0001704720-19-000069 | 8-K | XBRL Viewer

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Basis of Financial Statements - Recent Accounting Pronouncements (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease, right-of-use asset	$ 240.6		$ 0.0
Operating lease liability	$ 273.6
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease, right-of-use asset		$ 246.0
Operating lease liability		279.4
Prepaid expense and other assets		9.1
Accounts payable and accrued liabilities		$ 42.3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 121.2	$ 323.0
Short-term investments	12.1	31.4
Trade receivables	29.5	49.8
Inventory	31.0	22.3
Prepaid expenses and other current assets	29.0	25.2
Total current assets	222.8	451.7
Investments in unconsolidated affiliates	906.3	397.2
Lease assets - see Note B	240.6	0.0
Property and equipment, net	168.7	176.4
Other intangible assets, net	162.1	175.8
Goodwill	164.8	164.8
Fixed maturity securities available for sale, at fair value	17.5	17.8
Deferred tax asset	18.2	16.9
Other long term investments and non-current assets	58.0	58.9
Total assets	1,959.0	1,459.5
Current liabilities:
Accounts payable and other accrued liabilities, current	89.9	98.4
Lease liabilities, current - see Note B	42.7	0.0
Income taxes payable	23.7	24.2
Deferred revenue	25.9	31.5
Notes payable, current	5.9	5.9
Total current liabilities	188.1	160.0
Lease liabilities, long term - see Note B	230.9	0.0
Deferred revenue, long term	0.2	0.2
Notes payable, long term	206.3	42.2
Note payable to Fidelity National Financial, Inc. - see Note F	100.0	0.0
Accounts payable and other accrued liabilities, long term	29.6	57.4
Total liabilities	755.1	259.8
Commitments and contingencies - see Note G
Equity:
Cannae common stock, $0.0001 par value; authorized 115,000,000 shares as of March 31, 2019 and December 31, 2018; issued and outstanding of 72,234,330 and 72,223,692, respectively, as of March 31, 2019 and December 31, 2018	0.0	0.0
Preferred stock, $0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of March 31, 2019 and December 31, 2018	0.0	0.0
Retained earnings	49.5	45.8
Additional paid-in capital	1,148.9	1,146.2
Less: Treasury stock, 10,638 shares as of March 31, 2019 and December 31, 2018, at cost	(0.2)	(0.2)
Accumulated other comprehensive loss	(65.9)	(67.2)
Total Cannae shareholders' equity	1,132.3	1,124.6
Noncontrolling interests	71.6	75.1
Total equity	1,203.9	1,199.7
Total liabilities and equity	$ 1,959.0	$ 1,459.5

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Statement of Comprehensive Income [Abstract]

Net loss

$ (19.9)

$ (5.3)

Other comprehensive earnings (loss), net of tax:

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

^[1]

(0.2)

2.1

Unrealized gain (loss) relating to investments in unconsolidated affiliates

^[2]

5.9

(6.7)

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

^[3]

0.6

0.0

Other comprehensive earnings (loss)

6.3

(4.6)

Comprehensive loss

(13.6)

(9.9)

Less: Comprehensive loss attributable to noncontrolling interests

(3.1)

(4.2)

Comprehensive loss attributable to Cannae Holdings, Inc.

(10.5)

(5.7)

Net of income tax expense (benefit)

(0.1)

0.8

Net of income tax expense (benefit)

1.6

$ (1.8)

Net of income tax expense

$ 0.2

[1]	Net of income tax (benefit) expense of $(0.1) million and $0.8 million for the three months ended March 31, 2019 and 2018, respectively
[2]	Net of income tax expense (benefit) of $1.6 million and $(1.8) million for the three months ended March 31, 2019 and 2018, respectively
[3]	Net of income tax expense of $0.2 million for the three months ended March 31, 2019.

Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 7.1	$ 6.8
Semi-finished and finished goods	13.8	5.6
Packaging	2.1	2.4
Obsolescence reserve	(1.7)	(3.0)
Total bakery inventory	21.3	11.8
Other restaurant-related inventory	9.5	10.3
Other	0.2	0.2
Total inventory	$ 31.0	$ 22.3

Basis of Financial Statements

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Financial Statements

Description of the Business

We are a holding company engaged in actively managing and operating a group of companies and investments with a net asset value of approximately $1.2 billion as of March 31, 2019. Our business consists of managing and operating certain majority-owned subsidiaries, as well as making additional majority and minority equity portfolio investments in businesses, in order to achieve superior financial performance and maximize the value of these assets. As of March 31, 2019, our primary investments include our minority ownership interests in Ceridian Holding HCM, Inc. ("Ceridian") and Dun & Bradstreet (as defined in Note D); majority equity ownership stakes in American Blue Ribbon Holdings, LLC ("ABRH"), 99 Restaurants Holdings, LLC ("99 Restaurants") and T-System Holdings, LLC ("T-System"); and various other controlled portfolio companies and minority equity and debt investments. Except where otherwise noted, all references to we, us, our, Cannae, Cannae Holdings, the Company, or CNNE are to Cannae Holdings, Inc. and its subsidiaries, taken together.

See Note H for further discussion of the businesses comprising our reportable segments.

Principles of Consolidation and Basis of Presentation

The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2018.

Following the split-off of the former portfolio company investments by Fidelity National Financial, Inc. ("FNF"), and subsequent contribution to us (the "FNF Split-Off"), the Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the Corporate Services Agreement ("CSA"), dated as of November 17, 2017, by and between the Company and FNF and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. Both FNF and Cannae believe such allocations are reasonable; however, they may not be indicative of the actual results of operations or cash flows of the Company had the Company been operating as an independent, publicly traded company for the periods presented or the amounts that will be incurred by the Company in the future. FNF is considered a related party to the Company.

All intercompany profits, transactions and balances have been eliminated. Our investments in non-majority-owned partnerships and affiliates are accounted for using the equity method until such time that they may become wholly or majority-owned. Earnings attributable to noncontrolling interests are recorded on the Condensed Consolidated Statements of Operations relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Condensed Consolidated Balance Sheets in each period.

Management Estimates

The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the valuation of goodwill and acquired intangible assets and fair value measurements (Note C). Actual results may differ from estimates.

Recent Developments

Dun & Bradstreet

In February 2019, we completed our previously announced investment in The Dun & Bradstreet Corporation ("DNB"), a Delaware corporation. DNB is a global leader in commercial data and analytics and provides various services to help companies improve their operational performance. See Note D for further discussion.

Restaurant Group

During the quarter ended March 31, 2019 and year ended December 31, 2018, we entered into a plan to sell certain real estate assets of ABRH including its corporate offices located in Nashville, Tennessee and Denver, Colorado. In conjunction with the plan of sale, $11.2 million of assets are recorded as held for sale and included in Prepaid expenses and other current assets, net as of

March 31, 2019. In the three months ended March 31, 2019, we reclassified an additional $4.3 million from Property and equipment, net to Prepaid expenses and other current assets on the Consolidated and Combined Balance Sheet as of March 31, 2019.

On March 21, 2019, ABRH sold its corporate office located in Nashville, Tennessee for net cash proceeds of $13.2 million and entered into a lease agreement with the buyer to lease the office for an initial term of 15 years. The transaction was evaluated and determined not to qualify for sale-leaseback accounting. Accordingly, the transaction is accounted for as a failed sale and leaseback and a financing obligation. We reclassified $2.4 million from assets held for sale formerly included Prepaid expenses and other current assets to reflect the real estate assets in Property and equipment, net on our Condensed Consolidated Balance Sheet as of March 31, 2019 as if we were the legal owner. We continue to recognize depreciation expense over the buildings estimated useful life. We have recorded a liability for the financing obligation in the amount of the net cash proceeds of $13.2 million which is included in Accounts payable and other accrued liabilities, long term on our Condensed Consolidated Balance Sheet as of March 31, 2019.

Earnings Per Share

Basic earnings per share, as presented on the Condensed Consolidated Statement of Operations, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period.

In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted 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 which provide the ability to purchase shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share. For the three months ended March 31, 2019 and 2018, there were no antidilutive shares of restricted stock outstanding which were excluded from the calculation of diluted earnings per share.

Income Tax

Our effective tax rate was 126.3% and 56.7% in the three months ended March 31, 2019 and 2018, respectively. The increase in the effective tax rate is attributable to increased tax expense on earnings from investments in unconsolidated affiliates and an increased impact of permanent book-to-tax differences for wage and tip credits on pretax loss in the 2019 period compared to 2018.

Recent Accounting Pronouncements

In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02 Leases (Topic 842). The amendments in this ASU introduce broad changes to the accounting and reporting for leases by lessees. The main provisions of the new standard include: clarifications to the definitions of a lease, components of leases, and criteria for determining lease classification; requiring virtually all leased assets, including operating leases and related liabilities, to be reflected on the lessee's balance sheet; and expanding and adding to the required disclosures for lessees. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements which allows entities the option to adopt this standard by recording a cumulative-effect adjustment to opening equity, if necessary, and only include required disclosures for prior periods.

We adopted Topic 842 on January 1, 2019 using a modified retrospective approach prescribed by ASU 2018-11 and recorded an operating lease right-of-use asset (Lease assets) of $246.0 million and an operating lease liability for future discounted lease payment obligations (Lease liabilities) of $279.4 million at the date of adoption (January 1, 2019). The other material impacts of the adoption of Topic 842 also resulted in a decrease of $9.1 million and $42.3 million to our Other intangible assets, net and Accounts payable and accrued liabilities, respectively. We elected to apply the following package of practical expedients on a consistent basis permitting entities not to reassess: (i) whether any expired or existing contracts are or contain a lease; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance.

See Note B. Leases for further discussion of our leasing arrangements and related accounting.

In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. The amendments in this ASU introduce broad changes to accounting for credit impairment of financial instruments. The primary updates include the introduction of a new current expected credit loss ("CECL") model that is based on expected rather than incurred losses and amendments to the accounting for impairment of debt securities available for sale. This

update is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the effect this new guidance will have on our financial statements and related disclosures and have not yet concluded on its effects. We do not expect to early adopt the standard.

Revision of Prior Period Financial Statements

Subsequent to the issuance of the Company’s Condensed Consolidated Financial Statements for the three months ended March 31, 2018, we identified and corrected errors in connection with the preparation of the financial statements for the year ended December 31, 2018 pertaining to: (1) our adjustment for the cumulative effect of the adoption of Accounting Standards Codification ("ASC") Topic 606 as of the date of adoption (January 1, 2018), (2) adjustments to the opening balance sheet of T-System in order to add a contract asset for its unbilled accounts receivable and to remove a portion of deferred revenue for which T-System had no further performance obligations and (3) our accounting for certain revenue transactions in our T-System segment for the three months ended March 31, 2018.

These corrections resulted in a decrease in the Adjustment for cumulative effect of adoption of ASC Topic 606 to Retained earnings in the Condensed Consolidated Statement of Equity for the three months ended March 31, 2018 of $2.4 million from the $4.3 million (net of tax), as reported, to $1.9 million (net of tax), as corrected.

These corrections also resulted in the following changes in our Condensed Consolidated Statement of Operations for the three months ended March 31, 2018:

i.decrease of $1.5 million to Other operating revenue,

ii.decrease of $0.6 million to Depreciation and amortization,

iii.increase of $1.5 million to Income tax benefit (decreased expense) and

iv.decrease of $0.6 million to Net loss and Net loss attributable to Cannae (decreased loss)

In accordance with accounting guidance found in ASC Topic 250-10 Accounting Changes and Error Corrections (SEC Staff Accounting Bulletin Topic 1M), we assessed the materiality of the errors from quantitative and qualitative perspectives and concluded that the errors were not material, individually or in the aggregate, to any of our previously issued financial statements on Form 10-Q. Consequently, we are correcting these errors in this report and will also correct these errors prospectively in our subsequent quarterly filings on Form 10-Q.

Change in Accounting Principle

We historically accounted for our investment and proportionate share of losses in Dun & Bradstreet utilizing a three-month reporting lag due to timeliness considerations. The Company is now able to obtain financial information for Dun & Bradstreet on a more timely basis and has determined it is preferable to record our investment in Dun & Bradstreet on a current basis as opposed to the previous three-month lag.

In accordance with applicable accounting literature, a change to eliminate a previously existing reporting lag is considered a change in accounting principle. Changes in accounting principles are to be reported through retrospective application of the new principle to all prior financial statement periods presented. Accordingly, the Company's condensed consolidated financial statements for the interim periods of the current fiscal year, including the information as of and for the three months ended March 31, 2019 included herein, have been adjusted to reflect the period specific effects of eliminating the three-month reporting lag. The elimination of the three-month reporting lag did not impact total operating, investing or financing cash flows for any period presented. As we made our initial investment in Dun & Bradstreet in February 2019, such adjustments did not impact our fiscal year 2018 financial statements or opening retained earnings of our fiscal year 2019 financial statements.

The elimination of the three-month reporting lag for our equity investment in Dun & Bradstreet resulted in the adjustments as of and for the periods indicated below (in millions, except per share amounts).



	Three Months Ended
	March 31, 2019
	As Previously Reported			As Adjusted in this Report			Difference
	(in millions, except per share amounts)
Condensed Consolidated Statements of Operations
Income tax benefit	$	(4.8	)	$	(7.2	)	$	(2.4	)
Equity in earnings (losses) of unconsolidated affiliates	2.9			(21.4		)	(24.3		)
Net earnings (loss)	2.0			(19.9		)	(21.9		)
Net earnings (loss) attributable to Cannae Holdings	$	5.1		$	(16.8	)	$	(21.9	)
Per Share Data:
Basic
Basic earnings (loss) per share attributable to Cannae Holdings common shareholders	$	0.07		$	(0.23	)	$	(0.30	)
Diluted
Diluted earnings (loss) per share attributable to Cannae Holdings common shareholders	$	0.07		$	(0.23	)	$	(0.30	)
Condensed Consolidated Statements of Comprehensive Earnings
Net earnings (loss)	$	2.0		$	(19.9	)	$	(21.9	)
Unrealized gain relating to investments in unconsolidated affiliates	6.2			5.9			(0.3		)
Comprehensive earnings (loss) attributable to Cannae Holdings, Inc.	$	11.7		$	(10.5	)	$	(22.2	)



	As of
	March 31, 2019
	As Previously Reported			As Adjusted in this Report			Difference
	(in millions, except per share amounts)
Condensed Consolidated Balance Sheet
Investments in unconsolidated affiliates	$	930.8		$	906.3		$	(24.5	)
Deferred tax asset	15.8			18.2			2.4
Retained earnings	71.4			49.5			(21.9		)
Additional paid-in capital	1,148.8			1,148.9			0.1
Accumulated other comprehensive loss	(65.6		)	(65.9		)	(0.3		)

Investments - Schedule of Summarized Financial Information for Ceridian (Details) - Ceridian - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Condensed Combined Balance Sheets
Total current assets before customer funds	$ 330.4		$ 330.6
Customer funds	4,559.7		2,603.5
Goodwill and other intangible assets, net	2,129.2		2,114.9
Other assets	239.8		198.8
Total assets	7,259.1		5,247.8
Current liabilities before customer obligations	129.7		149.9
Customer obligations	4,554.0		2,619.7
Long-term obligations, less current portion	662.1		663.5
Other long-term liabilities	226.5		199.2
Total liabilities	5,572.3		3,632.3
Equity	1,686.8		1,615.5
Total liabilities and equity	7,259.1		$ 5,247.8
Condensed Combined Statements of Earnings
Total revenues	203.7	$ 188.8
Earnings before income taxes	16.9	8.0
Net earnings	$ 11.2	$ 0.6

Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Information

Summarized financial information concerning our reportable segments is shown in the following tables.

Due to the July 2018 sale of LifeWorks discussed above, the results of Ceridian for the three months ended March 31, 2018 have been adjusted to remove the effects of the discontinued operations of LifeWorks as well as to reflect Ceridian's retrospective adoption of ASC Topic 606 and certain other accounting standards.

On February 8, 2019, the DNB Acquisition closed. Our chief operating decision maker reviews the full financial results of Dun & Bradstreet for purposes of assessing performance and allocating resources. Accordingly, we consider Dun & Bradstreet a reportable segment and have included the full results of Dun & Bradstreet subsequent to the DNB Acquisition in the tables below. See below for further discussion of Dun & Bradstreet and our accounting for our related investment.

As of and for the three months ended March 31, 2019:



	Restaurant Group			T-System			Ceridian			Dun & Bradstreet			Corporate and Other			Ceridian and Dun & Bradstreet Elimination			Total
	(in millions)
Restaurant revenues	$	257.8		$	—		$	—		$	—		$	—		$	—		$	257.8
Other operating revenues	—			12.2			203.7			174.1			4.5			(377.8		)	16.7
Revenues from external customers	257.8			12.2			203.7			174.1			4.5			(377.8		)	274.5
Interest, investment and other income, including realized gains and losses	0.7			—			—			—			11.9			—			12.6
Total revenues and other income	258.5			12.2			203.7			174.1			16.4			(377.8		)	287.1
Depreciation and amortization	9.7			3.5			14.4			80.5			0.7			(94.9		)	13.9
Interest expense	(1.0		)	(1.4		)	(8.9		)	(49.1		)	(1.3		)	58.0			(3.7		)
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates	(8.1		)	(4.9		)	16.9			(111.6		)	7.3			94.7			(5.7		)
Income tax (benefit) expense	(0.1		)	(1.2		)	5.7			(30.5		)	(5.9		)	24.8			(7.2		)
(Loss) earnings, before equity in earnings (losses) of unconsolidated affiliates	(8.0		)	(3.7		)	11.2			(81.1		)	13.2			69.9			1.5
Equity in earnings of unconsolidated affiliates	—			—			—			—			0.3			(21.7		)	(21.4		)
Net (loss) earnings	$	(8.0	)	$	(3.7	)	$	11.2		$	(81.1	)	$	13.5		$	48.2		$	(19.9	)
Assets	$	670.7		$	205.0		$	7,259.1		$	9,161.0		$	1,083.3		$	(16,420.1	)	$	1,959.0
Goodwill	76.4			88.4			1,944.9			2,797.6			—			(4,742.5		)	164.8

As of and for the three months ended March 31, 2018:



	Restaurant Group			T-System			Ceridian			Corporate and Other			Ceridian Elimination			Total
	(in millions)
Restaurant revenues	$	273.8		$	—		$	—		$	—		$	—		$	273.8
Other operating revenues	—			15.4			188.8			3.2			(188.8		)	18.6
Revenues from external customers	273.8			15.4			188.8			3.2			(188.8		)	292.4
Interest investment and other income, including realized gains and losses	—			—			—			1.3			—			1.3
Total revenues and other income	273.8			15.4			188.8			4.5			(188.8		)	293.7
Depreciation and amortization	10.7			3.6			13.9			—			(13.9		)	14.3
Interest expense	(3.7		)	—			(22.2		)	0.7			22.2			(3.0		)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(9.3		)	(0.8		)	8.0			0.4			(8.0		)	(9.7		)
Income tax (benefit) expense	—			(1.8		)	5.8			(3.7		)	(5.8		)	(5.5		)
(Loss) earnings before equity in earnings (losses) of unconsolidated affiliates	(9.3		)	1.0			2.2			4.1			(2.2		)	(4.2		)
Equity in earnings (losses) of unconsolidated affiliates	0.1			—			—			0.7			(1.9		)	(1.1		)
Net (loss) earnings	$	(9.2	)	$	1.0		$	2.2		$	4.8		$	(4.1	)	$	(5.3	)
Assets	$	480.2		$	220.7		$	7,072.2		$	639.7		$	(7,072.2	)	$	1,340.6
Goodwill	103.1			98.9			1,950.1			—			(1,950.1		)	$	202.0

The activities in our segments include the following:

•

Restaurant Group. This segment consists of the operations of ABRH and 99 Restaurants, in which we have 65.4% and 88.5% ownership interests, respectively. ABRH and its affiliates are the owners and operators of the O'Charley's, Village Inn and Bakers Square food service and restaurant concepts, as well as the Legendary Baking bakery operation. 99 Restaurants and its affiliates are the owners and operators of Ninety Nine Restaurants restaurant concept.

•

Ceridian. This segment consists of our 23.3% ownership interest in Ceridian. Ceridian, through its operating subsidiary, is a global company that offers a broad range of services and software designed to help employers more effectively manage employment processes, such as payroll, payroll related tax filing, human resource information systems, employee self-service, time and labor management, employee assistance and work-life programs, and recruitment and applicant screening. Ceridian's cloud offering, Dayforce, is a cloud solution that meets HCM needs with one employee record and one user experience throughout the application. Dayforce enables organizations to process payroll, maintain human resources records, manage benefits enrollment, schedule staff, and find and hire personnel, while monitoring compliance throughout the employee life cycle. Our chief operating decision maker reviews the full financial results of Ceridian for purposes of assessing performance and allocating resources. Thus, we have included the full financial results of Ceridian in the table above. We account for our investment in Ceridian under the equity method of accounting and therefore its results of operations do not consolidate into ours. Accordingly, we have presented the elimination of Ceridian's results in the Ceridian Elimination section of the segment presentation above.

•

Dun & Bradstreet. This segment consists of our 24.5% ownership interest in Dun & Bradstreet. Dun & Bradstreet helps companies around the world improve their business performance and it gleans insight from data to enable its customers to connect with the prospects, suppliers, clients and partners that matter most to them. Companies of every size rely on Dun & Bradstreet to help them manage risk and reveal opportunity. Dun & Bradstreet's global commercial database as of December 31, 2018 contained more than 300 million business records. Dun & Bradstreet transforms commercial data into valuable insight which is the foundation of its global solutions that customers rely on to make critical business decisions. Dun & Bradstreet provides solution sets that meet a diverse set of customer needs globally. Customers use Risk Management Solutions™ to mitigate credit, compliance and supplier risk, increase cash flow and drive increased profitability. Dun & Bradstreet's Sales & Marketing Solutions™ help customers better use data to grow sales, digitally engage with customers and prospects, improve marketing effectiveness and also for data management capabilities that provide effective and cost efficient marketing solutions to increase revenue from new and existing customers. Our chief operating decision maker reviews the full financial results of Dun & Bradstreet for purposes of assessing performance and allocating resources. Thus, we consider Dun & Bradstreet a reportable segment and have included the full results of Dun & Bradstreet subsequent to the DNB Acquisition in the tables above. We account for Dun & Bradstreet using the equity method of accounting, and therefore its results do not consolidate into ours. Accordingly, we have presented the

elimination of Dun & Bradstreet's results in the Ceridian and Dun & Bradstreet Elimination section of the segment presentation above. Our net earnings for the three-month period ended March 31, 2019, includes our equity in Dun & Bradstreet’s losses for the period from February 8, 2019, the date of the DNB Acquisition, to March 31, 2019. See Note D for further discussion of our investment in Dun & Bradstreet and related accounting.

•

T-System. This segment consists of the operations of our 97%-owned subsidiary, T-System, acquired on October 16, 2017. T-System is a provider of clinical documentation and coding solutions to hospital-based and free-standing emergency departments and urgent care facilities. T-System organizes itself into two businesses. The Clinical Documentation business offers software solutions providing clinical staff with full workflow operations that drive documentation completeness and revenue optimization to more than 240 customers at more than 450 customer sites. Additionally, the patented T-Sheet is the industry standard for emergency department documentation, with more than 200 customers at more than 475 customer sites. The Coding Software & Outsourced Solutions business provides a full-service outsourced coding solution as well as a cloud-based software-as-a-service solution for self-service coding. These offerings help more than 75 customers at over 400 sites optimize their revenue cycle workflow and customer revenue reimbursement through improved coding accuracy and compliance and coder productivity compared to in-house coding.

•

Corporate and Other. This nonreportable segment 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.

Notes Payable - Schedule of Notes Payable (Details) - USD ($)	Mar. 31, 2019	Feb. 07, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Notes payable, total	$ 212,200,000		$ 48,100,000
Less: Notes payable, current	5,900,000		5,900,000
Notes payable, long term	206,300,000		42,200,000
99 Term Loan \| Notes payable to banks
Debt Instrument [Line Items]
Notes payable, total	35,300,000		36,100,000
99 Revolver \| Revolving credit facility
Debt Instrument [Line Items]
Notes payable, total	12,000,000.0		0
99 DLOC Loan
Debt Instrument [Line Items]
Notes payable, total	0		0
Margin Facility \| Revolving credit facility
Debt Instrument [Line Items]
Notes payable, total	150,000,000.0	$ 150,000,000	0
Brasada Interstate Loans \| Notes payable to banks
Debt Instrument [Line Items]
Notes payable, total	11,700,000		11,700,000
Other \| Notes payable
Debt Instrument [Line Items]
Notes payable, total	$ 3,200,000		$ 300,000

Inventory (Tables)

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consists of the following:



	March 31, 2019			December 31, 2018
	(In millions)
Bakery inventory:
Raw materials	$	7.1		$	6.8
Semi-finished and finished goods	13.8			5.6
Packaging	2.1			2.4
Obsolescence reserve	(1.7		)	(3.0		)
Total bakery inventory	21.3			11.8
Other restaurant-related inventory	9.5			10.3
Other	0.2			0.2
Total inventory	$	31.0		$	22.3

Investments - Schedule of Carrying Amounts and Fair Values of Available for Sale Securities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fixed maturity securities available for sale:
Cost Basis	$ 18.7	$ 18.8
Unrealized Gains	0.8	0.9
Unrealized Losses	(2.0)	(1.9)
Corporate debt securities
Fixed maturity securities available for sale:
Cost Basis	18.7	18.8
Unrealized Gains	0.8	0.9
Unrealized Losses	(2.0)	(1.9)
Fair Value	17.5	17.8
Carrying Value
Fixed maturity securities available for sale:
Fair Value	17.5	17.8
Carrying Value \| Corporate debt securities
Fixed maturity securities available for sale:
Fair Value	17.5	17.8
Fair Value
Fixed maturity securities available for sale:
Fair Value	17.5	17.8
Fair Value \| Corporate debt securities
Fixed maturity securities available for sale:
Fair Value	$ 17.5	$ 17.8

Investments (Tables)

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Schedule of Carrying Amounts and Fair Values of Available for Sale Securities

The carrying amounts and fair values of our available for sale securities at March 31, 2019 and December 31, 2018 are as follows:



	March 31, 2019
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	17.5	$	18.7	$	0.8	$	(2.0	)	$	17.5
Total	$	17.5	$	18.7	$	0.8	$	(2.0	)	$	17.5



	December 31, 2018
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	17.8	$	18.8	$	0.9	$	(1.9	)	$	17.8
Total	$	17.8	$	18.8	$	0.9	$	(1.9	)	$	17.8

Schedule of Investment Securities in a Continuous Unrealized Loss Position

Net unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2019 and December 31, 2018 were as follows (in millions):



March 31, 2019	Less than 12 Months
	Fair		Unrealized
	Value		Losses
Corporate debt securities	$	15.6	$	(2.0	)
Total temporarily impaired securities	$	15.6	$	(2.0	)



December 31, 2018	Less than 12 Months
	Fair		Unrealized
	Value		Losses
Corporate debt securities	$	10.4	$	(1.9	)
Total temporarily impaired securities	$	10.4	$	(1.9	)

Schedule of Investments in Unconsolidated Affiliates and Summarized Financial Information for Ceridian

Summarized financial information for Ceridian for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. LifeWorks Corporation Ltd. ("LifeWorks"), a former subsidiary of Ceridian, was distributed pro-rata to Ceridian shareholders contemporaneously with Ceridian's initial public offering in April 2018. On July 27, 2018, LifeWorks was sold. The results of Ceridian for the three months ended March 31, 2018 have been adjusted to remove the effects of the discontinued operations of LifeWorks as well as to reflect Ceridian's retrospective adoption of ASC Topic 606 and certain other accounting standards.



	March 31, 2019		December 31, 2018
	(In millions)
Total current assets before customer funds	$	330.4	$	330.6
Customer funds	4,559.7		2,603.5
Goodwill and other intangible assets, net	2,129.2		2,114.9
Other assets	239.8		198.8
Total assets	$	7,259.1	$	5,247.8
Current liabilities before customer obligations	$	129.7	$	149.9
Customer obligations	4,554.0		2,619.7
Long-term obligations, less current portion	662.1		663.5
Other long-term liabilities	226.5		199.2
Total liabilities	5,572.3		3,632.3
Equity	1,686.8		1,615.5
Total liabilities and equity	$	7,259.1	$	5,247.8



	Three months ended March 31, 2019		Three months ended March 31, 2018
	(In millions)
Total revenues	$	203.7	$	188.8
Earnings before income taxes	16.9		8.0
Net earnings	11.2		0.6

Investments in unconsolidated affiliates recorded using the equity method of accounting as of March 31, 2019 and December 31, 2018 consisted of the following (in millions):



	Ownership at March 31, 2019		March 31, 2019		December 31, 2018
Ceridian	23.3	%	392.6		359.7
Dun & Bradstreet (defined below)	24.5	%	478.2		—
Other	various		35.5		37.5
Total			$	906.3	$	397.2

Summarized Financial Information For Dun and Bradstreet

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

We historically reported our equity in earnings or loss of Dun & Bradstreet on a one quarter lag. We now receive financial information from Dun & Bradstreet timely and record our equity in its losses on a real-time basis. As noted in the discussion under the heading Change in Accounting Principle in Note A, we have retrospectively applied the change to our prior period financial statements, including as of and for the three month period ended March 31, 2019 included herein. Accordingly, our net earnings for the three month period ended March 31 , 2019 include the Company’s equity in Dun & Bradstreet’s losses for the period from February 8, 2019 (the date of the DNB Acquisition) through March 31, 2019. See Note A for further information on the impact of the change in accounting principle.



	March 31, 2019
	(In millions)
Total current assets	$	420.7
Goodwill and other intangible assets, net	8,285.7
Other assets	454.6
Total assets	$	9,161.0

Current liabilities	$	778.0
Long-term debt	3,821.0
Other non-current liabilities	1,636.5
Total liabilities	6,235.5
Preferred equity	1,028.4
Total capital	1,897.1
Total liabilities and equity	$	9,161.0



	Period from February 8, 2019 to March 31, 2019
	(In millions)
Total revenues	$	174.1
Loss before income taxes	(111.6		)
Net loss	(81.1		)
Dividends attributable to preferred equity and noncontrolling interest expense	(18.3		)
Net loss attributable to Dun & Bradstreet	(99.4		)

Investments - Dun And Bradstreet (Details) - USD ($)		1 Months Ended
Investments - Dun And Bradstreet (Details) - USD ($)	Feb. 08, 2019	Apr. 30, 2019
Dun And Bradstreet Corporation \| Dun And Bradstreet Corporation
Business Acquisition [Line Items]
Additional amount syndicated of Dun & Bradstreet Investment		$ 2,600,000
Ownership (as a percent)		24.30%
Dun And Bradstreet Corporation
Business Acquisition [Line Items]
Common equity financed from Consortium and Black Knight, Inc.	$ 2,100,000,000
Financed by preferred equity from preferred equity sources	1,100,000,000
Debt financing from various lenders	4,000,000,000.0
Dun And Bradstreet Corporation \| Cannae \| Commitment To Purchase Common Equity of Dun And Bradstreet
Business Acquisition [Line Items]
Commitment to purchase	$ 900,000,000.0
Percentage of outstanding common equity	24.50%
Syndication fee income	$ 9,100,000
Dun And Bradstreet Corporation \| Cannae \| Equity Commitment to Purchase, Retained And Funded
Business Acquisition [Line Items]
Commitment to purchase	$ 505,600,000

Notes Payable - Gross Principal Maturities of Notes Payable (Details) $ in Millions	Mar. 31, 2019 USD ($)
Debt Disclosure [Abstract]
2019 (remaining)	$ 4.5
2019	6.6
2020	155.9
2021	105.8
2022	28.5
Thereafter	9.2
Total Long Term Debt	$ 310.5

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Accrual for legal proceedings	$ 0.5	$ 0.5

Investments - Schedule of Investment Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Fair Value
Less than 12 Months	$ 15.6	$ 10.4
Unrealized Losses
Less than 12 Months	(2.0)	(1.9)
Corporate debt securities
Fair Value
Less than 12 Months	15.6	10.4
Unrealized Losses
Less than 12 Months	$ (2.0)	$ (1.9)

Revenue Recognition - Contract Balances, Information About Receivables and Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Trade receivables, billed	$ 21.3	$ 40.3
Unbilled accounts receivable, current	8.2	9.5
Unbilled accounts receivable, long term	10.6	10.6
Deferred revenue (contract liabilities)	26.1	$ 31.7
Revenue recognized that was included in deferred revenue	$ 15.0

Variable Interest Entities

3 Months Ended

Mar. 31, 2019

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 the equity investors as a group 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 periods ended March 31, 2019 and December 31, 2018 we are not the primary beneficiary of any VIEs.

Unconsolidated VIEs

The table below summarizes select information related to variable interests held by the Company as of March 31, 2019 and December 31, 2018, of which we are not the primary beneficiary:

March 31, 2019

December 31, 2018

Total Assets

Maximum Exposure

Total Assets

Maximum Exposure

(in millions)

Investments in unconsolidated affiliates

484.3

9.2

Investments in Unconsolidated Affiliates

The Company holds variable interests in certain unconsolidated affiliates, outlined in the table above, which are primarily comprised of Dun & Bradstreet (see Note D) and, to a lesser extent, funds that hold minority ownership interests primarily in healthcare-related entities. The principal risk to which these investments and funds are exposed is the credit risk of the underlying investees. We do not provide any implicit or explicit liquidity guarantees or principal value guarantees to these VIEs. The assets are included in investments in unconsolidated affiliates on the Condensed Consolidated Balance Sheets and accounted for under the equity method of accounting.

Investments - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	Apr. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates		$ 906.3	$ 397.2
Ceridian
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)		23.30%
Investments in unconsolidated affiliates		$ 392.6	359.7
Dun And Bradstreet Corporation
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates		478.2	0.0
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates		$ 35.5	$ 37.5
Ceridian \| Ceridian
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)		23.30%
Dun And Bradstreet Corporation \| Dun And Bradstreet Corporation
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	24.30%

Notes Payable

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Notes Payable

Notes payable consists of the following:



	March 31, 2019		December 31, 2018
	(In millions)
99 Term Loan	$	35.3	$	36.1
99 Revolver	12.0		—
99 DLOC Loan	—		—
Margin Facility	150.0		—
Brasada Interstate Loans	11.7		11.7
Other	3.2		0.3
Notes payable, total	$	212.2	$	48.1
Less: Notes payable, current	5.9		5.9
Notes payable, long term	$	206.3	$	42.2

At March 31, 2019 the carrying value of our outstanding notes payable approximates fair value. The respective carrying values of our variable rate notes payable approximate fair value as they are variable rate instruments with short reset periods which reflect current market rates. The revolving credit facilities are considered Level 2 financial liabilities. The fixed-rate A Note, as defined below, pursuant to the Interstate Credit Agreement approximates fair value as of March 31, 2019.

On December 21, 2018, 99 Restaurants LLC, a direct, wholly-owned subsidiary of 99 Restaurants entered into the 99 Restaurants Credit Facility with Fifth Third Bank and other lenders thereto. The 99 Restaurants Credit Facility provides for (i) a maximum revolving loan of $15.0 million (the “99 Revolver”) with a maturity date of December 21, 2023; (ii) a maximum term loan of $37.0 million (the "99 Term Loan") with monthly installment repayments through November 30, 2023 and a maturity date

of December 21, 2023 for the outstanding unpaid principal balance; and (iii) a maximum Development Line of Credit loan (the “99 DLOC Loan”) of up to $10.0 million to be advanced from time to time through December 21, 2020, with quarterly installment payments through (a) September 30, 2024 with respect to 99 DLOC Loans borrowed prior to December 21, 2019, and (b) September 30, 2025 with respect to 99 DLOC Loans borrowed on or after December 21, 2019. Interest on the 99 Credit Facility is based on, at our option, an applicable margin of (x) two and one half percent (2.50%) per annum with respect to Base Rate Loans, as provided therein, and (y) three and one half percent (3.50%) per annum with respect to LIBOR Loans, as provided therein. As of March 31, 2019, interest on the 99 Restaurants Credit Facility is payable monthly at a rate of 6.00% and there is $13.0 million of borrowing capacity.

On November 7, 2018, Cannae Funding, LLC (the "Borrower"), a wholly-owned special purpose subsidiary of the Company, entered into a Margin Loan Agreement (the "Loan Agreement"), and certain other related agreements, with Credit Suisse AG (in such capacity, "Administrative Agent") and other lenders thereto. Pursuant to the Loan Agreement, the Borrower may borrow up to $300.0 million (the "Margin Facility") in term loans at an interest rate of the three-month LIBOR plus an applicable margin with an initial maturity date of November 7, 2021. Interest on term loans under the Margin Facility is payable in-kind or cash at the Borrower's election. The Margin Facility is collateralized by 25.0 million shares of Ceridian held by the Borrower prior to any draws under the Margin Facility. On February 7, 2019, we borrowed $150 million under the Margin Facility and used the proceeds to fund, in part, the Dun & Bradstreet Investment. As of March 31, 2019, we pay interest on borrowings outstanding quarterly at a rate of 5.49% and there is $150 million available to be drawn pursuant to the Margin Facility.

Concurrently with the Loan Agreement, the Company entered into a Guaranty (the "Guaranty Agreement") in favor of the Administrative Agent and other lenders thereto pursuant to which the Company absolutely, unconditionally and irrevocably guaranteed all of the Borrower's obligations under the Loan Agreement for a period of up to one year after the conditions to the effectiveness of the Loan Agreement have been met. During the period in which the Guaranty Agreement is enforceable, the Company will be liable for all obligations payable by the Borrower under the Loan Agreement and other agreements entered into in connection therewith.

On January 29, 2016, FNF NV Brasada, LLC, an Oregon limited liability company and majority-owned subsidiary of the Company, entered into a credit agreement with an aggregate borrowing capacity of $17.0 million (the “Interstate Credit Agreement”) originally with Bank of the Cascades, as lender. The Interstate Credit Agreement provides for (i) a $12.5 million acquisition loan (the "Acquisition Loan"), (ii) a $3.0 million development loan (the "Development Loan"), and (iii) a $1.5 million line of credit loan (the "Line of Credit Loan", and collectively with the Acquisition Loan and the Development Loan, the "Brasada Interstate Loans"). On June 13, 2018, the Interstate Credit Agreement was modified to add an additional line of credit of $3.6 million and to assign the loan from the Bank of the Cascades to First Interstate Bank. Pursuant to the Acquisition Loan, NV Brasada executed a $6.25 million "A Note", which accrues interest at a rate of 4.51% per annum and matures on the tenth anniversary of the issuance thereof, and a $6.25 million "B Note", which accrues interest at the rate of LIBOR plus 225 basis points, adjusted monthly, and matures on the tenth anniversary of the issuance thereof. As of March 31, 2019, the variable rate notes incurred interest at 4.73% and there was $4.4 million available to be drawn pursuant to the Brasada Interstate Loans.

Note payable to FNF

On November 17, 2017, in conjunction with the FNF Split-Off, FNF issued to the Company a revolver note in aggregate principal amount of up to $100.0 million (the "FNF Revolver"). Pursuant to the FNF Revolver, FNF may make one or more loans to us in increments of $1.0 million, with up to $100.0 million outstanding at any time. The FNF Revolver accrues interest at LIBOR plus 450 basis points and matures on the five-year anniversary of the date we were issued the FNF Revolver. The maturity date is automatically extended for additional five-year terms unless notice of non-renewal is otherwise provided by either FNF or the Company, in their sole discretion. On February 7, 2019, we drew the entire $100.0 million available and used the proceeds to fund, in part, the Dun & Bradstreet Investment. As of March 31, 2019, there is $100.0 million outstanding under the FNF Revolver, no remaining borrowing capacity, and interest is payable monthly at 6.98%. FNF is a related party to the Company and accordingly, we classify the FNF Revolver separately from our other notes payable on our Condensed Consolidated Balance Sheets.

Gross principal maturities of notes payable and the FNF Revolver at March 31, 2019 are as follows (in millions):



2019 (remaining)	$	4.5
2020	6.6
2021	155.9
2022	105.8
2023	28.5
Thereafter	9.2
	$	310.5

Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Lease, Cost

Our operating lease costs for the three months ended March 31, 2019 consist of:



		Three Months Ended March 31, 2019
Lease Cost	Classification	(in millions)
Operating lease cost	Cost of restaurant revenue	$	14.6
	Other operating expense	0.1
Total operating lease cost		$	14.7

Future Undiscounted Payments Under Operating Lease Arrangements Under ASC Topic 842

Future undiscounted payments under operating lease arrangements accounted for under ASC Topic 842 are as follows (in millions):



2019 (remaining)	$	47.4
2020	59.9
2021	53.5
2022	42.4
2023	35.4
Thereafter	136.5
Total lease payments, undiscounted	$	375.1
Less: discount	101.5
Total operating lease liability as of March 31, 2019, at present value	$	273.6
Less: operating lease liability, current	42.7
Operating lease liability as of March 31, 2019, long term	$	230.9

Future Payments Under Operating Lease Arrangements Under ASC Topic 840

Future payments under operating lease arrangements accounted for under ASC Topic 840 as of December 31, 2018 are as follows (in millions):



2019	$	62.0
2020	57.7
2021	51.3
2022	40.7
2023	34.1
Thereafter	133.2
Total future minimum operating lease payments	$	379.0

Commitments and Contingencies

3 Months Ended

Mar. 31, 2019

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 and which represents our best estimate is recorded. As of March 31, 2019 and December 31, 2018, we had $0.5 million accrued for legal proceedings. 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.

Unconditional Purchase Obligations

The Restaurant Group has unconditional purchase obligations with various vendors. These purchase obligations are primarily food and beverage obligations with fixed commitments in regards to the time period of the contract and the quantities purchased with annual price adjustments that can fluctuate. We used both historical and projected volume and pricing as of March 31, 2019 to determine the amount of the obligations.

Purchase obligations as of March 31, 2019 are as follows (in millions):



2019 (remaining)	$	193.3
2020	92.2
2021	57.2
2022	8.6
2023	3.1
Thereafter	7.0
Total purchase commitments	$	361.4

Notes Payable - Narrative (Details) - USD ($)	Feb. 07, 2019	Dec. 21, 2018	Nov. 07, 2018	Nov. 17, 2017	Jan. 29, 2016	Mar. 31, 2019	Dec. 31, 2018	Jun. 13, 2018
Line of Credit Facility [Line Items]
Additional line of credit						$ 212,200,000	$ 48,100,000
99 Restaurants Credit Facility \| Revolver Note
Line of Credit Facility [Line Items]
Additional line of credit						$ 12,000,000.0	0
99 Restaurants Credit Facility \| 99 Restaurants \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity		$ 15,000,000.0
Interest rate						6.00%
Amount available to be drawn						$ 13,000,000.0
99 Restaurants Credit Facility \| 99 Restaurants \| Base Rate \| Revolver Note
Line of Credit Facility [Line Items]
Interest rate basis		2.50%
99 Restaurants Credit Facility \| 99 Restaurants \| LIBOR \| Revolver Note
Line of Credit Facility [Line Items]
Interest rate basis		3.50%
99 Term Loan \| Notes payable to banks
Line of Credit Facility [Line Items]
Additional line of credit						35,300,000	36,100,000
99 Term Loan \| 99 Restaurants
Line of Credit Facility [Line Items]
Notes, face amounts		$ 37,000,000.0
99 DLOC Loan
Line of Credit Facility [Line Items]
Additional line of credit						$ 0	0
99 DLOC Loan \| 99 Restaurants \| Line of Credit Loan
Line of Credit Facility [Line Items]
Notes, face amounts		$ 10,000,000.0
Margin Loan Agreement \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity			$ 300,000,000.0
Interest rate						5.49%
Amount available to be drawn						$ 150,000,000
Shares pledged as collateral (in shares)			25,000,000.0
Additional line of credit	$ 150,000,000					150,000,000.0	0
Brasada Interstate Credit Agreement \| Notes payable to banks
Line of Credit Facility [Line Items]
Additional line of credit						$ 11,700,000	11,700,000
Brasada Interstate Credit Agreement \| NV Brasada
Line of Credit Facility [Line Items]
Aggregate borrowing capacity					$ 17,000,000.0
Brasada Interstate Credit Agreement \| NV Brasada \| Line of Credit Loan
Line of Credit Facility [Line Items]
Aggregate borrowing capacity					1,500,000
Amount available to be drawn							$ 4,400,000
Additional line of credit								$ 3,600,000
Brasada Interstate Credit Agreement \| NV Brasada \| Acquisition Loan
Line of Credit Facility [Line Items]
Notes, face amounts					12,500,000
Brasada Interstate Credit Agreement \| NV Brasada \| Development Loan
Line of Credit Facility [Line Items]
Notes, face amounts					3,000,000.0
Brasada Interstate Credit Agreement \| NV Brasada \| Acquisition Loan, A Note
Line of Credit Facility [Line Items]
Notes, face amounts					$ 6,250,000
Interest rate					4.51%
Brasada Interstate Credit Agreement \| NV Brasada \| Acquisition Loan, B Note
Line of Credit Facility [Line Items]
Notes, face amounts					$ 6,250,000
Brasada Interstate Credit Agreement \| NV Brasada \| Notes payable to banks
Line of Credit Facility [Line Items]
Variable rate interest							4.73%
Brasada Interstate Credit Agreement \| NV Brasada \| LIBOR \| Acquisition Loan, B Note
Line of Credit Facility [Line Items]
Interest rate basis					2.25%
Corporate Revolver Note \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity				$ 100,000,000.0
Interest rate						6.98%
Amount available to be drawn						$ 0
Additional line of credit						$ 100,000,000.0
Maximum borrowing increment				$ 1,000,000.0
Anniversary term				5 years
Term of automatic extension				5 years
Proceeds from lines of credit	$ 100,000,000.0
Corporate Revolver Note \| LIBOR \| Revolver Note
Line of Credit Facility [Line Items]
Interest rate basis				4.50%

Leases - Lease Costs (Details) $ in Millions	3 Months Ended
Leases - Lease Costs (Details) $ in Millions	Mar. 31, 2019 USD ($)
Operating lease cost
Total operating lease cost	$ 14.7
Cost of restaurant revenue
Operating lease cost
Operating lease cost	14.6
Other operating expense
Operating lease cost
Operating lease cost	$ 0.1

Basis of Financial Statements - Income Tax (Details)	3 Months Ended
Basis of Financial Statements - Income Tax (Details)	Mar. 31, 2019	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Effective tax rate	126.30%	56.70%

Leases - Future Payments Under Operating Lease Arrangements Under ASC Topic 840 (Details) $ in Millions	Dec. 31, 2018 USD ($)
Leases [Abstract]
2019	$ 62.0
2020	57.7
2021	51.3
2022	40.7
2023	34.1
Thereafter	133.2
Total future minimum operating lease payments	$ 379.0

Cover	Nov. 27, 2019
Cover page.
Document Type	8-K
Document Period End Date	Nov. 27, 2019
Entity Registrant Name	CANNAE HOLDINGS, INC.
Entity File Number	1-38300
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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Cannae Common Stock, $0.0001 par value
Trading Symbol	CNNE
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001704720
Amendment Flag	false

Basis of Financial Statements - Description of the Business (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net asset value	$ 1,203.9	$ 1,199.7	$ 1,146.8	$ 1,153.1

Basis of Financial Statements (Tables)

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]



	Three Months Ended
	March 31, 2019
	As Previously Reported			As Adjusted in this Report			Difference
	(in millions, except per share amounts)
Condensed Consolidated Statements of Operations
Income tax benefit	$	(4.8	)	$	(7.2	)	$	(2.4	)
Equity in earnings (losses) of unconsolidated affiliates	2.9			(21.4		)	(24.3		)
Net earnings (loss)	2.0			(19.9		)	(21.9		)
Net earnings (loss) attributable to Cannae Holdings	$	5.1		$	(16.8	)	$	(21.9	)
Per Share Data:
Basic
Basic earnings (loss) per share attributable to Cannae Holdings common shareholders	$	0.07		$	(0.23	)	$	(0.30	)
Diluted
Diluted earnings (loss) per share attributable to Cannae Holdings common shareholders	$	0.07		$	(0.23	)	$	(0.30	)
Condensed Consolidated Statements of Comprehensive Earnings
Net earnings (loss)	$	2.0		$	(19.9	)	$	(21.9	)
Unrealized gain relating to investments in unconsolidated affiliates	6.2			5.9			(0.3		)
Comprehensive earnings (loss) attributable to Cannae Holdings, Inc.	$	11.7		$	(10.5	)	$	(22.2	)



	As of
	March 31, 2019
	As Previously Reported			As Adjusted in this Report			Difference
	(in millions, except per share amounts)
Condensed Consolidated Balance Sheet
Investments in unconsolidated affiliates	$	930.8		$	906.3		$	(24.5	)
Deferred tax asset	15.8			18.2			2.4
Retained earnings	71.4			49.5			(21.9		)
Additional paid-in capital	1,148.8			1,148.9			0.1
Accumulated other comprehensive loss	(65.6		)	(65.9		)	(0.3		)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	115,000,000	115,000,000
Common stock issued (in shares)	72,234,330	72,223,692
Common stock outstanding (in shares)	72,234,330	72,223,692
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Treasury shares (in shares)	10,638	10,638

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (19.9)	$ (5.3)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	13.9	14.3
Equity in losses of unconsolidated affiliates	21.4	1.1
Distributions from investments in unconsolidated affiliates	2.0	0.9
Realized gains and asset impairments, net	(1.4)	1.0
Noncash lease expense	9.9	0.0
Stock-based compensation cost	0.9	0.4
Changes in assets and liabilities, net of effects from acquisitions:
Net decrease in trade receivables	20.2	5.6
Net increase in inventory, prepaid expenses and other assets	(10.1)	(8.0)
Net decrease in lease liabilities	(10.9)	0.0
Net decrease in accounts payable, accrued liabilities, deferred revenue and other	(12.3)	(16.4)
Net change in income taxes	(7.7)	(4.9)
Net cash provided by (used in) operating activities	6.0	(11.3)
Cash flows from investing activities:
Proceeds from sale of investment securities and investments in unconsolidated affiliates	1.7	17.7
Additions to property and equipment and other intangible assets	(3.2)	(3.1)
Proceeds from sales of property and equipment	2.9	1.4
Dun & Bradstreet Investment, net of capitalized syndication fees - see Note D	(502.7)	0.0
Purchases of other long-term investments	0.0	(1.7)
Distributions from investments in unconsolidated affiliates	0.3	0.0
Net proceeds from sales and maturities of (cash paid for purchases of) short-term investment securities	19.2	(21.1)
Net other investing activities	0.0	0.4
Net cash used in investing activities	(481.8)	(6.4)
Cash flows from financing activities:
Borrowings	262.2	0.1
Debt service payments	(1.0)	(123.8)
Subsidiary distributions paid to noncontrolling interest shareholders	(0.4)	0.0
Proceeds from ABRH sale and leaseback of corporate offices, net of issuance costs- see Note A	13.2	0.0
Net cash provided by (used in) financing activities	274.0	(123.7)
Net decrease in cash and cash equivalents	(201.8)	(141.4)
Cash and cash equivalents at beginning of period	323.0	245.6
Cash and cash equivalents at end of period	$ 121.2	$ 104.2

Leases - Narrative (Details) - renew	3 Months Ended
Leases - Narrative (Details) - renew	Mar. 31, 2018	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease term		12 months
Lease option to renew (or more)	1
Lease renewal term (not to exceed)		20 years
Weighted average remaining lease term for operating leases		8 years
Weighted average discount rate		7.74%
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term		20 years

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consists of the following:



	March 31, 2019		December 31, 2018
	(In millions)
99 Term Loan	$	35.3	$	36.1
99 Revolver	12.0		—
99 DLOC Loan	—		—
Margin Facility	150.0		—
Brasada Interstate Loans	11.7		11.7
Other	3.2		0.3
Notes payable, total	$	212.2	$	48.1
Less: Notes payable, current	5.9		5.9
Notes payable, long term	$	206.3	$	42.2

Gross Principal Maturities of Notes Payable

Gross principal maturities of notes payable and the FNF Revolver at March 31, 2019 are as follows (in millions):



2019 (remaining)	$	4.5
2020	6.6
2021	155.9
2022	105.8
2023	28.5
Thereafter	9.2
	$	310.5

- 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://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 210
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-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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-Name Accounting Standards Codification
-Topic 835
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-Topic 505
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Basis of Financial Statements - Earnings Per Share (Details)	3 Months Ended
	Mar. 31, 2019 shares
Class of Stock [Line Items]
Antidilutive shares excluded from calculation of diluted earnings per share	0

Revenue Recognition

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:



		Three months ended March 31,
		2019		2018
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(in millions)
Restaurant sales	Restaurant Group	$	245.3	$	259.2
Bakery sales	Restaurant Group	11.0		13.2
Franchise and other	Restaurant Group	1.5		1.4
Total restaurant revenue		257.8		273.8
Other operating revenue:
T-System, point-in-time	T-System	4.8		6.7
T-System, over time	T-System	7.4		8.7
Real estate and resort	Corporate and other	4.4		2.9
Other	Corporate and other	0.1		0.3
Total other operating revenue		16.7		18.6
Total operating revenues		$	274.5	$	292.4

Restaurant revenue consists of restaurant sales, bakery operations, and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and gift card breakage, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided. Revenue from bakery operations is recognized at a point in time in the period during which the products are shipped and control transfers to the customer. Franchise revenue and other revenue consist of development fees and royalties on sales by franchised units. Initial franchise fees are recognized as income upon commencement of the franchise operation and completion of all material services and conditions by the Company. Royalties are calculated as a percentage of the franchisee sales and recognized in the period in which the sales are generated. Revenue resulting from the sale of gift cards is recognized in the period in which the gift card is redeemed and is recorded as deferred revenue until recognized.

T-System recognizes revenue when a customer obtains control of the promised goods or services. The amount of revenue recognized is determined by the consideration that T-System expects to be entitled to in exchange for the goods and services. T-System's contracts with customers typically do not include variable consideration such as right of return or refund or other form of incentives or considerations payable to customers.

T-System offers a software as a service solution with full-service coding ("RevCycle+") available, through contracts with customers to either provide access to its proprietary coding software platform or provide medical chart coding services. Billing for both services occurs monthly as services are provided. Billing for medical chart coding services is based on a monthly fee which may vary based on the volume of services provided. Revenue for RevCycle+ is recognized ratably over the term of the contract as services are consumed by the customer. Revenue for implementation and upfront training services provided to the customer, if any, are billed separately and recognized at a point in time upon completion of such services as T-System's performance obligation is considered complete.

T-System sells an electronic version of the medical documentation system (“EV”), provided in the form of a non-exclusive license to use the software at the sites under the agreement when the software is made available to the customer. EV contracts with customers can include various combinations of products and services which are generally capable of being distinct and accounted for as separate performance obligations such as software licenses, implementation services, third party interface licenses or subscriptions, hardware, and maintenance (software updates and technical support services). T-System sells software licenses through recurring fixed-term or subscription fee arrangements and one-time perpetual license arrangements (perpetual licenses), and as software as a service solution (cloud solutions). EV term license and perpetual license contracts include performance obligations that are both satisfied at a point in time and over a period of time as goods and services are transferred. T-System also sells legacy medical documentation templates ("T-Sheets") to emergency care providers to be used for documentation of patient care. T-Sheets includes various optional recurring fixed-term or subscription licenses which are recognized over time after access to the template has been delivered to the customer. EV software as a service contracts typically include one stand ready performance

obligation to provide subscription services which are satisfied over time. Judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the cloud service and recognized over time. Judgment is required to determine the standalone selling price ("SSP") for each distinct performance obligation. In instances where SSP is not directly observable, such as when we do not sell the product or service separately, we determine the SSP using information that may include our pricing strategy and other observable inputs.

T-System typically bills its customers on a monthly or other frequent periodic basis in accordance with the underlying contracts with its customers. We have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers. Revenue is recognized net of any taxes collected from customers.

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:



	March 31,		December 31,
	2019		2018
	(In millions)
Trade receivables, billed (1)	$	21.3	$	40.3
Unbilled accounts receivable, current (1)	8.2		9.5
Unbilled accounts receivable, long term (2)	10.6		10.6
Deferred revenue (contract liabilities)	26.1		31.7

(1) Included in Trade receivables on the Condensed Consolidated Balance Sheets

(2) Included in Other noncurrent assets on the Condensed Consolidated Balance Sheets

Unbilled accounts receivable is recorded primarily for our T-System EV and RevCycle+ revenue related to software, licenses, license implementation (including upfront training) and other performance obligations which are recognized in revenue at a point-in-time upon satisfaction of performance obligations, but collected in cash ratably over the term of the underlying contract.

Deferred revenue is recorded primarily for restaurant gift card sales and certain T-System revenue. The unrecognized portion of such revenue is recorded as Deferred revenue in the Condensed Consolidated Balance Sheets. Revenue of $15.0 million was recognized in the three months ended March 31, 2019 that was included in Deferred revenue at the beginning of the period.

There was no impairment related to contract balances.

As of March 31, 2019, revenue estimated to be recognized in the future from the Company’s remaining unfulfilled performance obligations is not material.

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Purchase Obligations

Purchase obligations as of March 31, 2019 are as follows (in millions):



2019 (remaining)	$	193.3
2020	92.2
2021	57.2
2022	8.6
2023	3.1
Thereafter	7.0
Total purchase commitments	$	361.4

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2019

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

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



	Three months ended March 31,
	2019		2018
	(In millions)
Cash paid during the period:
Interest	$	2.8	$	1.3
Income taxes	—		—
Operating leases	15.7		—
Non-cash investing and financing activities:
Unsettled purchases of investment securities accrued at period end	$	—	$	3.5
Lease liabilities recognized in exchange for lease right-of-use assets	5.1		—

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018, respectively:



	March 31, 2019
	Level 1		Level 2		Level 3		Total
	(In millions)
Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	17.5	$	17.5
Total	$	—	$	—	$	17.5	$	17.5



	December 31, 2018
	Level 1		Level 2		Level 3		Total
	(In millions)
Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	17.8	$	17.8
Total	$	—	$	—	$	17.8	$	17.8

Summary of Changes in the Fair Values of Level 3 Assets Measured on a Recurring Basis

The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the three months ended March 31, 2019 and 2018.



	Three months ended March 31, 2019			Three months ended March 31, 2018
	Corporate debt			Corporate debt
	securities			securities

Fair value, beginning of period	$	17.8		$	—
Transfers from Level 2	—			21.4
Impairment (1)	(0.3		)	—
Fair value, end of period	$	17.5		$	21.4

_____________________________________

(1) Included in Realized gains, net on the Condensed Consolidated Statements of Operations

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Total operating revenues	$ 274.5	$ 292.4
Operating expenses:
Cost of restaurant revenue	227.0	240.8
Personnel costs	24.4	24.1
Depreciation and amortization	13.9	14.3
Other operating expenses	23.8	21.2
Total operating expenses	289.1	300.4
Operating loss	(14.6)	(8.0)
Other income (expense):
Interest, investment and other income	11.0	1.3
Interest expense	(3.7)	(3.0)
Realized gains, net	1.6	0.0
Total other income (expense)	8.9	(1.7)
Loss before income taxes and equity in losses of unconsolidated affiliates	(5.7)	(9.7)
Income tax benefit	7.2	5.5
Earnings (loss) before equity in losses of unconsolidated affiliates	1.5	(4.2)
Equity in losses of unconsolidated affiliates	(21.4)	(1.1)
Net loss	(19.9)	(5.3)
Less: Net loss attributable to non-controlling interests	(3.1)	(4.2)
Net earnings (loss) attributable to Cannae Holdings, Inc. common shareholders	$ (16.8)	$ (1.1)
Basic
Net earnings (loss) per share (in usd per share)	$ (0.23)	$ (0.02)
Diluted
Net earnings (loss) per share (in usd per share)	$ (0.23)	$ (0.02)
Weighted Average Shares Outstanding
Weighted average shares outstanding Cannae Holdings common stock, basic basis (in shares)	71.6	70.6
Weighted average shares outstanding Cannae Holdings common stock, diluted basis (in shares)	71.8	70.6
Restaurant revenue
Revenues:
Total operating revenues	$ 257.8	$ 273.8
Other operating revenue
Revenues:
Total operating revenues	$ 16.7	$ 18.6

Segment Information - Summary of Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues from external customers	$ 274.5	$ 292.4
Interest, investment and other income, including realized gains and losses	12.6	1.3
Total revenues and other income	287.1	293.7
Depreciation and amortization	13.9	14.3
Interest expense	(3.7)	(3.0)
Loss before income taxes and equity in losses of unconsolidated affiliates	(5.7)	(9.7)
Income tax (benefit) expense	(7.2)	(5.5)
Earnings (loss) before equity in losses of unconsolidated affiliates	1.5	(4.2)
Equity in earnings of unconsolidated affiliates	(21.4)	(1.1)
Net loss	(19.9)	(5.3)
Assets	1,959.0	1,340.6	$ 1,459.5
Goodwill	164.8	202.0	$ 164.8
Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	257.8	273.8
Operating Segments
Segment Reporting Information [Line Items]
Goodwill
Operating Segments \| Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	257.8	273.8
Interest, investment and other income, including realized gains and losses	0.7	0.0
Total revenues and other income	258.5	273.8
Depreciation and amortization	9.7	10.7
Interest expense	(1.0)	(3.7)
Loss before income taxes and equity in losses of unconsolidated affiliates	(8.1)	(9.3)
Income tax (benefit) expense	(0.1)	0.0
Earnings (loss) before equity in losses of unconsolidated affiliates	(8.0)	(9.3)
Equity in earnings of unconsolidated affiliates	0.0	0.1
Net loss	(8.0)	(9.2)
Assets	670.7	480.2
Goodwill	76.4	103.1
Operating Segments \| T-System
Segment Reporting Information [Line Items]
Revenues from external customers	12.2	15.4
Interest, investment and other income, including realized gains and losses	0.0	0.0
Total revenues and other income	12.2	15.4
Depreciation and amortization	3.5	3.6
Interest expense	(1.4)	0.0
Loss before income taxes and equity in losses of unconsolidated affiliates	(4.9)	(0.8)
Income tax (benefit) expense	(1.2)	(1.8)
Earnings (loss) before equity in losses of unconsolidated affiliates	(3.7)	1.0
Equity in earnings of unconsolidated affiliates	0.0	0.0
Net loss	(3.7)	1.0
Assets	205.0	220.7
Goodwill	88.4	98.9
Operating Segments \| Ceridian
Segment Reporting Information [Line Items]
Revenues from external customers	203.7	188.8
Interest, investment and other income, including realized gains and losses	0.0	0.0
Total revenues and other income	203.7	188.8
Depreciation and amortization	14.4	13.9
Interest expense	(8.9)	(22.2)
Loss before income taxes and equity in losses of unconsolidated affiliates	16.9	8.0
Income tax (benefit) expense	5.7	5.8
Earnings (loss) before equity in losses of unconsolidated affiliates	11.2	2.2
Equity in earnings of unconsolidated affiliates	0.0	0.0
Net loss	11.2	2.2
Assets		7,072.2
Goodwill	1,944.9	1,950.1
Operating Segments \| Dun & Bradstreet
Segment Reporting Information [Line Items]
Revenues from external customers	174.1
Interest, investment and other income, including realized gains and losses	0.0
Total revenues and other income	174.1
Depreciation and amortization	80.5
Interest expense	(49.1)
Loss before income taxes and equity in losses of unconsolidated affiliates	(111.6)
Income tax (benefit) expense	(30.5)
Earnings (loss) before equity in losses of unconsolidated affiliates	(81.1)
Equity in earnings of unconsolidated affiliates	0.0
Net loss	(81.1)
Assets	9,161.0
Goodwill	2,797.6
Operating Segments \| Corporate and Other
Segment Reporting Information [Line Items]
Revenues from external customers	4.5	3.2
Interest, investment and other income, including realized gains and losses	11.9	1.3
Total revenues and other income	16.4	4.5
Depreciation and amortization	0.7	0.0
Interest expense	(1.3)	0.7
Loss before income taxes and equity in losses of unconsolidated affiliates	7.3	0.4
Income tax (benefit) expense	(5.9)	(3.7)
Earnings (loss) before equity in losses of unconsolidated affiliates	13.2	4.1
Equity in earnings of unconsolidated affiliates	0.3	0.7
Net loss	13.5	4.8
Assets	1,083.3	639.7
Goodwill	0.0	0.0
Ceridian and Dun & Bradstreet Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	(377.8)	(188.8)
Interest, investment and other income, including realized gains and losses	0.0	0.0
Total revenues and other income	(377.8)	(188.8)
Depreciation and amortization	(94.9)	(13.9)
Interest expense	58.0	22.2
Loss before income taxes and equity in losses of unconsolidated affiliates	94.7	(8.0)
Income tax (benefit) expense	24.8	(5.8)
Earnings (loss) before equity in losses of unconsolidated affiliates	69.9	(2.2)
Equity in earnings of unconsolidated affiliates	(21.7)	(1.9)
Net loss	48.2	(4.1)
Assets	(16,420.1)	(7,072.2)
Goodwill	(4,742.5)	(1,950.1)
Restaurant revenue
Segment Reporting Information [Line Items]
Revenues from external customers	257.8	273.8
Restaurant revenue \| Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	245.3	259.2
Restaurant revenue \| Operating Segments \| Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	257.8	273.8
Restaurant revenue \| Operating Segments \| T-System
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0
Restaurant revenue \| Operating Segments \| Ceridian
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0
Restaurant revenue \| Operating Segments \| Dun & Bradstreet
Segment Reporting Information [Line Items]
Revenues from external customers	0.0
Restaurant revenue \| Operating Segments \| Corporate and Other
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0
Restaurant revenue \| Ceridian and Dun & Bradstreet Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0
Other operating revenue
Segment Reporting Information [Line Items]
Revenues from external customers	16.7	18.6
Other operating revenue \| Operating Segments \| Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0
Other operating revenue \| Operating Segments \| T-System
Segment Reporting Information [Line Items]
Revenues from external customers	12.2	15.4
Other operating revenue \| Operating Segments \| Ceridian
Segment Reporting Information [Line Items]
Revenues from external customers	203.7	188.8
Other operating revenue \| Operating Segments \| Dun & Bradstreet
Segment Reporting Information [Line Items]
Revenues from external customers	174.1
Other operating revenue \| Operating Segments \| Corporate and Other
Segment Reporting Information [Line Items]
Revenues from external customers	4.5	3.2
Other operating revenue \| Ceridian and Dun & Bradstreet Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	(377.8)	$ (188.8)
Ceridian \| Operating Segments \| Ceridian
Segment Reporting Information [Line Items]
Assets	$ 7,259.1

Basis of Financial Statements (Policies)	3 Months Ended
Basis of Financial Statements (Policies)	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Combination and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2018. Following the split-off of the former portfolio company investments by Fidelity National Financial, Inc. ("FNF"), and subsequent contribution to us (the "FNF Split-Off"), the Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the Corporate Services Agreement ("CSA"), dated as of November 17, 2017, by and between the Company and FNF and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. Both FNF and Cannae believe such allocations are reasonable; however, they may not be indicative of the actual results of operations or cash flows of the Company had the Company been operating as an independent, publicly traded company for the periods presented or the amounts that will be incurred by the Company in the future. FNF is considered a related party to the Company. All intercompany profits, transactions and balances have been eliminated. Our investments in non-majority-owned partnerships and affiliates are accounted for using the equity method until such time that they may become wholly or majority-owned. Earnings attributable to noncontrolling interests are recorded on the Condensed Consolidated Statements of Operations relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Condensed Consolidated Balance Sheets in each period.
Earnings Per Share	Earnings Per Share Basic earnings per share, as presented on the Condensed Consolidated Statement of Operations, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02 Leases (Topic 842). The amendments in this ASU introduce broad changes to the accounting and reporting for leases by lessees. The main provisions of the new standard include: clarifications to the definitions of a lease, components of leases, and criteria for determining lease classification; requiring virtually all leased assets, including operating leases and related liabilities, to be reflected on the lessee's balance sheet; and expanding and adding to the required disclosures for lessees. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements which allows entities the option to adopt this standard by recording a cumulative-effect adjustment to opening equity, if necessary, and only include required disclosures for prior periods. We adopted Topic 842 on January 1, 2019 using a modified retrospective approach prescribed by ASU 2018-11 and recorded an operating lease right-of-use asset (Lease assets) of $246.0 million and an operating lease liability for future discounted lease payment obligations (Lease liabilities) of $279.4 million at the date of adoption (January 1, 2019). The other material impacts of the adoption of Topic 842 also resulted in a decrease of $9.1 million and $42.3 million to our Other intangible assets, net and Accounts payable and accrued liabilities, respectively. We elected to apply the following package of practical expedients on a consistent basis permitting entities not to reassess: (i) whether any expired or existing contracts are or contain a lease; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. See Note B. Leases for further discussion of our leasing arrangements and related accounting. In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. The amendments in this ASU introduce broad changes to accounting for credit impairment of financial instruments. The primary updates include the introduction of a new current expected credit loss ("CECL") model that is based on expected rather than incurred losses and amendments to the accounting for impairment of debt securities available for sale. This update is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. We are currently evaluating the effect this new guidance will have on our financial statements and related disclosures and have not yet concluded on its effects. We do not expect to early adopt the standard.
Revenue Recognition	Restaurant revenue consists of restaurant sales, bakery operations, and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and gift card breakage, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided. Revenue from bakery operations is recognized at a point in time in the period during which the products are shipped and control transfers to the customer. Franchise revenue and other revenue consist of development fees and royalties on sales by franchised units. Initial franchise fees are recognized as income upon commencement of the franchise operation and completion of all material services and conditions by the Company. Royalties are calculated as a percentage of the franchisee sales and recognized in the period in which the sales are generated. Revenue resulting from the sale of gift cards is recognized in the period in which the gift card is redeemed and is recorded as deferred revenue until recognized. T-System recognizes revenue when a customer obtains control of the promised goods or services. The amount of revenue recognized is determined by the consideration that T-System expects to be entitled to in exchange for the goods and services. T-System's contracts with customers typically do not include variable consideration such as right of return or refund or other form of incentives or considerations payable to customers. T-System offers a software as a service solution with full-service coding ("RevCycle+") available, through contracts with customers to either provide access to its proprietary coding software platform or provide medical chart coding services. Billing for both services occurs monthly as services are provided. Billing for medical chart coding services is based on a monthly fee which may vary based on the volume of services provided. Revenue for RevCycle+ is recognized ratably over the term of the contract as services are consumed by the customer. Revenue for implementation and upfront training services provided to the customer, if any, are billed separately and recognized at a point in time upon completion of such services as T-System's performance obligation is considered complete. T-System sells an electronic version of the medical documentation system (“EV”), provided in the form of a non-exclusive license to use the software at the sites under the agreement when the software is made available to the customer. EV contracts with customers can include various combinations of products and services which are generally capable of being distinct and accounted for as separate performance obligations such as software licenses, implementation services, third party interface licenses or subscriptions, hardware, and maintenance (software updates and technical support services). T-System sells software licenses through recurring fixed-term or subscription fee arrangements and one-time perpetual license arrangements (perpetual licenses), and as software as a service solution (cloud solutions). EV term license and perpetual license contracts include performance obligations that are both satisfied at a point in time and over a period of time as goods and services are transferred. T-System also sells legacy medical documentation templates ("T-Sheets") to emergency care providers to be used for documentation of patient care. T-Sheets includes various optional recurring fixed-term or subscription licenses which are recognized over time after access to the template has been delivered to the customer. EV software as a service contracts typically include one stand ready performance obligation to provide subscription services which are satisfied over time. Judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the cloud service and recognized over time. Judgment is required to determine the standalone selling price ("SSP") for each distinct performance obligation. In instances where SSP is not directly observable, such as when we do not sell the product or service separately, we determine the SSP using information that may include our pricing strategy and other observable inputs. T-System typically bills its customers on a monthly or other frequent periodic basis in accordance with the underlying contracts with its customers. We have determined our contracts generally do not include a significant financing component. The primary purpose of our invoicing terms is to provide customers with simplified and predictable ways of purchasing our products and services, not to receive financing from our customers. Revenue is recognized net of any taxes collected from customers. 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. Unbilled accounts receivable is recorded primarily for our T-System EV and RevCycle+ revenue related to software, licenses, license implementation (including upfront training) and other performance obligations which are recognized in revenue at a point-in-time upon satisfaction of performance obligations, but collected in cash ratably over the term of the underlying contract. Deferred revenue is recorded primarily for restaurant gift card sales and certain T-System revenue. The unrecognized portion of such revenue is recorded as Deferred revenue in the Condensed Consolidated Balance Sheets.

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash paid during the period:
Interest	$ 2.8	$ 1.3
Income taxes	0.0	0.0
Operating leases	15.7	0.0
Non-cash investing and financing activities:
Unsettled purchases of investment securities accrued at period end	0.0	3.5
Lease liabilities recognized in exchange for lease right-of-use assets	$ 5.1	$ 0.0

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2019

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow information

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



	Three months ended March 31,
	2019		2018
	(In millions)
Cash paid during the period:
Interest	$	2.8	$	1.3
Income taxes	—		—
Operating leases	15.7		—
Non-cash investing and financing activities:
Unsettled purchases of investment securities accrued at period end	$	—	$	3.5
Lease liabilities recognized in exchange for lease right-of-use assets	5.1		—

Leases

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases

We adopted ASC Topic 842 on January 1, 2019 using a modified retrospective approach. Prior year periods continue to be reported under ASC Topic 840. See Note A for further discussion of the current period effects of adoption of ASU No. 2016-02 Leases (Topic 842).

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 which conveys the right for the Company to control an asset for a specified period of time. Substantially all of our operating lease arrangements relate to real estate for restaurants and office space. 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 Condensed Consolidated Balance Sheets as of March 31, 2019.

Our material operating leases range in term from one year to twenty years. As of March 31, 2019, the weighted-average remaining lease term of our operating leases was 8 years. Leases with an initial term of 12 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 lease agreements do not contain any material buyout options, residual value guarantees or restrictive covenants.

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

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

Our operating lease liabilities are determined by discounting future lease payments using a discount rate which 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 March 31, 2019 the weighted-average discount rate used to determine our operating lease liabilities was 7.74%.

In our Restaurant Group, lease costs directly attributable to restaurant operations, primarily for real estate and to a lesser extent certain restaurant equipment, are included in Cost of restaurant revenue on the Condensed Consolidated Statements of Operations. Lease costs not directly attributable to cost of goods or services is included in Other operating expense on the Condensed Consolidated Statements of Operations.

Our operating lease costs for the three months ended March 31, 2019 consist of:



		Three Months Ended March 31, 2019
Lease Cost	Classification	(in millions)
Operating lease cost	Cost of restaurant revenue	$	14.6
	Other operating expense	0.1
Total operating lease cost		$	14.7

We do not have any material short term lease costs, variable lease costs, or sublease income.

Future undiscounted payments under operating lease arrangements accounted for under ASC Topic 842 are as follows (in millions):



2019 (remaining)	$	47.4
2020	59.9
2021	53.5
2022	42.4
2023	35.4
Thereafter	136.5
Total lease payments, undiscounted	$	375.1
Less: discount	101.5
Total operating lease liability as of March 31, 2019, at present value	$	273.6
Less: operating lease liability, current	42.7
Operating lease liability as of March 31, 2019, long term	$	230.9

Future payments under operating lease arrangements accounted for under ASC Topic 840 as of December 31, 2018 are as follows (in millions):



2019	$	62.0
2020	57.7
2021	51.3
2022	40.7
2023	34.1
Thereafter	133.2
Total future minimum operating lease payments	$	379.0

See Note I for certain information on noncash investing and financing activities related to our operating lease arrangements.

Investments

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Investments

Available for Sale Securities

The carrying amounts and fair values of our available for sale securities at March 31, 2019 and December 31, 2018 are as follows:



	March 31, 2019
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	17.5	$	18.7	$	0.8	$	(2.0	)	$	17.5
Total	$	17.5	$	18.7	$	0.8	$	(2.0	)	$	17.5



	December 31, 2018
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	17.8	$	18.8	$	0.9	$	(1.9	)	$	17.8
Total	$	17.8	$	18.8	$	0.9	$	(1.9	)	$	17.8

The cost basis of fixed maturity securities available for sale includes an adjustment for amortized premium or discount and other-than-temporary-impairment recognized in earnings since the date of purchase.

As of March 31, 2019 the fixed maturity securities in our investment portfolio had a maturity of greater than one year but less than five years. Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.



March 31, 2019	Less than 12 Months
	Fair		Unrealized
	Value		Losses
Corporate debt securities	$	15.6	$	(2.0	)
Total temporarily impaired securities	$	15.6	$	(2.0	)



December 31, 2018	Less than 12 Months
	Fair		Unrealized
	Value		Losses
Corporate debt securities	$	10.4	$	(1.9	)
Total temporarily impaired securities	$	10.4	$	(1.9	)

During the three months ended March 31, 2019, we incurred $0.3 million of other-than-temporary impairment charges relating to corporate debt securities which is included in Realized gains, net on the Condensed Consolidated Statements of Operations. The impairment recorded relates to a corporate debt holding which has experienced a prolonged period of declining earnings and which we are uncertain of our ability to recover our initial investment. All of the loss represents credit loss recognized in earnings and no portion of the loss was included in other comprehensive earnings. During the three months ended March 31, 2018, we incurred no other-than-temporary impairment charges relating to investment securities.

During the three months ended March 31, 2018, we sold equity securities for gross proceeds of $17.7 million, resulting in realized gains of less than $0.1 million.

As of March 31, 2019, we held $1.9 million of corporate debt securities for which an other-than-temporary impairment had been previously recognized. It is possible that future events may lead us to recognize potential future impairment losses related to our investment portfolio and that unanticipated future events may lead us to dispose of certain investment holdings and recognize the effects of any market movements in our results of operations.

Investments in Unconsolidated Affiliates

Investments in unconsolidated affiliates recorded using the equity method of accounting as of March 31, 2019 and December 31, 2018 consisted of the following (in millions):



	Ownership at March 31, 2019		March 31, 2019		December 31, 2018
Ceridian	23.3	%	392.6		359.7
Dun & Bradstreet (defined below)	24.5	%	478.2		—
Other	various		35.5		37.5
Total			$	906.3	$	397.2

Ceridian

Based on quoted market prices, the aggregate value of our ownership of Ceridian common stock is $1.7 billion as of March 31, 2019.



	March 31, 2019		December 31, 2018
	(In millions)
Total current assets before customer funds	$	330.4	$	330.6
Customer funds	4,559.7		2,603.5
Goodwill and other intangible assets, net	2,129.2		2,114.9
Other assets	239.8		198.8
Total assets	$	7,259.1	$	5,247.8
Current liabilities before customer obligations	$	129.7	$	149.9
Customer obligations	4,554.0		2,619.7
Long-term obligations, less current portion	662.1		663.5
Other long-term liabilities	226.5		199.2
Total liabilities	5,572.3		3,632.3
Equity	1,686.8		1,615.5
Total liabilities and equity	$	7,259.1	$	5,247.8



	Three months ended March 31, 2019		Three months ended March 31, 2018
	(In millions)
Total revenues	$	203.7	$	188.8
Earnings before income taxes	16.9		8.0
Net earnings	11.2		0.6

Dun & Bradstreet

On August 8, 2018, we entered into an agreement to partner with an investment consortium (the “Consortium”) including CC Capital Partners LLC and Thomas H. Lee Partners along with other investors to acquire DNB (the "DNB Acquisition"). Contemporaneously, DNB entered into an Agreement and Plan of Merger (the "Merger Agreement") by and between DNB, Star Parent, L.P. ("Star"), a Delaware limited partnership, and Star Merger Sub, Inc. ("Merger Sub"), a Delaware corporation and a wholly-owned subsidiary of Star, pursuant to which Merger Sub would merge with and into DNB (the "Merger"), with DNB (collectively with Star and its subsidiaries, "Dun & Bradstreet") continuing as the surviving company in the Merger.

On February 8, 2019, the DNB Acquisition closed and was financed through a combination of $2.1 billion of common equity financing provided by the Consortium and Black Knight, Inc., $1.1 billion of preferred equity from preferred equity sources and $4.0 billion of debt financing from various lenders. Of our previously disclosed $900.0 million commitment to purchase common equity of Dun & Bradstreet, we retained and funded a $505.6 million investment (the "Dun & Bradstreet Investment"), representing 24.5% of the outstanding common equity of Dun & Bradstreet, and syndicated the remainder to other investors. We funded the Dun & Bradstreet Investment through a combination of cash on hand and borrowings on the Margin Loan and FNF Revolver. On the closing date, the Company recorded income of $9.1 million for syndication fees from DNB which is recorded in Other income in our Condensed Consolidated Statement of Operations for the three months ended March 31, 2019. In April 2019, we syndicated an additional $2.6 million of our Dun & Bradstreet Investment to other investors resulting in a reduction in the Company's ownership to 24.3% of the outstanding common equity of Dun & Bradstreet.



	March 31, 2019
	(In millions)
Total current assets	$	420.7
Goodwill and other intangible assets, net	8,285.7
Other assets	454.6
Total assets	$	9,161.0

Current liabilities	$	778.0
Long-term debt	3,821.0
Other non-current liabilities	1,636.5
Total liabilities	6,235.5
Preferred equity	1,028.4
Total capital	1,897.1
Total liabilities and equity	$	9,161.0



	Period from February 8, 2019 to March 31, 2019
	(In millions)
Total revenues	$	174.1
Loss before income taxes	(111.6		)
Net loss	(81.1		)
Dividends attributable to preferred equity and noncontrolling interest expense	(18.3		)
Net loss attributable to Dun & Bradstreet	(99.4		)

Segment Information - Narrative (Details) record in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019 segment sites customer	Dec. 31, 2018 record	Oct. 16, 2017
Segment Reporting Information [Line Items]
Number of business records (more than) \| record		300
Ceridian
Segment Reporting Information [Line Items]
Ownership interest, equity method investment (as a percent)	23.30%
ABRH
Segment Reporting Information [Line Items]
Ownership interest, controlling interest (as percent)	65.40%
99 Restaurants
Segment Reporting Information [Line Items]
Ownership interest, controlling interest (as percent)	88.50%
T-System
Segment Reporting Information [Line Items]
Ownership interest, controlling interest (as percent)			97.00%
Number of businesses \| segment	2
T-System \| T-System Coding Software & Outsourced Solutions
Segment Reporting Information [Line Items]
Number of customers (more than) \| customer	75
Number of sites \| sites	400
T-System \| Software Solutions \| T-System Clinical Documentation
Segment Reporting Information [Line Items]
Number of customers (more than) \| customer	240
Number of sites \| sites	450
T-System \| T-Sheet \| T-System Clinical Documentation
Segment Reporting Information [Line Items]
Number of customers (more than) \| customer	200
Number of sites \| sites	475

Investments - Narrative (Details) - USD ($)	3 Months Ended
Investments - Narrative (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Other-than-temporary impairment impairment charges related to corporate debt securities	$ 300,000
Other-than-temporary impairment charges relating to securities available for sale		$ 0
Ceridian
Debt Securities, Available-for-sale [Line Items]
Aggregate value of ownership of common stock	1,700,000,000
Equity securities
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of equity securities		17,700,000
Realized gains related to the sales of equity securities available for sale (less than for 2018)		$ 100,000
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities held with previously recognized other than temporary impairment	$ 1,900,000
Minimum
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, maturity (greater than and less than)	1 year
Maximum
Debt Securities, Available-for-sale [Line Items]
Fixed maturity securities, maturity (greater than and less than)	5 years

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Our revenue consists of:



		Three months ended March 31,
		2019		2018
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(in millions)
Restaurant sales	Restaurant Group	$	245.3	$	259.2
Bakery sales	Restaurant Group	11.0		13.2
Franchise and other	Restaurant Group	1.5		1.4
Total restaurant revenue		257.8		273.8
Other operating revenue:
T-System, point-in-time	T-System	4.8		6.7
T-System, over time	T-System	7.4		8.7
Real estate and resort	Corporate and other	4.4		2.9
Other	Corporate and other	0.1		0.3
Total other operating revenue		16.7		18.6
Total operating revenues		$	274.5	$	292.4

Contract Balances, Information About Receivables and Deferred Revenue

The following table provides information about receivables and deferred revenue:



	March 31,		December 31,
	2019		2018
	(In millions)
Trade receivables, billed (1)	$	21.3	$	40.3
Unbilled accounts receivable, current (1)	8.2		9.5
Unbilled accounts receivable, long term (2)	10.6		10.6
Deferred revenue (contract liabilities)	26.1		31.7

(1) Included in Trade receivables on the Condensed Consolidated Balance Sheets

(2) Included in Other noncurrent assets on the Condensed Consolidated Balance Sheets

Commitments and Contingencies - Purchase Obligations (Details) $ in Millions	Mar. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019 (remaining)	$ 193.3
2020	92.2
2021	57.2
2022	8.6
2023	3.1
Thereafter	7.0
Total purchase commitments	$ 361.4

Segment Information (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Summary of Financial Information Concerning Reportable Segments

Summarized financial information concerning our reportable segments is shown in the following tables.

As of and for the three months ended March 31, 2019:



	Restaurant Group			T-System			Ceridian			Dun & Bradstreet			Corporate and Other			Ceridian and Dun & Bradstreet Elimination			Total
	(in millions)
Restaurant revenues	$	257.8		$	—		$	—		$	—		$	—		$	—		$	257.8
Other operating revenues	—			12.2			203.7			174.1			4.5			(377.8		)	16.7
Revenues from external customers	257.8			12.2			203.7			174.1			4.5			(377.8		)	274.5
Interest, investment and other income, including realized gains and losses	0.7			—			—			—			11.9			—			12.6
Total revenues and other income	258.5			12.2			203.7			174.1			16.4			(377.8		)	287.1
Depreciation and amortization	9.7			3.5			14.4			80.5			0.7			(94.9		)	13.9
Interest expense	(1.0		)	(1.4		)	(8.9		)	(49.1		)	(1.3		)	58.0			(3.7		)
(Loss) earnings before income taxes and equity in earnings of unconsolidated affiliates	(8.1		)	(4.9		)	16.9			(111.6		)	7.3			94.7			(5.7		)
Income tax (benefit) expense	(0.1		)	(1.2		)	5.7			(30.5		)	(5.9		)	24.8			(7.2		)
(Loss) earnings, before equity in earnings (losses) of unconsolidated affiliates	(8.0		)	(3.7		)	11.2			(81.1		)	13.2			69.9			1.5
Equity in earnings of unconsolidated affiliates	—			—			—			—			0.3			(21.7		)	(21.4		)
Net (loss) earnings	$	(8.0	)	$	(3.7	)	$	11.2		$	(81.1	)	$	13.5		$	48.2		$	(19.9	)
Assets	$	670.7		$	205.0		$	7,259.1		$	9,161.0		$	1,083.3		$	(16,420.1	)	$	1,959.0
Goodwill	76.4			88.4			1,944.9			2,797.6			—			(4,742.5		)	164.8

As of and for the three months ended March 31, 2018:



	Restaurant Group			T-System			Ceridian			Corporate and Other			Ceridian Elimination			Total
	(in millions)
Restaurant revenues	$	273.8		$	—		$	—		$	—		$	—		$	273.8
Other operating revenues	—			15.4			188.8			3.2			(188.8		)	18.6
Revenues from external customers	273.8			15.4			188.8			3.2			(188.8		)	292.4
Interest investment and other income, including realized gains and losses	—			—			—			1.3			—			1.3
Total revenues and other income	273.8			15.4			188.8			4.5			(188.8		)	293.7
Depreciation and amortization	10.7			3.6			13.9			—			(13.9		)	14.3
Interest expense	(3.7		)	—			(22.2		)	0.7			22.2			(3.0		)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(9.3		)	(0.8		)	8.0			0.4			(8.0		)	(9.7		)
Income tax (benefit) expense	—			(1.8		)	5.8			(3.7		)	(5.8		)	(5.5		)
(Loss) earnings before equity in earnings (losses) of unconsolidated affiliates	(9.3		)	1.0			2.2			4.1			(2.2		)	(4.2		)
Equity in earnings (losses) of unconsolidated affiliates	0.1			—			—			0.7			(1.9		)	(1.1		)
Net (loss) earnings	$	(9.2	)	$	1.0		$	2.2		$	4.8		$	(4.1	)	$	(5.3	)
Assets	$	480.2		$	220.7		$	7,072.2		$	639.7		$	(7,072.2	)	$	1,340.6
Goodwill	103.1			98.9			1,950.1			—			(1,950.1		)	$	202.0

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Millions, $ in Millions

Total

Ceridian

Common Stock

Additional Paid-in Capital

Ceridian

Accumulated Other Comp (Loss) Earnings

Treasury Stock

Non-controlling Interests

Retained Earnings

Beginning balance at Dec. 31, 2017

$ 1,153.1

$ 0.0

$ 1,130.2

$ (71.0)

$ 0.0

$ 93.7

$ 0.2

Beginning balance (in shares) at Dec. 31, 2017

70.9

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

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

2.1

^[1]

2.1

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

(6.7)

^[2]

(6.7)

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

0.6

Stock-based compensation

0.4

$ 1.0

0.4

$ 1.0

Contribution of CSA services from FNF

0.3

Net loss

(5.3)

(4.2)

(1.1)

Ending balance at Mar. 31, 2018

1,146.8

$ 0.0

1,131.9

(75.6)

0.0

89.5

1.0

Ending balance (in shares) at Mar. 31, 2018

70.9

Beginning balance at Dec. 31, 2018

1,199.7

$ 0.0

1,146.2

(67.2)

(0.2)

75.1

45.8

Beginning balance (in shares) at Dec. 31, 2018

72.2

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

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

(0.2)

^[1]

(0.2)

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

5.9

^[2]

5.9

Stock-based compensation

0.9

$ 1.5

0.9

$ 1.5

Contribution of CSA services from FNF

0.3

Subsidiary dividends paid to noncontrolling interests

(0.4)

Net loss

(19.9)

(3.1)

(16.8)

Ending balance at Mar. 31, 2019

1,203.9

$ 0.0

$ 1,148.9

(65.9)

$ (0.2)

$ 71.6

49.5

Ending balance (in shares) at Mar. 31, 2019

72.2

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

Adjustment for cumulative effect of adoption of accounting standard

$ 15.5

$ (5.0)

$ 20.5

[1]	Net of income tax (benefit) expense of $(0.1) million and $0.8 million for the three months ended March 31, 2019 and 2018, respectively
[2]	Net of income tax expense (benefit) of $1.6 million and $(1.8) million for the three months ended March 31, 2019 and 2018, respectively

Leases - Future Undiscounted Payments Under Operating Lease Arrangements Under ASC Topic 842 (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (remaining)	$ 47.4
2020	59.9
2021	53.5
2022	42.4
2023	35.4
Thereafter	136.5
Total lease payments, undiscounted	375.1
Less: discount	101.5
Total operating lease liability as of March 31, 2019, at present value	273.6
Less: operating lease liability, current	42.7	$ 0.0
Operating lease liability as of March 31, 2019, long term	$ 230.9	$ 0.0

Basis of Financial Statements - Recent Developments (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 21, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Subsidiary, Sale of Stock [Line Items]
Prepaid expenses and other current assets		$ 29.0		$ 25.2
Reclass from property and equipment, net		(168.7)		$ (176.4)
Proceeds from sale of corporate office		13.2	$ 0.0
ABRH \| Restatement Adjustment
Subsidiary, Sale of Stock [Line Items]
Reclass from property and equipment, net		(2.4)
ABRH \| Disposal Group, Held-for-sale, Not Discontinued Operations
Subsidiary, Sale of Stock [Line Items]
Proceeds from sale of corporate office	$ 13.2
Lease term	15 years
Liability for finance obligation		13.2
ABRH \| Disposal Group, Held-for-sale, Not Discontinued Operations \| Prepaid Expenses and Other Current Assets
Subsidiary, Sale of Stock [Line Items]
Real estate assets held for sale		(11.2)
ABRH \| Disposal Group, Held-for-sale, Not Discontinued Operations \| Restatement Adjustment
Subsidiary, Sale of Stock [Line Items]
Prepaid expenses and other current assets		4.3
Real estate assets held for sale		2.4
Reclass from property and equipment, net		$ 4.3

Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) $ in Millions	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Fixed-maturity securities available for sale:
Total	$ 17.5	$ 17.8
Corporate debt securities
Fixed-maturity securities available for sale:
Corporate debt securities	17.5	17.8
Level 1
Fixed-maturity securities available for sale:
Total	0.0	0.0
Level 1 \| Corporate debt securities
Fixed-maturity securities available for sale:
Corporate debt securities	0.0	0.0
Level 2
Fixed-maturity securities available for sale:
Total	0.0	0.0
Level 2 \| Corporate debt securities
Fixed-maturity securities available for sale:
Corporate debt securities	0.0	0.0
Level 3
Fixed-maturity securities available for sale:
Total	$ 17.5	17.8
Level 3 \| Discount Rate \| Minimum
Fixed-maturity securities available for sale:
Discount rate	0.163
Level 3 \| Discount Rate \| Maximum
Fixed-maturity securities available for sale:
Discount rate	0.175
Level 3 \| Discount Rate \| Weighted Average
Fixed-maturity securities available for sale:
Discount rate	0.175
Level 3 \| Corporate debt securities
Fixed-maturity securities available for sale:
Corporate debt securities	$ 17.5	$ 17.8

Basis of Financial Statements - Revision of Prior Period Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Adjustment for cumulative effect of adoption of accounting standard	$ 15.5
Depreciation, Depletion and Amortization	(13.9)	$ (14.3)
Income tax benefit	7.2	5.5
Net loss	(19.9)	(5.3)
Retained Earnings
Schedule of Equity Method Investments [Line Items]
Adjustment for cumulative effect of adoption of accounting standard	20.5
Net loss	(16.8)	(1.1)
Restatement Adjustment
Schedule of Equity Method Investments [Line Items]
Income tax benefit	2.4
Net loss	$ (21.9)
ASU 2014-09
Schedule of Equity Method Investments [Line Items]
Adjustment for cumulative effect of adoption of accounting standard			$ 1.9
ASU 2014-09 \| Retained Earnings
Schedule of Equity Method Investments [Line Items]
Adjustment for cumulative effect of adoption of accounting standard			$ 1.9
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] \| ASU 2014-09 \| Retained Earnings
Schedule of Equity Method Investments [Line Items]
Adjustment for cumulative effect of adoption of accounting standard		1.9		$ 4.3
Adjustments for error corrections to prior interim periods of current year \| ASU 2014-09 \| T-System \| Retained Earnings
Schedule of Equity Method Investments [Line Items]
Decrease in cumulative effect of adoption of ASC Topic 606		2.4
Decrease To other operating revenue \| Restatement Adjustment
Schedule of Equity Method Investments [Line Items]
Other Operating Income		1.5
Decrease to depreciation and amortization \| Restatement Adjustment
Schedule of Equity Method Investments [Line Items]
Depreciation, Depletion and Amortization		0.6
Increase to income tax benefit \| Restatement Adjustment
Schedule of Equity Method Investments [Line Items]
Income tax benefit		1.5
Decrease to Net loss and Net loss attributable to Cannae \| Restatement Adjustment
Schedule of Equity Method Investments [Line Items]
Net loss		$ 0.6

Investments - Summarized Financial Information For Dun and Bradstreet (Details) - Dun And Bradstreet Corporation $ in Millions	2 Months Ended
	Mar. 31, 2019 USD ($)
Condensed Combined Balance Sheets
Total current assets	$ 420.7
Goodwill and other intangible assets, net	8,285.7
Other assets	454.6
Total assets	9,161.0
Current liabilities	778.0
Long-term debt	3,821.0
Other non-current liabilities	1,636.5
Total liabilities	6,235.5
Preferred equity	1,028.4
Total capital	1,897.1
Total liabilities and equity	9,161.0
Income Statement [Abstract]
Total revenues	174.1
Loss before income taxes	(111.6)
Net loss	(81.1)
Dividends attributable to preferred equity and noncontrolling interest expense	(18.3)
Net loss attributable to Dun & Bradstreet	$ (99.4)

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 274.5	$ 292.4
Restaurant sales
Disaggregation of Revenue [Line Items]
Total operating revenues	257.8	273.8
Restaurant Group
Disaggregation of Revenue [Line Items]
Total operating revenues	257.8	273.8
Restaurant Group \| Restaurant sales
Disaggregation of Revenue [Line Items]
Total operating revenues	245.3	259.2
Restaurant Group \| Bakery sales
Disaggregation of Revenue [Line Items]
Total operating revenues	11.0	13.2
Restaurant Group \| Franchise and other
Disaggregation of Revenue [Line Items]
Total operating revenues	1.5	1.4
T-System \| T-System, point-in-time
Disaggregation of Revenue [Line Items]
Total operating revenues	4.8	6.7
T-System \| T-System, over time
Disaggregation of Revenue [Line Items]
Total operating revenues	7.4	8.7
Corporate and Other \| Real estate and resort
Disaggregation of Revenue [Line Items]
Total operating revenues	4.4	2.9
Corporate and Other \| Other
Disaggregation of Revenue [Line Items]
Total operating revenues	0.1	0.3
Total Other Operating Revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 16.7	$ 18.6

Fair Value Measurements

3 Months Ended

Mar. 31, 2019

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 Condensed Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1. Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access.

Level 2. Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability.

Level 3. Financial assets and liabilities whose values are based on model inputs that are unobservable.

Recurring Fair Value Measurements

The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018, respectively:



	March 31, 2019
	Level 1		Level 2		Level 3		Total
	(In millions)
Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	17.5	$	17.5
Total	$	—	$	—	$	17.5	$	17.5



	December 31, 2018
	Level 1		Level 2		Level 3		Total
	(In millions)
Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	17.8	$	17.8
Total	$	—	$	—	$	17.8	$	17.8

Our Level 3 fair value measurement for our fixed maturity securities available for sale are provided by a single third-party pricing service. Depending on security specific characteristics, either a combination of an income and net recovery approach or a contingent claims approach was utilized in determining fair value of our Level 3 fixed-maturity securities available for sale. Discount rates are the primary unobservable inputs utilized for the securities valued using a combination of an income and net recovery approach. The discount rates used are based on company-specific risk premiums, public company comparable securities,

and leveraged loan indices. The discount rates used in our determination of the fair value of our Level 3 fixed-maturity securities available for sale varies by security type and ranged from 16.3% to 17.5% as of March 31, 2019 and a weighted average of 17.5%. Based on the total fair value of our Level 3 fixed-maturity securities available for sale as of March 31, 2019, changes in the discount rate utilized will not result in a fair value significantly different or material to the Company's financial position or results of operation than the amount recorded.

The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the three months ended March 31, 2019 and 2018.



	Three months ended March 31, 2019			Three months ended March 31, 2018
	Corporate debt			Corporate debt
	securities			securities

Fair value, beginning of period	$	17.8		$	—
Transfers from Level 2	—			21.4
Impairment (1)	(0.3		)	—
Fair value, end of period	$	17.5		$	21.4

_____________________________________

(1) Included in Realized gains, net on the Condensed Consolidated Statements of Operations

Transfers into or out of the Level 3 fair value category occur when unobservable inputs become more or less significant to the fair value measurement or upon a change in valuation technique. For the three months ended March 31, 2018, transfers between Level 2 and Level 3 were based on changes in significance of unobservable inputs used associated with a change in the service provider and in the valuation technique used to value our corporate debt securities. The Company’s policy is to recognize transfers between levels in the fair value hierarchy at the end of the reporting period in which they occur.

All of the unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on our Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2019 relate to fixed maturity securities considered Level 3 fair value measures.

Additional information regarding the fair value of our investment portfolio is included in Note D.

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

- 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

Basis of Financial Statements - Change in Accounting Principle for Equity Method Investments (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Income Statement [Abstract]
Income tax benefit	$ (7.2)	$ (5.5)
Equity in earnings (losses) of unconsolidated affiliates	(21.4)	(1.1)
Net earnings (loss)	(19.9)	(5.3)
Net earnings (loss) attributable to Cannae Holdings	$ (16.8)	$ (1.1)
Basic
Basic earnings (loss) per share attributable to Cannae Holdings common shareholders (in usd per share)	$ (0.23)	$ (0.02)
Diluted
Diluted earnings (loss) per share attributable to Cannae Holdings common shareholders (in usd per share)	$ (0.23)	$ (0.02)
Condensed Consolidated Statements of Comprehensive Earnings
Net earnings (loss)	$ (19.9)	$ (5.3)
Unrealized gain relating to investments in unconsolidated affiliates	5.9
Comprehensive earnings (loss) attributable to Cannae Holdings, Inc.	(10.5)	$ (5.7)
Balance Sheet Related Disclosures [Abstract]
Investments in unconsolidated affiliates	906.3		$ 397.2
Deferred tax asset	18.2		16.9
Retained earnings	49.5		45.8
Additional paid-in capital	1,148.9		1,146.2
Accumulated other comprehensive loss	(65.9)		$ (67.2)
As Previously Reported
Income Statement [Abstract]
Income tax benefit	(4.8)
Equity in earnings (losses) of unconsolidated affiliates	2.9
Net earnings (loss)	2.0
Net earnings (loss) attributable to Cannae Holdings	$ 5.1
Basic
Basic earnings (loss) per share attributable to Cannae Holdings common shareholders (in usd per share)	$ 0.07
Diluted
Diluted earnings (loss) per share attributable to Cannae Holdings common shareholders (in usd per share)	$ 0.07
Condensed Consolidated Statements of Comprehensive Earnings
Net earnings (loss)	$ 2.0
Unrealized gain relating to investments in unconsolidated affiliates	6.2
Comprehensive earnings (loss) attributable to Cannae Holdings, Inc.	11.7
Balance Sheet Related Disclosures [Abstract]
Investments in unconsolidated affiliates	930.8
Deferred tax asset	15.8
Retained earnings	71.4
Additional paid-in capital	1,148.8
Accumulated other comprehensive loss	(65.6)
Difference
Income Statement [Abstract]
Income tax benefit	(2.4)
Equity in earnings (losses) of unconsolidated affiliates	(24.3)
Net earnings (loss)	(21.9)
Net earnings (loss) attributable to Cannae Holdings	$ (21.9)
Basic
Basic earnings (loss) per share attributable to Cannae Holdings common shareholders (in usd per share)	$ (0.30)
Diluted
Diluted earnings (loss) per share attributable to Cannae Holdings common shareholders (in usd per share)	$ (0.30)
Condensed Consolidated Statements of Comprehensive Earnings
Net earnings (loss)	$ (21.9)
Unrealized gain relating to investments in unconsolidated affiliates	(0.3)
Comprehensive earnings (loss) attributable to Cannae Holdings, Inc.	(22.2)
Balance Sheet Related Disclosures [Abstract]
Investments in unconsolidated affiliates	(24.5)
Deferred tax asset	2.4
Retained earnings	(21.9)
Additional paid-in capital	0.1
Accumulated other comprehensive loss	$ (0.3)

Variable Interest Entities (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Total Assets	$ 484.3	$ 9.2
Maximum Exposure	$ 484.3	$ 9.2

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018, of which we are not the primary beneficiary:

March 31, 2019

December 31, 2018

Total Assets

Maximum Exposure

Total Assets

Maximum Exposure

(in millions)

Investments in unconsolidated affiliates

484.3

9.2

- 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

Inventory

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following:



	March 31, 2019			December 31, 2018
	(In millions)
Bakery inventory:
Raw materials	$	7.1		$	6.8
Semi-finished and finished goods	13.8			5.6
Packaging	2.1			2.4
Obsolescence reserve	(1.7		)	(3.0		)
Total bakery inventory	21.3			11.8
Other restaurant-related inventory	9.5			10.3
Other	0.2			0.2
Total inventory	$	31.0		$	22.3

Fair Value Measurements - Summary of Changes in the Fair Values of level 3 Assets Measured on a Recurring Basis (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Impairment	$ (0.3)
Level 3 \| Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, beginning of period	17.8	$ 0.0
Transfers from Level 2	0.0	21.4
Impairment	(0.3)	0.0
Fair Value, end of period	$ 17.5	$ 21.4