0001704720-24-000030 | 10-K | XBRL Viewer

Print Document View Excel Document

Income Taxes - Income Tax Components (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current (benefit) expense	$ (18.2)	$ 65.7	$ 101.5
Deferred benefit	(58.8)	(155.6)	(175.5)
Income tax (benefit)	$ (77.0)	$ (89.9)	$ (74.0)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Investments - Schedule of Summarized Financial Information, Sightline (Details) - USD ($) $ in Millions	6 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Combined Balance Sheets
Total current assets				$ 177.3	$ 310.6
Total assets				2,686.7	3,125.5	$ 3,889.6
Current liabilities				107.5	122.7
Total liabilities				377.5	410.6
Total equity				2,309.2	2,714.9	3,341.1	$ 3,785.2
Total liabilities and equity				2,686.7	3,125.5
Condensed Combined Statements of Operations
Total revenues				499.7	483.4	452.5
Net loss				$ (324.1)	$ (429.6)	$ (286.4)
Sightline
Condensed Combined Balance Sheets
Total current assets	$ 49.3	$ 13.7	$ 42.3
Goodwill and other intangible assets, net	136.9	127.5	133.0
Other noncurrent assets	0.6	13.6	11.8
Total assets	186.8	154.8	187.1
Current liabilities	7.8	6.7	7.2
Other liabilities	0.2	8.1	6.5
Total liabilities	8.0	14.8	13.7
Total equity	178.8	140.0	173.4
Total liabilities and equity	186.8	154.8	187.1
Condensed Combined Statements of Operations
Total revenues	22.9	32.1	48.3
Net loss	$ (11.6)	$ (33.3)	$ (34.0)

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Investments in Unconsolidated Affiliates

Investments in unconsolidated affiliates recorded using the equity method of accounting as of December 31, 2023 and 2022 consisted of the following:


	Ownership at December 31, 2023	December 31, 2023		December 31, 2022
	(in millions)
Dun & Bradstreet	18.0%	$	827.7	$	857.1
Alight	9.7%	507.2		532.2
Sightline	32.6%	158.3		247.0
BKFE	47.7%	112.3		52.2
System1	31.0%	—		127.4


Paysafe (1)	2.8%	—		33.7

Other	various	113.3		101.1
Total		$	1,718.8	$	1,950.7

_____________________________________

(1) The investment in Paysafe was no longer accounted for under the equity method of accounting beginning December 31, 2023.

Equity in (losses) earnings of unconsolidated affiliates for the years ended December 31, 2023, 2022 and 2021 consisted of the following:


	Year ended December 31,
	2023		2022		2021
	(in millions)
Dun & Bradstreet (1)	$	(17.1)	$	(8.8)	$	(13.5)
Alight	(35.1)		(1.6)		38.2
Sightline (2)	(18.0)		(19.3)		(2.4)
BKFE	(51.9)		—		—
System1	(66.8)		(14.2)		—



Paysafe (3)	(2.3)		(144.2)		53.3

Other	(2.8)		4.2		(3.0)
Total	$	(194.0)	$	(183.9)	$	72.6

_____________________________________

(1) Equity in losses for D&B includes $8.6 million and $7.5 million of loss for the year ended December 31, 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 $7.3 million and $7.7 million of loss for the year ended December 31, 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 Sightline.

(3) The amount for the year ended December 31, 2023 represents the Company's equity in losses of Paysafe in the period from October 1, 2022 to September 30, 2023 (on a one quarter lag in the Company's year ended December 31, 2023) prior to the change in accounting for the investment beginning December 31, 2023. See Note A - Business and Summary of Significant Accounting Policies.

Dun & Bradstreet

Based on quoted market prices, the fair market value of our ownership of Dun & Bradstreet common stock was $924.9 million as of December 31, 2023.

As of December 31, 2023, we hold less than 20% of the outstanding common equity of Dun & Bradstreet but account for our ownership interest under the equity method of accounting because we exert significant influence: (i) through our 18.0% ownership and (ii) because certain of our senior management and directors serve on D&B's board of directors.

As of December 31, 2023, there was a $211.9 million difference between the amount of our recorded ownership interest in D&B and the amount of the Company's ratable portion of the underlying equity in the net assets of D&B. As of December 31, 2023, $127.4 million of such basis difference is allocated to amortizing intangible assets, $59.7 million to indefinite-lived intangible assets, $26.8 million to deferred tax liabilities and the remaining basis difference is allocated to equity method goodwill, which represents the excess of our basis difference over our equity in D&B's net assets that are not attributable to their identifiable net assets. Amortization expense of $8.6 million and $7.5 million is included in our equity in losses of D&B for the year ended December 31, 2023 and 2022, respectively. Summarized financial information for Dun & Bradstreet for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in (losses) earnings of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.


	December 31, 2023		December 31, 2022
	(In millions)
Total current assets	$	656.3	$	703.9
Goodwill and other intangible assets, net	7,361.7		7,751.4
Other noncurrent assets	1,117.9		1,016.6
Total assets	$	9,135.9	$	9,471.9

Current liabilities	$	1,042.4	$	1,102.6
Long-term debt	3,512.5		3,552.2
Other non-current liabilities	1,149.4		1,308.7
Total liabilities	5,704.3		5,963.5
Noncontrolling interest	12.5		9.1
Total equity	3,431.6		3,508.4
Total liabilities and equity	$	9,135.9	$	9,471.9


	Year ended December 31,
	2023		2022		2021
	(In millions)
Total revenues	$	2,314.0	$	2,224.6	$	2,165.6
Operating income	140.3		149.9		145.6

Net (loss) earnings	(43.7)		4.1		(65.9)
Less: net earnings attributable to noncontrolling interest	3.3		6.4		5.8
Net loss attributable to Dun & Bradstreet	(47.0)		(2.3)		(71.7)

Alight

Based on quoted market prices, the fair market value of our direct and indirect ownership of Alight common stock was $447.6 million as of December 31, 2023.

As of December 31, 2023, we hold less than 20% of the outstanding common equity of Alight but we account for our ownership interest under the equity method of accounting because we exert significant influence: (i) through our 9.7% ownership, (ii) because certain of our senior management and directors serve on Alight's board of directors, including our Chief Executive Officer, Chief Investment Officer and Chairman of our Board, Bill Foley, who is also the chairman of Alight's board of directors, and (iii) because we are party to an agreement with Alight pursuant to which we have the ability to appoint or be consulted on the election of directors of Alight.

As of December 31, 2023, there was a $46.1 million difference between the amount of our recorded ownership interest in Alight and the amount of the Company's ratable portion of the underlying equity in net assets of Alight. As of December 31,

2023 the entire basis difference is allocated to equity method goodwill, which represents the excess of our basis difference over our equity in Alight’s net assets that are not attributable to their identifiable net assets.

Summarized financial information for Alight for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in (losses) earnings of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.


	December 31, 2023		December 31, 2022
	(In millions)
Total current assets	$	2,776.0	$	2,816.0
Goodwill and other intangible assets, net	7,097.0		7,551.0
Other assets	909.0		868.0
Total assets	$	10,782.0	$	11,235.0

Current liabilities	$	2,187.0	$	2,348.0
Long-term debt	2,769.0		2,792.0
Other liabilities	1,084.0		1,006.0
Total liabilities	6,040.0		6,146.0
Noncontrolling interests	280.0		650.0
Total equity	4,742.0		5,089.0
Total liabilities and equity	$	10,782.0	$	11,235.0


	For the year ended December 31, 2023		For the year ended December 31, 2022		For the period from July 2, 2021 through December 31, 2021
	(In millions)
Total revenues	$	3,410.0	$	3,132.0	$	1,554.0
Gross profit	1,140.0		996.0		532.0

Net loss	(362.0)		(72.0)		(48.0)
Net loss attributable to noncontrolling interests	(17.0)		(10.0)		(13.0)
Net loss attributable to Alight	(345.0)		(62.0)		(35.0)

Sightline

In the year ended December 31, 2023, we recorded an impairment to our interest in Sightline of $70.2 million which is included in Recognized losses, net, on our Consolidated Statement of Operations. The investment was determined to be impaired in the quarter ended 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 Sightline, and the uncertainty of the impact of the economic environment on Sightline's business. The aggregate fair market value of our ownership of Sightline equity was approximately $162.3 million as of September 30, 2023 and was based on a valuation using a hybrid discounted cash flow and market comparison approach. 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.

As of December 31, 2023, there was a $112.7 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 net assets of Sightline. As of December 31, 2023, such basis difference is allocated: (i) $92.5 million to customer relationships, (ii) $45.7 million to developed technology, $4.4 million to tradenames, and $30.0 million to deferred tax liabilities. Customer relationships are amortized over ten years and developed technology and tradenames are amortized over five years. Amortization expense of $7.3 million and $7.7 million is included in our equity in losses of Sightline for the year ended December 31, 2023 and 2022, respectively.

We report our equity in earnings or loss of Sightline on a three-month lag and we acquired our initial ownership interest on March 31, 2021. Accordingly, our net loss for the years ended December 31, 2023, 2022 and 2021 includes our equity in Sightline’s net loss for the period from October 1, 2022 through September 30, 2023, October 1, 2021 through September 30, 2022 and from April 1, 2021 through September 30, 2021, respectively.

Summarized financial information for Sightline for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in (losses) earnings of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.


	September 30, 2023		September 30, 2022		September 30, 2021
	(In millions)
Total current assets	$	13.7	$	42.3	$	49.3
Goodwill and other intangible assets, net	127.5		133.0		136.9
Other assets	13.6		11.8		0.6
Total assets	$	154.8	$	187.1	$	186.8

Current liabilities	$	6.7	$	7.2	$	7.8

Other liabilities	8.1		6.5		0.2
Total liabilities	14.8		13.7		8.0
Total equity	140.0		173.4		178.8
Total liabilities and equity	$	154.8	$	187.1	$	186.8


	For the year ended September 30, 2023		For the year ended September 30, 2022		For the period from April 1, 2021 through September 30, 2021
	(In millions)
Total revenues	$	32.1	$	48.3	$	22.9
Net loss	(33.3)		(34.0)		(11.6)

Black Knight Football and Entertainment

We acquired our initial interest in BKFE on December 13, 2022. We account for our ownership of BKFE pursuant to the equity method of accounting and report our equity in earnings or loss of BKFE on a three-month lag. Accordingly, our net loss for the year ended December 31, 2023 includes our equity in losses of BKFE for the period from December 13, 2022 through September 30, 2023.

Summarized financial information for BKFE for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in (losses) earnings of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.


	September 30, 2023
	(In millions)
Total current assets	$	73.6
Goodwill and other intangible assets, net	353.1
Other assets	62.2
Total assets	$	488.9

Current liabilities	$	139.9

Other liabilities	115.1
Total liabilities	255.0
Total equity	233.9
Total liabilities and equity	$	488.9


	For the period from December 13, 2022 through September 30, 2023
	(In millions)
Total revenues	$	149.0
Operating loss	(93.8)
Losses of unconsolidated affiliates	(5.3)
Net loss attributable to BKFE	(103.8)

System1

Based on quoted market prices, the aggregate fair market value of our ownership of System1 common stock was approximately $60.0 million as of December 31, 2023.

In the year-ended December 31, 2023, we recorded an impairment to our interest in System1 of $63.9 million which is included in Recognized (losses) gains, net, on our Consolidated Statement of Operations. The investment was determined to be impaired in the quarter ended 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. 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.

We report our equity in earnings or loss of System1 on a three-month lag and we acquired our initial ownership interest on January 27, 2022. Accordingly, our net loss for the years ended December 31, 2023 and 2022 includes our equity in System1’s net loss for the period from October 1, 2022 through September 30, 2023 and January 27, 2022 through September 30, 2022, respectively.

Summarized financial information for System1 for the relevant date and time period included in Investments in unconsolidated affiliates and Equity in (losses) earnings of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. In the third quarter of 2023, System1 determined that Total Security Limited ("Total Security") met the criteria to be classified as held for sale and that a sale of Total Security represented a strategic shift that will have a major effect on System1's operations and financial results. Accordingly, the results of operations of System1's Total Security business are presented as net loss from discontinued operations in System1's condensed consolidated statements of operations and the assets and liabilities for its Total Security business have been classified as held for sale in System1's condensed consolidated balance sheets for all periods presented.


	September 30, 2023		September 30, 2022
	(In millions)
Total current assets	$	90.5	$	130.2
Goodwill and other intangible assets, net	409.4		498.9
Other assets	427.6		586.7
Total assets	$	927.5	$	1,215.8

Current liabilities	$	237.7	$	208.6
Long-term debt	388.1		402.3
Other non-current liabilities	61.2		87.4
Total liabilities	687.0		698.3
Noncontrolling interest	37.7		107.0
Total equity	240.5		517.5
Total liabilities and equity	$	927.5	$	1,215.8


	For the year ended September 30, 2023		For the period from January 27, 2022 to September 30, 2022
	(In millions)
Total revenues	$	445.9	$	472.1
Loss from continuing operations before income taxes	(142.4)		(439.4)
Net loss from continuing operations	(117.7)		(355.1)
Net loss attributable to noncontrolling interest	(68.3)		(87.4)
Loss from discontinued operations, net of taxes	(184.1)		(35.9)
Net loss attributable to System1	(233.5)		(303.6)

Equity Securities

Gains (losses) on equity securities included in Recognized losses, net on the Consolidated Statements of Operations consisted of the following for the years ended December 31, 2023, 2022 and 2021 (in millions):


	Year ended December 31,
	2023		2022		2021
Net gains (losses) recognized during the period on equity securities	$	22.2	$	(340.2)	$	(52.8)
Less: net gains (losses) recognized during the period on equity securities sold or transferred during the period	5.9		(132.2)		(32.3)
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$	16.3	$	(208.0)	$	(20.5)

Equity Security Investments Without Readily Determinable Fair Values

We account for our investments in AmeriLife and certain other investments at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions. As of December 31, 2023 and 2022, we had $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 Consolidated Balance Sheets.

During the year ended December 31, 2023 and 2022, we recorded impairments of $9.0 million and $32.8 million, respectively, to certain of our equity ownership interests without readily determinable fair values. The amount of the impairments was determined based on the valuation of the investee implied by actual or contemplated sales to a third party.

Investments - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 08, 2022
Schedule of Equity Method Investments [Line Items]
Equity investment	$ 1,718.8	$ 1,950.7
Equity in (losses) earnings of unconsolidated affiliates	(194.0)	(183.9)	$ 72.6
Amortization expense for amortizable intangible assets	$ 2.7	3.5	4.1
Dun & Bradstreet
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	18.00%
Equity investment	$ 827.7	857.1
Equity in (losses) earnings of unconsolidated affiliates	(17.1)	(8.8)	(13.5)
Amortization expense for amortizable intangible assets	$ 8.6	7.5
Alight
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	9.70%
Equity investment	$ 507.2	532.2
Equity in (losses) earnings of unconsolidated affiliates	$ (35.1)	(1.6)	38.2
Sightline
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	32.60%
Equity investment	$ 158.3	247.0
Equity in (losses) earnings of unconsolidated affiliates	(18.0)	(19.3)	(2.4)
Amortization expense for amortizable intangible assets	7.3	7.7
BKFE
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)				47.70%
Equity investment	112.3		52.2
Equity in (losses) earnings of unconsolidated affiliates	$ (51.9)	0.0	0.0
System1
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	31.00%
Equity investment	$ 0.0	127.4
Equity in (losses) earnings of unconsolidated affiliates	(66.8)	(14.2)	0.0
Paysafe
Schedule of Equity Method Investments [Line Items]
Equity investment	0.0	33.7
Equity in (losses) earnings of unconsolidated affiliates	(2.3)	(144.2)	53.3
Other
Schedule of Equity Method Investments [Line Items]
Equity investment	113.3	101.1
Equity in (losses) earnings of unconsolidated affiliates	$ (2.8)	$ 4.2	$ (3.0)

Investments - Schedule of Summarized Financial Information, Dun & Bradstreet (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Combined Balance Sheets
Total current assets	$ 177.3	$ 310.6
Total assets	2,686.7	3,125.5	$ 3,889.6
Current liabilities	107.5	122.7
Long-term debt	105.0	97.4
Total liabilities	377.5	410.6
Noncontrolling interests	(15.3)	(3.9)
Total equity	2,309.2	2,714.9	3,341.1	$ 3,785.2
Total liabilities and equity	2,686.7	3,125.5
Condensed Combined Statements of Operations
Total revenues	499.7	483.4	452.5
Operating income	(118.9)	(144.6)	(133.5)
Net earnings (loss)	(324.1)	(429.6)	(286.4)
Dun & Bradstreet
Condensed Combined Balance Sheets
Total current assets	656.3	703.9
Goodwill and other intangible assets, net	7,361.7	7,751.4
Other noncurrent assets	1,117.9	1,016.6
Total assets	9,135.9	9,471.9
Current liabilities	1,042.4	1,102.6
Long-term debt	3,512.5	3,552.2
Other non-current liabilities	1,149.4	1,308.7
Total liabilities	5,704.3	5,963.5
Noncontrolling interests	12.5	9.1
Total equity	3,431.6	3,508.4
Total liabilities and equity	9,135.9	9,471.9
Condensed Combined Statements of Operations
Total revenues	2,314.0	2,224.6	2,165.6
Operating income	140.3	149.9	145.6
Net earnings (loss)	(43.7)	4.1	(65.9)
Less: net earnings attributable to noncontrolling interest	3.3	6.4	5.8
Net loss	$ (47.0)	$ (2.3)	$ (71.7)

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable, total	$ 105.0	$ 97.4
Less: Notes payable, current	2.5	2.3
Notes payable, long-term	102.5	95.1
2020 Margin Facility
Debt Instrument [Line Items]
Notes payable, total	0.0	0.0
FNF Revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable, total	84.7	84.7
Other \| Other notes payable
Debt Instrument [Line Items]
Notes payable, total	$ 20.3	$ 12.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Trasimene During the year ended December 31, 2023, we incurred $37.7 million of management fee expenses and no carried interest expense related to sales of and distributions from Company investments. During the year ended December 31, 2022, we incurred $40.1 million of management fee expenses and $49.3 million of carried interest expense related to sales of and distributions from Company investments. During the year ended December 31, 2021, we incurred $33.6 million of management fee expenses payable to our Manager and incurred $44.5 million of carried interest expense related to sales of and distributions from Company investments. Such management fees and carried interest expense are recorded in Other operating expenses and transaction fee income is recorded in Interest, investment and other income on our Consolidated Statements of Operations. Other On May 22, 2023, we invested $52.1 million for an 89% ownership interest in Minden Mill. Minden Mill, through its wholly-owned subsidiaries, owns and operates an estate distillery and related hospitality venues. Entities affiliated with our Chief Executive Officer, Chief Investment Officer and Chairman of our Board, Bill Foley, are the general partner of Minden Mill and manage all aspects of its operation on behalf of the Company. BKFE is a partnership led by its general partner Bill Foley, our Chief Executive Officer, Chief Investment Officer and Chairman of our Board. Through Mr. Foley and other Company executives, we are extensively engaged in oversight of and working with BKFE management in helping BKFE implement its strategy. BKFE owns and operates AFCB in the English Premier League and owns a significant minority interest in FC Lorient, a French Ligue 1 football club. In the years ended December 31, 2023 and 2022, we invested $109.8 million and $52.2 million, respectively, in BKFE. BKFE used the proceeds from investments from Cannae and others to acquire its interests in football clubs and further invest in its infrastructure and playing squads. CSI LP is managed by entities affiliated with Frank Martire, a member of our Board, and is part of a consortium of investors who acquired CSI. On December 28, 2023, we received a distribution of $36.8 million from CSI LP, the entity through which we own our interest in CSI. The distribution resulted from CSI LPs sale of a portion of CSI to a third party. In the year ended December 31, 2022, we invested $86.1 million for a 32% interest in CSI LP.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Segment Information - Narrative (Details)	Dec. 31, 2023
Dun & Bradstreet
Segment Reporting Information [Line Items]
Ownership interest, equity method investment (as a percent)	18.00%
Alight
Segment Reporting Information [Line Items]
Ownership interest, equity method investment (as a percent)	9.70%
O'Charley's
Segment Reporting Information [Line Items]
Ownership interest, controlling interest	65.40%
99 Restaurants
Segment Reporting Information [Line Items]
Ownership interest, controlling interest	88.50%

Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts payable and other accrued liabilities, current
Accrued payroll and employee benefits	$ 12.8	$ 13.3
Trade accounts payable	27.0	25.8
Management Fee payable	9.0	8.9
Accrued casualty self-insurance expenses	6.8	7.4
Tax liabilities, excluding income taxes payable	5.2	9.8
Other accrued liabilities	13.4	13.8
Accounts payable and other accrued liabilities, current	74.2	79.0
Accounts payable and other accrued liabilities, long term
Restaurant Group financing obligations	13.1	28.8
Other accrued liabilities	12.2	13.0
Accounts payable and other accrued liabilities, long term	$ 25.3	$ 41.8

Investments - Schedule of Summarized Financial Information, System1 (Details) - USD ($) $ in Millions	8 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Combined Balance Sheets
Total current assets			$ 177.3	$ 310.6
Total assets			2,686.7	3,125.5	$ 3,889.6
Current liabilities			107.5	122.7
Long-term debt			105.0	97.4
Total liabilities			377.5	410.6
Noncontrolling interests			(15.3)	(3.9)
Total liabilities and equity			2,686.7	3,125.5
Condensed Combined Statements of Operations
Total revenues			499.7	483.4	452.5
Net income (loss) attributable to noncontrolling interest			(10.7)	(1.5)	0.6
Net loss attributable to System1			$ (313.4)	$ (428.1)	$ (287.0)
System1
Condensed Combined Balance Sheets
Total current assets	$ 130.2	$ 90.5
Goodwill and other intangible assets, net	498.9	409.4
Other assets	586.7	427.6
Total assets	1,215.8	927.5
Current liabilities	208.6	237.7
Long-term debt	402.3	388.1
Other non-current liabilities	87.4	61.2
Total liabilities	698.3	687.0
Noncontrolling interests	107.0	37.7
Total equity	517.5	240.5
Total liabilities and equity	1,215.8	927.5
Condensed Combined Statements of Operations
Total revenues	472.1	445.9
Loss before income taxes	(439.4)	(142.4)
Net loss from continuing operations	(355.1)	(117.7)
Net income (loss) attributable to noncontrolling interest	(87.4)	(68.3)
Loss from discontinued operations, net of taxes	(35.9)	(184.1)
Net loss attributable to System1	$ (303.6)	$ (233.5)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Deloitte & Touche, LLP
Auditor Location	Las Vegas, NV
Auditor Firm ID	34
Audit Firm [Line Items]
Auditor Name	Deloitte & Touche, LLP
Auditor Location	Las Vegas, NV
Auditor Firm ID	34
Alight
Audit Information [Abstract]
Auditor Name	Ernst & Young, LLP
Auditor Location	Chicago, IL
Auditor Firm ID	42
Audit Firm [Line Items]
Auditor Name	Ernst & Young, LLP
Auditor Location	Chicago, IL
Auditor Firm ID	42

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 7.6	$ 7.1
Deferred revenue (contract liabilities)	16.9	18.6
Revenue recognized	$ 11.2	$ 14.6

Business and Summary of Significant Accounting Policies - Recent Developments (Details) - USD ($) $ / shares in Units, $ in Millions				2 Months Ended		3 Months Ended	12 Months Ended
	Jul. 26, 2023	Apr. 26, 2023	Feb. 09, 2023	Feb. 29, 2024	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 08, 2022
Line of Credit Facility [Line Items]
Dividends from investment in unconsolidated affiliate							$ 52.7	$ 7.9	$ 298.1
Payment for shares							$ 0.0	0.0	$ 446.3
Dayforce
Line of Credit Facility [Line Items]
Owned investment (in shares)					4,000,000	4,000,000	4,000,000
Percentage of ownership after sale of stock transaction							2.60%
Dun & Bradstreet
Line of Credit Facility [Line Items]
Dividends declared (in usd per share)	$ 0.05	$ 0.05	$ 0.05
Dividends from investment in unconsolidated affiliate							$ 15.8
Ownership (as a percent)					18.00%	18.00%	18.00%
Paysafe
Line of Credit Facility [Line Items]
Sale of stock (in shares)					1,600,000
Proceeds from sale of stock					$ 18.5
Owned investment (in shares)					1,800,000	1,800,000	1,800,000
Percentage of ownership after sale of stock transaction							2.80%
Equity securities, fair value					$ 22.4	$ 22.4	$ 22.4
Revaluation of retained investment, gain						4.4
Before tax gain reclassified from AOCI						$ 0.6
Paysafe \| Subsequent Event
Line of Credit Facility [Line Items]
Investment, ownership percentage				5.50%
Purchase of shares (in shares)				1,600,000
Payment for shares				$ 23.4
BKFE
Line of Credit Facility [Line Items]
Ownership (as a percent)										47.70%
Equity investment							109.8
BKFE \| Related Party
Line of Credit Facility [Line Items]
Equity investment							$ 109.8	$ 52.2
CSI
Line of Credit Facility [Line Items]
Ownership (as a percent)					6.50%	6.50%	6.50%
Underwritten Secondary Public Offering \| Dayforce
Line of Credit Facility [Line Items]
Sale of stock (in shares)							2,000,000
Proceeds from sale of stock							$ 144.7
Underwritten Secondary Public Offering \| Dun & Bradstreet
Line of Credit Facility [Line Items]
Owned investment (in shares)					79,000,000	79,000,000	79,000,000

Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 106.2	$ 247.7
Short-term investments	15.6	34.9
Equity securities:	290.9
Total assets	412.7	667.5
Dayforce
Assets:
Equity securities:	268.5	384.9
Paysafe
Assets:
Equity securities:	22.4
Level 1
Assets:
Cash and cash equivalents	106.2	247.7
Short-term investments	15.6	34.9
Equity securities:	290.9
Total assets	412.7	667.5
Level 1 \| Dayforce
Assets:
Equity securities:	268.5	384.9
Level 1 \| Paysafe
Assets:
Equity securities:	22.4
Level 2
Assets:
Cash and cash equivalents	0.0	0.0
Short-term investments	0.0	0.0
Equity securities:	0.0
Total assets	0.0	0.0
Level 2 \| Dayforce
Assets:
Equity securities:	0.0	0.0
Level 2 \| Paysafe
Assets:
Equity securities:	0.0
Level 3
Assets:
Cash and cash equivalents	0.0	0.0
Short-term investments	0.0	0.0
Equity securities:	0.0
Total assets	0.0	0.0
Level 3 \| Dayforce
Assets:
Equity securities:	0.0	$ 0.0
Level 3 \| Paysafe
Assets:
Equity securities:	$ 0.0

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consists of the following:


	December 31,
	2023		2022
	(In millions)
2020 Margin Facility	$	—	$	—
FNF Revolver	84.7		84.7





Other	20.3		12.7
Notes payable, total	$	105.0	$	97.4
Less: Notes payable, current	2.5		2.3
Notes payable, long-term	$	102.5	$	95.1

Gross Principal Maturities Based Upon Contractual Maturities of Notes Payable


Gross principal maturities of notes payable at December 31, 2023 are as follows (in millions):
2024	$	3.0
2025	85.8
2026	11.9
2027	0.5
2028	2.4
Thereafter	1.8
	$	105.4

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Investments - Narrative (Details) $ in Millions	9 Months Ended	12 Months Ended
Investments - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortization expense for amortizable intangible assets		$ 2.7	$ 3.5	$ 4.1
Investments in unconsolidated affiliates		1,718.8	1,950.7
Investment without readily determinable fair value		121.9	114.8
Investments without readily determinable fair value, impairment loss		$ 9.0	32.8
Discount Rate \| Valuation Technique, Discounted Cash Flow
Debt Securities, Available-for-sale [Line Items]
Investment, measurement input	0.29
Tradenames
Debt Securities, Available-for-sale [Line Items]
Intangible assets, useful lives		15 years
Dun & Bradstreet
Debt Securities, Available-for-sale [Line Items]
Based on quoted market prices, aggregate fair value of ownership		$ 924.9
Ownership interest, equity method investment (as a percent)		18.00%
Difference between equity ownership interest and underlying equity in net assets		$ 211.9
Amortization expense for amortizable intangible assets		8.6	7.5
Investments in unconsolidated affiliates		827.7	857.1
Dun & Bradstreet \| Finite-Lived Intangible Assets
Debt Securities, Available-for-sale [Line Items]
Difference between equity ownership interest and underlying equity in net assets		127.4
Dun & Bradstreet \| Indefinite-Lived Intangible Assets
Debt Securities, Available-for-sale [Line Items]
Difference between equity ownership interest and underlying equity in net assets		59.7
Dun & Bradstreet \| Deferred Tax Liabilities
Debt Securities, Available-for-sale [Line Items]
Difference between equity ownership interest and underlying equity in net assets		26.8
Alight
Debt Securities, Available-for-sale [Line Items]
Based on quoted market prices, aggregate fair value of ownership		$ 447.6
Ownership interest, equity method investment (as a percent)		9.70%
Difference between equity ownership interest and underlying equity in net assets		$ 46.1
Investments in unconsolidated affiliates		$ 507.2	532.2
Sightline
Debt Securities, Available-for-sale [Line Items]
Based on quoted market prices, aggregate fair value of ownership	$ 162.3
Ownership interest, equity method investment (as a percent)		32.60%
Difference between equity ownership interest and underlying equity in net assets		$ 112.7
Amortization expense for amortizable intangible assets		7.3	7.7
Investments in unconsolidated affiliates		158.3	247.0
Other than temporary impairment of investment	(70.2)
Sightline \| Deferred Tax Liabilities
Debt Securities, Available-for-sale [Line Items]
Difference between equity ownership interest and underlying equity in net assets		30.0
Sightline \| Customer relationships
Debt Securities, Available-for-sale [Line Items]
Difference between equity ownership interest and underlying equity in net assets		$ 92.5
Intangible assets, useful lives		10 years
Sightline \| Developed technology
Debt Securities, Available-for-sale [Line Items]
Difference between equity ownership interest and underlying equity in net assets		$ 45.7
Intangible assets, useful lives		5 years
Sightline \| Tradenames
Debt Securities, Available-for-sale [Line Items]
Difference between equity ownership interest and underlying equity in net assets		$ 4.4
Intangible assets, useful lives		5 years
System1
Debt Securities, Available-for-sale [Line Items]
Based on quoted market prices, aggregate fair value of ownership	32.7	$ 60.0
Ownership interest, equity method investment (as a percent)		31.00%
Investments in unconsolidated affiliates		$ 0.0	$ 127.4
Other than temporary impairment of investment		$ (63.9)
Investment before adjustment for impairment	$ 96.5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Unrealized gain on investments and other financial instruments, tax expense			$ 0.1
Unrealized (loss) gain relating to investments in unconsolidated affiliates, tax (benefit) expense	$ (0.8)	$ (3.9)	1.5
Reclassification of unrealized losses on investments in unconsolidated affiliates, tax benefit	$ 0.3	$ 1.0	0.6
Reclassification of unrealized gains on investments and other financial instruments, tax benefit			$ (2.9)

Business and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising costs incurred	$ 17.5	$ 17.0	$ 16.0

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. 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.
Principles of Consolidation	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 are recorded on the 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 Consolidated Balance Sheets represents the portion of equity owned by noncontrolling shareholders in our consolidated subsidiaries.
Management Estimates	Management Estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include nonrecurring fair value measurements in accounting for certain equity investments (Note B - Investments) and accounting for income taxes (Note L - Income Taxes). Actual results could differ from estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Highly liquid instruments, including money market instruments and certificates of deposit, purchased as part of cash management with original maturities of three months or less, and certain amounts in transit from credit and debit card processors, are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate their fair value.
Investments	Investments Short term investments consist of highly liquid instruments, primarily certificates of deposit and corporate debt securities with high credit quality, purchased as part of cash management that have an original maturity of between three months and four months and are carried at amortized cost, which approximates fair value. Equity securities includes our investment in Dayforce and Paysafe and are carried at fair value. Recognized gains and losses on equity securities are determined on the basis of the fair value of the securities at the balance sheet date or on a trade date basis. Investments in unconsolidated affiliates are recorded using the equity method of accounting. Recognized gains and losses on the sale of investments accounted for under the equity method are determined on the basis of the book value of the specific investments sold and are credited or charged to income on a trade date basis. See Note B - Investments and Note C - Fair Value Measurements for further discussion of our accounting for equity securities and investments in unconsolidated affiliates.
Other Current Assets	Other Current Assets Prepaid expenses and other current assets consist of trade receivables, inventory, prepaid operating expenses, the current portion of notes receivable, deposits and other miscellaneous current assets.
Trade Receivables	Trade receivables are primarily for the Restaurant Group and consist primarily of business to business gift card sales, insurance-related reimbursement, rebates, tenant improvement allowances, and billings to franchisees for royalties, initial and renewal fees, equipment sales and rent. Trade receivables are recorded net of an allowance for doubtful accounts, which is our best estimate of the amount of probable credit losses related to existing receivables. The carrying values reported in the Consolidated Balance Sheets for trade receivables approximate their fair value.
Inventory	Inventory primarily consists of food, beverages, packaging and supplies in our Restaurant Group segment and is stated at the lower of cost or net realizable value. Cost is determined using the first in, first out method for restaurant inventory.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of financial instruments presented in the Consolidated Financial Statements are estimates of the fair value at a specific point in time using available market information and appropriate valuation methodologies. Estimates that use unobservable inputs are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. See Note C - Fair Value Measurements for further details.
Distributions from Unconsolidated Affiliates	Distributions from Unconsolidated Affiliates We classify distributions received from unconsolidated affiliates in our Consolidated Statements of Cash Flows using the cumulative earnings approach. Under the cumulative earnings approach, distributions are considered returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions from an investee received in prior periods exceed the cumulative equity in earnings of such investee. When cumulative distributions from an investee exceed cumulative equity in earnings of the investee, such excess is considered a return of investment and is classified as a cash inflow from investing activities.
Other Long-Term Investments and Non-Current Assets	Other Long-Term Investments and Non-Current Assets Other long-term investments consist primarily of investments in equity securities without a readily determinable fair value. See Note B - Investments for further discussion of our accounting for equity securities without a readily determinable fair value. Other non-current assets also include other miscellaneous non-current assets.
Goodwill	Goodwill Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in business combinations. Goodwill is reviewed for impairment annually or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. We have the option to first assess goodwill for impairment based on a review of qualitative factors to determine if events and circumstances exist that will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if the Company concludes otherwise, then it is required to perform the quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. Goodwill impairment, if any, is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. For the years ended December 31, 2023, 2022 and 2021, we did not have any impairment of goodwill.
Other Intangible Assets	Other Intangible Assets We have other intangible assets, not including goodwill, which consist primarily of customer relationships and contracts, trademarks and tradenames that are generally recorded in connection with acquisitions at their fair value, franchise rights, the fair value of purchased software and capitalized software development costs. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives using an accelerated method, which takes into consideration expected customer attrition rates. Contractual relationships are generally amortized over their respective contractual lives. Useful lives of computer software range from three to ten years. The useful lives of our tradenames for all of our restaurant brands is fifteen years. Capitalized software development costs and purchased software are recorded at cost and amortized using the straight-line method over their estimated useful life. For the year ended December 31, 2023, we recorded impairments of $4.2 million to tradename asset for our O'Charley's brand in our Restaurant Group segment. For the years ended December 31, 2022 and 2021, we did not have any impairment of other intangible assets.
Property and Equipment, net	Property and Equipment, net Property and equipment, net is recorded at cost, less accumulated depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: thirty to forty years for buildings and three to twenty-five years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets. The majority of our Property and equipment relate to our Restaurant Group. In our Restaurant Group, all direct external costs associated with obtaining the land, building and equipment for each new restaurant, as well as construction period interest, are capitalized. Direct external costs associated with obtaining the dining room and kitchen equipment, signage and other assets and equipment are also capitalized. In addition, for each new restaurant and re-branded restaurant, a portion of the internal direct costs of its real estate and construction department are also capitalized. Property and equipment are reviewed for impairment when events or circumstances indicate that the carrying amounts may not be recoverable.
Insurance Reserves	Insurance Reserves Our Restaurant Group companies are currently self-insured for a portion of its workers' compensation, general liability, and liquor liability losses (collectively, casualty losses) as well as certain other insurable risks. To mitigate the cost of the Restaurant Group's exposures for certain property and casualty losses, we make annual decisions to either retain the risks of loss up to a certain maximum per occurrence, aggregate loss limits negotiated with its insurance carriers, or fully insure those risks. Our Restaurant Group companies are also self-insured for healthcare claims for eligible participating employees subject to certain deductibles and limitations. We have accounted for such retained liabilities for casualty losses and healthcare claims, including reported and incurred but not reported claims, based on information provided by third-party actuaries.
Income Taxes	Income Taxes We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact of changes in tax rates and laws on deferred taxes, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted. We recognize the benefits of uncertain tax positions in the financial statements only after determining a more likely than not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, we reassess these probabilities and record any changes in the financial statements as appropriate. Uncertain tax positions are accounted for by determining the minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. This determination requires the use of judgment in assessing the timing and amounts of deductible and taxable items. Tax positions that meet the more likely than not recognition threshold are recognized and measured as the largest amount of tax benefit that is more than 50% likely to be realized upon settlement with a taxing authority that has full knowledge of all relevant information. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as components of income tax expense.
Advertising Costs	Advertising Costs The Company expenses advertising and marketing costs as incurred, except for certain advertising production costs that are initially capitalized and subsequently expensed the first time the advertising takes place. During the years ended December 31, 2023, 2022, and 2021, the Company incurred $17.5 million, $17.0 million, and $16.0 million of advertising and marketing costs, respectively, related to advertising in our Restaurant Group and in our real estate operations. These costs are included in Other operating expenses on the Consolidated Statements of Operations.
Comprehensive Earnings	Comprehensive Earnings We report comprehensive earnings in accordance with GAAP on the Consolidated Statements of Comprehensive Earnings. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive earnings or loss represents the cumulative balance of other comprehensive earnings, net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to realized losses and are included in Recognized (losses) gains, net on the Consolidated Statements of Operations. Our policy is to release income tax effects from accumulated other comprehensive income at such time as the earnings or loss of the related activity are recognized in earnings (e.g., upon sale of an investment). As of December 31, 2023 and 2022 our entire balance of Accumulated other comprehensive losses relates to unrealized losses of investments in unconsolidated affiliates.
Stock-Based Compensation Plans	Stock-Based Compensation Plans Stock-based compensation expense includes restricted stock awards granted in Cannae common stock to directors and certain members of management. We account for stock-based compensation plans using the fair value method. Under the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date, using quoted market prices of the underlying stock, and recognized over the service period.
Earnings Per Share	Earnings Per Share Basic earnings per share, as presented on the Consolidated Statement of Operations, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. 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.
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 applicable to the Company for adoption or expected to, if currently adopted, have a material impact on our Consolidated Financial Statements.
Revenue Recognition	Restaurant revenue consists of restaurant sales, bakery operations, and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and gift card breakage, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided. Revenue from bakery operations is recognized at a point in time in the period during which the products are shipped and control transfers to the customer. Our Restaurant Group's bakery operations were sold in 2021. 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. Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Consolidated Balance Sheets.

CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions

Total

Unconsolidated affiliates

Common Stock

Additional Paid-in Capital

Unconsolidated affiliates

Retained Earnings

Accumulated Other Comp (Loss) Earnings

Treasury Stock

Non-controlling Interests

Beginning balance, Common Stock (in shares) at Dec. 31, 2020

92,400,000

Treasury Stock, beginning balance (in shares) at Dec. 31, 2020

700,000

Beginning balance at Dec. 31, 2020

$ 3,785.2

$ 0.0

$ 1,875.8

$ 1,929.8

$ (4.9)

$ (21.1)

$ 5.6

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax

0.6

^[1]

0.6

Other comprehensive earnings — unrealized earnings (losses) on investments in unconsolidated affiliates, net of tax

5.7

^[2]

5.7

Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net loss

2.2

^[3]

2.2

Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings

(10.8)

^[4]

(10.8)

Shares withheld for taxes and in treasury (in shares)

100,000

Shares withheld for taxes and in treasury

(0.2)

$ (0.2)

Treasury stock repurchases (in shares)

4,800,000

Treasury stock repurchases

(167.3)

$ (167.3)

Stock-based compensation

2.4

$ 10.1

2.4

$ 10.1

Subsidiary dividends paid to noncontrolling interests

(0.4)

Net earnings (loss)

(286.4)

(287.0)

0.6

Ending balance, Common Stock (in shares) at Dec. 31, 2021

92,400,000

Treasury Stock, ending balance (in shares) at Dec. 31, 2021

5,600,000

Ending balance at Dec. 31, 2021

3,341.1

$ 0.0

1,888.3

1,642.8

(7.2)

$ (188.6)

5.8

Beginning balance, Common Stock (in shares) at Dec. 31, 2021

92,400,000

Treasury Stock, beginning balance (in shares) at Dec. 31, 2021

5,600,000

Beginning balance at Dec. 31, 2021

3,341.1

$ 0.0

1,888.3

1,642.8

(7.2)

$ (188.6)

5.8

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax

0.0

^[1]

0.0

Other comprehensive earnings — unrealized earnings (losses) on investments in unconsolidated affiliates, net of tax

(14.6)

^[2]

(14.6)

Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net loss

3.7

^[3]

3.7

Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings

^[4]

0.0

Treasury stock repurchases (in shares)

10,700,000

Treasury stock repurchases

(225.4)

$ (225.4)

Issuance of restricted stock (in shares)

100,000

Stock-based compensation

1.5

46.4

1.5

46.4

Subsidiary dividends paid to noncontrolling interests

(8.2)

Net earnings (loss)

$ (429.6)

(428.1)

(1.5)

Ending balance, Common Stock (in shares) at Dec. 31, 2022

76,254,972

92,500,000

Treasury Stock, ending balance (in shares) at Dec. 31, 2022

16,328,308

16,300,000

Ending balance at Dec. 31, 2022

$ 2,714.9

$ 0.0

1,936.2

1,214.7

(18.1)

$ (414.0)

(3.9)

Beginning balance, Common Stock (in shares) at Dec. 31, 2022

76,254,972

92,500,000

Treasury Stock, beginning balance (in shares) at Dec. 31, 2022

16,328,308

16,300,000

Beginning balance at Dec. 31, 2022

$ 2,714.9

$ 0.0

1,936.2

1,214.7

(18.1)

$ (414.0)

(3.9)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax

^[1]

0.0

Other comprehensive earnings — unrealized earnings (losses) on investments in unconsolidated affiliates, net of tax

(3.0)

^[2]

(3.0)

Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net loss

1.2

^[3]

1.2

Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings

^[4]

0.0

Shares withheld for taxes and in treasury

(0.2)

$ (0.2)

Treasury stock repurchases (in shares)

6,100,000

Treasury stock repurchases

(119.7)

$ (119.7)

Issuance of restricted stock (in shares)

300,000

Stock-based compensation

3.5

$ 37.3

3.5

$ 37.3

Subsidiary dividends paid to noncontrolling interests

(0.7)

Net earnings (loss)

$ (324.1)

(313.4)

(10.7)

Ending balance, Common Stock (in shares) at Dec. 31, 2023

70,367,088

92,800,000

Treasury Stock, ending balance (in shares) at Dec. 31, 2023

22,477,241

22,400,000

Ending balance at Dec. 31, 2023

$ 2,309.2

$ 0.0

$ 1,977.0

$ 901.3

$ (19.9)

$ (533.9)

$ (15.3)

[1]	Net of income tax expense of $0.1 million for the year ended December 31, 2021.
[2]	Net of income tax (benefit) expense of $(0.8) million, $(3.9) million and $1.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.
[3]	Net of income tax benefit of $0.3 million, $1.0 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.
[4]	Net of income tax benefit of $2.9 million for the years ended December 31, 2021, respectively.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Par value per share (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	115,000,000	115,000,000
Common stock, shares, issued (in shares)	92,844,329	92,583,280
Common stock, shares, outstanding (in shares)	70,367,088	76,254,972
Preferred stock, par or value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	22,477,241	16,328,308

Supplementary Cash Flow Information - Schedule (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid during the year:
Interest	$ 13.6	$ 9.6	$ 7.0
Income taxes	4.6	100.0	128.9
Operating leases	33.1	36.0	37.8
Non-cash investing and financing activities:
D&B shares received as partial consideration for the Optimal Blue Disposition	0.0	435.0	0.0
Preferred shares received as consideration for note receivable from QOMPLX	0.0	0.0	19.3
Exchange of directly held Alight warrants for Alight common stock	0.0	0.0	12.8
Lease assets recognized in exchange for lease liabilities	$ 32.8	$ 7.5	$ 9.3

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022, respectively:


	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash and cash equivalents	$	106.2	$	—	$	—	$	106.2
Short-term investments	15.6		—		—		15.6
Equity securities:							—
Dayforce	268.5		—		—		268.5
Paysafe	22.4		—		—		22.4
Total equity securities	290.9		—		—		290.9
Total assets	$	412.7	$	—	$	—	$	412.7


	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
Dayforce	384.9		—		—		384.9
Total assets	$	667.5	$	—	$	—	$	667.5

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (324.1)	$ (429.6)	$ (286.4)
Adjustments to reconcile net (loss) earnings to net cash used in operating activities:
Depreciation and amortization	19.0	22.8	26.4
Equity in losses (earnings) of unconsolidated affiliates	194.0	183.9	(72.6)
Distributions from investments in unconsolidated affiliates	0.2	14.7	23.7
Recognized losses and impairments of assets, net	130.9	183.9	309.2
Non-cash carried interest expense	0.0	31.8	0.0
Lease asset amortization	19.3	21.8	22.6
Stock-based compensation cost	3.5	1.5	2.4
Changes in assets and liabilities, net of effects from acquisitions:
Net (increase) decrease in other assets	(9.5)	8.6	27.7
Net decrease in accounts payable, accrued liabilities, deferred revenue and other	(19.4)	(36.7)	(1.2)
Net decrease in lease liabilities	(20.2)	(17.5)	(23.9)
Net change in income taxes	(81.5)	(190.3)	(204.0)
Net cash used in operating activities	(87.8)	(205.1)	(176.1)
Cash flows from investing activities:
Proceeds from sales of Dayforce shares	144.7	285.7	400.8
Proceeds from sale of AmeriLife	0.0	250.0	0.0
Proceeds from Optimal Blue Disposition, cash portion	0.0	144.5	0.0
Proceeds from sale of D&B shares	0.0	127.2	186.0
Proceeds from sale of CorroHealth	0.0	78.7	0.0
Distributions from investments in unconsolidated affiliates	52.7	7.9	298.1
Proceeds from other sales of investments in unconsolidated affiliates, equity securities and other long- term investments	18.7	55.9	72.6
Proceeds from sales of VIBSQ, Legendary Baking and RCI	0.0	0.0	63.2
Proceeds from the sale of property and equipment	7.3	9.2	10.4
Collections of notes receivable	0.0	0.9	2.8
Investment in System1	0.0	(246.5)	0.0
Investment in Paysafe, net of subscription fees earned	0.0	0.0	(514.7)
Investment in Alight, net of subscription fees earned	0.0	0.0	(446.3)
Investment in Sightline	0.0	0.0	(272.0)
Purchases of investments in unconsolidated affiliates and other investments	(162.0)	(143.1)	(43.6)
Purchase of other long term investments	(17.5)	0.0	0.0
Additions to notes receivable	0.0	0.0	(18.6)
Additions to property and equipment and other intangible assets	(10.0)	(14.3)	(13.7)
Net other investing activities	0.0	0.0	2.6
Purchases of short-term investment securities	(151.9)	(34.9)	0.0
Proceeds from sale and maturity of short-term investment securities	171.1	0.0	0.0
Net cash provided by (used in) investing activities	53.1	521.2	(272.4)
Cash flows from financing activities:
Borrowings, net of debt issuance costs	65.7	308.6	206.6
Debt service payments	(58.4)	(225.2)	(236.4)
Subsidiary distributions paid to noncontrolling interest shareholders	(0.7)	(8.1)	(0.2)
Payment for shares withheld for taxes and in treasury	(0.2)	0.0	(0.2)
Purchases of treasury stock	(113.2)	(229.5)	(160.2)
Net cash used in financing activities	(106.8)	(154.2)	(190.4)
Net (decrease) increase in cash and cash equivalents	(141.5)	161.9	(638.9)
Cash and cash equivalents at beginning of period	247.7	85.8	724.7
Cash and cash equivalents at end of period	$ 106.2	$ 247.7	$ 85.8

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) optionsToRenew	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease weighted average remaining lease term	11 years	11 years
Operating lease, number of options to renew \| optionsToRenew	1
Lease weighted average discount rate, percent	7.43%	7.01%
Lease asset impairment	$ 24.6	$ 1.5
Cost of restaurant revenue
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 30.5	$ 36.4	$ 37.3
Minimum
Lessee, Lease, Description [Line Items]
Lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease terms	17 years
Lease renewal term	20 years

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

Our revenue consists of the following:


		Year ended December 31,
		2023		2022		2021
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(in millions)
Restaurant sales	Restaurant Group	$	535.6	$	629.9	$	673.2
Bakery sales	Restaurant Group	—		—		28.8
Franchise and other	Restaurant Group	0.4		0.7		2.7
Total restaurant revenue		536.0		630.6		704.7
Other operating revenue:


Real estate and resort	Corporate and Other	33.5		30.8		34.6
Other	Corporate and Other	0.5		0.7		2.9
Total other operating revenue		34.0		31.5		37.5
Total operating revenue		$	570.0	$	662.1	$	742.2

Restaurant revenue consists of restaurant sales, bakery operations, and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and gift card breakage, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided.

Revenue from bakery operations is recognized at a point in time in the period during which the products are shipped and control transfers to the customer. Our Restaurant Group's bakery operations were sold in 2021.

Other operating revenue consists of income generated by our resort operations, which includes sales of real estate, lodging rentals, food and beverage sales, and other income from various resort services offered. Revenue is recognized upon closing of the sale of real estate or once goods and services have been provided and billed to the customer.

Contract Balances

The following table provides information about receivables and deferred revenue:


	December 31,
	2023		2022
	(In millions)
Trade receivables, net	$	7.6	$	7.1
Deferred revenue (contract liabilities)	16.9		18.6

Trade receivables, net are included in Other current assets on our Consolidated Balance Sheets.

Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Consolidated Balance Sheets. Revenue of $11.2 million and $14.6 million was recognized in the years ended December 31, 2023 and 2022, respectively, which was included in Deferred revenue at the beginning of the period.

There was no impairment related to contract balances.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022, of which we are not the primary beneficiary:


		2023				2022
		Total Assets		Maximum Exposure		Total Assets		Maximum Exposure
	(in millions)
Investments in unconsolidated affiliates		$	210.9	$	210.9	$	138.3	$	138.3

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits	$ 0	$ 0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	258,600,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		92,300,000
Valuation allowance for state NOLs	$ 4,600,000	$ 3,600,000
CNNE
Operating Loss Carryforwards [Line Items]
Ownership (as a percent)	100.00%

Accounts Payable and Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accounts Payable and Other Accrued Liabilities, Current and Long-term

Accounts payable and other accrued liabilities, current, consists of the following:


	December 31,
	2023		2022
	(In millions)
Accrued payroll and employee benefits	$	12.8	$	13.3
Trade accounts payable	27.0		25.8
Management Fee payable	9.0		8.9
Accrued casualty self-insurance expenses	6.8		7.4
Tax liabilities, excluding income taxes payable	5.2		9.8
Other accrued liabilities	13.4		13.8
	$	74.2	$	79.0

Accounts payable and other accrued liabilities, long-term, consists of the following:


	December 31,
	2023		2022
	(In millions)
Restaurant Group financing obligations	$	13.1	$	28.8

Other accrued liabilities	12.2		13.0
	$	25.3	$	41.8

Concentration of Risk (Details)	12 Months Ended
Concentration of Risk (Details)	Dec. 31, 2023 distributor
Risks and Uncertainties [Abstract]
Number of distributors	2

Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets

Other intangible assets consist of the following:


	December 31,
	2023		2022
	(In millions)
Trademarks and tradenames	$	19.9	$	24.1
Software	13.4		13.8
Franchise rights	1.6		1.6
Customer relationships and contracts	5.2		5.2

	40.1		44.7
Accumulated amortization	(23.3)		(21.2)
	$	16.8	$	23.5

Amortization expense for amortizable intangible assets was $2.7 million, $3.5 million, and $4.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. Estimated amortization expense for the next five years for assets owned at December 31, 2023, is $2.3 million in 2024, $1.9 million in 2025, $1.9 million in 2026, $1.8 million in 2027 and $1.4 million in 2028.

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Unconsolidated Affiliates and Summarized Financial Information

Investments in unconsolidated affiliates recorded using the equity method of accounting as of December 31, 2023 and 2022 consisted of the following:


	Ownership at December 31, 2023	December 31, 2023		December 31, 2022
	(in millions)
Dun & Bradstreet	18.0%	$	827.7	$	857.1
Alight	9.7%	507.2		532.2
Sightline	32.6%	158.3		247.0
BKFE	47.7%	112.3		52.2
System1	31.0%	—		127.4


Paysafe (1)	2.8%	—		33.7

Other	various	113.3		101.1
Total		$	1,718.8	$	1,950.7

_____________________________________

(1) The investment in Paysafe was no longer accounted for under the equity method of accounting beginning December 31, 2023.

Equity in (losses) earnings of unconsolidated affiliates for the years ended December 31, 2023, 2022 and 2021 consisted of the following:


	Year ended December 31,
	2023		2022		2021
	(in millions)
Dun & Bradstreet (1)	$	(17.1)	$	(8.8)	$	(13.5)
Alight	(35.1)		(1.6)		38.2
Sightline (2)	(18.0)		(19.3)		(2.4)
BKFE	(51.9)		—		—
System1	(66.8)		(14.2)		—



Paysafe (3)	(2.3)		(144.2)		53.3

Other	(2.8)		4.2		(3.0)
Total	$	(194.0)	$	(183.9)	$	72.6

_____________________________________

Summarized financial information for Dun & Bradstreet for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in (losses) earnings of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.


	December 31, 2023		December 31, 2022
	(In millions)
Total current assets	$	656.3	$	703.9
Goodwill and other intangible assets, net	7,361.7		7,751.4
Other noncurrent assets	1,117.9		1,016.6
Total assets	$	9,135.9	$	9,471.9

Current liabilities	$	1,042.4	$	1,102.6
Long-term debt	3,512.5		3,552.2
Other non-current liabilities	1,149.4		1,308.7
Total liabilities	5,704.3		5,963.5
Noncontrolling interest	12.5		9.1
Total equity	3,431.6		3,508.4
Total liabilities and equity	$	9,135.9	$	9,471.9


	Year ended December 31,
	2023		2022		2021
	(In millions)
Total revenues	$	2,314.0	$	2,224.6	$	2,165.6
Operating income	140.3		149.9		145.6

Net (loss) earnings	(43.7)		4.1		(65.9)
Less: net earnings attributable to noncontrolling interest	3.3		6.4		5.8
Net loss attributable to Dun & Bradstreet	(47.0)		(2.3)		(71.7)


	December 31, 2023		December 31, 2022
	(In millions)
Total current assets	$	2,776.0	$	2,816.0
Goodwill and other intangible assets, net	7,097.0		7,551.0
Other assets	909.0		868.0
Total assets	$	10,782.0	$	11,235.0

Current liabilities	$	2,187.0	$	2,348.0
Long-term debt	2,769.0		2,792.0
Other liabilities	1,084.0		1,006.0
Total liabilities	6,040.0		6,146.0
Noncontrolling interests	280.0		650.0
Total equity	4,742.0		5,089.0
Total liabilities and equity	$	10,782.0	$	11,235.0


	For the year ended December 31, 2023		For the year ended December 31, 2022		For the period from July 2, 2021 through December 31, 2021
	(In millions)
Total revenues	$	3,410.0	$	3,132.0	$	1,554.0
Gross profit	1,140.0		996.0		532.0

Net loss	(362.0)		(72.0)		(48.0)
Net loss attributable to noncontrolling interests	(17.0)		(10.0)		(13.0)
Net loss attributable to Alight	(345.0)		(62.0)		(35.0)


	September 30, 2023		September 30, 2022		September 30, 2021
	(In millions)
Total current assets	$	13.7	$	42.3	$	49.3
Goodwill and other intangible assets, net	127.5		133.0		136.9
Other assets	13.6		11.8		0.6
Total assets	$	154.8	$	187.1	$	186.8

Current liabilities	$	6.7	$	7.2	$	7.8

Other liabilities	8.1		6.5		0.2
Total liabilities	14.8		13.7		8.0
Total equity	140.0		173.4		178.8
Total liabilities and equity	$	154.8	$	187.1	$	186.8


	For the year ended September 30, 2023		For the year ended September 30, 2022		For the period from April 1, 2021 through September 30, 2021
	(In millions)
Total revenues	$	32.1	$	48.3	$	22.9
Net loss	(33.3)		(34.0)		(11.6)


	September 30, 2023
	(In millions)
Total current assets	$	73.6
Goodwill and other intangible assets, net	353.1
Other assets	62.2
Total assets	$	488.9

Current liabilities	$	139.9

Other liabilities	115.1
Total liabilities	255.0
Total equity	233.9
Total liabilities and equity	$	488.9


	For the period from December 13, 2022 through September 30, 2023
	(In millions)
Total revenues	$	149.0
Operating loss	(93.8)
Losses of unconsolidated affiliates	(5.3)
Net loss attributable to BKFE	(103.8)


	September 30, 2023		September 30, 2022
	(In millions)
Total current assets	$	90.5	$	130.2
Goodwill and other intangible assets, net	409.4		498.9
Other assets	427.6		586.7
Total assets	$	927.5	$	1,215.8

Current liabilities	$	237.7	$	208.6
Long-term debt	388.1		402.3
Other non-current liabilities	61.2		87.4
Total liabilities	687.0		698.3
Noncontrolling interest	37.7		107.0
Total equity	240.5		517.5
Total liabilities and equity	$	927.5	$	1,215.8


	For the year ended September 30, 2023		For the period from January 27, 2022 to September 30, 2022
	(In millions)
Total revenues	$	445.9	$	472.1
Loss from continuing operations before income taxes	(142.4)		(439.4)
Net loss from continuing operations	(117.7)		(355.1)
Net loss attributable to noncontrolling interest	(68.3)		(87.4)
Loss from discontinued operations, net of taxes	(184.1)		(35.9)
Net loss attributable to System1	(233.5)		(303.6)

Schedule of (Losses) Gains on Securities


	Year ended December 31,
	2023		2022		2021
Net gains (losses) recognized during the period on equity securities	$	22.2	$	(340.2)	$	(52.8)
Less: net gains (losses) recognized during the period on equity securities sold or transferred during the period	5.9		(132.2)		(32.3)
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$	16.3	$	(208.0)	$	(20.5)

Other Intangible Assets - Summary (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 40.1	$ 44.7
Accumulated amortization	(23.3)	(21.2)
Intangible assets, net	16.8	23.5
Software
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	13.4	13.8
Franchise rights
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	1.6	1.6
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	5.2	5.2
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 19.9	$ 24.1

Concentration of Risk	12 Months Ended
Concentration of Risk	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents. We place cash equivalents with high credit quality financial institutions and, by policy, limit the amount of credit exposure with any one financial institution. Our Restaurant Group companies obtain a majority of their restaurant food products and supplies from two distributors. Although we believe alternative vendors could be found in a timely manner, any disruption of these services could potentially have an adverse impact on operating results.

Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Partnerships	$ 41.6	$ 20.7
Net operating loss carryforwards	35.2	4.4
Tax credit carryforwards	4.8	0.0
Other	5.0	1.2
Total gross deferred tax asset	86.6	26.3
Less: valuation allowance	(4.6)	(3.6)
Total deferred tax asset	$ 82.0	$ 22.7

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We are party to operating lease arrangements primarily for leased real estate for restaurants and office space. Right-of-use assets and lease liabilities related to operating leases under ASC 842 are recorded at commencement when we are party to a contract that conveys the right for the Company to control an asset for a specified period of time. We are not a party to any material contracts considered finance leases. Right-of-use assets and lease liabilities related to operating leases are recorded as Lease assets and Lease liabilities, respectively, on the Consolidated Balance Sheets as of December 31, 2023 and 2022.

Our material operating leases range in term from one year to seventeen years. As of December 31, 2023 and 2022, the weighted-average remaining lease term of our operating leases was approximately eleven years. Leases with an initial term of twelve months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the lease term.

Our operating lease agreements do not contain any material buyout options, residual value guarantees or restrictive covenants.

Most of our leases include one or more options to renew, with renewal terms that can extend the lease term by varying amounts. The exercise of lease renewal options is at our sole discretion. We include options to renew, not to exceed a total lease term of twenty years, in our measurement of right-of-use assets and lease liabilities when they are considered reasonably certain of exercise. We consider a lease reasonably certain for renewal when the duration of the lease extensions are in the foreseeable future and related to assets for which continued use is reasonably assured.

Excluding certain immaterial classes of leases in our Restaurant Group, we do not separate lease components from non-lease components for any of our right of use assets.

Our operating lease liabilities are determined by discounting future lease payments using a discount rate that represents our best estimate of the incremental borrowing rate our subsidiaries would have to pay to borrow money to finance the asset over the underlying lease term and for an amount equal to the lease payments. Our discount rate is based on interest rates associated with comparable public company secured debt for companies similar to our operating subsidiaries and of similar duration to the underlying lease. As of December 31, 2023 and 2022, the weighted-average discount rate used to determine our operating lease liabilities was 7.43% and 7.01%, respectively.

Our lease costs are directly attributable to restaurant operations, primarily for real estate and to a lesser extent certain restaurant equipment. Operating lease costs of $30.5 million, $36.4 million and $37.3 million are included in Cost of restaurant revenue on the Consolidated Statement of Operations for the years ended December 31, 2023, 2022 and 2021, respectively.

Lease assets are reviewed for impairment when events or circumstances indicate that the carrying amounts may not be recoverable.

In the year ended December 31, 2023 and 2022 we recorded $24.6 million and $1.5 million, respectively, of impairment to Lease assets. The impairments relate primarily to our Restaurant Group for O'Charley's stores that have closed in the year ended December 31, 2023. All such impairments are included in Other operating expenses in our Consolidated Statements of Operations.

Future payments under operating lease arrangements accounted for under ASC Topic 842 as of December 31, 2023 are as follows (in millions):


2024	$	24.7
2025	23.3
2026	21.8
2027	20.4
2028	18.5
Thereafter	125.9
Total lease payments, undiscounted	$	234.6
Less: discount	78.5
Total operating lease liability as of December 31, 2023, at present value	$	156.1
Less: operating lease liability as of December 31, 2023, current	13.9
Operating lease liability as of December 31, 2023, long-term	$	142.2

Business and Summary of Significant Accounting Policies - Other Developments (Details) - USD ($) $ / shares in Units, $ in Millions								3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 26, 2024	Feb. 21, 2024	Dec. 28, 2023	Sep. 30, 2023	Sep. 29, 2023	May 22, 2023	Aug. 03, 2022	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 29, 2023
Schedule of Equity Method Investments [Line Items]
Stock repurchases										$ 119.7	$ 225.4	$ 167.3
Distribution from investment										52.7	7.9	$ 298.1
Equity investment										$ 1,718.8	1,950.7
Related Party \| Management Services Agreement
Schedule of Equity Method Investments [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									$ 40.0
Related Party \| Amended Management Services Agreement
Schedule of Equity Method Investments [Line Items]
Management fee rate				1.25%
Management fee cost of invested capital (greater than)				$ 2,500.0
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									$ 20.0
Base fee for termination of agreement due to third-party change of control				$ 40.0
Services agreement, term				5 years
Services agreement, automatic renewal terms				1 year
High Sierra Distillery, LP, Minden Mill \| Related Party
Schedule of Equity Method Investments [Line Items]
Equity investment						$ 52.1
Ownership (as a percent)						89.00%
CSI LP
Schedule of Equity Method Investments [Line Items]
Distribution from investment			$ 36.8
CSI LP \| Related Party
Schedule of Equity Method Investments [Line Items]
Equity investment											$ 86.1
Ownership (as a percent)											32.00%
Distribution from investment											$ 36.8
CSI
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)										6.50%
2022 Repurchase Program
Schedule of Equity Method Investments [Line Items]
Stock repurchase program, period							3 years
Stock repurchase program, number of shares authorized to be repurchased (up to)							10,000,000
Stock repurchases (in shares)										6,137,355
Stock repurchases										$ 118.5
Stock repurchase, average price per share (in usd per share)										$ 19.31
2023 Repurchase Program
Schedule of Equity Method Investments [Line Items]
Stock repurchase program, number of shares authorized to be repurchased (up to)													10,000,000
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Agreement termination fee annual installments, payment period	3 years
Subsequent Event \| Related Party \| Amended Management Services Agreement
Schedule of Equity Method Investments [Line Items]
Management fee, fixed annual amount	$ 7.6
Agreement termination fee, annual installments	$ 6.7
Subsequent Event \| JANA
Schedule of Equity Method Investments [Line Items]
Equity investment		$ 18.3
Ownership (as a percent)		19.99%
Stock issued for minority interest investment (in shares)		1,850,000
Equity investment		$ 55.5
Subsequent Event \| JANA Funds \| Investment Commtment
Schedule of Equity Method Investments [Line Items]
Commitment to invest		$ 50.0
Subsequent Event \| Tender Offer \| Forecast
Schedule of Equity Method Investments [Line Items]
Stock repurchase program, authorized amount								$ 200.0
Subsequent Event \| Tender Offer \| Forecast \| Minimum
Schedule of Equity Method Investments [Line Items]
Stock repurchase, average price per share (in usd per share)								$ 20.75
Subsequent Event \| Tender Offer \| Forecast \| Maximum
Schedule of Equity Method Investments [Line Items]
Stock repurchase, average price per share (in usd per share)								$ 23.75

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of Comprehensive Income [Abstract]

Net loss

$ (324.1)

$ (429.6)

$ (286.4)

Other comprehensive (loss) earnings, net of tax:

Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)

^[1]

0.0

0.6

Unrealized (loss) gain relating to investments in unconsolidated affiliates

^[2]

(3.0)

(14.6)

5.7

Reclassification of unrealized losses on investments in unconsolidated affiliates, net of tax, included in net earnings

^[3]

1.2

3.7

2.2

Reclassification of unrealized gains on investments and other financial instruments, net of tax, included in net earnings

^[4]

0.0

(10.8)

Other comprehensive loss

(1.8)

(10.9)

(2.3)

Comprehensive loss

(325.9)

(440.5)

(288.7)

Less: Comprehensive (loss) earnings attributable to noncontrolling interests

(10.7)

(1.5)

0.6

Comprehensive loss attributable to Cannae

$ (315.2)

$ (439.0)

$ (289.3)

[1]	Net of income tax expense of $0.1 million for the year ended December 31, 2021.
[2]	Net of income tax (benefit) expense of $(0.8) million, $(3.9) million and $1.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.
[3]	Net of income tax benefit of $0.3 million, $1.0 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.
[4]	Net of income tax benefit of $2.9 million for the years ended December 31, 2021, respectively.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Total operating revenues	$ 570.0	$ 662.1	$ 742.2
Operating expenses:
Cost of restaurant revenue	474.9	571.4	617.4
Personnel costs	52.1	59.5	80.1
Depreciation and amortization	19.0	22.8	26.6
Other operating expenses, including asset impairments	142.9	153.0	151.6
Total operating expenses	688.9	806.7	875.7
Operating loss	(118.9)	(144.6)	(133.5)
Other income (expense):
Interest, investment and other income	13.6	2.5	21.1
Interest expense	(17.9)	(12.3)	(9.8)
Recognized losses, net	(83.9)	(181.2)	(310.8)
Total other expense	(88.2)	(191.0)	(299.5)
Loss before income taxes and equity in (losses) earnings of unconsolidated affiliates	(207.1)	(335.6)	(433.0)
Income tax benefit	(77.0)	(89.9)	(74.0)
Loss before equity in (losses) earnings of unconsolidated affiliates	(130.1)	(245.7)	(359.0)
Equity in (losses) earnings of unconsolidated affiliates	(194.0)	(183.9)	72.6
Net loss	(324.1)	(429.6)	(286.4)
Less: Net (loss) earnings attributable to non-controlling interests	(10.7)	(1.5)	0.6
Net loss attributable to Cannae Holdings, Inc. common shareholders	$ (313.4)	$ (428.1)	$ (287.0)
Earnings per share
Net loss per share (in usd per share)	$ (4.27)	$ (5.25)	$ (3.19)
Net loss per share (in usd per share)	$ (4.27)	$ (5.25)	$ (3.19)
Weighted average shares outstanding Cannae Holdings common stock, basic basis (in shares)	73.4	81.6	90.1
Weighted average shares outstanding Cannae Holdings common stock, diluted basis (in shares)	73.4	81.6	90.1
Restaurant revenue
Revenues:
Total operating revenues	$ 536.0	$ 630.6	$ 704.7
Other operating revenue
Revenues:
Total operating revenues	$ 34.0	$ 31.5	$ 37.5

Investments - Schedule of Summarized Financial Information, BKFE (Details) - USD ($) $ in Millions	10 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total current assets		$ 177.3	$ 310.6
Total assets		2,686.7	3,125.5	$ 3,889.6
Current liabilities		107.5	122.7
Total liabilities		377.5	410.6
Total equity		2,309.2	2,714.9	3,341.1	$ 3,785.2
Total liabilities and equity		2,686.7	3,125.5
Condensed Combined Statements of Operations
Total revenues		499.7	483.4	452.5
Operating loss		(118.9)	(144.6)	(133.5)
Losses of unconsolidated affiliates		(10.7)	(1.5)	0.6
Net loss		$ (324.1)	$ (429.6)	$ (286.4)
BKFE
Schedule of Equity Method Investments [Line Items]
Total current assets	$ 73.6
Goodwill and other intangible assets, net	353.1
Other noncurrent assets	62.2
Total assets	488.9
Current liabilities	139.9
Other liabilities	115.1
Total liabilities	255.0
Total equity	233.9
Total liabilities and equity	488.9
Condensed Combined Statements of Operations
Total revenues	149.0
Operating loss	(93.8)
Losses of unconsolidated affiliates	(5.3)
Net loss	$ (103.8)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 106.2	$ 247.7
Short-term investments	15.6	34.9
Other current assets	29.5	26.1
Income taxes receivable	26.0	1.9
Total current assets	177.3	310.6
Investments in unconsolidated affiliates	1,718.8	1,950.7
Equity securities, at fair value	290.9	384.9
Lease assets	143.5	156.0
Property and equipment, net	58.7	87.5
Goodwill	53.4	53.4
Other intangible assets, net	16.8	23.5
Deferred tax assets	82.0	22.7
Other long-term investments and noncurrent assets	145.3	136.2
Total assets	2,686.7	3,125.5
Current liabilities:
Accounts payable and other accrued liabilities, current	74.2	79.0
Lease liabilities, current	13.9	22.8
Deferred revenue	16.9	18.6
Notes payable, current	2.5	2.3
Total current liabilities	107.5	122.7
Lease liabilities, long-term	142.2	151.0
Notes payable, long-term	102.5	95.1
Accounts payable and other accrued liabilities, long-term	25.3	41.8
Total liabilities	377.5	410.6
Commitments and contingencies - see Note M
Equity:
Cannae common stock, $0.0001 par value; authorized 115,000,000 shares as of December 31, 2023 and December 31, 2022; issued of 92,844,329 and 92,583,280 shares as of December 31, 2023 and December 31, 2022, respectively; and outstanding of 70,367,088 and 76,254,972 shares as of December 31, 2023 and December 31, 2022, respectively	0.0	0.0
Preferred stock, $0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of December 31, 2023 and December 31, 2022	0.0	0.0
Retained earnings	901.3	1,214.7
Additional paid-in capital	1,977.0	1,936.2
Less: Treasury stock, 22,477,241 and 16,328,308 shares as of December 31, 2023 and December 31, 2022, respectively, at cost	(533.9)	(414.0)
Accumulated other comprehensive loss	(19.9)	(18.1)
Total Cannae shareholders' equity	2,324.5	2,718.8
Noncontrolling interests	(15.3)	(3.9)
Total equity	2,309.2	2,714.9
Total liabilities and equity	$ 2,686.7	$ 3,125.5

Variable Interest Entities

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 held both at inception and when there is a change in circumstances that requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate. As of and for the years ended December 31, 2023, 2022 and 2021, we are not the primary beneficiary of any VIEs.

Unconsolidated VIEs

The table below summarizes select information related to variable interests held by the Company as of December 31, 2023 and 2022, of which we are not the primary beneficiary:


		2023				2022
		Total Assets		Maximum Exposure		Total Assets		Maximum Exposure
	(in millions)
Investments in unconsolidated affiliates		$	210.9	$	210.9	$	138.3	$	138.3

Investments in Unconsolidated Affiliates

As of December 31, 2023 and 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 between approximately $36.3 million and $66.0 million as of December 31, 2023. These obligations are potentially payable at various increments over the next four years and vary based on certain performance criteria. 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 our VIEs.

The assets are included in Investments in unconsolidated affiliates on the Consolidated Balance Sheets and accounted for under the equity method of accounting. See Note B - Investments for further discussion of our accounting for investments in unconsolidated affiliates.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income tax benefit consists of the following:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Current (benefit) expense	$	(18.2)	$	65.7	$	101.5
Deferred benefit	(58.8)		(155.6)		(175.5)
	$	(77.0)	$	(89.9)	$	(74.0)

A reconciliation of the federal statutory rate to our effective tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	(0.3)		(2.7)		(0.3)
Tax credits	2.3		1.2		1.0
Valuation allowance	(0.5)		(0.2)		0.1
Non-deductible expenses	(0.1)		(0.2)		—
Non-deductible executive compensation	(0.5)		(0.8)		(1.3)
Dividends received deduction	(0.8)		(0.2)		—
Noncontrolling interests	(1.1)		(0.1)		—
Basis difference in investments	(0.8)		0.1		0.7
Consolidated and unconsolidated stock-based compensation	(3.8)		(2.9)		(0.5)
Other	2.1		0.1		(0.1)
Effective tax rate excluding equity investments	17.5	%	15.3	%	20.6	%
Equity investments	19.7		11.5		(3.5)
Effective tax rate	37.2	%	26.8	%	17.1	%

The significant components of deferred tax assets and liabilities at December 31, 2023 and 2022 consist of the following:


	December 31,
	2023		2022
	(In millions)
Deferred tax assets:
Partnerships	$	41.6	$	20.7

Net operating loss carryforwards	35.2		4.4
Tax credit carryforwards	4.8		—
Other	5.0		1.2
Total gross deferred tax asset	86.6		26.3
Less: valuation allowance	(4.6)		(3.6)
Total deferred tax asset	$	82.0	$	22.7

The Company’s deferred taxes are primarily reflected as the book to tax difference in the Company's ownership of Cannae LLC. The Company, through its direct and indirect interests, holds a 100% ownership percentage of Cannae LLC.

The increase in our net deferred tax asset as of December 31, 2023 from 2022 is primarily attributable to equity in losses of unconsolidated affiliates, sales of Dayforce shares and impairments of investments in unconsolidated affiliates, partially offset sales of Paysafe shares and mark-to-market gains recorded on Dayforce.

The Company’s gross federal and state NOL carryforwards were $258.6 million and $92.3 million at December 31, 2023 and 2022, respectively. The NOLs expire in various tax years through 2043.

ASC 740 requires that companies assess whether a valuation allowance should be established against their deferred tax assets based on the consideration of all of the available evidence using a "more likely than not" standard. A valuation allowance is established for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets may not be realized. Management evaluated the Company’s deferred tax assets for recoverability using a consistent approach that considers the relative impact of negative and positive evidence, in particular, the Company’s historical profitability and any projections of future taxable income or potential future tax planning strategies. As of December 31, 2023 and 2022, the Company recorded a valuation allowance of $4.6 million and $3.6 million, respectively, related to state NOLs, as it is more likely than not that the tax benefit of certain state NOLs will not be realized before the NOLs expire.

Unrecognized tax benefits are recorded for differences between tax positions the Company takes, or expects to take, on its income tax return compared to the benefit recognized for financial statement purposes. The Company does not have any unrecognized tax benefits as of December 31, 2023, 2022 or 2021.

The Company's federal and state income tax returns for the tax years ended December 31, 2023, 2022, 2021 and 2020 remain subject to examination.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 200.3	$ 271.0
Accumulated depreciation and amortization	(141.6)	(183.5)
Property and equipment, net	58.7	87.5
Depreciation expense on property and equipment	16.3	19.3	$ 22.5
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	72.6	98.5
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	100.4	123.6
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12.3	22.8
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12.3	22.8
Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2.7	$ 3.3

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 28, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-38300
Entity Registrant Name	CANNAE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1273460
Entity Address, Address Line One	1701 Village Center Circle,
Entity Address, City or Town	Las Vegas,
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89134
City Area Code	702
Local Phone Number	323-7330
Title of 12(b) Security	Cannae Common Stock, $0.0001 par value
Trading Symbol	CNNE
Security Exchange Name	NYSE
Entity Well-Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,368,064,435
Entity Common Stock, Shares Outstanding		72,481,945
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001704720

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 570.0	$ 662.1	$ 742.2
Restaurant revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	536.0	630.6	704.7
Restaurant Group
Disaggregation of Revenue [Line Items]
Total operating revenues	536.0	630.6	704.7
Restaurant Group \| Restaurant revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	535.6	629.9	673.2
Restaurant Group \| Bakery sales
Disaggregation of Revenue [Line Items]
Total operating revenues	0.0	0.0	28.8
Restaurant Group \| Franchise and other
Disaggregation of Revenue [Line Items]
Total operating revenues	0.4	0.7	2.7
Corporate and Other \| Real estate and resort
Disaggregation of Revenue [Line Items]
Total operating revenues	33.5	30.8	34.6
Corporate and Other \| Other
Disaggregation of Revenue [Line Items]
Total operating revenues	0.5	0.7	2.9
Total other operating revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 34.0	$ 31.5	$ 37.5

Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for amortizable intangible assets	$ 2.7	$ 3.5	$ 4.1
Estimated amortization expense, 2024	2.3
Estimated amortization expense, 2025	1.9
Estimated amortization expense, 2026	1.9
Estimated amortization expense, 2027	1.8
Estimated amortization expense, 2028	$ 1.4

Business and Summary of Significant Accounting Policies - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Impairment expense		$ 0.0	$ 0.0
Restaurant Group
Finite-Lived Intangible Assets [Line Items]
Impairment expense	$ 4.2
Computer software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful lives	3 years
Computer software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful lives	10 years
Tradenames
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful lives	15 years

Commitments and Contingencies - Purchase Obligations (Details) $ in Millions	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 27.1
2025	9.1
2026	5.6
2027	2.9
2028	0.8
Thereafter	0.0
Total purchase commitments	$ 45.5

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary of Financial Information Concerning Reportable Segments

As of and for the year ended December 31, 2023:


	Restaurant Group		Dun & Bradstreet		Alight		BKFE		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	536.0	$	—	$	—	$	—	$	—	$	—	$	536.0
Other revenues	—		2,314.0		3,410.0		149.0		34.0		(5,873.0)		34.0
Revenues from external customers	536.0		2,314.0		3,410.0		149.0		34.0		(5,873.0)		570.0
Interest and investment income, including recognized (losses) gains, net	36.0		5.8		(134.0)		3.8		(106.3)		124.4		(70.3)
Total revenues and other income (expense)	572.0		2,319.8		3,276.0		152.8		(72.3)		(5,748.6)		499.7
Depreciation and amortization	17.0		586.8		421.0		99.8		2.0		(1,107.6)		19.0
Interest expense	(6.1)		(221.9)		(131.0)		(8.5)		(11.8)		361.4		(17.9)
(Loss) earnings before income taxes and equity in earnings (loss) of unconsolidated affiliates	(25.1)		(81.1)		(366.0)		(98.5)		(182.0)		545.6		(207.1)
Income tax expense (benefit)	0.7		(34.2)		(4.0)		—		(77.7)		38.2		(77.0)
(Loss) earnings before equity in earnings (loss) of unconsolidated affiliates	(25.8)		(46.9)		(362.0)		(98.5)		(104.3)		507.4		(130.1)
Equity in earnings (losses) of unconsolidated affiliates	—		3.2		—		(5.3)		(89.9)		(102.0)		(194.0)
Net (loss) earnings	$	(25.8)	$	(43.7)	$	(362.0)	$	(103.8)	$	(194.2)	$	405.4	$	(324.1)
Assets	$	290.4	$	9,135.9	$	10,782.0	$	488.9	$	2,396.3	$	(20,406.8)	$	2,686.7
Goodwill	53.4		3,445.8		3,543.0		—		—		(6,988.8)		53.4

As of and for the year ended December 31, 2022:


	Restaurant Group		Dun & Bradstreet		Alight		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	630.6	$	—	$	—	$	—	$	—	$	630.6
Other revenues	—		2,224.6		3,132.0		31.5		(5,356.6)		31.5
Revenues from external customers	630.6		2,224.6		3,132.0		31.5		(5,356.6)		662.1
Interest and investment income, including recognized gains (losses), net	7.8		2.2		95.0		(186.5)		(97.2)		(178.7)
Total revenues and other income (expense)	638.4		2,226.8		3,227.0		(155.0)		(5,453.8)		483.4
Depreciation and amortization	20.5		587.2		395.0		2.3		(982.2)		22.8
Interest expense	(4.2)		(193.2)		(122.0)		(8.1)		315.2		(12.3)
(Loss) earnings before income taxes and equity in earnings (loss) of unconsolidated affiliates	(18.4)		(27.2)		(41.0)		(317.2)		68.2		(335.6)
Income tax expense (benefit)	(0.7)		(28.8)		31.0		(89.2)		(2.2)		(89.9)
(Loss) earnings before equity in earnings of unconsolidated affiliates	(17.7)		1.6		(72.0)		(228.0)		70.4		(245.7)
Equity in earnings (losses) of unconsolidated affiliates	—		2.5		—		(173.5)		(12.9)		(183.9)
Net loss	$	(17.7)	$	4.1	$	(72.0)	$	(401.5)	$	57.5	$	(429.6)
Assets	$	338.4	$	9,471.9	$	11,235.0	$	2,787.1	$	(20,706.9)	$	3,125.5
Goodwill	53.4		3,431.3		3,679.0		—		(7,110.3)		53.4

As of and for the year ended December 31, 2021:


	Restaurant Group		Dun & Bradstreet		Alight		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	704.7	$	—	$	—	$	—	$	—	$	704.7
Other revenues	—		2,165.6		1,554.0		37.5		(3,719.6)		37.5
Revenues from external customers	704.7		2,165.6		1,554.0		37.5		(3,719.6)		742.2
Interest and investment income, including recognized gains (losses), net	2.1		0.7		(31.0)		(291.8)		30.3		(289.7)
Total revenues and other income (expense)	706.8		2,166.3		1,523.0		(254.3)		(3,689.3)		452.5
Depreciation and amortization	24.0		615.9		184.0		2.6		(799.9)		26.6
Interest expense	(8.8)		(206.4)		(57.0)		(1.0)		263.4		(9.8)
(Loss) earnings before income taxes and equity in losses of unconsolidated affiliates	(18.3)		(45.2)		(23.0)		(414.7)		68.2		(433.0)
Income tax expense (benefit)	1.0		23.4		25.0		(75.0)		(48.4)		(74.0)
(Loss) earnings before equity in losses of unconsolidated affiliates	(19.3)		(68.6)		(48.0)		(339.7)		116.6		(359.0)
Equity in earnings of unconsolidated affiliates	—		2.7		—		47.9		22.0		72.6
Net (loss) earnings	$	(19.3)	$	(65.9)	$	(48.0)	$	(291.8)	$	138.6	$	(286.4)
Assets	$	395.5	$	9,997.2	$	10,988.0	$	3,494.1	$	(20,985.2)	3,889.6
Goodwill	53.4		3,493.3		3,638.0		—		(7,131.3)		53.4

Supplementary Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow information

The following supplemental cash flow information is provided with respect to interest and tax payments, as well as certain non-cash investing and financing activities.


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Cash paid during the year:
Interest	$	13.6	$	9.6	$	7.0
Income taxes	4.6		100.0		128.9
Operating leases	33.1		36.0		37.8
Non-cash investing and financing activities:
D&B shares received as partial consideration for the Optimal Blue Disposition	$	—	$	435.0	$	—
Preferred shares received as consideration for note receivable from QOMPLX	—		—		19.3
Exchange of directly held Alight warrants for Alight common stock	—		—		12.8



Lease assets recognized in exchange for lease liabilities	32.8		7.5		9.3

Business and Summary of Significant Accounting Policies - Insurance Reserves (Details) $ in Millions	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liability for insurance reserves	$ 8.9

Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Non-Amortizable Intangible Assets

Other intangible assets consist of the following:


	December 31,
	2023		2022
	(In millions)
Trademarks and tradenames	$	19.9	$	24.1
Software	13.4		13.8
Franchise rights	1.6		1.6
Customer relationships and contracts	5.2		5.2

	40.1		44.7
Accumulated amortization	(23.3)		(21.2)
	$	16.8	$	23.5

Schedule of Amortizable Intangible Assets

Other intangible assets consist of the following:


	December 31,
	2023		2022
	(In millions)
Trademarks and tradenames	$	19.9	$	24.1
Software	13.4		13.8
Franchise rights	1.6		1.6
Customer relationships and contracts	5.2		5.2

	40.1		44.7
Accumulated amortization	(23.3)		(21.2)
	$	16.8	$	23.5

Business and Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Antidilutive shares excluded from calculation of diluted earnings per share (in shares)	0	200,000	100,000

Variable Interest Entities - Narrative (Details) - BKFE - Payment Guarantee $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Variable Interest Entity [Line Items]
Guarantor obligations, term	four years
Minimum
Variable Interest Entity [Line Items]
Guarantor obligations, maximum exposure	$ 36.3
Maximum
Variable Interest Entity [Line Items]
Guarantor obligations, maximum exposure	$ 66.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment


Property and equipment consists of the following:
	December 31,
	2023		2022
	(In millions)
Furniture, fixtures and equipment	$	72.6	$	98.5
Leasehold improvements	100.4		123.6
Land	12.3		22.8
Buildings	12.3		22.8
Other	2.7		3.3
	200.3		271.0
Accumulated depreciation and amortization	(141.6)		(183.5)
	$	58.7	$	87.5

Depreciation expense on property and equipment was $16.3 million, $19.3 million, and $22.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Our revenue consists of the following:


		Year ended December 31,
		2023		2022		2021
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(in millions)
Restaurant sales	Restaurant Group	$	535.6	$	629.9	$	673.2
Bakery sales	Restaurant Group	—		—		28.8
Franchise and other	Restaurant Group	0.4		0.7		2.7
Total restaurant revenue		536.0		630.6		704.7
Other operating revenue:


Real estate and resort	Corporate and Other	33.5		30.8		34.6
Other	Corporate and Other	0.5		0.7		2.9
Total other operating revenue		34.0		31.5		37.5
Total operating revenue		$	570.0	$	662.1	$	742.2

Contract Balances, Receivables and Deferred Revenue

The following table provides information about receivables and deferred revenue:


	December 31,
	2023		2022
	(In millions)
Trade receivables, net	$	7.6	$	7.1
Deferred revenue (contract liabilities)	16.9		18.6

Investments - Equity Securities Gain (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized during the period on equity securities	$ 22.2	$ (340.2)	$ (52.8)
Less: net gains (losses) recognized during the period on equity securities sold or transferred during the period	5.9	(132.2)	(32.3)
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$ 16.3	$ (208.0)	$ (20.5)

Related Party Transactions (Details) - USD ($) $ in Millions			12 Months Ended
	Dec. 28, 2023	May 22, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 08, 2022
Related Party Transaction [Line Items]
Other operating expense, management fees and interest payable			$ 142.9	$ 153.0	$ 151.6
Distribution from investment			52.7	7.9	298.1
BKFE
Related Party Transaction [Line Items]
Equity investment			109.8
Ownership (as a percent)							47.70%
CSI LP
Related Party Transaction [Line Items]
Distribution from investment	$ 36.8
Related Party \| High Sierra Distillery, LP, Minden Mill
Related Party Transaction [Line Items]
Equity investment		$ 52.1
Ownership (as a percent)		89.00%
Related Party \| BKFE
Related Party Transaction [Line Items]
Equity investment			$ 109.8	52.2
Related Party \| CSI LP
Related Party Transaction [Line Items]
Equity investment				$ 86.1
Ownership (as a percent)				32.00%
Distribution from investment				$ 36.8
Related Party \| Management Fee Expense Payable
Related Party Transaction [Line Items]
Other operating expense, management fees and interest payable				37.7	40.1	$ 33.6
Related Party \| Carried Interest Expense Related to Sales of and Distributions from Investments
Related Party Transaction [Line Items]
Other operating expense, management fees and interest payable				$ 0.0	$ 49.3	$ 44.5

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

As discussed in Note A, as of December 31, 2023, we no longer account for our investment in Paysafe under the equity method of accounting for equity investments. As a result of our reduction in influence over Paysafe and change in our accounting for our investment, we no longer consider Paysafe a reportable segment.

As of December 31, 2023, Sightline no longer meets the significance thresholds to be a reportable segment and we do not expect it to meet the thresholds in future periods. Accordingly, we no longer consider Sightline to be a reportable segment.

As a result of the foregoing, the segment tables for the years ended December 31, 2022 and 2021 have been retrospectively revised to remove Paysafe and Sightline as reportable segments.

As of December 31, 2023, our interest in BKFE meets the significance thresholds to be a reportable segment. We account for our ownership interest in BKFE under the equity method of accounting and report our equity in earnings or loss of BKFE on a three-month lag. Our chief operating decision maker reviews the financial results of BKFE for purposes of assessing performance and allocating resources. Accordingly, we consider BKFE a reportable segment and have included the full results of BKFE on a three-month lag, in the tables below.

As of and for the year ended December 31, 2023:


	Restaurant Group		Dun & Bradstreet		Alight		BKFE		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	536.0	$	—	$	—	$	—	$	—	$	—	$	536.0
Other revenues	—		2,314.0		3,410.0		149.0		34.0		(5,873.0)		34.0
Revenues from external customers	536.0		2,314.0		3,410.0		149.0		34.0		(5,873.0)		570.0
Interest and investment income, including recognized (losses) gains, net	36.0		5.8		(134.0)		3.8		(106.3)		124.4		(70.3)
Total revenues and other income (expense)	572.0		2,319.8		3,276.0		152.8		(72.3)		(5,748.6)		499.7
Depreciation and amortization	17.0		586.8		421.0		99.8		2.0		(1,107.6)		19.0
Interest expense	(6.1)		(221.9)		(131.0)		(8.5)		(11.8)		361.4		(17.9)
(Loss) earnings before income taxes and equity in earnings (loss) of unconsolidated affiliates	(25.1)		(81.1)		(366.0)		(98.5)		(182.0)		545.6		(207.1)
Income tax expense (benefit)	0.7		(34.2)		(4.0)		—		(77.7)		38.2		(77.0)
(Loss) earnings before equity in earnings (loss) of unconsolidated affiliates	(25.8)		(46.9)		(362.0)		(98.5)		(104.3)		507.4		(130.1)
Equity in earnings (losses) of unconsolidated affiliates	—		3.2		—		(5.3)		(89.9)		(102.0)		(194.0)
Net (loss) earnings	$	(25.8)	$	(43.7)	$	(362.0)	$	(103.8)	$	(194.2)	$	405.4	$	(324.1)
Assets	$	290.4	$	9,135.9	$	10,782.0	$	488.9	$	2,396.3	$	(20,406.8)	$	2,686.7
Goodwill	53.4		3,445.8		3,543.0		—		—		(6,988.8)		53.4

As of and for the year ended December 31, 2022:


	Restaurant Group		Dun & Bradstreet		Alight		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	630.6	$	—	$	—	$	—	$	—	$	630.6
Other revenues	—		2,224.6		3,132.0		31.5		(5,356.6)		31.5
Revenues from external customers	630.6		2,224.6		3,132.0		31.5		(5,356.6)		662.1
Interest and investment income, including recognized gains (losses), net	7.8		2.2		95.0		(186.5)		(97.2)		(178.7)
Total revenues and other income (expense)	638.4		2,226.8		3,227.0		(155.0)		(5,453.8)		483.4
Depreciation and amortization	20.5		587.2		395.0		2.3		(982.2)		22.8
Interest expense	(4.2)		(193.2)		(122.0)		(8.1)		315.2		(12.3)
(Loss) earnings before income taxes and equity in earnings (loss) of unconsolidated affiliates	(18.4)		(27.2)		(41.0)		(317.2)		68.2		(335.6)
Income tax expense (benefit)	(0.7)		(28.8)		31.0		(89.2)		(2.2)		(89.9)
(Loss) earnings before equity in earnings of unconsolidated affiliates	(17.7)		1.6		(72.0)		(228.0)		70.4		(245.7)
Equity in earnings (losses) of unconsolidated affiliates	—		2.5		—		(173.5)		(12.9)		(183.9)
Net loss	$	(17.7)	$	4.1	$	(72.0)	$	(401.5)	$	57.5	$	(429.6)
Assets	$	338.4	$	9,471.9	$	11,235.0	$	2,787.1	$	(20,706.9)	$	3,125.5
Goodwill	53.4		3,431.3		3,679.0		—		(7,110.3)		53.4

As of and for the year ended December 31, 2021:


	Restaurant Group		Dun & Bradstreet		Alight		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	704.7	$	—	$	—	$	—	$	—	$	704.7
Other revenues	—		2,165.6		1,554.0		37.5		(3,719.6)		37.5
Revenues from external customers	704.7		2,165.6		1,554.0		37.5		(3,719.6)		742.2
Interest and investment income, including recognized gains (losses), net	2.1		0.7		(31.0)		(291.8)		30.3		(289.7)
Total revenues and other income (expense)	706.8		2,166.3		1,523.0		(254.3)		(3,689.3)		452.5
Depreciation and amortization	24.0		615.9		184.0		2.6		(799.9)		26.6
Interest expense	(8.8)		(206.4)		(57.0)		(1.0)		263.4		(9.8)
(Loss) earnings before income taxes and equity in losses of unconsolidated affiliates	(18.3)		(45.2)		(23.0)		(414.7)		68.2		(433.0)
Income tax expense (benefit)	1.0		23.4		25.0		(75.0)		(48.4)		(74.0)
(Loss) earnings before equity in losses of unconsolidated affiliates	(19.3)		(68.6)		(48.0)		(339.7)		116.6		(359.0)
Equity in earnings of unconsolidated affiliates	—		2.7		—		47.9		22.0		72.6
Net (loss) earnings	$	(19.3)	$	(65.9)	$	(48.0)	$	(291.8)	$	138.6	$	(286.4)
Assets	$	395.5	$	9,997.2	$	10,988.0	$	3,494.1	$	(20,985.2)	3,889.6
Goodwill	53.4		3,493.3		3,638.0		—		(7,131.3)		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 inform commercial credit decisions, evaluate whether suppliers and other third parties are financially viable, reputable, compliant and resilient, enhance salesforce productivity and gain visibility into key markets. 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 contained comprehensive information on hundreds of millions of organizations. Our chief operating decision maker reviews the full financial results of Dun & Bradstreet for purposes of assessing performance

and allocating resources. Thus, we consider Dun & Bradstreet a reportable segment and have included the full results of Dun & Bradstreet in the tables above. We account for Dun & Bradstreet using the equity method of accounting; 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 9.7% ownership interest in Alight. Alight delivers human capital management solutions to many of the world’s largest and most complex companies. This includes the implementation and administration of both employee wellbeing (e.g., health, wealth and leaves benefits) and global payroll solutions. In addition, Alight implements and runs human capital management software platforms on behalf of third-party providers. Alight’s numerous solutions and services are utilized year-round by employees and their family members in support of their overall health, wealth and wellbeing goals. Participants can access their solutions digitally, including through a mobile application on Alight Worklife®, their intuitive, cloud-based employee engagement platform. Through Alight Worklife, Alight believes it is defining the future of employee wellbeing by providing an enterprise level, integrated offering designed to drive better outcomes for organizations and individuals. 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.

•Black Knight Football and Entertainment. This segment consists of our 47.7% ownership interest in BKFE. BKFE is a partnership led by Bill Foley that owns and operates A.F.C. Bournemouth ("AFCB"), an English Premier League ("EPL" or the "Premier League") football club founded in 1899, and a significant minority interest in FC Lorient ("FCL"), a French Ligue 1 football club founded in 1926. On February 28, 2024, BKFE entered into a strategic partnership with, and acquired a minority ownership interest in, The Hibernian Football Club Limited, a Scottish Premiership football club founded in 1875. BKFE aims to grow into a leading, multi-club operator of football assets across the world. We account for our ownership of BKFE using the equity method of accounting; therefore, its results of operations do not consolidate into ours. Accordingly, we have presented the elimination of BKFE's results in the Affiliate Elimination section of the segment presentation above. We report our equity in earnings or loss of BKFE on a three-month lag and we acquired our initial interest in BKFE on December 13, 2022. Accordingly, our segment tables above for the years ended December 31, 2023 includes our equity in BKFE's losses for the period from December 13, 2022 through September 30, 2023.

•Corporate and Other. This aggregation of nonreportable segments consists of our share in the operations of certain controlled portfolio companies and other equity investments, activity of the corporate holding company and certain intercompany eliminations and taxes.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Notes Payable - Gross Principal Maturities Based Upon Contractual Maturities of Notes Payable (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 3.0
2025	85.8
2026	11.9
2027	0.5
2028	2.4
Thereafter	1.8
Total	$ 105.4

Supplementary Cash Flow Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplementary Cash Flow Information

The following supplemental cash flow information is provided with respect to interest and tax payments, as well as certain non-cash investing and financing activities.


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Cash paid during the year:
Interest	$	13.6	$	9.6	$	7.0
Income taxes	4.6		100.0		128.9
Operating leases	33.1		36.0		37.8
Non-cash investing and financing activities:
D&B shares received as partial consideration for the Optimal Blue Disposition	$	—	$	435.0	$	—
Preferred shares received as consideration for note receivable from QOMPLX	—		—		19.3
Exchange of directly held Alight warrants for Alight common stock	—		—		12.8



Lease assets recognized in exchange for lease liabilities	32.8		7.5		9.3

Variable Interest Entities - Summary of Select Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets	$ 2,686.7	$ 3,125.5	$ 3,889.6
Variable interest entity, not primary beneficiary \| Investments in unconsolidated affiliates
Variable Interest Entity [Line Items]
Assets	210.9	138.3
Maximum Exposure	$ 210.9	$ 138.3

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax (Benefit) Expense on Continuing Operations

Income tax benefit consists of the following:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Current (benefit) expense	$	(18.2)	$	65.7	$	101.5
Deferred benefit	(58.8)		(155.6)		(175.5)
	$	(77.0)	$	(89.9)	$	(74.0)

Schedule of Reconciliation of Effective Tax Rate

A reconciliation of the federal statutory rate to our effective tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	(0.3)		(2.7)		(0.3)
Tax credits	2.3		1.2		1.0
Valuation allowance	(0.5)		(0.2)		0.1
Non-deductible expenses	(0.1)		(0.2)		—
Non-deductible executive compensation	(0.5)		(0.8)		(1.3)
Dividends received deduction	(0.8)		(0.2)		—
Noncontrolling interests	(1.1)		(0.1)		—
Basis difference in investments	(0.8)		0.1		0.7
Consolidated and unconsolidated stock-based compensation	(3.8)		(2.9)		(0.5)
Other	2.1		0.1		(0.1)
Effective tax rate excluding equity investments	17.5	%	15.3	%	20.6	%
Equity investments	19.7		11.5		(3.5)
Effective tax rate	37.2	%	26.8	%	17.1	%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities at December 31, 2023 and 2022 consist of the following:


	December 31,
	2023		2022
	(In millions)
Deferred tax assets:
Partnerships	$	41.6	$	20.7

Net operating loss carryforwards	35.2		4.4
Tax credit carryforwards	4.8		—
Other	5.0		1.2
Total gross deferred tax asset	86.6		26.3
Less: valuation allowance	(4.6)		(3.6)
Total deferred tax asset	$	82.0	$	22.7

Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Impairment to property plant and equipment	$ 8.1	$ 1.3	$ 0.2
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	30 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	40 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	3 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	25 years

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Purchase Obligations

Purchase obligations as of December 31, 2023 are as follows (in millions):


2024	$	27.1
2025	9.1
2026	5.6
2027	2.9
2028	0.8
Thereafter	—
Total purchase commitments	$	45.5

Income Taxes - Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	(0.30%)	(2.70%)	(0.30%)
Tax credits	2.30%	1.20%	1.00%
Valuation allowance	(0.50%)	(0.20%)	0.10%
Non-deductible expenses	(0.10%)	(0.20%)	0.00%
Non-deductible executive compensation	(0.50%)	(0.80%)	(1.30%)
Dividends received deduction	(0.80%)	(0.20%)	0.00%
Noncontrolling interests	(1.10%)	(0.10%)	0.00%
Basis difference in investments	(0.80%)	0.10%	0.70%
Consolidated and unconsolidated stock-based compensation	(3.80%)	(2.90%)	(0.50%)
Other	2.10%	0.10%	(0.10%)
Effective tax rate excluding equity investments	17.50%	15.30%	20.60%
Equity investments	19.70%	11.50%	(3.50%)
Effective tax rate	37.20%	26.80%	17.10%

Leases - Future Payments Under Operating Lease Arrangements Under ASC Topic 842 (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 24.7
2025	23.3
2026	21.8
2027	20.4
2028	18.5
Thereafter	125.9
Total lease payments, undiscounted	234.6
Less: discount	78.5
Total operating lease liability as of December 31, 2023, at present value	156.1
Less: operating lease liability as of December 31, 2023, current	13.9	$ 22.8
Operating lease liability as of December 31, 2023, long-term	$ 142.2	$ 151.0

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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.

The Company’s financial instruments also include cash, cash equivalents, receivables and accounts payable. The carrying values of these financial instruments approximate the fair values as maturities are less than three months.

Recurring Fair Value Measurements

The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022, respectively:


	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash and cash equivalents	$	106.2	$	—	$	—	$	106.2
Short-term investments	15.6		—		—		15.6
Equity securities:							—
Dayforce	268.5		—		—		268.5
Paysafe	22.4		—		—		22.4
Total equity securities	290.9		—		—		290.9
Total assets	$	412.7	$	—	$	—	$	412.7


	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
Dayforce	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 December 31, 2023 and 2022.

Additional information regarding the fair value of our investment portfolio is included in Note B - Investments.

The carrying amounts of trade receivables and notes receivable approximate fair value due to their short-term nature. The fair value of our notes payable is included in Note K - Notes Payable.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Notes Payable

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Notes Payable

Notes payable consists of the following:


	December 31,
	2023		2022
	(In millions)
2020 Margin Facility	$	—	$	—
FNF Revolver	84.7		84.7





Other	20.3		12.7
Notes payable, total	$	105.0	$	97.4
Less: Notes payable, current	2.5		2.3
Notes payable, long-term	$	102.5	$	95.1

At December 31, 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 Dayforce, 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 Dayforce, D&B and/or Alight shares and use the proceeds from such sale to prepay a portion of the revolving loans thereunder.

As of December 31, 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 Dayforce, 35 million shares of D&B and 40 million shares of Alight were pledged as collateral for future borrowings under the facility.

FNF Revolver

On November 17, 2017, FNF issued to Cannae a revolver note in aggregate principal amount of up to $100.0 million. On May 12, 2022, FNF and Cannae amended and restated the revolver note to, among other things, limit the use of proceeds for borrowings thereunder to the repurchase of our own shares of common stock from FNF (as amended and restated, the "FNF Revolver"). The FNF Revolver accrued 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; accordingly, there is no incremental borrowing capacity available under the FNF Revolver. As of December 31, 2023, there was a $84.7 million outstanding principal balance under the FNF Revolver which incurred interest at 9.97%.

On January 29, 2024, the FNF Revolver was amended to (i) reduce the borrowing capacity to $60.0 million and (ii) change the interest rate to a fixed rate of 7.0% per annum. The Company also repaid $25.0 million of outstanding principal under the FNF Revolver resulting in an outstanding principal balance of $59.7 million.


Gross principal maturities of notes payable at December 31, 2023 are as follows (in millions):
2024	$	3.0
2025	85.8
2026	11.9
2027	0.5
2028	2.4
Thereafter	1.8
	$	105.4

At December 31, 2023, the carrying value of our outstanding notes payable approximate fair value. The revolving credit facilities are considered Level 2 financial liabilities.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

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 December 31, 2023 and 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 alleged the Board breached their fiduciary duties by approving bonuses in connection with the initial public offering of Dayforce 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 authorized the SLC, among other things, to investigate and evaluate the claims and allegations asserted in the lawsuit. The Board also gave 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 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 was filed with the court. The agreement includes, among other things, a payment of $6 million in cash to the Company (less any fee and expense award), 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 complied with the remaining terms of the settlement. The net settlement is recorded in Recognized losses, net on our Condensed Consolidated Statement of Operations in the year ended December 31, 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 primarily related to food and beverage obligations with fixed commitments in regard to the time period of the contract and the quantities purchased with annual price adjustments that can fluctuate. We used both historical and projected volume and pricing as of December 31, 2023 to determine the amount of the obligations.

Purchase obligations as of December 31, 2023 are as follows (in millions):


2024	$	27.1
2025	9.1
2026	5.6
2027	2.9
2028	0.8
Thereafter	—
Total purchase commitments	$	45.5

Notes Payable - Narrative (Details) - USD ($)	Jan. 29, 2024	Aug. 17, 2023	Aug. 16, 2023	Nov. 17, 2017	Dec. 31, 2023	Jun. 16, 2023	Jun. 15, 2023	Dec. 31, 2022	Nov. 30, 2020
Line of Credit Facility [Line Items]
Borrowings outstanding					$ 105,000,000.0			$ 97,400,000
2020 Margin Facility
Line of Credit Facility [Line Items]
Borrowings outstanding					0			0
2020 Margin Facility \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity						$ 150,000,000	$ 250,000,000		$ 150,000,000
Basis spread on variable rate		3.75%	3.58%
Option to increase limit					500,000,000				$ 500,000,000
Line of credit outstanding balance					0
Amount available to borrow					$ 150,000,000
2020 Margin Facility \| Revolver Note \| Dayforce \| Senior Lien
Line of Credit Facility [Line Items]
Shares held as security for credit facility (in shares)					4,000,000
2020 Margin Facility \| Revolver Note \| Dun & Bradstreet \| Senior Lien
Line of Credit Facility [Line Items]
Shares held as security for credit facility (in shares)					35,000,000
2020 Margin Facility \| Revolver Note \| Alight
Line of Credit Facility [Line Items]
Shares held as security for credit facility (in shares)		40,000,000			40,000,000
Corporate Revolver Note \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity				$ 100,000,000
Term of automatic extension				5 years
Borrowings outstanding					$ 84,700,000			$ 84,700,000
Variable rate interest					9.97%
Corporate Revolver Note \| Revolver Note \| Subsequent Event
Line of Credit Facility [Line Items]
Aggregate borrowing capacity	$ 60,000,000
Borrowings outstanding	$ 59,700,000
Interest rate incurred	7.00%
Repayments of line of credit	$ 25,000,000
Corporate Revolver Note \| Revolver Note \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				4.50%

Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 10, 2023 USD ($)	Dec. 31, 2023 restaurant	Feb. 18, 2021 director
Commitments and Contingencies Disclosure [Abstract]
Number of restaurants \| restaurant		1
Number of directors \| director			2
Litigation settlement, amount awarded from other party \| $	$ 6

Business and Summary of Significant Accounting Policies - Goodwill (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Goodwill impairment	$ 0

Business and Summary of Significant Accounting Policies	12 Months Ended
Business and Summary of Significant Accounting Policies	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Summary of Significant Accounting Policies	Business and Summary of Significant Accounting Policies The following describes the significant accounting policies of Cannae Holdings, Inc. and its subsidiaries (collectively, "we," "us," "our," "Cannae," "CNNE" or the "Company”), which have been followed in preparing the accompanying Consolidated Financial Statements. Description of 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 December 31, 2023 include our ownership interests in Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet" or "D&B"); Dayforce, Inc., ("Dayforce", formerly known as Ceridian HCM Holding, Inc.); 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"); High Sierra Distillery, LP ("Minden Mill"); AmeriLife Group, LLC ("AmeriLife"); O'Charley's Holdings, LLC ("O'Charley's"); 99 Restaurants Holdings, LLC ("99 Restaurants"); and various other controlled subsidiary 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 Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. 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. 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 are recorded on the 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 Consolidated Balance Sheets represents the portion of equity owned by noncontrolling shareholders in our consolidated subsidiaries. Management Estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include nonrecurring fair value measurements in accounting for certain equity investments (Note B - Investments) and accounting for income taxes (Note L - Income Taxes). Actual results could differ from estimates. Recent Developments Dayforce In the year ended December 31, 2023, we completed the sale of 2.0 million shares of common stock of Dayforce. In connection with the sale, we received proceeds of $144.7 million. As of December 31, 2023, we owned 4.0 million shares of Dayforce common stock which represented approximately 2.6% of the outstanding common stock of Dayforce. Refer to Note B - Investments and Note C - Fair Value Measurements for further discussion of our accounting for our ownership interest in Dayforce and other equity securities. Subsequent to December 31, 2023 through the date of this Annual Report, we sold 2.0 million shares of common stock of Dayforce for proceeds of $141.9 million. Dun & Bradstreet On February 9, 2023, April 26, 2023, July 26, 2023, and October 26, 2023, the board of directors of D&B declared quarterly cash dividends of $0.05 per share of D&B common stock. In the year ended December 31, 2023, we received $15.8 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 December 31, 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 year ended December 31, 2023, we invested $109.8 million in BKFE. BKFE used the proceeds from investments from Cannae and others to acquire its interests in football clubs and further invest in its infrastructure and playing squads. As of December 31, 2023, we hold a 47.7% ownership interest in BKFE. See Note B - Investments for further discussion of our accounting for our ownership interest in BKFE and other equity method investments. Paysafe During the year ended December 31, 2023, we completed the sale of 1.6 million shares of common stock of Paysafe for aggregate proceeds of $18.5 million which will generate expected tax savings for the Company. As a result of our sales of Paysafe common stock, certain of our rights to nominate members to Paysafe's board of directors pursuant to a shareholders agreement were reduced. As a result of our reduction in governance rights over Paysafe's board of directors, we no longer exercise significant influence over Paysafe as of the fourth quarter of 2023. As of December 31, 2023 we account for our investment in Paysafe at fair value pursuant to the investment in equity security guidance of Accounting Standards Codification ("ASC") 321. The change resulted in the revaluation of our investment in Paysafe to its fair value of $22.4 million as of December 31, 2023 and recording a gain on such revaluation of $4.4 million (net of $0.6 million of before-tax gains reclassified from other comprehensive earnings), which is included in Recognized losses, net on the Consolidated Statement of Operations for the year ended December 31, 2023. As of December 31, 2023, we owned 1.8 million shares of Paysafe which represented approximately 2.8% of the outstanding common equity of Paysafe. See Note B - Investments and C - Fair Value Measurements for further discussion of our accounting for our ownership interest in Paysafe and other equity securities. Subsequent to December 31, 2023, we purchased 1.6 million shares of Paysafe for $23.4 million. Following the purchases, Cannae holds a 5.5% ownership interest in Paysafe. Other Developments On August 3, 2022, our Board authorized a three-year stock repurchase program (the "2022 Repurchase Program"), under which we may repurchase up to an additional 10.0 million shares of our 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. During the year ended December 31, 2023, we repurchased 6,137,355 shares of CNNE common stock for approximately $118.5 million in the aggregate, or an average of $19.31 per share, pursuant to the 2022 Repurchase Program. 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. We have not made any repurchases of our common stock under the 2023 Repurchase Program. On May 22, 2023, we invested $52.1 million for an 89% ownership interest in Minden Mill. Minden Mill, through its wholly-owned subsidiaries, owns and operates an estate distillery and related hospitality venues. Entities affiliated with our Chief Executive Officer, Chief Investment Officer and Chairman of our Board, William P. Foley II ("Bill Foley"), are the general partner of Minden Mill and manage all aspects of its operation on behalf of the Company. 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. On December 28, 2023, we received a distribution of $36.8 million from BGPT Catalyst, LP ("CSI LP"), the entity through which we own our interest in CSI. The distribution resulted from CSI LP's sale of a portion of CSI to a third party. Following the transaction, Cannae owns a 6.5% indirect interest in CSI. On February 21, 2024, we announced a tender offer to purchase up to $200 million of shares of our common stock at a purchase price of not less than $20.75 per share and not greater than $23.75 per share (the "Tender Offer"). We are conducting the Tender Offer through a procedure commonly referred to as a "modified Dutch auction." This procedure allows shareholders to select the price within a price range specified by us at which the shareholders are willing to sell their shares. The Company intends to commence the Tender Offer in early March 2024 and will be funded by cash on hand. Further details, including the terms and conditions of the Tender Offer, will be provided in the offer to purchase and other documents to be filed with the SEC in connection with the Tender Offer. On February 21, 2024, we issued 1.85 million shares of common stock of the Company from the Company’s treasury and paid $18.3 million in cash, in the aggregate, to certain partners of JANA Partners Capital, LLC and JANA Partners Management, LP (together, "JANA") in exchange for a 19.99% equity interest in JANA. The transaction is valued at $55.5 million based on the closing price of the Company's common stock on February 21, 2024. Cannae also committed to invest $50 million into JANA funds. JANA is an investment manager founded in 2001. On February 26, 2024, the Company, Cannae LLC and Trasimene entered into a Third Amended and Restated Management Services Agreement (the "Third Amended MSA") which amends and restates the Second Amended MSA. The Third Amended MSA amends the Second Amended MSA primarily to (i) provide for a termination of the agreement by the Company effective June 30, 2027, (ii) reduce the management fee to a fixed amount of $7.6 million annually effective beginning July 2, 2024 and (iii) provide for payment of the termination fee under the agreement of $20 million to be paid by the Company to Trasimene in installments of $6.7 million annually over the three-year period ended July 1, 2026. The Third Amended and Restated MSA has a termination date of June 30, 2027 unless earlier terminated by the Company or Trasimene. Cash and Cash Equivalents Highly liquid instruments, including money market instruments and certificates of deposit, purchased as part of cash management with original maturities of three months or less, and certain amounts in transit from credit and debit card processors, are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate their fair value. Investments Short term investments consist of highly liquid instruments, primarily certificates of deposit and corporate debt securities with high credit quality, purchased as part of cash management that have an original maturity of between three months and four months and are carried at amortized cost, which approximates fair value. Equity securities includes our investment in Dayforce and Paysafe and are carried at fair value. Recognized gains and losses on equity securities are determined on the basis of the fair value of the securities at the balance sheet date or on a trade date basis. Investments in unconsolidated affiliates are recorded using the equity method of accounting. Recognized gains and losses on the sale of investments accounted for under the equity method are determined on the basis of the book value of the specific investments sold and are credited or charged to income on a trade date basis. See Note B - Investments and Note C - Fair Value Measurements for further discussion of our accounting for equity securities and investments in unconsolidated affiliates. Other Current Assets Prepaid expenses and other current assets consist of trade receivables, inventory, prepaid operating expenses, the current portion of notes receivable, deposits and other miscellaneous current assets. Trade receivables are primarily for the Restaurant Group and consist primarily of business to business gift card sales, insurance-related reimbursement, rebates, tenant improvement allowances, and billings to franchisees for royalties, initial and renewal fees, equipment sales and rent. Trade receivables are recorded net of an allowance for doubtful accounts, which is our best estimate of the amount of probable credit losses related to existing receivables. The carrying values reported in the Consolidated Balance Sheets for trade receivables approximate their fair value. Inventory primarily consists of food, beverages, packaging and supplies in our Restaurant Group segment and is stated at the lower of cost or net realizable value. Cost is determined using the first in, first out method for restaurant inventory. Fair Value of Financial Instruments The fair value of financial instruments presented in the Consolidated Financial Statements are estimates of the fair value at a specific point in time using available market information and appropriate valuation methodologies. Estimates that use unobservable inputs are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. See Note C - Fair Value Measurements for further details. Distributions from Unconsolidated Affiliates We classify distributions received from unconsolidated affiliates in our Consolidated Statements of Cash Flows using the cumulative earnings approach. Under the cumulative earnings approach, distributions are considered returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions from an investee received in prior periods exceed the cumulative equity in earnings of such investee. When cumulative distributions from an investee exceed cumulative equity in earnings of the investee, such excess is considered a return of investment and is classified as a cash inflow from investing activities. Other Long-Term Investments and Non-Current Assets Other long-term investments consist primarily of investments in equity securities without a readily determinable fair value. See Note B - Investments for further discussion of our accounting for equity securities without a readily determinable fair value. Other non-current assets also include other miscellaneous non-current assets. Leases Refer to Note G - Leases. Goodwill Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in business combinations. Goodwill is reviewed for impairment annually or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. We have the option to first assess goodwill for impairment based on a review of qualitative factors to determine if events and circumstances exist that will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if the Company concludes otherwise, then it is required to perform the quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. Goodwill impairment, if any, is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. For the years ended December 31, 2023, 2022 and 2021, we did not have any impairment of goodwill. Other Intangible Assets We have other intangible assets, not including goodwill, which consist primarily of customer relationships and contracts, trademarks and tradenames that are generally recorded in connection with acquisitions at their fair value, franchise rights, the fair value of purchased software and capitalized software development costs. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives using an accelerated method, which takes into consideration expected customer attrition rates. Contractual relationships are generally amortized over their respective contractual lives. Useful lives of computer software range from three to ten years. The useful lives of our tradenames for all of our restaurant brands is fifteen years. Capitalized software development costs and purchased software are recorded at cost and amortized using the straight-line method over their estimated useful life. For the year ended December 31, 2023, we recorded impairments of $4.2 million to tradename asset for our O'Charley's brand in our Restaurant Group segment. For the years ended December 31, 2022 and 2021, we did not have any impairment of other intangible assets. Property and Equipment, net Property and equipment, net is recorded at cost, less accumulated depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: thirty to forty years for buildings and three to twenty-five years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets. The majority of our Property and equipment relate to our Restaurant Group. In our Restaurant Group, all direct external costs associated with obtaining the land, building and equipment for each new restaurant, as well as construction period interest, are capitalized. Direct external costs associated with obtaining the dining room and kitchen equipment, signage and other assets and equipment are also capitalized. In addition, for each new restaurant and re-branded restaurant, a portion of the internal direct costs of its real estate and construction department are also capitalized. Property and equipment are reviewed for impairment when events or circumstances indicate that the carrying amounts may not be recoverable. In the years ended December 31, 2023, 2022 and 2021 we recorded $8.1 million, $1.3 million and $0.2 million, respectively, of impairment to Property and equipment. The impairments relate primarily to our Restaurant Group for O'Charley's stores that have closed. All such impairments are included in Other operating expenses in our Consolidated Statements of Operations. Insurance Reserves Our Restaurant Group companies are currently self-insured for a portion of its workers' compensation, general liability, and liquor liability losses (collectively, casualty losses) as well as certain other insurable risks. To mitigate the cost of the Restaurant Group's exposures for certain property and casualty losses, we make annual decisions to either retain the risks of loss up to a certain maximum per occurrence, aggregate loss limits negotiated with its insurance carriers, or fully insure those risks. Our Restaurant Group companies are also self-insured for healthcare claims for eligible participating employees subject to certain deductibles and limitations. We have accounted for such retained liabilities for casualty losses and healthcare claims, including reported and incurred but not reported claims, based on information provided by third-party actuaries. As of December 31, 2023, we were committed under letters of credit totaling $8.9 million issued primarily in connection with casualty insurance programs for our Restaurant Group employees. Income Taxes We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact of changes in tax rates and laws on deferred taxes, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted. We recognize the benefits of uncertain tax positions in the financial statements only after determining a more likely than not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, we reassess these probabilities and record any changes in the financial statements as appropriate. Uncertain tax positions are accounted for by determining the minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. This determination requires the use of judgment in assessing the timing and amounts of deductible and taxable items. Tax positions that meet the more likely than not recognition threshold are recognized and measured as the largest amount of tax benefit that is more than 50% likely to be realized upon settlement with a taxing authority that has full knowledge of all relevant information. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as components of income tax expense. Revenue Recognition Refer to Note F - Revenue Recognition. Advertising Costs The Company expenses advertising and marketing costs as incurred, except for certain advertising production costs that are initially capitalized and subsequently expensed the first time the advertising takes place. During the years ended December 31, 2023, 2022, and 2021, the Company incurred $17.5 million, $17.0 million, and $16.0 million of advertising and marketing costs, respectively, related to advertising in our Restaurant Group and in our real estate operations. These costs are included in Other operating expenses on the Consolidated Statements of Operations. Comprehensive Earnings We report comprehensive earnings in accordance with GAAP on the Consolidated Statements of Comprehensive Earnings. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive earnings or loss represents the cumulative balance of other comprehensive earnings, net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to realized losses and are included in Recognized (losses) gains, net on the Consolidated Statements of Operations. Our policy is to release income tax effects from accumulated other comprehensive income at such time as the earnings or loss of the related activity are recognized in earnings (e.g., upon sale of an investment). As of December 31, 2023 and 2022 our entire balance of Accumulated other comprehensive losses relates to unrealized losses of investments in unconsolidated affiliates. Stock-Based Compensation Plans Stock-based compensation expense includes restricted stock awards granted in Cannae common stock to directors and certain members of management. We account for stock-based compensation plans using the fair value method. Under the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date, using quoted market prices of the underlying stock, and recognized over the service period. Earnings Per Share Basic earnings per share, as presented on the Consolidated Statement of Operations, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. 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 year ended December 31, 2023, there were no antidilutive shares outstanding. For the years ended December 31, 2022 and 2021, 0.2 million and 0.1 million shares of unvested restricted stock, respectively, were excluded from diluted earnings per share because including such shares would be anti-dilutive. Recent Accounting Pronouncements We have completed our evaluation of the recently issued accounting pronouncements and we did not identify any that are applicable to the Company for adoption or expected to, if currently adopted, have a material impact on our Consolidated Financial Statements.

Investments - Schedule of Summarized Financial Information, Alight (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total current assets		$ 177.3	$ 310.6
Total assets	$ 3,889.6	2,686.7	3,125.5	$ 3,889.6
Current liabilities		107.5	122.7
Long-term debt		105.0	97.4
Total liabilities		377.5	410.6
Noncontrolling interests		(15.3)	(3.9)
Total equity	3,341.1	2,309.2	2,714.9	3,341.1	$ 3,785.2
Total liabilities and equity		2,686.7	3,125.5
Condensed Combined Statements of Operations
Total revenues		499.7	483.4	452.5
Net loss		(324.1)	(429.6)	(286.4)
Net income (loss) attributable to noncontrolling interest		(10.7)	(1.5)	0.6
Net loss attributable to Alight		(313.4)	(428.1)	$ (287.0)
Alight
Schedule of Equity Method Investments [Line Items]
Total current assets		2,776.0	2,816.0
Goodwill and other intangible assets, net		7,097.0	7,551.0
Other noncurrent assets		909.0	868.0
Total assets		10,782.0	11,235.0
Current liabilities		2,187.0	2,348.0
Long-term debt		2,769.0	2,792.0
Other liabilities		1,084.0	1,006.0
Total liabilities		6,040.0	6,146.0
Noncontrolling interests		280.0	650.0
Total equity		4,742.0	5,089.0
Total liabilities and equity		10,782.0	11,235.0
Condensed Combined Statements of Operations
Total revenues	1,554.0	3,410.0	3,132.0
Gross profit	532.0	1,140.0	996.0
Net loss	(48.0)	(362.0)	(72.0)
Net income (loss) attributable to noncontrolling interest	(13.0)	(17.0)	(10.0)
Net loss attributable to Alight	$ (35.0)	$ (345.0)	$ (62.0)

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment


Property and equipment consists of the following:
	December 31,
	2023		2022
	(In millions)
Furniture, fixtures and equipment	$	72.6	$	98.5
Leasehold improvements	100.4		123.6
Land	12.3		22.8
Buildings	12.3		22.8
Other	2.7		3.3
	200.3		271.0
Accumulated depreciation and amortization	(141.6)		(183.5)
	$	58.7	$	87.5

Segment Information - Summary of Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues from external customers	$ 570.0	$ 662.1	$ 742.2
Interest and investment income, including recognized gains (losses), net	(70.3)	(178.7)	(289.7)
Total revenues and other income (expense)	499.7	483.4	452.5
Depreciation and amortization	19.0	22.8	26.6
Interest expense	(17.9)	(12.3)	(9.8)
Loss before income taxes and equity in (losses) earnings of unconsolidated affiliates	(207.1)	(335.6)	(433.0)
Income tax (benefit) expense	(77.0)	(89.9)	(74.0)
Loss before equity in (losses) earnings of unconsolidated affiliates	(130.1)	(245.7)	(359.0)
Equity in (losses) earnings of unconsolidated affiliates	(194.0)	(183.9)	72.6
Net (loss) earnings	(324.1)	(429.6)	(286.4)
Assets	2,686.7	3,125.5	3,889.6
Goodwill	53.4	53.4	53.4
Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	536.0	630.6	704.7
Operating Segments \| Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	536.0	630.6	704.7
Interest and investment income, including recognized gains (losses), net	36.0	7.8	2.1
Total revenues and other income (expense)	572.0	638.4	706.8
Depreciation and amortization	17.0	20.5	24.0
Interest expense	(6.1)	(4.2)	(8.8)
Loss before income taxes and equity in (losses) earnings of unconsolidated affiliates	(25.1)	(18.4)	(18.3)
Income tax (benefit) expense	0.7	(0.7)	1.0
Loss before equity in (losses) earnings of unconsolidated affiliates	(25.8)	(17.7)	(19.3)
Equity in (losses) earnings of unconsolidated affiliates	0.0	0.0	0.0
Net (loss) earnings	(25.8)	(17.7)	(19.3)
Assets	290.4	338.4	395.5
Goodwill	53.4	53.4	53.4
Operating Segments \| Dun & Bradstreet
Segment Reporting Information [Line Items]
Revenues from external customers	2,314.0	2,224.6	2,165.6
Interest and investment income, including recognized gains (losses), net	5.8	2.2	0.7
Total revenues and other income (expense)	2,319.8	2,226.8	2,166.3
Depreciation and amortization	586.8	587.2	615.9
Interest expense	(221.9)	(193.2)	(206.4)
Loss before income taxes and equity in (losses) earnings of unconsolidated affiliates	(81.1)	(27.2)	(45.2)
Income tax (benefit) expense	(34.2)	(28.8)	23.4
Loss before equity in (losses) earnings of unconsolidated affiliates	(46.9)	1.6	(68.6)
Equity in (losses) earnings of unconsolidated affiliates	3.2	2.5	2.7
Net (loss) earnings	(43.7)	4.1	(65.9)
Assets	9,135.9	9,471.9	9,997.2
Goodwill	3,445.8	3,431.3	3,493.3
Operating Segments \| Sightline
Segment Reporting Information [Line Items]
Revenues from external customers	149.0
Interest and investment income, including recognized gains (losses), net	3.8
Total revenues and other income (expense)	152.8
Depreciation and amortization	99.8
Interest expense	(8.5)
Loss before income taxes and equity in (losses) earnings of unconsolidated affiliates	(98.5)
Income tax (benefit) expense	0.0
Loss before equity in (losses) earnings of unconsolidated affiliates	(98.5)
Equity in (losses) earnings of unconsolidated affiliates	(5.3)
Net (loss) earnings	(103.8)
Assets	488.9
Goodwill	0.0
Operating Segments \| Alight
Segment Reporting Information [Line Items]
Revenues from external customers	3,410.0	3,132.0	1,554.0
Interest and investment income, including recognized gains (losses), net	(134.0)	95.0	(31.0)
Total revenues and other income (expense)	3,276.0	3,227.0	1,523.0
Depreciation and amortization	421.0	395.0	184.0
Interest expense	(131.0)	(122.0)	(57.0)
Loss before income taxes and equity in (losses) earnings of unconsolidated affiliates	(366.0)	(41.0)	(23.0)
Income tax (benefit) expense	(4.0)	31.0	25.0
Loss before equity in (losses) earnings of unconsolidated affiliates	(362.0)	(72.0)	(48.0)
Equity in (losses) earnings of unconsolidated affiliates	0.0	0.0	0.0
Net (loss) earnings	(362.0)	(72.0)	(48.0)
Assets	10,782.0	11,235.0	10,988.0
Goodwill	3,543.0	3,679.0	3,638.0
Operating Segments \| Corporate and Other
Segment Reporting Information [Line Items]
Revenues from external customers	34.0	31.5	37.5
Interest and investment income, including recognized gains (losses), net	(106.3)	(186.5)	(291.8)
Total revenues and other income (expense)	(72.3)	(155.0)	(254.3)
Depreciation and amortization	2.0	2.3	2.6
Interest expense	(11.8)	(8.1)	(1.0)
Loss before income taxes and equity in (losses) earnings of unconsolidated affiliates	(182.0)	(317.2)	(414.7)
Income tax (benefit) expense	(77.7)	(89.2)	(75.0)
Loss before equity in (losses) earnings of unconsolidated affiliates	(104.3)	(228.0)	(339.7)
Equity in (losses) earnings of unconsolidated affiliates	(89.9)	(173.5)	47.9
Net (loss) earnings	(194.2)	(401.5)	(291.8)
Assets	2,396.3	2,787.1	3,494.1
Goodwill	0.0	0.0	0.0
Affiliate Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	(5,873.0)	(5,356.6)	(3,719.6)
Interest and investment income, including recognized gains (losses), net	124.4	(97.2)	30.3
Total revenues and other income (expense)	(5,748.6)	(5,453.8)	(3,689.3)
Depreciation and amortization	(1,107.6)	(982.2)	(799.9)
Interest expense	361.4	315.2	263.4
Loss before income taxes and equity in (losses) earnings of unconsolidated affiliates	545.6	68.2	68.2
Income tax (benefit) expense	38.2	(2.2)	(48.4)
Loss before equity in (losses) earnings of unconsolidated affiliates	507.4	70.4	116.6
Equity in (losses) earnings of unconsolidated affiliates	(102.0)	(12.9)	22.0
Net (loss) earnings	405.4	57.5	138.6
Assets	(20,406.8)	(20,706.9)	(20,985.2)
Goodwill	(6,988.8)	(7,110.3)	(7,131.3)
Restaurant revenue
Segment Reporting Information [Line Items]
Revenues from external customers	536.0	630.6	704.7
Restaurant revenue \| Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	535.6	629.9	673.2
Restaurant revenue \| Operating Segments \| Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	536.0	630.6	704.7
Restaurant revenue \| Operating Segments \| Dun & Bradstreet
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0
Restaurant revenue \| Operating Segments \| Sightline
Segment Reporting Information [Line Items]
Revenues from external customers	0.0
Restaurant revenue \| Operating Segments \| Alight
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0
Restaurant revenue \| Operating Segments \| Corporate and Other
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0
Restaurant revenue \| Affiliate Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0
Other operating revenue
Segment Reporting Information [Line Items]
Revenues from external customers	34.0	31.5	37.5
Other operating revenue \| Operating Segments \| Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0
Other operating revenue \| Operating Segments \| Dun & Bradstreet
Segment Reporting Information [Line Items]
Revenues from external customers	2,314.0	2,224.6	2,165.6
Other operating revenue \| Operating Segments \| Sightline
Segment Reporting Information [Line Items]
Revenues from external customers	149.0
Other operating revenue \| Operating Segments \| Alight
Segment Reporting Information [Line Items]
Revenues from external customers	3,410.0	3,132.0	1,554.0
Other operating revenue \| Operating Segments \| Corporate and Other
Segment Reporting Information [Line Items]
Revenues from external customers	34.0	31.5	37.5
Other operating revenue \| Affiliate Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	$ (5,873.0)	$ (5,356.6)	$ (3,719.6)

Accounts Payable and Other Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accounts Payable and Other Accrued Liabilities

Accounts payable and other accrued liabilities, current, consists of the following:


	December 31,
	2023		2022
	(In millions)
Accrued payroll and employee benefits	$	12.8	$	13.3
Trade accounts payable	27.0		25.8
Management Fee payable	9.0		8.9
Accrued casualty self-insurance expenses	6.8		7.4
Tax liabilities, excluding income taxes payable	5.2		9.8
Other accrued liabilities	13.4		13.8
	$	74.2	$	79.0

Accounts payable and other accrued liabilities, long-term, consists of the following:


	December 31,
	2023		2022
	(In millions)
Restaurant Group financing obligations	$	13.1	$	28.8

Other accrued liabilities	12.2		13.0
	$	25.3	$	41.8

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Future Payments Under Operating Lease Arrangements Under ASC Topic 842

Future payments under operating lease arrangements accounted for under ASC Topic 842 as of December 31, 2023 are as follows (in millions):


2024	$	24.7
2025	23.3
2026	21.8
2027	20.4
2028	18.5
Thereafter	125.9
Total lease payments, undiscounted	$	234.6
Less: discount	78.5
Total operating lease liability as of December 31, 2023, at present value	$	156.1
Less: operating lease liability as of December 31, 2023, current	13.9
Operating lease liability as of December 31, 2023, long-term	$	142.2