Cannae (CNNE) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		70,711,974
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001704720
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 58.1	$ 247.7
Short-term investments	18.5	34.9
Other current assets	45.2	26.1
Income taxes receivable	4.5	1.9
Total current assets	126.3	310.6
Investments in unconsolidated affiliates	1,878.7	1,950.7
Equity securities, at fair value	271.4	384.9
Lease assets	122.8	156
Property and equipment, net	63.3	87.5
Goodwill	53.4	53.4
Deferred tax asset	84.5	22.7
Other intangible assets, net	21.6	23.5
Other long-term investments and non-current assets	146.4	136.2
Total assets	2,768.4	3,125.5
Current liabilities:
Accounts payable and other accrued liabilities, current	88	79
Lease liabilities, current	15.8	22.8
Deferred revenue	11.5	18.6
Notes payable, current	3.1	2.3
Total current liabilities	118.4	122.7
Lease liabilities, long-term	144.9	151
Notes payable, long-term	99.5	95.1
Accounts payable and other accrued liabilities, long-term	40	41.8
Total liabilities	402.8	410.6
Commitments and contingencies - see Note H
Equity:
Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of September 30, 2023 and December 31, 2022; issued of 92,841,242 and 92,583,280 shares as of September 30, 2023 and December 31, 2022, respectively and outstanding of 70,761,454 and 76,254,972 shares as of September 30, 2023 and December 31, 2022, respectively	0	0
Preferred stock, 0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of September 30, 2023 and December 31, 2022	0	0
Retained earnings	966.1	1,214.7
Additional paid-in capital	1,966	1,936.2
Less: Treasury stock, 22,079,788 and 16,328,308 shares as of September 30, 2023 and December 31, 2022, respectively, at cost	(526.8)	(414)
Accumulated other comprehensive loss	(16.4)	(18.1)
Total Cannae shareholders' equity	2,388.9	2,718.8
Noncontrolling interests	(23.3)	(3.9)
Total equity	2,365.6	2,714.9
Total liabilities and equity	$ 2,768.4	$ 3,125.5

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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)	70,761,454	76,254,972
Common stock issued (in shares)	92,841,242	92,583,280
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)	22,079,788	16,328,308

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Total operating revenues	$ 143.6	$ 164.5	$ 450.7	$ 506.4
Operating expenses:
Cost of restaurant revenue	115.9	141.1	375.8	434.4
Personnel costs	16.2	12.4	43.1	49.5
Depreciation and amortization	5.9	5.7	15.6	17.7
Other operating expenses	57.5	26.6	110.4	128.7
Total operating expenses	195.5	185.8	544.9	630.3
Operating loss	(51.9)	(21.3)	(94.2)	(123.9)
Other income (expense):
Interest, investment and other income	3.4	0	8.9	0.1
Interest expense	(5.8)	(3.6)	(14.2)	(8.6)
Recognized (losses) gains, net	(130.8)	175	(120.9)	(283.8)
Total other (expense) income	(133.2)	171.4	(126.2)	(292.3)
(Loss) earnings before income taxes and equity in losses of unconsolidated affiliates	(185.1)	150.1	(220.4)	(416.2)
Income tax (benefit) expense	(40.5)	17	(59.7)	(111.4)
(Loss) earnings before equity in losses of unconsolidated affiliates	(144.6)	133.1	(160.7)	(304.8)
Equity in losses of unconsolidated affiliates	(26)	(77.9)	(107.2)	(154)
Net (loss) earnings	(170.6)	55.2	(267.9)	(458.8)
Less: Net loss attributable to noncontrolling interests	(13.3)	(0.1)	(19.3)	(3.2)
Net (loss) earnings attributable to Cannae Holdings, Inc. common shareholders	$ (157.3)	$ 55.3	$ (248.6)	$ (455.6)
Basic
Net loss (earnings) per share (in usd per share)	$ (2.18)	$ 0.69	$ (3.34)	$ (5.49)
Diluted
Net loss (earnings) per share (in usd per share)	$ (2.18)	$ 0.69	$ (3.34)	$ (5.49)
Weighted Average Shares Outstanding
Weighted average shares outstanding Cannae Holdings common stock, basic basis (in shares)	72.1	79.6	74.5	83
Weighted average shares outstanding Cannae Holdings common stock, diluted basis (in shares)	72.1	79.6	74.5	83
Restaurant revenue
Revenues:
Total operating revenues	$ 131.2	$ 154.6	$ 424.9	$ 483.4
Other operating revenue
Revenues:
Total operating revenues	$ 12.4	$ 9.9	$ 25.8	$ 23

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) EARNINGS - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) earnings		$ (170.6)	$ 55.2	$ (267.9)	$ (458.8)
Other comprehensive earnings (loss), net of tax:
Unrealized (loss) earnings of investments in unconsolidated affiliates	[1]	(2.5)	(8.7)	1.7	(16.3)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings	[2]	0	2.7	0	2.7
Other comprehensive loss		(2.5)	(6)	1.7	(13.6)
Comprehensive (loss) earnings		(173.1)	49.2	(266.2)	(472.4)
Less: Comprehensive loss attributable to noncontrolling interests		(13.3)	(0.1)	(19.3)	(3.2)
Comprehensive (loss) earnings attributable to Cannae Holdings, Inc. common shareholders		$ (159.8)	$ 49.3	$ (246.9)	$ (469.2)
[1] Net of income tax (benefit) expense of $(0.7) million and $(2.3) million for the three months ended September 30, 2023 and 2022, respectively, and $0.5 million and $(4.3) million for the nine months ended September 30, 2023 and 2022, respectively. (2) Net of income tax expense of $0.7 million for the three and nine months ended September 30, 2022, respectively.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Unrealized loss of investments in unconsolidated affiliates, tax (benefit) expense	$ (0.7)	$ (2.3)	$ 0.5	$ (4.3)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings, tax expense		$ 0.7		$ 0.7

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, 2021					92,400,000
Beginning balance, Treasury Stock (in shares) at Dec. 31, 2021										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 (losses) earnings of investments in unconsolidated affiliates, net of tax		(16.3)	[1]						(16.3)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings		2.7	[2]						2.7
Treasury stock repurchases (in shares)										8,400,000
Treasury stock repurchases		(174.7)								$ (174.7)
Issuance of restricted stock (in shares)					100,000
Stock-based compensation		1.1		$ 35		1.1	$ 35
Subsidiary dividends paid to noncontrolling interests		(4.6)									(4.6)
Net earnings (loss)		(458.8)						(455.6)			(3.2)
Ending balance, Common Stock (in shares) at Sep. 30, 2022					92,500,000
Ending balance, Treasury Stock (in shares) at Sep. 30, 2022										14,000,000
Ending balance at Sep. 30, 2022		2,725.5			$ 0	1,924.4		1,187.2	(20.8)	$ (363.3)	(2)
Beginning balance, Common Stock (in shares) at Jun. 30, 2022					92,500,000
Beginning balance, Treasury Stock (in shares) at Jun. 30, 2022										12,400,000
Beginning balance at Jun. 30, 2022		2,706.1			$ 0	1,913.5		1,131.9	(14.8)	$ (327.2)	2.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive earnings — unrealized (losses) earnings of investments in unconsolidated affiliates, net of tax		(8.7)	[1]						(8.7)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings		2.7	[2]						2.7
Treasury stock repurchases (in shares)										1,600,000
Treasury stock repurchases		(36.1)								$ (36.1)
Stock-based compensation		0.4		10.5		0.4	10.5
Subsidiary dividends paid to noncontrolling interests		(4.6)									(4.6)
Net earnings (loss)		55.2						55.3			(0.1)
Ending balance, Common Stock (in shares) at Sep. 30, 2022					92,500,000
Ending balance, Treasury Stock (in shares) at Sep. 30, 2022										14,000,000
Ending balance at Sep. 30, 2022		$ 2,725.5			$ 0	1,924.4		1,187.2	(20.8)	$ (363.3)	(2)
Beginning balance, Common Stock (in shares) at Dec. 31, 2022		76,254,972			92,500,000
Beginning balance, Treasury Stock (in shares) at Dec. 31, 2022		16,328,308								16,300,000
Beginning balance at Dec. 31, 2022		$ 2,714.9			$ 0	1,936.2		1,214.7	(18.1)	$ (414)	(3.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive earnings — unrealized (losses) earnings of investments in unconsolidated affiliates, net of tax		1.7	[1]						1.7
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings	[2]	0
Treasury stock repurchases (in shares)										5,800,000
Treasury stock repurchases		(112.7)								$ (112.7)
Issuance of restricted stock (in shares)					300,000
Payment for shares withheld for taxes and in treasury		(0.1)								$ (0.1)
Stock-based compensation		2.5		27.3		2.5	27.3
Subsidiary dividends paid to noncontrolling interests		(0.1)									(0.1)
Net earnings (loss)		$ (267.9)						(248.6)			(19.3)
Ending balance, Common Stock (in shares) at Sep. 30, 2023		70,761,454			92,800,000
Ending balance, Treasury Stock (in shares) at Sep. 30, 2023		22,079,788								22,100,000
Ending balance at Sep. 30, 2023		$ 2,365.6			$ 0	1,966		966.1	(16.4)	$ (526.8)	(23.3)
Beginning balance, Common Stock (in shares) at Jun. 30, 2023					92,800,000
Beginning balance, Treasury Stock (in shares) at Jun. 30, 2023										19,400,000
Beginning balance at Jun. 30, 2023		2,582			$ 0	1,957		1,123.4	(13.9)	$ (474.5)	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive earnings — unrealized (losses) earnings of investments in unconsolidated affiliates, net of tax		(2.5)	[1]						(2.5)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings	[2]	0
Treasury stock repurchases (in shares)										2,700,000
Treasury stock repurchases		(52.3)								$ (52.3)
Stock-based compensation		1		$ 8		1	$ 8
Net earnings (loss)		$ (170.6)						(157.3)			(13.3)
Ending balance, Common Stock (in shares) at Sep. 30, 2023		70,761,454			92,800,000
Ending balance, Treasury Stock (in shares) at Sep. 30, 2023		22,079,788								22,100,000
Ending balance at Sep. 30, 2023		$ 2,365.6			$ 0	$ 1,966		$ 966.1	$ (16.4)	$ (526.8)	$ (23.3)
[1] Net of income tax (benefit) expense of $(0.7) million and $(2.3) million for the three months ended September 30, 2023 and 2022, respectively, and $0.5 million and $(4.3) million for the nine months ended September 30, 2023 and 2022, respectively. (2) Net of income tax expense of $0.7 million for the three and nine months ended September 30, 2022, respectively.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (267.9)	$ (458.8)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	15.6	17.7
Equity in losses of unconsolidated affiliates	107.2	154
Distributions from investments in unconsolidated affiliates	0.2	14.7
Recognized losses and asset impairments, net	154.1	286
Lease asset amortization	14.3	15.3
Stock-based compensation expense	2.5	1
Non-cash carried interest expense	0	31.8
Changes in assets and liabilities:
Other assets	9	8
Lease liabilities	(18.2)	(12.4)
Accounts payable, accrued liabilities, deferred revenue and other liabilities	(6.5)	(42.5)
Income taxes	(64.8)	(201.6)
Net cash used in operating activities	(54.5)	(186.8)
Cash flows from investing activities:
Additions to property and equipment and other intangible assets	(7)	(10.2)
Collections of notes receivable	0	0.9
Proceeds from sales of property and equipment	0	1.4
Proceeds from sale of investments in unconsolidated affiliates and other long term investments	0	173.4
Investment in System1 and additional investments in unconsolidated affiliates	(162)	0
Purchases of other long term investments	(17.5)	(4.8)
Distributions from investments in unconsolidated affiliates	11.9	4
Purchases of short-term investment securities	(140.6)	0
Proceeds from sale and maturity of short-term investment securities	157	0
Net cash (used in) provided by investing activities	(33.6)	562.3
Cash flows from financing activities:
Borrowings	62.3	308.4
Debt service payments	(57.5)	(214.3)
Subsidiary distributions paid to noncontrolling interest shareholders	(0.1)	(4.6)
Payment for vested shares withheld for taxes and in treasury	(0.1)	0
Treasury stock repurchases	(106.1)	(179.7)
Net cash used in financing activities	(101.5)	(90.2)
Net (decrease) increase in cash and cash equivalents	(189.6)	285.3
Cash and cash equivalents at beginning of period	247.7	85.8
Cash and cash equivalents at end of period	58.1	371.1
Ceridian
Cash flows from investing activities:
Proceeds from sales of shares	124.6	285.7
AmeriLife
Cash flows from investing activities:
Proceeds from sales of shares	0	152.5
D&B
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses of unconsolidated affiliates	15.3	10.8
Cash flows from investing activities:
Proceeds from sales of shares	0	127.2
Distributions from investments in unconsolidated affiliates	11.9
CorroHealth
Cash flows from investing activities:
Proceeds from sales of shares	0	78.7
System1
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses of unconsolidated affiliates	33.1	5.2
Cash flows from investing activities:
Investment in System1 and additional investments in unconsolidated affiliates	$ 0	$ (246.5)

Basis of Financial Statements

Basis of Financial Statements	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 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"); System1, Inc. ("System1"); Black Knight Football and Entertainment, LP ("BKFE"); Computer Services, Inc. ("CSI"); AmeriLife Group, LLC ("AmeriLife"); O'Charley's Holdings, LLC ("O'Charley's"); 99 Restaurants Holdings, LLC ("99 Restaurants"); and various other controlled portfolio companies and minority equity ownership interests. See Note E - Segment Information 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, 2022. 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 (See Note B - Investments and Note C - Fair Value Measurements ). Actual results may differ from estimates. Recent Developments Ceridian In February 2023, we completed the sale of 1.0 million shares of common stock of Ceridian. In connection with the sale, we received proceeds of $78.0 million. In September 2023, we completed the sale of 1.0 million shares of common stock of Ceridian. In connection with the sale, we received proceeds of $66.7 million. We owned 4.0 million shares of Ceridian common stock as of September 30, 2023, which represented approximately 2.6% of its outstanding stock as of September 30, 2023. Refer to Note B - Investments and Note C - Fair Value Measurements for further discussion of our accounting for our ownership interest in Ceridian and other equity securities. Dun & Bradstreet On February 9, 2023, April 26, 2023 and July 26, 2023, the board of directors of D&B declared quarterly cash dividends of $0.05 per share of DNB common stock. In the nine months ended September 30, 2023, we received $11.9 million of cash dividends from D&B which are recorded as a reduction to the basis of our recorded asset for D&B. As of September 30, 2023, we owned 79.0 million shares of D&B, which represented approximately 18.0% of its outstanding common stock. See Note B - Investments for further discussion of our accounting for our ownership interest in D&B and other equity method investments. Black Knight Football and Entertainment In the nine months ended September 30, 2023, we invested $109.8 million in BKFE. BKFE used the proceeds from investments from Cannae and others to further invest in its infrastructure and playing squad. As of September 30, 2023, we hold a 48.2% ownership interest in BKFE. Other Developments On August 3, 2022, our Board authorized a three-year stock repurchase program, (the "2022 Repurchase Program"), under which the Company may repurchase up to 10.0 million shares of its common stock. Purchases may be made from time to time in the open market at prevailing prices or in privately negotiated transactions through August 3, 2025. The repurchase program does not obligate us to acquire any specific number of shares and may be suspended or terminated at any time. On October 29, 2023, our Board authorized a new stock repurchase program, (the "2023 Repurchase Program"), under which the Company may repurchase up to 10.0 million shares of its common stock. Purchases may be made from time to time in the open market at prevailing prices or in privately negotiated transactions. The repurchase program does not obligate us to acquire any specific number of shares and may be suspended or terminated at any time. The 2023 Repurchase Program does not supersede or impact the repurchase capacity under the 2022 Repurchase Program. During the three months ended September 30, 2023, we repurchased 2,679,052 shares of Cannae common stock for approximately $51.1 million in the aggregate, or an average of $19.06 per share, pursuant to the 2022 Repurchase Program. During the nine months ended September 30, 2023, we repurchased 5,744,856 shares of Cannae common stock for approximately $111.5 million in the aggregate, or an average of $19.41 per share, pursuant to the 2022 Repurchase Program. We accrued $1.1 million for the associated excise tax on the transactions which is included in the book value of the treasury stock repurchased. Subsequent to September 30, 2023, we repurchased 52,567 shares of Cannae Common Stock for approximately $1.0 million. On May 22, 2023, we invested $52.1 million for an 89% ownership interest in High Sierra Distillery, LP ("Minden Mill"). Minden Mill, through its wholly-owned subsidiaries, owns and operates an estate distillery and related hospitality venues. Entities affiliated with our chairman, William P. Foley II, are the general partner of Minden Mill and manage all aspects of its operation. The investment in Minden Mill is accounted for as an investment in an unconsolidated affiliate. See Note B - Investments for further discussion of our investments in unconsolidated affiliates. On September 30, 2023, the Company, Cannae LLC and Trasimene entered into a Second Amended and Restated Management Services Agreement (the "Amended MSA") which amends and restates the Management Services Agreement dated as of August 27, 2019, as amended on January 27, 2021 and further amended on August 4, 2021 (the "Original MSA"). The Amended MSA amends and restates the Original MSA primarily to (i) reduce the management fee from 1.5% to 1.25% for amounts greater than $2.5 billion of cost of invested capital, (ii) reduce the base fee for terminating the agreement from the average annual management fee for the preceding 24-month period as of a termination date (approximately $40 million for the period ended September 30, 2023) to $20 million, except in the event the termination results from a third-party change of control in which case the base fee is $40 million, and (iii) require all transactions with affiliates of the Manager be reviewed by a new Related Person Transaction Committee of the Company's Board of Directors. The Amended MSA has an initial term of five years. The Amended MSA will be automatically renewed for one-year terms thereafter unless terminated by either the Company or the Manager in accordance with the terms of the Amended MSA. Related Party Transactions During the three and nine months ended September 30, 2023, we incurred management fee expenses payable to our Manager of $9.7 million and $28.7 million, respectively, and during the three and nine months ended September 30, 2022, we incurred $9.7 million and $30.9 million, respectively. During the three and nine months ended September 30, 2022, we incurred $1.9 million and $49.3 million, respectively, of carried interest expense related to the disposition of certain of the Company's assets and ownership interests. 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 nine months ended September 30, 2023 there were 0.1 million and zero antidilutive shares of restricted stock outstanding, respectively, that were excluded from the calculation of diluted earnings per share. For the three and nine months ended September 30, 2022, there were zero and 0.1 million antidilutive shares of restricted stock outstanding, respectively, that were excluded from the calculation of diluted earnings per share. Income Taxes Our effective tax rate was 21.9% and 11.3% in the three months ended September 30, 2023 and 2022, respectively, and 27.1% and 26.8% in the nine months ended September 30, 2023 and 2022, respectively. The change in the effective tax rate in the three and nine-month periods ended September 30, 2023 compared to the corresponding prior year periods was primarily attributable to the varying impact of equity in losses of unconsolidated affiliates on income tax (benefit) expense. We have a Deferred tax asset of $84.5 million and $22.7 million as of September 30, 2023 and December 31, 2022, respectively. The $61.8 million change in deferred taxes in the nine months ended September 30, 2023 is primarily attributable to equity in losses of unconsolidated affiliates and impairments of investments in unconsolidated affiliates, partially offset by sales of Ceridian shares and mark-to-market gains recorded on Ceridian. Leases and Property and Equipment In the three and nine months ended September 30, 2023 we recorded $21.9 million and $23.2 million, respectively, of impairment to Lease assets, and $6.9 million and $7.8 million, respectively, of impairment to Property and equipment. In the three and nine months ended September 30, 2022 we recorded $0.5 million and $1.3 million, respectively, of impairment to Lease assets, and $0.4 million and $1.1 million, respectively, of impairment to Property and equipment. The impairments relate primarily to our Restaurant Group for O'Charley's stores that have closed or are expected to close in the fourth quarter of 2023. All such impairments are included in Other operating expenses in our Consolidated Statements of Operations. 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.

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Investments in Unconsolidated Affiliates Investments in unconsolidated affiliates recorded using the equity method of accounting as of September 30, 2023 and December 31, 2022 consisted of the following: Ownership at September 30, 2023 September 30, 2023 December 31, 2022 (in millions) Dun & Bradstreet 18.0 % $ 828.7 $ 857.1 Alight 9.8 % 523.7 532.2 Sightline 32.2 % 162.3 247.0 System1 23.5 % 32.7 127.4 BKFE 48.2 % 148.4 52.2 Paysafe 5.5 % 33.7 33.7 Other various 149.2 101.1 Total $ 1,878.7 $ 1,950.7 The aggregate fair value of our direct ownership in the common stock of unconsolidated affiliates that have quoted market prices as of September 30, 2023 consisted of the following: September 30, 2023 (in millions) Dun & Bradstreet $ 789.7 Alight 372.1 System1 32.7 Paysafe 40.5 Equity in (losses) earnings of unconsolidated affiliates for the three and nine months ended September 30, 2023 and 2022 consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Dun & Bradstreet (1) $ (1.4) $ (0.7) $ (15.3) $ (10.8) Alight (4.5) (4.4) (18.6) 4.8 Sightline (2) (4.9) (6.6) (14.0) (15.1) System1 (10.5) (8.9) (33.1) (5.2) BKFE (3.7) — (20.6) — Paysafe (0.1) (54.3) (2.2) (144.2) Other (0.9) (3.0) (3.4) 16.5 Total $ (26.0) $ (77.9) $ (107.2) $ (154.0) _____________________________________ (1) Equity in losses for D&B includes $2.1 million of loss for the three months ended September 30, 2023 and 2022, respectively, and $6.4 million and $5.4 million of loss for the nine months ended September 30, 2023 and 2022, respectively, related to amortization of Cannae's basis difference between the book value of its ownership interest and ratable portion of the underlying equity in net assets of D&B. (2) Equity in losses for Sightline includes $1.9 million of loss in the three months ended September 30, 2023 and 2022, respectively, and $5.8 million of loss for the nine months ended September 30, 2023 and 2022, respectively, related to amortization of Cannae's basis difference between the book value of its investment and ratable portion of the underlying equity in net assets of Sightline. Dun & Bradstreet 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. September 30, 2023 December 31, 2022 (In millions) Total current assets $ 685.6 $ 703.9 Goodwill and other intangible assets, net 7,412.3 7,751.4 Other assets 1,037.3 1,016.6 Total assets $ 9,135.2 $ 9,471.9 Current liabilities $ 937.1 $ 1,102.6 Long-term debt 3,605.9 3,552.2 Other non-current liabilities 1,168.5 1,308.7 Total liabilities 5,711.5 5,963.5 Total equity 3,423.7 3,508.4 Total liabilities and equity $ 9,135.2 $ 9,471.9 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (In millions) Total revenues $ 588.5 $ 556.3 $ 1,683.6 $ 1,629.6 Operating income 52.1 45.5 76.5 91.6 (Loss) earnings before income taxes (6.5) 5.7 (88.9) (34.8) Net earnings (loss) 5.3 10.4 (46.3) (19.4) Less: net earnings attributable to noncontrolling interest 0.9 2.4 2.4 5.7 Net earnings (loss) attributable to Dun & Bradstreet 4.4 8.0 (48.7) (25.1) System1 As of September 30, 2023, the book value of our investment in System1 accounted for under the equity method of accounting prior to any impairment was $96.5 million. Based on quoted market prices, the aggregate fair market value of our ownership of System1 common stock was approximately $32.7 million as of September 30, 2023. Due to the quantum of the decrease in the fair market value of our ownership interest subsequent to our acquisition, declines in the forecasted results of operations and liquidity of System1, and the uncertainty of the impact of the economic environment on System1's business, management determined the decrease in value of our investment in System1 was other-than-temporary as of September 30, 2023. Accordingly, we recorded an impairment of $63.9 million which is included in Recognized (losses) gains, net, on our Consolidated Statement of Operations for the year ended September 30, 2023. As of September 30, 2023, there was a $(60.4) million difference between the amount of our recorded ownership interest in System1 and the amount of the Company's ratable portion of the underlying equity in the net assets of System1. The basis difference was reduced upon the impairment of our investment in System1 as of September 30, 2023 described above. The Company is currently evaluating the accounting treatment of the new basis difference to System1's identifiable net assets. Sightline As of September 30, 2023, the book value of our investment in Sightline accounted for under the equity method of accounting prior to any impairment was $232.5 million. Based on a valuation using a hybrid discounted cash flow and market comparison approach, the aggregate fair market value of our ownership of Sightline equity was approximately $162.3 million as of September 30, 2023. The fair value measurement is considered a level 3 fair value measure. The primary inputs in the valuation were the forecasted results of operations of Sightline and the discount rate used in the discounted cash flow analysis. The primary significant unobservable input used was the 29% discount rate used in the discounted cash flow analysis. Due to the quantum of the decrease in the fair market value of our ownership interest subsequent to our acquisition, declines in the forecasted results of operations and liquidity of Sightline, and the uncertainty of the impact of the economic environment on Sightline's business, management determined the decrease in value of our investment in Sightline was other-than-temporary as of September 30, 2023. Accordingly, we recorded an impairment of $70.2 million which is included in Recognized (losses) gains, net, on our Consolidated Statement of Operations for the year ended September 30, 2023. As of September 30, 2023, there was a $114.7 million difference between the amount of our recorded ownership interest in Sightline and the amount of the Company's ratable portion of the underlying equity in the net assets of Sightline. The basis difference was reduced upon the impairment of our investment in Sightline as of September 30, 2023 described above. The Company is currently evaluating the accounting treatment of the new basis difference to Sightline's identifiable net assets. Equity Securities Gains (losses) on equity securities included in Recognized gains (losses), net on the Condensed Consolidated Statements of Operations consisted of the following for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Net gains (losses) recognized during the period on equity securities $ 3.2 $ 52.8 $ 20.6 $ (423.7) Less: net (losses) gains recognized during the period on equity securities sold, transferred or disposed during the period (0.3) — 5.9 (132.2) Unrealized gains (losses) recognized during the reporting period on equity securities held at the reporting date $ 3.5 $ 52.8 $ 14.7 $ (291.5) Equity Security Investments Without Readily Determinable Fair Values We account for our investments in AmeriLife 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 September 30, 2023 and December 31, 2022, we have $121.9 million and $114.8 million, respectively, recorded for such investments, which is included in Other long term investments and noncurrent assets on our Condensed Consolidated Balance Sheets. During the nine months ended September 30, 2023, we recorded an impairment of $9.0 million to certain of our equity ownership interests without readily determinable fair values. The amount of the impairment was determined based on the valuation of the investee implied by a contemplated sale to a third-party. During the nine months ended September 30, 2022, we recorded an impairment of $32.8 million to certain of our equity ownership interests without readily determinable fair values. The amount of the impairment charge was determined based on the valuation of investee implied by a third-party investment.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022, respectively: September 30, 2023 Level 1 Level 2 Level 3 Total (In millions) Assets: Cash and cash equivalents $ 58.1 $ — $ — $ 58.1 Short-term investments 18.5 — — 18.5 Ceridian 271.4 — — 271.4 Total assets $ 348.0 $ — $ — $ 348.0 December 31, 2022 Level 1 Level 2 Level 3 Total (In millions) Assets: Cash and cash equivalents $ 247.7 $ — $ — 247.7 Short-term investments 34.9 — — 34.9 Ceridian 384.9 — — 384.9 Total assets $ 667.5 $ — $ — $ 667.5 We had no material assets or liabilities valued on a recurring basis using Level 3 inputs as of or for the nine months ended September 30, 2023 and December 31, 2022. Additional information regarding the fair value of our investment portfolio is included in Note B - Investments .

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities The Company, in the normal course of business, engages in certain activities that involve variable interest entities ("VIEs"), which are legal entities in which a group of equity investors individually lack any of the characteristics of a controlling interest. The primary beneficiary of a VIE is generally the enterprise that has both the power to direct the activities most significant to the economic performance of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. The Company evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the entity based on the variable interests it holds both at inception and when there is a change in circumstances that requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate. As of and for the periods ended September 30, 2023 and December 31, 2022, we are not the primary beneficiary of any VIEs. Unconsolidated VIEs The table below summarizes select information related to variable interests held by the Company as of September 30, 2023 and December 31, 2022, of which we are not the primary beneficiary: September 30, 2023 December 31, 2022 Total Assets Maximum Exposure Total Assets Maximum Exposure (in millions) Investments in unconsolidated affiliates $ 284.3 $ 284.3 $ 138.3 $ 138.3 Investments in Unconsolidated Affiliates As of September 30, 2023 and December 31, 2022, we held variable interests in certain unconsolidated affiliates, which are primarily comprised of our ownership interests in BKFE, CSI and Minden Mill. Cannae does not have the power to direct the activities that most significantly impact the economic performance of these unconsolidated affiliates; therefore, we are not the primary beneficiary. The principal risk to which these investments and funds are exposed is the credit risk of the underlying investees. Cannae has guaranteed certain payment obligations of BKFE related to investment commitments associated with its acquisitions of interests in football clubs. These BKFE obligations total an estimated amount of approximately $63.6 million in the aggregate as of the date of this Quarterly Report and are potentially payable at various increments over the next approximately five years. The underlying obligation of BKFE to fund these amounts is contingent on the exercise of certain investment options by BKFE or other parties. Cannae is required to fund such payments solely to the extent BKFE is unable to meet these obligations. We do not provide any other implicit or explicit liquidity guarantees or principal value guarantees to these VIEs. The assets are included in Investments in unconsolidated affiliates on the Condensed Consolidated Balance Sheets and accounted for under the equity method of accounting. See Note B - Investments

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Summarized financial information concerning our reportable segments is shown in the following tables. As of and for the three months ended September 30, 2023: Restaurant Group Dun & Bradstreet Paysafe Alight Sightline Corporate and Other Affiliate Elimination Total (in millions) Restaurant revenues $ 131.2 $ — $ — $ — $ — $ — $ — $ 131.2 Other operating revenues — 588.5 402.3 813.0 7.4 12.4 (1,811.2) 12.4 Revenues from external customers 131.2 588.5 402.3 813.0 7.4 12.4 (1,811.2) 143.6 Interest, investment and other income, including recognized gains (losses), net 0.5 1.7 7.4 23.0 0.1 (127.9) (32.2) (127.4) Total revenues, other income and realized gains (losses), net 131.7 590.2 409.7 836.0 7.5 (115.5) (1,843.4) 16.2 Depreciation and amortization 5.3 146.7 66.4 105.0 1.9 0.6 (320.0) 5.9 Interest expense (2.2) (57.0) (36.8) (34.0) — (3.6) 127.8 (5.8) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (38.3) (6.5) 4.8 (15.0) (9.1) (146.8) 25.8 (185.1) Income tax (benefit) expense (0.1) (11.2) 6.6 31.0 — (40.4) (26.4) (40.5) (Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates (38.2) 4.7 (1.8) (46.0) (9.1) (106.4) 52.2 (144.6) Equity in earnings (losses) of unconsolidated affiliates — 0.6 — — — (15.1) (11.5) (26.0) Net (loss) earnings $ (38.2) $ 5.3 $ (1.8) $ (46.0) $ (9.1) $ (121.5) $ 40.7 $ (170.6) Assets $ 280.4 $ 9,135.2 $ 5,411.5 $ 10,749.0 $ 162.1 $ 2,488.0 $ (25,457.8) $ 2,768.4 Goodwill 53.4 3,413.9 2,016.8 3,682.0 109.0 — (9,221.7) 53.4 As of and for the three months ended September 30, 2022: Restaurant Group Dun & Bradstreet Paysafe Alight Sightline Corporate Affiliate Elimination Total (in millions) Restaurant revenues $ 154.6 $ — $ — $ — $ — $ — $ — $ 154.6 Other operating revenues — 556.3 378.9 750.0 11.7 9.9 (1,696.9) 9.9 Revenues from external customers 154.6 556.3 378.9 750.0 11.7 9.9 (1,696.9) 164.5 Interest investment and other income (expense), including recognized gains (losses), net (0.2) 9.3 56.2 16.0 — 175.2 (81.5) 175.0 Total revenues, other income and recognized gains (losses), net 154.4 565.6 435.1 766.0 11.7 185.1 (1,778.4) 339.5 Depreciation and amortization 5.1 145.1 69.6 99.0 1.5 0.6 (315.2) 5.7 Interest expense (1.1) (49.1) (28.4) (31.0) — (2.5) 108.5 (3.6) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (7.7) 5.7 (675.3) (65.0) (14.1) 157.8 748.7 150.1 Income tax (benefit) expense — (4.2) (16.6) (20.0) — 17.0 40.8 17.0 (Loss) earnings before equity in earnings of unconsolidated affiliates (7.7) 9.9 (658.7) (45.0) (14.1) 140.8 707.9 133.1 Equity in earnings (losses) of unconsolidated affiliates — 0.5 — — — (11.9) (66.5) (77.9) Net (loss) earnings $ (7.7) $ 10.4 $ (658.7) $ (45.0) $ (14.1) $ 128.9 $ 641.4 $ 55.2 Assets $ 347.5 $ 9,429.7 $ 6,479.4 $ 10,903.0 $ 160.4 $ 2,833.6 $ (26,972.5) $ 3,181.1 Goodwill 53.4 3,400.8 1,993.5 3,624.0 108.9 — (9,127.2) 53.4 As of and for the nine months ended September 30, 2023: Restaurant Group Dun & Bradstreet Paysafe Alight Sightline Corporate and Other Affiliate Elimination Total (in millions) Restaurant revenues $ 424.9 $ — $ — $ — $ — $ — $ — $ 424.9 Other operating revenues — 1,683.6 1,173.6 2,450.0 25.3 25.8 (5,332.5) 25.8 Revenues from external customers 424.9 1,683.6 1,173.6 2,450.0 25.3 25.8 (5,332.5) 450.7 Interest, investment and other income, including recognized gains (losses), net 0.4 4.2 (4.2) (28.0) 1.9 (112.4) 26.1 (112.0) Total revenues and other income 425.3 1,687.8 1,169.4 2,422.0 27.2 (86.6) (5,306.4) 338.7 Depreciation and amortization 14.2 437.1 197.6 315.0 6.1 1.4 (955.8) 15.6 Interest expense (4.8) (168.4) (111.9) (100.0) — (9.4) 380.3 (14.2) Loss before income taxes and equity in earnings (losses) of unconsolidated affiliates (49.4) (88.9) (28.7) (166.0) (25.5) (171.0) 309.1 (220.4) Income tax benefit 0.4 (40.5) 10.7 26.0 — (60.1) 3.8 (59.7) Loss before equity in (losses) earnings of unconsolidated affiliates (49.8) (48.4) (39.4) (192.0) (25.5) (110.9) 305.3 (160.7) Equity in earnings (losses) of unconsolidated affiliates — 2.1 — — — (57.1) (52.2) (107.2) Net (loss) earnings $ (49.8) $ (46.3) $ (39.4) $ (192.0) $ (25.5) $ (168.0) $ 253.1 $ (267.9) Assets $ 280.4 $ 9,135.2 $ 5,411.5 $ 10,749.0 $ 162.1 $ 2,488.0 $ (25,457.8) $ 2,768.4 Goodwill 53.4 3,413.9 2,016.8 3,682.0 109.0 — (9,221.7) 53.4 As of and for the nine months ended September 30, 2022: Restaurant Group Dun & Bradstreet Paysafe Alight Sightline Corporate Affiliate Elimination Total (in millions) Restaurant revenues $ 483.4 $ — $ — $ — $ — $ — $ — $ 483.4 Other operating revenues — 1,629.6 1,118.2 2,190.0 39.6 23.0 (4,977.4) 23.0 Revenues from external customers 483.4 1,629.6 1,118.2 2,190.0 39.6 23.0 (4,977.4) 506.4 Interest investment and other income, including recognized gains (losses), net 1.2 11.8 123.8 130.0 — (284.9) (265.6) (283.7) Total revenues and other income 484.6 1,641.4 1,242.0 2,320.0 39.6 (261.9) (5,243.0) 222.7 Depreciation and amortization 16.0 441.5 197.0 293.0 5.2 1.7 (936.7) 17.7 Interest expense (3.3) (138.2) (75.9) (89.0) — (5.3) 303.1 (8.6) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (15.5) (34.8) (1,818.0) (34.0) (27.0) (400.7) 1,913.8 (416.2) Income tax expense (benefit) (0.7) (13.6) (79.0) (28.0) — (110.7) 120.6 (111.4) (Loss) earnings before equity in earnings (losses) of unconsolidated affiliates (14.8) (21.2) (1,739.0) (6.0) (27.0) (290.0) 1,793.2 (304.8) Equity in earnings (losses) of unconsolidated affiliates — 1.8 — — — 11.3 (167.1) (154.0) Net (loss) earnings $ (14.8) $ (19.4) $ (1,739.0) $ (6.0) $ (27.0) $ (278.7) $ 1,626.1 $ (458.8) Assets $ 347.5 $ 9,429.7 $ 6,479.4 10,903.0 $ 160.4 $ 2,833.6 $ (26,972.5) $ 3,181.1 Goodwill 53.4 3,400.8 1,993.5 3,624.0 108.9 — (9,127.2) 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. • Dun & Bradstreet. This segment consists of our 18.0% 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, 2022 contained hundreds of millions of business records. Our chief operating decision maker reviews the 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; 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. • Alight . This segment consists of our 9.8% 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 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. • Paysafe . This segment consists of our 5.5% ownership interest in Paysafe. Paysafe is a leading payments platform with an extensive track record of serving merchants and consumers in the global entertainment sectors. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. Our chief operating decision maker reviews the 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. Accordingly, our net earnings and the segment tables above, respectively, for the three and nine months ended September 30, 2023 and 2022, include our equity in Paysafe’s earnings and complete results of Paysafe, respectively, for the three and nine months ended June 30, 2023 and 2022, respectively. • Sightline . This segment consists of our 32.2% ownership interest in Sightline Payments. Sightline Payments is a digital payments provider and mobile application developer to the United States' sports betting and casino gaming market. Our chief operating decision maker reviews the financial results of Sightline for purposes of assessing performance and allocating resources. Thus, we consider Sightline a reportable segment and have included the full results of Sightline subsequent to our initial acquisition of an ownership interest in the tables above. We account for Sightline using the equity method of accounting, and therefore, its results do not consolidate into ours. Accordingly, we have presented the elimination of Sightline's results in the Affiliate Elimination section of the segment presentation above. We report our equity in earnings or loss of Sightline on a three-month lag. Accordingly, our net earnings and the segment tables above, respectively, for the three and nine months ended September 30, 2023 and 2022, include our equity in Sightline’s earnings and complete results of Sightline, respectively, for the three and nine months ended June 30, 2023 and 2022, respectively. • Corporate and Other. This nonreportable segment consists of our share in the operations of certain controlled portfolio companies and other equity interests, activity of the corporate holding company and certain intercompany eliminations and taxes.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue Our revenue consists of: Three Months Ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Revenue Stream Segment Total Revenue Restaurant revenue: (in millions) Restaurant sales Restaurant Group $ 131.2 $ 154.4 $ 424.9 $ 482.9 Other Restaurant Group — 0.2 — 0.5 Total restaurant revenue 131.2 154.6 424.9 483.4 Other operating revenue: Real estate and resort Corporate and other 12.2 9.7 25.4 22.3 Other Corporate and other 0.2 0.2 0.4 0.7 Total other operating revenue 12.4 9.9 25.8 23.0 Total operating revenues $ 143.6 $ 164.5 $ 450.7 $ 506.4 Restaurant revenue consists of restaurant sales 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. 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: September 30, 2023 December 31, 2022 (In millions) Trade receivables, net $ 4.3 $ 7.1 Deferred revenue (contract liabilities) 11.5 18.6 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 $2.7 million and $3.3 million was recognized in the three months ended September 30, 2023 and 2022 , respectively, and $7.5 million and $10.9 million in the nine months ended, respectively, that was included in Deferred revenue at the beginning of the period. There was no impairment related to contract balances.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Notes Payable	Notes Payable Notes payable, net consists of the following: September 30, 2023 December 31, 2022 (In millions) 2020 Margin Facility $ — $ — FNF Revolver 84.7 84.7 Other 17.9 12.7 Notes payable, total $ 102.6 $ 97.4 Less: Notes payable, current 3.1 2.3 Notes payable, long term $ 99.5 $ 95.1 At September 30, 2023, 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. On June 16, 2023, the 2020 Margin Facility was amended to, among other things, lower the immediate capacity from $250 million to $150 million. On August 17, 2023, the 2020 Margin Facility was amended to, among other things, (i) extend the maturity of the agreement to August 17, 2026, (ii) add 40 million shares of common stock of Alight to the pool of collateral, and (iii) change the spread from 358 to 375 basis points. Under the 2020 Margin Facility, as amended, the Borrowers may borrow up to $150.0 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 August 17, 2026. Outstanding amounts under the 2020 Margin Facility, if any, bear interest quarterly at a rate per annum equal to a three-month adjusted SOFR plus an applicable margin. The 2020 Margin Facility requires the Borrowers to maintain a certain loan-to-value ratio (based on the value of Ceridian, D&B and Alight 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, D&B and/or Alight shares and use the proceeds from such sale to prepay a portion of the revolving loans thereunder. During the quarter ended September 30, 2023 we borrowed and repaid $50 million under the 2020 Margin Facility. As of September 30, 2023, there was no outstanding balance under the 2020 Margin Facility, $150.0 million of unused capacity with an option to increase the capacity to $500.0 million upon amendment, and 4 million shares of Ceridian, 35 million shares of D&B and 40 million shares of Alight were pledged as collateral for borrowings. FNF Revolver On November 17, 2017, Fidelity National Financial, Inc. ("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 September 30, 2023, there was a $84.7 million outstanding principal amount which incurred interest at 9.95% and there is no available borrowing capacity under the FNF Revolver. Gross principal maturities of notes payable at September 30, 2023 are as follows (in millions): 2023 (remaining) $ 3.1 2024 1.4 2025 86.0 2026 9.0 2027 0.7 Thereafter 2.6 Total $ 102.8

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022, 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. On October 25, 2022, the parties, including the SLC acting on behalf of the Company, reached an agreement-in-principle to settle the action, subject to various terms and conditions, as well as court approval. On March 10, 2023, the parties formalized their settlement and entered into a Stipulation and Agreement of Compromise, Settlement and Release which has been filed with the court. The agreement includes, among other things, a payment of $6 million in cash to the Company, amendments to the Management Services Agreement between the Company and the Manager, and corporate governance changes. On June 8, 2023, the court entered an Order and Final Judgment approving the settlement in all respects and dismissing the lawsuit. The net settlement amount has been paid to the Company, the Management Services Agreement was amended on September 30, 2023, and the parties have complied with the remaining terms of the settlement. The net settlement is recorded in Recognized gains (losses), net on our Condensed Consolidated Statement of Operations in the nine months ended September 30, 2023. See further discussion of the Amended MSA in Note A - Basis of Financial Statements 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 September 30, 2023 to determine the amount of the obligations. Purchase obligations as of September 30, 2023 are as follows (in millions): 2023 (remaining) $ 26.5 2024 12.5 2025 9.9 2026 5.3 2027 1.7 Thereafter 0.8 Total purchase commitments $ 56.7

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2023
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. Nine months ended September 30, 2023 2022 (In millions) Cash paid during the period: Interest $ 11.2 $ 6.8 Income taxes 4.4 89.8 Non-cash investing and financing activities: D&B shares received as partial consideration for the Optimal Blue Disposition — 435.0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net earnings (loss) attributable to Cannae Holdings	$ (157.3)	$ 55.3	$ (248.6)	$ (455.6)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Financial Statements (

Basis of Financial Statements (Policies)	9 Months Ended
	Sep. 30, 2023
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, 2022. 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 (See Note B - Investments and Note C - Fair Value Measurements ). Actual results may differ from estimates.
Related Party Transactions	Related Party TransactionsDuring the three and nine months ended September 30, 2023, we incurred management fee expenses payable to our Manager of $9.7 million and $28.7 million, respectively, and during the three and nine months ended September 30, 2022, we incurred $9.7 million and $30.9 million, respectively. During the three and nine months ended September 30, 2022, we incurred $1.9 million and $49.3 million, respectively, of carried interest expense related to the disposition of certain of the Company's assets and ownership interests. 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 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.
Recent Accounting Pronouncements	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.
Revenue Recognition	Restaurant revenue consists of restaurant sales 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. 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.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Gains on Equity Securities Included in Recognized Gains and Losses	Gains (losses) on equity securities included in Recognized gains (losses), net on the Condensed Consolidated Statements of Operations consisted of the following for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Net gains (losses) recognized during the period on equity securities $ 3.2 $ 52.8 $ 20.6 $ (423.7) Less: net (losses) gains recognized during the period on equity securities sold, transferred or disposed during the period (0.3) — 5.9 (132.2) Unrealized gains (losses) recognized during the reporting period on equity securities held at the reporting date $ 3.5 $ 52.8 $ 14.7 $ (291.5)
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 September 30, 2023 and December 31, 2022 consisted of the following: Ownership at September 30, 2023 September 30, 2023 December 31, 2022 (in millions) Dun & Bradstreet 18.0 % $ 828.7 $ 857.1 Alight 9.8 % 523.7 532.2 Sightline 32.2 % 162.3 247.0 System1 23.5 % 32.7 127.4 BKFE 48.2 % 148.4 52.2 Paysafe 5.5 % 33.7 33.7 Other various 149.2 101.1 Total $ 1,878.7 $ 1,950.7 The aggregate fair value of our direct ownership in the common stock of unconsolidated affiliates that have quoted market prices as of September 30, 2023 consisted of the following: September 30, 2023 (in millions) Dun & Bradstreet $ 789.7 Alight 372.1 System1 32.7 Paysafe 40.5 Equity in (losses) earnings of unconsolidated affiliates for the three and nine months ended September 30, 2023 and 2022 consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (in millions) Dun & Bradstreet (1) $ (1.4) $ (0.7) $ (15.3) $ (10.8) Alight (4.5) (4.4) (18.6) 4.8 Sightline (2) (4.9) (6.6) (14.0) (15.1) System1 (10.5) (8.9) (33.1) (5.2) BKFE (3.7) — (20.6) — Paysafe (0.1) (54.3) (2.2) (144.2) Other (0.9) (3.0) (3.4) 16.5 Total $ (26.0) $ (77.9) $ (107.2) $ (154.0) _____________________________________ (1) Equity in losses for D&B includes $2.1 million of loss for the three months ended September 30, 2023 and 2022, respectively, and $6.4 million and $5.4 million of loss for the nine months ended September 30, 2023 and 2022, respectively, related to amortization of Cannae's basis difference between the book value of its ownership interest and ratable portion of the underlying equity in net assets of D&B. (2) Equity in losses for Sightline includes $1.9 million of loss in the three months ended September 30, 2023 and 2022, respectively, and $5.8 million of loss for the nine months ended September 30, 2023 and 2022, respectively, related to amortization of Cannae's basis difference between the book value of its investment and ratable portion of the underlying equity in net assets of Sightline. 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. September 30, 2023 December 31, 2022 (In millions) Total current assets $ 685.6 $ 703.9 Goodwill and other intangible assets, net 7,412.3 7,751.4 Other assets 1,037.3 1,016.6 Total assets $ 9,135.2 $ 9,471.9 Current liabilities $ 937.1 $ 1,102.6 Long-term debt 3,605.9 3,552.2 Other non-current liabilities 1,168.5 1,308.7 Total liabilities 5,711.5 5,963.5 Total equity 3,423.7 3,508.4 Total liabilities and equity $ 9,135.2 $ 9,471.9 Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (In millions) Total revenues $ 588.5 $ 556.3 $ 1,683.6 $ 1,629.6 Operating income 52.1 45.5 76.5 91.6 (Loss) earnings before income taxes (6.5) 5.7 (88.9) (34.8) Net earnings (loss) 5.3 10.4 (46.3) (19.4) Less: net earnings attributable to noncontrolling interest 0.9 2.4 2.4 5.7 Net earnings (loss) attributable to Dun & Bradstreet 4.4 8.0 (48.7) (25.1)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 and December 31, 2022, respectively: September 30, 2023 Level 1 Level 2 Level 3 Total (In millions) Assets: Cash and cash equivalents $ 58.1 $ — $ — $ 58.1 Short-term investments 18.5 — — 18.5 Ceridian 271.4 — — 271.4 Total assets $ 348.0 $ — $ — $ 348.0 December 31, 2022 Level 1 Level 2 Level 3 Total (In millions) Assets: Cash and cash equivalents $ 247.7 $ — $ — 247.7 Short-term investments 34.9 — — 34.9 Ceridian 384.9 — — 384.9 Total assets $ 667.5 $ — $ — $ 667.5

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The table below summarizes select information related to variable interests held by the Company as of September 30, 2023 and December 31, 2022, of which we are not the primary beneficiary: September 30, 2023 December 31, 2022 Total Assets Maximum Exposure Total Assets Maximum Exposure (in millions) Investments in unconsolidated affiliates $ 284.3 $ 284.3 $ 138.3 $ 138.3

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Summary of Financial Information Concerning Reportable Segments	As of and for the three months ended September 30, 2023: Restaurant Group Dun & Bradstreet Paysafe Alight Sightline Corporate and Other Affiliate Elimination Total (in millions) Restaurant revenues $ 131.2 $ — $ — $ — $ — $ — $ — $ 131.2 Other operating revenues — 588.5 402.3 813.0 7.4 12.4 (1,811.2) 12.4 Revenues from external customers 131.2 588.5 402.3 813.0 7.4 12.4 (1,811.2) 143.6 Interest, investment and other income, including recognized gains (losses), net 0.5 1.7 7.4 23.0 0.1 (127.9) (32.2) (127.4) Total revenues, other income and realized gains (losses), net 131.7 590.2 409.7 836.0 7.5 (115.5) (1,843.4) 16.2 Depreciation and amortization 5.3 146.7 66.4 105.0 1.9 0.6 (320.0) 5.9 Interest expense (2.2) (57.0) (36.8) (34.0) — (3.6) 127.8 (5.8) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (38.3) (6.5) 4.8 (15.0) (9.1) (146.8) 25.8 (185.1) Income tax (benefit) expense (0.1) (11.2) 6.6 31.0 — (40.4) (26.4) (40.5) (Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates (38.2) 4.7 (1.8) (46.0) (9.1) (106.4) 52.2 (144.6) Equity in earnings (losses) of unconsolidated affiliates — 0.6 — — — (15.1) (11.5) (26.0) Net (loss) earnings $ (38.2) $ 5.3 $ (1.8) $ (46.0) $ (9.1) $ (121.5) $ 40.7 $ (170.6) Assets $ 280.4 $ 9,135.2 $ 5,411.5 $ 10,749.0 $ 162.1 $ 2,488.0 $ (25,457.8) $ 2,768.4 Goodwill 53.4 3,413.9 2,016.8 3,682.0 109.0 — (9,221.7) 53.4 As of and for the three months ended September 30, 2022: Restaurant Group Dun & Bradstreet Paysafe Alight Sightline Corporate Affiliate Elimination Total (in millions) Restaurant revenues $ 154.6 $ — $ — $ — $ — $ — $ — $ 154.6 Other operating revenues — 556.3 378.9 750.0 11.7 9.9 (1,696.9) 9.9 Revenues from external customers 154.6 556.3 378.9 750.0 11.7 9.9 (1,696.9) 164.5 Interest investment and other income (expense), including recognized gains (losses), net (0.2) 9.3 56.2 16.0 — 175.2 (81.5) 175.0 Total revenues, other income and recognized gains (losses), net 154.4 565.6 435.1 766.0 11.7 185.1 (1,778.4) 339.5 Depreciation and amortization 5.1 145.1 69.6 99.0 1.5 0.6 (315.2) 5.7 Interest expense (1.1) (49.1) (28.4) (31.0) — (2.5) 108.5 (3.6) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (7.7) 5.7 (675.3) (65.0) (14.1) 157.8 748.7 150.1 Income tax (benefit) expense — (4.2) (16.6) (20.0) — 17.0 40.8 17.0 (Loss) earnings before equity in earnings of unconsolidated affiliates (7.7) 9.9 (658.7) (45.0) (14.1) 140.8 707.9 133.1 Equity in earnings (losses) of unconsolidated affiliates — 0.5 — — — (11.9) (66.5) (77.9) Net (loss) earnings $ (7.7) $ 10.4 $ (658.7) $ (45.0) $ (14.1) $ 128.9 $ 641.4 $ 55.2 Assets $ 347.5 $ 9,429.7 $ 6,479.4 $ 10,903.0 $ 160.4 $ 2,833.6 $ (26,972.5) $ 3,181.1 Goodwill 53.4 3,400.8 1,993.5 3,624.0 108.9 — (9,127.2) 53.4 As of and for the nine months ended September 30, 2023: Restaurant Group Dun & Bradstreet Paysafe Alight Sightline Corporate and Other Affiliate Elimination Total (in millions) Restaurant revenues $ 424.9 $ — $ — $ — $ — $ — $ — $ 424.9 Other operating revenues — 1,683.6 1,173.6 2,450.0 25.3 25.8 (5,332.5) 25.8 Revenues from external customers 424.9 1,683.6 1,173.6 2,450.0 25.3 25.8 (5,332.5) 450.7 Interest, investment and other income, including recognized gains (losses), net 0.4 4.2 (4.2) (28.0) 1.9 (112.4) 26.1 (112.0) Total revenues and other income 425.3 1,687.8 1,169.4 2,422.0 27.2 (86.6) (5,306.4) 338.7 Depreciation and amortization 14.2 437.1 197.6 315.0 6.1 1.4 (955.8) 15.6 Interest expense (4.8) (168.4) (111.9) (100.0) — (9.4) 380.3 (14.2) Loss before income taxes and equity in earnings (losses) of unconsolidated affiliates (49.4) (88.9) (28.7) (166.0) (25.5) (171.0) 309.1 (220.4) Income tax benefit 0.4 (40.5) 10.7 26.0 — (60.1) 3.8 (59.7) Loss before equity in (losses) earnings of unconsolidated affiliates (49.8) (48.4) (39.4) (192.0) (25.5) (110.9) 305.3 (160.7) Equity in earnings (losses) of unconsolidated affiliates — 2.1 — — — (57.1) (52.2) (107.2) Net (loss) earnings $ (49.8) $ (46.3) $ (39.4) $ (192.0) $ (25.5) $ (168.0) $ 253.1 $ (267.9) Assets $ 280.4 $ 9,135.2 $ 5,411.5 $ 10,749.0 $ 162.1 $ 2,488.0 $ (25,457.8) $ 2,768.4 Goodwill 53.4 3,413.9 2,016.8 3,682.0 109.0 — (9,221.7) 53.4 As of and for the nine months ended September 30, 2022: Restaurant Group Dun & Bradstreet Paysafe Alight Sightline Corporate Affiliate Elimination Total (in millions) Restaurant revenues $ 483.4 $ — $ — $ — $ — $ — $ — $ 483.4 Other operating revenues — 1,629.6 1,118.2 2,190.0 39.6 23.0 (4,977.4) 23.0 Revenues from external customers 483.4 1,629.6 1,118.2 2,190.0 39.6 23.0 (4,977.4) 506.4 Interest investment and other income, including recognized gains (losses), net 1.2 11.8 123.8 130.0 — (284.9) (265.6) (283.7) Total revenues and other income 484.6 1,641.4 1,242.0 2,320.0 39.6 (261.9) (5,243.0) 222.7 Depreciation and amortization 16.0 441.5 197.0 293.0 5.2 1.7 (936.7) 17.7 Interest expense (3.3) (138.2) (75.9) (89.0) — (5.3) 303.1 (8.6) (Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates (15.5) (34.8) (1,818.0) (34.0) (27.0) (400.7) 1,913.8 (416.2) Income tax expense (benefit) (0.7) (13.6) (79.0) (28.0) — (110.7) 120.6 (111.4) (Loss) earnings before equity in earnings (losses) of unconsolidated affiliates (14.8) (21.2) (1,739.0) (6.0) (27.0) (290.0) 1,793.2 (304.8) Equity in earnings (losses) of unconsolidated affiliates — 1.8 — — — 11.3 (167.1) (154.0) Net (loss) earnings $ (14.8) $ (19.4) $ (1,739.0) $ (6.0) $ (27.0) $ (278.7) $ 1,626.1 $ (458.8) Assets $ 347.5 $ 9,429.7 $ 6,479.4 10,903.0 $ 160.4 $ 2,833.6 $ (26,972.5) $ 3,181.1 Goodwill 53.4 3,400.8 1,993.5 3,624.0 108.9 — (9,127.2) 53.4

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Our revenue consists of: Three Months Ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Revenue Stream Segment Total Revenue Restaurant revenue: (in millions) Restaurant sales Restaurant Group $ 131.2 $ 154.4 $ 424.9 $ 482.9 Other Restaurant Group — 0.2 — 0.5 Total restaurant revenue 131.2 154.6 424.9 483.4 Other operating revenue: Real estate and resort Corporate and other 12.2 9.7 25.4 22.3 Other Corporate and other 0.2 0.2 0.4 0.7 Total other operating revenue 12.4 9.9 25.8 23.0 Total operating revenues $ 143.6 $ 164.5 $ 450.7 $ 506.4
Contract Balances	The following table provides information about trade receivables and deferred revenue: September 30, 2023 December 31, 2022 (In millions) Trade receivables, net $ 4.3 $ 7.1 Deferred revenue (contract liabilities) 11.5 18.6

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable, net consists of the following: September 30, 2023 December 31, 2022 (In millions) 2020 Margin Facility $ — $ — FNF Revolver 84.7 84.7 Other 17.9 12.7 Notes payable, total $ 102.6 $ 97.4 Less: Notes payable, current 3.1 2.3 Notes payable, long term $ 99.5 $ 95.1
Gross Principal Maturities of Notes Payable	Gross principal maturities of notes payable at September 30, 2023 are as follows (in millions): 2023 (remaining) $ 3.1 2024 1.4 2025 86.0 2026 9.0 2027 0.7 Thereafter 2.6 Total $ 102.8

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Purchase Obligations	Purchase obligations as of September 30, 2023 are as follows (in millions): 2023 (remaining) $ 26.5 2024 12.5 2025 9.9 2026 5.3 2027 1.7 Thereafter 0.8 Total purchase commitments $ 56.7

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2023
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. Nine months ended September 30, 2023 2022 (In millions) Cash paid during the period: Interest $ 11.2 $ 6.8 Income taxes 4.4 89.8 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) - USD ($) $ / shares in Units, shares in Millions, $ in Millions				1 Months Ended		9 Months Ended
	Jul. 26, 2023	Apr. 26, 2023	Feb. 09, 2023	Sep. 30, 2023	Feb. 28, 2023	Sep. 30, 2023	Sep. 30, 2022
Line of Credit Facility [Line Items]
Dividends from investment in unconsolidated affiliate						$ 11.9	$ 4
Equity investment						$ 162	$ 0
Ceridian
Line of Credit Facility [Line Items]
Owned investment (in shares)				4		4
Percentage of ownership after sale of stock transaction						2.60%
Dun & Bradstreet
Line of Credit Facility [Line Items]
Owned investment (in shares)				79		79
Common stock, dividends declared (in usd per share)	$ 0.05	$ 0.05	$ 0.05
Dividends from investment in unconsolidated affiliate						$ 11.9
Ownership percentage				18%		18%
BKFE
Line of Credit Facility [Line Items]
Ownership percentage				48.20%		48.20%
Equity investment						$ 109.8
Underwritten Secondary Public Offering | Ceridian
Line of Credit Facility [Line Items]
Sale of stock (in shares)				1	1
Proceeds from sale of stock				$ 66.7	$ 78

Basis of Financial Statements_2

Basis of Financial Statements - Other Developments (Details) - USD ($) $ / shares in Units, $ in Millions					1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 29, 2023	May 22, 2023	Aug. 03, 2022	Nov. 08, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Oct. 29, 2023
Equity, Class of Treasury Stock [Line Items]
Stock repurchases						$ 52.3	$ 36.1	$ 112.7	$ 174.7
Equity investment								162	$ 0
Original MSA | Related Party
Equity, Class of Treasury Stock [Line Items]
Management fee rate		1.50%
Agreement termination, base fee for termination of agreement from average annual management fee for preceding period as of termination date								40
Amended MSA | Related Party
Equity, Class of Treasury Stock [Line Items]
Management fee rate	1.25%
Management fee cost of invested capital (greater than)	$ 2,500
Agreement termination, preceding period	24 months
Agreement termination, base fee for termination of agreement from average annual management fee for preceding period as of termination date								$ 20
Base fee for termination of agreement due to third-party change of control	$ 40
Agreement, term	5 years
Agreement, renewal term	1 year
Minden Mill
Equity, Class of Treasury Stock [Line Items]
Equity investment			$ 52.1
Ownership percentage			89%
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, period				3 years
Stock repurchase program, authorized amount (up to)				$ 10
Treasury stock repurchases (in shares)						2,679,052		5,744,856
Stock repurchases						$ 51.1		$ 111.5
Stock repurchase, average price per share (in usd per share)						$ 19.06		$ 19.41
Stock repurchases, excise tax accrual	$ 1.1					$ 1.1		$ 1.1
2022 Repurchase Program | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Treasury stock repurchases (in shares)					52,567
Stock repurchases					$ 1
2023 Repurchase Program | Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount (up to)										$ 10

Basis of Financial Statements_3

Basis of Financial Statements - Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Other operating expenses	$ 57.5	$ 26.6	$ 110.4	$ 128.7
Management Fee Expense Payable
Related Party Transaction [Line Items]
Other operating expenses	$ 9.7	9.7	$ 28.7	30.9
Management Fee Expense, Interest Payable
Related Party Transaction [Line Items]
Other operating expenses		$ 1.9		$ 49.3

Basis of Financial Statements_4

Basis of Financial Statements - Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Antidilutive shares excluded from calculation of diluted earnings per share (in shares)	100,000	0	0	100,000

Basis of Financial Statements_5

Basis of Financial Statements - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Effective tax rate	21.90%	11.30%	27.10%	26.80%
Deferred tax asset	$ 84.5		$ 84.5		$ 22.7
Change in deferred taxes			$ (61.8)

Basis of Financial Statements_6

Basis of Financial Statements - Leases and Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impairment to lease assets	$ 21.9	$ 0.5	$ 23.2	$ 1.3
Impairment of property plant and equipment	$ 6.9	$ 0.4	$ 7.8	$ 1.1

Investments - Schedule of Inves

Investments - Schedule of Investments, Aggregate Fair Value of Ownership and Equity in (Losses) Earnings of Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 1,878.7		$ 1,878.7		$ 1,950.7
Equity in losses of unconsolidated affiliates	$ (26)	$ (77.9)	$ (107.2)	$ (154)
Dun & Bradstreet
Schedule of Equity Method Investments [Line Items]
Ownership (as percentage)	18%		18%
Investments in unconsolidated affiliates	$ 828.7		$ 828.7		857.1
Aggregate value of ownership based on quoted market price	789.7		789.7
Equity in losses of unconsolidated affiliates	(1.4)	(0.7)	(15.3)	(10.8)
Amortization expense for amortizable intangible assets	$ 2.1	2.1	$ 6.4	5.4
Alight
Schedule of Equity Method Investments [Line Items]
Ownership (as percentage)	9.80%		9.80%
Investments in unconsolidated affiliates	$ 523.7		$ 523.7		532.2
Aggregate value of ownership based on quoted market price	372.1		372.1
Equity in losses of unconsolidated affiliates	$ (4.5)	(4.4)	$ (18.6)	4.8
Sightline
Schedule of Equity Method Investments [Line Items]
Ownership (as percentage)	32.20%		32.20%
Investments in unconsolidated affiliates	$ 162.3		$ 162.3		247
Equity in losses of unconsolidated affiliates	(4.9)	(6.6)	(14)	(15.1)
Amortization expense for amortizable intangible assets	$ 1.9	1.9	$ 5.8	5.8
System1
Schedule of Equity Method Investments [Line Items]
Ownership (as percentage)	23.50%		23.50%
Investments in unconsolidated affiliates	$ 32.7		$ 32.7		127.4
Aggregate value of ownership based on quoted market price	32.7		32.7
Equity in losses of unconsolidated affiliates	$ (10.5)	(8.9)	$ (33.1)	(5.2)
BKFE
Schedule of Equity Method Investments [Line Items]
Ownership (as percentage)	48.20%		48.20%
Investments in unconsolidated affiliates	$ 148.4		$ 148.4		52.2
Equity in losses of unconsolidated affiliates	$ (3.7)	0	$ (20.6)	0
Paysafe
Schedule of Equity Method Investments [Line Items]
Ownership (as percentage)	5.50%		5.50%
Investments in unconsolidated affiliates	$ 33.7		$ 33.7		33.7
Aggregate value of ownership based on quoted market price	40.5		40.5
Equity in losses of unconsolidated affiliates	(0.1)	(54.3)	(2.2)	(144.2)
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	149.2		149.2		$ 101.1
Equity in losses of unconsolidated affiliates	$ (0.9)	$ (3)	$ (3.4)	$ 16.5

Investments - Schedule of Summa

Investments - Schedule of Summarized Financial Information, Dun & Bradstreet (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Total current assets	$ 126.3		$ 126.3			$ 310.6
Total assets	2,768.4	$ 3,181.1	2,768.4	$ 3,181.1		3,125.5
Current liabilities	118.4		118.4			122.7
Long-term debt	102.6		102.6			97.4
Total liabilities	402.8		402.8			410.6
Total equity	2,365.6	2,725.5	2,365.6	2,725.5	$ 2,582	2,714.9	$ 2,706.1	$ 3,341.1
Total liabilities and equity	2,768.4		2,768.4			3,125.5
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues	16.2	339.5	338.7	222.7
Operating income	(51.9)	(21.3)	(94.2)	(123.9)
Net earnings (loss)	(170.6)	55.2	(267.9)	(458.8)
Less: net earnings attributable to noncontrolling interest	(13.3)	(0.1)	(19.3)	(3.2)
Dun & Bradstreet
Condensed Consolidated Balance Sheets
Total current assets	685.6		685.6			703.9
Goodwill and other intangible assets, net	7,412.3		7,412.3			7,751.4
Other assets	1,037.3		1,037.3			1,016.6
Total assets	9,135.2		9,135.2			9,471.9
Current liabilities	937.1		937.1			1,102.6
Long-term debt	3,605.9		3,605.9			3,552.2
Other non-current liabilities	1,168.5		1,168.5			1,308.7
Total liabilities	5,711.5		5,711.5			5,963.5
Total equity	3,423.7		3,423.7			3,508.4
Total liabilities and equity	9,135.2		9,135.2			$ 9,471.9
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues	588.5	556.3	1,683.6	1,629.6
Operating income	52.1	45.5	76.5	91.6
(Loss) earnings before income taxes	(6.5)	5.7	(88.9)	(34.8)
Net earnings (loss)	5.3	10.4	(46.3)	(19.4)
Less: net earnings attributable to noncontrolling interest	0.9	2.4	2.4	5.7
Net earnings (loss) attributable to Dun & Bradstreet	$ 4.4	$ 8	$ (48.7)	$ (25.1)

Investments - Equity Securities

Investments - Equity Securities Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized during the period on equity securities	$ 3.2	$ 52.8	$ 20.6	$ (423.7)
Less: net (losses) gains recognized during the period on equity securities sold, transferred or disposed during the period	(0.3)	0	5.9	(132.2)
Unrealized gains (losses) recognized during the reporting period on equity securities held at the reporting date	$ 3.5	$ 52.8	$ 14.7	$ (291.5)

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Investments without readily determinable fair value, impairment	$ 9	$ 32.8
Discounted Cash Flow | Discount Rate
Debt Securities, Available-for-sale [Line Items]
Equity method investment, measurement input	0.29
System1
Debt Securities, Available-for-sale [Line Items]
Investment before adjustment for impairment	$ 96.5
Aggregate value of ownership based on quoted market price	32.7
Other than temporary impairment of investment	63.9
Difference between carrying amount and underlying equity	(60.4)
Sightline
Debt Securities, Available-for-sale [Line Items]
Investment before adjustment for impairment	232.5
Other than temporary impairment of investment	70.2
Difference between carrying amount and underlying equity	114.7
Sightline | Hybrid, Discounted Cash Flow And Market Approach
Debt Securities, Available-for-sale [Line Items]
Aggregate fair value	162.3
AmeriLife and Other
Debt Securities, Available-for-sale [Line Items]
Investments without readily determinable fair value	$ 121.9		$ 114.8

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	Sep. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 58.1	$ 247.7
Short-term investments	18.5	34.9
Equity securities	271.4	384.9
Total assets	348	667.5
Ceridian
Assets:
Equity securities	271.4	384.9
Level 1
Assets:
Cash and cash equivalents	58.1	247.7
Short-term investments	18.5	34.9
Total assets	348	667.5
Level 1 | Ceridian
Assets:
Equity securities	271.4	384.9
Level 2
Assets:
Cash and cash equivalents	0	0
Short-term investments	0	0
Equity securities	0	0
Total assets	0	0
Level 3
Assets:
Cash and cash equivalents	0	0
Short-term investments	0	0
Equity securities	0	0
Total assets	$ 0	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Variable Interest Entity [Line Items]
Assets	$ 2,768.4	$ 3,125.5	$ 3,181.1
BKFE | Payment Guarantee
Variable Interest Entity [Line Items]
Guarantor obligations	$ 63.6
Guarantor obligations, term	five years
Variable Interest Entity, Not Primary Beneficiary | Investments in unconsolidated affiliates
Variable Interest Entity [Line Items]
Assets	$ 284.3	138.3
Maximum Exposure	$ 284.3	$ 138.3

Segment Information - Summary o

Segment Information - Summary of Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues from external customers	$ 143.6	$ 164.5	$ 450.7	$ 506.4
Interest investment and other income (expense), including recognized gains( losses), net	(127.4)	175	(112)	(283.7)
Total revenues, other income and realized gains (losses), net	16.2	339.5	338.7	222.7
Depreciation and amortization	5.9	5.7	15.6	17.7
Interest expense	(5.8)	(3.6)	(14.2)	(8.6)
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates	(185.1)	150.1	(220.4)	(416.2)
Income tax (benefit) expense	(40.5)	17	(59.7)	(111.4)
(Loss) earnings before equity in losses of unconsolidated affiliates	(144.6)	133.1	(160.7)	(304.8)
Equity in earnings (losses) from equity investments	(26)	(77.9)	(107.2)	(154)
Net (loss) earnings	(170.6)	55.2	(267.9)	(458.8)
Assets	2,768.4	3,181.1	2,768.4	3,181.1	$ 3,125.5
Goodwill	53.4	53.4	53.4	53.4	$ 53.4
Affiliate Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	(1,811.2)	(1,696.9)	(5,332.5)	(4,977.4)
Interest investment and other income (expense), including recognized gains( losses), net	(32.2)	(81.5)	26.1	(265.6)
Total revenues, other income and realized gains (losses), net	(1,843.4)	(1,778.4)	(5,306.4)	(5,243)
Depreciation and amortization	(320)	(315.2)	(955.8)	(936.7)
Interest expense	127.8	108.5	380.3	303.1
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates	25.8	748.7	309.1	1,913.8
Income tax (benefit) expense	(26.4)	40.8	3.8	120.6
(Loss) earnings before equity in losses of unconsolidated affiliates	52.2	707.9	305.3	1,793.2
Equity in earnings (losses) from equity investments	(11.5)	(66.5)	(52.2)	(167.1)
Net (loss) earnings	40.7	641.4	253.1	1,626.1
Assets	(25,457.8)	(26,972.5)	(25,457.8)	(26,972.5)
Goodwill	(9,221.7)	(9,127.2)	(9,221.7)	(9,127.2)
Restaurant revenue
Segment Reporting Information [Line Items]
Revenues from external customers	131.2	154.6	424.9	483.4
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	12.4	9.9	25.8	23
Other operating revenue | Affiliate Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	(1,811.2)	(1,696.9)	(5,332.5)	(4,977.4)
Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	131.2	154.6	424.9	483.4
Restaurant Group | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	131.2	154.6	424.9	483.4
Interest investment and other income (expense), including recognized gains( losses), net	0.5	(0.2)	0.4	1.2
Total revenues, other income and realized gains (losses), net	131.7	154.4	425.3	484.6
Depreciation and amortization	5.3	5.1	14.2	16
Interest expense	(2.2)	(1.1)	(4.8)	(3.3)
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates	(38.3)	(7.7)	(49.4)	(15.5)
Income tax (benefit) expense	(0.1)	0	0.4	(0.7)
(Loss) earnings before equity in losses of unconsolidated affiliates	(38.2)	(7.7)	(49.8)	(14.8)
Equity in earnings (losses) from equity investments	0	0	0	0
Net (loss) earnings	(38.2)	(7.7)	(49.8)	(14.8)
Assets	280.4	347.5	280.4	347.5
Goodwill	53.4	53.4	53.4	53.4
Restaurant Group | Restaurant revenue
Segment Reporting Information [Line Items]
Revenues from external customers	131.2	154.4	424.9	482.9
Restaurant Group | Restaurant revenue | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	131.2	154.6	424.9	483.4
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	588.5	556.3	1,683.6	1,629.6
Interest investment and other income (expense), including recognized gains( losses), net	1.7	9.3	4.2	11.8
Total revenues, other income and realized gains (losses), net	590.2	565.6	1,687.8	1,641.4
Depreciation and amortization	146.7	145.1	437.1	441.5
Interest expense	(57)	(49.1)	(168.4)	(138.2)
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates	(6.5)	5.7	(88.9)	(34.8)
Income tax (benefit) expense	(11.2)	(4.2)	(40.5)	(13.6)
(Loss) earnings before equity in losses of unconsolidated affiliates	4.7	9.9	(48.4)	(21.2)
Equity in earnings (losses) from equity investments	0.6	0.5	2.1	1.8
Net (loss) earnings	5.3	10.4	(46.3)	(19.4)
Assets	9,135.2	9,429.7	9,135.2	9,429.7
Goodwill	3,413.9	3,400.8	3,413.9	3,400.8
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	588.5	556.3	1,683.6	1,629.6
Paysafe | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	402.3	378.9	1,173.6	1,118.2
Interest investment and other income (expense), including recognized gains( losses), net	7.4	56.2	(4.2)	123.8
Total revenues, other income and realized gains (losses), net	409.7	435.1	1,169.4	1,242
Depreciation and amortization	66.4	69.6	197.6	197
Interest expense	(36.8)	(28.4)	(111.9)	(75.9)
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates	4.8	(675.3)	(28.7)	(1,818)
Income tax (benefit) expense	6.6	(16.6)	10.7	(79)
(Loss) earnings before equity in losses of unconsolidated affiliates	(1.8)	(658.7)	(39.4)	(1,739)
Equity in earnings (losses) from equity investments	0	0	0	0
Net (loss) earnings	(1.8)	(658.7)	(39.4)	(1,739)
Assets	5,411.5	6,479.4	5,411.5	6,479.4
Goodwill	2,016.8	1,993.5	2,016.8	1,993.5
Paysafe | Restaurant revenue | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	0	0	0	0
Paysafe | Other operating revenue | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	402.3	378.9	1,173.6	1,118.2
Alight | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	813	750	2,450	2,190
Interest investment and other income (expense), including recognized gains( losses), net	23	16	(28)	130
Total revenues, other income and realized gains (losses), net	836	766	2,422	2,320
Depreciation and amortization	105	99	315	293
Interest expense	(34)	(31)	(100)	(89)
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates	(15)	(65)	(166)	(34)
Income tax (benefit) expense	31	(20)	26	(28)
(Loss) earnings before equity in losses of unconsolidated affiliates	(46)	(45)	(192)	(6)
Equity in earnings (losses) from equity investments	0	0	0	0
Net (loss) earnings	(46)	(45)	(192)	(6)
Assets	10,749	10,903	10,749	10,903
Goodwill	3,682	3,624	3,682	3,624
Alight | Restaurant revenue | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	0	0	0	0
Alight | Other operating revenue | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	813	750	2,450	2,190
Sightline | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	7.4	11.7	25.3	39.6
Interest investment and other income (expense), including recognized gains( losses), net	0.1	0	1.9	0
Total revenues, other income and realized gains (losses), net	7.5	11.7	27.2	39.6
Depreciation and amortization	1.9	1.5	6.1	5.2
Interest expense	0	0	0	0
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates	(9.1)	(14.1)	(25.5)	(27)
Income tax (benefit) expense	0	0	0	0
(Loss) earnings before equity in losses of unconsolidated affiliates	(9.1)	(14.1)	(25.5)	(27)
Equity in earnings (losses) from equity investments	0	0	0	0
Net (loss) earnings	(9.1)	(14.1)	(25.5)	(27)
Assets	162.1	160.4	162.1	160.4
Goodwill	109	108.9	109	108.9
Sightline | Restaurant revenue | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	0	0	0	0
Sightline | Other operating revenue | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	7.4	11.7	25.3	39.6
Corporate and Other | Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	12.4	9.9	25.8	23
Interest investment and other income (expense), including recognized gains( losses), net	(127.9)	175.2	(112.4)	(284.9)
Total revenues, other income and realized gains (losses), net	(115.5)	185.1	(86.6)	(261.9)
Depreciation and amortization	0.6	0.6	1.4	1.7
Interest expense	(3.6)	(2.5)	(9.4)	(5.3)
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates	(146.8)	157.8	(171)	(400.7)
Income tax (benefit) expense	(40.4)	17	(60.1)	(110.7)
(Loss) earnings before equity in losses of unconsolidated affiliates	(106.4)	140.8	(110.9)	(290)
Equity in earnings (losses) from equity investments	(15.1)	(11.9)	(57.1)	11.3
Net (loss) earnings	(121.5)	128.9	(168)	(278.7)
Assets	2,488	2,833.6	2,488	2,833.6
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	$ 12.4	$ 9.9	$ 25.8	$ 23

Segment Information - Narrative

Segment Information - Narrative (Details)	Sep. 30, 2023
Dun & Bradstreet
Segment Reporting Information [Line Items]
Ownership (as percentage)	18%
Alight
Segment Reporting Information [Line Items]
Ownership (as percentage)	9.80%
Paysafe
Segment Reporting Information [Line Items]
Ownership (as percentage)	5.50%
Sightline
Segment Reporting Information [Line Items]
Ownership (as percentage)	32.20%
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%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 143.6	$ 164.5	$ 450.7	$ 506.4
Restaurant Group
Disaggregation of Revenue [Line Items]
Total operating revenues	131.2	154.6	424.9	483.4
Total other operating revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	12.4	9.9	25.8	23
Restaurant sales
Disaggregation of Revenue [Line Items]
Total operating revenues	131.2	154.6	424.9	483.4
Restaurant sales | Restaurant Group
Disaggregation of Revenue [Line Items]
Total operating revenues	131.2	154.4	424.9	482.9
Other | Restaurant Group
Disaggregation of Revenue [Line Items]
Total operating revenues	0	0.2	0	0.5
Other | Corporate and Other
Disaggregation of Revenue [Line Items]
Total operating revenues	0.2	0.2	0.4	0.7
Real estate and resort | Corporate and Other
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 12.2	$ 9.7	$ 25.4	$ 22.3

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 4.3		$ 4.3		$ 7.1
Deferred revenue (contract liabilities)	11.5		11.5		$ 18.6
Revenue recognized that was included in deferred revenue	$ 2.7	$ 3.3	$ 7.5	$ 10.9

Notes Payable - Schedule of Not

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable, total	$ 102.6	$ 97.4
Less: Notes payable, current	3.1	2.3
Notes payable, long term	99.5	95.1
2020 Margin Facility | Revolving credit facility
Debt Instrument [Line Items]
Notes payable, total	0	0
FNF Revolver | Revolving credit facility
Debt Instrument [Line Items]
Notes payable, total	84.7	84.7
Other | Notes payable
Debt Instrument [Line Items]
Notes payable, total	$ 17.9	$ 12.7

Notes Payable - Margin Facility

Notes Payable - Margin Facility (Details) - 2020 Margin Facility - Revolver Note - USD ($)			3 Months Ended
	Aug. 17, 2023	Aug. 16, 2023	Sep. 30, 2023	Jun. 16, 2023	Jun. 15, 2023	Nov. 30, 2020
Line of Credit Facility [Line Items]
Aggregate borrowing capacity				$ 150,000,000	$ 250,000,000	$ 150,000,000
Interest rate basis	3.75%	3.58%
Option to increase limit			$ 500,000,000			$ 500,000,000
Proceeds from line of credit			50,000,000
Repayments of line of credit			50,000,000
Line of credit outstanding balance			0
Amount available to be drawn			$ 150,000,000
Ceridian
Line of Credit Facility [Line Items]
Common stock held as collateral for credit facility (in shares)			4,000,000
Dun & Bradstreet
Line of Credit Facility [Line Items]
Common stock held as collateral for credit facility (in shares)			35,000,000
Alight
Line of Credit Facility [Line Items]
Common stock held as collateral for credit facility (in shares)			40,000,000

Notes Payable - FNF Revolver (D

Notes Payable - FNF Revolver (Details) - USD ($)	Nov. 17, 2017	Sep. 30, 2023
Line of Credit Facility [Line Items]
Debt outstanding		$ 102,800,000
Revolving credit facility | FNF Revolver
Line of Credit Facility [Line Items]
Aggregate borrowing capacity	$ 100,000,000
Debt instrument, term of automatic extension	5 years
Debt outstanding		$ 84,700,000
interest rate		9.95%
Available borrowing capacity		$ 0
Revolving credit facility | FNF Revolver | SOFR
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	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (remaining)	$ 3.1
2024	1.4
2025	86
2026	9
2027	0.7
Thereafter	2.6
Total Long Term Debt	$ 102.8

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 10, 2023 USD ($)	Sep. 30, 2023 restaurant	Feb. 18, 2021 director
Commitments and Contingencies Disclosure [Abstract]
Number of restaurants | restaurant		1
Number of directors to be appointed | director			2
Litigation settlement, amount awarded from other party | $	$ 6

Commitments and Contingencies_2

Commitments and Contingencies - Purchase Obligations (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023 (remaining)	$ 26.5
2024	12.5
2025	9.9
2026	5.3
2027	1.7
Thereafter	0.8
Total purchase commitments	$ 56.7

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash paid during the period:
Interest	$ 11.2	$ 6.8
Income taxes	4.4	89.8
Non-cash investing and financing activities:
D&B shares received as partial consideration for the Optimal Blue Disposition	$ 0	$ 435