Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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, $0.0001 par value | |
Trading Symbol | CNNE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 80,140,436 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001704720 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 100.6 | $ 85.8 |
Other current assets | 28 | 35.8 |
Total current assets | 128.6 | 121.6 |
Investments in unconsolidated affiliates | 2,309.6 | 2,261.3 |
Equity securities, at fair value | 282.5 | 1,045.1 |
Lease assets | 163.3 | 172 |
Property and equipment, net | 91.6 | 100.6 |
Deferred tax asset | 85.8 | 0 |
Goodwill | 53.4 | 53.4 |
Other intangible assets, net | 25.2 | 26.9 |
Other long term investments and non-current assets | 48.1 | 108.7 |
Total assets | 3,188.1 | 3,889.6 |
Current liabilities: | ||
Accounts payable and other accrued liabilities, current | 76.9 | 105.6 |
Income taxes payable | 59.3 | 24.7 |
Lease liabilities, current | 23.5 | 23.8 |
Deferred revenue | 16.1 | 23.1 |
Notes payable, current | 10.8 | 2.3 |
Total current liabilities | 186.6 | 179.5 |
Lease liabilities, long term | 156.5 | 166.1 |
Deferred tax liability | 0 | 143.8 |
Long-term Debt, Excluding Current Maturities | 95.9 | 14.1 |
Accounts payable and other accrued liabilities, long term | 43 | 45 |
Total liabilities | 482 | 548.5 |
Commitments and contingencies - see Note F | ||
Equity: | ||
Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of June 30, 2022 and December 31, 2021; outstanding of 80,140,436 and 86,886,034 shares as of June 30, 2022 and December 31, 2021, respectively, and issued of 92,490,514 and 92,460,514 shares as of June 30, 2022 and December 31, 2021, respectively | 0 | 0 |
Preferred stock, 0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of June 30, 2022 and December 31, 2021 | 0 | 0 |
Retained earnings | 1,131.9 | 1,642.8 |
Additional paid-in capital | 1,913.5 | 1,888.3 |
Less: Treasury stock, 12,350,078 and 5,574,480 shares as of June 30, 2022 and December 31, 2021, respectively, at cost | (327.2) | (188.6) |
Accumulated other comprehensive loss | (14.8) | (7.2) |
Total Cannae shareholders' equity | 2,703.4 | 3,335.3 |
Noncontrolling interests | 2.7 | 5.8 |
Total equity | 2,706.1 | 3,341.1 |
Total liabilities and equity | $ 3,188.1 | $ 3,889.6 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock authorized (in shares) | 115,000,000 | 115,000,000 |
Common stock outstanding (in shares) | 80,140,436 | 86,886,034 |
Common stock issued (in shares) | 92,490,514 | 92,460,514 |
Preferred stock par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock issued (in shares) | 0 | 0 |
Preferred stock outstanding (in shares) | 0 | 0 |
Treasury shares (in shares) | 12,350,078 | 5,574,480 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Total operating revenues | $ 174.5 | $ 202.4 | $ 341.9 | $ 374.3 |
Operating expenses: | ||||
Cost of restaurant revenue | 147.9 | 160.3 | 293.3 | 308 |
Personnel costs | 16 | 24.4 | 37.1 | 36.4 |
Depreciation and amortization | 6.2 | 6.4 | 12 | 14.3 |
Other operating expenses | 31.4 | 47.5 | 102.1 | 87.8 |
Total operating expenses | 201.5 | 238.6 | 444.5 | 446.5 |
Operating loss | (27) | (36.2) | (102.6) | (72.2) |
Other income (expense): | ||||
Interest, investment and other income | 0.1 | 0.5 | 0.1 | 1.4 |
Interest expense | (2.6) | (2.5) | (5) | (4.6) |
Recognized (losses) gains, net | (193.6) | 274 | (458.8) | (38.5) |
Total other (expense) income | (196.1) | 272 | (463.7) | (41.7) |
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates | (223.1) | 235.8 | (566.3) | (113.9) |
Income tax (benefit) expense | (66.5) | 49.3 | (128.4) | (12.7) |
(Loss) earnings before equity in (losses) earnings of unconsolidated affiliates | (156.6) | 186.5 | (437.9) | (101.2) |
Equity in (losses) earnings of unconsolidated affiliates | (108) | (8.8) | (76.1) | 45.1 |
Net (loss) earnings | (264.6) | 177.7 | (514) | (56.1) |
Less: Net (loss) earnings attributable to noncontrolling interests | (1.3) | 1.3 | (3.1) | 0.6 |
Net (loss) earnings attributable to Cannae Holdings, Inc. common shareholders | $ (263.3) | $ 176.4 | $ (510.9) | $ (56.7) |
Basic | ||||
Net (loss) earnings per share (in usd per share) | $ (3.15) | $ 1.94 | $ (6.03) | $ (0.62) |
Diluted | ||||
Net (loss) earnings per share (in usd per share) | $ (3.15) | $ 1.94 | $ (6.03) | $ (0.62) |
Weighted Average Shares Outstanding | ||||
Weighted average shares outstanding Cannae Holdings common stock, basic basis (in shares) | 83.5 | 90.7 | 84.7 | 91.1 |
Weighted average shares outstanding Cannae Holdings common stock, diluted basis (in shares) | 83.5 | 90.8 | 84.7 | 91.2 |
Restaurant revenue | ||||
Revenues: | ||||
Total operating revenues | $ 166.7 | $ 189.9 | $ 328.8 | $ 357.2 |
Other operating revenue | ||||
Revenues: | ||||
Total operating revenues | $ 7.8 | $ 12.5 | $ 13.1 | $ 17.1 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net (loss) earnings | $ (264.6) | $ 177.7 | $ (514) | $ (56.1) | |
Other comprehensive loss, net of tax: | |||||
Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) | [1] | 0 | 0 | 0 | 0.5 |
Unrealized (losses) gains of investments in unconsolidated affiliates | [2] | (6.4) | 1.9 | (7.6) | (2.7) |
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings | [3] | 0 | (10.9) | 0 | (10.9) |
Reclassification adjustments for unrealized gains and losses of unconsolidated affiliates, net of tax, included in net earnings | [4] | 0 | 1.9 | 0 | 2.2 |
Other comprehensive loss | (6.4) | (7.1) | (7.6) | (10.9) | |
Comprehensive (loss) earnings | (271) | 170.6 | (521.6) | (67) | |
Less: Comprehensive (loss) earnings attributable to noncontrolling interests | (1.3) | 1.3 | (3.1) | 0.6 | |
Comprehensive (loss) earnings attributable to Cannae Holdings, Inc. common shareholders | $ (269.7) | $ 169.3 | $ (518.5) | $ (67.6) | |
[1]Net of income tax expense of $0.1 million for the six months ended June 30, 2021.[2]Net of income tax (benefit) expense of $(1.7) million and $0.5 million for the three months ended June 30, 2022 and 2021, respectively, and $(2.0) million and $(0.7) million for the six months ended June 30, 2022 and 2021, respectively.[3]Net of income tax benefit of $2.9 million for the three and six months ended June 30, 2021.[4]Net of income tax expense of $0.5 million and $0.6 million for the three and six months ended June 30, 2021. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain on investments and other financial instruments, net, income tax expense | $ 0.1 | |||
Unrealized gains (losses) of investments in unconsolidated affiliates, tax (benefit) | $ (1.7) | $ 0.5 | $ (2) | (0.7) |
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings, tax benefit | (2.9) | (2.9) | ||
Reclassification adjustments for unrealized gains and losses of unconsolidated affiliates, net of tax, included in net earnings, tax expense | $ 0.5 | $ 0.6 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Unconsolidated affiliates | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital Unconsolidated affiliates | Retained Earnings | Accumulated Other Comp (Loss) Earnings | Treasury Stock | Non-controlling Interests | ||
Beginning balance, Common Stock (in shares) at Dec. 31, 2020 | 92,400,000 | ||||||||||
Beginning balance, Treasury Stock (in shares) at Dec. 31, 2020 | 700,000 | ||||||||||
Beginning balance at Dec. 31, 2020 | $ 3,785.2 | $ 0 | $ 1,875.8 | $ 1,929.8 | $ (4.9) | $ (21.1) | $ 5.6 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax | 0.5 | [1] | 0.5 | ||||||||
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax | (2.7) | [2] | (2.7) | ||||||||
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings | (10.9) | [3] | (10.9) | ||||||||
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings | 2.2 | [4] | 2.2 | ||||||||
Treasury stock repurchases (in shares) | 2,500,000 | ||||||||||
Treasury stock repurchases | (89.7) | $ (89.7) | |||||||||
Stock-based compensation | 1.3 | $ 3.7 | 1.3 | $ 3.7 | |||||||
Net (loss) earnings | (56.1) | (56.7) | 0.6 | ||||||||
Ending balance, Common Stock (in shares) at Jun. 30, 2021 | 92,400,000 | ||||||||||
Ending balance, Treasury Stock (in shares) at Jun. 30, 2021 | 3,200,000 | ||||||||||
Ending balance at Jun. 30, 2021 | 3,633.5 | $ 0 | 1,880.8 | 1,873.1 | (15.8) | $ (110.8) | 6.2 | ||||
Beginning balance, Common Stock (in shares) at Mar. 31, 2021 | 92,400,000 | ||||||||||
Beginning balance, Treasury Stock (in shares) at Mar. 31, 2021 | 700,000 | ||||||||||
Beginning balance at Mar. 31, 2021 | 3,550.3 | $ 0 | 1,878.3 | 1,696.7 | (8.7) | $ (21.1) | 5.1 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax | [1] | 0 | |||||||||
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax | 1.9 | [2] | 1.9 | ||||||||
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings | (10.9) | [3] | (10.9) | ||||||||
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings | 1.9 | [4] | 1.9 | ||||||||
Treasury stock repurchases (in shares) | 2,500,000 | ||||||||||
Treasury stock repurchases | (89.7) | $ (89.7) | |||||||||
Stock-based compensation | 0.6 | 1.9 | 0.6 | 1.9 | |||||||
Subsidiary dividends paid to noncontrolling interests | (0.2) | (0.2) | |||||||||
Net (loss) earnings | 177.7 | 176.4 | 1.3 | ||||||||
Ending balance, Common Stock (in shares) at Jun. 30, 2021 | 92,400,000 | ||||||||||
Ending balance, Treasury Stock (in shares) at Jun. 30, 2021 | 3,200,000 | ||||||||||
Ending balance at Jun. 30, 2021 | $ 3,633.5 | $ 0 | 1,880.8 | 1,873.1 | (15.8) | $ (110.8) | 6.2 | ||||
Beginning balance, Common Stock (in shares) at Dec. 31, 2021 | 92,400,000 | ||||||||||
Beginning balance, Treasury Stock (in shares) at Dec. 31, 2021 | 5,574,480 | 5,600,000 | |||||||||
Beginning balance at Dec. 31, 2021 | $ 3,341.1 | $ 0 | 1,888.3 | 1,642.8 | (7.2) | $ (188.6) | 5.8 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax | [1] | 0 | |||||||||
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax | (7.6) | [2] | (7.6) | ||||||||
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings | [3] | 0 | |||||||||
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings | [4] | 0 | |||||||||
Treasury stock repurchases (in shares) | 6,800,000 | ||||||||||
Treasury stock repurchases | (138.6) | $ (138.6) | |||||||||
Issuance of restricted stock (in shares) | 100,000 | ||||||||||
Stock-based compensation | 0.7 | 24.5 | 0.7 | 24.5 | |||||||
Net (loss) earnings | $ (514) | (510.9) | (3.1) | ||||||||
Ending balance, Common Stock (in shares) at Jun. 30, 2022 | 92,500,000 | ||||||||||
Ending balance, Treasury Stock (in shares) at Jun. 30, 2022 | 12,350,078 | 12,400,000 | |||||||||
Ending balance at Jun. 30, 2022 | $ 2,706.1 | $ 0 | 1,913.5 | 1,131.9 | (14.8) | $ (327.2) | 2.7 | ||||
Beginning balance, Common Stock (in shares) at Mar. 31, 2022 | 92,500,000 | ||||||||||
Beginning balance, Treasury Stock (in shares) at Mar. 31, 2022 | 7,600,000 | ||||||||||
Beginning balance at Mar. 31, 2022 | 3,042.7 | $ 0 | 1,894.4 | 1,395.2 | (8.4) | $ (242.5) | 4 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax | [1] | 0 | |||||||||
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax | (6.4) | [2] | (6.4) | ||||||||
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings | [3] | 0 | |||||||||
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings | [4] | 0 | |||||||||
Treasury stock repurchases (in shares) | 4,800,000 | ||||||||||
Treasury stock repurchases | (84.7) | $ (84.7) | |||||||||
Stock-based compensation | 0.4 | $ 18.7 | 0.4 | $ 18.7 | |||||||
Net (loss) earnings | $ (264.6) | (263.3) | (1.3) | ||||||||
Ending balance, Common Stock (in shares) at Jun. 30, 2022 | 92,500,000 | ||||||||||
Ending balance, Treasury Stock (in shares) at Jun. 30, 2022 | 12,350,078 | 12,400,000 | |||||||||
Ending balance at Jun. 30, 2022 | $ 2,706.1 | $ 0 | $ 1,913.5 | $ 1,131.9 | $ (14.8) | $ (327.2) | $ 2.7 | ||||
[1]Net of income tax expense of $0.1 million for the six months ended June 30, 2021.[2]Net of income tax (benefit) expense of $(1.7) million and $0.5 million for the three months ended June 30, 2022 and 2021, respectively, and $(2.0) million and $(0.7) million for the six months ended June 30, 2022 and 2021, respectively.[3]Net of income tax benefit of $2.9 million for the three and six months ended June 30, 2021.[4]Net of income tax expense of $0.5 million and $0.6 million for the three and six months ended June 30, 2021. |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (514) | $ (56.1) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 12 | 14.3 |
Equity in earnings of unconsolidated affiliates | 76.1 | (45.1) |
Distributions from investments in unconsolidated affiliates | 14.7 | 5.1 |
Recognized losses and asset impairments, net | 459.8 | 38.5 |
Lease asset amortization | 10.3 | 10.6 |
Stock-based compensation cost | 0.7 | 1.3 |
Non-cash carried interest expense | 31.8 | 0 |
Changes in assets and liabilities, net of effects from acquisitions: | ||
Net decrease in other assets | 11.9 | 31.3 |
Net decrease in lease liabilities | (12.4) | (12.7) |
Net (decrease) increase in accounts payable, accrued liabilities, deferred revenue and other liabilities | (30.8) | 23.7 |
Net change in income taxes | (193.1) | (78.1) |
Net cash used in operating activities | (133) | (67.2) |
Cash flows from investing activities: | ||
Additions to property and equipment and other intangible assets | (7.6) | (4.9) |
Collections of notes receivable | 0.9 | 1.6 |
Additions to notes receivable | 0 | (12.5) |
Proceeds from sales of property and equipment | 0 | 10.3 |
Proceeds from sale of investments in unconsolidated affiliates and other long term investments | 172.6 | 2.5 |
Investment in System1 and additional investments in unconsolidated affiliates | (38.4) | |
Investment in Paysafe, net of subscription fees earned | 0 | (494.4) |
Investments in Alight, net of subscription fees earned | 0 | (400) |
Purchase of AAII Warrants | 0 | (29.6) |
Cash proceeds from settlement of fixed maturity securities and equity in Colt | 0 | 38.7 |
Purchases of other long term investments | (3.4) | 0 |
Distributions from investments in unconsolidated affiliates | 0 | 281.1 |
Net other investing activities | 0 | 2.6 |
Net cash provided by (used in) investing activities | 201.7 | (282) |
Cash flows from financing activities: | ||
Borrowings | 305.7 | 6.7 |
Debt service payments | (213.8) | (19) |
Sale of noncontrolling interest in consolidated subsidiary | 0 | 0.1 |
Treasury stock repurchases | (145.8) | (88) |
Net cash used in financing activities | (53.9) | (100.2) |
Net increase (decrease) in cash and cash equivalents | 14.8 | (449.4) |
Cash and cash equivalents classified as held for sale | 0 | (4.1) |
Cash and cash equivalents at beginning of period | 85.8 | 724.7 |
Cash and cash equivalents at end of period | 100.6 | 271.2 |
Ceridian | ||
Cash flows from investing activities: | ||
Proceeds from partial sale of Ceridian and D& B shares | 285.7 | 175 |
D&B | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Equity in earnings of unconsolidated affiliates | 10.1 | 15.6 |
Cash flows from investing activities: | ||
Proceeds from partial sale of Ceridian and D& B shares | 0 | 186 |
System1 | ||
Cash flows from investing activities: | ||
Investment in System1 and additional investments in unconsolidated affiliates | $ (246.5) | $ 0 |
Basis of Financial Statements
Basis of Financial Statements | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statements | Basis of Financial Statements The following describes the significant accounting policies of Cannae Holdings, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” "Cannae," "CNNE," or the "Company”), which have been followed in preparing the accompanying Condensed Consolidated Financial Statements. Description of the Business We primarily acquire interests in operating companies and are engaged in actively managing and operating a core group of those companies, which we are committed to supporting for the long-term. From time to time, we also seek to take meaningful equity ownership stakes where we have the ability to control or significantly influence quality companies, and we bring the strength of our operational expertise to each of our subsidiaries. We are a long-term owner that secures control and governance rights of other companies primarily to engage in their lines of business and we have no preset time constraints dictating when we sell or dispose of our businesses. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of those businesses for our shareholders. Our primary assets as of June 30, 2022 include our ownership interests in Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet" or "D&B"), Ceridian HCM Holding, Inc. ("Ceridian"), Alight, Inc. ("Alight"), Paysafe Limited ("Paysafe"), Sightline Payments Holdings, LLC ("Sightline" or "Sightline Payments"), System1, Inc. ("System1") 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"); various other controlled portfolio companies and certain minority equity ownership interests. See Note G for further discussion of the businesses comprising our reportable segments. We conduct our business through our wholly-owned subsidiary Cannae Holdings, LLC ("Cannae LLC"), a Delaware limited liability company. Our board of directors ("Board") oversees the management of the Company, Cannae LLC and its businesses, and the performance of our external manager, Trasimene Capital Management, LLC (“Trasimene” or our “Manager”). Principles of Consolidation and Basis of Presentation The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2021. All intercompany profits, transactions and balances have been eliminated. Our ownership interests in non-majority-owned partnerships and affiliates are accounted for under the equity method of accounting or as equity securities. Earnings attributable to noncontrolling interests recorded on the Condensed Consolidated Statements of Operations represents the portion of our majority-owned subsidiaries' net earnings or loss that is owned by noncontrolling shareholders of such subsidiaries. Noncontrolling interest recorded on the Condensed Consolidated Balance Sheets represents the portion of equity owned by noncontrolling shareholders in our consolidated subsidiaries. Management Estimates The preparation of these Condensed 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 Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the fair value measurements (Note C). Actual results may differ from estimates. Recent Developments Ceridian In January 2022, we completed the sale of 2.0 million shares of common stock of Ceridian pursuant to Rule 144 promulgated under the Securities Act of 1933, as amended ("Rule 144"). In connection with the sale, we received proceeds of $173.3 million. In May 2022 and June 2022, we completed the sale of an additional 2.0 million shares of common stock of Ceridian on the open market. In connection with such sales, we received proceeds of $112.5 million. We owned 6.0 million shares of Ceridian common stock as of June 30, 2022, which represented approximately 3.9% of its outstanding stock as of June 30, 2022. Refer to Notes C and D for further discussion of our accounting for our investment in Ceridian and other equity securities. System1 On January 10, 2022, we entered into an amendment to the backstop facility agreement (the "S1 Backstop Agreement") pursuant to which our commitment to fund redemptions of shareholders of Trebia Acquisition Corp. ("Trebia") in conjunction with its merger with System1 (the "Trebia System1 Business Combination") increased from $200.0 million to $250.0 million. Also on January 10, 2022, we entered into an amended and restated sponsor agreement with the sponsors of Trebia pursuant to which the sponsors will forfeit up to an additional Trebia 1,352,941 Class B ordinary shares to Trebia, and Trebia will issue to Cannae an equal number of shares of Trebia Class A common stock in connection with, and based upon the extent of, Cannae’s obligation with respect to the increase in our backstop commitment. Trebia was co-sponsored by entities affiliated with the chairman and a member of our board of directors ("Board"), William P. Foley II and Frank R. Martire, respectively. On January 27, 2022, the Trebia System1 Business Combination was completed and System1 merged with and into Trebia, with System1 as the surviving corporation. Beginning on January 28, 2022, System1’s common stock began trading on the NYSE under the ticker symbol "SST." Upon the completion of the Trebia System1 Business Combination, Cannae has invested a total of $248.3 million in System1, directly and indirectly owned 28.2 million of System1 common shares and indirectly owned 1.2 million warrants to purchase SST common shares (the "System1 Warrants"). On March 17, 2022, the trading price of System1 Class A common stock exceeded certain thresholds resulting in the conversion of System1's outstanding Class D common stock to Class A common stock. As a result, the 833,750 shares of System1 Class D common stock held by the sponsor of Trebia, Trasimene Trebia LP ("Trebia Sponsor"), in which the Company owns a 26.1% limited partnership interest converted to shares of System1 Class A common stock. Cannae's ratable portion of such shares is 217,500 shares. On April 18, 2022, Trebia Sponsor exercised its System1 warrants on a cashless basis in exchange for System 1 Class A common stock. As a result, Cannae no longer has an indirect interest in any System1 warrants and has an indirect interest in an additional 0.5 million shares of System1 common stock held by Trebia Sponsor. In April 2022 and May 2022, we sold an aggregate of 1.7 million shares of System1 common stock for aggregate proceeds of $22.7 million. We account for our direct ownership of the common equity of System1 under the equity method of accounting. See Note D for further discussion of our accounting for our ownership of the common equity of System1. As of the date of this Quarterly Report, we directly and indirectly own 27.2 million shares of System1 common stock representing an approximate 24.2% ownership interest. Optimal Blue On February 15, 2022, we completed the disposition (the "Optimal Blue Disposition") of our ownership interests in Optimal Blue Holdco, LLC ("Optimal Blue") to Black Knight, Inc. ("Black Knight") pursuant to a purchase agreement dated as of February 15, 2022, by and among Black Knight, Cannae, and Optimal Blue, among others. In conjunction with the Optimal Blue Disposition, Cannae received aggregate consideration of (y) $144.5 million in cash and (z) 21.8 million shares of common stock, par value $0.0001 per share, of Dun & Bradstreet. Following the consummation of the Optimal Blue Disposition, Cannae no longer has any ownership interest in Optimal Blue. We recorded a gain of $313.0 million on the sale which is included in Recognized gains (losses), net on the Condensed Consolidated Statement of Operations for the six months ended June 30, 2022. Dun & Bradstreet On February 15, 2022, we received 21.8 million shares of D&B as partial consideration for the Optimal Blue Disposition. Subsequently, we transferred to our Manager 1.6 million of the D&B shares we received as part of our carried interest paid related to the Optimal Blue Disposition. Following the receipt of these additional shares of D&B and payment of carried interest, we owned 88.3 million shares of D&B which represented approximately 20.3% of its outstanding common stock as of June 30, 2022. See Note D for further discussion of our accounting for our increased ownership interest in D&B. Subsequent to June 30, 2022, we completed the sale of 9.2 million shares of common stock of D&B to a broker pursuant to Rule 144. In connection with the sale, we received proceeds of $127.2 million. Alight In March 2022, the sponsor of Foley Trasimene Acquisition Corp. ("FTAC") distributed all of its interest in Alight to its limited partners, including Cannae. As a result, Cannae now directly holds all of its interest in common equity of Alight. As of June 30, 2022, Cannae directly holds approximately 9.7% of the outstanding common equity of Alight. AmeriLife In June 2022, AmeriLife announced an investment from Genstar Capital, a leading private equity firm. We expect to receive cash proceeds for a portion of our ownership interest in AmeriLife in the second half of 2022 and to retain a portion of our ownership interest. Other Developments Effective February 26, 2021, our Board authorized a three On August 3, 2022, our Board authorized a new three As previously disclosed on June 24, 2022, we signed a non-binding letter of intent to invest in Eagle Football Holdings LLC ("Eagle"). Cannae and other third-party investors intend to each make an investment in Eagle in a form to be negotiated by all parties and subject to final documentation. The investment will be used to acquire soccer clubs and to establish Eagle as a leading multi-club owner and operator of global football clubs. In connection with the contemplated investment in Eagle, Cannae provided a debt commitment letter to John Textor, an individual, pursuant to which Cannae committed to provide a credit facility of up to a maximum principal amount of €523.0 million (the "Eagle Commitment") in connection with Eagle’s contemplated acquisition of equity interests in Olympique Lyonnais Groupe SA ("Olympique Lyonnais"). The credit facility will be secured by Mr. Textor’s and/or Eagle’s interest in the Olympique Lyonnais and Palace Holdco UK Limited (parent entity of Crystal Palace Football Club), and personally guaranteed by Mr. Textor. Some or all of the credit facility may be converted into equity in Eagle on terms to be agreed. If the credit facility is funded, Cannae expects to syndicate a substantial majority of its commitment to third-party investors. Related Party Transactions During the three and six months ended June 30, 2022, we incurred $10.6 million and $21.2 million, respectively, of management fee expenses payable to our Manager, and during the three and six months ended June 30, 2021, we incurred $8.2 million and $15.7 million, respectively, of management fee expenses payable to our Manager. During the three and six months ended June 30, 2022, we incurred $2.2 million and $47.4 million, respectively, of carried interest expense related to disposition of certain of the Company's assets and ownership interests. During the three and six months ended June 30, 2021, we incurred $20.3 million and $37.4 million, respectively, of carried interest expense related to monetization of certain Company's investments. These expenses are recorded in Other operating expenses on our Condensed Consolidated Statement of Operations. Earnings Per Share Basic earnings per share, as presented on the Condensed 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 loss per share is equal to basic loss 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 that have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. Instruments that provide the ability to purchase shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share. For the three and six months ended June 30, 2022, there were 0.1 million antidilutive shares of restricted stock outstanding that were excluded from the calculation of diluted earnings per share. For the three and six months ended June 30, 2021, there were no antidilutive shares of restricted stock outstanding that were excluded from the calculation of diluted earnings per share. Income Tax Our effective tax rate was 29.8% and 20.9% in the three months ended June 30, 2022 and 2021, respectively, and 22.7% and 11.2% in the six months ended June 30, 2022 and 2021, respectively. The change in the effective tax rate in the three and six-month period ended June 30, 2022 compared to the corresponding prior year period was primarily attributable to the varying impact of equity in (losses) earnings of unconsolidated affiliates on income tax (benefit) expense. We have a Deferred tax asset of $85.8 million as of June 30, 2022 and liability of $143.8 million as of December 31, 2021. The $229.6 million change in deferred taxes in the six months ended June 30, 2022 is primarily attributable to the sales of Ceridian shares during the six months ended June 30, 2022, the mark to market losses recorded on Ceridian and other securities, and the impairment recorded to the value of our ownership in Paysafe. Recent Accounting Pronouncements We have completed our evaluation of the recently issued accounting pronouncements and we did not identify any that are expected to, if currently adopted, have a material impact on our Condensed Consolidated Financial Statements. Change in Accounting Principle We historically accounted for our investment and proportionate share of losses in Alight utilizing a three-month reporting lag due to timeliness considerations. In the second quarter of 2022, the Company was able to obtain financial information for Alight on a more timely basis and began recording our investment in Alight on a current basis as opposed to the previous three-month lag. The elimination of the three-month reporting lag for our equity investment in Alight did not result in any material adjustments to the current or prior periods. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Disaggregation of Revenue Our revenue consists of: Three Months Ended June 30, Six months ended June 30, 2022 2021 2022 2021 Revenue Stream Segment Total Revenue Restaurant revenue: (in millions) Restaurant sales Restaurant Group $ 166.5 $ 180.5 $ 328.2 $ 338.6 Bakery sales Restaurant Group — 8.4 0.3 16.6 Franchise and other Restaurant Group 0.2 1.0 0.3 2.0 Total restaurant revenue 166.7 189.9 328.8 357.2 Other operating revenue: Real estate and resort Corporate and other 7.7 11.5 12.6 15.6 Other Corporate and other 0.1 1.0 0.5 1.5 Total other operating revenue 7.8 12.5 13.1 17.1 Total operating revenues $ 174.5 $ 202.4 $ 341.9 $ 374.3 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 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 trade receivables and deferred revenue: June 30, December 31, 2022 2021 (In millions) Trade receivables, net $ 7.3 $ 17.7 Deferred revenue (contract liabilities) 16.1 23.1 Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Condensed Consolidated Balance Sheets. Revenue of $5.2 million and $7.6 million, respectively, was recognized in the three and six months ended June 30, 2022 that was included in Deferred revenue at the beginning of the period. Revenue of $5.3 million and $9.4 million, respectively, was recognized in the three and six months ended June 30, 2021 that was included in Deferred revenue at the beginning of the period. There was no impairment related to contract balances. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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 June 30, 2022 and December 31, 2021, respectively: June 30, 2022 Level 1 Level 2 Level 3 Total (In millions) Assets: Equity securities: Ceridian $ 282.5 $ — $ — $ 282.5 Total equity securities 282.5 — — 282.5 Other noncurrent assets: Paysafe Warrants 2.2 — — 2.2 AAII Warrants — 2.4 — 2.4 Total other noncurrent assets 2.2 2.4 — 4.6 Total Assets $ 284.7 $ 2.4 $ — $ 287.1 December 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Equity securities: Ceridian $ 1,044.6 $ — $ — $ 1,044.6 Other — — 0.5 0.5 Total equity securities 1,044.6 — 0.5 1,045.1 Other noncurrent assets: S1 Backstop Agreement — 12.0 — 12.0 Paysafe Warrants 5.4 — — 5.4 AAII Warrants — 19.3 — 19.3 Total other noncurrent assets 5.4 31.3 — 36.7 Total assets $ 1,050.0 $ 31.3 $ 0.5 $ 1,081.8 AAII Warrants The AAII Warrants are accounted for at fair value pursuant to ASC Topic 815 Derivatives and Hedging . These private placement warrants are valued using the trading price of AAII's publicly traded warrants (NYSE: ASZ-WT) and are considered a Level 2 fair value measurement. The following table presents a summary of the changes in the fair values of Level 3 assets measured on a recurring basis (in millions). Three Months Ended June 30, 2021 Corporate debt Forward Purchase Subscription AAII securities Agreements Agreements Warrants Total Fair value, beginning of period $ 35.8 $ 13.9 $ 0.7 $ 36.1 $ 86.5 Recognized gain on settlement (1) 1.5 — — — 1.5 Redemption of corporate debt securities (37.3) — — — (37.3) Net valuation (loss) gain included in earnings (1) — (5.8) 7.2 (11.4) (10.0) Fair value, end of period $ — $ 8.1 $ 7.9 $ 24.7 $ 40.7 Six Months Ended June 30, 2021 Corporate debt Forward Purchase Subscription AAII securities Agreements Agreements Warrants Total Fair value, beginning of period $ 35.2 $ 136.1 $ 169.6 $ — $ 340.9 Recognized gain on settlement (1) 1.5 — — — 1.5 Settlement of corporate debt securities (37.3) — — — (37.3) Net valuation (loss) gain included in earnings (1) — (27.4) 16.8 (4.9) (15.5) Reclassification to investments in unconsolidated affiliates and warrants — (100.6) (178.5) — (279.1) Purchase of AAII Warrants — — — 29.6 29.6 Net valuation gain included in other comprehensive earnings (2) 0.6 — — — 0.6 Fair value, end of period $ — $ 8.1 $ 7.9 $ 24.7 $ 40.7 ____________________________________ (1) Included in Recognized gains and (losses), net on the Condensed Consolidated Statements of Operations (2) Included in Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on the Condensed Consolidated Statements of Comprehensive Earnings (Loss) We had no material assets or liabilities valued on a recurring basis using Level 3 inputs as of or for the six months ended June 30, 2022. 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. There were no transfers between Level 2 and Level 3 in the three and six months ended June 30, 2022 and 2021. All of the unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on our Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the six months ended June 30, 2021 relate to fixed maturity securities that are 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 E. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Equity Securities Gains (losses) on equity securities included in Recognized losses, net on the Condensed Consolidated Statements of Operations consisted of the following for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Net (losses) gains recognized during the period on equity securities $ (152.0) $ 148.3 $ (476.5) $ (169.3) Less: net (losses) gains recognized during the period on equity securities sold or transferred during the period (24.3) 6.5 (132.2) (21.8) Unrealized (losses) gains recognized during the reporting period on equity securities held at the reporting date $ (127.7) $ 141.8 $ (344.3) $ (147.5) Investments in Unconsolidated Affiliates Investments in unconsolidated affiliates recorded using the equity method of accounting as of June 30, 2022 and December 31, 2021 consisted of the following: Ownership at June 30, 2022 June 30, 2022 December 31, 2021 (in millions) Dun & Bradstreet 20.3 % $ 968.2 $ 595.0 Alight/FTAC Sponsor 9.7 % 531.0 505.0 Sightline 33.5 % 256.1 269.5 System1/Trebia Sponsor 24.2 % 247.2 — AmeriLife 19.6 % 111.3 112.7 Paysafe 8.3 % 107.9 431.1 Optimal Blue — % — 267.7 Other various 87.9 80.3 Total $ 2,309.6 $ 2,261.3 The aggregate fair value of our direct and indirect ownership in the common stock of unconsolidated affiliates that have quoted market prices as of June 30, 2022 consisted of the following: June 30, 2022 (in millions) Dun & Bradstreet $ 1,326.8 Alight 354.2 System1 189.4 Paysafe 116.5 Equity in (losses) earnings of unconsolidated affiliates for the three and six months ended June 30, 2022 and 2021 consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Dun & Bradstreet $ (2.6) $ (9.2) $ (10.1) $ (15.6) Paysafe/Trasimene Capital FT, LP II ("FTAC II Sponsor") (1) (96.7) 4.5 (89.9) 71.5 Alight/FTAC Sponsor 2.5 — 9.2 — System1/Trebia Sponsor (9.1) — 3.7 — Optimal Blue — (4.2) (1.3) (8.2) AmeriLife 2.7 (1.1) (2.4) (7.0) Sightline (4.2) (0.1) (8.5) (0.1) Other (0.6) 1.3 23.2 4.5 Total $ (108.0) $ (8.8) $ (76.1) $ 45.1 _____________________________________ (1) The amount for the three and six months ended June 30, 2021 represents the Company's equity in earnings of FTAC II Sponsor only. Dun & Bradstreet As of June 30, 2022, there was a $239.3 million difference between the amount of our recorded ownership interest in D&B and the amount of the Company's ratable portion of the underlying equity in the net assets of D&B. The basis difference is primarily a result of our increased ownership resulting from the Optimal Blue Disposition. As of June 30, 2022, $144.5 million of such basis difference is allocated to amortizing intangible assets, $59.7 million to indefinite-lived intangible assets and the remaining basis difference of $35.1 million to equity method goodwill, which represents the excess of our basis difference over our equity in D&B's net assets that are not attributable to their identifiable net assets. Summarized financial information for D&B for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. June 30, December 31, (In millions) Total current assets $ 748.1 $ 718.0 Goodwill and other intangible assets, net 7,978.8 8,317.8 Other assets 969.7 961.4 Total assets $ 9,696.6 $ 9,997.2 Current liabilities $ 948.0 $ 1,004.9 Long-term debt 3,679.8 3,716.7 Other non-current liabilities 1,423.1 1,530.3 Total liabilities 6,050.9 6,251.9 Total equity 3,645.7 3,745.3 Total liabilities and equity $ 9,696.6 $ 9,997.2 Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (In millions) Total revenues $ 537.3 $ 520.9 $ 1,073.3 $ 1,025.4 Loss before income taxes (0.7) (8.5) (40.5) (42.2) Net loss — (50.8) (29.8) (74.1) Net income attributable to noncontrolling interest (1.8) (0.9) (3.3) (2.6) Net loss attributable to Dun & Bradstreet (1.8) (51.7) (33.1) (76.7) System1 We acquired our ownership interest in System1 on January 27, 2022. We account for our ownership of System1 pursuant to the equity method of accounting and report our equity in earnings or loss of System1 on a three-month lag. Accordingly, our net loss for the three and six months ended June 30, 2022 includes our equity in the earnings or losses of System1 from January 27, 2022 through March 31, 2022. As of June 30, 2022, there was a $41.1 million difference between the amount of our recorded ownership interest in System1 and Trebia Sponsor and the amount of the Company's ratable portion of the underlying equity in the net assets of System1 and Trebia Sponsor. All of the basis difference has been allocated to equity method goodwill, which represents the excess of our basis difference over our equity in System 1 and Trebia Sponsor's net assets that are not attributable to their identifiable net assets. Paysafe Based on quoted market prices, the aggregate value of our ownership of Paysafe common stock was $202.6 million as of March 31, 2022 and the book value of our investment in Paysafe was $438.6 million prior to any impairment. Due primarily to the quantum of the decrease in the fair market value of our investment, as well as negative trends in the alternative payments industry and decreasing market multiples of peer companies, management determined the decrease in value of our investment in Paysafe was other-than-temporary. Accordingly, we recorded an impairment of $236.0 million in the six months ended June 30, 2022 which is included in Recognized losses, net, on our Condensed Consolidated Statement of Operations. As a result of the impairment, the basis difference between the carrying value of our investment in Paysafe and the Company’s ratable portion of Paysafe’s net assets which was previously attributable to equity method goodwill was eliminated. Equity Security Investments Without Readily Determinable Fair Values We account for our ownership of preferred equity of QOMPLX and certain other ownership interests at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions . As of June 30, 2022 and December 31, 2021, we have $24.8 million and $54.2 million, respectively, recorded for our ownership of QOMPLX and certain other ownership interests, which is included in Other long term investments and noncurrent assets on our Condensed Consolidated Balance Sheets. During the quarter ended June 30, 2022, we determined it was necessary to record an impairment of $32.8 million to our ownership interest in QOMPLX . The amount of the impairment charge was determined based on the valuation of QOMPLX implied by a pending third-party investment in the preferred equity of QOMPLX. |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable Notes payable, net consists of the following: June 30, December 31, (In millions) 2020 Margin Facility $ — $ — 2021 Restaurants Credit Facility 9.7 — Brasada Interstate Loans 11.7 12.6 FNF Revolver 84.7 — Other 0.6 3.8 Notes payable, total $ 106.7 $ 16.4 Less: Notes payable, current 10.8 2.3 Notes payable, long term $ 95.9 $ 14.1 At June 30, 2022, the carrying value of our outstanding notes payable approximates fair value and are considered Level 2 financial liabilities. 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 million shares of Ceridian, which the Company contributed to Borrower 1, and (ii) 19 million shares of D&B, which the Company contributed to Borrower 2. The Borrowers may also, at their discretion, post up to an additional 4 million shares of Ceridian and/or 11 million shares of D&B 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 and D&B shares). 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 and/or D&B shares and use the proceeds from such sale to prepay a portion of the revolving loans thereunder. On August 16, 2021, the Borrowers entered into an amendment agreement to the 2020 Margin Facility, which increased the borrowing capacity of the 2020 Margin Facility by an additional $100.0 million and resulted in the transfer of 16 million additional shares of D&B to Borrower 2 as collateral. On December 10, 2021, the Borrowers entered into a second amendment agreement to the 2020 Margin Facility, which increased the borrowing capacity by an additional $100.0 million and released 1 million shares of Ceridian as collateral. As of December 31, 2021, the 2020 Margin Facility was secured by a first priority lien on 5 million shares of Ceridian and 35 million shares of D&B. On January 20, 2022, the Borrowers entered into a third amendment agreement to the 2020 Margin Facility, which added 1 million shares of Ceridian as collateral, limited the collateral value of D&B shares to 1.5 times that of the Ceridian shares for purposes of calculating loan-to-value ratios, and decreased the threshold price of Ceridian shares and D&B shares. On May 12, 2022, the Borrowers entered into a fourth amendment agreement to the 2020 Margin Facility, which reduced the borrowing capacity from $300.0 million to $250.0 million and changed the interest rate to three-month adjusted SOFR plus an applicable margin. As of June 30, 2022, there was no outstanding balance under the 2020 Margin Facility, $250.0 million of unused capacity under the 2020 Margin Facility with an option to increase the capacity to $500.0 million upon amendment, and the 2020 Margin Facility was secured by 6 million shares of Ceridian and 35 million shares of D&B. Restaurants Credit Facility On December 31, 2021, 99 Restaurants, LLC and 99 West, LLC, both wholly-owned subsidiaries of 99 Restaurants, O'Charley's LLC, a wholly-owned subsidiary of O'Charley's and Restaurant Growth Services, LLC, a 65.4%-owned subsidiary of the Company (collectively, the "Restaurant Borrowers") entered into an amendment to the 99 Restaurants Credit Facility (the "2021 Restaurants Credit Facility"). The 2021 Restaurants Credit Facility principally provides for: (i) a revolving credit commitment of $25.0 million in the aggregate (the "Restaurant Revolver") and (ii) a sub-facility for an aggregate of $15.0 million of letters of credit. The 2021 Restaurants Credit Facility matures on December 31, 2026. The 2021 Restaurants Credit Facility is secured by certain assets of the Restaurant Borrowers and their subsidiaries and contains customary covenants and events of default. As of June 30, 2022, there was a $10.0 million outstanding principal amount. 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 (the “Interstate Credit Agreement”) originally with Bank of the Cascades, and later assigned to First Interstate Bank, as lender. Subsequent to various amendments from 2016 through 2022, the Interstate Credit Agreement currently provides for (i) a $12.5 million acquisition loan (the "Acquisition Loan"), (ii) a $2.1 million construction loan ("C Note") and (iii) a $0.7 million line of credit loan (the "Interstate LOC" and collectively with the Acquisition Loan and C Note, the "Brasada Interstate Loans"). The Brasada 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 June 30, 2022, the Acquisition Loan had $9.9 million outstanding and incurred interest at rates ranging from 2.84% to 4.51%; the C Note had $2.0 million outstanding and incurred interest at 3.05%; and the Interstate LOC had no outstanding balance. FNF Revolver On November 17, 2017, FNF issued to Cannae a revolver note in aggregate principal amount of up to $100.0 million. On May 12, 2022, FNF and Cannae amended and restated the revolver note to, among other things, limit the use of proceeds for borrowings thereunder to the repurchase of our own shares of common stock from FNF (as amended and restated, the "FNF Revolver"). Pursuant to the FNF Revolver, FNF may make one or more loans to us with up to $100.0 million outstanding at any time. The FNF Revolver accrues interest at one-month adjusted SOFR plus 450 basis points and matures on November 17, 2025. The maturity date is automatically extended for additional five-year terms unless notice of non-renewal is otherwise provided by either FNF or Cannae, in their sole discretion. On June 28, 2022, we completed the repurchase of all of our common stock previously held by FNF. As of June 30, 2022, there was a $84.7 million outstanding principal amount under the FNF Revolver which incurs interest at 5.99%. Gross principal maturities of notes payable at June 30, 2022 are as follows (in millions): 2022 (remaining) $ 10.8 2023 0.8 2024 0.8 2025 85.4 2026 7.7 Thereafter 1.6 Total $ 107.1 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
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 that represents our best estimate is recorded. As of June 30, 2022 and December 31, 2021, 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, 2021, the court ordered the plaintiff's summary judgment motion withdrawn and dismissed the related count of the plaintiff'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. On March 9, 2021, the Court entered a stipulated Order staying the action for six months to allow the SLC to investigate, review, and evaluate the facts, circumstances, and claims asserted in or relating to the action and to determine the Company’s response thereto. The stay has subsequently been extended through September 28, 2022. The defendants will contest the remaining claims in the action vigorously. Unconditional Purchase Obligations We have certain unconditional purchase obligations, primarily in our Restaurant Group segment. These purchase obligations are with various vendors and are 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 June 30, 2022 to determine the amount of the obligations. Purchase obligations as of June 30, 2022 are as follows (in millions): 2022 (remaining) $ 57.2 2023 9.0 2024 5.6 2025 4.8 2026 2.9 Thereafter 2.9 Total purchase commitments $ 82.4 AAII FPA |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Summarized financial information concerning our reportable segments is shown in the following tables. As a result of the Optimal Blue Disposition, Optimal Blue is no longer a reportable segment. As a result, the segment tables for the three and six months ended June 30, 2021 have been retrospectively revised to remove Optimal Blue as a reportable segment. As of and for the three months ended June 30, 2022: Restaurant Group Dun & Bradstreet Paysafe Alight AmeriLife Corporate and Other Affiliate Elimination Total (in millions) Restaurant revenues $ 166.7 $ — $ — $ — $ — $ — $ — $ 166.7 Other operating revenues — 537.3 367.7 715.0 190.8 7.8 (1,810.8) 7.8 Revenues from external customers 166.7 537.3 367.7 715.0 190.8 7.8 (1,810.8) 174.5 Interest, investment and other income, including recognized gains (losses), net 2.0 11.5 3.5 95.0 — (195.5) (110.0) (193.5) Total revenues, other income and realized gains (losses), net 168.7 548.8 371.2 810.0 190.8 (187.7) (1,920.8) (19.0) Depreciation and amortization 5.6 147.0 63.4 13.0 16.3 0.6 (239.7) 6.2 Interest expense (1.1) (41.9) (26.0) (29.0) (14.2) (1.5) 111.1 (2.6) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (2.5) (0.7) (1,214.2) 43.0 28.7 (220.6) 1,143.2 (223.1) Income tax benefit — (0.1) (43.4) (9.0) — (66.5) 52.5 (66.5) (Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates (2.5) (0.6) (1,170.8) 52.0 28.7 (154.1) 1,090.7 (156.6) Equity in earnings (losses) of unconsolidated affiliates (0.1) 0.6 — — — (13.8) (94.7) (108.0) Net (loss) earnings from continuing operations $ (2.6) $ — $ (1,170.8) $ 52.0 $ 28.7 $ (167.9) $ 996.0 $ (264.6) Assets $ 359.0 $ 9,696.6 $ 6,501.3 $ 10,878.0 $ 1,891.3 $ 2,829.1 $ (28,967.2) $ 3,188.1 Goodwill 53.4 3,437.1 2,712.8 3,624.0 984.3 — (10,758.2) 53.4 As of and for the three months ended June 30, 2021: Restaurant Group Dun & Bradstreet AmeriLife Corporate Affiliate Elimination Total (in millions) Restaurant revenues $ 189.9 $ — $ — $ — $ — $ 189.9 Other operating revenues — 520.9 149.3 12.5 (670.2) 12.5 Revenues from external customers 189.9 520.9 149.3 12.5 (670.2) 202.4 Interest investment and other income (expense), including recognized gains (losses), net 1.0 12.6 — 273.5 (12.6) 274.5 Total revenues, other income and recognized gains (losses), net 190.9 533.5 149.3 286.0 (682.8) 476.9 Depreciation and amortization 5.6 152.3 19.1 0.8 (171.4) 6.4 Interest expense (2.5) (48.0) (12.4) — 60.4 (2.5) Earnings (loss) before income taxes and equity in earnings (losses) of unconsolidated affiliates 4.3 (8.5) 14.2 231.5 (5.7) 235.8 Income tax expense — 43.0 — 49.3 (43.0) 49.3 Earnings (loss) before equity in earnings of unconsolidated affiliates 4.3 (51.5) 14.2 182.2 37.3 186.5 Equity in earnings (losses) of unconsolidated affiliates — 0.7 — 1.5 (11.0) (8.8) Net earnings (loss) from continuing operations $ 4.3 $ (50.8) $ 14.2 $ 183.7 $ 26.3 $ 177.7 Assets $ 496.0 $ 9,860.4 $ 1,749.3 $ 3,943.6 $ (11,609.7) $ 4,439.6 Goodwill 53.4 3,331.1 875.1 — (4,206.2) 53.4 As of and for the six months ended June 30, 2022: Restaurant Group Dun & Bradstreet Paysafe Alight AmeriLife Corporate and Other Affiliate Elimination Total (in millions) Restaurant revenues $ 328.8 $ — $ — $ — $ — $ — $ — $ 328.8 Other operating revenues — 1,073.3 739.3 1,440.0 347.8 13.1 (3,600.4) 13.1 Revenues from external customers 328.8 1,073.3 739.3 1,440.0 347.8 13.1 (3,600.4) 341.9 Interest, investment and other income, including recognized gains (losses), net 1.4 2.5 67.6 114.0 — (460.1) (184.1) (458.7) Total revenues and other income 330.2 1,075.8 806.9 1,554.0 347.8 (447.0) (3,784.5) (116.8) Depreciation and amortization 10.9 296.4 127.4 24.0 31.7 1.1 (479.5) 12.0 Interest expense (2.2) (89.1) (47.5) (58.0) (28.1) (2.8) 222.7 (5.0) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (7.8) (40.5) (1,142.7) 31.0 12.5 (558.5) 1,139.7 (566.3) Income tax benefit (0.7) (9.4) (62.4) (8.0) — (127.7) 79.8 (128.4) (Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates (7.1) (31.1) (1,080.3) 39.0 12.5 (430.8) 1,059.9 (437.9) Equity in earnings (losses) of unconsolidated affiliates — 1.3 — — — 17.1 (94.5) (76.1) Net (loss) earnings from continuing operations $ (7.1) $ (29.8) $ (1,080.3) $ 39.0 $ 12.5 $ (413.7) $ 965.4 $ (514.0) Assets $ 359.0 $ 9,696.6 $ 6,501.3 $ 10,878.0 $ 1,891.3 $ 2,829.1 $ (28,967.2) $ 3,188.1 Goodwill 53.4 3,437.1 2,712.8 3,624.0 984.3 — (10,758.2) 53.4 As of and for the six months ended June 30, 2021: Restaurant Group Dun & Bradstreet AmeriLife Corporate Affiliate Elimination Total (in millions) Restaurant revenues $ 357.2 $ — $ — $ — $ — $ 357.2 Other operating revenues — 1,025.4 280.3 17.1 (1,305.7) 17.1 Revenues from external customers 357.2 1,025.4 280.3 17.1 (1,305.7) 374.3 Interest investment and other income, including recognized gains and losses, net 1.2 19.5 — (38.3) (19.5) (37.1) Total revenues and other income 358.4 1,044.9 280.3 (21.2) (1,325.2) 337.2 Depreciation and amortization 12.8 302.0 36.3 1.5 (338.3) 14.3 Interest expense (4.9) (96.9) (23.6) 0.3 120.5 (4.6) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (3.7) (42.2) 0.5 (110.2) 41.7 (113.9) Income tax expense (benefit) — 33.2 — (12.7) (33.2) (12.7) (Loss) earnings before equity in earnings (losses) of unconsolidated affiliates (3.7) (75.4) 0.5 (97.5) 74.9 (101.2) Equity in earnings (losses) of unconsolidated affiliates — 1.3 — 67.7 (23.9) 45.1 Net (loss) earnings from continuing operations $ (3.7) $ (74.1) $ 0.5 $ (29.8) $ 51.0 $ (56.1) Assets $ 496.0 $ 9,860.4 1,749.3 $ 3,943.6 $ (11,609.7) $ 4,439.6 Goodwill 53.4 3,331.1 875.1 — (4,206.2) 53.4 The activities in our segments include the following: • Restaurant Group. This segment consists primarily of the operations of O'Charley's and 99 Restaurants in which we have 65.4% and 88.5% ownership interests, respectively. O'Charley's and 99 Restaurants and their affiliates are the owners and operators of the O'Charley's and Ninety Nine Restaurants restaurant concepts, respectively. This segment also includes the operations of Legendary Baking and VIBSQ Holdco, LLC ("VIBSQ") prior to their respective sales in 2021. During the three and six months ended June 30, 2022, other than the winding down of certain immaterial retained assets and liabilities of Legendary Baking and VIBSQ, we have no further material interest in Legendary Baking and VIBSQ. • Dun & Bradstreet. This segment consists of our ownership interest in Dun & Bradstreet. Dun & Bradstreet is a leading global provider of business decisioning data and analytics. 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, 2021 contained hundreds of millions of 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 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 Affiliate Elimination section of the segment presentation above. See Note D for further discussion of our ownership interest in Dun & Bradstreet and related accounting. • Alight . This segment consists of our 9.7% ownership interest in Alight. Alight is a leading cloud-based human capital technology and services provider that powers confident health, wealth and wellbeing decisions for millions of people and their dependents. Its Alight Worklife® platform combines data and analytics with a simple, seamless user experience. Supported by its global delivery capabilities, Alight Worklife is transforming the employee experience for people around the world through personalized, data-driven health, wealth, pay and wellbeing insights. Our chief operating decision maker reviews the full financial results of Alight for purposes of assessing performance and allocating resources. Thus, we consider Alight a reportable segment and have included the full results of Alight subsequent to our initial acquisition of an ownership interest in the tables above. We account for Alight using the equity method of accounting, and therefore, its results do not consolidate into ours. Accordingly, we have presented the elimination of Alight's results in the Affiliate Elimination section of the segment presentation above. We historically accounted for our equity ownership and proportionate share of earnings or losses in Alight utilizing a three-month reporting lag due to timeliness considerations. In the second quarter of 2022, the Company was able to obtain financial information for Alight on a more timely basis and began recording our investment in Alight on a current basis as opposed to the previous three-month lag. The elimination of the three-month reporting lag for our equity ownership in Alight did not result in any material adjustments to any current or prior period financial information. • Paysafe . This segment consists of our 8.3% ownership interest in Paysafe. Paysafe provides payment solutions through several business lines. These business lines are focused on card not present and card present solutions for small to medium size business merchants, wallet based online payment solutions through Skrill and NETELLER brands and solutions that enable consumers to use cash to facilitate online purchases through its paysafecard prepaid vouchers. Our chief operating decision maker reviews the full financial results of Paysafe for purposes of assessing performance and allocating resources. Thus, we consider Paysafe a reportable segment and have included the full results of Paysafe subsequent to our initial acquisition of an ownership interest in the tables above. We account for Paysafe using the equity method of accounting, and therefore, its results do not consolidate into ours. Accordingly, we have presented the elimination of Paysafe's results in the Affiliate Elimination section of the segment presentation above. We report our equity in earnings or loss of Paysafe on a three-month lag and we acquired our ownership interest on March 30, 2021. Accordingly, our net earnings and the segment tables above, respectively, for the three and six months ended June 30, 2022, include our equity in Paysafe’s earnings and complete results of Paysafe, respectively, for the three and six months ended March 31, 2022, respectively. • AmeriLife. This segment consists of our 19.6% ownership interest in AmeriLife, which we acquired on March 18, 2020. AmeriLife is a leader in marketing and distributing life, health, and retirement solutions. AmeriLife has partnered with the nation’s leading insurance carriers to provide value and quality to customers served through a national distribution network of insurance agents and advisors, marketing organizations, and insurance agency locations. AmeriLife exceeds certain of the quantitative thresholds prescribed by ASC 280 Segment Reporting and our chief operating decision maker reviews the financial results of AmeriLife for purposes of assessing performance and allocating resources. Thus, we consider AmeriLife a reportable segment and have included the results of operations of AmeriLife in the tables above. We account for our investment in AmeriLife as an equity method investment, and therefore, its results do not consolidate into ours. Accordingly, we have presented the elimination of AmeriLife's results in the Affiliate Elimination section of the segment presentation above. We report our equity in earnings or loss of AmeriLife on a three-month lag. Our net earnings and the segment tables above, respectively, for the three and six • Corporate and Other. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The following supplemental cash flow information is provided with respect to certain cash payments, as well as certain non-cash investing and financing activities. Six months ended June 30, 2022 2021 (In millions) Cash paid during the period: Interest $ 4.0 $ 2.8 Income taxes 64.3 64.8 Operating leases 18.3 19.5 Non-cash investing and financing activities: D&B shares received as partial consideration for the Optimal Blue Disposition 435.0 — |
Basis of Financial Statements (
Basis of Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2021. All intercompany profits, transactions and balances have been eliminated. Our ownership interests in non-majority-owned partnerships and affiliates are accounted for under the equity method of accounting or as equity securities. Earnings attributable to noncontrolling interests recorded on the Condensed Consolidated Statements of Operations represents the portion of our majority-owned subsidiaries' net earnings or loss that is owned by noncontrolling shareholders of such subsidiaries. Noncontrolling interest recorded on the Condensed Consolidated Balance Sheets represents the portion of equity owned by noncontrolling shareholders in our consolidated subsidiaries. |
Management Estimates | Management Estimates The preparation of these Condensed 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 Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the fair value measurements (Note C). Actual results may differ from estimates. |
Related Party Transactions | Related Party TransactionsDuring the three and six months ended June 30, 2022, we incurred $10.6 million and $21.2 million, respectively, of management fee expenses payable to our Manager, and during the three and six months ended June 30, 2021, we incurred $8.2 million and $15.7 million, respectively, of management fee expenses payable to our Manager. During the three and six months ended June 30, 2022, we incurred $2.2 million and $47.4 million, respectively, of carried interest expense related to disposition of certain of the Company's assets and ownership interests. During the three and six months ended June 30, 2021, we incurred $20.3 million and $37.4 million, respectively, of carried interest expense related to monetization of certain Company's investments. These expenses are recorded in Other operating expenses on our Condensed Consolidated Statement of Operations. |
Earnings Per Share | Earnings Per Share Basic earnings per share, as presented on the Condensed 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 |
Recent Accounting Pronouncements | Recent Accounting PronouncementsWe have completed our evaluation of the recently issued accounting pronouncements and we did not identify any that are expected to, if currently adopted, have a material impact on our Condensed Consolidated Financial Statements. |
Change in Accounting Principle | Change in Accounting PrincipleWe historically accounted for our investment and proportionate share of losses in Alight utilizing a three-month reporting lag due to timeliness considerations. In the second quarter of 2022, the Company was able to obtain financial information for Alight on a more timely basis and began recording our investment in Alight on a current basis as opposed to the previous three-month lag. The elimination of the three-month reporting lag for our equity investment in Alight did not result in any material adjustments to the current or prior periods |
Revenue Recognition | 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 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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Our revenue consists of: Three Months Ended June 30, Six months ended June 30, 2022 2021 2022 2021 Revenue Stream Segment Total Revenue Restaurant revenue: (in millions) Restaurant sales Restaurant Group $ 166.5 $ 180.5 $ 328.2 $ 338.6 Bakery sales Restaurant Group — 8.4 0.3 16.6 Franchise and other Restaurant Group 0.2 1.0 0.3 2.0 Total restaurant revenue 166.7 189.9 328.8 357.2 Other operating revenue: Real estate and resort Corporate and other 7.7 11.5 12.6 15.6 Other Corporate and other 0.1 1.0 0.5 1.5 Total other operating revenue 7.8 12.5 13.1 17.1 Total operating revenues $ 174.5 $ 202.4 $ 341.9 $ 374.3 |
Contract Balances | The following table provides information about trade receivables and deferred revenue: June 30, December 31, 2022 2021 (In millions) Trade receivables, net $ 7.3 $ 17.7 Deferred revenue (contract liabilities) 16.1 23.1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on a 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 June 30, 2022 and December 31, 2021, respectively: June 30, 2022 Level 1 Level 2 Level 3 Total (In millions) Assets: Equity securities: Ceridian $ 282.5 $ — $ — $ 282.5 Total equity securities 282.5 — — 282.5 Other noncurrent assets: Paysafe Warrants 2.2 — — 2.2 AAII Warrants — 2.4 — 2.4 Total other noncurrent assets 2.2 2.4 — 4.6 Total Assets $ 284.7 $ 2.4 $ — $ 287.1 December 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Equity securities: Ceridian $ 1,044.6 $ — $ — $ 1,044.6 Other — — 0.5 0.5 Total equity securities 1,044.6 — 0.5 1,045.1 Other noncurrent assets: S1 Backstop Agreement — 12.0 — 12.0 Paysafe Warrants 5.4 — — 5.4 AAII Warrants — 19.3 — 19.3 Total other noncurrent assets 5.4 31.3 — 36.7 Total assets $ 1,050.0 $ 31.3 $ 0.5 $ 1,081.8 |
Summary of Changes in the Fair Values of Level 3 Assets Measured on a Recurring Basis | The following table presents a summary of the changes in the fair values of Level 3 assets measured on a recurring basis (in millions). Three Months Ended June 30, 2021 Corporate debt Forward Purchase Subscription AAII securities Agreements Agreements Warrants Total Fair value, beginning of period $ 35.8 $ 13.9 $ 0.7 $ 36.1 $ 86.5 Recognized gain on settlement (1) 1.5 — — — 1.5 Redemption of corporate debt securities (37.3) — — — (37.3) Net valuation (loss) gain included in earnings (1) — (5.8) 7.2 (11.4) (10.0) Fair value, end of period $ — $ 8.1 $ 7.9 $ 24.7 $ 40.7 Six Months Ended June 30, 2021 Corporate debt Forward Purchase Subscription AAII securities Agreements Agreements Warrants Total Fair value, beginning of period $ 35.2 $ 136.1 $ 169.6 $ — $ 340.9 Recognized gain on settlement (1) 1.5 — — — 1.5 Settlement of corporate debt securities (37.3) — — — (37.3) Net valuation (loss) gain included in earnings (1) — (27.4) 16.8 (4.9) (15.5) Reclassification to investments in unconsolidated affiliates and warrants — (100.6) (178.5) — (279.1) Purchase of AAII Warrants — — — 29.6 29.6 Net valuation gain included in other comprehensive earnings (2) 0.6 — — — 0.6 Fair value, end of period $ — $ 8.1 $ 7.9 $ 24.7 $ 40.7 ____________________________________ (1) Included in Recognized gains and (losses), net on the Condensed Consolidated Statements of Operations (2) Included in Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on the Condensed Consolidated Statements of Comprehensive Earnings (Loss) |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Gains on Equity Securities Included in Recognized Gains and Losses | Gains (losses) on equity securities included in Recognized losses, net on the Condensed Consolidated Statements of Operations consisted of the following for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Net (losses) gains recognized during the period on equity securities $ (152.0) $ 148.3 $ (476.5) $ (169.3) Less: net (losses) gains recognized during the period on equity securities sold or transferred during the period (24.3) 6.5 (132.2) (21.8) Unrealized (losses) gains recognized during the reporting period on equity securities held at the reporting date $ (127.7) $ 141.8 $ (344.3) $ (147.5) |
Schedule of Investments, Aggregate Fair Value of Ownership and Equity in Earnings of Unconsolidated Affiliates | Investments in unconsolidated affiliates recorded using the equity method of accounting as of June 30, 2022 and December 31, 2021 consisted of the following: Ownership at June 30, 2022 June 30, 2022 December 31, 2021 (in millions) Dun & Bradstreet 20.3 % $ 968.2 $ 595.0 Alight/FTAC Sponsor 9.7 % 531.0 505.0 Sightline 33.5 % 256.1 269.5 System1/Trebia Sponsor 24.2 % 247.2 — AmeriLife 19.6 % 111.3 112.7 Paysafe 8.3 % 107.9 431.1 Optimal Blue — % — 267.7 Other various 87.9 80.3 Total $ 2,309.6 $ 2,261.3 The aggregate fair value of our direct and indirect ownership in the common stock of unconsolidated affiliates that have quoted market prices as of June 30, 2022 consisted of the following: June 30, 2022 (in millions) Dun & Bradstreet $ 1,326.8 Alight 354.2 System1 189.4 Paysafe 116.5 Equity in (losses) earnings of unconsolidated affiliates for the three and six months ended June 30, 2022 and 2021 consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in millions) Dun & Bradstreet $ (2.6) $ (9.2) $ (10.1) $ (15.6) Paysafe/Trasimene Capital FT, LP II ("FTAC II Sponsor") (1) (96.7) 4.5 (89.9) 71.5 Alight/FTAC Sponsor 2.5 — 9.2 — System1/Trebia Sponsor (9.1) — 3.7 — Optimal Blue — (4.2) (1.3) (8.2) AmeriLife 2.7 (1.1) (2.4) (7.0) Sightline (4.2) (0.1) (8.5) (0.1) Other (0.6) 1.3 23.2 4.5 Total $ (108.0) $ (8.8) $ (76.1) $ 45.1 _____________________________________ (1) The amount for the three and six months ended June 30, 2021 represents the Company's equity in earnings of FTAC II Sponsor only. Summarized financial information for D&B for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. June 30, December 31, (In millions) Total current assets $ 748.1 $ 718.0 Goodwill and other intangible assets, net 7,978.8 8,317.8 Other assets 969.7 961.4 Total assets $ 9,696.6 $ 9,997.2 Current liabilities $ 948.0 $ 1,004.9 Long-term debt 3,679.8 3,716.7 Other non-current liabilities 1,423.1 1,530.3 Total liabilities 6,050.9 6,251.9 Total equity 3,645.7 3,745.3 Total liabilities and equity $ 9,696.6 $ 9,997.2 Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 (In millions) Total revenues $ 537.3 $ 520.9 $ 1,073.3 $ 1,025.4 Loss before income taxes (0.7) (8.5) (40.5) (42.2) Net loss — (50.8) (29.8) (74.1) Net income attributable to noncontrolling interest (1.8) (0.9) (3.3) (2.6) Net loss attributable to Dun & Bradstreet (1.8) (51.7) (33.1) (76.7) |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Notes payable, net consists of the following: June 30, December 31, (In millions) 2020 Margin Facility $ — $ — 2021 Restaurants Credit Facility 9.7 — Brasada Interstate Loans 11.7 12.6 FNF Revolver 84.7 — Other 0.6 3.8 Notes payable, total $ 106.7 $ 16.4 Less: Notes payable, current 10.8 2.3 Notes payable, long term $ 95.9 $ 14.1 |
Gross Principal Maturities of Notes Payable | Gross principal maturities of notes payable at June 30, 2022 are as follows (in millions): 2022 (remaining) $ 10.8 2023 0.8 2024 0.8 2025 85.4 2026 7.7 Thereafter 1.6 Total $ 107.1 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase Obligations | Purchase obligations as of June 30, 2022 are as follows (in millions): 2022 (remaining) $ 57.2 2023 9.0 2024 5.6 2025 4.8 2026 2.9 Thereafter 2.9 Total purchase commitments $ 82.4 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Summary of Financial Information Concerning Reportable Segments | As of and for the three months ended June 30, 2022: Restaurant Group Dun & Bradstreet Paysafe Alight AmeriLife Corporate and Other Affiliate Elimination Total (in millions) Restaurant revenues $ 166.7 $ — $ — $ — $ — $ — $ — $ 166.7 Other operating revenues — 537.3 367.7 715.0 190.8 7.8 (1,810.8) 7.8 Revenues from external customers 166.7 537.3 367.7 715.0 190.8 7.8 (1,810.8) 174.5 Interest, investment and other income, including recognized gains (losses), net 2.0 11.5 3.5 95.0 — (195.5) (110.0) (193.5) Total revenues, other income and realized gains (losses), net 168.7 548.8 371.2 810.0 190.8 (187.7) (1,920.8) (19.0) Depreciation and amortization 5.6 147.0 63.4 13.0 16.3 0.6 (239.7) 6.2 Interest expense (1.1) (41.9) (26.0) (29.0) (14.2) (1.5) 111.1 (2.6) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (2.5) (0.7) (1,214.2) 43.0 28.7 (220.6) 1,143.2 (223.1) Income tax benefit — (0.1) (43.4) (9.0) — (66.5) 52.5 (66.5) (Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates (2.5) (0.6) (1,170.8) 52.0 28.7 (154.1) 1,090.7 (156.6) Equity in earnings (losses) of unconsolidated affiliates (0.1) 0.6 — — — (13.8) (94.7) (108.0) Net (loss) earnings from continuing operations $ (2.6) $ — $ (1,170.8) $ 52.0 $ 28.7 $ (167.9) $ 996.0 $ (264.6) Assets $ 359.0 $ 9,696.6 $ 6,501.3 $ 10,878.0 $ 1,891.3 $ 2,829.1 $ (28,967.2) $ 3,188.1 Goodwill 53.4 3,437.1 2,712.8 3,624.0 984.3 — (10,758.2) 53.4 As of and for the three months ended June 30, 2021: Restaurant Group Dun & Bradstreet AmeriLife Corporate Affiliate Elimination Total (in millions) Restaurant revenues $ 189.9 $ — $ — $ — $ — $ 189.9 Other operating revenues — 520.9 149.3 12.5 (670.2) 12.5 Revenues from external customers 189.9 520.9 149.3 12.5 (670.2) 202.4 Interest investment and other income (expense), including recognized gains (losses), net 1.0 12.6 — 273.5 (12.6) 274.5 Total revenues, other income and recognized gains (losses), net 190.9 533.5 149.3 286.0 (682.8) 476.9 Depreciation and amortization 5.6 152.3 19.1 0.8 (171.4) 6.4 Interest expense (2.5) (48.0) (12.4) — 60.4 (2.5) Earnings (loss) before income taxes and equity in earnings (losses) of unconsolidated affiliates 4.3 (8.5) 14.2 231.5 (5.7) 235.8 Income tax expense — 43.0 — 49.3 (43.0) 49.3 Earnings (loss) before equity in earnings of unconsolidated affiliates 4.3 (51.5) 14.2 182.2 37.3 186.5 Equity in earnings (losses) of unconsolidated affiliates — 0.7 — 1.5 (11.0) (8.8) Net earnings (loss) from continuing operations $ 4.3 $ (50.8) $ 14.2 $ 183.7 $ 26.3 $ 177.7 Assets $ 496.0 $ 9,860.4 $ 1,749.3 $ 3,943.6 $ (11,609.7) $ 4,439.6 Goodwill 53.4 3,331.1 875.1 — (4,206.2) 53.4 As of and for the six months ended June 30, 2022: Restaurant Group Dun & Bradstreet Paysafe Alight AmeriLife Corporate and Other Affiliate Elimination Total (in millions) Restaurant revenues $ 328.8 $ — $ — $ — $ — $ — $ — $ 328.8 Other operating revenues — 1,073.3 739.3 1,440.0 347.8 13.1 (3,600.4) 13.1 Revenues from external customers 328.8 1,073.3 739.3 1,440.0 347.8 13.1 (3,600.4) 341.9 Interest, investment and other income, including recognized gains (losses), net 1.4 2.5 67.6 114.0 — (460.1) (184.1) (458.7) Total revenues and other income 330.2 1,075.8 806.9 1,554.0 347.8 (447.0) (3,784.5) (116.8) Depreciation and amortization 10.9 296.4 127.4 24.0 31.7 1.1 (479.5) 12.0 Interest expense (2.2) (89.1) (47.5) (58.0) (28.1) (2.8) 222.7 (5.0) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (7.8) (40.5) (1,142.7) 31.0 12.5 (558.5) 1,139.7 (566.3) Income tax benefit (0.7) (9.4) (62.4) (8.0) — (127.7) 79.8 (128.4) (Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates (7.1) (31.1) (1,080.3) 39.0 12.5 (430.8) 1,059.9 (437.9) Equity in earnings (losses) of unconsolidated affiliates — 1.3 — — — 17.1 (94.5) (76.1) Net (loss) earnings from continuing operations $ (7.1) $ (29.8) $ (1,080.3) $ 39.0 $ 12.5 $ (413.7) $ 965.4 $ (514.0) Assets $ 359.0 $ 9,696.6 $ 6,501.3 $ 10,878.0 $ 1,891.3 $ 2,829.1 $ (28,967.2) $ 3,188.1 Goodwill 53.4 3,437.1 2,712.8 3,624.0 984.3 — (10,758.2) 53.4 As of and for the six months ended June 30, 2021: Restaurant Group Dun & Bradstreet AmeriLife Corporate Affiliate Elimination Total (in millions) Restaurant revenues $ 357.2 $ — $ — $ — $ — $ 357.2 Other operating revenues — 1,025.4 280.3 17.1 (1,305.7) 17.1 Revenues from external customers 357.2 1,025.4 280.3 17.1 (1,305.7) 374.3 Interest investment and other income, including recognized gains and losses, net 1.2 19.5 — (38.3) (19.5) (37.1) Total revenues and other income 358.4 1,044.9 280.3 (21.2) (1,325.2) 337.2 Depreciation and amortization 12.8 302.0 36.3 1.5 (338.3) 14.3 Interest expense (4.9) (96.9) (23.6) 0.3 120.5 (4.6) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (3.7) (42.2) 0.5 (110.2) 41.7 (113.9) Income tax expense (benefit) — 33.2 — (12.7) (33.2) (12.7) (Loss) earnings before equity in earnings (losses) of unconsolidated affiliates (3.7) (75.4) 0.5 (97.5) 74.9 (101.2) Equity in earnings (losses) of unconsolidated affiliates — 1.3 — 67.7 (23.9) 45.1 Net (loss) earnings from continuing operations $ (3.7) $ (74.1) $ 0.5 $ (29.8) $ 51.0 $ (56.1) Assets $ 496.0 $ 9,860.4 1,749.3 $ 3,943.6 $ (11,609.7) $ 4,439.6 Goodwill 53.4 3,331.1 875.1 — (4,206.2) 53.4 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow information | The following supplemental cash flow information is provided with respect to certain cash payments, as well as certain non-cash investing and financing activities. Six months ended June 30, 2022 2021 (In millions) Cash paid during the period: Interest $ 4.0 $ 2.8 Income taxes 64.3 64.8 Operating leases 18.3 19.5 Non-cash investing and financing activities: D&B shares received as partial consideration for the Optimal Blue Disposition 435.0 — |
Basis of Financial Statements -
Basis of Financial Statements - Recent Developments (Details) $ / shares in Units, € in Millions, $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||
Aug. 03, 2022 shares | Mar. 17, 2022 shares | Feb. 15, 2022 USD ($) $ / shares shares | Jan. 10, 2022 USD ($) shares | Feb. 26, 2021 shares | Aug. 08, 2022 USD ($) shares | Jan. 31, 2022 USD ($) shares | Jun. 30, 2022 USD ($) $ / shares shares | May 31, 2022 USD ($) shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) | Jun. 24, 2022 EUR (€) | Apr. 18, 2022 shares | Jan. 27, 2022 USD ($) shares | Dec. 31, 2021 USD ($) $ / shares | |
Line of Credit Facility [Line Items] | |||||||||||||||||
Aggregate investment value | $ | $ 2,309.6 | $ 2,309.6 | $ 2,309.6 | $ 2,261.3 | |||||||||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||
Stock repurchases | $ | $ 84.7 | $ 89.7 | $ 138.6 | $ 89.7 | |||||||||||||
2021 Repurchase Program | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Stock repurchase program, period | 3 years | ||||||||||||||||
Stock repurchase program, number of shares authorized to be repurchased (up to) | 10,000,000 | ||||||||||||||||
Treasury stock repurchases (in shares) | 6,775,598 | ||||||||||||||||
Stock repurchases | $ | $ 138.6 | ||||||||||||||||
Stock repurchase, average price per share (in usd per share) | $ / shares | $ 20.46 | ||||||||||||||||
Affiliated Entity | Fidelity National Financial Inc. | 2021 Repurchase Program | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Treasury stock repurchases (in shares) | 5,775,598 | ||||||||||||||||
Stock repurchases | $ | $ 108.7 | ||||||||||||||||
Subsequent Event | 2022 Repurchase Program | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Stock repurchase program, period | 3 years | ||||||||||||||||
Stock repurchase program, number of shares authorized to be repurchased (up to) | 10,000,000 | ||||||||||||||||
System1 | Class D Common Stock Converted to Class C Common Stock | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Conversion of convertible securities, shares (in shares) | 833,750 | ||||||||||||||||
Ceridian | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Owned investment (in shares) | 6,000,000 | 6,000,000 | 6,000,000 | ||||||||||||||
Percentage of ownership after sale of stock transaction | 3.90% | ||||||||||||||||
Dun & Bradstreet | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.0001 | ||||||||||||||||
Ceridian | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Sale of stock (in shares) | 2,000,000 | ||||||||||||||||
Proceeds from sale of stock | $ | $ 112.5 | ||||||||||||||||
Proceeds from sale of equity method investments | $ | $ 285.7 | 175 | |||||||||||||||
Trebia | Subscription for Trebia Class A Common Stock | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Backstop subscription, facility investment commitment | $ | $ 250 | $ 200 | |||||||||||||||
Backstop subscription, sponsors of Trebia , class B ordinary shares forfeited, exchanged for investee class B ordinary shares as consideration | 1,352,941 | ||||||||||||||||
System1 | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Owned investment (in shares) | 28,200,000 | ||||||||||||||||
Aggregate investment value | $ | $ 248.3 | ||||||||||||||||
Investment owned, warrants to purchase common shares (in shares) | 1,200,000 | ||||||||||||||||
Ownership percentage | 26.10% | ||||||||||||||||
Shares converted, ratable portion, shares (in shares) | 217,500 | ||||||||||||||||
Additional shares owned (in shares) | 500,000 | ||||||||||||||||
Number of shares sold (in shares) | 1,700,000 | ||||||||||||||||
Proceeds from sale of equity method investments | $ | $ 22.7 | ||||||||||||||||
System1 | Subsequent Event | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Owned investment (in shares) | 27,200,000 | ||||||||||||||||
Optimal Blue | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Aggregate investment value | $ | $ 0 | $ 0 | $ 0 | 267.7 | |||||||||||||
Ownership percentage | 0% | 0% | 0% | ||||||||||||||
Consideration received on disposition of shares | $ | $ 144.5 | ||||||||||||||||
Gain on sale of stock | $ | $ 313 | ||||||||||||||||
Dun & Bradstreet | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Owned investment (in shares) | 88,300,000 | ||||||||||||||||
Aggregate investment value | $ | $ 968.2 | $ 968.2 | $ 968.2 | $ 595 | |||||||||||||
Ownership percentage | 20.30% | 20.30% | 20.30% | ||||||||||||||
Proceeds from sale of equity method investments | $ | $ 0 | $ 186 | |||||||||||||||
Consideration received on disposition, shares of common stock (in shares) | 21,800,000 | ||||||||||||||||
Shares transferred to Manager for carried interest (in shares) | 1,600,000 | ||||||||||||||||
Dun & Bradstreet | Subsequent Event | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Number of shares sold (in shares) | 9,200,000 | ||||||||||||||||
Proceeds from sale of equity method investments | $ | $ 127.2 | ||||||||||||||||
Alight | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Ownership percentage | 9.70% | 9.70% | 9.70% | ||||||||||||||
Eagle Football Holdings LLC | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Investment commitment to provide line of credit facility (up to) | € | € 523 | ||||||||||||||||
Underwritten Secondary Public Offering | Ceridian | |||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||
Sale of stock (in shares) | 2,000,000 | ||||||||||||||||
Proceeds from sale of stock | $ | $ 173.3 |
Basis of Financial Statements_2
Basis of Financial Statements - Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | ||||
Other operating expenses | $ 31.4 | $ 47.5 | $ 102.1 | $ 87.8 |
Management Fee Expense Payable | ||||
Related Party Transaction [Line Items] | ||||
Other operating expenses | 10.6 | 8.2 | 21.2 | 15.7 |
Management Fee Expense , Interest Payable | ||||
Related Party Transaction [Line Items] | ||||
Other operating expenses | $ 2.2 | $ 20.3 | $ 47.4 | $ 37.4 |
Basis of Financial Statements_3
Basis of Financial Statements - Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Antidilutive shares excluded from calculation of diluted earnings per share (in shares) | 100,000 | 0 | 100,000 | 0 |
Basis of Financial Statements_4
Basis of Financial Statements - Income Tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Effective tax rate | 29.80% | 20.90% | 22.70% | 11.20% | |
Deferred tax liability | $ (143.8) | ||||
Change in deferred taxes | $ (229.6) |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | $ 174.5 | $ 202.4 | $ 341.9 | $ 374.3 |
Restaurant Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 166.7 | 189.9 | 328.8 | 357.2 |
Total other operating revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 7.8 | 12.5 | 13.1 | 17.1 |
Restaurant sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 166.7 | 189.9 | 328.8 | 357.2 |
Restaurant sales | Restaurant Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 166.5 | 180.5 | 328.2 | 338.6 |
Bakery sales | Restaurant Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0 | 8.4 | 0.3 | 16.6 |
Franchise and other | Restaurant Group | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 0.2 | 1 | 0.3 | 2 |
Real estate and resort | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 7.7 | 11.5 | 12.6 | 15.6 |
Other | Corporate and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | $ 0.1 | $ 1 | $ 0.5 | $ 1.5 |
Revenue Recognition - Contract
Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||||
Trade receivables, net | $ 7.3 | $ 7.3 | $ 17.7 | ||
Deferred revenue (contract liabilities) | 16.1 | 16.1 | $ 23.1 | ||
Revenue recognized that was included in deferred revenue | $ 5.2 | $ 5.3 | $ 7.6 | $ 9.4 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Equity securities: | $ 282.5 | $ 1,045.1 |
Other noncurrent assets: | 4.6 | 36.7 |
Total Assets | 287.1 | 1,081.8 |
Ceridian | ||
Assets: | ||
Equity securities: | 282.5 | 1,044.6 |
Other | ||
Assets: | ||
Equity securities: | 0.5 | |
S1 Backstop Agreement | ||
Assets: | ||
Other noncurrent assets: | 12 | |
Paysafe Warrants | ||
Assets: | ||
Other noncurrent assets: | 2.2 | 5.4 |
AAII Warrants | ||
Assets: | ||
Other noncurrent assets: | 2.4 | 19.3 |
Level 1 | ||
Assets: | ||
Equity securities: | 282.5 | 1,044.6 |
Other noncurrent assets: | 2.2 | 5.4 |
Total Assets | 284.7 | 1,050 |
Level 1 | Ceridian | ||
Assets: | ||
Equity securities: | 282.5 | 1,044.6 |
Level 1 | Other | ||
Assets: | ||
Equity securities: | 0 | |
Level 1 | S1 Backstop Agreement | ||
Assets: | ||
Other noncurrent assets: | 0 | |
Level 1 | Paysafe Warrants | ||
Assets: | ||
Other noncurrent assets: | 2.2 | 5.4 |
Level 1 | AAII Warrants | ||
Assets: | ||
Other noncurrent assets: | 0 | 0 |
Level 2 | ||
Assets: | ||
Equity securities: | 0 | 0 |
Other noncurrent assets: | 2.4 | 31.3 |
Total Assets | 2.4 | 31.3 |
Level 2 | Ceridian | ||
Assets: | ||
Equity securities: | 0 | 0 |
Level 2 | Other | ||
Assets: | ||
Equity securities: | 0 | |
Level 2 | S1 Backstop Agreement | ||
Assets: | ||
Other noncurrent assets: | 12 | |
Level 2 | Paysafe Warrants | ||
Assets: | ||
Other noncurrent assets: | 0 | 0 |
Level 2 | AAII Warrants | ||
Assets: | ||
Other noncurrent assets: | 2.4 | 19.3 |
Level 3 | ||
Assets: | ||
Equity securities: | 0 | 0.5 |
Other noncurrent assets: | 0 | 0 |
Total Assets | 0 | 0.5 |
Level 3 | Ceridian | ||
Assets: | ||
Equity securities: | 0 | 0 |
Level 3 | Other | ||
Assets: | ||
Equity securities: | 0.5 | |
Level 3 | S1 Backstop Agreement | ||
Assets: | ||
Other noncurrent assets: | 0 | |
Level 3 | Paysafe Warrants | ||
Assets: | ||
Other noncurrent assets: | 0 | 0 |
Level 3 | AAII Warrants | ||
Assets: | ||
Other noncurrent assets: | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in the Fair Values of Level 3 Assets Measured on a Recurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Recognized gain on settlement | $ 1.5 | $ 1.5 |
Redemption/settlement of corporate debt securities | (37.3) | (37.3) |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 86.5 | 340.9 |
Net valuation (loss) gain included in earnings | (10) | (15.5) |
Purchase of AAII Warrants | 29.6 | |
Net valuation gain included in other comprehensive earnings | 0.6 | |
Fair value, end of period | 40.7 | 40.7 |
Level 3 | Investments in unconsolidated affiliates | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Reclassification to investments in unconsolidated affiliates and Warrants, transfers to Level 2 | (279.1) | |
Common stock | Level 3 | Forward Purchase Agreements | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 13.9 | 136.1 |
Net valuation (loss) gain included in earnings | (5.8) | (27.4) |
Fair value, end of period | 8.1 | 8.1 |
Common stock | Level 3 | Forward Purchase Agreements | Investments in unconsolidated affiliates | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Reclassification to investments in unconsolidated affiliates and Warrants, transfers to Level 2 | (100.6) | |
Common stock | Level 3 | Subscription Agreements | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 0.7 | 169.6 |
Net valuation (loss) gain included in earnings | 7.2 | 16.8 |
Fair value, end of period | 7.9 | 7.9 |
Common stock | Level 3 | Subscription Agreements | Investments in unconsolidated affiliates | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Reclassification to investments in unconsolidated affiliates and Warrants, transfers to Level 2 | (178.5) | |
Common stock | Level 3 | Austerlitz II Warrants | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 36.1 | 0 |
Net valuation (loss) gain included in earnings | (11.4) | (4.9) |
Purchase of AAII Warrants | 29.6 | |
Fair value, end of period | 24.7 | 24.7 |
Common stock | Level 3 | Austerlitz II Warrants | Investments in unconsolidated affiliates | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Reclassification to investments in unconsolidated affiliates and Warrants, transfers to Level 2 | 0 | |
Corporate debt securities | Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 35.8 | 35.2 |
Recognized gain on settlement | 1.5 | 1.5 |
Redemption/settlement of corporate debt securities | (37.3) | (37.3) |
Net valuation (loss) gain included in earnings | 0 | 0 |
Net valuation gain included in other comprehensive earnings | 0.6 | |
Fair value, end of period | $ 0 | $ 0 |
Investments - Equity Securities
Investments - Equity Securities Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net (losses) gains recognized during the period on equity securities | $ (152) | $ 148.3 | $ (476.5) | $ (169.3) |
Less: net (losses) gains recognized during the period on equity securities sold or transferred during the period | (24.3) | 6.5 | (132.2) | (21.8) |
Unrealized (losses) gains recognized during the reporting period on equity securities held at the reporting date | $ (127.7) | $ 141.8 | $ (344.3) | $ (147.5) |
Investments - Schedule of Inves
Investments - Schedule of Investments, Aggregate Fair Value of Ownership and Equity in Earnings of Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Mar. 30, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated affiliates | $ 2,309.6 | $ 2,309.6 | $ 2,261.3 | ||||
Equity in (losses) earnings of unconsolidated affiliates | $ (108) | $ (8.8) | $ (76.1) | $ 45.1 | |||
Dun & Bradstreet | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership (as percentage) | 20.30% | 20.30% | |||||
Investments in unconsolidated affiliates | $ 968.2 | $ 968.2 | 595 | ||||
Aggregate value of ownership based on quoted market price | 1,326.8 | 1,326.8 | |||||
Equity in (losses) earnings of unconsolidated affiliates | $ (2.6) | (9.2) | $ (10.1) | (15.6) | |||
Alight/FTAC Sponsor | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership (as percentage) | 9.70% | 9.70% | |||||
Investments in unconsolidated affiliates | $ 531 | $ 531 | 505 | ||||
Aggregate value of ownership based on quoted market price | 354.2 | 354.2 | |||||
Equity in (losses) earnings of unconsolidated affiliates | $ 2.5 | 0 | $ 9.2 | 0 | |||
Sightline | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership (as percentage) | 33.50% | 33.50% | |||||
Investments in unconsolidated affiliates | $ 256.1 | $ 256.1 | 269.5 | ||||
Equity in (losses) earnings of unconsolidated affiliates | $ (4.2) | (0.1) | $ (8.5) | (0.1) | |||
System1/Trebia Sponsor | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership (as percentage) | 24.20% | 24.20% | |||||
Investments in unconsolidated affiliates | $ 247.2 | $ 247.2 | 0 | ||||
Aggregate value of ownership based on quoted market price | 189.4 | 189.4 | |||||
Equity in (losses) earnings of unconsolidated affiliates | $ (9.1) | 0 | $ 3.7 | 0 | |||
AmeriLife | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership (as percentage) | 19.60% | 19.60% | |||||
Investments in unconsolidated affiliates | $ 111.3 | $ 111.3 | 112.7 | ||||
Equity in (losses) earnings of unconsolidated affiliates | $ 2.7 | (1.1) | $ (2.4) | (7) | |||
Paysafe | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership (as percentage) | 8.30% | 8.30% | |||||
Investments in unconsolidated affiliates | $ 107.9 | $ 107.9 | $ 438.6 | 431.1 | |||
Aggregate value of ownership based on quoted market price | $ 116.5 | $ 116.5 | $ 202.6 | ||||
Optimal Blue | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership (as percentage) | 0% | 0% | |||||
Investments in unconsolidated affiliates | $ 0 | $ 0 | 267.7 | ||||
Equity in (losses) earnings of unconsolidated affiliates | 0 | (4.2) | (1.3) | (8.2) | |||
Paysafe/Trasimene Capital FT, LP II ("FTAC II Sponsor") | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity in (losses) earnings of unconsolidated affiliates | (96.7) | 4.5 | (89.9) | 71.5 | |||
Other | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investments in unconsolidated affiliates | 87.9 | 87.9 | $ 80.3 | ||||
Equity in (losses) earnings of unconsolidated affiliates | $ (0.6) | $ 1.3 | $ 23.2 | $ 4.5 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 30, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Aggregate investment value | $ 2,309.6 | $ 2,309.6 | $ 2,261.3 | ||
Dun & Bradstreet | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Difference between carrying amount and underlying equity | 239.3 | 239.3 | |||
Aggregate value of ownership based on quoted market price | 1,326.8 | 1,326.8 | |||
Aggregate investment value | 968.2 | 968.2 | 595 | ||
Dun & Bradstreet | Finite-Lived Intangible Assets | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Difference between carrying amount and underlying equity | 144.5 | 144.5 | |||
Dun & Bradstreet | Indefinite-lived Intangible Assets | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Difference between carrying amount and underlying equity | 59.7 | 59.7 | |||
Dun & Bradstreet | Goodwill | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Difference between carrying amount and underlying equity | $ 35.1 | ||||
Paysafe | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Aggregate value of ownership based on quoted market price | 116.5 | 116.5 | $ 202.6 | ||
Aggregate investment value | 107.9 | 107.9 | $ 438.6 | 431.1 | |
Other than temporary impairment of investment | 236 | ||||
QOMPLX | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Other than temporary impairment of investment | 32.8 | ||||
Investment without readily determinable fair value | 24.8 | 24.8 | 54.2 | ||
System1/Trebia Sponsor | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Difference between carrying amount and underlying equity | 41.1 | 41.1 | |||
Aggregate value of ownership based on quoted market price | 189.4 | 189.4 | |||
Aggregate investment value | $ 247.2 | $ 247.2 | $ 0 |
Investments - Schedule of Summa
Investments - Schedule of Summarized Financial Information, Dun & Bradstreet (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Condensed Consolidated Balance Sheets | ||||||||
Total current assets | $ 128.6 | $ 128.6 | $ 121.6 | |||||
Total assets | 3,188.1 | $ 4,439.6 | 3,188.1 | $ 4,439.6 | 3,889.6 | |||
Current liabilities | 186.6 | 186.6 | 179.5 | |||||
Long-term debt | 106.7 | 106.7 | 16.4 | |||||
Total liabilities | 482 | 482 | 548.5 | |||||
Total equity | 2,706.1 | 3,633.5 | 2,706.1 | 3,633.5 | $ 3,042.7 | 3,341.1 | $ 3,550.3 | $ 3,785.2 |
Total liabilities and equity | 3,188.1 | 3,188.1 | 3,889.6 | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||||||
Total revenues | (19) | 476.9 | (116.8) | 337.2 | ||||
Net (loss) earnings | (264.6) | 177.7 | (514) | (56.1) | ||||
Less: Net (loss) earnings attributable to noncontrolling interests | (1.3) | 1.3 | (3.1) | 0.6 | ||||
Dun & Bradstreet | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
Total current assets | 748.1 | 748.1 | 718 | |||||
Goodwill and other intangible assets, net | 7,978.8 | 7,978.8 | 8,317.8 | |||||
Other assets | 969.7 | 969.7 | 961.4 | |||||
Total assets | 9,696.6 | 9,696.6 | 9,997.2 | |||||
Current liabilities | 948 | 948 | 1,004.9 | |||||
Long-term debt | 3,679.8 | 3,679.8 | 3,716.7 | |||||
Other non-current liabilities | 1,423.1 | 1,423.1 | 1,530.3 | |||||
Total liabilities | 6,050.9 | 6,050.9 | 6,251.9 | |||||
Total equity | 3,645.7 | 3,645.7 | 3,745.3 | |||||
Total liabilities and equity | 9,696.6 | 9,696.6 | $ 9,997.2 | |||||
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ||||||||
Total revenues | 537.3 | 520.9 | 1,073.3 | 1,025.4 | ||||
Loss before income taxes | (0.7) | (8.5) | (40.5) | (42.2) | ||||
Net (loss) earnings | 0 | (50.8) | (29.8) | (74.1) | ||||
Less: Net (loss) earnings attributable to noncontrolling interests | (1.8) | (0.9) | (3.3) | (2.6) | ||||
Net loss | $ (1.8) | $ (51.7) | $ (33.1) | $ (76.7) |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Notes payable, total | $ 106.7 | $ 16.4 |
Less: Notes payable, current | 10.8 | 2.3 |
Notes payable, long term | 95.9 | 14.1 |
2020 Margin Facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 0 | 0 |
2021 Restaurants Credit Facility | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 9.7 | 0 |
Brasada Interstate Loans | Notes payable to banks | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 11.7 | 12.6 |
FNF Revolver | Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Notes payable, total | 84.7 | 0 |
Other | Notes payable | ||
Debt Instrument [Line Items] | ||
Notes payable, total | $ 0.6 | $ 3.8 |
Notes Payable - Narrative (Deta
Notes Payable - Narrative (Details) | Jan. 20, 2022 shares | Dec. 10, 2021 USD ($) shares | Aug. 16, 2021 USD ($) shares | Nov. 30, 2020 USD ($) shares | Nov. 17, 2017 USD ($) | Jun. 30, 2022 USD ($) shares | May 12, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) shares | Jan. 29, 2016 USD ($) |
Line of Credit Facility [Line Items] | ||||||||||
Common stock issued (in shares) | shares | 92,490,514 | 92,460,514 | ||||||||
Debt outstanding | $ 107,100,000 | |||||||||
Long-term debt | 106,700,000 | $ 16,400,000 | ||||||||
Ninety-Nine Restaurants, LLC | O'Charley's and Restaurant Growth Services, LLC | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Parent ownership percentage | 65.40% | |||||||||
2020 Margin Facility | Ceridian | Senior Lien | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Common stock issued (in shares) | shares | 6,000,000 | |||||||||
Common stock shares issued, additional shares (in shares) | shares | 16,000,000 | 4,000,000 | ||||||||
2020 Margin Facility | Dun & Bradstreet | Senior Lien | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Common stock issued (in shares) | shares | 19,000,000 | |||||||||
Common stock shares issued, additional shares (in shares) | shares | 11,000,000 | |||||||||
2020 Margin Facility | Revolver Note | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Guarantee of all borrowers obligations, period (up to) | 1 year | |||||||||
Aggregate borrowing capacity | $ 100,000,000 | $ 250,000,000 | $ 300,000,000 | |||||||
Option to increase limit | $ 500,000,000 | 500,000,000 | ||||||||
Maturity on anniversary of closing date | 36 months | |||||||||
Line of credit borrowing capacity increase | $ 100,000,000 | $ 100,000,000 | ||||||||
Line of credit outstanding balance | 0 | |||||||||
Amount available to be drawn | 250,000,000 | |||||||||
Long-term debt | $ 0 | $ 0 | ||||||||
2020 Margin Facility | Revolver Note | Ceridian | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Collateral released. common stock (in shares) | shares | 1,000,000 | |||||||||
2020 Margin Facility | Revolver Note | Ceridian | Senior Lien | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Common stock held as collateral for credit facility (in shares) | shares | 1,000,000 | 6,000,000 | 5,000,000 | |||||||
Loan-to-value ratios, limit of collateral value of common stock | 1.5 | |||||||||
2020 Margin Facility | Revolver Note | Dun & Bradstreet | Senior Lien | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Common stock held as collateral for credit facility (in shares) | shares | 35,000,000 | 35,000,000 | ||||||||
2021 Restaurants Credit Facility | Revolver Note | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt outstanding | $ 10,000,000 | |||||||||
Long-term debt | $ 9,700,000 | $ 0 | ||||||||
2021 Restaurants Credit Facility | Revolver Note | Ninety-Nine Restaurants, LLC | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Aggregate borrowing capacity | 25,000,000 | |||||||||
2021 Restaurants Credit Facility | Letter of Credit | Ninety-Nine Restaurants, LLC | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Aggregate borrowing capacity | 15,000,000 | |||||||||
Brasada Credit Agreement | NV Brasada | Acquisition Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Notes, face amounts | $ 12,500,000 | |||||||||
Brasada Credit Agreement | NV Brasada | Acquisition Loan | Minimum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Variable rate interest | 2.84% | |||||||||
Brasada Credit Agreement | NV Brasada | Acquisition Loan | Maximum | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Variable rate interest | 4.51% | |||||||||
Brasada Credit Agreement | NV Brasada | Line of Credit | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Aggregate borrowing capacity | 700,000 | |||||||||
Long-term debt | $ 0 | |||||||||
Brasada Credit Agreement | Line of Credit | NV Brasada | Acquisition Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Long-term debt | 9,900,000 | |||||||||
Brasada Credit Agreement | Line of Credit | NV Brasada | Acquisition Loan, C Note | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Long-term debt | $ 2,000,000 | $ 2,100,000 | ||||||||
Variable rate interest | 3.05% | |||||||||
FNF Revolver | Revolver Note | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Aggregate borrowing capacity | $ 100,000,000 | |||||||||
Debt outstanding | $ 84,700,000 | |||||||||
Long-term debt | $ 84,700,000 | $ 0 | ||||||||
Variable rate interest | 5.99% | |||||||||
Term of automatic extension | 5 years | |||||||||
FNF Revolver | Revolver Note | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Interest rate basis | 4.50% |
Notes Payable - Gross Principal
Notes Payable - Gross Principal Maturities of Notes Payable (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2022 (remaining) | $ 10.8 |
2023 | 0.8 |
2024 | 0.8 |
2025 | 85.4 |
2026 | 7.7 |
Thereafter | 1.6 |
Total Long Term Debt | $ 107.1 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | Jun. 30, 2022 restaurant | Feb. 18, 2021 director |
Commitments and Contingencies Disclosure [Abstract] | ||
Number of restaurants | restaurant | 1 | |
Number of directors to be appointed | director | 2 |
Commitments and Contingencies_2
Commitments and Contingencies - Purchase Obligations (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 (remaining) | $ 57.2 |
2023 | 9 |
2024 | 5.6 |
2025 | 4.8 |
2026 | 2.9 |
Thereafter | 2.9 |
Total purchase commitments | $ 82.4 |
Commitments and Contingencies_3
Commitments and Contingencies - AAII FPA (Details) $ / shares in Units, $ in Millions | Feb. 25, 2021 USD ($) $ / shares shares |
Other Commitments [Line Items] | |
Forward purchase agreement, investment commitment | $ | $ 125 |
Austerlitz II | AAII FPA | |
Other Commitments [Line Items] | |
Forward purchase agreement, commitment to purchase, shares (in shares) | 12,500,000 |
Forward purchase agreement, commitment to purchase, warrants, price per share (in usd per share) | $ / shares | $ 11.50 |
Austerlitz II | Purchase Redeemable Warrants | |
Other Commitments [Line Items] | |
Forward purchase agreement, commitment to purchase, shares (in shares) | 3,125,000 |
Segment Information - Summary o
Segment Information - Summary of Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | $ 174.5 | $ 202.4 | $ 341.9 | $ 374.3 | |
Interest investment and other income (expense), including recognized gains( losses), net | (193.5) | 274.5 | (458.7) | (37.1) | |
Total revenues, other income and realized gains (losses), net | (19) | 476.9 | (116.8) | 337.2 | |
Depreciation and amortization | 6.2 | 6.4 | 12 | 14.3 | |
Interest expense | (2.6) | (2.5) | (5) | (4.6) | |
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates | (223.1) | 235.8 | (566.3) | (113.9) | |
Income tax (benefit) expense | (66.5) | 49.3 | (128.4) | (12.7) | |
(Loss) earnings before equity in (losses) earnings of unconsolidated affiliates | (156.6) | 186.5 | (437.9) | (101.2) | |
Equity in earnings (losses) from equity investments | (108) | (8.8) | (76.1) | 45.1 | |
Net (loss) earnings from continuing operations | (264.6) | 177.7 | (514) | (56.1) | |
Assets | 3,188.1 | 4,439.6 | 3,188.1 | 4,439.6 | $ 3,889.6 |
Goodwill | 53.4 | 53.4 | 53.4 | 53.4 | $ 53.4 |
Affiliate Elimination | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | (1,810.8) | (670.2) | (3,600.4) | (1,305.7) | |
Interest investment and other income (expense), including recognized gains( losses), net | (110) | (12.6) | (184.1) | (19.5) | |
Total revenues, other income and realized gains (losses), net | (1,920.8) | (682.8) | (3,784.5) | (1,325.2) | |
Depreciation and amortization | (239.7) | (171.4) | (479.5) | (338.3) | |
Interest expense | 111.1 | 60.4 | 222.7 | 120.5 | |
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates | 1,143.2 | (5.7) | 1,139.7 | 41.7 | |
Income tax (benefit) expense | 52.5 | (43) | 79.8 | (33.2) | |
(Loss) earnings before equity in (losses) earnings of unconsolidated affiliates | 1,090.7 | 37.3 | 1,059.9 | 74.9 | |
Equity in earnings (losses) from equity investments | (94.7) | (11) | (94.5) | (23.9) | |
Net (loss) earnings from continuing operations | 996 | 26.3 | 965.4 | 51 | |
Assets | (28,967.2) | (11,609.7) | (28,967.2) | (11,609.7) | |
Goodwill | (10,758.2) | (4,206.2) | (10,758.2) | (4,206.2) | |
Restaurant revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 166.7 | 189.9 | 328.8 | 357.2 | |
Restaurant revenue | Affiliate Elimination | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 0 | 0 | 0 | 0 | |
Other operating revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 7.8 | 12.5 | 13.1 | 17.1 | |
Other operating revenue | Affiliate Elimination | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | (1,810.8) | (670.2) | (3,600.4) | (1,305.7) | |
Restaurant Group | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 166.7 | 189.9 | 328.8 | 357.2 | |
Restaurant Group | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 166.7 | 189.9 | 328.8 | 357.2 | |
Interest investment and other income (expense), including recognized gains( losses), net | 2 | 1 | 1.4 | 1.2 | |
Total revenues, other income and realized gains (losses), net | 168.7 | 190.9 | 330.2 | 358.4 | |
Depreciation and amortization | 5.6 | 5.6 | 10.9 | 12.8 | |
Interest expense | (1.1) | (2.5) | (2.2) | (4.9) | |
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates | (2.5) | 4.3 | (7.8) | (3.7) | |
Income tax (benefit) expense | 0 | 0 | (0.7) | 0 | |
(Loss) earnings before equity in (losses) earnings of unconsolidated affiliates | (2.5) | 4.3 | (7.1) | (3.7) | |
Equity in earnings (losses) from equity investments | (0.1) | 0 | 0 | 0 | |
Net (loss) earnings from continuing operations | (2.6) | 4.3 | (7.1) | (3.7) | |
Assets | 359 | 496 | 359 | 496 | |
Goodwill | 53.4 | 53.4 | 53.4 | 53.4 | |
Restaurant Group | Restaurant revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 166.5 | 180.5 | 328.2 | 338.6 | |
Restaurant Group | Restaurant revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 166.7 | 189.9 | 328.8 | 357.2 | |
Restaurant Group | Other operating revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 0 | 0 | 0 | 0 | |
Dun & Bradstreet | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 537.3 | 520.9 | 1,073.3 | 1,025.4 | |
Interest investment and other income (expense), including recognized gains( losses), net | 11.5 | 12.6 | 2.5 | 19.5 | |
Total revenues, other income and realized gains (losses), net | 548.8 | 533.5 | 1,075.8 | 1,044.9 | |
Depreciation and amortization | 147 | 152.3 | 296.4 | 302 | |
Interest expense | (41.9) | (48) | (89.1) | (96.9) | |
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates | (0.7) | (8.5) | (40.5) | (42.2) | |
Income tax (benefit) expense | (0.1) | 43 | (9.4) | 33.2 | |
(Loss) earnings before equity in (losses) earnings of unconsolidated affiliates | (0.6) | (51.5) | (31.1) | (75.4) | |
Equity in earnings (losses) from equity investments | 0.6 | 0.7 | 1.3 | 1.3 | |
Net (loss) earnings from continuing operations | 0 | (50.8) | (29.8) | (74.1) | |
Assets | 9,696.6 | 9,860.4 | 9,696.6 | 9,860.4 | |
Goodwill | 3,437.1 | 3,331.1 | 3,437.1 | 3,331.1 | |
Dun & Bradstreet | Restaurant revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 0 | 0 | 0 | 0 | |
Dun & Bradstreet | Other operating revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 537.3 | 520.9 | 1,073.3 | 1,025.4 | |
Paysafe | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 367.7 | 739.3 | |||
Interest investment and other income (expense), including recognized gains( losses), net | 3.5 | 67.6 | |||
Total revenues, other income and realized gains (losses), net | 371.2 | 806.9 | |||
Depreciation and amortization | 63.4 | 127.4 | |||
Interest expense | (26) | (47.5) | |||
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates | (1,214.2) | (1,142.7) | |||
Income tax (benefit) expense | (43.4) | (62.4) | |||
(Loss) earnings before equity in (losses) earnings of unconsolidated affiliates | (1,170.8) | (1,080.3) | |||
Equity in earnings (losses) from equity investments | 0 | 0 | |||
Net (loss) earnings from continuing operations | (1,170.8) | (1,080.3) | |||
Assets | 6,501.3 | 6,501.3 | |||
Goodwill | 2,712.8 | 2,712.8 | |||
Paysafe | Restaurant revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 0 | 0 | |||
Paysafe | Other operating revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 367.7 | 739.3 | |||
Alight | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 715 | 1,440 | |||
Interest investment and other income (expense), including recognized gains( losses), net | 95 | 114 | |||
Total revenues, other income and realized gains (losses), net | 810 | 1,554 | |||
Depreciation and amortization | 13 | 24 | |||
Interest expense | (29) | (58) | |||
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates | 43 | 31 | |||
Income tax (benefit) expense | (9) | (8) | |||
(Loss) earnings before equity in (losses) earnings of unconsolidated affiliates | 52 | 39 | |||
Equity in earnings (losses) from equity investments | 0 | 0 | |||
Net (loss) earnings from continuing operations | 52 | 39 | |||
Assets | 10,878 | 10,878 | |||
Goodwill | 3,624 | 3,624 | |||
Alight | Restaurant revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 0 | 0 | |||
Alight | Other operating revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 715 | 1,440 | |||
AmeriLife | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 190.8 | 149.3 | 347.8 | 280.3 | |
Interest investment and other income (expense), including recognized gains( losses), net | 0 | 0 | 0 | 0 | |
Total revenues, other income and realized gains (losses), net | 190.8 | 149.3 | 347.8 | 280.3 | |
Depreciation and amortization | 16.3 | 19.1 | 31.7 | 36.3 | |
Interest expense | (14.2) | (12.4) | (28.1) | (23.6) | |
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates | 28.7 | 14.2 | 12.5 | 0.5 | |
Income tax (benefit) expense | 0 | 0 | 0 | 0 | |
(Loss) earnings before equity in (losses) earnings of unconsolidated affiliates | 28.7 | 14.2 | 12.5 | 0.5 | |
Equity in earnings (losses) from equity investments | 0 | 0 | 0 | 0 | |
Net (loss) earnings from continuing operations | 28.7 | 14.2 | 12.5 | 0.5 | |
Assets | 1,891.3 | 1,749.3 | 1,891.3 | 1,749.3 | |
Goodwill | 984.3 | 875.1 | 984.3 | 875.1 | |
AmeriLife | Restaurant revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 0 | 0 | 0 | 0 | |
AmeriLife | Other operating revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 190.8 | 149.3 | 347.8 | 280.3 | |
Corporate and Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 7.8 | 12.5 | 13.1 | 17.1 | |
Interest investment and other income (expense), including recognized gains( losses), net | (195.5) | 273.5 | (460.1) | (38.3) | |
Total revenues, other income and realized gains (losses), net | (187.7) | 286 | (447) | (21.2) | |
Depreciation and amortization | 0.6 | 0.8 | 1.1 | 1.5 | |
Interest expense | (1.5) | 0 | (2.8) | 0.3 | |
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates | (220.6) | 231.5 | (558.5) | (110.2) | |
Income tax (benefit) expense | (66.5) | 49.3 | (127.7) | (12.7) | |
(Loss) earnings before equity in (losses) earnings of unconsolidated affiliates | (154.1) | 182.2 | (430.8) | (97.5) | |
Equity in earnings (losses) from equity investments | (13.8) | 1.5 | 17.1 | 67.7 | |
Net (loss) earnings from continuing operations | (167.9) | 183.7 | (413.7) | (29.8) | |
Assets | 2,829.1 | 3,943.6 | 2,829.1 | 3,943.6 | |
Goodwill | 0 | 0 | 0 | 0 | |
Corporate and Other | Restaurant revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | 0 | 0 | 0 | 0 | |
Corporate and Other | Other operating revenue | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Revenues from external customers | $ 7.8 | $ 12.5 | $ 13.1 | $ 17.1 |
Segment Information - Narrative
Segment Information - Narrative (Details) | Jun. 30, 2022 |
Dun & Bradstreet | |
Segment Reporting Information [Line Items] | |
Ownership (as percentage) | 20.30% |
Alight/FTAC Sponsor | |
Segment Reporting Information [Line Items] | |
Ownership (as percentage) | 9.70% |
Paysafe | |
Segment Reporting Information [Line Items] | |
Ownership (as percentage) | 8.30% |
AmeriLife | |
Segment Reporting Information [Line Items] | |
Ownership (as percentage) | 19.60% |
O'Charley's | |
Segment Reporting Information [Line Items] | |
Parent ownership percentage | 65.40% |
99 Restaurants | |
Segment Reporting Information [Line Items] | |
Parent ownership percentage | 88.50% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash paid during the period: | ||
Interest | $ 4 | $ 2.8 |
Income taxes | 64.3 | 64.8 |
Operating leases | 18.3 | 19.5 |
Noncash Investing and Financing Items [Abstract] | ||
D&B shares received as partial consideration for the Optimal Blue Disposition | $ 435 | $ 0 |