburse FNF for direct, out-of-pocket expenses incurred by FNF in providing these services. On October 7, 2020, the Company entered into an Extension of Corporate Services Agreement (the “Extension”) with FNF. Pursuant to the Extension, the term of the CSA is extended for two years until November 17, 2022 (the “Extended Term”). During the Extended Term, FNF will provide certain corporate services to Cannae at FNF’s Standard Allocation (as defined in the CSA), plus 10%, and Cannae agrees to pay or reimburse FNF for any fees, costs or other expenses paid by FNF to third parties in connection with the corporate services. The CSA will automatically renew for successive one Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. The Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the CSA and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. Both FNF and Cannae believe such allocations are reasonable; however, they may not be indicative of the actual results of operations or cash flows of the Company had the Company been operating as an independent, publicly traded company for the periods presented or the amounts that will be incurred by the Company in the future. All intercompany profits, transactions and balances have been eliminated. Our investments in non-majority-owned partnerships and affiliates are accounted for using the equity method. Earnings attributable to noncontrolling interests are recorded on the Consolidated Statements of Operations relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Consolidated Balance Sheets in each period. Management Estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the carrying amount and depreciation of property and equipment (Note E), the valuation of acquired intangible assets (Note H and Note I), fair value measurements (Note C), and accounting for income taxes (Note L). Actual results could differ from estimates. Recent Developments Dun & Bradstreet On July 6, 2020, Dun & Bradstreet closed its previously announced initial public offering of 90,047,612 shares of common stock, which includes 11,745,340 shares of common stock issued pursuant to the exercise by the underwriters of their option to purchase additional shares in full (the "D&B IPO"). The D&B IPO was priced at $22.00 per share, resulting in gross proceeds to Dun & Bradstreet of $2.4 billion when combined with $400.0 million of aggregate proceeds from a concurrent private placement offering (the "D&B Private Placement") and before deducting underwriting discounts and commissions and other offering expenses payable by Dun & Bradstreet. Shares of Dun & Bradstreet common stock began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "DNB" on July 1, 2020. Dun & Bradstreet used a portion of the net proceeds from the D&B IPO to redeem all of its outstanding Series A Preferred Stock and repay a portion of its 10.250% Senior Unsecured Notes outstanding due 2027. On July 6, 2020, we invested $200.0 million in the D&B Private Placement. Subsequent to the D&B IPO and the D&B Private Placement, we own 76.6 million shares of Dun & Bradstreet, which represented approximately 18.1% of its outstanding common stock as of December 31, 2020. As a result of the D&B IPO, we recorded a net gain of $117.0 million (net of $2.3 million of before-tax losses reclassified from other comprehensive earnings). See Note D for further discussion of our accounting for our investment in D&B. On January 8, 2021, D&B completed its acquisition of Bisnode Business Information Group AB (the "Bisnode acquisition"). In connection with the Bisnode acquisition, an additional 6.2 million shares were issued by D&B, which resulted in a decrease in our ownership interest in D&B to approximately 15.6%. Ceridian During the year ended December 31, 2020, we completed the sale of an aggregate of 9.7 million shares of common stock of Ceridian to brokers pursuant to Rule 144 promulgated under the Securities Act of 1933, as amended (the "Ceridian Share Sales"). In connection with the Ceridian Share Sales, we received aggregate proceeds of $720.9 million. As of December 31, 2020, we owned 9.5% of the outstanding common stock of Ceridian. As of March 31, 2020 our voting agreement with Ceridian was terminated and, as a result, we are no longer able to exert influence over the composition and quantity of Ceridian's board of directors. In combination with the reduction in our ownership of Ceridian resulting from the sale of shares in February 2020, we no longer exercise significant influence over Ceridian. As of March 31, 2020, we account for our investment in Ceridian at fair value pursuant to the investment in equity security guidance of Accounting Standards Codification ("ASC") 321. The change resulted in the revaluation of our investment in Ceridian to its fair value of $993.4 million as of March 31, 2020 and recording a gain on such revaluation of $684.9 million (net of $47.1 million of before-tax losses reclassified from other comprehensive earnings), which is included in Recognized gains and losses, net on the Consolidated Statement of Operations for the year ended December 31, 2020. See Notes C and D for further discussion of our accounting for our investment in Ceridian and other equity securities. Restaurant Group On January 27, 2020, American Blue Ribbon Holdings, LLC ("Blue Ribbon") and its wholly-owned subsidiaries, filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the "Blue Ribbon Reorganization"). The Blue Ribbon Reorganization does not involve or affect the operations of O’Charley’s or 99 Restaurants, which are not part of Blue Ribbon. As a result of the Blue Ribbon Reorganization, we deconsolidated Blue Ribbon as of January 27, 2020 because the bankruptcy court and committee of creditors were deemed to have control of Blue Ribbon. We recorded a gain of $26.5 million on January 27, 2020 as a result of the deconsolidation of Blue Ribbon, which is included in Recognized gains and losses, net on the Condensed Consolidated Statement of Operations. The recorded gain was measured as the excess of the fair value of our retained equity investment in Blue Ribbon over our book value of Blue Ribbon as of January 27, 2020. In conjunction with the Blue Ribbon Reorganization, we provided debtor-in-possession financing (the "DIP Loan") of $27.5 million to Blue Ribbon and its subsidiaries. During the Blue Ribbon Reorganization, we accounted for our retained equity interest in Blue Ribbon under the equity method of accounting because (1) we continued to exert significant influence over Blue Ribbon through our majority equity ownership and position as the single largest post-petition creditor of Blue Ribbon through the DIP Loan, (2) the Blue Ribbon Reorganization was limited in scope and expected to be short in duration, and (3) we expected to retain a majority equity interest upon completion of the Blue Ribbon Reorganization. We recorded an investment of $33.6 million as of January 27, 2020. The fair value of the investment was determined by performing a combination of discounted cash flow and market approaches. As a result of unprecedented social restrictions imposed by state and local government authorities related to the novel coronavirus ("COVID-19") pandemic, our Restaurant Group brands experienced a significant reduction in guest counts beginning in the last two weeks of March 2020. In response to the outbreak and these changing conditions, our Restaurant Group brands initially closed the dining rooms in substantially all of our restaurants. Due to increased uncertainty in the operating environment for restaurants and a significant reduction in forecasted cash flows for Blue Ribbon, we recorded an other-than-temporary impairment of our investment of $18.6 million as of March 31, 2020. On July 10, 2020, Blue Ribbon filed its Debtor's Chapter 11 Plan (the "Chapter 11 Plan") with the U.S. Bankruptcy Court of Delaware (the "Bankruptcy Court"). On October 2, 2020, the Chapter 11 Plan became effective and Blue Ribbon emerged from bankruptcy as a set of reorganized companies (the "Blue Ribbon Emergence"). Subsequent to Blue Ribbon's emergence from bankruptcy we own 100% of Legendary Baking Holdings I, LLC ("Legendary Baking") and VIBSQ Holdco, LLC ("VIBSQ"), which were formerly part of Blue Ribbon. See Note I for further discussion of our accounting for our acquisition of Legendary Baking and VIBSQ. AmeriLife On March 18, 2020, we closed on the previously announced $125.0 million investment in a partnership (the “AmeriLife Joint Venture”) that invested in the recapitalization of AmeriLife. Cannae and other investors provided an aggregate of $617.0 million in equity financing to the AmeriLife Joint Venture to acquire AmeriLife. AmeriLife is a leader in marketing and distributing life, health, and retirement solutions. We account for our investment in the AmeriLife Joint Venture under the equity method of accounting and the investment is included in Investments in unconsolidated affiliates on our Consolidated Balance Sheet as of December 31, 2020. Refer to Note D for further discussion of our investments in unconsolidated affiliates. CoreLogic On December 12, 2019, we entered into a joint venture (the "Senator JV") with affiliates of Senator Investment Group, LP ("Senator") designed to provide a mechanism to allow us and Senator to jointly invest in CoreLogic, Inc. ("CoreLogic"). In December 2019, we initially contributed $90.9 million of cash in exchange for a 49.0% in the Senator JV and a deposit on hand with Senator JV. Affiliates of Senator are the general partner of the Senator JV and hold the balance of the limited partnership interests of the Senator JV. In the year ended December 31, 2020, we invested an additional $201.2 million in the Senator JV. We account for our investment in the Senator JV under the equity method of accounting and the investment is included in Investments in unconsolidated affiliates on our Consolidated Balance Sheet as of December 31, 2020. During the year ended December 31, 2020, we received from the Senator JV a distribution of 2.3 million shares of common stock of CoreLogic and the Senator JV distributed $232.4 million of securities to other limited partners affiliated with Senator. On June 26, 2020, Cannae and Senator submitted a jointly signed letter to CoreLogic’s board of directors pursuant to which Cannae and Senator proposed to acquire CoreLogic for $65.00 per share in cash. On July 7, 2020, CoreLogic announced that its board of directors unanimously rejected the proposal. On July 29, 2020, Cannae and Senator sent an open letter to CoreLogic shareholders announcing that we initiated the process to call a special meeting of CoreLogic's shareholders to elect nine independent directors to the CoreLogic board of directors. On September 14, 2020, Senator and Cannae informed the board of directors of CoreLogic of the decision by Senator and Cannae to increase the proposed purchase price to $66.00 per share in cash. On September 15, 2020, the CoreLogic board of directors delivered to Senator and Cannae a letter in which CoreLogic's board of directors rejected the revised offer and again rejected Senator’s and Cannae’s request for access to targeted due diligence information regarding CoreLogic. On October 30, 2020, we distributed the 2.3 million shares of CoreLogic previously held directly by us back to the Senator JV. In November 2020 and December 2020, we received an aggregate of $198.6 million of distributions from the Senator JV resulting from the Senator JV's sales of CoreLogic Shares. Subsequent to December 31, 2020 through the date of this Annual Report, we have received distributions of $280.6 million from the Senator JV, the Senator JV has exited our investment in CoreLogic completely and we have no further material interest in the Senator JV. Refer to Notes C and D for further discussion of our accounting for our investment in the Senator JV. Optimal Blue On September 15, 2020, Black Knight, Inc. (“Black Knight”) closed on its acquisition of Optimal Blue, a leading provider of secondary market solutions and actionable data services. Cannae, in connection with the closing of the acquisition by Black Knight, funded its previously announced commitment to purchase 20% of the equity of Optimal Blue for $289.0 million. We account for our investment in Optimal Blue under the equity method of accounting and the investment is included in Investments in unconsolidated affiliates on our Consolidated Balance Sheet as of December 31, 2020. Refer to Note D for further discussion of our investments in unconsolidated affiliates. Forward Purchases of Equity of Special Purpose Acquisition Companies On May 8, 2020, we entered into a forward purchase agreement (the "FTAC FPA") with Foley Trasimene Acquisition Corp. (“FTAC”), a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (the "FTAC Initial Business Combination"). FTAC is co-sponsored by entities affiliated with the chairman of our Board of Directors ("Board"), William P. Foley II. Under the FTAC FPA, we will purchase an aggregate of 15,000,000 shares of FTAC’s Class A common stock, plus an aggregate of 5,000,000 redeemable warrants to purchase one share of FTAC's Class A common stock at $11.50 per share for an aggregate purchase price of $150.0 million in a private placement to occur concurrently with the closing of the FTAC Initial Business Combination. The forward purchase is contingent upon the closing of the FTAC Initial Business Combination. On June 5, 2020, we entered into a forward purchase agreement (the "Trebia FPA") with Trebia Acquisition Corp. (“Trebia”), a newly incorporated blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the "Trebia Initial Business Combination"). Trebia is co-sponsored by entities affiliated with the chairman and a member of our Board, William P. Foley II and Frank R. Martire, respectively. Under the Trebia FPA, we will purchase an aggregate of 7,500,000 Class A ordinary shares of Trebia, plus an aggregate of 2,500,000 redeemable warrants to purchase one Class A ordinary share of Trebia at $11.50 per share for an aggregate purchase price of $75.0 million in a private placement to occur concurrently with the closing of the Trebia Initial Business Combination. The forward purchase is contingent upon the closing of the Trebia Initial Business Combination. On July 31, 2020, we entered into a forward purchase agreement (the "FTAC II FPA" and together with the FTAC FPA and Trebia FPA, the "Forward Purchase Agreements") with Foley Trasimene Acquisition Corp. II (“FTAC II”), a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (the "FTAC II Initial Business Combination"). FTAC II is sponsored by an entity affiliated with the chairman of our Board, William P. Foley II. Under the FTAC II FPA, we will purchase an aggregate of 15,000,000 shares of FTAC II’s Class A common stock, plus an aggregate of 5,000,000 redeemable warrants to purchase one share of FTAC II's Class A common stock at $11.50 per share for an aggregate purchase price of $150.0 million in a private placement to occur concurrently with the closing of the FTAC II Initial Business Combination. The forward purchase is contingent upon the closing of the FTAC II Initial Business Combination. On December 7, 2020, FTAC II entered into a definitive agreement and plan of merger with Paysafe Limited (“Paysafe”), a leading integrated payments platform (the "FTAC II Paysafe Merger"). Upon closing of the FTAC II Paysafe Merger, the newly combined company will operate as Paysafe and plans to list on the New York Stock Exchange under the symbol PSFE. The FTAC II Paysafe Merger reflects an implied pro-forma enterprise value for Paysafe of approximately $9.0 billion. The FTAC II Paysafe Merger will be funded with the cash held in trust at FTAC II, forward purchase commitments, private investment in public equity ("PIPE") commitments and equity of Paysafe. Completion of the FTAC II Paysafe Merger is subject to approval by FTAC II stockholders, the effectiveness of a registration statement to be filed with the SEC in connection with the transaction, and other customary closing conditions, including the receipt of certain regulatory approvals. The FTAC II Paysafe Merger is expected to close in the first half of 2021. In conjunction with the FTAC II Paysafe Merger, Cannae entered into an agreement to purchase 35,000,000 shares of Paysafe for $350.0 million as part of a subscription to the PIPE (the "Paysafe Subscription Agreement"). Paysafe has agreed to pay us a placement fee of $5.6 million as consideration for our subscription. Upon consummation of the FTAC II Paysafe Merger, our aggregate investment in Paysafe is expected to be $504.7 million, inclusive of Cannae's investment commitments under the FTAC II FPA and Paysafe Subscription Agreement and our prior $4.7 million investment in the sponsor of FTAC II, and we are expected to receive 54,290,000 shares of common stock of Paysafe which represents approximately 7.5% of the pro forma outstanding common equity of Paysafe and 8,134,067 warrants to purchase one share of Paysafe common stock at $11.50 per share. Refer to Note C and G for further discussion of our accounting for the Forward Purchase Agreements and Paysafe Subscription Agreement. On January 25, 2021, FTAC entered into a business combination agreement with Alight Solutions ("Alight"), a leading cloud-based provider of integrated digital human capital and business solutions (the "FTAC Alight Business Combination"). Under the terms of the FTAC Alight Business Combination, FTAC will combine with Alight and Alight will become a publicly traded entity under the name “Alight, Inc.” and symbol ALIT. The FTAC Alight Business Combination reflects an implied pro-forma enterprise value for Alight of approximately $7.3 billion at closing. The FTAC Alight Business Combination will be funded with the cash held in trust at FTAC, forward purchase commitments, PIPE commitments and equity of Alight. Completion of the FTAC Alight Business Combination is subject to approval by FTAC stockholders, the effectiveness of a registration statement to be filed with the SEC in connection with the transaction, and other customary closing conditions of SPAC business combinations, including the receipt of certain regulatory approvals. On January 25, 2021, Cannae entered into an agreement to purchase 25,000,000 shares of Alight for $250.0 million as part of a subscription to the PIPE (the "Alight Subscription Agreement"). Alight has agreed to pay us a placement fee of $6.3 million as consideration for our subscription. Upon consummation of the FTAC Alight Business Combination, our aggregate investment in Alight is expected to be $404.5 million, inclusive of Cannae's investment commitments under the FTAC FPA and Alight Subscription Agreement and our previous $4.5 million investment in a sponsor of FTAC, and we are expected to receive 44,639,500 shares of common stock of Alight which represents approximately 8.6% of the pro forma outstanding common equity of Alight and 8,026,666 warrants to purchase one share of Alight common stock at $11.50 per share. Other Developments In June 2020, we completed an underwritten public offering of an aggregate of 12,650,000 shares of our common stock, including 1,650,000 shares of our common stock pursuant to the full exercise of the underwriter's overallotment option (the "Offering"), pursuant to a prospectus supplement, dated June 10, 2020, and the base prospectus, dated November 27, 2019, included in our registration statement on Form S-3 ASR (File No. 333-235303), which was initially filed with the Securities and Exchange Commission on November 27, 2019. We received net proceeds from the Offering of approximately $455.0 million, after deducting the underwriting discount and capitalized offering expenses payable by the Company. We intend to use the net proceeds of the Offering to fund future acquisitions or investments, including potential investments in existing portfolio companies, and for general corporate purposes. Cash and Cash Equivalents Highly liquid instruments, including money market instruments, purchased as part of cash management with original maturities of three months or less, and certain amounts in transit from credit and debit card processors, are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate their fair value. Restricted Cash The Restaurant Group is required to hold cash collateralizing its outstanding letters of credit. Included in Cash and cash equivalents on our Consolidated Balance Sheets as of December 31, 2020 and 2019 is $12.5 million and $11.4 million, respectively, of such restricted cash. Investments Equity securities primarily include our investments in Ceridian, the Forward Purchase Agreements and the Paysafe Subscription Agreement and are carried at fair value. Investments in unconsolidated affiliates are recorded using the equity method of accounting. Fixed maturity securities, which may be sold prior to maturity, are carried at fair value and are classified as available for sale as of the balance sheet dates. Fair values for fixed maturity securities are principally a function of current market conditions and are valued based on quoted prices in markets that are not active or model inputs that are unobservable. See Note C. Discount or premium is recorded for the difference between the purchase price and the principal amount. The discount or premium is amortized or accrued using the interest method and is recorded as an adjustment to interest, investment and other income. The interest method results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. Recognized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis. Unrealized gains or losses on fixed maturity securities, which are classified as available for sale, net of applicable deferred income tax expenses (benefits), are excluded from earnings and credited or charged directly to a separate component of equity. If any unrealized losses on available for sale fixed maturity securities are determined to be other-than-temporary, such unrealized losses are recognized as realized losses. Unrealized losses are considered other-than-temporary if factors exist that cause us to believe that the value will not increase to a level sufficient to recover our cost basis. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include (i) our need and intent to sell the investment prior to a period of time sufficient to allow for a recovery in value; (ii) the duration and extent to which the fair value has been less than cost; and (iii) the financial condition and prospects of the issuer. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. See Notes C and D for further discussion of our accounting for equity securities and investments in unconsolidated affiliates. Fair Value of Financial Instruments The fair values of financial instruments presented in the Consolidated Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. Estimates that use unobservable inputs are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. See Note C for further details. Other Current Assets Prepaid expenses and other current assets consist of trade receivables, inventory, prepaid operating expenses, the current portion of notes receivable, deposits and other miscellaneous current assets. As of December 31, 2019, Prepaid expenses and other current assets also includes cash on depost with the Senator JV. Trade receivables are primarily for the Restaurant Group and consist primarily of billings to third-party customers of Legendary Baking, business to business gift card sales, insurance-related reimbursement, rebates, tenant improvement allowances, and billings to franchisees for royalties, initial and renewal fees, equipment sales and rent. Trade receivables are recorded net of an allowance for doubtful accounts, which is our best estimate of the amount of probable credit losses related to existing receivables. The carrying values reported in the Consolidated Balance Sheets for trade receivables approximate their fair value. Inventory primarily consists of raw materials, finished pies, food, beverages packaging and supplies in our Restaurant Group segment and is stated at the lower of cost or net realizable value. Cost is determined using the first in, first out method for restaurant inventory and standard cost that approximates actual cost on a first in, first out basis for the bakery operations. Other Long Term Investments and Non-Current Assets Other long-term investments consist of land held for investment purposes and investments in equity securities without a readily determinable fair value. Land is carried at historical cost. See Note D for further discussion of our accounting for equity securities without a readily determinable fair value. Other non-current assets include notes receivable from third-parties and other miscellaneous non-current assets. Leases Refer to Note B. Goodwill Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in business combinations. Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. We have the option to first assess goodwill for impairment based on a review of qualitative factors to determine if events and circumstances exist that will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if the Company concludes otherwise, then it is required to perform the quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. Goodwill impairment, if any, is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. For the year ended December 31, 2020, we recorded $7.8 million of impairment to goodwill in our Restaurant Group segment. The impairment charge is a result of deteriorating operating results and cash flow resulting from declining same store sales and increased costs at O'Charley's. The impairment recorded was calculated as the deficit between the carrying value of our O'Charley's reporting unit of our Restaurant Group compared to the fair value of the reporting unit determined by performing a combination of discounted cash flow and market approaches. For the year ended December 31, 2019 we recorded $35.1 million of impairment to goodwill in our former T-System segment and $10.4 million of impairment to goodwill in our Restaurant Group segment. The impairment in our former T-System segment is primarily a result of a decline in earni |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases We adopted Topic 842 on January 1, 2019 using a modified retrospective approach. Prior years continue to be reported under Accounting Standards Codification ("ASC") Topic 840. See Note S for further discussion of the effects of adoption of Topic 842 in the year ended December 31, 2019. We are party to operating lease arrangements primarily for leased real estate for restaurants and office space. Right-of-use assets and lease liabilities related to operating leases under ASC 842 are recorded at commencement when we are party to a contract that conveys the right for the Company to control an asset for a specified period of time. We are not a party to any material contracts considered finance leases. Right-of-use assets and lease liabilities related to operating leases are recorded as Lease assets and Lease liabilities, respectively, on the Consolidated Balance Sheets as of December 31, 2020 and 2019. Our material operating leases range in term from one year to nineteen years. As of December 31, 2020 and 2019, the weighted-average remaining lease term of our operating leases was approximately ten years. Leases with an initial term of twelve months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the lease term. Our operating lease agreements do not contain any material buyout options, residual value guarantees or restrictive covenants. Most of our leases include one or more options to renew, with renewal terms that can extend the lease term by varying amounts. The exercise of lease renewal options is at our sole discretion. We include options to renew, not to exceed a total lease term of twenty years, in our measurement of right-of-use assets and lease liabilities when they are considered reasonably certain of exercise. We consider a lease probable for renewal when the duration of the lease extensions are in the foreseeable future and related to assets for which continued use is reasonably assured. Excluding certain immaterial classes of leases in our Restaurant Group, we do not separate lease components from non-lease components for any of our right of use assets. Our operating lease liabilities are determined by discounting future lease payments using a discount rate that represents our best estimate of the incremental borrowing rate our subsidiaries would have to pay to borrow money to finance the asset over the underlying lease term and for an amount equal to the lease payments. Our discount rate is based on interest rates associated with comparable public company secured debt for companies similar to our operating subsidiaries and of similar duration to the underlying lease. As of December 31, 2020 and 2019, the weighted-average discount rate used to determine our operating lease liabilities was 7.08% and 7.67%, respectively. Our lease costs are directly attributable to restaurant operations, primarily for real estate and to a lesser extent certain restaurant equipment. $43.2 million and $58.5 million of operating lease costs are included in Cost of restaurant revenue on the Consolidated Statement of Operations for the years ended December 31, 2020 and 2019, respectively. During the years ended December 31, 2020 and 2019, we recorded impairment expense of $1.5 million and $21.1 million, respectively, related to lease assets in our Restaurant Group, which is recorded within Other operating expenses on our Consolidated Statement of Operations. We do not have any material short term lease costs, variable lease costs, or sublease income. Future payments under operating lease arrangements accounted for under ASC Topic 842 as of December 31, 2020 are as follows (in millions): 2021 $ 40.7 2022 39.2 2023 35.4 2024 26.5 2025 23.0 Thereafter 151.0 Total lease payments, undiscounted $ 315.8 Less: discount 94.0 Total operating lease liability as of December 31, 2020, at present value $ 221.8 Less: operating lease liability as of December 31, 2020, current 26.2 Operating lease liability as of December 31, 2020, long term $ 195.6 Rent expense incurred under operating leases during the year ended December 31, 2018 recorded pursuant to ASC Topic 840 was $60.8 million. No abandoned lease charges were recorded in the year ended December 31, 2018. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy established by the accounting standards on fair value measurements includes three levels, which are based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities that are recorded in the Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows: Level 1. Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access. Level 2. Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 3. Financial assets and liabilities whose values are based on model inputs that are unobservable. Recurring Fair Value Measurements The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, respectively: December 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Fixed-maturity securities available for sale: Corporate debt securities $ — $ — $ 35.2 $ 35.2 Equity securities: Ceridian 1,491.8 — — 1,491.8 Forward Purchase Agreements — — 136.1 136.1 Paysafe Subscription Agreement — — 169.6 169.6 Other 1.6 — — 1.6 Total assets $ 1,493.4 $ — $ 340.9 $ 1,834.3 December 31, 2019 Level 1 Level 2 Level 3 Total (In millions) Fixed-maturity securities available for sale: Corporate debt securities $ — $ — $ 19.2 $ 19.2 Total $ — $ — $ 19.2 $ 19.2 Our Level 3 fair value measurement for our fixed maturity securities available for sale are provided by a single third-party pricing service. Depending on security specific characteristics, either an income or a contingent claims approach was utilized in determining fair value of our Level 3 fixed-maturity securities available for sale. Discount rates are the primary unobservable inputs utilized for the securities valued using an income approach. The discount rates used are based on company-specific risk premiums, public company comparable securities, and leveraged loan indices. The discount rates used in our determination of the fair value of our Level 3 fixed-maturity securities available for sale varies by security type and ranged from 7.3% to 17.5% and had a weighted average of 12.1% as of December 31, 2020. Based on the total fair value of our Level 3 fixed-maturity securities available for sale as of December 31, 2020, changes in the discount rate utilized will not result in a fair value significantly different than the amount recorded. The Forward Purchase Agreements and the Paysafe Subscription Agreement are accounted for at fair value pursuant to ASC Topic 321. We utilized a Monte Carlo Simulation in determining the fair value of these agreements, which is considered to be a Level 3 fair value measurement. The Monte Carlo Simulation model simulates the current security price to a simulated date for the consummation of the underlying initial business combination based on probabilities of consummation. The values of the agreements are then calculated as the difference between the future simulated price and the fixed purchase prices for the underlying securities to be purchased pursuant to the Forward Purchase Agreements and the Paysafe Subscription Agreement. The primary unobservable input utilized in determining the fair value of the Forward Purchase Agreements and Paysafe Subscription Agreement is the probability of consummation of the FTAC Initial Business Combination, Trebia Initial Business Combination and FTAC II Initial Business Combination. The probabilities assigned to the consummation of each of the FTAC Initial Business Combination and the Trebia Initial Business Combination was 90% and the probability assigned to the consummation of the FTAC II Initial Business Combination was 95%. Determination of such probabilities is based on a hybrid approach of both observed success rates of business combinations for special purpose acquisition companies and the sponsors of FTAC, FTAC II and Trebia's track record for consummating similar transactions. The FTAC II Paysafe Merger was also considered in our determination of the probability of the FTAC II Initial Business Combination. The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis. Corporate debt Forward Purchase Paysafe Subscription securities Agreements Agreement Total Fair value, December 31, 2018 $ 17.8 $ — $ — $ 17.8 Paid-in-kind dividends (1) 0.2 — — 0.2 Impairment (2) (0.4) — — (0.4) Net valuation gain included in other comprehensive earnings (3) 1.6 — — 1.6 Fair value, December 31, 2019 $ 19.2 $ — $ — $ 19.2 Paid-in-kind dividends (1) 1.3 — — 1.3 Net valuation gain included in earnings (2) — 136.1 169.6 305.7 Net valuation gain included in other comprehensive earnings (3) 14.7 — — 14.7 Fair value, December 31, 2020 $ 35.2 $ 136.1 $ 169.6 $ 340.9 _____________________________________ (1) Included in Interest, investment and other income on the Consolidated Statements of Operations (2) Included in Recognized gains and losses, net on the Consolidated Statements of Operations (3) Included in Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on the Consolidated Statements of Comprehensive Earnings Transfers into or out of the Level 3 fair value category occur when unobservable inputs become more or less significant to the fair value measurement or upon a change in valuation technique. The Company’s policy is to recognize transfers between levels in the fair value hierarchy at the end of the reporting period in which they occur. All of the unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on our Consolidated Statements of Comprehensive Income for the years ended December 31, 2020, 2019 and 2018 relate to fixed maturity securities considered Level 3 fair value measures. Additional information regarding the fair value of our investment portfolio is included in Note D. The carrying amounts of trade receivables and notes receivable approximate fair value due to their short-term nature. The fair value of our notes payable is included in Note K. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Equity Securities Gains on equity securities included in Recognized gains and losses, net on the Consolidated Statements of Operations consisted of the following for the year ended December 31, 2020 (in millions): Net gains recognized during the period on equity securities $ 1,991.0 Less: net gains recognized during the period on equity securities sold or transferred during the period (410.2) Unrealized gains recognized during the reporting period on equity securities still held at December 31, 2020 $ 1,580.8 We recorded no gains or losses on equity securities for the years ended December 31, 2019 or 2018. Investments in Unconsolidated Affiliates Investments in unconsolidated affiliates recorded using the equity method of accounting as of December 31, 2020 and 2019 consisted of the following (in millions): Ownership at December 31, 2020 2020 2019 Dun & Bradstreet 18.1 % $ 653.2 $ 385.9 Ceridian (1) 9.5 % — 309.5 Optimal Blue 20.0 % 279.8 — AmeriLife 20.0 % 121.1 — Other various 398.9 141.1 Total $ 1,453.0 $ 836.5 _____________________________________ (1) The investment in Ceridian was no longer accounted for under the equity method of accounting beginning March 31, 2020. Equity in earnings (losses) of unconsolidated affiliates for the periods indicated consisted of the following (in millions): Year Ended December 31, 2020 2019 2018 Dun & Bradstreet $ (46.8) $ (132.8) $ — Ceridian (1) 1.5 16.4 (20.5) Optimal Blue (9.4) — — AmeriLife (4.0) — — Other 117.8 1.3 4.4 Total $ 59.1 $ (115.1) $ (16.1) _____________________________________ (1) The amount for the year ended December 31, 2020 represents the Company's equity in earnings of Ceridian in the three months ended March 31, 2020 prior to the change in accounting for the investment beginning March 31, 2020. See Note A. Dun & Bradstreet Based on quoted market prices, the aggregate fair market value of our ownership of Dun & Bradstreet common stock was approximately $1.9 billion as of December 31, 2020. As of December 31, 2020, we hold less than 20% of the outstanding common equity of Dun & Bradstreet but continue to account for our investment under the equity method because we continue to exert significant influence through our 18.1% ownership, because certain of our senior management and directors serve on Dun & Bradstreet's board of directors, and because we are party to an agreement with other of its equity sponsors, which collectively own greater than 50% of the outstanding voting equity of Dun & Bradstreet, pursuant to which we have agreed to collectively vote together on all matters related to the election of directors to the Dun & Bradstreet board of directors for a period of three years. Summarized financial information for Dun & Bradstreet and Star Parent, L.P. ("Star Parent"), the former parent of D&B through which the Company was invested prior to the D&B IPO, for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. We acquired our initial interest in Star Parent on February 8, 2019. The results of operations for the year ended December 31, 2019 presented below represent Star Parent's results of operations subsequent to our acquisition. December 31, December 31, (In millions) Total current assets $ 874.0 $ 417.9 Goodwill and other intangible assets, net 7,668.2 8,091.5 Other noncurrent assets 677.2 603.4 Total assets $ 9,219.4 $ 9,112.8 Current liabilities $ 825.3 $ 1,090.4 Long-term debt 3,255.8 3,818.9 Other non-current liabilities 1,560.6 1,594.0 Total liabilities 5,641.7 6,503.3 Preferred equity — 1,030.6 Total equity 3,577.7 1,578.9 Total liabilities and equity $ 9,219.4 $ 9,112.8 Year ended December 31, 2020 Year ended December 31, 2019 (In millions) Total revenues $ 1,738.1 $ 1,413.9 Loss before income taxes (219.3) (540.0) Net loss (106.5) (425.8) Dividends attributable to preferred equity and noncontrolling interest expense (69.1) (120.5) Net loss attributable to Dun & Bradstreet and Star Parent (175.6) (546.3) Optimal Blue On September 15, 2020, we closed on our $289.0 million investment in Optimal Blue. Summarized financial information for Optimal Blue for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. The results of operations for the year ended December 31, 2020 presented below represent Optimal Blue's results of operations for the period from September 15, 2020 through December 31, 2020. December 31, (In millions) Total current assets $ 38.0 Goodwill and other intangible assets, net 1,831.3 Other assets 100.1 Total assets $ 1,969.4 Current liabilities $ 28.9 Long-term debt 493.0 Other non-current liabilities 105.0 Total liabilities 626.9 Redeemable member's interest 578.0 Additional paid-in capital 813.0 Retained deficit (48.5) Total redeemable member's interest and equity 1,342.5 Total liabilities, redeemable member's interest and equity $ 1,969.4 Year ended December 31, 2020 (In millions) Total revenues $ 45.4 Operating loss (38.1) Net loss (45.9) AmeriLife On March 18, 2020, we closed on our $125.0 million investment in the AmeriLife Joint Venture. Summarized financial information for the AmeriLife Joint Venture for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. We account for our investment in AmeriLife as an equity method investment and report our equity in earnings or loss of the AmeriLife Joint Venture on a three-month lag. Accordingly, our net earnings for the year ended December 31, 2020 includes our equity in AmeriLife’s losses for the period from March 18, 2020 through September 30, 2020. December 31, (In millions) Total current assets $ 108.5 Goodwill and other intangible assets, net 1,370.4 Other assets 16.4 Total assets $ 1,495.3 Current liabilities $ 53.1 Long-term debt 645.2 Other non-current liabilities 14.7 Total liabilities 713.0 Member's equity 607.4 Noncontrolling interest - nonredeemable 174.9 Total member's equity 782.3 Total liabilities and member's equity $ 1,495.3 December 31, (In millions) Total revenues $ 171.3 Operating income 9.5 Net loss (10.1) Income attributable to noncontrolling interests 14.3 Net loss attributable to AmeriLife (24.4) Fixed Maturity Securities The carrying amounts and fair values of our fixed maturity securities at December 31, 2020 and 2019 are as follows: December 31, 2020 Carrying Cost Basis Unrealized Unrealized Fair (In millions) Fixed maturity securities available for sale: Corporate debt securities $ 35.2 $ 22.0 $ 13.2 $ — $ 35.2 Total $ 35.2 $ 22.0 $ 13.2 $ — $ 35.2 December 31, 2019 Carrying Cost Basis Unrealized Unrealized Fair (In millions) Fixed maturity securities available for sale: Corporate debt securities $ 19.2 $ 19.6 $ 0.7 $ (1.1) $ 19.2 Total $ 19.2 $ 19.6 $ 0.7 $ (1.1) $ 19.2 The cost basis of fixed maturity securities available for sale includes an adjustment for amortized premium or discount since the date of purchase. As of December 31, 2020, $34.7 million of our fixed maturity securities are corporate debt securities with a maturity of less than one year, and $0.5 million are corporate debt securities with a maturity of greater than one year, but less than five years. Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Net unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 were as follows (in millions): December 31, 2019 Less than 12 Months Fair Unrealized Value Losses Corporate debt securities $ 10.8 $ (1.1) Total temporarily impaired securities $ 10.8 $ (1.1) During the year ended December 31, 2020, we recorded no other-than-temporary impairment charges relating to corporate debt securities. During the years ended December 31, 2019 and 2018, we incurred $0.4 million and $12.5 million, respectively, of other-than-temporary impairment charges relating to corporate debt securities, which is included in Recognized gains and losses, net on the Consolidated Statements of Operations. The impairments recorded relate to a corporate debt holding that has experienced a prolonged period of declining earnings and that were uncertain of our ability to recover our initial investment. The entire loss represents credit loss recognized in earnings and no portion of the loss was included in other comprehensive earnings. As of December 31, 2020, we held $16.4 million of corporate debt securities for which an other-than-temporary impairment had been previously recognized. It is possible that future events may lead us to recognize potential future impairment losses related to our investment portfolio and that unanticipated future events may lead us to dispose of certain investment holdings and recognize the effects of any market movements in our results of operations. Equity Security Investments Without Readily Determinable Fair Values We account for our investment in preferred equity of QOMPLX, Inc. ("QOMPLX"), an intelligent decision and analytics platform used by businesses for modeling and planning, at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions . As of December 31, 2020 and 2019, we have $30.0 million and $22.5 million, respectively, recorded for our investment in QOMPLX, which is included in Other long term investments and |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consists of the following: December 31, 2020 2019 (In millions) Furniture, fixtures and equipment $ 118.3 $ 166.0 Leasehold improvements 129.6 158.9 Land 36.7 40.6 Buildings 40.9 28.9 Other 5.1 6.1 330.6 400.5 Accumulated depreciation and amortization (184.8) (237.9) $ 145.8 $ 162.6 Depreciation expense on property and equipment was $26.7 million, $35.8 million, and $38.0 million for the years ended December 31, 2020, 2019, and 2018, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Goo dwill consists of the following: Restaurant Group Corporate Total (in millions) Balance, December 31, 2018 $ 76.5 $ — $ 76.5 Impairment (10.4) — (10.4) Balance, December 31, 2019 $ 66.1 $ — $ 66.1 Impairment (7.8) — (7.8) Deconsolidation of Blue Ribbon (4.9) — (4.9) Balance, December 31, 2020 $ 53.4 $ — $ 53.4 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest EntitiesThe Company, in the normal course of business, engages in certain activities that involve variable interest entities ("VIEs"), which are legal entities in which a group equity investors individually lack any of the characteristics of a controlling interest. The primary beneficiary of a VIE is generally the enterprise that has both the power to direct the activities most significant to the economic performance of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. The Company evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate. As of and for the years ended December 31, 2020, 2019 and 2018, we are not the primary beneficiary of any VIEs. Unconsolidated VIEs The table below summarizes select information related to variable interests held by the Company as of December 31, 2020 and 2019, of which we are not the primary beneficiary: 2020 2019 Total Assets Maximum Exposure Total Assets Maximum Exposure (in millions) Investments in unconsolidated affiliates 299.7 299.7 440.2 440.2 Forward Purchase Agreements and Paysafe Subscription Agreement 305.7 305.7 — — Investments in Unconsolidated Affiliates We hold variable interests in certain unconsolidated affiliates, which are primarily comprised of our investments in the Senator JV; the sponsors of FTAC, Trebia, and FTAC II; and funds that hold minority ownership interests primarily in healthcare-related entities. We do not have the power to direct the activities that most significantly impact the economic performance of these unconsolidated affiliates; therefore, we are not the primary beneficiary. As of December 31, 2019, total assets in the table above includes the Company's equity method investment in Star Parent. Upon consummation of the D&B IPO on July 6, 2020, our investment in Dun & Bradstreet changed from an investment in a limited partnership to an investment in the common stock of a corporation. The limited partners of Star Parent did not have the ability to unilaterally remove the general partner and as a result, our investment in Star Parent was considered a VIE. As a result of the change in form of our investment from a limited partnership to a corporation, Dun & Bradstreet is no longer considered a VIE subsequent to the D&B IPO. The principal risk to which these investments and funds are exposed is the credit risk of the underlying investees. We do not provide any implicit or explicit liquidity guarantees or principal value guarantees to these VIEs. The assets are included in Investments in unconsolidated affiliates on the Consolidated Balance Sheets and accounted for under the equity method of accounting. See Note D for further discussion of our accounting for investments in unconsolidated affiliates. Forward Purchase Agreements and Paysafe Subscription Agreement In addition to the Forward Purchase Agreements and Paysafe Subscription Agreement, the Company made investments in the sponsors of FTAC, Trebia and FTAC II, which are considered VIEs for which we are not the primary beneficiary and are included in Investments in unconsolidated affiliates. The assets represented by the Forward Purchase Agreements and Paysafe Subscription Agreement are accounted for as investments in equity securities pursuant to ASC 321 and are included in Equity securities on the Consolidated Balance Sheet as of December 31, 2020. See Notes C and D for further information on our accounting for equity securities. |
Other Intangible Assets
Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Other Intangible Assets Other intangible assets consist of the following: December 31, 2020 2019 (In millions) Trademarks and tradenames $ 37.8 $ 53.9 Software 13.5 17.1 Franchise rights 9.3 7.2 Customer relationships and contracts 5.2 5.2 65.8 83.4 Accumulated amortization (14.0) (20.3) $ 51.8 $ 63.1 Amortization expense for amortizable intangible assets was $4.0 million, $4.9 million, and $8.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. Estimated amortization expense for the next five years for assets owned at December 31, 2020 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions On October 2, 2020, the Chapter 11 Plan became effective and Blue Ribbon emerged from bankruptcy as a set of reorganized companies. We exchanged $15.5 million of the outstanding balance under the DIP Loan prior to October 2, 2020 for 100% of the assets and uncompromised liabilities of Legendary Baking and VIBSQ. The acquisition was accounted for as a business combination pursuant to ASC Topic 805. The consideration transferred was determined as follows (in millions): Notes receivable from Blue Ribbon $ 34.0 Fair value of investment in Blue Ribbon immediately prior to Blue Ribbon Emergence 15.2 Total consideration transferred $ 49.2 All notes receivable by the Company from Blue Ribbon prior to the Blue Ribbon Emergence of $34.0 million, inclusive of the $15.5 million exchanged for the assets and uncompromised liabilities of Legendary Baking and VIBSQ, $12.0 million of the remaining balance outstanding under the DIP Loan and converted to an intercompany term loan with us, and $6.5 million provided to Blue Ribbon as exit financing and included in the closing term loan with us upon the Blue Ribbon Emergence, is part of the consideration transferred because subsequent to our acquisition of Legendary Baking and VIBSQ upon the Blue Ribbon Emergence the remaining balance outstanding eliminates in consolidation. Our interest in Blue Ribbon during the Blue Ribbon Reorganization was accounted for as an equity method investment. In conjunction with our acquisition of Legendary Baking and VIBSQ out of bankruptcy, we revalued our interest in Blue Ribbon to fair value, which resulted in a gain of $9.5 million and is included in Recognized gains and losses, net on the Consolidated Statement of Operations for the year ended December 31, 2020. The fair value was determined by performing a combination of discounted cash flow and market approaches. The assets acquired and liabilities assumed have been recorded based on our best estimates of their fair values as of the acquisition date. The fair value of assets acquired and liabilities assumed represents a preliminary allocation as our evaluation of facts and circumstances available is ongoing as of December 31, 2020. The following table summarizes the preliminary fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date (dollars in millions): Fair Value Cash $ 8.6 Other current assets 24.9 Property and equipment 23.2 Lease assets 14.7 Other intangible assets 22.5 Other noncurrent assets 2.6 Total assets acquired $ 96.5 Current liabilities $ 27.6 Lease liabilities 14.5 Other noncurrent liabilities 2.3 Total liabilities assumed $ 44.4 Net assets acquired $ 52.1 We recorded a bargain purchase gain of $2.9 million on our acquisition of Legendary Baking and VIBSQ, which is included in Recognized gains and losses, net on the Consolidated Statement of Operations for the year ended December 31, 2020. The gain is calculated as the difference between the consideration transferred and the net assets acquired. The transaction resulted in a gain because the fair value of the net assets acquired and liabilities assumed exceeded value of notes receivable from Blue Ribbon outstanding and the fair value of our equity investment in Blue Ribbon prior to the Blue Ribbon Emergence. The gross carrying value and weighted average estimated useful lives of Property and equipment and Other intangible assets acquired consist of the following (dollars in millions): Gross Carrying Value Weighted Average Estimated Useful Life (in years) Property and equipment $ 23.2 12 Other intangible assets: Tradenames $ 8.0 15 Franchise agreements 7.7 10 Customer relationships 6.4 4 Software 0.4 5 Total Other intangible assets $ 22.5 Revenue and net losses of $36.6 million and $4.0 million, respectively, which represents the combined revenue and loss for Legendary Baking and VIBSQ subsequent to our acquisition on October 2, 2020, are included in our Consolidated Statement of Operations for the year ended December 31, 2020. |
Accounts Payable and Other Accr
Accounts Payable and Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Other Accrued Liabilities | Accounts Payable and Other Accrued Liabilities Accounts payable and other accrued liabilities, current consist of the following: December 31, 2020 2019 (In millions) Accrued payroll and employee benefits $ 21.5 $ 25.3 Trade accounts payable 25.7 19.6 Accrued casualty self insurance expenses 11.5 13.3 Tax liabilities, excluding income taxes payable 9.9 11.9 Other accrued liabilities 24.6 16.3 $ 93.2 $ 86.4 Accounts payable and other accrued liabilities, long term consist of the following: December 31, 2020 2019 (In millions) Restaurant Group financing obligations $ 29.4 $ 27.5 Other accrued liabilities 23.7 16.4 $ 53.1 $ 43.9 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable Notes payable consists of the following: December 31, 2020 2019 (In millions) 99 Term Loan $ 16.8 $ 30.9 99 Revolver 5.0 3.0 2020 Margin Facility — — 2018 Margin Facility — 75.0 FNF Revolver — — Brasada Interstate Loans 13.1 13.4 Other 28.6 4.8 Notes payable, total $ 63.5 $ 127.1 Less: Notes payable, current 11.3 7.0 Notes payable, long term $ 52.2 $ 120.1 At December 31, 2020, the carrying value of our outstanding notes payable approximated fair value. The respective carrying values of the loans under the 99 Restaurants Credit Facility and the B Note, Development Loan and Line of Credit Loan pursuant to the Interstate Credit Agreement, each as defined below, approximate fair value as they are variable rate instruments with monthly reset periods that reflect current market rates. The revolving credit facilities are considered Level 2 financial liabilities. The fixed-rate A Note, as defined below, pursuant to the Interstate Credit Agreement approximates fair value as of December 31, 2020. 2020 Margin Facility On November 30, 2020, Cannae Funding C, LLC (“Borrower 1”), an indirect wholly-owned special purpose subsidiary of the “Company, and Cannae Funding D, LLC (“Borrower 2” and, together with Borrower 1, the “Borrowers”), an indirect wholly-owned special purpose subsidiary of the Company, entered into a Margin Loan Agreement (the “2020 Margin Facility”) with the lenders from time to time party thereto and Royal Bank of Canada. The Company concurrently entered into a Guaranty (the “Guaranty Agreement”) for the benefit of each of the lenders to the 2020 Margin Facility pro rata to their loan commitments, pursuant to which the Company absolutely, unconditionally and irrevocably guaranteed all of the Borrowers’ obligations under the 2020 Margin Facility for a period of up to one year after the later of (i) the conditions precedent to the obligations of the lenders under the Loan Agreement being met (the date when such conditions have been met, the “Closing Date”) or (ii) as relevant, additional collateral or additional loan commitments being provided. Under the 2020 Margin Facility, the Borrowers may initially borrow up to $100.0 million in revolving loans and, subject to certain terms and conditions, may enter into an amendment to the 2020 Margin Facility to borrow up to $500.0 million in revolving loans (including the initial revolving loans) from the same initial lender and/or additional lenders on substantially identical terms and conditions as the initial revolving loans. The 2020 Margin Facility matures on the 36-month anniversary of the Closing Date. All outstanding amounts under the 2020 Margin Facility bear interest quarterly at a rate per annum equal to a three-month LIBOR rate plus an applicable margin. Interest will be payable in kind unless the Borrowers elect to pay interest in cash or a cumulative cap is exceeded. The Borrowers’ obligations under the 2020 Margin Facility will be secured by a first priority lien on (i) 6,000,000 shares of common stock, par value $0.01 per share (the “Ceridian Common Stock”), of Ceridian, which the Company contributed to Borrower 1, and (ii) 19,000,000 shares of common stock, par value $0.0001 per share (the “DNB Common Stock”), of D&B, which the Company contributed to Borrower 2. The Borrowers may also, at their discretion, post up to an additional 4,000,000 shares of Ceridian Common Stock and/or 11,000,000 shares of DNB Common Stock as collateral for the revolving loans from time to time after the Closing Date, subject to certain notice, guaranty, average daily trading volume and other requirements. The 2020 Margin Facility requires the Borrowers to maintain a certain loan-to-value ratio (based on the value of Ceridian Common Stock and DNB Common Stock). In the event the Borrowers fail to maintain such loan-to-value ratio, the Borrowers must post additional cash collateral under the Loan Agreement and/or elect to repay a portion of the revolving loans thereunder, or sell the Ceridian Common Stock and/or DNB Common Stock and use the proceeds from such sale to prepay a portion of the revolving loans thereunder. As of December 31, 2020, there was $100.0 million of capacity under the 2020 Margin Facility with an option to increase the capacity to $500.0 million upon amendment. 99 Restaurants Credit Facility On December 21, 2018, 99 Restaurants LLC, a direct, wholly-owned subsidiary of 99 Restaurants entered into a credit agreement (the "99 Restaurants Credit Facility"), as amended from time to time, with Fifth Third Bank and other lenders thereto. The 99 Restaurants Credit Facility provides for (i) a maximum revolving loan of $15.0 million (the “99 Revolver”) with a maturity date of December 21, 2023; (ii) a maximum term loan of $37.0 million (the "99 Term Loan") with monthly installment repayments through November 30, 2023 and a maturity date of December 21, 2023 for the outstanding unpaid principal balance; and (iii) a maximum Development Line of Credit loan (the “DLOC Loan”) of up to $10.0 million. Interest on the 99 Credit Facility is based on, at our option, an applicable margin of (x) two and one half percent (2.50%) per annum with respect to Base Rate Loans, as provided therein, and (y) three and one half percent (3.50%) per annum with respect to LIBOR Loans, as provided therein. The 99 Restaurants Credit Facility also allows for 99 Restaurants LLC to request up to $5.0 million of letters of credit commitments and $2.5 million in swingline debt from Fifth Third Bank as the administrative agent. The obligations of the 99 Restaurants LLC under the 99 Restaurants Credit Facility are guaranteed by 99 Restaurants. The 99 Restaurants Credit Facility is subject to affirmative, negative and financial covenants customary for financings of this type, including, among other things, limits on the Borrower’s creation of liens, sales of assets, incurrence of indebtedness, restricted payments and transactions with affiliates. The 99 Restaurants Credit Facility includes customary events of default for facilities of this type (with customary grace periods, as applicable). The 99 Restaurants Credit Facility provides that, upon the occurrence of an event of default, Fifth Third Bank, as administrative agent, may (i) declare the principal of, and any and all accrued and unpaid interest and all other amounts owed in respect of, the loans immediately due and payable, (ii) terminate loan commitments and (iii) exercise all other rights and remedies available to Fifth Third Bank or the lenders under the loan documents. On December 1, 2020, 99 Restaurants LLC entered into a waiver, consent and amendment to the 99 Restaurants Credit Facility pursuant to which a payment was made, and the borrowing capacity under the 99 Revolver was permanently reduced by, $7.5 million, the borrowing capacity under the 99 Revolver will be reduced by another $2.0 million in 2021, the applicable margin was increased by 1.00% with respect to both Base Rate Loans and LIBOR Loans, the lender's commitment to provide the DLOC Loan was terminated, and certain of the financial covenants were added or waived until the second quarter of 2021, among other changes. As of December 31, 2020, interest on the 99 Term Loan and 99 Revolver is payable monthly at a rate of 4.75% and 6.75%, respectively, and there is $0.5 million of available borrowing capacity under the 99 Revolver. 2018 Margin Facility On November 7, 2018, Cannae Funding, LLC, a wholly-owned special purpose subsidiary of the Company, entered into a Margin Loan Agreement (the "Original Loan Agreement"), and certain other related agreements, with Credit Suisse AG (in such capacity, "Administrative Agent") and other lenders thereto. On December 18, 2019, Cannae Funding, LLC entered into an Amended and Restated Margin Loan Agreement (the “Amended Loan Agreement”) with the lenders thereto, the Administrative Agent, and others that amended the Original Loan Agreement. Pursuant to the Amended Loan Agreement, we may borrow up to $300.0 million (the "2018 Margin Facility") in term loans at an interest rate of the three-month LIBOR plus an applicable margin. As of December 31, 2019, $75.0 million was outstanding under the 2018 Margin Facility, which accrued interest at a rate of 4.7%. On February 18, 2020, we repaid the remaining $75.0 million outstanding under the Margin Facility and terminated the Amended Loan Agreement. Accordingly, we have no borrowing capacity and all of the Company's holdings of Ceridian common stock have been released from the first priority lien under the 2018 Margin Facility. Brasada Interstate Loans On January 29, 2016, FNF NV Brasada, LLC, an Oregon limited liability company and majority-owned subsidiary of Cannae ("NV Brasada"), entered into a credit agreement with an aggregate borrowing capacity of $17.0 million (the "Interstate Credit Agreement") originally with Bank of the Cascades, as lender. The Interstate Credit Agreement provides for a $12.5 million acquisition loan (the "Acquisition Loan"). On June 13, 2018, the Interstate Credit Agreement was modified to add an additional line of credit of $3.6 million the ("C Note") and to assign the loan from the Bank of the Cascades to First Interstate Bank. Pursuant to the Acquisition Loan, NV Brasada executed a $6.25 million "A Note", which accrues interest at a rate of 4.51% per annum and matures on the tenth anniversary of the issuance thereof, and a $6.25 million "B Note", which accrues interest at the rate of LIBOR plus 225 basis points, adjusted monthly, and matures on the tenth anniversary of the issuance thereof. NV Brasada makes equal monthly payments of principal and interest under the Acquisition Loan. The Interstate Loans are secured by certain single-family residential lots that can be sold for construction, owned by NV Brasada, and certain other operating assets owned by NV Brasada. The Company does not provide any guaranty or stock pledge under the Interstate Credit Agreement. As of December 31, 2020, the B Note and Line of Credit Loan incurred interest at 2.40% and the C Note had $2.1 million outstanding and incurred interest at 2.40%. FNF Revolver On November 17, 2017, FNF issued to Cannae a revolver note in aggregate principal amount of up to $100.0 million (the "FNF Revolver"). Pursuant to the FNF Revolver, FNF may make one or more loans to us in increments of $1.0 million, with up to $100.0 million outstanding at any time. The FNF Revolver accrues interest at LIBOR plus 450 basis points and matures on the five five Gross principal maturities of notes payable at December 31, 2020 are as follows (in millions): 2021 $ 12.5 2022 6.9 2023 33.3 2024 0.8 2025 0.8 Thereafter 11.0 $ 65.3 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) on continuing operations consists of the following: Year Ended December 31, 2020 2019 2018 (In millions) Current $ 116.1 $ 64.7 $ 27.3 Deferred 365.1 (40.5) (12.3) $ 481.2 $ 24.2 $ 15.0 A reconciliation of the federal statutory rate to our effective tax rate is as follows: Year Ended December 31, 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit (0.1) (0.2) 3.6 Tax credits (0.1) (2.6) (22.7) Valuation allowance 0.1 0.5 — Non-deductible expenses and other, net — 0.1 0.2 Non-deductible executive compensation 0.5 1.8 67.5 Dividends received deduction — — (34.0) Noncontrolling interests 0.3 2.6 35.5 Basis difference in investments — (2.8) — Tax Reform — — 0.4 Other (0.2) (1.0) 3.8 Effective tax rate excluding equity investments 21.5 % 19.4 % 75.3 % Equity investments 0.6 (9.2) (8.9) Effective tax rate 22.1 % 10.2 % 66.4 % The Company’s effective tax rate at December 31, 2020, 2019, and 2018 is 22.1%, 10.2% and 66.4%, respectively. The increase in the effective tax rate from 2020 to 2019 is primarily attributable to the decreased impact of earnings from unconsolidated affiliates on pretax income. The decrease in the effective tax rate from 2019 to 2018 primarily relates to the decreased impact of non-deductible executive compensation on pretax income. Additionally, the impact of the non-controlling interests, permanent items, and tax credits on pretax income was greater in 2018 than the impact of those same items on pretax earnings and losses in 2019. The significant components of deferred tax assets and liabilities at December 31, 2020 and 2019 consist of the following: December 31, 2020 2019 (In millions) Deferred tax assets: Partnerships $ — $ 54.1 Net operating loss carryforwards 4.1 1.1 Other 1.4 0.4 Total gross deferred tax asset 5.5 55.6 Less: valuation allowance (3.3) (1.1) Total deferred tax asset $ 2.2 $ 54.5 Deferred tax liabilities: Partnerships $ (327.5) $ — Total deferred tax liability $ (327.5) $ — Net deferred tax (liability) asset $ (325.3) $ 54.5 The Company's net deferred tax (liability) asset was $(325.3) million and $54.5 million at December 31, 2020, and 2019, respectively. The Company’s deferred taxes are primarily reflected as the book to tax difference in the Company's investment in Cannae LLC. The Company, through its direct and indirect interests, holds a 100% ownership percentage of Cannae LLC. The increase in our net deferred tax liability (decrease in deferred tax asset) as of December 31, 2020 from 2019 is primarily related to the recognized book gains on the change in fair value of the Company's investment in Ceridian, the Forward Purchase Agreements and the Paysafe Subscription Agreement. The Company’s gross state NOL carryforwards were $68.5 million and $19.7 million at December 31, 2020 and 2019, respectively. The NOLs expire in various tax years through 2041. ASC 740 requires that companies assess whether a valuation allowance should be established against their deferred tax assets based on the consideration of all of the available evidence using a “more likely than not” standard. A valuation allowance is established for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets may not be realized. Management evaluated the Company’s deferred tax assets for recoverability using a consistent approach that considers the relative impact of negative and positive evidence, in particular, the Company’s historical profitability and any projections of future taxable income or potential future tax planning strategies. As of December 31, 2020 and 2019, the Company recorded a valuation allowance of $3.3 million and $1.1 million, respectively, related to state NOLs, as it is more likely than not that the tax benefit of certain state NOLs will not be realized before the NOLs expire. Unrecognized tax benefits are recorded for differences between tax positions the Company takes, or expects to take, on its income tax return compared to the benefit recognized for financial statement purposes. The Company does not have any unrecognized tax benefits as of December 31, 2020, 2019 or 2018. The Company's federal and state income tax returns for the tax years ended December 31, 2020, 2019, 2018 and 2017 remain subject to examination. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Contingencies In the ordinary course of business, we are involved in various pending and threatened litigation and regulatory matters related to our operations, some of which include claims for punitive or exemplary damages. Our ordinary course litigation includes purported class action lawsuits, which make allegations related to various aspects of our business. From time to time, we also receive requests for information from various state and federal regulatory authorities, some of which take the form of civil investigative demands or subpoenas. Some of these regulatory inquiries may result in the assessment of fines for violations of regulations or settlements with such authorities requiring a variety of remedies. We believe that no actions, other than those discussed below, if any, depart from customary litigation or regulatory inquiries incidental to our business. Our Restaurant Group companies are a defendant from time to time in various legal proceedings arising in the ordinary course of business, including claims relating to injury or wrongful death under “dram shop” laws that allow a person to sue us based on any injury caused by an intoxicated person who was wrongfully served alcoholic beverages at one of the restaurants; individual and purported class or collective action claims alleging violation of federal and state employment, franchise and other laws; and claims from guests or employees alleging illness, injury or other food quality, health or operational concerns. Our Restaurant Group companies are also subject to compliance with extensive government laws and regulations related to employment practices and policies and the manufacture, preparation, and sale of food and alcohol. We may also become subject to lawsuits and other proceedings, as well as card network fines and penalties, arising out of the actual or alleged theft of our customers' credit or debit card information. We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts and that represents our best estimate is recorded. As of December 31, 2020 and 2019, our accrual for settlements of legal proceedings was not considered material. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period in the event of an unfavorable outcome, at present, we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or cash flows. On September 23, 2020, a stockholder derivative lawsuit styled Oklahoma Firefighters Pension & Retirement System, derivatively on behalf of Cannae Holdings, Inc. v. William P. Foley, II, et al., was filed in the Court of Chancery of the State of Delaware against the Company, certain Board members and officers of the Company, and the Manager, alleging breach of fiduciary duties relating to the Company’s Management Services Agreement. The plaintiff further alleges the Board breached their fiduciary duties by approving bonuses in connection with the initial public offering of Ceridian and the approval of an Investment Success Incentive Plan in August 2018. Along with the Complaint, the plaintiff filed a motion for partial summary judgment as to the count seeking to void the Management Services Agreement. On January 27, 2021, the Company entered into an amendment to the Management Services Agreement and plaintiff withdrew its motion for partial summary judgment as moot. On February 1, 2020, the court ordered the plantiff's summary judgment motion withdrawn and dismissed the related count of the plantiff's complaint. On February 18, 2021, our Board formed a Special Litigation Committee (the "SLC") consisting of two of the Board’s Directors, and has authorized the SLC, among other things, to investigate and evaluate the claims and allegations asserted in the lawsuit. The Board has also given the SLC the sole authority and power to consider and determine whether or not prosecution of the claims asserted in the lawsuit is in the best interest of the Company and its shareholders, and what action the Company should take with respect to the lawsuit. The defendants will contest the remaining claims in the action vigorously. Blue Ribbon Reorganization On September 16, 2020, the Bankruptcy Court entered its order in the Blue Ribbon Reorganization confirming the Chapter 11 Plan. Blue Ribbon, which owned the Village Inn, Bakers Square, and Legendary Baking concepts, had initiated its voluntary Chapter 11 bankruptcy case before the Bankruptcy Court on January 27, 2020. The Blue Ribbon Reorganization did not involve or affect the operations of O’Charley’s or 99 Restaurants, which are not part of Blue Ribbon. On October 2, 2020, the Chapter 11 Plan became effective and Blue Ribbon emerged from bankruptcy as a set of reorganized companies. Pursuant to the Chapter 11 Plan, we received 100% of the equity in the reorganized companies in exchange for the satisfaction of a portion equal to $15.5 million of the DIP Loan. In addition, as approved under the Chapter 11 Plan and in connection with Blue Ribbon’s emergence from bankruptcy, we provided the reorganized companies with an exit facility that, among other things, converted the balance of the DIP Loan to a term loan and made available to the reorganized companies an additional term loan in the amount of $6.5 million and two revolving lines of credit in the amount of $5.0 million and $2.5 million, respectively. Subsequent to October 2, 2020, all such loans between the reorganized companies and the Company eliminate upon accounting consolidation. Unconditional Purchase Obligations We have certain unconditional purchase obligations, primarily in our Restaurant Group segment. These purchase obligations are with various vendors and primarily related to food and beverage obligations with fixed commitments in regards to the time period of the contract and the quantities purchased with annual price adjustments that can fluctuate. We used both historical and projected volume and pricing as of December 31, 2020 to determine the amount of the obligations. Purchase obligations as of December 31, 2020 are as follows (in millions): 2021 $ 99.2 2022 13.3 2023 7.8 2024 7.1 2025 5.9 Thereafter 6.8 Total purchase commitments $ 140.1 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations T-System On December 31, 2019, we completed the contribution of T-System to CorroHealth. As a result of such contribution, the results of operations of T-System have been reclassified to discontinued operations in our Consolidated Statements of Operations for the years ended December 31, 2019 and 2018. We retained a 22.7% equity interest in CorroHealth, the company to which we contributed our equity in T-System. We recognized a pre-tax loss of $6.4 million on the sale and $1.4 million in income tax benefit which are included in Net loss from discontinued operations on the Consolidated Statement of Operations for the year ended December 31, 2019. A reconciliation of the operations of T-System included in the Consolidated Statement of Operations is shown below: Year Ended December 31, 2019 2018 (in millions) Revenues: Other operating revenue $ 50.4 $ 57.9 Total operating revenues 50.4 57.9 Operating expenses: Personnel costs 33.1 33.1 Depreciation and amortization 13.7 15.0 Other operating expenses 19.1 13.8 Goodwill impairment 35.1 — Total operating expenses 101.0 61.9 Operating loss (50.6) (4.0) Other expense: Recognized loss (6.9) — Total other expense (6.9) — Loss before income taxes (57.5) (4.0) Income tax benefit (5.7) (1.9) Net loss from discontinued operations $ (51.8) $ (2.1) Cash flow from discontinued operations data: Net cash provided by operations $ 2.7 $ 5.2 Net cash used in investing activities $ (0.5) $ (0.1) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Omnibus Plan In 2017, we established the 2017 Omnibus Incentive Plan (the “Omnibus Plan”) authorizing the issuance of up to 3.9 million shares of common stock, subject to the terms of the Omnibus Plan. The 2017 Omnibus Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and performance shares, performance units, other cash and stock-based awards and dividend equivalents. As of December 31, 2020, there were 149,628 shares of Cannae restricted stock outstanding (the "CNNE Awards") under the Omnibus Plan. Awards granted are approved by the Compensation Committee of the Board of Directors of the Company. Restricted stock transactions under the Omnibus Plan in 2020, 2019 and 2018 are as follows: Shares Weighted Average Grant Date Fair Value Balance, December 31, 2017 287,059 $ 18.45 Granted 384,281 17.98 Vested (95,685) 18.45 Balance, December 31, 2018 575,655 $ 18.13 Granted 18,642 34.45 Vested (223,777) 18.18 Balance, December 31, 2019 370,520 $ 18.93 Granted 13,993 40.53 Vested (234,885) 18.60 Balance, December 31, 2020 149,628 $ 21.46 Compensation cost relating to share-based payments is recognized in the Consolidated Statements of Operations based on the grant-date fair value of each award. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date and recognized over the service period of 3 years. Fair value of restricted stock awards and units is based on the grant date value of the underlying stock derived from quoted market prices. Net earnings attributable to Cannae reflects stock-based compensation expense for the CNNE Awards of $4.2 million, $4.1 million and $2.0 million for the years ended December 31, 2020, 2019 and 2018, respectively, which are included in personnel costs on the Consolidated Statements of Operations. The total fair value of restricted stock awards granted in the years ended December 31, 2020, 2019 and 2018 was $0.6 million, $0.6 million and $6.9 million, respectively. On May 16, 2018, we issued 991,906 shares of our common stock (unrestricted) under the Omnibus Plan for the stock portion of bonuses paid in conjunction with Ceridian's initial public offering. |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Concentration of Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents. We place cash equivalents with high credit quality financial institutions and, by policy, limit the amount of credit exposure with any one financial institution. Our Restaurant Group companies obtain a majority of their restaurant food products and supplies from four distributors. Although we believe alternative vendors could be found in a timely manner, any disruption of these services could potentially have an adverse impact on operating results. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information As discussed in Notes A and D, as of March 31, 2020, we no longer account for our investment in Ceridian under the equity method of accounting for equity investments. As a result of our reduction in influence over Ceridian and change in our accounting for our investment, we no longer consider Ceridian a reportable segment. On September 15, 2020, we completed our investment in Optimal Blue. Optimal Blue exceeds certain of the quantitative thresholds prescribed by ASC 280 Segment Reporting and our chief operating decision maker reviews the financial results of Optimal Blue for purposes of assessing performance and allocating resources. Accordingly, we consider Optimal Blue a reportable segment and have included the results of operation of Optimal Blue subsequent to the date of our investment in Optimal Blue in the tables below. See below for further discussion of Optimal Blue and our accounting for our related investment. As of and for the year ended December 31, 2020: Restaurant Group Dun & Bradstreet Optimal Blue Corporate Dun & Bradstreet & Optimal Blue Elimination Total (in millions) Restaurant revenues $ 559.7 $ — $ — $ — $ — $ 559.7 Other revenues — 1,738.1 45.4 26.0 (1,783.5) 26.0 Revenues from external customers 559.7 1,738.1 45.4 26.0 (1,783.5) 585.7 Interest and investment income, including recognized gains and losses, net 7.5 0.8 — 2,371.9 (0.8) 2,379.4 Total revenues and other income 567.2 1,738.9 45.4 2,397.9 (1,784.3) 2,965.1 Depreciation and amortization 27.7 536.9 39.3 3.0 (576.2) 30.7 Interest expense (8.6) (271.1) (9.3) (0.4) 280.4 (9.0) (Loss) earnings from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates (85.5) (219.3) (47.4) 2,267.4 266.7 2,181.9 Income tax (benefit) expense (1.0) (110.5) (1.5) 482.2 112.0 481.2 (Loss) earnings from continuing operations, before equity in earnings (loss) of unconsolidated affiliates (84.5) (108.8) (45.9) 1,785.2 154.7 1,700.7 Equity in (losses) earnings of unconsolidated affiliates (9.2) 2.3 — 124.5 (58.5) 59.1 (Loss) earnings from continuing operations $ (93.7) $ (106.5) $ (45.9) $ 1,909.7 $ 96.2 $ 1,759.8 Assets $ 520.9 $ 9,219.4 $ 1,969.4 $ 4,092.5 $ (11,188.8) $ 4,613.4 Goodwill 53.4 2,856.2 1,236.8 — (4,093.0) 53.4 As of and for the year ended December 31, 2019: Restaurant Group Dun & Bradstreet Corporate Dun & Bradstreet Elimination Total (in millions) Restaurant revenues $ 1,043.3 $ — $ — $ — $ 1,043.3 Other revenues — 1,413.9 26.7 (1,413.9) 26.7 Revenues from external customers 1,043.3 1,413.9 26.7 (1,413.9) 1,070.0 Interest and investment (loss) income, including recognized gains and losses, net 3.9 2.4 369.4 (2.4) 373.3 Total revenues and other income 1,047.2 1,416.3 396.1 (1,416.3) 1,443.3 Depreciation and amortization 38.5 482.4 2.2 (482.4) 40.7 Interest expense (5.4) (303.5) (12.4) 303.5 (17.8) (Loss) earnings from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates (80.9) (540.0) 318.8 540.0 237.9 Income tax expense (benefit) 0.3 (110.0) 23.9 110.0 24.2 (Loss) earnings from continuing operations, before equity in earnings of unconsolidated affiliates (81.2) (430.0) 294.9 430.0 213.7 Equity in earnings of unconsolidated affiliates — 4.2 1.3 (120.6) (115.1) (Loss) earnings from continuing operations $ (81.2) $ (425.8) $ 296.2 $ 309.4 $ 98.6 Assets $ 572.8 $ 9,112.8 $ 1,519.4 $ (9,112.8) $ 2,092.2 Goodwill 66.1 2,840.1 — (2,840.1) 66.1 As of and for the year ended December 31, 2018: Restaurant Group Corporate Total (in millions) Restaurant revenues $ 1,117.8 $ — $ 1,117.8 Other revenues — 29.7 29.7 Revenues from external customers 1,117.8 29.7 1,147.5 Interest and investment (loss) income, including recognized gains and losses, net (2.1) 175.2 173.1 Total revenues and other income 1,115.7 204.9 1,320.6 Depreciation and amortization 44.9 1.4 46.3 Interest expense (16.0) 11.3 (4.7) (Loss) earnings from continuing operations, before income taxes and equity in losses of unconsolidated affiliates (96.8) 119.4 22.6 Income tax expense 0.6 14.4 15.0 (Loss) earnings from continuing operations, before equity in losses of unconsolidated affiliates (97.4) 105.0 7.6 Equity in earnings (losses) of unconsolidated affiliates 0.1 (16.2) (16.1) (Loss) earnings from continuing operations $ (97.3) $ 88.8 $ (8.5) Assets $ 432.3 $ 1,027.2 $ 1,459.5 Goodwill 76.5 — 76.5 The activities in our segments include the following: • Restaurant Group. This segment consists of the operations of O'Charley's, 99 Restaurants, Legendary Baking, and VIBSQ in which we have 65.4%, 88.5%, 100% and 100% ownership interests, respectively. O'Charley's, 99 Restaurants, Legendary Baking, VIBSQ and their affiliates are the owners and operators of the O'Charley's restaurant concept, Ninety Nine Restaurants restaurant concept, Legendary Baking bakery and the Village Inn and Bakers Square restaurant concepts. • Dun & Bradstreet. This segment consists of our approximate 18.1% ownership interest in Dun & Bradstreet. Dun & Bradstreet is a leading global provider of business decisioning data and analytics. Its mission is to deliver a global network of trust, enabling clients to transform uncertainty into confidence, risk into opportunity and potential into prosperity. Clients embed D&B's trusted, end-to-end solutions into their daily workflows to enhance salesforce productivity, gain visibility into key markets, inform commercial credit decisions and confirm that suppliers are financially viable and compliant with laws and regulations. Dun & Bradstreet's solutions support its clients’ mission critical business operations by providing proprietary and curated data and analytics to help drive informed decisions and improved outcomes. Dun & Bradstreet's global commercial database as of December 31, 2020 contained more than 420 million business records. Our chief operating decision maker reviews the full financial results of Dun & Bradstreet for purposes of assessing performance and allocating resources. Thus, we consider Dun & Bradstreet a reportable segment and have included the full results of Dun & Bradstreet subsequent to our initial investment in the tables above. We account for Dun & Bradstreet using the equity method of accounting, and therefore its results do not consolidate into ours. Accordingly, we have presented the elimination of Dun & Bradstreet's results in the Dun & Bradstreet and Optimal Blue Elimination section of the segment presentation above. Our net earnings for the year ended December 31, 2019, includes our equity in Star Parent’s losses for the period from February 8, 2019, the date we made our initial investment in Star Parent, to December 31, 2019. See Note D for further discussion of our investment in Dun & Bradstreet and related accounting. • Optimal Blue . This segment consists of our 20.0% ownership interest in Optimal Blue. Optimal Blue is a leading provider of secondary market solutions and actionable data services. They operate a software-as-a-service, subscription-based mortgage marketplace that supports a network of originators and investors in the residential mortgage market. The marketplace provides a broad set of critical functions utilized by banks, credit unions and mortgage brokerage companies throughout the mortgage processing life cycle. Optimal Blue exceeds certain of the quantitative thresholds prescribed by ASC 280 Segment Reporting and our chief operating decision maker reviews the financial results of Optimal Blue for purposes of assessing performance and allocating resources. Thus, we consider Optimal Blue a reportable segment and have included the results of operations of Optimal Blue in the tables above. We account for Optimal Blue using the equity method of accounting, and therefore its results do not consolidate into ours. Accordingly, we have presented the elimination of Optimal Blue's results in the Dun & Bradstreet and Optimal Blue Elimination section of the segment presentation above. Our net earnings for the year ended December 31, 2020, includes our equity in Optimal Blue’s losses for the period from September 15, 2020, the date we made our initial investment in Optimal Blue, to December 31, 2020. See Note D for further discussion of our investment in Optimal Blue and related accounting. • Corporate and Other. This aggregation of nonreportable segments consists of our share in the operations of certain controlled portfolio companies and other equity investments, activity of the corporate holding company and certain intercompany eliminations and taxes. Total assets for this segment as of December 31, 2018 also include the assets of T-System. See Note N Discontinued Operations for further details. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions FNF The Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the CSA and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. Total operating expenses allocated from FNF to us was $1.3 million in each of the years ended December 31, 2020, 2019 and 2018. On January 17, 2020, we completed the purchase of our corporate office headquarters in Las Vegas, Nevada from an affiliate of FNF for $9.3 million. Trasimene During the year ended December 31, 2020 we incurred $20.8 million of management fee expenses payable to our Manager, incurred $11.3 million of carried interest expense related to sales and distributions of Company investments, and earned $9.1 million of income related to transaction fees earned by the Manager and allocable to us pursuant to the Management Services Agreement. Such management fees and carried interest expense are recorded in Other operating expenses and transaction fee income is recorded in Interest, investment and other income on our Consolidated Statement of Operations for the year ended December 31, 2020. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02 Leases (Topic 842) . The amendments in this ASU introduce broad changes to the accounting and reporting for leases by lessees. The main provisions of the new standard include: clarifications to the definitions of a lease, components of leases, and criteria for determining lease classification; requiring virtually all leased assets, including operating leases and related liabilities, to be reflected on the lessee's balance sheet; and expanding and adding to the required disclosures for lessees. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements that allows entities the option to adopt this standard by recording a cumulative-effect adjustment to opening equity, if necessary, and only include required disclosures for prior periods. We adopted Topic 842 on January 1, 2019 using a modified retrospective approach prescribed by ASU 2018-11 and recorded an operating lease right-of-use asset (Lease assets) of $246.0 million and an operating lease liability for future discounted lease payment obligations (Lease liabilities) of $279.4 million at the date of adoption. The other material impacts of the adoption of Topic 842 also resulted in a decrease of $9.1 million and $42.3 million to our Other intangible assets, net and Accounts payable and accrued liabilities, respectively. We elected to apply the following package of practical expedients on a consistent basis permitting entities not to reassess: (i) whether any expired or existing contracts are or contain a lease; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. See Note B for further discussion of our leasing arrangements and related accounting. In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12 Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) , which simplifies various aspects of the income tax accounting guidance and will be applied using different approaches depending on what the specific amendment relates to and, for public entities, are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. We have completed our evaluation of the impact of this guidance on our Consolidated Financial Statements and related disclosures upon adoption and determined that, based on currently prevailing tax laws and rates, the adoption of this ASU is not expected to have a material impact on our Consolidated Financial Statements and related disclosures. Adoption of this ASU could result in a material change to our accounting for taxes in future interim periods if a change in tax laws or rates occurs in a future interim period as this ASU now requires accounting for such changes to occur in the period in which changes to tax laws or rates are enacted. We did not early adopt this standard. |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplementary Cash Flow Information | Supplementary Cash Flow Information The following supplemental cash flow information is provided with respect to interest and tax payments, as well as certain non-cash investing and financing activities. Year Ended December 31, 2020 2019 2018 (In millions) Cash paid during the year: Interest $ 5.5 $ 15.6 $ 3.3 Income taxes 107.6 48.6 0.2 Operating leases 41.3 62.6 — Non-cash investing and financing activities: Acquisition of Ceridian HCM common shares through non-cash private placement investment - see Note A $ — $ — $ (33.4) Non-cash distribution of LifeWorks from Ceridian — — 32.5 Investment in CorroHealth received as partial consideration for T-System — 60.2 — Non-cash distribution of CoreLogic stock from Senator JV 112.5 — — Non-cash contribution of CoreLogic stock to Senator JV 176.3 — — Lease assets recognized in exchange for lease liabilities 65.0 8.5 — Assets acquired in non-cash acquisition of Legendary Baking and VIBSQ 96.5 — — Liabilities assumed in non-cash acquisition of Legendary Baking and VIBSQ 44.4 — — Financing obligations assumed by O'Charley's in exchange for property — 14.6 — Property obtained by O'Charley's in exchange for stores — 10.5 — |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue RecognitionOn January 1, 2018, we adopted ASC Topic 606 by applying the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The adoption of ASC Topic 606 did not have a significant impact on the timing or amount of recognition of revenue for our primary sources of revenue. Differences between our historical revenue recognition and revenue that would have been recorded had we retrospectively restated prior periods to conform with ASC Topic 606 are not considered material. We recorded a cumulative effect adjustment to opening equity as of January 1, 2018 of $1.9 million as a result of adoption of ASC Topic 606. Disaggregation of Revenue Our revenue consists of the following: Year ended December 31, 2020 2019 2018 Revenue Stream Segment Total Revenue Restaurant revenue: (in millions) Restaurant sales Restaurant Group $ 534.1 $ 958.4 $ 1,023.0 Bakery sales Restaurant Group 23.4 78.9 88.8 Franchise and other Restaurant Group 2.2 6.0 6.0 Total restaurant revenue 559.7 1,043.3 1,117.8 Other operating revenue: Real estate and resort Corporate and other 24.7 25.9 23.2 Other Corporate and other 1.3 0.8 6.5 Total other operating revenue 26.0 26.7 29.7 Total operating revenue 585.7 1,070.0 1,147.5 Restaurant revenue consists of restaurant sales, bakery operations, and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and gift card breakage, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided. Revenue from bakery operations is recognized at a point in time in the period during which the products are shipped and control transfers to the customer. Franchise revenue and other revenue consist of development fees and royalties on sales by franchised units. Initial franchise fees are recognized as income upon commencement of the franchise operation and completion of all material services and conditions by the Company. Royalties are calculated as a percentage of the franchisee sales and recognized in the period in which the sales are generated. Revenue resulting from the sale of gift cards is recognized in the period in which the gift card is redeemed and is recorded as deferred revenue until recognized. Other operating revenue consists of income generated by our resort operations, which includes sales of real estate, lodging rentals, food and beverage sales, and other income from various resort services offered. Revenue is recognized upon closing of the sale of real estate or once goods and services have been provided and billed to the customer. Contract Balances The following table provides information about receivables and deferred revenue: December 31, December 31, 2020 2019 (In millions) Trade receivables, net $ 17.6 $ 16.0 Deferred revenue (contract liabilities) 23.9 26.4 Trade receivables, net are included in Other current assets on our Consolidated Balance Sheets. Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Consolidated Balance Sheets. Revenue of $17.5 million was recognized in the year ended December 31, 2020 and was included in Deferred revenue at the beginning of the period. There was no impairment related to contract balances. |
Business and Summary of Signi_2
Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. The Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the CSA and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. Both FNF and Cannae believe such allocations are reasonable; however, they may not be indicative of the actual results of operations or cash flows of the Company had the Company been operating as an independent, publicly traded company for the periods presented or the amounts that will be incurred by the Company in the future. |
Principles of Consolidation | All intercompany profits, transactions and balances have been eliminated. Our investments in non-majority-owned partnerships and affiliates are accounted for using the equity method. Earnings attributable to noncontrolling interests are recorded on the Consolidated Statements of Operations relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Consolidated Balance Sheets in each period. |
Management Estimates | Management Estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the carrying amount and depreciation of property and equipment (Note E), the valuation of acquired intangible assets (Note H and Note I), fair value measurements (Note C), and accounting for income taxes (Note L). Actual results could differ from estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Highly liquid instruments, including money market instruments, purchased as part of cash management with original maturities of three months or less, and certain amounts in transit from credit and debit card processors, are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate their fair value. |
Restricted Cash | Restricted CashThe Restaurant Group is required to hold cash collateralizing its outstanding letters of credit. |
Investments | Investments Equity securities primarily include our investments in Ceridian, the Forward Purchase Agreements and the Paysafe Subscription Agreement and are carried at fair value. Investments in unconsolidated affiliates are recorded using the equity method of accounting. Fixed maturity securities, which may be sold prior to maturity, are carried at fair value and are classified as available for sale as of the balance sheet dates. Fair values for fixed maturity securities are principally a function of current market conditions and are valued based on quoted prices in markets that are not active or model inputs that are unobservable. See Note C. Discount or premium is recorded for the difference between the purchase price and the principal amount. The discount or premium is amortized or accrued using the interest method and is recorded as an adjustment to interest, investment and other income. The interest method results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. Recognized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis. Unrealized gains or losses on fixed maturity securities, which are classified as available for sale, net of applicable deferred income tax expenses (benefits), are excluded from earnings and credited or charged directly to a separate component of equity. If any unrealized losses on available for sale fixed maturity securities are determined to be other-than-temporary, such unrealized losses are recognized as realized losses. Unrealized losses are considered other-than-temporary if factors exist that cause us to believe that the value will not increase to a level sufficient to recover our cost basis. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include (i) our need and intent to sell the investment prior to a period of time sufficient to allow for a recovery in value; (ii) the duration and extent to which the fair value has been less than cost; and (iii) the financial condition and prospects of the issuer. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. See Notes C and D for further discussion of our accounting for equity securities and investments in unconsolidated affiliates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair values of financial instruments presented in the Consolidated Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. Estimates that use unobservable inputs are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. See Note C for further details. |
Trade Receivables | Trade receivables are primarily for the Restaurant Group and consist primarily of billings to third-party customers of Legendary Baking, business to business gift card sales, insurance-related reimbursement, rebates, tenant improvement allowances, and billings to franchisees for royalties, initial and renewal fees, equipment sales and rent. Trade receivables are recorded net of an allowance for doubtful accounts, which is our best estimate of the amount of probable credit losses related to existing receivables. The carrying values reported in the Consolidated Balance Sheets for trade receivables approximate their fair value. |
Inventory | Inventory primarily consists of raw materials, finished pies, food, beverages packaging and supplies in our Restaurant Group segment and is stated at the lower of cost or net realizable value. Cost is determined using the first in, first out method for restaurant inventory and standard cost that approximates actual cost on a first in, first out basis for the bakery operations. |
Other long term investments and non-current assets | Other Long Term Investments and Non-Current Assets Other long-term investments consist of land held for investment purposes and investments in equity securities without a readily determinable fair value. Land is carried at historical cost. See Note D for further discussion of our accounting for equity securities without a readily determinable fair value. Other non-current assets include notes receivable from third-parties and other miscellaneous non-current assets. |
Goodwill | Goodwill Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in business combinations. Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. We have the option to first assess goodwill for impairment based on a review of qualitative factors to determine if events and circumstances exist that will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if the Company concludes otherwise, then it is required to perform the quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. Goodwill impairment, if any, is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. For the year ended December 31, 2020, we recorded $7.8 million of impairment to goodwill in our Restaurant Group segment. The impairment charge is a result of deteriorating operating results and cash flow resulting from declining same store sales and increased costs at O'Charley's. The impairment recorded was calculated as the deficit between the carrying value of our O'Charley's reporting unit of our Restaurant Group compared to the fair value of the reporting unit determined by performing a combination of discounted cash flow and market approaches. For the year ended December 31, 2019 we recorded $35.1 million of impairment to goodwill in our former T-System segment and $10.4 million of impairment to goodwill in our Restaurant Group segment. The impairment in our former T-System segment is primarily a result of a decline in earnings multiples from comparable public companies and lower forecasted cash flows for its reporting units. The impairment charge in our Restaurant Group is a result of deteriorating operating results and cash flow resulting from declining same store sales and increased costs, primarily in our Village Inn and Bakers Square branded stores. The impairments recorded were calculated as the deficit between the carrying value of the reporting units of each segment compared to the fair value of the reporting unit determined by performing a combination of discounted cash flow and market approaches. Impairment to goodwill in our former T-System segment is included in Net loss from discontinued operations on the Consolidated Statement of Operations for the year ended December 31, 2019. See Note N. For the year ended December 31, 2018, we recorded $26.7 million of impairment to goodwill in our Restaurant Group segment. The impairment charge was a result of deteriorating operating results and cash flow resulting from declining same store sales and increased costs. The impairment recorded was calculated as the deficit between the carrying value of a reporting unit of the Restaurant Group segment compared to the fair value of the reporting unit determined by performing a combination of discounted cash flow and market approaches. |
Other Intangible Assets | Other Intangible Assets We have other intangible assets, not including goodwill, which consist primarily of customer relationships and contracts, trademarks and tradenames that are generally recorded in connection with acquisitions at their fair value, franchise rights, the fair value of purchased software and capitalized software development costs. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives using an accelerated method, which takes into consideration expected customer attrition rates. Contractual relationships are generally amortized over their respective contractual lives. Useful lives of computer software range from three |
Property and Equipment, net | Property and Equipment, net Property and equipment, net are recorded at cost, less accumulated depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: thirty three |
Insurance Reserves | Insurance ReservesOur Restaurant Group companies are currently self-insured for a portion of its workers' compensation, general liability, and liquor liability losses (collectively, casualty losses) as well as certain other insurable risks. To mitigate the cost of the Restaurant Group's exposures for certain property and casualty losses, we make annual decisions to either retain the risks of loss up to a certain maximum per occurrence, aggregate loss limits negotiated with its insurance carriers, or fully insure those risks. Our Restaurant Group companies are also self-insured for healthcare claims for eligible participating employees subject to certain deductibles and limitations. We have accounted for such retained liabilities for casualty losses and healthcare claims, including reported and incurred but not reported claims, based on information provided by third-party actuaries. |
Income Taxes | Income Taxes We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact of changes in tax rates and laws on deferred taxes, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted. We recognize the benefits of uncertain tax positions in the financial statements only after determining a more likely than not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, we reassess these probabilities and record any changes in the financial statements as appropriate. Uncertain tax positions are accounted for by determining the minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. This determination requires the use of judgment in assessing the timing and amounts of deductible and taxable items. Tax positions that meet the more likely than not recognition threshold are recognized and measured as the largest amount of tax benefit that is more than 50% likely to be realized upon settlement with a taxing authority that has full knowledge of all relevant information. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as components of income tax expense. |
Advertising Costs | Advertising Costs The Company expenses advertising and marketing costs as incurred, except for certain advertising production costs that are initially capitalized and subsequently expensed the first time the advertising takes place. During the years ended December 31, 2020, 2019, and 2018, the Company incurred $15.7 million, $30.0 million, and $34.7 million of advertising and marketing costs, respectively, related to advertising in our Restaurant Group and in our real estate operations. These costs are included in Other operating expenses on the Consolidated Statements of Operations. |
Comprehensive Earnings | Comprehensive Earnings We report comprehensive earnings in accordance with GAAP on the Consolidated Statements of Comprehensive Earnings. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive earnings or loss represents the cumulative balance of other comprehensive earnings, net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to realized losses and are included in Recognized gains and losses, net on the Consolidated Statements of Operations. Our policy is to release income tax effects from accumulated other comprehensive income at such time as the earnings or loss of the related activity are recognized in earnings (e.g., upon sale of an investment). |
Stock-Based Compensation Plans | Stock-Based Compensation PlansStock-based compensation expense includes restricted stock awards granted in Cannae common stock to certain members of management. We account for stock-based compensation plans using the fair value method. Under the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date, using quoted market prices of the underlying stock, and recognized over the service period. |
Earnings Per Share | Earnings Per Share Basic earnings per share, as presented on the Consolidated Statement of Operations, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02 Leases (Topic 842) . The amendments in this ASU introduce broad changes to the accounting and reporting for leases by lessees. The main provisions of the new standard include: clarifications to the definitions of a lease, components of leases, and criteria for determining lease classification; requiring virtually all leased assets, including operating leases and related liabilities, to be reflected on the lessee's balance sheet; and expanding and adding to the required disclosures for lessees. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements that allows entities the option to adopt this standard by recording a cumulative-effect adjustment to opening equity, if necessary, and only include required disclosures for prior periods. We adopted Topic 842 on January 1, 2019 using a modified retrospective approach prescribed by ASU 2018-11 and recorded an operating lease right-of-use asset (Lease assets) of $246.0 million and an operating lease liability for future discounted lease payment obligations (Lease liabilities) of $279.4 million at the date of adoption. The other material impacts of the adoption of Topic 842 also resulted in a decrease of $9.1 million and $42.3 million to our Other intangible assets, net and Accounts payable and accrued liabilities, respectively. We elected to apply the following package of practical expedients on a consistent basis permitting entities not to reassess: (i) whether any expired or existing contracts are or contain a lease; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. See Note B for further discussion of our leasing arrangements and related accounting. In December 2019, the FASB issued Accounting Standards Update ("ASU") 2019-12 Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) , which simplifies various aspects of the income tax accounting guidance and will be applied using different approaches depending on what the specific amendment relates to and, for public entities, are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. We have completed our evaluation of the impact of this guidance on our Consolidated Financial Statements and related disclosures upon adoption and determined that, based on currently prevailing tax laws and rates, the adoption of this ASU is not expected to have a material impact on our Consolidated Financial Statements and related disclosures. Adoption of this ASU could result in a material change to our accounting for taxes in future interim periods if a change in tax laws or rates occurs in a future interim period as this ASU now requires accounting for such changes to occur in the period in which changes to tax laws or rates are enacted. We did not early adopt this standard. |
Revenue Recognition | Revenue RecognitionOn January 1, 2018, we adopted ASC Topic 606 by applying the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The adoption of ASC Topic 606 did not have a significant impact on the timing or amount of recognition of revenue for our primary sources of revenue. Differences between our historical revenue recognition and revenue that would have been recorded had we retrospectively restated prior periods to conform with ASC Topic 606 are not considered material. We recorded a cumulative effect adjustment to opening equity as of January 1, 2018 of $1.9 million as a result of adoption of ASC Topic 606. Restaurant revenue consists of restaurant sales, bakery operations, and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and gift card breakage, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided. Revenue from bakery operations is recognized at a point in time in the period during which the products are shipped and control transfers to the customer. Franchise revenue and other revenue consist of development fees and royalties on sales by franchised units. Initial franchise fees are recognized as income upon commencement of the franchise operation and completion of all material services and conditions by the Company. Royalties are calculated as a percentage of the franchisee sales and recognized in the period in which the sales are generated. Revenue resulting from the sale of gift cards is recognized in the period in which the gift card is redeemed and is recorded as deferred revenue until recognized. Other operating revenue consists of income generated by our resort operations, which includes sales of real estate, lodging rentals, food and beverage sales, and other income from various resort services offered. Revenue is recognized upon closing of the sale of real estate or once goods and services have been provided and billed to the customer. |
Business and Summary of Signi_3
Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in the balance of other comprehensive earnings by component are as follows: Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) Unrealized (loss) gain relating to investments in unconsolidated affiliates Total Accumulated Other Comprehensive (Loss) Earnings (In millions) Balance December 31, 2018 $ (0.6) $ (66.6) $ (67.2) Other comprehensive earnings 0.1 7.1 7.2 Cumulative effect of adoption of accounting standards by unconsolidated affiliates — (5.0) (5.0) Reclassification adjustments — 19.1 19.1 Balance December 31, 2019 $ (0.5) $ (45.4) $ (45.9) Other comprehensive earnings $ 10.7 $ (15.9) $ (5.2) Reclassification adjustments — 46.2 46.2 Balance December 31, 2020 $ 10.2 $ (15.1) $ (4.9) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Future Payments Under Operating Lease Arrangements Under ASC Topic 842 | Future payments under operating lease arrangements accounted for under ASC Topic 842 as of December 31, 2020 are as follows (in millions): 2021 $ 40.7 2022 39.2 2023 35.4 2024 26.5 2025 23.0 Thereafter 151.0 Total lease payments, undiscounted $ 315.8 Less: discount 94.0 Total operating lease liability as of December 31, 2020, at present value $ 221.8 Less: operating lease liability as of December 31, 2020, current 26.2 Operating lease liability as of December 31, 2020, long term $ 195.6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, respectively: December 31, 2020 Level 1 Level 2 Level 3 Total (In millions) Fixed-maturity securities available for sale: Corporate debt securities $ — $ — $ 35.2 $ 35.2 Equity securities: Ceridian 1,491.8 — — 1,491.8 Forward Purchase Agreements — — 136.1 136.1 Paysafe Subscription Agreement — — 169.6 169.6 Other 1.6 — — 1.6 Total assets $ 1,493.4 $ — $ 340.9 $ 1,834.3 December 31, 2019 Level 1 Level 2 Level 3 Total (In millions) Fixed-maturity securities available for sale: Corporate debt securities $ — $ — $ 19.2 $ 19.2 Total $ — $ — $ 19.2 $ 19.2 |
Summary of Changes in Fair Values Level 3 Assets Measured on Recurring Basis | The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis. Corporate debt Forward Purchase Paysafe Subscription securities Agreements Agreement Total Fair value, December 31, 2018 $ 17.8 $ — $ — $ 17.8 Paid-in-kind dividends (1) 0.2 — — 0.2 Impairment (2) (0.4) — — (0.4) Net valuation gain included in other comprehensive earnings (3) 1.6 — — 1.6 Fair value, December 31, 2019 $ 19.2 $ — $ — $ 19.2 Paid-in-kind dividends (1) 1.3 — — 1.3 Net valuation gain included in earnings (2) — 136.1 169.6 305.7 Net valuation gain included in other comprehensive earnings (3) 14.7 — — 14.7 Fair value, December 31, 2020 $ 35.2 $ 136.1 $ 169.6 $ 340.9 _____________________________________ (1) Included in Interest, investment and other income on the Consolidated Statements of Operations (2) Included in Recognized gains and losses, net on the Consolidated Statements of Operations (3) Included in Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on the Consolidated Statements of Comprehensive Earnings |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Gain (Loss) on Securities | Gains on equity securities included in Recognized gains and losses, net on the Consolidated Statements of Operations consisted of the following for the year ended December 31, 2020 (in millions): Net gains recognized during the period on equity securities $ 1,991.0 Less: net gains recognized during the period on equity securities sold or transferred during the period (410.2) Unrealized gains recognized during the reporting period on equity securities still held at December 31, 2020 $ 1,580.8 |
Schedule of Investments in Unconsolidated Affiliates and Summarized Financial Information for Ceridian | Investments in unconsolidated affiliates recorded using the equity method of accounting as of December 31, 2020 and 2019 consisted of the following (in millions): Ownership at December 31, 2020 2020 2019 Dun & Bradstreet 18.1 % $ 653.2 $ 385.9 Ceridian (1) 9.5 % — 309.5 Optimal Blue 20.0 % 279.8 — AmeriLife 20.0 % 121.1 — Other various 398.9 141.1 Total $ 1,453.0 $ 836.5 _____________________________________ (1) The investment in Ceridian was no longer accounted for under the equity method of accounting beginning March 31, 2020. Equity in earnings (losses) of unconsolidated affiliates for the periods indicated consisted of the following (in millions): Year Ended December 31, 2020 2019 2018 Dun & Bradstreet $ (46.8) $ (132.8) $ — Ceridian (1) 1.5 16.4 (20.5) Optimal Blue (9.4) — — AmeriLife (4.0) — — Other 117.8 1.3 4.4 Total $ 59.1 $ (115.1) $ (16.1) _____________________________________ (1) The amount for the year ended December 31, 2020 represents the Company's equity in earnings of Ceridian in the three months ended March 31, 2020 prior to the change in accounting for the investment beginning March 31, 2020. See Note A. Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. We acquired our initial interest in Star Parent on February 8, 2019. The results of operations for the year ended December 31, 2019 presented below represent Star Parent's results of operations subsequent to our acquisition. December 31, December 31, (In millions) Total current assets $ 874.0 $ 417.9 Goodwill and other intangible assets, net 7,668.2 8,091.5 Other noncurrent assets 677.2 603.4 Total assets $ 9,219.4 $ 9,112.8 Current liabilities $ 825.3 $ 1,090.4 Long-term debt 3,255.8 3,818.9 Other non-current liabilities 1,560.6 1,594.0 Total liabilities 5,641.7 6,503.3 Preferred equity — 1,030.6 Total equity 3,577.7 1,578.9 Total liabilities and equity $ 9,219.4 $ 9,112.8 Year ended December 31, 2020 Year ended December 31, 2019 (In millions) Total revenues $ 1,738.1 $ 1,413.9 Loss before income taxes (219.3) (540.0) Net loss (106.5) (425.8) Dividends attributable to preferred equity and noncontrolling interest expense (69.1) (120.5) Net loss attributable to Dun & Bradstreet and Star Parent (175.6) (546.3) December 31, (In millions) Total current assets $ 38.0 Goodwill and other intangible assets, net 1,831.3 Other assets 100.1 Total assets $ 1,969.4 Current liabilities $ 28.9 Long-term debt 493.0 Other non-current liabilities 105.0 Total liabilities 626.9 Redeemable member's interest 578.0 Additional paid-in capital 813.0 Retained deficit (48.5) Total redeemable member's interest and equity 1,342.5 Total liabilities, redeemable member's interest and equity $ 1,969.4 Year ended December 31, 2020 (In millions) Total revenues $ 45.4 Operating loss (38.1) Net loss (45.9) December 31, (In millions) Total current assets $ 108.5 Goodwill and other intangible assets, net 1,370.4 Other assets 16.4 Total assets $ 1,495.3 Current liabilities $ 53.1 Long-term debt 645.2 Other non-current liabilities 14.7 Total liabilities 713.0 Member's equity 607.4 Noncontrolling interest - nonredeemable 174.9 Total member's equity 782.3 Total liabilities and member's equity $ 1,495.3 December 31, (In millions) Total revenues $ 171.3 Operating income 9.5 Net loss (10.1) Income attributable to noncontrolling interests 14.3 Net loss attributable to AmeriLife (24.4) |
Carrying Amount of Available-for-sale Securities | The carrying amounts and fair values of our fixed maturity securities at December 31, 2020 and 2019 are as follows: December 31, 2020 Carrying Cost Basis Unrealized Unrealized Fair (In millions) Fixed maturity securities available for sale: Corporate debt securities $ 35.2 $ 22.0 $ 13.2 $ — $ 35.2 Total $ 35.2 $ 22.0 $ 13.2 $ — $ 35.2 December 31, 2019 Carrying Cost Basis Unrealized Unrealized Fair (In millions) Fixed maturity securities available for sale: Corporate debt securities $ 19.2 $ 19.6 $ 0.7 $ (1.1) $ 19.2 Total $ 19.2 $ 19.6 $ 0.7 $ (1.1) $ 19.2 |
Schedule of Investment Securities in a Continuous Unrealized Loss Position | Net unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 were as follows (in millions): December 31, 2019 Less than 12 Months Fair Unrealized Value Losses Corporate debt securities $ 10.8 $ (1.1) Total temporarily impaired securities $ 10.8 $ (1.1) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consists of the following: December 31, 2020 2019 (In millions) Furniture, fixtures and equipment $ 118.3 $ 166.0 Leasehold improvements 129.6 158.9 Land 36.7 40.6 Buildings 40.9 28.9 Other 5.1 6.1 330.6 400.5 Accumulated depreciation and amortization (184.8) (237.9) $ 145.8 $ 162.6 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goo dwill consists of the following: Restaurant Group Corporate Total (in millions) Balance, December 31, 2018 $ 76.5 $ — $ 76.5 Impairment (10.4) — (10.4) Balance, December 31, 2019 $ 66.1 $ — $ 66.1 Impairment (7.8) — (7.8) Deconsolidation of Blue Ribbon (4.9) — (4.9) Balance, December 31, 2020 $ 53.4 $ — $ 53.4 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The table below summarizes select information related to variable interests held by the Company as of December 31, 2020 and 2019, of which we are not the primary beneficiary: 2020 2019 Total Assets Maximum Exposure Total Assets Maximum Exposure (in millions) Investments in unconsolidated affiliates 299.7 299.7 440.2 440.2 Forward Purchase Agreements and Paysafe Subscription Agreement 305.7 305.7 — — |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Amortizable Intangible Assets | Other intangible assets consist of the following: December 31, 2020 2019 (In millions) Trademarks and tradenames $ 37.8 $ 53.9 Software 13.5 17.1 Franchise rights 9.3 7.2 Customer relationships and contracts 5.2 5.2 65.8 83.4 Accumulated amortization (14.0) (20.3) $ 51.8 $ 63.1 |
Schedule of Non-Amortizable Intangible Assets | Other intangible assets consist of the following: December 31, 2020 2019 (In millions) Trademarks and tradenames $ 37.8 $ 53.9 Software 13.5 17.1 Franchise rights 9.3 7.2 Customer relationships and contracts 5.2 5.2 65.8 83.4 Accumulated amortization (14.0) (20.3) $ 51.8 $ 63.1 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Business Combination | The acquisition was accounted for as a business combination pursuant to ASC Topic 805. The consideration transferred was determined as follows (in millions): Notes receivable from Blue Ribbon $ 34.0 Fair value of investment in Blue Ribbon immediately prior to Blue Ribbon Emergence 15.2 Total consideration transferred $ 49.2 |
Summary of Preliminary Fair Value for Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair value amounts recognized for the assets acquired and liabilities assumed as of the acquisition date (dollars in millions): Fair Value Cash $ 8.6 Other current assets 24.9 Property and equipment 23.2 Lease assets 14.7 Other intangible assets 22.5 Other noncurrent assets 2.6 Total assets acquired $ 96.5 Current liabilities $ 27.6 Lease liabilities 14.5 Other noncurrent liabilities 2.3 Total liabilities assumed $ 44.4 Net assets acquired $ 52.1 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The gross carrying value and weighted average estimated useful lives of Property and equipment and Other intangible assets acquired consist of the following (dollars in millions): Gross Carrying Value Weighted Average Estimated Useful Life (in years) Property and equipment $ 23.2 12 Other intangible assets: Tradenames $ 8.0 15 Franchise agreements 7.7 10 Customer relationships 6.4 4 Software 0.4 5 Total Other intangible assets $ 22.5 |
Accounts Payable and Other Ac_2
Accounts Payable and Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Other Accrued Liabilities, Current and Long Term | Accounts payable and other accrued liabilities, current consist of the following: December 31, 2020 2019 (In millions) Accrued payroll and employee benefits $ 21.5 $ 25.3 Trade accounts payable 25.7 19.6 Accrued casualty self insurance expenses 11.5 13.3 Tax liabilities, excluding income taxes payable 9.9 11.9 Other accrued liabilities 24.6 16.3 $ 93.2 $ 86.4 Accounts payable and other accrued liabilities, long term consist of the following: December 31, 2020 2019 (In millions) Restaurant Group financing obligations $ 29.4 $ 27.5 Other accrued liabilities 23.7 16.4 $ 53.1 $ 43.9 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Notes payable consists of the following: December 31, 2020 2019 (In millions) 99 Term Loan $ 16.8 $ 30.9 99 Revolver 5.0 3.0 2020 Margin Facility — — 2018 Margin Facility — 75.0 FNF Revolver — — Brasada Interstate Loans 13.1 13.4 Other 28.6 4.8 Notes payable, total $ 63.5 $ 127.1 Less: Notes payable, current 11.3 7.0 Notes payable, long term $ 52.2 $ 120.1 |
Gross Principal Maturities Based Upon Contractual Maturities of Notes Payable | Gross principal maturities of notes payable at December 31, 2020 are as follows (in millions): 2021 $ 12.5 2022 6.9 2023 33.3 2024 0.8 2025 0.8 Thereafter 11.0 $ 65.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax (Benefit) Expense on Continuing Operations | Income tax expense (benefit) on continuing operations consists of the following: Year Ended December 31, 2020 2019 2018 (In millions) Current $ 116.1 $ 64.7 $ 27.3 Deferred 365.1 (40.5) (12.3) $ 481.2 $ 24.2 $ 15.0 |
Schedule of Reconciliation of Effective Tax Rate | A reconciliation of the federal statutory rate to our effective tax rate is as follows: Year Ended December 31, 2020 2019 2018 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit (0.1) (0.2) 3.6 Tax credits (0.1) (2.6) (22.7) Valuation allowance 0.1 0.5 — Non-deductible expenses and other, net — 0.1 0.2 Non-deductible executive compensation 0.5 1.8 67.5 Dividends received deduction — — (34.0) Noncontrolling interests 0.3 2.6 35.5 Basis difference in investments — (2.8) — Tax Reform — — 0.4 Other (0.2) (1.0) 3.8 Effective tax rate excluding equity investments 21.5 % 19.4 % 75.3 % Equity investments 0.6 (9.2) (8.9) Effective tax rate 22.1 % 10.2 % 66.4 % |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities at December 31, 2020 and 2019 consist of the following: December 31, 2020 2019 (In millions) Deferred tax assets: Partnerships $ — $ 54.1 Net operating loss carryforwards 4.1 1.1 Other 1.4 0.4 Total gross deferred tax asset 5.5 55.6 Less: valuation allowance (3.3) (1.1) Total deferred tax asset $ 2.2 $ 54.5 Deferred tax liabilities: Partnerships $ (327.5) $ — Total deferred tax liability $ (327.5) $ — Net deferred tax (liability) asset $ (325.3) $ 54.5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Obligations | Purchase obligations as of December 31, 2020 are as follows (in millions): 2021 $ 99.2 2022 13.3 2023 7.8 2024 7.1 2025 5.9 Thereafter 6.8 Total purchase commitments $ 140.1 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Reconciliation of Operations and Financial Position | A reconciliation of the operations of T-System included in the Consolidated Statement of Operations is shown below: Year Ended December 31, 2019 2018 (in millions) Revenues: Other operating revenue $ 50.4 $ 57.9 Total operating revenues 50.4 57.9 Operating expenses: Personnel costs 33.1 33.1 Depreciation and amortization 13.7 15.0 Other operating expenses 19.1 13.8 Goodwill impairment 35.1 — Total operating expenses 101.0 61.9 Operating loss (50.6) (4.0) Other expense: Recognized loss (6.9) — Total other expense (6.9) — Loss before income taxes (57.5) (4.0) Income tax benefit (5.7) (1.9) Net loss from discontinued operations $ (51.8) $ (2.1) Cash flow from discontinued operations data: Net cash provided by operations $ 2.7 $ 5.2 Net cash used in investing activities $ (0.5) $ (0.1) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Restricted Stock Transactions Under Omnibus Plan | Restricted stock transactions under the Omnibus Plan in 2020, 2019 and 2018 are as follows: Shares Weighted Average Grant Date Fair Value Balance, December 31, 2017 287,059 $ 18.45 Granted 384,281 17.98 Vested (95,685) 18.45 Balance, December 31, 2018 575,655 $ 18.13 Granted 18,642 34.45 Vested (223,777) 18.18 Balance, December 31, 2019 370,520 $ 18.93 Granted 13,993 40.53 Vested (234,885) 18.60 Balance, December 31, 2020 149,628 $ 21.46 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Financial Information Concerning Reportable Segments | As of and for the year ended December 31, 2020: Restaurant Group Dun & Bradstreet Optimal Blue Corporate Dun & Bradstreet & Optimal Blue Elimination Total (in millions) Restaurant revenues $ 559.7 $ — $ — $ — $ — $ 559.7 Other revenues — 1,738.1 45.4 26.0 (1,783.5) 26.0 Revenues from external customers 559.7 1,738.1 45.4 26.0 (1,783.5) 585.7 Interest and investment income, including recognized gains and losses, net 7.5 0.8 — 2,371.9 (0.8) 2,379.4 Total revenues and other income 567.2 1,738.9 45.4 2,397.9 (1,784.3) 2,965.1 Depreciation and amortization 27.7 536.9 39.3 3.0 (576.2) 30.7 Interest expense (8.6) (271.1) (9.3) (0.4) 280.4 (9.0) (Loss) earnings from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates (85.5) (219.3) (47.4) 2,267.4 266.7 2,181.9 Income tax (benefit) expense (1.0) (110.5) (1.5) 482.2 112.0 481.2 (Loss) earnings from continuing operations, before equity in earnings (loss) of unconsolidated affiliates (84.5) (108.8) (45.9) 1,785.2 154.7 1,700.7 Equity in (losses) earnings of unconsolidated affiliates (9.2) 2.3 — 124.5 (58.5) 59.1 (Loss) earnings from continuing operations $ (93.7) $ (106.5) $ (45.9) $ 1,909.7 $ 96.2 $ 1,759.8 Assets $ 520.9 $ 9,219.4 $ 1,969.4 $ 4,092.5 $ (11,188.8) $ 4,613.4 Goodwill 53.4 2,856.2 1,236.8 — (4,093.0) 53.4 As of and for the year ended December 31, 2019: Restaurant Group Dun & Bradstreet Corporate Dun & Bradstreet Elimination Total (in millions) Restaurant revenues $ 1,043.3 $ — $ — $ — $ 1,043.3 Other revenues — 1,413.9 26.7 (1,413.9) 26.7 Revenues from external customers 1,043.3 1,413.9 26.7 (1,413.9) 1,070.0 Interest and investment (loss) income, including recognized gains and losses, net 3.9 2.4 369.4 (2.4) 373.3 Total revenues and other income 1,047.2 1,416.3 396.1 (1,416.3) 1,443.3 Depreciation and amortization 38.5 482.4 2.2 (482.4) 40.7 Interest expense (5.4) (303.5) (12.4) 303.5 (17.8) (Loss) earnings from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates (80.9) (540.0) 318.8 540.0 237.9 Income tax expense (benefit) 0.3 (110.0) 23.9 110.0 24.2 (Loss) earnings from continuing operations, before equity in earnings of unconsolidated affiliates (81.2) (430.0) 294.9 430.0 213.7 Equity in earnings of unconsolidated affiliates — 4.2 1.3 (120.6) (115.1) (Loss) earnings from continuing operations $ (81.2) $ (425.8) $ 296.2 $ 309.4 $ 98.6 Assets $ 572.8 $ 9,112.8 $ 1,519.4 $ (9,112.8) $ 2,092.2 Goodwill 66.1 2,840.1 — (2,840.1) 66.1 As of and for the year ended December 31, 2018: Restaurant Group Corporate Total (in millions) Restaurant revenues $ 1,117.8 $ — $ 1,117.8 Other revenues — 29.7 29.7 Revenues from external customers 1,117.8 29.7 1,147.5 Interest and investment (loss) income, including recognized gains and losses, net (2.1) 175.2 173.1 Total revenues and other income 1,115.7 204.9 1,320.6 Depreciation and amortization 44.9 1.4 46.3 Interest expense (16.0) 11.3 (4.7) (Loss) earnings from continuing operations, before income taxes and equity in losses of unconsolidated affiliates (96.8) 119.4 22.6 Income tax expense 0.6 14.4 15.0 (Loss) earnings from continuing operations, before equity in losses of unconsolidated affiliates (97.4) 105.0 7.6 Equity in earnings (losses) of unconsolidated affiliates 0.1 (16.2) (16.1) (Loss) earnings from continuing operations $ (97.3) $ 88.8 $ (8.5) Assets $ 432.3 $ 1,027.2 $ 1,459.5 Goodwill 76.5 — 76.5 |
Supplementary Cash Flow Infor_2
Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow information | The following supplemental cash flow information is provided with respect to interest and tax payments, as well as certain non-cash investing and financing activities. Year Ended December 31, 2020 2019 2018 (In millions) Cash paid during the year: Interest $ 5.5 $ 15.6 $ 3.3 Income taxes 107.6 48.6 0.2 Operating leases 41.3 62.6 — Non-cash investing and financing activities: Acquisition of Ceridian HCM common shares through non-cash private placement investment - see Note A $ — $ — $ (33.4) Non-cash distribution of LifeWorks from Ceridian — — 32.5 Investment in CorroHealth received as partial consideration for T-System — 60.2 — Non-cash distribution of CoreLogic stock from Senator JV 112.5 — — Non-cash contribution of CoreLogic stock to Senator JV 176.3 — — Lease assets recognized in exchange for lease liabilities 65.0 8.5 — Assets acquired in non-cash acquisition of Legendary Baking and VIBSQ 96.5 — — Liabilities assumed in non-cash acquisition of Legendary Baking and VIBSQ 44.4 — — Financing obligations assumed by O'Charley's in exchange for property — 14.6 — Property obtained by O'Charley's in exchange for stores — 10.5 — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Our revenue consists of the following: Year ended December 31, 2020 2019 2018 Revenue Stream Segment Total Revenue Restaurant revenue: (in millions) Restaurant sales Restaurant Group $ 534.1 $ 958.4 $ 1,023.0 Bakery sales Restaurant Group 23.4 78.9 88.8 Franchise and other Restaurant Group 2.2 6.0 6.0 Total restaurant revenue 559.7 1,043.3 1,117.8 Other operating revenue: Real estate and resort Corporate and other 24.7 25.9 23.2 Other Corporate and other 1.3 0.8 6.5 Total other operating revenue 26.0 26.7 29.7 Total operating revenue 585.7 1,070.0 1,147.5 |
Contract Balances, Receivables and Deferred Revenue | The following table provides information about receivables and deferred revenue: December 31, December 31, 2020 2019 (In millions) Trade receivables, net $ 17.6 $ 16.0 Deferred revenue (contract liabilities) 23.9 26.4 |
Business and Summary of Signi_4
Business and Summary of Significant Accounting Policies - Split-off of Cannae From FNF (Details) | Oct. 07, 2020 | Nov. 17, 2017$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares |
Business Acquisition [Line Items] | ||||
Par value per share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Services agreement, extended term | 2 years | |||
Services agreement, interest rate payable from service provider | 10.00% | |||
Corporate Services Agreement | FNF | ||||
Business Acquisition [Line Items] | ||||
Services agreement, successive renewal terms | 1 year | |||
FNFV Group | ||||
Business Acquisition [Line Items] | ||||
Par value per share (in dollars per share) | $ 0.0001 | |||
CNNE | ||||
Business Acquisition [Line Items] | ||||
Par value per share (in dollars per share) | $ 0.0001 | |||
Number of shares of common stock in newly formed entity received for each share redeemed (ratio) | 1 |
Business and Summary of Signi_5
Business and Summary of Significant Accounting Policies - Recent Developments (Details) $ / shares in Units, $ in Millions | Jan. 25, 2021USD ($)shares$ / sharesshares | Jan. 08, 2021shares | Dec. 07, 2020USD ($)shares$ / sharesshares | Oct. 30, 2020shares | Sep. 15, 2020USD ($) | Jul. 31, 2020USD ($)shares$ / sharesshares | Jul. 06, 2020USD ($)$ / sharesshares | Jun. 05, 2020USD ($)shares$ / sharesshares | May 08, 2020USD ($)shares$ / sharesshares | Mar. 18, 2020USD ($) | Jan. 27, 2020USD ($) | Jun. 30, 2020shares | Feb. 26, 2021USD ($) | Dec. 31, 2020USD ($)shares | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Oct. 02, 2020 | Sep. 14, 2020$ / shares | Jul. 01, 2020 | Jun. 26, 2020$ / shares |
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Sale of stock (in shares) | shares | 12,650,000 | ||||||||||||||||||||||
Payment for investment | $ 289 | ||||||||||||||||||||||
Common stock, shares, outstanding (in shares) | shares | 91,651,257 | 91,651,257 | 79,516,833 | ||||||||||||||||||||
Net losses | $ (2,362.2) | $ (357.7) | $ (166.8) | ||||||||||||||||||||
Equity investment | $ 1,453 | 1,453 | 836.5 | ||||||||||||||||||||
Distributions from investments in unconsolidated affiliates | 48.3 | 1 | 0.4 | ||||||||||||||||||||
Subscription agreement, pro forma equity percentage, expected | 7.50% | ||||||||||||||||||||||
Blue Ribbon | Equity Method Investee | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Ownership (as a percent) | 100.00% | ||||||||||||||||||||||
Legendary Baking and VIBSQ | Blue Ribbon | Equity Method Investee | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Percentage of assets and uncompromised liabilities acquired | 100.00% | ||||||||||||||||||||||
CoreLogic, Inc. | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Acquisition, share price (in usd per share) | $ / shares | $ 66 | $ 65 | |||||||||||||||||||||
Bisnode Business Information Group AB | Subsequent Event | Dun & Bradstreet | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Shares issued in business combination (in shares) | shares | 6,200,000 | ||||||||||||||||||||||
Ownership after business acquisition, percentage | 15.60% | ||||||||||||||||||||||
Dun & Bradstreet | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Common stock, shares, outstanding (in shares) | shares | 76,600,000 | ||||||||||||||||||||||
D & B Private Placement | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Payment for investment | $ 200 | ||||||||||||||||||||||
Dun & Bradstreet | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Payment for investment | $ 200 | 526.1 | 0 | ||||||||||||||||||||
Ownership (as a percent) | 18.10% | 18.10% | |||||||||||||||||||||
Equity investment | $ 653.2 | $ 653.2 | 385.9 | ||||||||||||||||||||
Ceridian | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Ownership (as a percent) | 9.50% | 9.50% | |||||||||||||||||||||
Equity securities, at fair value | $ 993.4 | ||||||||||||||||||||||
Unrealized gain upon change in accounting | $ 684.9 | ||||||||||||||||||||||
Net losses | 47.1 | ||||||||||||||||||||||
Equity investment | $ 0 | 0 | 309.5 | ||||||||||||||||||||
Blue Ribbon | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Net losses | $ (26.5) | $ (9.5) | |||||||||||||||||||||
Debtor-in-possession financing provided | 27.5 | ||||||||||||||||||||||
Equity investment | $ 33.6 | ||||||||||||||||||||||
Other than temporary impairment of investment | $ 18.6 | ||||||||||||||||||||||
AmeriLife | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Payment for investment | $ 125 | ||||||||||||||||||||||
Ownership (as a percent) | 20.00% | 20.00% | |||||||||||||||||||||
Equity investment | $ 121.1 | $ 121.1 | 0 | ||||||||||||||||||||
Senator Focused Strategies | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Payment for investment | $ 201.2 | $ 90.9 | |||||||||||||||||||||
Ownership (as a percent) | 49.00% | ||||||||||||||||||||||
Distribution of shares received (in shares) | shares | 232,400,000 | ||||||||||||||||||||||
Distribution of shares owned, increased ownership (in shares) | shares | 2,300,000 | ||||||||||||||||||||||
Distributions from investments in unconsolidated affiliates | $ 198.6 | ||||||||||||||||||||||
Senator Focused Strategies | Subsequent Event | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Distributions from investments in unconsolidated affiliates | $ 280.6 | ||||||||||||||||||||||
CoreLogic, Inc. | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Distribution of shares received (in shares) | shares | 2,300,000 | ||||||||||||||||||||||
Optimal Blue | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Payment for investment | $ 289 | $ 0 | $ 0 | ||||||||||||||||||||
Ownership (as a percent) | 20.00% | 20.00% | |||||||||||||||||||||
Equity investment | $ 279.8 | $ 279.8 | $ 0 | ||||||||||||||||||||
Foley Trasimene Acquisition Corp | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Number of shares called by each warrant | shares | 1 | ||||||||||||||||||||||
Foley Trasimene Acquisition Corp | Forward Purchase Agreement, Purchase of Common Stock | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Commitment to purchase, shares, warrants (in shares) | shares | 15,000,000 | ||||||||||||||||||||||
Commitment to purchase, share price (in usd per share) | $ / shares | $ 11.50 | ||||||||||||||||||||||
Commitment to purchase | $ 150 | ||||||||||||||||||||||
Foley Trasimene Acquisition Corp | Forward Purchase Agreement, Purchase Redeemable Warrants | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Commitment to purchase, shares, warrants (in shares) | shares | 5,000,000 | ||||||||||||||||||||||
Trebia | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Number of shares called by each warrant | shares | 1 | ||||||||||||||||||||||
Trebia | Forward Purchase Agreement, Purchase of Common Stock | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Commitment to purchase, shares, warrants (in shares) | shares | 7,500,000 | ||||||||||||||||||||||
Commitment to purchase, share price (in usd per share) | $ / shares | $ 11.50 | ||||||||||||||||||||||
Commitment to purchase | $ 75 | ||||||||||||||||||||||
Trebia | Forward Purchase Agreement, Purchase Redeemable Warrants | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Commitment to purchase, shares, warrants (in shares) | shares | 2,500,000 | ||||||||||||||||||||||
Foley Trasimene Acquisition Corp. II | Forward Purchase Agreement, Purchase of Common Stock | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Commitment to purchase, shares, warrants (in shares) | shares | 15,000,000 | ||||||||||||||||||||||
Number of shares called by each warrant | shares | 1 | ||||||||||||||||||||||
Commitment to purchase, share price (in usd per share) | $ / shares | $ 11.50 | ||||||||||||||||||||||
Commitment to purchase | $ 150 | ||||||||||||||||||||||
Foley Trasimene Acquisition Corp. II | Forward Purchase Agreement, Purchase Redeemable Warrants | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Commitment to purchase, shares, warrants (in shares) | shares | 5,000,000 | ||||||||||||||||||||||
Paysafe | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Implied pro-forma enterprise value | $ 9,000 | ||||||||||||||||||||||
Paysafe | Forward Purchase Agreement, Purchase Redeemable Warrants | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Commitment to purchase, shares, warrants (in shares) | shares | 8,134,067 | ||||||||||||||||||||||
Number of shares called by each warrant | shares | 1 | ||||||||||||||||||||||
Commitment to purchase, share price (in usd per share) | $ / shares | $ 11.50 | ||||||||||||||||||||||
Paysafe | Subscription Agreement, Purchase of Common Stock | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Commitment to purchase | $ 504.7 | ||||||||||||||||||||||
Subscription agreement, commitment to purchase, shares (in shares) | shares | 35,000,000 | ||||||||||||||||||||||
Subscription agreement, commitment to purchase | $ 350 | ||||||||||||||||||||||
Placement fee consideration from investee | $ 5.6 | ||||||||||||||||||||||
Subscription agreement, shares of common stock expected (in shares) | shares | 54,290,000 | ||||||||||||||||||||||
Sponsor, FTAC II | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Payment for investment | 4.7 | ||||||||||||||||||||||
Alight | Subsequent Event | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Number of shares called by each warrant | shares | 1 | ||||||||||||||||||||||
Commitment to purchase, share price (in usd per share) | $ / shares | $ 11.50 | ||||||||||||||||||||||
Commitment to purchase | $ 404.5 | ||||||||||||||||||||||
Implied pro-forma enterprise value | $ 7,300 | ||||||||||||||||||||||
Subscription agreement, pro forma equity percentage, expected | 8.60% | ||||||||||||||||||||||
Alight | Alight Subscription Agreement, Purchase of Common Stock | Subsequent Event | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Commitment to purchase, shares, warrants (in shares) | shares | 8,026,666 | ||||||||||||||||||||||
Subscription agreement, commitment to purchase, shares (in shares) | shares | 25,000,000 | ||||||||||||||||||||||
Subscription agreement, commitment to purchase | $ 250 | ||||||||||||||||||||||
Placement fee consideration from investee | $ 6.3 | ||||||||||||||||||||||
Subscription agreement, shares of common stock expected (in shares) | shares | 44,639,500 | ||||||||||||||||||||||
Sponsor, FTAC | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Payment for investment | $ 4.5 | ||||||||||||||||||||||
Underwritten Secondary Public Offering | Ceridian | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Sale of stock (in shares) | shares | 9,700,000 | ||||||||||||||||||||||
Aggregate proceeds from sale of stock | $ 720.9 | ||||||||||||||||||||||
Over-Allotment Option | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Sale of stock (in shares) | shares | 1,650,000 | ||||||||||||||||||||||
Dun & Bradstreet | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Aggregate proceeds from sale of stock | 2,400 | ||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 400 | ||||||||||||||||||||||
Dun & Bradstreet | Senior Notes Due 2027 | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Interest rate incurred | 10.25% | ||||||||||||||||||||||
Dun & Bradstreet | IPO | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Sale of stock (in shares) | shares | 90,047,612 | ||||||||||||||||||||||
Sale of stock, price per share (in usd per share) | $ / shares | $ 22 | ||||||||||||||||||||||
Losses on sale of stock | $ (117) | ||||||||||||||||||||||
Tax benefit related to gains (losses) net | $ 2.3 | ||||||||||||||||||||||
Dun & Bradstreet | Over-Allotment Option | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Sale of stock (in shares) | shares | 11,745,340 | ||||||||||||||||||||||
Cannae, THL And Other Investors | AmeriLife | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Payment for investment | $ 617 | ||||||||||||||||||||||
Black Knight, Inc. | Optimal Blue | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Ownership (as a percent) | 20.00% |
Business and Summary of Signi_6
Business and Summary of Significant Accounting Policies - Other Developments (Details) $ in Millions | 1 Months Ended |
Jun. 30, 2020USD ($)shares | |
Schedule of Equity Method Investments [Line Items] | |
Sale of stock (in shares) | 12,650,000 |
Proceeds from equity offering, net of offering expensees | $ | $ 455 |
Over-Allotment Option | |
Schedule of Equity Method Investments [Line Items] | |
Sale of stock (in shares) | 1,650,000 |
Business and Summary of Signi_7
Business and Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Restricted cash | $ 12.5 | $ 11.4 |
Business and Summary of Signi_8
Business and Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill impairment | $ 7.8 | $ 10.4 | $ 26.7 |
Restaurant Group | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 7.8 | 10.4 | $ 26.7 |
T-System | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 35.1 |
Business and Summary of Signi_9
Business and Summary of Significant Accounting Policies - Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restaurant Group | Tradenames | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment expense | $ 11.8 | $ 17.1 | $ 5.8 |
Computer software | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, useful lives | 3 years | ||
Computer software | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, useful lives | 10 years |
Business and Summary of Sign_10
Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Impairment expense related to property and equipment | $ 3.5 | $ 6.6 | $ 8.1 |
Buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful lives | 30 years | ||
Buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful lives | 40 years | ||
Furniture, fixtures and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful lives | 25 years | ||
Intangible assets, useful lives | 3 years |
Business and Summary of Sign_11
Business and Summary of Significant Accounting Policies - Insurance Reserves (Details) $ in Millions | Dec. 31, 2020USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liability for insurance reserves | $ 14.7 |
Business and Summary of Sign_12
Business and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Advertising costs incurred | $ 15.7 | $ 30 | $ 34.7 |
Business and Summary of Sign_13
Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,488.5 | ||
Cumulative effect of adoption of accounting standards by unconsolidated affiliates | $ 0 | ||
Ending balance | 3,779.6 | $ 1,488.5 | |
Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (0.5) | (0.6) | |
Other comprehensive earnings | 10.7 | 0.1 | |
Cumulative effect of adoption of accounting standards by unconsolidated affiliates | 0 | ||
Reclassification adjustments | 0 | 0 | |
Ending balance | 10.2 | (0.5) | (0.6) |
Unrealized (loss) gain relating to investments in unconsolidated affiliates | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (45.4) | (66.6) | |
Other comprehensive earnings | (15.9) | 7.1 | |
Cumulative effect of adoption of accounting standards by unconsolidated affiliates | (5) | ||
Reclassification adjustments | 46.2 | 19.1 | |
Ending balance | (15.1) | (45.4) | (66.6) |
Total Accumulated Other Comprehensive (Loss) Earnings | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (45.9) | (67.2) | |
Other comprehensive earnings | (5.2) | 7.2 | |
Cumulative effect of adoption of accounting standards by unconsolidated affiliates | (5) | (16.1) | |
Reclassification adjustments | 46.2 | 19.1 | |
Ending balance | $ (4.9) | $ (45.9) | $ (67.2) |
Business and Summary of Sign_14
Business and Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Antidilutive shares excluded from calculation of diluted earnings per share (in shares) | 0 | 0 | 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)optionsToRenew | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Operating lease weighted average remaining lease term | 10 years | ||
Operating lease, number of options to renew | optionsToRenew | 1 | ||
Lease weighted average discount rate, percent | 7.08% | 7.67% | |
Rent expense under ASC 840 | $ 60.8 | ||
Restaurant Group | |||
Lessee, Lease, Description [Line Items] | |||
Impairment of assets | $ 1.5 | $ 21.1 | |
Cost of restaurant revenue | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | $ 43.2 | $ 58.5 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lease terms | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lease terms | 19 years | ||
Lease renewal term | 20 years |
Leases - Future Payments Under
Leases - Future Payments Under Operating Lease Arrangements Under ASC Topic 842 (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 40.7 | |
2022 | 39.2 | |
2023 | 35.4 | |
2024 | 26.5 | |
2025 | 23 | |
Thereafter | 151 | |
Total lease payments, undiscounted | 315.8 | |
Less: discount | 94 | |
Total operating lease liability as of December 31, 2020, at present value | 221.8 | |
Less: operating lease liability as of December 31, 2020, current | 26.2 | $ 41.5 |
Operating lease liability as of December 31, 2020, long term | $ 195.6 | $ 199.7 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fixed-maturity securities available for sale: | ||
Fixed maturity securities available for sale, at fair value | $ 35.2 | $ 19.2 |
Total assets | $ 1,834.3 | 19.2 |
Foley Trasimene Acquisition Corp. II | ||
Fixed-maturity securities available for sale: | ||
Probability, consummation of business combination, percentage | 90.00% | |
Trebia | ||
Fixed-maturity securities available for sale: | ||
Probability, consummation of business combination, percentage | 95.00% | |
Ceridian | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | $ 1,491.8 | |
Forward Purchase Agreements | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 136.1 | |
Paysafe Subscription Agreement | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 169.6 | |
Other | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 1.6 | |
Corporate debt securities | ||
Fixed-maturity securities available for sale: | ||
Fixed maturity securities available for sale, at fair value | 35.2 | 19.2 |
Level 1 | ||
Fixed-maturity securities available for sale: | ||
Total assets | 1,493.4 | 0 |
Level 1 | Ceridian | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 1,491.8 | |
Level 1 | Forward Purchase Agreements | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 0 | |
Level 1 | Paysafe Subscription Agreement | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 0 | |
Level 1 | Other | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 1.6 | |
Level 1 | Corporate debt securities | ||
Fixed-maturity securities available for sale: | ||
Fixed maturity securities available for sale, at fair value | 0 | 0 |
Level 2 | ||
Fixed-maturity securities available for sale: | ||
Total assets | 0 | 0 |
Level 2 | Ceridian | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 0 | |
Level 2 | Forward Purchase Agreements | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 0 | |
Level 2 | Paysafe Subscription Agreement | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 0 | |
Level 2 | Other | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 0 | |
Level 2 | Corporate debt securities | ||
Fixed-maturity securities available for sale: | ||
Fixed maturity securities available for sale, at fair value | 0 | 0 |
Level 3 | ||
Fixed-maturity securities available for sale: | ||
Total assets | $ 340.9 | 19.2 |
Level 3 | Minimum | Discount Rate | ||
Fixed-maturity securities available for sale: | ||
Securities, available-for-sale discount rates used | 0.073 | |
Level 3 | Maximum | Discount Rate | ||
Fixed-maturity securities available for sale: | ||
Securities, available-for-sale discount rates used | 0.175 | |
Level 3 | Weighted Average | Discount Rate | ||
Fixed-maturity securities available for sale: | ||
Securities, available-for-sale discount rates used | 0.121 | |
Level 3 | Ceridian | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | $ 0 | |
Level 3 | Forward Purchase Agreements | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 136.1 | |
Level 3 | Paysafe Subscription Agreement | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 169.6 | |
Level 3 | Other | ||
Fixed-maturity securities available for sale: | ||
Equity securities: | 0 | |
Level 3 | Corporate debt securities | ||
Fixed-maturity securities available for sale: | ||
Fixed maturity securities available for sale, at fair value | $ 35.2 | $ 19.2 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Values of Level 3 Assets Measured on a Recurring Basis (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Impairment | $ 0 | $ (400,000) | $ (12,500,000) |
Level 3 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value, beginning of period | 19,200,000 | 17,800,000 | |
Paid-in-kind dividends | 1,300,000 | 200,000 | |
Impairment | (400,000) | ||
Net valuation gain included in earnings | 305,700,000 | ||
Net valuation gain included in other comprehensive earnings | 14,700,000 | 1,600,000 | |
Fair value, end of period | 340,900,000 | 19,200,000 | 17,800,000 |
Level 3 | Corporate debt securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value, beginning of period | 19,200,000 | 17,800,000 | |
Paid-in-kind dividends | 1,300,000 | 200,000 | |
Impairment | (400,000) | ||
Net valuation gain included in earnings | 0 | ||
Net valuation gain included in other comprehensive earnings | 14,700,000 | 1,600,000 | |
Fair value, end of period | 35,200,000 | 19,200,000 | 17,800,000 |
Level 3 | Forward Purchase Agreement | Forward Purchase Agreements | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value, beginning of period | 0 | 0 | |
Paid-in-kind dividends | 0 | 0 | |
Impairment | 0 | ||
Net valuation gain included in earnings | 136,100,000 | ||
Net valuation gain included in other comprehensive earnings | 0 | 0 | |
Fair value, end of period | 136,100,000 | 0 | 0 |
Level 3 | Forward Purchase Agreement | Paysafe Subscription Agreement | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value, beginning of period | 0 | 0 | |
Paid-in-kind dividends | 0 | 0 | |
Impairment | 0 | ||
Net valuation gain included in earnings | 169,600,000 | ||
Net valuation gain included in other comprehensive earnings | 0 | 0 | |
Fair value, end of period | $ 169,600,000 | $ 0 | $ 0 |
Investments - Equity Securities
Investments - Equity Securities Gain (Losses) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Net gains recognized during the period on equity securities | $ 1,991 |
Less: net gains recognized during the period on equity securities sold or transferred during the period | (410.2) |
Unrealized gains recognized during the reporting period on equity securities still held at December 31, 2020 | $ 1,580.8 |
Investments - Schedule of Inves
Investments - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated affiliates | $ 1,453 | $ 836.5 | |
Equity in earnings (losses) of unconsolidated affiliates | $ 59.1 | (115.1) | $ (16.1) |
Dun And Bradstreet | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership (as a percent) | 18.10% | ||
Investments in unconsolidated affiliates | $ 653.2 | 385.9 | |
Equity in earnings (losses) of unconsolidated affiliates | $ (46.8) | (132.8) | 0 |
Ceridian | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership (as a percent) | 9.50% | ||
Investments in unconsolidated affiliates | $ 0 | 309.5 | |
Equity in earnings (losses) of unconsolidated affiliates | $ 1.5 | 16.4 | (20.5) |
Optimal Blue | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership (as a percent) | 20.00% | ||
Investments in unconsolidated affiliates | $ 279.8 | 0 | |
Equity in earnings (losses) of unconsolidated affiliates | $ (9.4) | $ 0 | 0 |
Senator Focused Strategies | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership (as a percent) | 49.00% | ||
AmeriLife | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership (as a percent) | 20.00% | ||
Investments in unconsolidated affiliates | $ 121.1 | $ 0 | |
Equity in earnings (losses) of unconsolidated affiliates | (4) | 0 | 0 |
Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in unconsolidated affiliates | 398.9 | 141.1 | |
Equity in earnings (losses) of unconsolidated affiliates | $ 117.8 | $ 1.3 | $ 4.4 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | Sep. 15, 2020 | Mar. 18, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | |||||
Equity investment | $ 289,000,000 | ||||
Corporate debt securities | $ 34,700,000 | ||||
Corporate debt securities, maturity with maturity of less than one year | 500,000 | ||||
Other-than-temporary impairment charges | 0 | $ 400,000 | $ 12,500,000 | ||
QOMPLX, Inc. | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Investment without readily determinable fair value | 30,000,000 | 22,500,000 | |||
Dun & Bradstreet | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Based on quoted market prices, aggregate fair value of ownership | $ 1,900,000,000 | ||||
Ownership (as a percent) | 18.10% | ||||
Equity investment | $ 200,000,000 | $ 526,100,000 | $ 0 | ||
Dun & Bradstreet | Equity Sponsors | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Collective voting interest with other equity sponsors (greater than) | 50.00% | ||||
AmeriLife | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Ownership (as a percent) | 20.00% | ||||
Equity investment | $ 125,000,000 | ||||
Corporate debt securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Securities held for which other than temporary impairment was previously recognized | $ 16,400,000 |
Investments - Schedule of Summa
Investments - Schedule of Summarized Financial Information, D&B and AmeriLife (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Combined Balance Sheets | ||||
Total current assets | $ 844.2 | $ 630.9 | ||
Total assets | 4,613.4 | 2,092.2 | $ 1,459.5 | |
Current liabilities | 202 | 198.7 | ||
Long-term debt | 63.5 | 127.1 | ||
Total liabilities | 828.2 | 562.4 | ||
Additional paid-in capital | 1,875.8 | 1,396.7 | ||
Retained earnings | 1,929.8 | 143.6 | ||
Total equity | 3,785.2 | 1,529.8 | 1,199.7 | $ 1,153.1 |
Total liabilities and equity | 4,613.4 | 2,092.2 | ||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||
Total revenues | 2,965.1 | 1,443.3 | 1,320.6 | |
Net loss | 1,759.8 | 46.8 | (10.6) | |
Operating income (loss) | (188.5) | (117.6) | (145.8) | |
Income attributable to noncontrolling interests | (26.4) | (30.5) | $ (38.2) | |
Unconsolidated affiliates | Dun & Bradstreet | ||||
Condensed Combined Balance Sheets | ||||
Total current assets | 874 | 417.9 | ||
Goodwill and other intangible assets, net | 7,668.2 | 8,091.5 | ||
Other noncurrent assets | 677.2 | 603.4 | ||
Total assets | 9,219.4 | 9,112.8 | ||
Current liabilities | 825.3 | 1,090.4 | ||
Long-term debt | 3,255.8 | 3,818.9 | ||
Other non-current liabilities | 1,560.6 | 1,594 | ||
Total liabilities | 5,641.7 | 6,503.3 | ||
Preferred equity | 0 | 1,030.6 | ||
Total equity | 3,577.7 | 1,578.9 | ||
Total liabilities and equity | 9,219.4 | 9,112.8 | ||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||
Total revenues | 1,738.1 | 1,413.9 | ||
Loss before income taxes | (219.3) | (540) | ||
Net loss | (106.5) | (425.8) | ||
Dividends attributable to preferred equity and noncontrolling interest expense | (69.1) | (120.5) | ||
Net loss | (175.6) | $ (546.3) | ||
Unconsolidated affiliates | Optimal Blue | ||||
Condensed Combined Balance Sheets | ||||
Total current assets | 38 | |||
Goodwill and other intangible assets, net | 1,831.3 | |||
Other noncurrent assets | 100.1 | |||
Total assets | 1,969.4 | |||
Current liabilities | 28.9 | |||
Long-term debt | 493 | |||
Other non-current liabilities | 105 | |||
Total liabilities | 626.9 | |||
Member's equity | 578 | |||
Additional paid-in capital | 813 | |||
Retained earnings | (48.5) | |||
Total member's equity | 1,342.5 | |||
Total liabilities and equity | 1,969.4 | |||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||
Total revenues | 45.4 | |||
Operating income (loss) | (38.1) | |||
Net loss | (45.9) | |||
Unconsolidated affiliates | AmeriLife | ||||
Condensed Combined Balance Sheets | ||||
Total current assets | 108.5 | |||
Goodwill and other intangible assets, net | 1,370.4 | |||
Other noncurrent assets | 16.4 | |||
Total assets | 1,495.3 | |||
Current liabilities | 53.1 | |||
Long-term debt | 645.2 | |||
Other non-current liabilities | 14.7 | |||
Total liabilities | 713 | |||
Member's equity | 607.4 | |||
Noncontrolling interest - nonredeemable | 174.9 | |||
Total member's equity | 782.3 | |||
Total liabilities and equity | 1,495.3 | |||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||
Total revenues | 171.3 | |||
Net loss | (10.1) | |||
Operating income (loss) | 9.5 | |||
Income attributable to noncontrolling interests | 14.3 | |||
Net loss | $ (24.4) |
Investments - Schedule of Carry
Investments - Schedule of Carrying Amounts and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost Basis | $ 22 | $ 19.6 |
Unrealized Gains | 13.2 | 0.7 |
Unrealized Losses | 0 | (1.1) |
Fair Value | 35.2 | 19.2 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost Basis | 22 | 19.6 |
Unrealized Gains | 13.2 | 0.7 |
Unrealized Losses | 0 | (1.1) |
Fair Value | 35.2 | 19.2 |
Carrying Value | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 35.2 | 19.2 |
Carrying Value | Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 35.2 | $ 19.2 |
Investments - Schedule of Inv_2
Investments - Schedule of Investment Securities in a Continuous Unrealized Loss Position (Details) $ in Millions | Dec. 31, 2019USD ($) |
Fair Value | |
Less than 12 Months | $ 10.8 |
Total unrealized loss position | 10.8 |
Unrealized Losses | |
Less than 12 Months | (1.1) |
Total accumulated unrealized loss position | $ (1.1) |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 330.6 | $ 400.5 | |
Accumulated depreciation and amortization | (184.8) | (237.9) | |
Property and equipment, net | 145.8 | 162.6 | |
Depreciation expense on property and equipment | 26.7 | 35.8 | $ 38 |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 118.3 | 166 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 129.6 | 158.9 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 36.7 | 40.6 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 40.9 | 28.9 | |
Other | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 5.1 | $ 6.1 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | |||
Balance, beginning of year | $ 66.1 | $ 76.5 | |
Impairment | (7.8) | (10.4) | $ (26.7) |
Deconsolidation of Blue Ribbon | (4.9) | ||
Balance, end of year | 53.4 | 66.1 | 76.5 |
Restaurant Group | |||
Goodwill [Roll Forward] | |||
Balance, beginning of year | 66.1 | 76.5 | |
Impairment | (7.8) | (10.4) | (26.7) |
Deconsolidation of Blue Ribbon | (4.9) | ||
Balance, end of year | 53.4 | 66.1 | $ 76.5 |
Corporate and Other | |||
Goodwill [Roll Forward] | |||
Impairment | 0 | $ 0 | |
Deconsolidation of Blue Ribbon | 0 | ||
Balance, end of year | $ 0 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | |||
Assets | $ 4,613.4 | $ 2,092.2 | $ 1,459.5 |
Variable interest entity, not primary beneficiary | Investments in unconsolidated affiliates | |||
Variable Interest Entity [Line Items] | |||
Assets | 299.7 | 440.2 | |
Maximum Exposure | 299.7 | 440.2 | |
Variable interest entity, not primary beneficiary | Forward Purchase Agreements and Paysafe Subscription Agreement | |||
Variable Interest Entity [Line Items] | |||
Assets | 305.7 | 0 | |
Maximum Exposure | $ 305.7 | $ 0 |
Other Intangible Assets (Detail
Other Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 65.8 | $ 83.4 |
Accumulated amortization | (14) | (20.3) |
Intangible assets, net | 51.8 | 63.1 |
Trademarks and tradenames | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 37.8 | 53.9 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 13.5 | 17.1 |
Franchise rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 9.3 | 7.2 |
Customer relationships and contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | $ 5.2 | $ 5.2 |
Other Intangible Assets - Narra
Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for amortizable intangible assets | $ 4 | $ 4.9 | $ 8.3 |
Estimated amortization expense, 2021 | 5.3 | ||
Estimated amortization expense, 2022 | 5 | ||
Estimated amortization expense, 2023 | 4.1 | ||
Estimated amortization expense, 2024 | 3.7 | ||
Estimated amortization expense, 2025 | $ 3.7 |
Acquisitions -Consideration and
Acquisitions -Consideration and Additional Information (Details) - USD ($) $ in Millions | Oct. 02, 2020 | Jan. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 |
Business Acquisition [Line Items] | |||||||
Recognized gain | $ 2,362.2 | $ 357.7 | $ 166.8 | ||||
Legendary Baking and VIBSQ | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration transferred | $ 49.2 | ||||||
Bargain purchase gain recognized | 2.9 | ||||||
Business acquisition, revenue | $ 36.6 | ||||||
Business acquisition, net loss | $ 4 | ||||||
Blue Ribbon | Equity Method Investee | Legendary Baking and VIBSQ | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of assets and uncompromised liabilities acquired | 100.00% | ||||||
Blue Ribbon | |||||||
Business Acquisition [Line Items] | |||||||
DIP loan | $ 15.5 | ||||||
Recognized gain | $ 26.5 | $ 9.5 | |||||
Blue Ribbon | Legendary Baking and VIBSQ | |||||||
Business Acquisition [Line Items] | |||||||
Notes receivable from Blue Ribbon | $ 34 | ||||||
Fair value of investment in Blue Ribbon immediately prior to Blue Ribbon Emergence | 15.2 | ||||||
Debtor-in-possession financing outstanding | 12 | ||||||
Blue Ribbon | Legendary Baking and VIBSQ | Exit Financing Provided | |||||||
Business Acquisition [Line Items] | |||||||
Due from related parties | $ 6.5 |
Business Combinations -Prelimin
Business Combinations -Preliminary Fair Value for Assets Acquired and Liabilities Assumed (Details) - Legendary Baking and VIBSQ $ in Millions | Oct. 02, 2020USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 8.6 |
Other current assets | 24.9 |
Property and equipment | 23.2 |
Lease assets | 14.7 |
Other intangible assets | 22.5 |
Other noncurrent assets | 2.6 |
Total assets acquired | 96.5 |
Current liabilities | 27.6 |
Lease liabilities | 14.5 |
Other noncurrent liabilities | 2.3 |
Total liabilities assumed | 44.4 |
Net assets acquired | $ 52.1 |
Business Combinations - Gross C
Business Combinations - Gross Carrying Value and Weighted Average Estimated useful Lives of Property and Equipment Other Intangible Assets Acquired (Details) - Legendary Baking and VIBSQ $ in Millions | Oct. 02, 2020USD ($) |
Business Acquisition [Line Items] | |
Property and equipment | $ 23.2 |
Property and equipment useful life | 12 years |
Other intangible assets: | |
Gross Carrying Value | $ 22.5 |
Tradenames | |
Other intangible assets: | |
Gross Carrying Value | $ 8 |
Weighted Average Estimated Useful Life (in years) | 15 years |
Franchise rights | |
Other intangible assets: | |
Gross Carrying Value | $ 7.7 |
Weighted Average Estimated Useful Life (in years) | 10 years |
Customer relationships | |
Other intangible assets: | |
Gross Carrying Value | $ 6.4 |
Weighted Average Estimated Useful Life (in years) | 4 years |
Software | |
Other intangible assets: | |
Gross Carrying Value | $ 0.4 |
Weighted Average Estimated Useful Life (in years) | 5 years |
Accounts Payable and Other Ac_3
Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts payable and other accrued liabilities, current | ||
Accrued payroll and employee benefits | $ 21.5 | $ 25.3 |
Trade accounts payable | 25.7 | 19.6 |
Accrued casualty self insurance expenses | 11.5 | 13.3 |
Tax liabilities, excluding income taxes payable | 9.9 | 11.9 |
Other accrued liabilities | 24.6 | 16.3 |
Accounts payable and other accrued liabilities, current | 93.2 | 86.4 |
Accounts payable and other accrued liabilities, long term | ||
Restaurant Group financing obligations | 29.4 | 27.5 |
Other accrued liabilities | 23.7 | 16.4 |
Accounts payable and other accrued liabilities, long term | $ 53.1 | $ 43.9 |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Notes payable, total | $ 63,500,000 | $ 127,100,000 |
Less: Notes payable, current | 11,300,000 | 7,000,000 |
Notes payable, long term | 52,200,000 | 120,100,000 |
99 Term Loan | Notes payable to banks | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 16,800,000 | 30,900,000 |
99 Revolver | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 5,000,000 | 3,000,000 |
2020 Margin Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 0 | 0 |
2018 Margin Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 0 | 75,000,000 |
FNF Revolver | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 0 | 0 |
Brasada Interstate Loans | Notes payable to banks | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 13,100,000 | 13,400,000 |
Other | Other notes payable | ||
Debt Instrument [Line Items] | ||
Notes payable, total | $ 28,600,000 | $ 4,800,000 |
Notes Payable - Narrative (Deta
Notes Payable - Narrative (Details) - USD ($) | Dec. 01, 2020 | Nov. 30, 2020 | Feb. 18, 2020 | Sep. 11, 2019 | Jul. 05, 2019 | Jun. 12, 2019 | Feb. 07, 2019 | Dec. 21, 2018 | Jun. 13, 2018 | Nov. 17, 2017 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 07, 2018 | Jan. 29, 2016 |
Line of Credit Facility [Line Items] | |||||||||||||||||
Common stock, shares, issued (in shares) | 92,391,965 | 92,391,965 | 79,727,972 | ||||||||||||||
Par value per share (in usd per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||||
Borrowings outstanding | $ 63,500,000 | $ 63,500,000 | $ 127,100,000 | ||||||||||||||
Repayment of debt | 108,800,000 | 290,800,000 | $ 124,100,000 | ||||||||||||||
2020 Margin Facility | Ceridian | Senior Lien | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Common stock, shares, issued (in shares) | 6,000,000 | ||||||||||||||||
Par value per share (in usd per share) | $ 0.01 | ||||||||||||||||
Common stock shares issued, additional shares (in shares) | 4,000,000 | ||||||||||||||||
2020 Margin Facility | Dun & Bradstreet | Senior Lien | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Common stock, shares, issued (in shares) | 19,000,000 | ||||||||||||||||
Par value per share (in usd per share) | $ 0.0001 | ||||||||||||||||
Common stock shares issued, additional shares (in shares) | 11,000,000 | ||||||||||||||||
2020 Margin Facility | Revolver Note | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | $ 100,000,000 | ||||||||||||||||
Option to increase limit | $ 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||
Amount available to borrow | 100,000,000 | 100,000,000 | |||||||||||||||
Borrowings outstanding | 0 | 0 | 0 | ||||||||||||||
99 Revolver Credit Facility | Revolver Note | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Borrowings outstanding | 5,000,000 | 5,000,000 | 3,000,000 | ||||||||||||||
99 Revolver Credit Facility | Revolver Note | Ninety-Nine Restaurants, LLC | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | $ 15,000,000 | ||||||||||||||||
Amount available to borrow | 500,000 | $ 500,000 | |||||||||||||||
Decrease borrowing capacity | $ 7,500,000 | ||||||||||||||||
Interest rate incurred | 6.75% | 6.75% | |||||||||||||||
99 Revolver Credit Facility | Revolver Note | Ninety-Nine Restaurants, LLC | Forecast | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Decrease borrowing capacity | $ 2,000,000 | ||||||||||||||||
99 Revolver Credit Facility | Revolver Note | Ninety-Nine Restaurants, LLC | Base Rate | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Basis spread on variable rate | 2.50% | ||||||||||||||||
Variable interest rate, increase | 1.00% | ||||||||||||||||
99 Revolver Credit Facility | Revolver Note | Ninety-Nine Restaurants, LLC | LIBOR | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Basis spread on variable rate | 3.50% | ||||||||||||||||
Variable interest rate, increase | 1.00% | ||||||||||||||||
99 Revolver Credit Facility | Revolver Note | Ninety-Nine Restaurants, LLC | Swingline debt | Fifth Third Bank | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | $ 2,500,000 | ||||||||||||||||
99 Revolver Credit Facility | Letter of credit | Ninety-Nine Restaurants, LLC | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | 5,000,000 | ||||||||||||||||
99 Term Loan | Notes payable to banks | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Interest rate incurred | 4.75% | 4.75% | |||||||||||||||
Borrowings outstanding | $ 16,800,000 | $ 16,800,000 | $ 30,900,000 | ||||||||||||||
99 Term Loan | Ninety-Nine Restaurants, LLC | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Face amount of loan | 37,000,000 | ||||||||||||||||
DLOC Loan | Line of Credit Loan | Ninety-Nine Restaurants, LLC | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Face amount of loan | $ 10,000,000 | ||||||||||||||||
Margin Loan Agreement | Revolver Note | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | $ 300,000,000 | ||||||||||||||||
Interest rate incurred | 4.70% | ||||||||||||||||
Borrowings outstanding | 0 | 0 | $ 75,000,000 | ||||||||||||||
Repayment of debt | $ 75,000,000 | ||||||||||||||||
Interstate Credit Agreement | Notes payable to banks | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Borrowings outstanding | $ 13,100,000 | $ 13,100,000 | 13,400,000 | ||||||||||||||
Interstate Credit Agreement | NV Brasada | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | $ 17,000,000 | ||||||||||||||||
Interstate Credit Agreement | NV Brasada | Acquisition Loan | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Face amount of loan | $ 12,500,000 | ||||||||||||||||
Interstate Credit Agreement | NV Brasada | Acquisition Loan, A Note | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Face amount of loan | $ 6,250,000 | ||||||||||||||||
Interest rate incurred | 4.51% | ||||||||||||||||
Interstate Credit Agreement | NV Brasada | Acquisition Loan, B Note | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Face amount of loan | $ 6,250,000 | ||||||||||||||||
Interstate Credit Agreement | NV Brasada | Acquisition Loan, B Note | LIBOR | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Basis spread on variable rate | 2.25% | ||||||||||||||||
Interstate Credit Agreement | NV Brasada | Notes payable to banks | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Variable rate interest | 2.40% | 2.40% | |||||||||||||||
Interstate Credit Agreement | Line of Credit Loan | NV Brasada | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Borrowings outstanding | $ 3,600,000 | ||||||||||||||||
Interstate Credit Agreement, Note C | NV Brasada | Notes payable to banks | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Borrowings outstanding | $ 2,100,000 | $ 2,100,000 | |||||||||||||||
Variable rate interest | 2.40% | 2.40% | |||||||||||||||
Corporate Revolver Note | Revolver Note | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Aggregate borrowing capacity | $ 100,000,000 | ||||||||||||||||
Amount available to borrow | $ 100,000,000 | $ 100,000,000 | |||||||||||||||
Borrowings outstanding | $ 0 | $ 0 | $ 0 | ||||||||||||||
Maximum incremental borrowing under credit facility | $ 1,000,000 | ||||||||||||||||
Term of revolver note | 5 years | ||||||||||||||||
Term of automatic extension | 5 years | ||||||||||||||||
Proceeds from line of credit | $ 100,000,000 | $ 100,000,000 | |||||||||||||||
Repayments of line of credit | $ 100,000,000 | $ 100,000,000 | |||||||||||||||
Corporate Revolver Note | Revolver Note | LIBOR | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Basis spread on variable rate | 4.50% |
Notes Payable - Gross Principal
Notes Payable - Gross Principal Maturities Based Upon Contractual Maturities of Notes Payable (Details) $ in Millions | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 12.5 |
2022 | 6.9 |
2023 | 33.3 |
2024 | 0.8 |
2025 | 0.8 |
Thereafter | 11 |
Total Long Term Debt | $ 65.3 |
Income Taxes - Income tax compo
Income Taxes - Income tax components (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 116.1 | $ 64.7 | $ 27.3 |
Deferred | 365.1 | (40.5) | (12.3) |
Income tax (benefit) expense | $ 481.2 | $ 24.2 | $ 15 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal benefit | (0.10%) | (0.20%) | 3.60% |
Tax credits | (0.10%) | (2.60%) | (22.70%) |
Valuation allowance | 0.10% | 0.50% | 0.00% |
Non-deductible expenses and other, net | 0.00% | 0.10% | 0.20% |
Non-deductible executive compensation | 0.50% | 1.80% | 67.50% |
Dividends received deduction | 0.00% | 0.00% | (34.00%) |
Noncontrolling interests | 0.30% | 2.60% | 35.50% |
Basis difference in investments | 0.00% | (2.80%) | 0.00% |
Tax Reform | 0.00% | 0.00% | 0.40% |
Other | (0.20%) | (1.00%) | 3.80% |
Effective tax rate excluding equity investments | 21.50% | 19.40% | 75.30% |
Equity investments | 0.60% | (9.20%) | (8.90%) |
Effective tax rate | 22.10% | 10.20% | 66.40% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate | 22.10% | 10.20% | 66.40% |
Net deferred tax (liability) asset | $ (325,300,000) | ||
Net deferred tax (liability) asset | $ 54,500,000 | ||
Unrecognized tax benefits | $ 0 | 0 | $ 0 |
CNNE | |||
Operating Loss Carryforwards [Line Items] | |||
Ownership (as a percent) | 100.00% | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 68,500,000 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | 19,700,000 | ||
Valuation allowance for state NOLs | $ 3,300,000 | $ 1,100,000 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Partnerships | $ 0 | $ 54.1 |
Net operating loss carryforwards | 4.1 | 1.1 |
Other | 1.4 | 0.4 |
Total gross deferred tax asset | 5.5 | 55.6 |
Less: valuation allowance | (3.3) | (1.1) |
Total deferred tax asset | 2.2 | 54.5 |
Deferred tax liabilities: | ||
Partnerships | (327.5) | 0 |
Total deferred tax liability | (327.5) | 0 |
Net deferred tax (liability) asset | $ (325.3) | |
Net deferred tax (liability) asset | $ 54.5 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Feb. 18, 2021director | Dec. 31, 2020restaurant | Oct. 02, 2020USD ($) |
Loss Contingencies [Line Items] | |||
Number of restaurants | restaurant | 1 | ||
Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Number of directors | director | 2 | ||
Equity Method Investee | Blue Ribbon | |||
Loss Contingencies [Line Items] | |||
Ownership (as a percent) | 100.00% | ||
Equity Method Investee | Blue Ribbon | Revolving Line of Credit One | |||
Loss Contingencies [Line Items] | |||
Debtor-in-possession financing, loan converted to equity | $ 15.5 | ||
Debtor-in-possession financing to be provided | 5 | ||
Equity Method Investee | Blue Ribbon | Term Loan | |||
Loss Contingencies [Line Items] | |||
Debtor-in-possession financing to be provided | 6.5 | ||
Equity Method Investee | Blue Ribbon | Revolving Line of Credit Two | |||
Loss Contingencies [Line Items] | |||
Debtor-in-possession financing to be provided | $ 2.5 |
Commitments and Contingencies_2
Commitments and Contingencies - Purchase Obligations (Details) $ in Millions | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | $ 99.2 |
2022 | 13.3 |
2023 | 7.8 |
2024 | 7.1 |
2025 | 5.9 |
Thereafter | 6.8 |
Total purchase commitments | $ 140.1 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - T-System Holdings, Inc. - Disposed of by Sale $ in Millions | Dec. 31, 2019USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Pre-tax loss on sale | $ 6.4 |
Income tax benefit | $ 1.4 |
Coding Solutions | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Ownership interest after sale (as a percent) | 22.70% |
Discontinued Operations - Recon
Discontinued Operations - Reconciliation of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | |||
Loss from discontinued operations | $ 0 | $ (51.8) | $ (2.1) |
T-System Holdings, Inc. | Disposed of by Sale | |||
Revenues: | |||
Other operating revenue | 50.4 | 57.9 | |
Total operating revenues | 50.4 | 57.9 | |
Operating expenses: | |||
Personnel costs | 33.1 | 33.1 | |
Depreciation and amortization | 13.7 | 15 | |
Other operating expenses | 19.1 | 13.8 | |
Goodwill impairment | 35.1 | 0 | |
Total operating expenses | 101 | 61.9 | |
Operating loss | (50.6) | (4) | |
Recognized loss | (6.9) | 0 | |
Total other expense | (6.9) | 0 | |
Loss from discontinued operations before income taxes | (57.5) | (4) | |
Income tax expense (benefit) | (5.7) | (1.9) | |
Loss from discontinued operations | (51.8) | (2.1) | |
Net cash provided by operations | 2.7 | 5.2 | |
Net cash used in investing activities | $ (0.5) | $ (0.1) |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions | May 16, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued (in shares) | 12,700,000 | 7,500,000 | 1,000,000 | ||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award requisite service period | 3 years | ||||
Allocated stock-based compensation expense | $ 4.2 | $ 4.1 | $ 2 | ||
The Omnibus Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized (in shares) | 3,900,000 | ||||
The Omnibus Plan | IPO | Common Stock | Ceridian | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock issued (in shares) | 991,906 | ||||
The Omnibus Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding (in shares) | 149,628 | ||||
Fair value of restricted stock granted | $ 0.6 | $ 0.6 | $ 6.9 |
Employee Benefit Plans - Restri
Employee Benefit Plans - Restricted Stock Transactions Under the Omnibus Plan (Details) - The Omnibus Plan - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | |||
Balance, End of period (in shares) | 149,628 | ||
CNNE | |||
Shares | |||
Balance, Beginning of period (in shares) | 370,520 | 575,655 | 287,059 |
Granted (in shares) | 13,993 | 18,642 | 384,281 |
Vested (in shares) | (234,885) | (223,777) | (95,685) |
Balance, End of period (in shares) | 149,628 | 370,520 | 575,655 |
Weighted Average Grant Date Fair Value | |||
Beginning of period (in usd per share) | $ 18.93 | $ 18.13 | $ 18.45 |
Granted (in usd per share) | 40.53 | 34.45 | 17.98 |
Vested (in usd per share) | 18.60 | 18.18 | 18.45 |
End of period (in usd per share) | $ 21.46 | $ 18.93 | $ 18.13 |
Concentration of Risk (Details)
Concentration of Risk (Details) | 12 Months Ended |
Dec. 31, 2020distributor | |
Risks and Uncertainties [Abstract] | |
Number of distributors | 4 |
Segment Information - Summary o
Segment Information - Summary of Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenues from external customers | $ 585.7 | $ 1,070 | $ 1,147.5 |
Interest and investment income, including recognized gains and losses, net | 2,379.4 | 373.3 | 173.1 |
Total revenues and other income | 2,965.1 | 1,443.3 | 1,320.6 |
Depreciation and amortization | 30.7 | 40.7 | 46.3 |
Interest expense | (9) | (17.8) | (4.7) |
Earnings from continuing operations before income taxes and equity in earnings (losses) of unconsolidated affiliates | 2,181.9 | 237.9 | 22.6 |
Income tax (benefit) expense | 481.2 | 24.2 | 15 |
Earnings from continuing operations before equity in earnings (losses) of unconsolidated affiliates | 1,700.7 | 213.7 | 7.6 |
Equity in (losses) earnings of unconsolidated affiliates | 59.1 | (115.1) | (16.1) |
Earnings (loss) from continuing operations | 1,759.8 | 98.6 | (8.5) |
Assets | 4,613.4 | 2,092.2 | 1,459.5 |
Goodwill | 53.4 | 66.1 | 76.5 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 26 | 26.7 | 29.7 |
Interest and investment income, including recognized gains and losses, net | 2,371.9 | 369.4 | 175.2 |
Total revenues and other income | 2,397.9 | 396.1 | 204.9 |
Depreciation and amortization | 3 | 2.2 | 1.4 |
Interest expense | (0.4) | (12.4) | (11.3) |
Earnings from continuing operations before income taxes and equity in earnings (losses) of unconsolidated affiliates | 2,267.4 | 318.8 | 119.4 |
Income tax (benefit) expense | 482.2 | 23.9 | 14.4 |
Earnings from continuing operations before equity in earnings (losses) of unconsolidated affiliates | 1,785.2 | 294.9 | 105 |
Equity in (losses) earnings of unconsolidated affiliates | 124.5 | 1.3 | (16.2) |
Earnings (loss) from continuing operations | 1,909.7 | 296.2 | 88.8 |
Assets | 4,092.5 | 1,519.4 | 1,027.2 |
Goodwill | 0 | 0 | |
Dun & Bradstreet & Optimal Blue Elimination | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | (1,783.5) | (1,413.9) | |
Interest and investment income, including recognized gains and losses, net | (0.8) | (2.4) | |
Total revenues and other income | (1,784.3) | (1,416.3) | |
Depreciation and amortization | (576.2) | (482.4) | |
Interest expense | 280.4 | 303.5 | |
Earnings from continuing operations before income taxes and equity in earnings (losses) of unconsolidated affiliates | 266.7 | 540 | |
Income tax (benefit) expense | 112 | 110 | |
Earnings from continuing operations before equity in earnings (losses) of unconsolidated affiliates | 154.7 | 430 | |
Equity in (losses) earnings of unconsolidated affiliates | (58.5) | (120.6) | |
Earnings (loss) from continuing operations | 96.2 | 309.4 | |
Assets | (11,188.8) | (9,112.8) | |
Goodwill | (4,093) | (2,840.1) | |
Restaurant Group | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 559.7 | 1,043.3 | 1,117.8 |
Goodwill | 53.4 | 66.1 | 76.5 |
Restaurant Group | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 559.7 | 1,043.3 | 1,117.8 |
Interest and investment income, including recognized gains and losses, net | 7.5 | 3.9 | (2.1) |
Total revenues and other income | 567.2 | 1,047.2 | 1,115.7 |
Depreciation and amortization | 27.7 | 38.5 | 44.9 |
Interest expense | (8.6) | (5.4) | 16 |
Earnings from continuing operations before income taxes and equity in earnings (losses) of unconsolidated affiliates | (85.5) | (80.9) | (96.8) |
Income tax (benefit) expense | (1) | 0.3 | 0.6 |
Earnings from continuing operations before equity in earnings (losses) of unconsolidated affiliates | (84.5) | (81.2) | (97.4) |
Equity in (losses) earnings of unconsolidated affiliates | (9.2) | 0 | 0.1 |
Earnings (loss) from continuing operations | (93.7) | (81.2) | (97.3) |
Assets | 520.9 | 572.8 | 432.3 |
Goodwill | 53.4 | ||
Dun And Bradstreet | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 1,738.1 | 1,413.9 | |
Interest and investment income, including recognized gains and losses, net | 0.8 | 2.4 | |
Total revenues and other income | 1,738.9 | 1,416.3 | |
Depreciation and amortization | 536.9 | 482.4 | |
Interest expense | (271.1) | (303.5) | |
Earnings from continuing operations before income taxes and equity in earnings (losses) of unconsolidated affiliates | (219.3) | (540) | |
Income tax (benefit) expense | (110.5) | (110) | |
Earnings from continuing operations before equity in earnings (losses) of unconsolidated affiliates | (108.8) | (430) | |
Equity in (losses) earnings of unconsolidated affiliates | 2.3 | 4.2 | |
Earnings (loss) from continuing operations | (106.5) | (425.8) | |
Assets | 9,219.4 | 9,112.8 | |
Goodwill | 2,856.2 | 2,840.1 | |
Optimal Blue | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 45.4 | ||
Interest and investment income, including recognized gains and losses, net | 0 | ||
Total revenues and other income | 45.4 | ||
Depreciation and amortization | 39.3 | ||
Interest expense | 9.3 | ||
Earnings from continuing operations before income taxes and equity in earnings (losses) of unconsolidated affiliates | (47.4) | ||
Income tax (benefit) expense | (1.5) | ||
Earnings from continuing operations before equity in earnings (losses) of unconsolidated affiliates | (45.9) | ||
Equity in (losses) earnings of unconsolidated affiliates | 0 | ||
Earnings (loss) from continuing operations | (45.9) | ||
Assets | 1,969.4 | ||
Goodwill | 1,236.8 | ||
Restaurant revenue | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 559.7 | 1,043.3 | 1,117.8 |
Restaurant revenue | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 0 | 0 | 0 |
Restaurant revenue | Dun & Bradstreet & Optimal Blue Elimination | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 0 | 0 | |
Restaurant revenue | Restaurant Group | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 534.1 | 958.4 | 1,023 |
Restaurant revenue | Restaurant Group | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 559.7 | 1,043.3 | 1,117.8 |
Restaurant revenue | Dun And Bradstreet | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 0 | 0 | |
Restaurant revenue | Optimal Blue | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 0 | ||
Other operating revenue | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 26 | 26.7 | 29.7 |
Other operating revenue | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 26 | 26.7 | 29.7 |
Other operating revenue | Dun & Bradstreet & Optimal Blue Elimination | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | (1,783.5) | (1,413.9) | |
Other operating revenue | Restaurant Group | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 0 | 0 | $ 0 |
Other operating revenue | Dun And Bradstreet | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | 1,738.1 | $ 1,413.9 | |
Other operating revenue | Optimal Blue | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenues from external customers | $ 45.4 |
Segment Information - Narrative
Segment Information - Narrative (Details) businessRecord in Millions | 12 Months Ended |
Dec. 31, 2020businessRecord | |
Dun And Bradstreet | |
Segment Reporting Information [Line Items] | |
Ownership interest, equity method investment (as a percent) | 18.10% |
Number of business records | 420 |
Optimal Blue | |
Segment Reporting Information [Line Items] | |
Ownership interest, equity method investment (as a percent) | 20.00% |
O'Charley's | |
Segment Reporting Information [Line Items] | |
Ownership interest, controlling interest | 65.40% |
99 Restaurants | |
Segment Reporting Information [Line Items] | |
Ownership interest, controlling interest | 88.50% |
Blue Ribbon | |
Segment Reporting Information [Line Items] | |
Ownership interest, controlling interest | 100.00% |
Legendary Baking | |
Segment Reporting Information [Line Items] | |
Ownership interest, controlling interest | 100.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Jan. 17, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||||
Other operating expense, management fees and interest payable | $ 116.6 | $ 133.4 | $ 91.8 | |
Interest, investment and other income | 17.2 | 15.6 | 6.3 | |
FNF | Corporate overhead and management services | ||||
Related Party Transaction [Line Items] | ||||
Expenses from related party transactions | 1.3 | $ 1.3 | $ 1.3 | |
Affiliated | Purchase of Office Headquarters | ||||
Related Party Transaction [Line Items] | ||||
Purchase of corporate offices | $ 9.3 | |||
Manager | Management Fee Expense Payable | ||||
Related Party Transaction [Line Items] | ||||
Other operating expense, management fees and interest payable | 20.8 | |||
Manager | Management Fee Expense , Interest | ||||
Related Party Transaction [Line Items] | ||||
Other operating expense, management fees and interest payable | 11.3 | |||
Manager | Management Services Agreement, fees earned | ||||
Related Party Transaction [Line Items] | ||||
Interest, investment and other income | $ 9.1 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Recent Accounting (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use asset | $ 202.3 | $ 192.9 | |
Lease liability | 221.8 | ||
Other intangible assets, net | $ (51.8) | $ (63.1) | |
ASU 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use asset | $ 246 | ||
Lease liability | 279.4 | ||
Other intangible assets, net | 9.1 | ||
Accounts payable and accrued liabilities | $ 42.3 |
Supplementary Cash Flow Infor_3
Supplementary Cash Flow Information - Schedule (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash paid during the year: | |||
Interest | $ 5.5 | $ 15.6 | $ 3.3 |
Income taxes | 107.6 | 48.6 | 0.2 |
Operating leases | 41.3 | 62.6 | 0 |
Non-cash investing and financing activities: | |||
Acquisition of Ceridian HCM common shares through non-cash private placement investment - see Note A | 0 | 0 | (33.4) |
Non-cash distribution of LifeWorks from Ceridian | 0 | 0 | 32.5 |
Investment in CorroHealth received as partial consideration for T-System | 0 | 60.2 | 0 |
Non-cash distribution of CoreLogic stock from Senator JV | 112.5 | 0 | 0 |
Non-cash contribution of CoreLogic stock to Senator JV | 176.3 | 0 | 0 |
Lease assets recognized in exchange for lease liabilities | 65 | 8.5 | 0 |
Assets acquired in non-cash acquisition of Legendary Baking and VIBSQ | 96.5 | 0 | 0 |
Liabilities assumed in non-cash acquisition of Legendary Baking and VIBSQ | 44.4 | 0 | 0 |
Financing obligations assumed by O'Charley's in exchange for property | 0 | 14.6 | 0 |
Property obtained by O'Charley's in exchange for stores | $ 0 | $ 10.5 | $ 0 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect adjustment to opening equity | $ 1,929.8 | $ 143.6 | |
ASU 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect adjustment to opening equity | $ 1.9 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | $ 585.7 | $ 1,070 | $ 1,147.5 |
Restaurant revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 559.7 | 1,043.3 | 1,117.8 |
Restaurant Group | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 559.7 | 1,043.3 | 1,117.8 |
Restaurant Group | Restaurant revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 534.1 | 958.4 | 1,023 |
Restaurant Group | Bakery sales | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 23.4 | 78.9 | 88.8 |
Restaurant Group | Franchise and other | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 2.2 | 6 | 6 |
Corporate and Other | Real estate and resort | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 24.7 | 25.9 | 23.2 |
Corporate and Other | Other | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 1.3 | 0.8 | 6.5 |
Other operating revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | $ 26 | $ 26.7 | $ 29.7 |
Revenue Recognition - Contract
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Trade receivables, billed | $ 17.6 | $ 16 |
Deferred revenue (contract liabilities) | 23.9 | $ 26.4 |
Revenue recognized | $ 17.5 |