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Goodwill (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill consists of the following:



		Restaurant Group			Corporate and Other		Total
	(in millions)
Balance, December 31, 2017		$	103.2		$	—	$	103.2
Impairment		(26.7		)	—		(26.7		)
Balance, December 31, 2018		$	76.5		$	—	$	76.5
Impairment		(10.4		)	—		(10.4		)
Balance, December 31, 2019		$	66.1		$	—	$	66.1

CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 533.7	$ 315.7
Short-term investments	0.5	31.4
Trade receivables	16.0	30.4
Inventory	16.3	22.3
Prepaid expenses and other current assets	64.4	22.1
Current assets of discontinued operations - see Note N	0.0	29.8
Total current assets	630.9	451.7
Investments in unconsolidated affiliates	836.5	397.2
Lease assets - see Note B	192.9
Property and equipment, net	162.6
Property and equipment, net		175.5
Other intangible assets, net	63.1	92.4
Goodwill	66.1	76.5
Fixed maturity securities available for sale, at fair value	19.2	17.8
Deferred tax assets	54.5	23.8
Other long term investments and noncurrent assets	66.4	48.2
Noncurrent assets of discontinued operations - see Note N	0.0	176.4
Total assets	2,092.2	1,459.5
Current liabilities:
Accounts payable and other accrued liabilities, current	86.4	95.6
Lease liabilities, current - see Note B	41.5
Income taxes payable	37.4	24.3
Deferred revenue, current	26.4	25.8
Notes payable, current	7.0	5.9
Current liabilities of discontinued operations - see Note N	0.0	8.4
Total current liabilities	198.7	160.0
Lease liabilities, long-term - see Note B	199.7
Deferred revenue, long-term	0.0	0.0
Notes payable, long-term	120.1	42.2
Accounts payable and other accrued liabilities, long-term	43.9	57.1
Noncurrent liabilities of discontinued operations - see Note N	0.0	0.5
Total liabilities	562.4	259.8
Commitments and contingencies - see Note M
Cannae common stock	0.0	0.0
Preferred stock, $0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of December 31, 2019 and December 31, 2018	0.0	0.0
Equity:
Retained earnings	143.6	45.8
Additional paid-in capital	1,396.7	1,146.2
Less: Treasury stock, 211,139 and 10,638 shares as of December 31, 2019 and December 31, 2018, respectively, at cost	(5.9)	(0.2)
Accumulated other comprehensive loss	(45.9)	(67.2)
Total Cannae shareholders' equity	1,488.5	1,124.6
Noncontrolling interests	41.3	75.1
Total equity	1,529.8	1,199.7
Total liabilities and equity	$ 2,092.2	$ 1,459.5

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

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Statement of Comprehensive Income [Abstract]

Net earnings (loss)

$ 46.8

$ (10.6)

$ 92.5

Other comprehensive earnings (loss), net of tax:

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

^[1]

0.1

0.9

(8.7)

Unrealized gain (loss) relating to investments in unconsolidated affiliates

^[2]

7.1

(12.0)

8.9

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

^[3]

19.1

24.0

0.0

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

^[4]

0.0

7.0

(3.1)

Other comprehensive earnings (loss)

26.3

19.9

(2.9)

Comprehensive earnings

73.1

9.3

89.6

Less: Comprehensive loss attributable to noncontrolling interests

(30.5)

(38.2)

(16.3)

Comprehensive earnings attributable to Cannae

103.6

47.5

105.9

Unrealized gain (loss) on investments and other financial instruments, tax expense (benefit)

0.1

0.3

(3.1)

Unrealized gain (loss) relating to investments in unconsolidated affiliates, tax expense (benefit)

1.9

(3.2)

2.4

Reclassification of unrealized losses on investments in unconsolidated affiliates, tax benefit

$ 5.1

6.4

Reclassification of unrealized losses (gains) on investments and other financial instruments, tax (benefit)

$ (1.9)

$ 1.9

[1]	Net of income tax expense (benefit) of less than $0.1 million, $0.3 million and $(3.1) million for the years ended December 31, 2019, 2018 and 2017, respectively.
[2]	Net of income tax expense (benefit) of $1.9 million, $(3.2) million and $2.4 million for the years ended December 31, 2019, 2018 and 2017, respectively.
[3]	Net of income tax benefit of $5.1 million and $6.4 million for the years ended December 31, 2019 and 2018, respectively.
[4]	Net of income tax (benefit) expense of $(1.9) million and $1.9 million for the years ended December 31, 2018 and 2017, respectively.

Business and Summary of Significant Accounting Policies - Equity Fund (Details) - USD ($) $ in Millions		2 Months Ended
	Dec. 12, 2019	Feb. 28, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Equity investment			$ 836.5	$ 397.2
Limited Partnership, Equity Fund
Schedule of Equity Method Investments [Line Items]
Payment for investment	$ 90.9
Ownership (as a percent)	49.00%
Commitment to invest	$ 245.0
Equity Fund held on deposit			$ 45.3
Equity investment	$ 45.6
Limited Partnership, Equity Fund \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Payment for investment		$ 100.0

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 391.8
Property and equipment before accumulated depreciation	$ 400.5
Accumulated depreciation and amortization	(237.9)
Property and equipment, net	162.6
Accumulated depreciation and amortization		216.3
Property and equipment, net		175.5
Depreciation expense on property and equipment	35.8	38.0	$ 41.8
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	166.0	190.0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	158.9	137.8
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	40.6	34.4
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	28.9	27.2
Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6.1	$ 2.4

Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Summary of Significant Accounting Policies

The following describes the significant accounting policies of Cannae Holdings, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” "Cannae," or the "Company”) which have been followed in preparing the accompanying Consolidated and Combined Financial Statements.

Description of Business

We are a holding company engaged in actively managing and operating a group of companies and investments, as well as making additional majority and minority equity portfolio investments in businesses, in order to achieve superior financial performance and maximize the value of these assets. Our primary investments as of December 31, 2019 include our minority ownership interests in The Dun & Bradstreet Corporation ("Dun & Bradstreet" or "D&B") and Ceridian HCM Holding, Inc.; majority equity ownership stakes in O'Charley's Holdings, LLC ("O'Charley's") and 99 Restaurants Holdings, LLC ("99 Restaurants"); and various other controlled portfolio companies and minority equity and debt investments.

See Note Q Segment Information for further discussion of the businesses comprising our reportable segments.

Split-off of Cannae from FNF

On November 17, 2017, Fidelity National Financial, Inc. (“FNF”) redeemed each outstanding share of its FNF Ventures ("FNFV") Group common stock, par value $0.0001, for one share of common stock, par value $0.0001, of a newly formed entity, Cannae (the "Split-Off"). In conjunction with the Split-Off, FNF contributed to us its portfolio of investments unrelated to its primary insurance and real estate operations, which included majority and minority equity investment stakes in a number of entities and certain fixed income investments. On November 20, 2017, Cannae common stock began “regular-way” trading on The New York Stock Exchange under the “CNNE” stock symbol.

Following the Split-Off, FNF and Cannae operate as separate, publicly-traded companies. In connection with the Split-Off, FNF and Cannae entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a reorganization agreement, a corporate services agreement, a registration rights agreement, a voting agreement and a tax matters agreement.

The reorganization agreement provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Cannae and FNF with respect to and resulting from the Split-Off. The tax matters agreement provides for the allocation and indemnification of tax liabilities and benefits between FNF and Cannae and other agreements related to tax matters. The voting and registration rights agreements provide for certain appearance and voting restrictions and registration rights on shares of Cannae owned by FNF after consummation of the Split-Off. Pursuant to the corporate services agreement (the "CSA"), FNF will provide Cannae with certain "back office" services including legal, tax, accounting, treasury and investor relations support. FNF will generally provide these services at no-cost for up to three years. Cannae will reimburse FNF for direct, out-of-pocket expenses incurred by FNF in providing these services.

The Split-Off was accounted for at historical cost due to the pro rata nature of the distribution to holders of FNFV Group common stock.

Principles of Consolidation and Combination and Basis of Presentation

The accompanying Consolidated and Combined Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. Prior to the Split-Off, these financial statements represent a combination of the historical financial information of the operations attributed to FNFV, of which Cannae is comprised. The Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the CSA and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. Both FNF and Cannae believe such allocations are reasonable; however, they may not be indicative of the actual results of operations or cash flows of the Company had the Company been operating as an independent, publicly traded company for the periods presented or the amounts that will be incurred by the Company in the future.

All intercompany profits, transactions and balances have been eliminated. Certain of 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 Consolidated and Combined Statements of Operations relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Consolidated and Combined Balance Sheets in each period.

Management Estimates

The preparation of these Consolidated and Combined Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated and Combined Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the carrying amount and depreciation of property and equipment (Note E), the valuation of acquired intangible assets (Note H), fair value measurements (Note C), and accounting for income taxes (Note L). Actual results could differ from estimates.

Recent Developments

Dun & Bradstreet

In February 2019, we completed our previously announced investment in Dun & Bradstreet for a net investment of $505.6 million in D&B's ultimate parent. Dun & Bradstreet is a leading global provider of business decisioning data and analytics and provides various solutions to help companies improve their operational performance.

In June 2019, we made an additional pro-rata investment of $23.5 million in D&B's ultimate parent. D&B used the proceeds to partially fund its acquisition on July 1, 2019 of Lattice Engines, Inc. ("Lattice"), an artificial intelligence powered customer data platform used by business-to-business marketing and sales professionals.

See Note D for further discussion of our accounting for our investment in D&B.

Ceridian

During the year ended December 31, 2019, we completed the sale of an aggregate of 9.0 million shares of common stock of Ceridian as part of three separate underwritten secondary public offerings by certain stockholders of Ceridian (the "Ceridian Share Sales"). In connection with the Ceridian Share Sales, we received aggregate proceeds of $477.9 million and recorded a gain of $342.1 million, which is included in Realized gains (losses), net on the Consolidated and Combined Statement of Operations. The recorded gains are net of $21.2 million of losses (exclusive of $4.6 million of income tax benefit) related to reclassification adjustments from Other comprehensive earnings. As of December 31, 2019, we owned 16.4% of the outstanding common stock of Ceridian.

On February 21, 2020, we completed the sale of an additional 3.9 million shares of common stock of Ceridian to a broker pursuant to Rule 144 of the Securities Act of 1933 and received proceeds of $283.7 million. As a result of the sale, we now own 19.8 million shares of Ceridian which represents 13.7% of its outstanding common stock.

Restaurant Group

On January 27, 2020, American Blue Ribbon Holdings, LLC ("Blue Ribbon") and its wholly-owned subsidiaries, filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the "Blue Ribbon Reorganization"). The Blue Ribbon Reorganization does not involve or affect the operations of O’Charley’s or 99 Restaurants, which are not part of Blue Ribbon. See Note M for further discussion.

Blue Ribbon has entered into plans to sell certain company-owned stores. In conjunction with the plans to sell, $1.6 million and $9.3 million, respectively, of assets are recorded as held for sale and included in Prepaid expenses and other current assets, net as of December 31, 2019 and 2018, respectively.

On March 21, 2019, Blue Ribbon 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. During the year ended December 31, 2019, we reclassified $2.4 million from assets held for sale formerly included in Prepaid expenses and other current assets to reflect the real estate assets in Property and equipment, net on our Consolidated and Combined Balance Sheet as if we were the legal owner. We continue to recognize depreciation expense over the building's estimated useful life. On the date of the sale, Blue Ribbon 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 Consolidated and Combined Balance Sheet.

On December 13, 2019, O'Charley's and a third-party lessor partner closed on the exchange of certain company-owned stores (the "Transferred Properties") held by O'Charley's in exchange for properties owned by the lessor, and previously leased by O'Charley's to operate certain of its stores (the "O'Charley's Exchange"). In conjunction with the O'Charley's Exchange, O'Charley's obtained land with a fair value of $10.5 million and will lease back the Transferred Properties. We continue to account for $6.0 million of property associated with the Transferred Properties as if we were the legal owner which is included in Property and equipment, net on our Consolidated and Combined Balance Sheet. The O'Charley's Exchange 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. On the date of the sale, O'Charley's recorded a liability for the financing obligation in the amount of the lease liability formerly recorded by O'Charley's for the Transferred Properties of $14.6 million, which is included in Accounts payable and other accrued liabilities, long term on our Consolidated and Combined Balance Sheet.

During the year ended December 31, 2019, Blue Ribbon and O'Charley's sold Blue Ribbon's corporate office located in Denver, Colorado and certain company-owned O'Charley's stores for total gross proceeds of $18.4 million.

T-System

On December 31, 2019, we completed our previously announced contribution of T-System Holdings, Inc. ("T-System") into a health care joint venture with an investment vehicle advised by an affiliate of Carlyle Investment Management, L.L.C. (“Carlyle”) and certain other investors with deep health care services experience (the "T-System Contribution"). The joint venture, Coding Solutions Topco, Inc. (“Coding Solutions”) will focus on acquiring, integrating and operating synergistic health care services companies in the provider and payer space. On the closing date, subsidiaries of Coding Solutions acquired two other healthcare services companies that provide (1) offshore medical coding solutions for the risk adjustment and provider markets and (2) domestic coding and clinical documentation services to providers.

As a result of the T-System Contribution, Cannae received cash proceeds of $60.8 million for the repayment in full of debt loaned by a consolidated subsidiary of Cannae to T-System and $14.5 million as consideration for a portion of its shares of T-System. Cannae contributed the remainder of its equity interest in T-System for a 22.7% equity interest in Coding Solutions valued at $60.2 million based on the terms of the agreement with Carlyle.

See Note N for further discussion of the T-System Contribution.

We account for our investment in Coding Solutions under the equity method of accounting and the initial investment value of $60.2 million is included in Investments in unconsolidated affiliates on our Consolidated and Combined Balance Sheet as of December 31, 2019.

QOMPLX

On July 23, 2019, Cannae Holdings, in partnership with Motive Partners, closed on an investment in preferred equity of QOMPLX, Inc. ("QOMPLX"), formerly Fractal Industries, Inc., an intelligent decision and analytics platform used by businesses for modeling and planning. We funded $15.0 million at close and funded an additional $15.0 million in the fourth quarter of 2019. $7.5 million of our investment made in the fourth quarter was for a note receivable convertible into preferred equity. Both the preferred equity and note receivable investments are included in Other long term investments and noncurrent assets on our Consolidated and Combined Balance Sheet. Cannae's total preferred investment represents 18.8% of the outstanding voting equity of QOMPLX. Our Chairman William P. Foley II has joined QOMPLX’s Board of Directors.

See Note D for further discussion of our accounting for our investment in QOMPLX.

Externalization

On August 27, 2019, we announced the execution of definitive documents, which became effective on September 1, 2019, pursuant to which the Company transitioned to an externally managed structure (such externalization of certain management functions, the “Externalization”). In connection with the Externalization, the Company, Cannae Holdings, LLC, a Delaware limited liability company and a subsidiary of the Company (“Cannae LLC”), and Trasimene Capital Management, LLC, a Delaware limited liability company (the “Manager”), entered into a Management Services Agreement (the “Management Services Agreement”), which became effective September 1, 2019. The members of the Manager include certain directors and executive officers of the Company. Pursuant to the Management Services Agreement, certain services related to the management of the Company will be conducted by the Manager through the authority delegated to it in the Management Services Agreement and in accordance with the operational objectives and business plans approved by the Company’s Board of Directors. Subject at all times to the supervision and direction of the Board of Directors, the Manager will be responsible for, among other things, (a) managing the day-to-day business and operations of the Company and its subsidiaries, (b) evaluating the financial and operational performance of the Company's subsidiaries and other assets, (c) providing a management team to serve as some of the executive officers of the Company and its subsidiaries and (d) performing (or causing to be performed) any other services for and on behalf of the Company and its subsidiaries customarily performed by executive officers and employees of a public company.

Pursuant to the terms of the Management Services Agreement, Cannae LLC is obligated to pay the Manager a quarterly management fee equal to 0.375% (1.5% annualized) of the Company’s cost of invested capital (as defined in the Management Services Agreement) as of the last day of each fiscal quarter, payable in arrears in cash, as may be adjusted pursuant to the terms of the Management Services Agreement. Cannae LLC will be responsible for paying costs and expenses relating to the Company’s business and operations. Cannae LLC is required to reimburse the Manager for documented expenses of the Manager incurred on

the Company’s behalf, including any costs and expenses incurred in connection with the performance of the services under the Management Services Agreement.

The Company conducts its business through Cannae LLC. In connection with the consummation of the Externalization, an Amended and Restated Operating Agreement of Cannae LLC (the “Operating Agreement”) was entered into on August 27, 2019, by and among Cannae LLC and the Company, the Manager and Cannae Holdco, Inc., a Delaware corporation and a direct, wholly owned subsidiary of the Company, which became effective on September 1, 2019.

For so long as the Management Services Agreement is in effect, the Company, as managing member of Cannae LLC, authorizes the Manager to (a) designate officers of Cannae LLC and (b) perform, or cause to be performed, the services as are set forth in the Management Services Agreement.

In connection with such services, so long as Cannae LLC’s profits with respect to a liquidity event (sale or other disposition) involving an investment (as defined in the Operating Agreement) exceed an annualized hurdle rate of 8%, Cannae LLC is obligated to pay carried interest with respect to such investment to the Manager. Generally, where such hurdle is satisfied, carried interest will be paid to the Manager in an amount equal to 15% of the profits on such investment (calculated as the proceeds of such investment less allocable management fees (as defined in the Operating Agreement) and the cost of such investment) for returns between 1.0x and 2.0x the cost of such investment (plus allocable management fees), and 20% of the profits on such investment for returns exceeding 2.0x the cost of such investment (plus allocable management fees). However, to the extent that, as of the liquidity event, the value of the portfolio of unrealized investments is less than the aggregate cost of such investments, then the Manager’s carried interest entitlement will be correspondingly reduced until such time as the investment portfolio has recovered in value.

The Management Services Agreement has an initial term of five years, expiring on September 1, 2024. Pursuant to its terms, the Management Services Agreement will be automatically renewed for one-year terms thereafter unless earlier terminated by either the Company or the Manager in accordance with the terms of the Management Services Agreement.

The Company and Manager began paying fees associated with the Externalization on November 1, 2019.

Equity Fund

On December 12, 2019, we entered into a limited partnership with an investment fund manager designed to opportunistically trade in marketable securities (the "Equity Fund"). We initially contributed $90.9 million of cash in exchange for limited partnership interests in the Equity Fund representing 49.0% of its outstanding equity and a deposit on hand with the Equity Fund. Cannae and the other limited partners of the Equity Fund intend to make pro-rata investments through April 2020. We are committed to invest a total of $245.0 million. Subsequent to December 31, 2019, we invested an additional $100.0 million in the Equity Fund. As of December 31, 2019, $45.3 million of our contribution to the Equity Fund is held on deposit with the Equity Fund until such time as the general partner utilizes the funds and other limited partners make matching pro-rata contributions. Our investment held on deposit is included in Prepaid expense and other current assets on our Consolidated and Combined Balance Sheet as of December 31, 2019. We account for the $45.6 million of our investment which was contributed to the Equity Fund's capital under the equity method of accounting and such portion is included in Investments in unconsolidated affiliates on our Consolidated and Combined Balance Sheet as of December 31, 2019.

Other Developments

On September 18, 2019, the Board of Directors of the Company adopted a resolution increasing to nine the size our Board of Directors to nine, and elected Mark D. Linehan to serve on our Board of Directors. Mr. Linehan will serve in Class III of our Board of Directors, and his term will expire at the annual meeting of our shareholders to be held in 2020. Mr. Linehan has not been appointed to any committee of our Board.

On December 5, 2019, we completed a public offering of 7,475,000 shares of our common stock pursuant to a prospectus supplement, dated December 3, 2019, and the base prospectus, dated November 27, 2019, included in our registration statement on Form S-3 ASR (File No. 333-235303), which was filed with the Securities and Exchange Commission on November 27, 2019. We received net proceeds from the Offering of approximately $236.0 million, after deducting the underwriting discount and capitalized offering expenses payable by the Company. We intend to use the net proceeds of the offering to fund future acquisitions and for working capital and general corporate purposes.

On December 24, 2019, we entered into an equity commitment letter with funds associated with Thomas H. Lee Partners L.P. ("THL") pursuant to which Cannae is committed to provide $125.0 million to a partnership (the “AmeriLife Joint Venture”) which will invest in the recapitalization of AmeriLife Group, LLC ("AmeriLife"). Cannae, THL and other investors will provide $617.0 million of aggregate equity financing to the AmeriLife Joint Venture to acquire AmeriLife. We have the option to syndicate a portion of our equity commitment prior to closing and expect to be a minority owner of the AmeriLife Joint Venture. The transaction

is expected to close in the first or second quarter of 2020. AmeriLife is a leader in marketing and distributing life, health, and retirement solutions.

Cash and Cash Equivalents

Highly liquid instruments, including money market instruments, purchased as part of cash management with original maturities of three months or less, and certain amounts in transit from credit and debit card processors, are considered cash equivalents. The carrying amounts reported in the Consolidated and Combined Balance Sheets for these instruments approximate their fair value.

Restricted Cash

The Restaurant Group is required to hold cash collateralizing its outstanding letters of credit. Included in Cash and cash equivalents on our Consolidated and Combined Balance Sheet as of December 31, 2019 is $11.4 million of such restricted cash. There was no restricted cash as of December 31, 2018.

Investments

Fixed maturity securities are purchased based on factors including rate of return, maturity, credit risk, duration, and tax considerations. Fixed maturity securities, which may be sold prior to maturity, are carried at fair value and are classified as available for sale as of the balance sheet dates. Fair values for fixed maturity securities are principally a function of current market conditions and are valued based on quoted prices in markets that are not active or model inputs that are unobservable. See Note C. Discount or premium is recorded for the difference between the purchase price and the principal amount. The discount or premium is amortized or accrued using the interest method and is recorded as an adjustment to interest and investment income. The interest method results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value.

Investments in unconsolidated affiliates are recorded using the equity method of accounting.

Realized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis. Unrealized gains or losses on fixed maturity securities, which are classified as available for sale, net of applicable deferred income tax expenses (benefits), are excluded from earnings and credited or charged directly to a separate component of equity. If any unrealized losses on available for sale securities are determined to be other-than-temporary, such unrealized losses are recognized as realized losses. Unrealized losses are considered other-than-temporary if factors exist that cause us to believe that the value will not increase to a level sufficient to recover our cost basis. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include (i) our need and intent to sell the investment prior to a period of time sufficient to allow for a recovery in value; (ii) the duration and extent to which the fair value has been less than cost; and (iii) the financial condition and prospects of the issuer. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss.

Fair Value of Financial Instruments

The fair values of financial instruments presented in the Consolidated and Combined Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. See Note C for further details.

Trade Receivables

Trade receivables on the Consolidated and Combined Balance Sheets for the Restaurant Group consists primarily of billings to third-party customers of Blue Ribbon's bakery business, business to business gift card sales, insurance-related reimbursement, rebates, tenant improvement allowances, and billings to franchisees for royalties, initial and renewal fees, equipment sales and rent. Trade receivables are recorded net of an allowance for doubtful accounts, which is our best estimate of the amount of probable credit losses related to existing receivables.

The carrying values reported in the Consolidated and Combined Balance Sheets for trade receivables approximate their fair value.

Inventory

Inventory primarily consists of raw materials, finished pies, food, beverages packaging and supplies in our Restaurant Group segment and is stated at the lower of cost or net realizable value. Cost is determined using the first in, first out method for restaurant inventory and standard cost that approximates actual cost on a first in, first out basis for the bakery operations.

Prepaid expenses and other current assets

Prepaid expenses and other current assets consist of cash on deposit with the Equity Fund, prepaid operating expenses, the current portion of notes receivable and other miscellaneous current assets.

Other long term investments and non-current assets

Other long-term investments consist of land held for investment purposes and investments in equity securities without a readily determinable fair value. Land is carried at historical cost. See Note D for further discussion of our accounting for equity securities without a readily determinable fair value.

Other non-current assets include notes receivable from third-parties and other miscellaneous non-current assets.

Leases

Refer to Note B.

Goodwill

Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in business combinations. Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. We have the option to first assess goodwill for impairment based on a review of qualitative factors to determine if events and circumstances exist that will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if the Company concludes otherwise, then it is required to perform the quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. Goodwill impairment, if any, is measured as the amount by which a reporting unit’s carrying value exceeds its fair value.

For the year ended December 31, 2019 we recorded $35.1 million of impairment to goodwill in our former T-System segment and $10.4 million of impairment to goodwill in our Restaurant Group segment. The impairment in our former T-System segment is primarily a result of a decline in earnings multiples from comparable public companies and lower forecasted cash flows for its reporting units. The impairment charge in our Restaurant Group is a result of deteriorating operating results and cash flow resulting from declining same store sales and increased costs, primarily in our Village Inn and Bakers Square branded stores. The impairments recorded were calculated as the deficit between the carrying value of the reporting units of each segment compared to the fair value of the reporting unit determined by performing a combination of discounted cash flow and market approaches.

Impairment to goodwill in our former T-System segment is included in Net loss from discontinued operations on the Consolidated and Combined Statement of Operations for the year ended December 31, 2019. See Note N.

For the year ended December 31, 2018 we recorded $26.7 million of impairment to goodwill in our Restaurant Group segment. The impairment charge was a result of deteriorating operating results and cash flow resulting from declining same store sales and increased costs. The impairment recorded was calculated as the deficit between the carrying value of a reporting unit of the Restaurant Group segment compared to the fair value of the reporting unit determined by performing a combination of discounted cash flow and market approaches.

For the year ended December 31, 2017, we determined that there were no events or circumstances which indicated that the carrying value of goodwill exceeded the fair value and no impairment was recorded.

Other Intangible Assets

We have other intangible assets, not including goodwill, which consist primarily of customer relationships and contracts, trademarks and tradenames that are generally recorded in connection with acquisitions at their fair value, franchise rights, the fair value of purchased software and capitalized software development costs. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives using an accelerated method, which takes into consideration expected customer attrition rates. Contractual relationships are generally amortized over their respective contractual lives. Useful lives of computer software range from three to ten years. Trademarks and tradenames are generally considered intangible assets with indefinite lives and are reviewed for impairment at least annually. Capitalized software development costs and purchased software are recorded at cost and amortized using the straight-line method over their estimated useful life.

We recorded $17.1 million of impairment expense related to the Village Inn and Bakers Square tradenames within our Restaurant Group in the year ended December 31, 2019. We recorded $5.8 million of impairment expense related to a tradename and an abandoned software project in our Restaurant Group in the year ended December 31, 2018. We recorded $2.9 million of impairment expense related to a tradename in our Restaurant Group in the year ended December 31, 2017. The impairments are recorded within Other operating expenses on our Consolidated and Combined Statement of Operations for the years then ended.

Property and Equipment, net

Property and equipment, net are recorded at cost, less accumulated depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: thirty to forty years for buildings and three to twenty-five years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets.

In our Restaurant Group, all direct external costs associated with obtaining the land, building and equipment for each new restaurant, as well as construction period interest, are capitalized. Direct external costs associated with obtaining the dining room and kitchen equipment, signage and other assets and equipment are also capitalized. In addition, for each new restaurant and re-branded restaurant, a portion of the internal direct costs of its real estate and construction department are also capitalized.

Property and equipment are reviewed for impairment when events or circumstances indicate that the carrying amounts may not be recoverable. We recorded $6.6 million, $8.1 million, and $6.9 million of impairment expense related to Property and equipment in our Restaurant Group segment in the years ended December 31, 2019, 2018 and 2017, respectively, which is recorded within Other operating expenses on our Consolidated and Combined Statement of Operations for the years then ended.

Insurance Reserves

Our Restaurant Group companies are currently self-insured for a portion of its workers' compensation, general liability, and liquor liability losses (collectively, casualty losses) as well as certain other insurable risks. To mitigate the cost of the Restaurant Group's exposures for certain property and casualty losses, we make annual decisions to either retain the risks of loss up to a certain maximum per occurrence, aggregate loss limits negotiated with its insurance carriers, or fully insure those risks. Our Restaurant Group companies are also self-insured for healthcare claims for eligible participating employees subject to certain deductibles and limitations. We have accounted for such retained liabilities for casualty losses and healthcare claims, including reported and incurred but not reported claims, based on information provided by third-party actuaries. As of December 31, 2019, our Restaurant Group companies were committed under letters of credit totaling $16.3 million issued primarily in connection with casualty insurance programs.

Income Taxes

We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact of changes in tax rates and laws on deferred taxes, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted.

We recognize the benefits of uncertain tax positions in the financial statements only after determining a more likely than not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, we reassess these probabilities and record any changes in the financial statements as appropriate. Uncertain tax positions are accounted for by determining the minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. This determination requires the use of judgment in assessing the timing and amounts of deductible and taxable items. Tax positions that meet the more likely than not recognition threshold are recognized and measured as the largest amount of tax benefit that is more than 50% likely to be realized upon settlement with a taxing authority that has full knowledge of all relevant information. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as components of income tax expense.

Parent Investment in FNFV

Parent investment in FNFV on the Consolidated and Combined Statement of Equity represents FNF's historical investment in the Company, the Company's accumulated net earnings after taxes prior to the Split-Off, and the net effect of transactions with and allocations from FNF prior to the Split-Off. In conjunction with the Split-Off, Parent investment in FNFV was reclassified to Additional paid-in capital.

Revenue Recognition

Refer to Note U.

Advertising Costs

The Company expenses advertising and marketing costs as incurred, except for certain advertising production costs that are initially capitalized and subsequently expensed the first time the advertising takes place. During the years ended December 31, 2019, 2018, and 2017, the Company incurred $30.0 million, $34.7 million, and $35.5 million of advertising and marketing costs, respectively, related to advertising in our Restaurant Group and in our real estate operations. These costs are included in Other operating expenses on the Consolidated and Combined Statements of Operations.

Comprehensive Earnings

We report comprehensive earnings in accordance with GAAP on the Consolidated and Combined Statements of Comprehensive Earnings. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive earnings or loss represents the cumulative balance of other comprehensive earnings, net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to realized losses and are included in Realized gains and losses, net on the Consolidated and Combined Statements of Operations. Our policy is to release income tax effects from accumulated other comprehensive income at such time as the earnings or loss of the related activity are recognized in earnings (e.g., upon sale of an investment).

Changes in the balance of other comprehensive earnings by component are as follows:



	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)			Unrealized (loss) gain relating to investments in unconsolidated affiliates			Total Accumulated Other Comprehensive (Loss) Earnings
	(In millions)
Balance December 31, 2017	$	(6.9	)	$	(64.1	)	$	(71.0	)
Other comprehensive earnings (loss)	0.9			(12.0		)	(11.1		)
Adjustment for adoption of ASU 2018-02	(1.6		)	(14.5		)	(16.1		)
Reclassification adjustments	7.0			24.0			31.0
Balance December 31, 2018	(0.6		)	(66.6		)	(67.2		)
Other comprehensive earnings	0.1			7.1			7.2
Cumulative effect of adoption of accounting standards by unconsolidated affiliates	—			(5.0		)	(5.0		)
Reclassification adjustments	—			19.1			19.1
Balance December 31, 2019	$	(0.5	)	$	(45.4	)	$	(45.9	)

Stock-Based Compensation Plans

Stock-based compensation expense includes restricted stock awards granted to certain members of management in Cannae common stock, as well as in historical FNFV Group tracking stock. We account for stock-based compensation plans using the fair value method. Under the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date, using quoted market prices of the underlying stock, and recognized over the service period. See Note O.

Earnings Per Share

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

In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.

Instruments that provide the ability to purchase shares of our common stock that are antidilutive are excluded from the

computation of diluted earnings per share. For the year ended December 31, 2019 and 2018, no antidilutive shares were outstanding. For the year ended December 31, 2017, 0.1 million shares of restricted stock were excluded from the calculation of diluted earnings per share as they were antidilutive.

Investments - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Aug. 31, 2019	Feb. 08, 2019
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 836.5	$ 397.2
Equity in earnings (losses) of unconsolidated affiliates	$ (115.1)	(16.1)	$ 3.4
Dun & Bradstreet
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	24.30%			24.30%	24.50%
Investments in unconsolidated affiliates	$ 385.9	0.0
Equity in earnings (losses) of unconsolidated affiliates	$ (132.8)	0.0	0.0
Ceridian
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	16.40%
Investments in unconsolidated affiliates	$ 309.5	359.7
Equity in earnings (losses) of unconsolidated affiliates	16.4	(20.5)	1.9
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	141.1	37.5
Equity in earnings (losses) of unconsolidated affiliates	$ 1.3	$ 4.4	$ 1.5

Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 2.8	$ 6.8
Semi-finished and finished goods	3.6	5.6
Packaging	1.2	2.4
Obsolescence reserve	(0.9)	(3.0)
Total bakery inventory	6.7	11.8
Restaurant and other inventory	9.4	10.3
Other, non-restaurant inventory	0.2	0.2
Total inventory	$ 16.3	$ 22.3

Business and Summary of Significant Accounting Policies - Split-off of Cannae From FNF (Details)	Nov. 17, 2017 $ / shares	Dec. 31, 2019 $ / shares	Dec. 31, 2018 $ / shares
Business Acquisition [Line Items]
Par value per share (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Corporate Services Agreement \| FNF \| Parent
Business Acquisition [Line Items]
Period for FNF to provide services at no-cost (up to)	3 years
FNFV Group
Business Acquisition [Line Items]
Par value per share (in dollars per share)	$ 0.0001
Number of shares of common stock in newly formed entity received for each share redeemed (ratio)	1

Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets

Other intangible assets consist of the following:



	December 31,
	2019			2018
	(In millions)
Trademarks and tradenames	$	53.9		$	71.0
Software	17.1			17.0
Franchise rights	7.2			7.2
Customer relationships and contracts	5.2			5.2
Other	—			44.2
	83.4			144.6
Accumulated amortization	(20.3		)	(52.2		)
	$	63.1		$	92.4

Amortization expense for amortizable intangible assets, which consist primarily of software, franchise rights, and customer relationships and contracts, was $4.9 million, $8.3 million, and $4.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. Estimated amortization expense for the next five years for assets owned at December 31, 2019, is $3.7 million in 2020, $2.7 million in 2021, $0.9 million in 2022, $0.7 million in 2023 and $0.7 million in 2024. As of December 31, 2019 and 2018, we had $52.1 million and $69.2 million, respectively of indefinite-lived tradenames.

Fair Value Measurements (Details) $ in Millions	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Fixed-maturity securities available for sale:
Corporate debt securities	$ 19.2	$ 17.8
Total assets	19.2	17.8
Corporate debt securities
Fixed-maturity securities available for sale:
Corporate debt securities	19.2	17.8
Level 1
Fixed-maturity securities available for sale:
Total assets	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 assets	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 assets	$ 19.2	17.8
Level 3 \| Minimum \| Discount Rate
Fixed-maturity securities available for sale:
Securities, available-for-sale discount rates used	0.148
Level 3 \| Maximum \| Discount Rate
Fixed-maturity securities available for sale:
Securities, available-for-sale discount rates used	0.160
Level 3 \| Weighted Average \| Discount Rate
Fixed-maturity securities available for sale:
Securities, available-for-sale discount rates used	0.160
Level 3 \| Corporate debt securities
Fixed-maturity securities available for sale:
Corporate debt securities	$ 19.2	$ 17.8

Income Taxes - Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	35.00%
State income taxes, net of federal benefit	(0.20%)	3.60%	3.10%
Tax credits	(2.60%)	(22.70%)	8.70%
Valuation allowance	0.50%	0.00%	6.00%
Non-deductible expenses and other, net	0.10%	0.20%	(4.40%)
Non-deductible executive compensation	1.80%	67.50%	0.00%
Dividends received deduction	0.00%	(34.00%)	0.00%
Noncontrolling interests	2.60%	35.50%	(7.70%)
Basis difference in investments	(2.80%)	0.00%	0.00%
Tax Reform	0.00%	0.40%	(13.40%)
Other	(1.00%)	3.80%	(3.80%)
Effective tax rate excluding equity investments	19.40%	75.30%	23.50%
Equity investments	(9.20%)	(8.90%)	(4.40%)
Effective tax rate	10.20%	66.40%	19.10%

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
	Dec. 31, 2019	Jun. 06, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds from sale			$ 0.0	$ 4.6	$ 326.0
Borrowings, net of debt issuance costs			367.3	33.9	84.4
Debt service payments			$ 290.8	124.1	35.8
T-System Holdings, Inc. \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax (loss) gain on sale	$ (6.4)
Income tax (benefit) expense	$ (1.4)
OneDigital \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest after sale (as a percent)		0.00%
Pre-tax (loss) gain on sale					276.0
Income tax (benefit) expense					126.3
Consideration received on sale		$ 560.0		$ 4.5
Proceeds from sale after repayment of debt		331.4
Cash proceeds from sale		326.0
Consideration received on sale, indemnity holdback		$ 5.4
Other acquisitions/disposals of businesses, net of cash acquired					25.9
Borrowings, net of debt issuance costs					23.0
Debt service payments					$ 3.0
Coding Solutions \| T-System Holdings, Inc. \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest after sale (as a percent)	22.70%

Notes Payable - Narrative (Details) - USD ($)													12 Months Ended
Notes Payable - Narrative (Details) - USD ($)	Feb. 26, 2020	Feb. 18, 2020	Dec. 18, 2019	Nov. 13, 2019	Sep. 11, 2019	Jul. 05, 2019	Jun. 12, 2019	Feb. 07, 2019	Dec. 21, 2018	Nov. 07, 2018	Nov. 17, 2017	Jan. 29, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 13, 2018
Line of Credit Facility [Line Items]
Proceeds from debt													$ 367,300,000	$ 33,900,000	$ 84,400,000
Repayment of debt													290,800,000	124,100,000	$ 35,800,000
Borrowings outstanding													127,100,000	48,100,000
99 Revolver Credit Facility \| Revolver Note
Line of Credit Facility [Line Items]
Borrowings outstanding													$ 3,000,000.0	0
99 Revolver Credit Facility \| Ninety-Nine Restaurants, LLC \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity									$ 15,000,000.0
Interest rate incurred													5.38%
Amount available to borrow													$ 22,000,000.0
99 Revolver Credit Facility \| Ninety-Nine Restaurants, LLC \| Revolver Note \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate									2.50%
99 Revolver Credit Facility \| Ninety-Nine Restaurants, LLC \| Revolver Note \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate									3.50%
99 Revolver Credit Facility \| Ninety-Nine Restaurants, LLC \| Letter of credit
Line of Credit Facility [Line Items]
Aggregate borrowing capacity									$ 5,000,000.0
99 Revolver Credit Facility \| Ninety-Nine Restaurants, LLC \| Swingline debt \| Revolver Note \| Fifth Third Bank
Line of Credit Facility [Line Items]
Aggregate borrowing capacity									2,500,000
99 Term Loan \| Notes payable to banks
Line of Credit Facility [Line Items]
Proceeds from debt									36,200,000
Interest rate incurred													5.25%
Borrowings outstanding													$ 30,900,000	36,100,000
99 Term Loan \| Notes payable to banks \| Subsequent Event
Line of Credit Facility [Line Items]
Repayment of debt	$ 10,000,000.0
99 Term Loan \| Ninety-Nine Restaurants, LLC
Line of Credit Facility [Line Items]
Face amount of loan									37,000,000.0
DLOC Loan
Line of Credit Facility [Line Items]
Borrowings outstanding													$ 0	0
DLOC Loan \| Ninety-Nine Restaurants, LLC \| Line of Credit Loan
Line of Credit Facility [Line Items]
Face amount of loan									$ 10,000,000.0
Margin Loan Agreement \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity										$ 300,000,000.0
Interest rate incurred													4.70%
Amount available to borrow													$ 225,000,000
Repayment of debt			$ 75,000,000.0
Shares, pledged as collateral (in shares)			19,800,000							25,000,000.0
Shares pledged as collateral, shares released (in shares)			200,000	5,000,000
Borrowings outstanding													75,000,000.0	0
Margin Loan Agreement \| Revolver Note \| Subsequent Event
Line of Credit Facility [Line Items]
Repayment of debt		$ 75,000,000.0
Interstate Credit Agreement \| Notes payable to banks
Line of Credit Facility [Line Items]
Borrowings outstanding													$ 13,400,000	11,700,000
Interstate Credit Agreement \| NV Brasada
Line of Credit Facility [Line Items]
Aggregate borrowing capacity												$ 17,000,000.0
Interstate Credit Agreement \| NV Brasada \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate												2.00%
Interstate Credit Agreement \| NV Brasada \| Line of Credit Loan
Line of Credit Facility [Line Items]
Aggregate borrowing capacity												$ 1,500,000
Borrowings outstanding																$ 3,600,000
Interstate Credit Agreement \| NV Brasada \| Acquisition Loan
Line of Credit Facility [Line Items]
Face amount of loan												12,500,000
Interstate Credit Agreement \| NV Brasada \| Acquisition Loan, A Note
Line of Credit Facility [Line Items]
Face amount of loan												$ 6,250,000
Interest rate incurred												4.51%
Interstate Credit Agreement \| NV Brasada \| Acquisition Loan, B Note
Line of Credit Facility [Line Items]
Face amount of loan												$ 6,250,000
Interstate Credit Agreement \| NV Brasada \| Acquisition Loan, B Note \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate												2.00%
Interstate Credit Agreement \| NV Brasada \| Development Loan
Line of Credit Facility [Line Items]
Face amount of loan												$ 3,000,000.0
Interstate Credit Agreement \| NV Brasada \| Notes payable to banks
Line of Credit Facility [Line Items]
Variable rate interest													3.97%
Interstate Credit Agreement, Note C \| NV Brasada \| Line of Credit Loan
Line of Credit Facility [Line Items]
Amount available to borrow													$ 3,800,000
Interstate Credit Agreement, Note C \| NV Brasada \| Notes payable to banks
Line of Credit Facility [Line Items]
Borrowings outstanding													$ 2,100,000
Variable rate interest													3.94%
Corporate Revolver Note \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity											$ 100,000,000.0
Amount available to borrow													$ 100,000,000.0	100,000,000
Borrowings outstanding													$ 0	$ 0
Maximum incremental borrowing under credit facility											$ 1,000,000.0
Term of revolver note											5 years
Term of automatic extension											5 years
Proceeds from line of credit						$ 100,000,000.0		$ 100,000,000.0
Repayments of line of credit					$ 100,000,000.0		$ 100,000,000.0
Corporate Revolver Note \| Revolver Note \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate											5.00%

Business and Summary of Significant Accounting Policies - Other Developments (Details) - USD ($) $ in Millions	Dec. 24, 2019	Dec. 05, 2019	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Sale of stock (in shares)		7,475,000
Aggregate proceeds from sale of stock		$ 236.0
Equity investment			$ 836.5	$ 397.2
AmeriLife Joint Venture
Schedule of Equity Method Investments [Line Items]
Payment for investment	$ 125.0
AmeriLife Joint Venture \| Cannae, THL And Other Investors
Schedule of Equity Method Investments [Line Items]
Payment for investment	$ 617.0

Investments - Summarized Financial Information For Dun & Bradstreet (Details) - Dun & Bradstreet $ in Millions	3 Months Ended
	Sep. 30, 2019 USD ($)
Balance Sheet
Total current assets	$ 418.6
Goodwill and other intangible assets, net	8,091.9
Other assets	602.1
Total assets	9,112.6
Current liabilities	1,090.4
Long-term debt	3,818.9
Other non-current liabilities	1,595.9
Total liabilities	6,505.2
Preferred equity	1,030.6
Total capital	1,576.8
Total liabilities and equity	9,112.6
Statements of Operations
Total revenues	1,413.9
Loss before income taxes	(540.0)
Net loss	(425.8)
Dividends attributable to preferred equity and noncontrolling interest expense	120.5
Net loss attributable to Dun & Bradstreet	$ (546.3)

Segment Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Segment Information

Summarized financial information concerning our reportable segments is shown in the following tables. There are several intercompany corporate related arrangements between our various businesses. The effects of these arrangements including intercompany notes and related interest and any other non-operational intercompany revenues and expenses have been eliminated in the segment presentations below.

On December 31, 2019, we completed the T-System Contribution. As a result, T-System is no longer a reportable segment of the Company and its results of operations have been reclassified as discontinued operations. See Note N.

On February 8, 2019, we completed the D&B Investment. 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 D&B Investment in the tables below. See below for further discussion of Dun & Bradstreet and our accounting for our related investment.

As of and for the year ended December 31, 2019:



	Restaurant Group			Ceridian			Dun & Bradstreet			Corporate and Other			Ceridian and Dun & Bradstreet Elimination			Total
	(in millions)
Restaurant revenues	$	1,043.3		$	—		$	—		$	—		$	—		$	1,043.3
Other revenues	—			824.1			1,413.9			26.7			(2,238.0		)	26.7
Revenues from external customers	1,043.3			824.1			1,413.9			26.7			(2,238.0		)	1,070.0
Interest and investment income, including realized gains and losses	3.9			—			2.4			369.4			(2.4		)	373.3
Total revenues and other income	1,047.2			824.1			1,416.3			396.1			(2,240.4		)	1,443.3
Depreciation and amortization	38.5			57.1			482.4			2.2			(539.5		)	40.7
Interest expense	(5.4		)	(32.4		)	(303.5		)	(12.4		)	335.9			(17.8		)
(Loss) earnings from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates	(80.9		)	34.3			(540.0		)	318.8			505.7			237.9
Income tax expense (benefit)	0.3			(44.4		)	(110.0		)	23.9			154.4			24.2
(Loss) earnings from continuing operations, before equity in earnings (loss) of unconsolidated affiliates	(81.2		)	78.7			(430.0		)	294.9			351.3			213.7
Equity in earnings (losses) of unconsolidated affiliates	—			—			4.2			1.3			(120.6		)	(115.1		)
(Loss) earnings from continuing operations	$	(81.2	)	$	78.7		$	(425.8	)	$	296.2		$	230.7		$	98.6
Assets	$	572.8		$	6,085.7		$	9,112.6		$	1,519.4		$	(15,198.3	)	$	2,092.2
Goodwill	66.1			1,973.5			2,840.5			—			(4,814.0		)	66.1

As of and for the year ended December 31, 2018:



	Restaurant Group			Ceridian			Corporate and Other		Ceridian Elimination			Total
	(in millions)
Restaurant revenues	$	1,117.8		$	—		$	—	$	—		$	1,117.8
Other revenues	—			740.7			29.7		(740.7		)	29.7
Revenues from external customers	1,117.8			740.7			29.7		(740.7		)	1,147.5
Interest and investment income, including realized gains and losses	(2.1		)	—			175.2		—			173.1
Total revenues and other income	1,115.7			740.7			204.9		(740.7		)	1,320.6
Depreciation and amortization	44.9			56.6			1.4		(56.6		)	46.3
Interest expense	(16.0		)	(83.2		)	11.3		83.2			(4.7		)
(Loss) earnings from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates	(96.8		)	(26.9		)	119.4		26.9			22.6
Income tax expense (benefit)	0.6			8.4			14.4		(8.4		)	15.0
(Loss) earnings from continuing operations, before equity in earnings (loss) of unconsolidated affiliates	(97.4		)	(35.3		)	105.0		35.3			7.6
Equity in earnings of unconsolidated affiliates	0.1			—			4.3		(20.5		)	(16.1		)
(Loss) earnings from continuing operations	$	(97.3	)	$	(35.3	)	$	109.3	$	14.8		$	(8.5	)
Assets	$	432.3		$	5,247.8		$	1,027.2	$	(5,247.8	)	$	1,459.5
Goodwill	76.5			1,927.4			—		(1,927.4		)	76.5

As of and for the year ended December 31, 2017:



	Restaurant Group			Ceridian			Corporate and Other			Ceridian Elimination			Total
	(in millions)
Restaurant revenues	$	1,129.0		$	—		$	—		$	—		$	1,129.0
Other revenues	—			670.8			27.6			(670.8		)	27.6
Revenues from external customers	1,129.0			670.8			27.6			(670.8		)	1,156.6
Interest and investment (loss) income, including realized gains and losses	—			—			10.2			—			10.2
Total revenues and other income	1,129.0			670.8			37.8			(670.8		)	1,166.8
Depreciation and amortization	43.6			53.8			2.6			(53.8		)	46.2
Interest expense	(6.6		)	(87.1		)	(0.4		)	87.1			(7.0		)
Loss from continuing operations, before income taxes and equity in losses of unconsolidated affiliates	(36.1		)	(54.1		)	(38.2		)	54.1			(74.3		)
Income tax expense (benefit)	0.7			(49.6		)	(14.9		)	49.6			(14.2		)
Loss from continuing operations, before equity in losses of unconsolidated affiliates	(36.8		)	(4.5		)	(23.3		)	4.5			(60.1		)
Equity in losses of unconsolidated affiliates	0.1			—			1.4			1.9			3.4
Loss from continuing operations	$	(36.7	)	$	(4.5	)	$	(21.9	)	$	6.4		$	(56.7	)
Assets	$	501.0		$	6,729.9		$	986.2		$	(6,729.9	)	$	1,487.2
Goodwill	103.2			1,961.0			—			(1,961.0		)	103.2

The activities in our segments include the following:

•

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

•

Dun & Bradstreet. This segment consists of our 24.3% ownership interest in Dun & Bradstreet. Dun & Bradstreet is a leading global provider of business decisioning data and analytics. Its mission is to deliver a global network of trust, enabling clients to transform uncertainty into confidence, risk into opportunity and potential into prosperity. Clients embed D&B's trusted, end-to-end solutions into their daily workflows to enhance salesforce productivity, gain visibility into key markets, inform commercial credit decisions and confirm that suppliers are financially viable and compliant with laws and regulations. Dun & Bradstreet's solutions support its clients’ mission critical business operations by

providing proprietary and curated data and analytics to help drive informed decisions and improved outcomes. Dun & Bradstreet's global commercial database as of December 31, 2019 contained more than 355 million business records. Our chief operating decision maker reviews the full financial results of Dun & Bradstreet for purposes of assessing performance and allocating resources. Thus, we consider Dun & Bradstreet a reportable segment and have included the full results of Dun & Bradstreet subsequent to the D&B 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 year ended December 31, 2019, includes our equity in Dun & Bradstreet’s losses for the period from February 8, 2019, the date of the D&B Investment, to December 31, 2019. See Note D for further discussion of our investment in Dun & Bradstreet and related accounting.

•

Ceridian. This segment consists of our 16.4% ownership interest in Ceridian. Ceridian is a global human capital management (“HCM”) software company. Dayforce, Ceridian's flagship cloud HCM platform, provides human resources (“HR”), payroll, benefits, workforce management, and talent management functionality. Dayforce is a single application that provides continuous real-time calculations across all modules to enable, for example, payroll administrators access to data through the entire pay period, and managers access to real-time data to optimize work schedules. Dayforce offers a comprehensive range of functionality, including global HR, payroll, benefits, workforce management, and talent management on web and native iOS and Android platforms. Ceridian's Dayforce mobile app enables employees not only to request and to trade schedules, but also to see the real-time impact of schedule changes on their pay. Our chief operating decision maker reviews the full financial results of Ceridian for purposes of assessing performance and allocating resources. Thus, we consider Ceridian a reportable segment and 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 and Dun & Bradstreet Elimination section of the segment presentation above.

•

Corporate and Other. This aggregation of nonreportable segments consists of our share in the operations of certain controlled portfolio companies and other equity investments, activity of the corporate holding company and certain intercompany eliminations and taxes. Total assets for this segment as of December 31, 2018 and 2017 also include the assets of T-System. See Note N Discontinued Operations for further details.

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Restricted Stock Transactions Under Omnibus Plan

Restricted stock transactions under the Omnibus Plan in 2019, 2018 and 2017 are as follows:




	Shares		Weighted Average Grant Date Fair Value
Balance, December 31, 2016	—		$	—
Granted	287,059		18.45
Balance, December 31, 2017	287,059		$	18.45
Granted	384,281		17.98
Vested	(95,685	)	18.45
Balance, December 31, 2018	575,655		$	18.13
Granted	18,642		34.45
Vested	(223,777	)	18.18
Balance, December 31, 2019	370,520		$	18.93

Fair Value Measurements - Summary of Changes in Fair Values of Level 3 Assets Measured on a Recurring Basis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Impairment	$ (400,000)	$ (12,500,000)	$ 0
Corporate debt securities \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	17,800,000	0
Transfers from Level 2		21,400,000
Paid-in-kind dividends and interest	200,000	300,000
Accretion of original purchase discount		700,000
Impairment	(400,000)	(12,500,000)
Reclassification of impairment previously included in other comprehensive earnings to net earnings		7,900,000
Net valuation gain included in other comprehensive earnings	1,600,000
Fair value, end of period	$ 19,200,000	$ 17,800,000	$ 0

Concentration of Risk	12 Months Ended
Concentration of Risk	Dec. 31, 2019
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents and trade receivables. We place cash equivalents with high credit quality financial institutions and, by policy, limit the amount of credit exposure with any one financial institution. Concentrations of credit risk with respect to trade receivables are limited because a large number of geographically diverse customers make up our customer base, thus spreading the trade receivables credit risk. We control credit risk through monitoring procedures. Our Restaurant Group companies obtain a majority of their restaurant food products and supplies from five distributors. Although we believe alternative vendors could be found in a timely manner, any disruption of these services could potentially have an adverse impact on operating results.

Business and Summary of Significant Accounting Policies - Recent Developments (Details) $ in Millions								1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 21, 2020 USD ($) shares	Dec. 31, 2019 USD ($) business	Dec. 05, 2019 USD ($) shares	Jul. 23, 2019 USD ($)	Jun. 27, 2019 USD ($)	Mar. 21, 2019 USD ($)	Feb. 28, 2019 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 13, 2019 USD ($)	Aug. 31, 2019	Feb. 08, 2019
Line of Credit Facility [Line Items]
Sale of stock (in shares) \| shares			7,475,000
Aggregate proceeds from sale of stock			$ 236.0
Realized gains, net										$ 357.7	$ 166.8	$ 4.9
Current assets of disposal group		$ 0.0							$ 0.0	0.0	29.8
Property and equipment, net		0.0							0.0	0.0	176.4
Land acquired in exchange for transferred properties													$ 10.5
Property and equipment, net											175.5
Proceeds from the sale of corporate offices										21.4	4.9	0.0
Consideration for a portion of its shares of T-System		14.5
Equity investment		836.5							836.5	836.5	397.2
T-System Holdings, Inc.
Line of Credit Facility [Line Items]
Proceeds for repayment of debt loaned		$ 60.8
O'Charley's
Line of Credit Facility [Line Items]
Finance lease liability													14.6
Land acquired in exchange for transferred properties													10.5
Property and equipment, net													$ 6.0
Coding Solutions
Line of Credit Facility [Line Items]
Number of healthcare services companies acquired by subsidiaries \| business		2
Blue Ribbon \| Disposal Group, Held-for-sale, Not Discontinued Operations
Line of Credit Facility [Line Items]
Proceeds from Blue Ribbon sale and leaseback of corporate office						$ 13.2
Lease term						15 years
Finance lease liability						$ 13.2
Proceeds from the sale of corporate offices										18.4
Prepaid Expenses and Other Current Assets \| Blue Ribbon \| Disposal Group, Held-for-sale, Not Discontinued Operations
Line of Credit Facility [Line Items]
Current assets of disposal group		$ 1.6							1.6	1.6	9.3
Prepaid Expenses and Other Current Assets \| Blue Ribbon \| Disposal Group, Held-for-sale, Not Discontinued Operations \| Restatement Adjustment
Line of Credit Facility [Line Items]
Current assets of disposal group		(2.4)							(2.4)	(2.4)
Property, Plant and Equipment \| Blue Ribbon \| Disposal Group, Held-for-sale, Not Discontinued Operations \| Restatement Adjustment
Line of Credit Facility [Line Items]
Property and equipment, net		$ 2.4							$ 2.4	2.4
Dun & Bradstreet
Line of Credit Facility [Line Items]
Payment for investment					$ 23.5		$ 505.6	$ 23.5		$ 526.1	0.0	$ 0.0
Ownership (as a percent)		24.30%							24.30%	24.30%				24.30%	24.50%
Equity investment		$ 385.9							$ 385.9	$ 385.9	0.0
Ceridian
Line of Credit Facility [Line Items]
Ownership (as a percent)		16.40%							16.40%	16.40%
Equity investment		$ 309.5							$ 309.5	$ 309.5	$ 359.7
Ceridian \| Subsequent Event
Line of Credit Facility [Line Items]
Sale of stock (in shares) \| shares	3,900,000
Aggregate proceeds from sale of stock	$ 283.7
Investment owned (in shares) \| shares	19,800,000
Ownership (as a percent)	13.70%
Ceridian \| Underwritten Secondary Public Offering
Line of Credit Facility [Line Items]
Sale of stock (in shares) \| shares										9,000,000.0
Aggregate proceeds from sale of stock										$ 477.9
Realized gains, net										342.1
Losses on sale of stock										21.2
Tax benefit related to gains (losses) net										$ 4.6
QOMPLX, Inc.
Line of Credit Facility [Line Items]
Payment for investment				$ 15.0					$ 15.0
Ownership (as a percent)		18.80%							18.80%	18.80%
Coding Solutions
Line of Credit Facility [Line Items]
Ownership (as a percent)		22.70%							22.70%	22.70%
Equity investment		$ 60.2							$ 60.2	$ 60.2
Equity Method Investee \| QOMPLX, Inc.
Line of Credit Facility [Line Items]
Equity investment, note receivable convertible to preferred equity		$ 7.5							$ 7.5	$ 7.5

Business and Summary of Significant Accounting Policies - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Line Items]
Goodwill impairment	$ 10,400,000	$ 26,700,000	$ 0
T-System
Goodwill [Line Items]
Goodwill impairment	35,100,000
Restaurant Group
Goodwill [Line Items]
Goodwill impairment	$ 10,400,000	$ 26,700,000

Employee Benefit Plans - Restricted Stock Transactions Under the Omnibus Plan (Details) - The Omnibus Plan - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance, End of period (in shares)	370,520
CNNE
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance, Beginning of period (in shares)	575,655	287,059	0
Granted (in shares)	18,642	384,281	287,059
Vested (in shares)	(223,777)	(95,685)
Balance, End of period (in shares)	370,520	575,655	287,059
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning of period (in usd per share)	$ 18.13	$ 18.45	$ 0
Weighted Average Grant Date Fair Value, Granted (in usd per share)	34.45	17.98	18.45
Weighted Average Grant Date Fair Value, Vested (in usd per share)	18.18	18.45
Weighted Average Grant Date Fair Value, End of period (in usd per share)	$ 18.93	$ 18.13	$ 18.45

Business and Summary of Significant Accounting Policies - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restaurant Group \| Tradenames
Finite-Lived Intangible Assets [Line Items]
Impairment expense	$ 17.1	$ 5.8	$ 2.9
Computer software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful lives	3 years
Computer software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful lives	10 years

Supplementary Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2019

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow information

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



	Year Ended December 31,
	2019		2018			2017
	(In millions)
Cash paid during the year:
Interest	$	15.6	$	3.3		$	8.7
Income taxes	48.6		0.2			117.7
Operating leases	62.6		—			—

Non-cash investing activities:
Acquisition of Ceridian HCM common shares through non-cash private placement investment - see Note A	$	—	$	(33.4	)	—
Non-cash distribution of LifeWorks from Ceridian - see Note A	—		32.5			—
Investment in Coding Solutions received as partial consideration for the T-System Contribution	60.2		—			—
Non-cash financing activities:
Liabilities and noncontrolling interests assumed in connection with acquisitions (1):
Fair value of net assets acquired	$	—	$	—		$	252.5
Less: Total cash purchase price	—		—			222.7
Liabilities and noncontrolling interests assumed	$	—	$	—		$	29.8

Debt extinguished through the sale of OneDigital	$	—	$	—		$	151.1
Financing obligations assumed by O'Charley's in exchange for property	14.6		—			—
Property obtained by O'Charley's in exchange for stores	10.5		—			—

_____________________________________

(1) Business combinations in the year ended December 31, 2017 related to acquisitions made by our former subsidiary, One Digital. See Note N.

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2019 USD ($) renew	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease weighted average remaining lease term	8 years
Operating lease, number of options to renew \| renew	1
Lease weighted average discount rate, percent	7.67%
Rent expense		$ 60.8	$ 61.7
Restaurant Group
Lessee, Lease, Description [Line Items]
Impairment of assets	$ 21.1
Cost of restaurant revenue
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 58.5
Minimum
Lessee, Lease, Description [Line Items]
Lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease terms	18 years
Lease renewal term	20 years

Investments - Schedule of Investment Securities in a Continuous Unrealized Loss Position (Details) $ in Millions	Dec. 31, 2019 USD ($)
Fair Value
Less than 12 Months	$ 10.8
Total unrealized loss position	10.8
Unrealized Losses
Less than 12 Months	(1.1)
Total accumulated unrealized loss position	$ (1.1)

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 1,070.0	$ 1,147.5	$ 1,156.6
Restaurant revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	1,043.3	1,117.8	$ 1,129.0
Restaurant Group
Disaggregation of Revenue [Line Items]
Total operating revenues	1,043.3	1,117.8
Restaurant Group \| Restaurant revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	958.4	1,023.0
Restaurant Group \| Bakery sales
Disaggregation of Revenue [Line Items]
Total operating revenues	78.9	88.8
Restaurant Group \| Franchise and other
Disaggregation of Revenue [Line Items]
Total operating revenues	6.0	6.0
Corporate and Other \| Real estate and resort
Disaggregation of Revenue [Line Items]
Total operating revenues	25.9	23.2
Corporate and Other \| Other
Disaggregation of Revenue [Line Items]
Total operating revenues	0.8	6.5
Other operating revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 26.7	$ 29.7

Notes Payable

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Notes Payable

Notes payable consists of the following:



	December 31,
	2019		2018
	(In millions)
99 Term Loan	30.9		36.1
99 Revolver	3.0		—
DLOC Loan	—		—
Margin Facility	75.0		—
FNF Revolver	—		—
Brasada Interstate Loans	13.4		11.7
Other	4.8		0.3
Notes payable, total	$	127.1	$	48.1
Less: Notes payable, current	7.0		5.9
Notes payable, long term	$	120.1	$	42.2

At December 31, 2019, the carrying value of our outstanding notes payable approximated fair value. The respective carrying values of the loans under the 99 Restaurants Credit Facility and the B Note, Development Loan and Line of Credit Loan pursuant to the Interstate Credit Agreement, each as defined below, approximate fair value as they are variable rate instruments with monthly reset periods 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 December 31, 2019.

Notes Payable

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

“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 DLOC Loans borrowed prior to December 21, 2019, and (b) September 30, 2025 with respect to 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. The 99 Restaurants Credit Facility also allows for 99 Restaurants LLC to request up to $5.0 million of letters of credit commitments and $2.5 million in swingline debt from Fifth Third Bank as the administrative agent. The obligations of the 99 Restaurants LLC under the 99 Restaurants Credit Facility are guaranteed by 99 Restaurants. The 99 Restaurants Credit Facility is subject to affirmative, negative and financial covenants customary for financings of this type, including, among other things, limits on the Borrower’s creation of liens, sales of assets, incurrence of indebtedness, restricted payments and transactions with affiliates. The 99 Restaurants Credit Facility includes customary events of default for facilities of this type (with customary grace periods, as applicable). The 99 Restaurants Credit Facility provides that, upon the occurrence of an event of default, Fifth Third Bank, as administrative agent, may (i) declare the principal of, and any and all accrued and unpaid interest and all other amounts owed in respect of, the loans immediately due and payable, (ii) terminate loan commitments and (iii) exercise all other rights and remedies available to Fifth Third Bank or the lenders under the loan documents. Proceeds of $36.2 million for the 99 Term Loan were received at closing and primarily used to repay the remaining balance outstanding under an intercompany credit facility. As of December 31, 2019, interest on the 99 Term Loan and 99 Revolver is payable monthly at a rate of 5.25% and 5.38%, respectively, and there is $22.0 million available to borrow under the 99 Revolver and DLOC Loan. On February 26, 2020, 99 Restaurants repaid $10.0 million of the outstanding balance under the 99 Term Loan.

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 "Original Loan Agreement"), and certain other related agreements, with Credit Suisse AG (in such capacity, "Administrative Agent") and other lenders thereto. On December 18, 2019, the Borrower entered into an Amended and Restated Margin Loan Agreement (the “Amended Loan Agreement”) with the lenders thereto, the Administrative Agent, and others which amended the Original Loan Agreement. Pursuant to the Amended 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. Interest on term loans under the Margin Facility is payable in-kind or cash at the Borrower's election. The Original Loan Agreement was secured by a first priority lien on 25.0 million shares of Ceridian held by the Company which was contributed to the Borrower prior to any draws under the Margin Facility. On November 13, 2019 and December 18, 2019, 5,000,000 and 200,000 shares, respectively, of Ceridian were released from such lien. Accordingly, the Amended Loan Agreement is secured by a first priority lien on 19,800,000 shares of Ceridian. The Margin Facility is subject to maintenance and margin LTV ratios pursuant to which the Borrower will be required to maintain a certain loan to value ratio (based on the value of Ceridian common stock held by Borrower). In the event that this ratio is not maintained, the Borrower must post additional cash collateral under the Loan Agreement and/or elect to repay a portion of the term loans thereunder. The Amended Loan Agreement contains customary representations and warranties, covenants, event-of-default, and margin maintenance provisions for financings of this nature which, subject to certain terms and conditions, can result in the acceleration of the principal amount of, and accrued interest on, all outstanding term loans under the Margin Facility upon occurrence. On December 18, 2019, the Borrower repaid $75.0 million of the outstanding balance under the Margin Facility. As of December 31, 2019, $75.0 million was outstanding under the Margin Facility which accrues interest at a rate of 4.7% and there was $225 million available to borrow under the Margin Facility.

On February 18, 2020, we repaid the remaining $75.0 million outstanding under the Margin Facility and terminated the Amended Loan Agreement. Accordingly, we have no borrowing capacity and all of the Company's holdings of Ceridian common stock have been released from the first priority lien under the Margin Facility.

On January 29, 2016, FNF NV Brasada, LLC, an Oregon limited liability company and majority-owned subsidiary of Cannae ("NV Brasada"), entered into a credit agreement with an aggregate borrowing capacity of $17.0 million (the "Interstate Credit Agreement") originally with Bank of the Cascades, as lender. The Interstate Credit Agreement provides for (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 "Interstate Loans"). On June 13, 2018, the Interstate Credit Agreement was modified to add an additional line of credit of $3.6 million the ("C Note") and to assign the loan from the Bank of the Cascades to First Interstate Bank. Pursuant to the Acquisition Loan, NV Brasada executed a $6.25 million "A Note", which accrues interest at a rate of 4.51% per annum and matures on the tenth anniversary of the issuance thereof, and a $6.25 million "B Note", which accrues interest at the rate of LIBOR plus 225 basis points, adjusted monthly, and matures on the tenth anniversary of the issuance thereof. NV Brasada makes equal monthly payments of principal and interest under the Acquisition Loan. Each of the Development Loan and the Line of Credit Loan accrue interest at the rate of LIBOR plus 225 basis points, adjusted monthly, and mature on the second anniversary of the respective issuances thereof. NV Brasada makes equal monthly payments of interest under the Development Loan and the Line of Credit Loan. The Interstate Loans are secured by certain single-family residential lots that can be sold for construction, owned by NV Brasada, and certain other

operating assets owned by NV Brasada. The Company does not provide any guaranty or stock pledge under the Interstate Credit Agreement. As of December 31, 2019, there was $13.4 million, net of debt issuance costs, outstanding under the Interstate Credit Agreement; the B Note and Line of Credit Loan incurred interest at 3.97%; the C Note had $2.1 million outstanding and incurred interest at 3.94%; and there was $3.8 million of aggregate borrowing capacity under the Development Loan and Line of Credit Loan.

On August 19, 2014, Blue Ribbon entered into a credit agreement (the “Blue Ribbon Credit Facility”) with Wells Fargo Bank, National Association as administrative agent, Swingline Lender and Issuing Lender, Bank of America, N.A. as syndication agent and the other financial institutions party thereto. In March 2018, the borrowings outstanding under the Blue Ribbon Credit Facility was assigned to Cannae and subsequently paid off in its entirety.

FNF Revolver

On November 17, 2017, FNF issued to Cannae a revolver note in aggregate principal amount of up to $100.0 million (the "FNF Revolver"). Pursuant to the FNF Revolver, FNF may make one or more loans to us in increments of $1.0 million, with up to $100.0 million outstanding at any time. The FNF Revolver accrues interest at LIBOR plus 450 basis points and matures on the five-year anniversary of the date of 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 Cannae, in their sole discretion. On February 7, 2019, we drew the $100.0 million available and used the proceeds to fund, in part, the Dun & Bradstreet Investment. On June 12, 2019 we repaid to FNF the $100.0 million outstanding under the FNF Revolver. On July 5, 2019, we again drew the $100.0 million available and used the proceeds for general corporate purposes. On September 11, 2019, we again repaid to FNF the $100.0 million outstanding amount under the FNF Revolver. As of December 31, 2019, there was no outstanding balance and $100.0 million of available borrowing capacity under the FNF Revolver.



Gross principal maturities of notes payable at December 31, 2019 are as follows (in millions):
2020	$	9.0
2021	7.1
2022	82.1
2023	19.8
2024	0.7
Thereafter	9.4
	$	128.1

Notes Payable - Gross Principal Maturities Based Upon Contractual Maturities of Notes Payable (Details) $ in Millions	Dec. 31, 2019 USD ($)
Debt Disclosure [Abstract]
2020	$ 9.0
2021	7.1
2022	82.1
2023	19.8
2024	0.7
Thereafter	9.4
Total Long Term Debt	$ 128.1

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 1,900,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	15,500,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,900,000
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	20,500,000
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (5,000,000.0)

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Our revenue consists of the following:



		Year ended December 31,
		2019		2018
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(in millions)
Restaurant sales	Restaurant Group	$	958.4	$	1,023.0
Bakery sales	Restaurant Group	78.9		88.8
Franchise and other	Restaurant Group	6.0		6.0
Total restaurant revenue		1,043.3		1,117.8
Other operating revenue:
Real estate and resort	Corporate and other	25.9		23.2
Other	Corporate and other	0.8		6.5
Total other operating revenue		26.7		29.7
Total operating revenue		1,070.0		1,147.5

Contract Balances, Receivables and Deferred Revenue

The following table provides information about receivables and deferred revenue:



	December 31,		December 31,
	2019		2018
	(In millions)
Trade receivables, net	$	16.0	$	30.4
Deferred revenue (contract liabilities)	26.4		25.8

Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Employee benefit accruals	$ 0.0	$ 0.2
Net operating loss carryforwards	1.1	0.3
Equity investments	0.0	8.9
Investment securities	0.0	2.8
Partnerships	54.1	11.1
Accrued liabilities	0.0	0.1
Other	0.4	0.6
Total gross deferred tax asset	55.6	24.0
Less: valuation allowance	(1.1)	0.0
Total deferred tax asset	54.5	24.0
Deferred tax liabilities:
Depreciation	0.0	(0.2)
Total deferred tax liability	0.0	(0.2)
Net deferred tax asset	$ 54.5	$ 23.8

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	May 16, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)		7,500,000	1,000,000.0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period		3 years
Allocated stock-based compensation expense		$ 4.1	$ 2.0	$ 0.2
Unrecognized compensation cost related to stock awards		$ 6.5
Unrecognized compensation cost related to stock awards, recognition period		1 year 4 months 20 days
The Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)				3,900,000
The Omnibus Plan \| IPO \| Common Stock \| Ceridian
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)	991,906
The Omnibus Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		370,520
Fair value of restricted stock granted		$ 0.6	$ 6.9	$ 5.3

Goodwill

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill consists of the following:



		Restaurant Group			Corporate and Other		Total
	(in millions)
Balance, December 31, 2017		$	103.2		$	—	$	103.2
Impairment		(26.7		)	—		(26.7		)
Balance, December 31, 2018		$	76.5		$	—	$	76.5
Impairment		(10.4		)	—		(10.4		)
Balance, December 31, 2019		$	66.1		$	—	$	66.1

Commitments and Contingencies - Narrative (Details) $ in Millions	Feb. 28, 2020 USD ($)	Jan. 27, 2020 USD ($)	Dec. 31, 2019 USD ($) restaurant	Dec. 31, 2018 USD ($)
Loss Contingencies [Line Items]
Number of restaurants \| restaurant			1
Accrual for legal proceedings			$ 0.1	$ 0.2
Subsequent Event \| Blue Ribbon \| Affiliated Entity
Loss Contingencies [Line Items]
Debtor-in-possession financing to be provided		$ 20.0
Debtor-in-possession financing outstanding	$ 7.5
Forecast \| Minimum \| Subsequent Event \| Blue Ribbon \| Affiliated Entity
Loss Contingencies [Line Items]
Reorganization, provision for expected payments to be made	7.0
Reorganization Items, liability for professional fees	5.0
Forecast \| Maximum \| Subsequent Event \| Blue Ribbon \| Affiliated Entity
Loss Contingencies [Line Items]
Reorganization Items, liability for professional fees	$ 7.0

Notes Payable - Schedule of Notes Payable (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Notes payable, total	$ 127,100,000	$ 48,100,000
Less: Notes payable, current	7,000,000.0	5,900,000
Notes payable, long term	120,100,000	42,200,000
99 Term Loan \| Notes payable to banks
Debt Instrument [Line Items]
Notes payable, total	30,900,000	36,100,000
99 Revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable, total	3,000,000.0	0
DLOC Loan
Debt Instrument [Line Items]
Notes payable, total	0	0
Margin Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable, total	75,000,000.0	0
FNF Revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable, total	0	0
Brasada Interstate Loans \| Notes payable to banks
Debt Instrument [Line Items]
Notes payable, total	13,400,000	11,700,000
Other \| Other notes payable
Debt Instrument [Line Items]
Notes payable, total	$ 4,800,000	$ 300,000

Discontinued Operations

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

T-System

On December 31, 2019, we completed the T-System Contribution. As a result of the T-System Contribution, the results of operations of T-System have been reclassified to discontinued operations for all periods presented in our Consolidated and Combined Statements of Operations. We retained a 22.7% equity interest in Coding Solutions, the company to which we contributed our equity in T-System. We recognized a pre-tax loss of $6.4 million on the sale and $1.4 million in income tax benefit which are included in Net loss from discontinued operations on the Consolidated and Combined Statement of Operations for the year ended December 31, 2019.

A summary of the operations of T-System included in the Consolidated and Combined Statement of Operations is shown below:



	Year Ended December 31,
	Year Ended December 31,
	2019			2018			2017
	(in millions)
Revenues:
Other operating revenue	$	50.4		$	57.9		$	12.9
Total operating revenues	50.4			57.9			12.9
Operating expenses:
Personnel costs	33.1			33.1			7.6
Depreciation and amortization	13.7			15.0			3.1
Other operating expenses	19.1			13.8			3.1
Goodwill impairment	35.1			—			—
Total operating expenses	101.0			61.9			13.8
Operating loss	(50.6		)	(4.0		)	(0.9		)
Other expense:
Realized loss	(6.9		)	—			—
Total other expense	(6.9		)	—			—
Loss before income taxes	(57.5		)	(4.0		)	(0.9		)
Income tax benefit	(5.7		)	(1.9		)	(2.4		)
Net (loss) earnings from discontinued operations	$	(51.8	)	$	(2.1	)	$	1.5

Cash flow from discontinued operations data:
Net cash provided by operations	$	2.7		$	5.2		(a)
Net cash used in investing activities	$	(0.5	)	$	(0.1	)	(a)

(a) Cash flow information for the period from October 16, 2017, the date on which we initially acquired T-System, through December 31, 2017 is not material for disclosure.

A reconciliation of the financial position of T-System to the Consolidated and Combined Balance Sheet is shown below:



	December 31,
	2018

Cash and cash equivalents	$	7.4
Trade receivables	19.4
Prepaid expenses and other current assets	3.0
Total current assets of discontinued operations	29.8
Property and equipment, net	0.9
Other intangible assets, net	83.3
Goodwill	88.3
Other long term investments and noncurrent assets	10.7
Deferred tax asset	(6.8		)
Total noncurrent assets of discontinued operations	176.4
Total assets of discontinued operations	$	206.2

Accounts payable and other accrued liabilities, current	$	2.7
Deferred revenue	5.7
Total current liabilities of discontinued operations	8.4
Accounts payable and other accrued liabilities, long term	0.5
Total noncurrent liabilities of discontinued operations	0.5
Total liabilities of discontinued operations	$	8.9

OneDigital

On June 6, 2017, we closed on the sale of Digital Insurance, Inc. ("OneDigital") for $560.0 million in an all-cash transaction. After repayment of debt, payout to option holders and a minority equity investor and other transaction-related payments, the Company received $331.4 million from the sale, which includes $326.0 million in cash and $5.4 million in purchase price holdback receivable. As a result of the sale, the results of operations of OneDigital have been reclassified to discontinued operations for all periods presented in our Consolidated and Combined Statements of Operations. We recognized a pre-tax gain of $276.0 million on the sale and $126.3 million in income tax expense, which are included in Net earnings from discontinued operations on the Consolidated and Combined Statement of Operations for the year ended December 31, 2017. We received $4.5 million of the purchase price holdback and wrote-off the remainder in the year ended December 31, 2018. We retained no ownership in OneDigital and have no continuing involvement with OneDigital as of the date of the sale.

A summary of the operations of OneDigital included in the Consolidated and Combined Statement of Operations is shown below:



	Year Ended December 31,

	2017
	(in millions)
Revenues:
Other operating revenue	$	80.9
Total operating revenues	80.9
Operating expenses:
Personnel costs	56.9
Depreciation and amortization	8.8
Other operating expenses	11.3
Total operating expenses	77.0
Operating income	3.9
Other income (expense):
Interest expense	(2.9		)
Realized gain	276.0
Total other income	273.1
Earnings before income taxes	277.0
Income tax expense	129.3
Net earnings from discontinued operations	$	147.7

Cash flow from discontinued operations data:
Net cash provided by operations	$	17.3
Net cash used in investing activities	(27.3		)

Other acquisitions/disposals of businesses, net of cash acquired, on the Consolidated and Combined Statements of Cash Flows for the year ended December 31, 2017 includes $25.9 million related to acquisitions made by OneDigital. Borrowings on the Consolidated and Combined Statements of Cash Flows for the year ended December 31, 2017 includes $23.0 million related to borrowings made by OneDigital. Debt service payments on the Consolidated and Combined Statements of Cash Flows for the year ended December 31, 2017 includes $3.0 million related to debt principal payments made by OneDigital.

Reconciliation to Consolidated Financial Statements

A reconciliation of the net earnings of T-System and OneDigital to the Consolidated and Combined Statements of Operations is shown below:



	Year Ended December 31,
	2019			2018			2017
	(in millions)
(Loss) earnings from discontinued operations attributable to T-System	$	(51.8	)	$	(2.1	)	$	1.5
Earnings from discontinued operations attributable to One Digital	—			—			147.7
Total (loss) earnings from discontinued operations, net of tax	$	(51.8	)	$	(2.1	)	$	149.2

Discontinued Operations - Reconciliation of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other income (expense):
Net earnings from discontinued operations	$ (51.8)	$ (2.1)	$ 149.2
Disposed of by Sale
Other income (expense):
Net earnings from discontinued operations	(51.8)	(2.1)	149.2
T-System Holdings, Inc. \| Disposed of by Sale
Revenues:
Other operating revenue	50.4	57.9	12.9
Total operating revenues	50.4	57.9	12.9
Operating expenses:
Personnel costs	33.1	33.1	7.6
Depreciation and amortization	13.7	15.0	3.1
Other operating expenses	19.1	13.8	3.1
Goodwill impairment	35.1	0.0	0.0
Total operating expenses	101.0	61.9	13.8
Operating income	(50.6)	(4.0)	(0.9)
Other income (expense):
Realized gain	(6.9)	0.0	0.0
Total other income	(6.9)	0.0	0.0
Earnings before income taxes	(57.5)	(4.0)	(0.9)
Income tax (benefit) expense	(5.7)	(1.9)	(2.4)
Net earnings from discontinued operations	(51.8)	(2.1)	1.5
Cash flow from discontinued operations data:
Net cash provided by operations	2.7	5.2
Net cash used in investing activities	$ (0.5)	$ (0.1)
OneDigital \| Disposed of by Sale
Revenues:
Other operating revenue			80.9
Total operating revenues			80.9
Operating expenses:
Personnel costs			56.9
Depreciation and amortization			8.8
Other operating expenses			11.3
Total operating expenses			77.0
Operating income			3.9
Other income (expense):
Interest expense			(2.9)
Realized gain			276.0
Earnings before income taxes			277.0
Income tax (benefit) expense			129.3
Net earnings from discontinued operations			147.7
Cash flow from discontinued operations data:
Net cash provided by operations			17.3
Net cash used in investing activities			(27.3)
Disposal Group, Including Discontinued Operation, Other Income			$ 273.1

Variable Interest Entities

12 Months Ended

Dec. 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 years ended December 31, 2019, 2018 and 2017, we are not the primary beneficiary of any VIEs.

Unconsolidated VIEs

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



		2019		2018
		Total Assets	Maximum Exposure	Total Assets	Maximum Exposure
	(in millions)
Investments in unconsolidated affiliates		440.2	440.2	9.2	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), the Equity Fund 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 Consolidated and Combined Balance Sheets and accounted for under the equity method of accounting.

Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 83.4	$ 144.6
Accumulated amortization	(20.3)	(52.2)
Intangible assets, net	63.1	92.4
Trademarks and tradenames
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	53.9	71.0
Other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	0.0	44.2
Software
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	17.1	17.0
Franchise rights
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	7.2	7.2
Customer relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	$ 5.2	$ 5.2

Business and Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Restricted cash	$ 11,400,000	$ 0

Accounts Payable and Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Accounts Payable and Other Accrued Liabilities, Current and Long Term

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



	December 31,
	2019		2018
	(In millions)
Accrued payroll and employee benefits	$	25.3	$	22.8
Trade accounts payable	19.6		23.0
Accrued casualty insurance expenses	13.3		16.7
Tax liabilities, excluding income taxes payable	11.9		13.4
Other accrued liabilities	16.3		19.7
	$	86.4	$	95.6

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



	December 31,
	2019		2018
	(In millions)
Restaurant Group Financing Obligations	$	27.5	$	—
Unfavorable lease liability and rent payable	—		34.9
Other accrued liabilities	16.4		22.2
	$	43.9	$	57.1

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment to opening equity	$ 143.6	$ 45.8
ASU 2014-09 \| Difference between Revenue Guidance in Effect before and after Topic 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect adjustment to opening equity			$ 1.9

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment



Property and equipment consists of the following:
	December 31,
	2019			2018
	(In millions)
Furniture, fixtures and equipment	$	166.0		$	190.0
Leasehold improvements	158.9			137.8
Land	40.6			34.4
Buildings	28.9			27.2
Other	6.1			2.4
	400.5			391.8
Accumulated depreciation and amortization	(237.9		)	(216.3		)
	$	162.6		$	175.5

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Trade receivables, billed	$ 16.0	$ 30.4
Deferred revenue (contract liabilities)	26.4	$ 25.8
Revenue recognized	$ 20.4

Income Taxes - Income tax components (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Current	$ 64.7	$ 27.3	$ (28.4)
Deferred	(40.5)	(12.3)	14.2
Income tax (benefit) expense	$ 24.2	$ 15.0	$ (14.2)

Supplementary Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 13, 2019
Cash paid during the year:
Interest	$ 15.6	$ 3.3	$ 8.7
Income taxes	48.6	0.2	117.7
Operating leases	62.6
Non-cash investing activities:
Acquisition of Ceridian HCM common shares through non-cash private placement investment - see Note A	0.0	(33.4)	0.0
Non-cash distribution of LifeWorks from Ceridian - see Note A	0.0	32.5	0.0
Investment in Coding Solutions received as partial consideration for the T-System Contribution	60.2	0.0	0.0
Liabilities and noncontrolling interests assumed in connection with acquisitions
Fair value of net assets acquired	0.0	0.0	252.5
Less: Total cash purchase price	0.0	0.0	222.7
Liabilities and noncontrolling interests assumed	0.0	0.0	29.8
Debt extinguished through the sale of OneDigital	0.0	$ 0.0	$ 151.1
Financing obligations assumed by O'Charley's in exchange for property	$ 14.6
Property obtained by O'Charley's in exchange for stores				$ 10.5

Related Party Transactions (Details) - USD ($)				12 Months Ended
Related Party Transactions (Details) - USD ($)	Jan. 17, 2020	Dec. 05, 2019	Nov. 16, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Nov. 17, 2017
Related Party Transaction [Line Items]
Payables to related party, amounts forgiven						$ 4,500,000
Aggregate amount contributed by certain subsidiaries of FNF		$ 236,000,000.0
Number of shares exchanged (in shares)		7,475,000
Revolving Credit Facility \| Corporate Revolver Note
Related Party Transaction [Line Items]
Revolver maximum borrowing capacity							$ 100,000,000.0
Line of credit balance				$ 0	$ 0
Amount available to borrow				100,000,000.0	100,000,000
Subsidiaries of FNF
Related Party Transaction [Line Items]
Aggregate amount contributed by certain subsidiaries of FNF			$ 100,000,000.0
Number of shares exchanged (in shares)			5,706,134
FNF \| Corporate overhead and management services
Related Party Transaction [Line Items]
Expenses from related party transactions				1,300,000	$ 1,300,000	$ 9,500,000
Affiliated Entity \| Purchase of corporate offices \| Subsequent Event
Related Party Transaction [Line Items]
Purchase of corporate offices	$ 9,300,000
Management
Related Party Transaction [Line Items]
Management fees payable				$ 2,100,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Tax (Benefit) Expense on Continuing Operations

Income tax expense (benefit) on continuing operations consists of the following:



	Year Ended December 31,
	2019			2018			2017
	(In millions)
Current	$	64.7		$	27.3		$	(28.4	)
Deferred	(40.5		)	(12.3		)	14.2
	$	24.2		$	15.0		$	(14.2	)

Schedule of Reconciliation of Effective Tax Rate

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



	Year Ended December 31,
	2019		2018		2017
Federal statutory rate	21.0	%	21.0	%	35.0	%
State income taxes, net of federal benefit	(0.2	)	3.6		3.1
Tax credits	(2.6	)	(22.7	)	8.7
Valuation allowance	0.5		—		6.0
Non-deductible expenses and other, net	0.1		0.2		(4.4	)
Non-deductible executive compensation	1.8		67.5		—
Dividends received deduction	—		(34.0	)	—
Noncontrolling interests	2.6		35.5		(7.7	)
Basis difference in investments	(2.8	)	—		—
Tax Reform	—		0.4		(13.4	)
Other	(1.0	)	3.8		(3.8	)
Effective tax rate excluding equity investments	19.4	%	75.3	%	23.5	%
Equity investments	(9.2	)	(8.9	)	(4.4	)
Effective tax rate	10.2	%	66.4	%	19.1	%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities at December 31, 2019 and 2018 consist of the following:



	December 31,
	2019			2018
	(In millions)
Deferred tax assets:
Employee benefit accruals	$	—		$	0.2
Net operating loss carryforwards	1.1			0.3
Equity investments	—			8.9
Investment securities	—			2.8
Partnerships	54.1			11.1
Accrued liabilities	—			0.1
Other	0.4			0.6
Total gross deferred tax asset	55.6			24.0
Less: valuation allowance	(1.1		)	—
Total deferred tax asset	$	54.5		$	24.0
Deferred tax liabilities:
Depreciation	$	—		$	(0.2	)
Total deferred tax liability	$	—		$	(0.2	)
Net deferred tax asset	$	54.5		$	23.8

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2019	Jan. 31, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	1-38300
Entity Registrant Name	CANNAE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1273460
Entity Address, Address Line One	1701 Village Center Circle,
Entity Address, City or Town	Las Vegas,
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89134
City Area Code	702
Local Phone Number	323-7330
Title of 12(b) Security	Cannae Common Stock, $0.0001 par value
Trading Symbol	CNNE
Security Exchange Name	NYSE
Entity Well-Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,941,307,497
Entity Common Stock, Shares Outstanding		79,516,833
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001704720
Current Fiscal Year End Date	--12-31

Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Future Payments Under Operating Lease Arrangements Under ASC Topic 842

Future payments under operating lease arrangements accounted for under ASC Topic 842 as of December 31, 2019 are as follows (in millions):



2020	$	56.1
2021	51.3
2022	40.8
2023	34.0
2024	23.8
Thereafter	97.3
Total lease payments, undiscounted	$	303.3
Less: discount	62.1
Total operating lease liability as of December 31, 2019, at present value	$	241.2
Less: operating lease liability as of December 31, 2019, current	41.5
Operating lease liability as of December 31, 2019, long term	$	199.7

Schedule of Future Minimum Rental Payments for Operating Leases

Future payments under operating lease arrangements accounted for under ASC Topic 840 as of December 31, 2018, excluding payments related to T-System which is now reflected in discontinued operations, are as follows (in millions):



2019	$	61.3
2020	57.0
2021	51.3
2022	40.7
2023	34.1
Thereafter	133.2
Total future minimum operating lease payments	$	377.6

Commitments and Contingencies

12 Months Ended

Dec. 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 December 31, 2019 and 2018, we had $0.1 million and $0.2 million, respectively, 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.

Blue Ribbon Reorganization

In conjunction with the Blue Ribbon Reorganization, we have agreed to provide debtor-in-possession financing (the "DIP Loan") of up to $20.0 million to Blue Ribbon and its subsidiaries. Subsequent to December 31, 2019, we have provided $7.5 million of financing to Blue Ribbon and its subsidiaries under the DIP Loan. As part of the Blue Ribbon Reorganization, Blue Ribbon also expects landlords to assert claims relating to the breakage of leases associated with its unprofitable stores which closed prior to the Blue Ribbon Reorganization. As of the date of this Annual Report, we estimate the potential claims from landlords of the stores closed prior to the Blue Ribbon Reorganization to be a maximum of approximately $7.0 million and the liability for professional fees associated with the Blue Ribbon Reorganization to be approximately $5.0 million to $7.0 million. These amounts may change or be compromised as the Blue Ribbon Reorganization progresses.

Unconditional Purchase Obligations

We have certain unconditional purchase obligations, primarily in our Restaurant Group segment. These purchase obligations are with various vendors and primarily related to food and beverage obligations with fixed commitments in regards to the time period of the contract and the quantities purchased with annual price adjustments that can fluctuate. We used both historical and projected volume and pricing as of December 31, 2019 to determine the amount of the obligations. Purchase obligations as of December 31, 2019 are as follows (in millions):



2020	$	181.9
2021	74.2
2022	15.1
2023	10.3
2024	9.3
Thereafter	10.6
Total purchase commitments	$	301.4

Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for amortizable intangible assets	$ 4.9	$ 8.3	$ 4.4
Estimated amortization expense, 2020	3.7
Estimated amortization expense, 2021	2.7
Estimated amortization expense, 2022	0.9
Estimated amortization expense, 2023	0.7
Estimated amortization expense, 2024	0.7
Indefinite-lived trade names	$ 52.1	$ 69.2

Recent Accounting Pronouncements Recent Accounting (Details) - USD ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset	$ 192.9
Lease liability	241.2
Other intangible assets, net	$ (63.1)		$ (92.4)
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset		$ 246.0
Lease liability		279.4
Other intangible assets, net		9.1
Accounts payable and accrued liabilities		$ (42.3)

CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Par value per share (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	115,000,000	115,000,000
Common stock, shares, issued (in shares)	79,727,972	72,234,330
Common stock, shares, outstanding (in shares)	79,516,833	72,223,692
Preferred stock, par or value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	211,139	10,638

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net earnings (loss)	$ 46.8	$ (10.6)	$ 92.5
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:
Depreciation and amortization	54.5	61.3	58.1
Equity in losses (earnings) of unconsolidated affiliates	115.1	16.1	(3.4)
Distributions from investments in unconsolidated affiliates	2.0	1.4	0.0
Realized gains, net	(354.1)	(182.7)	(4.9)
Loss (gain) on sale of consolidated subsidiaries	6.4	0.0	(276.0)
Impairment of assets	90.8	55.2	9.9
Lease asset amortization	38.8
Stock-based compensation cost	4.6	21.8	0.5
Changes in assets and liabilities, net of effects from acquisitions:
Net decrease (increase) in trade receivables	18.2	(7.3)	(1.2)
Net (increase) decrease in inventory, prepaid expenses and other assets	(36.2)	9.5	(12.2)
Net increase in accounts payable, accrued liabilities, deferred revenue and other	8.4	0.9	15.0
Net decrease in lease liabilities	(46.9)
Net change in income taxes	(32.6)	11.5	31.0
Net cash used in operating activities	(84.2)	(22.9)	(90.7)
Cash flows from investing activities:
Proceeds from sale of equity securities	0.0	17.7	31.6
Proceeds from sale of Ceridian shares	477.9	152.5	0.0
Proceeds from sale of LifeWorks	0.0	56.2	0.0
Additions to property and equipment and other intangible assets	(28.3)	(15.9)	(40.1)
Purchases of investment securities	0.0	(3.5)	(1.3)
Proceeds from the sale of other investments	4.8	7.8	1.3
Proceeds from the sale of property and equipment	21.4	4.9	0.0
Purchases of other long-term investments	(30.0)	(7.4)	(4.3)
Distributions from investments in unconsolidated affiliates	1.0	0.4	1.1
Net proceeds from (purchases of) short term investments	30.9	(31.4)	0.0
Net other investing activities	3.0	0.1	1.4
Acquisition of T-System, net of cash acquired	0.0	0.7	(201.6)
Cash proceeds from the T-System Contribution, net of cash transferred - see Note A	66.9	0.0	0.0
Proceeds from sale of OneDigital	0.0	4.6	326.0
Other acquisitions/disposals of businesses, net of cash acquired/disposed	0.0	0.0	(21.0)
Net cash (used in) provided by investing activities	(24.2)	186.7	91.7
Cash flows from financing activities:
Borrowings, net of debt issuance costs	367.3	33.9	84.4
Debt service payments	(290.8)	(124.1)	(35.8)
Equity offering proceeds, net of capitalized costs	236.0	0.0	0.0
Sale of noncontrolling interest in consolidated subsidiary	0.0	4.1	0.0
Proceeds from FNF Investment	0.0	0.0	100.0
Subsidiary distributions paid to noncontrolling interest shareholders	(0.9)	(0.1)	(0.4)
Payment of contingent consideration for prior period acquisitions	0.0	0.0	(4.0)
Proceeds from Blue Ribbon sale and leaseback of corporate office, net of issuance costs - see Note A	13.2	0.0	0.0
Payment for shares withheld for taxes and in treasury	(0.8)	(0.2)	0.0
Purchases of treasury stock	(4.9)	0.0	0.0
Equity transactions with Parent, net	0.0	0.0	(46.0)
Net cash provided by (used in) financing activities	319.1	(86.4)	98.2
Net increase in cash and cash equivalents	210.7	77.4	99.2
Cash and cash equivalents at beginning of period, including cash of discontinued operations	323.0	245.6	146.4
Cash and cash equivalents at end of period, including cash of discontinued operations	533.7	323.0	245.6
Investments Excluding Dun & Bradstreet
Cash flows from investing activities:
Investments in unconsolidated affiliates	(45.7)	0.0	(1.4)
Dun & Bradstreet
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:
Equity in losses (earnings) of unconsolidated affiliates	132.8	0.0	0.0
Cash flows from investing activities:
Investments in unconsolidated affiliates	$ (526.1)	$ 0.0	$ 0.0

Inventory (Tables)

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consists of the following:



	December 31,
	2019			2018
	(In millions)
Bakery inventory:
Raw materials	$	2.8		$	6.8
Semi-finished and finished goods	3.6			5.6
Packaging	1.2			2.4
Obsolescence reserve	(0.9		)	(3.0		)
Total bakery inventory	6.7			11.8
Restaurant and other inventory	9.4			10.3
Other, non-restaurant inventory	0.2			0.2
Total inventory	$	16.3		$	22.3

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions FNF As a former wholly-owned subsidiary of FNF, we have incurred payables related to historical intercompany transactions, taxes and cost allocations between us and FNF. FNF forgave these historical intercompany receivables due from us which amounted to $4.5 million in the year ended December 31, 2017. The Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the CSA and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. Total operating expenses allocated from FNF to us was $1.3 million, $1.3 million and $9.5 million in the years ended December 31, 2019, 2018 and 2017, respectively. On January 17, 2020, we completed the purchase of our corporate office headquarters in Las Vegas, Nevada from an affiliate of FNF for $9.3 million. On November 16, 2017, certain subsidiaries of FNF contributed an aggregate of $100.0 million to us (the "FNF Investment") in exchange for 5,706,134 shares of our common stock. On November 17, 2017, FNF issued to the Company the $100.0 million FNF Revolver. As of December 31, 2019 and 2018, there was no outstanding balance and $100.0 million of borrowing capacity under the FNF Revolver. Refer to Note K for further discussion. Trasimene Our Manager is considered a related party. During the year ended December 31, 2019, we incurred $2.1 million of management fees payable to our Manager for the period from November 1, 2019 to December 31, 2019.

Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

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

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



	Ownership at December 31, 2019		2019		2018
Dun & Bradstreet	24.3	%	$	385.9	$	—
Ceridian	16.4	%	309.5		359.7
Other	various		141.1		37.5
Total			$	836.5	$	397.2

Equity in earnings (losses) of unconsolidated affiliates for the periods indicated consisted of the following (in millions):



	Year Ended December 31,
	2019			2018			2017
Ceridian	$	16.4		$	(20.5	)	$	1.9
Dun & Bradstreet	(132.8		)	—			—
Other	1.3			4.4			1.5
Total	$	(115.1	)	$	(16.1	)	$	3.4

Summarized Financial Information For Equity Method Investment

Summarized financial information for the ultimate parent of Dun & Bradstreet, Star Parent, L.P, for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in losses of unconsolidated affiliates in our Consolidated and Combined Balance Sheets and Statements of Operations, respectively, is presented below. Our net earnings for the year ended December 31, 2019 include the Company’s equity in Dun & Bradstreet’s losses for the period from February 8, 2019, the date of the D&B Investment, through December 31, 2019.



	December 31, 2019
	(In millions)
Total current assets	$	418.6
Goodwill and other intangible assets, net	8,091.9
Other assets	602.1
Total assets	$	9,112.6

Current liabilities	$	1,090.4
Long-term debt	3,818.9
Other non-current liabilities	1,595.9
Total liabilities	6,505.2
Preferred equity	1,030.6
Total capital	1,576.8
Total liabilities and equity	$	9,112.6



	Year ended December 31, 2019
	(In millions)
Total revenues	$	1,413.9
Loss before income taxes	(540.0		)
Net loss	(425.8		)
Dividends attributable to preferred equity and noncontrolling interest expense	(120.5		)
Net loss attributable to Dun & Bradstreet	(546.3		)

Carrying Amount of Available-for-sale Securities

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



	December 31, 2019
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	19.2	$	19.6	$	0.7	$	(1.1	)	$	19.2
Total	$	19.2	$	19.6	$	0.7	$	(1.1	)	$	19.2



	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 December 31, 2019 were as follows (in millions):



	Less than 12 Months
	Fair		Unrealized
	Value		Losses
Corporate debt securities	$	10.8	$	(1.1	)
Total temporarily impaired securities	$	10.8	$	(1.1	)

Accounts Payable and Other Accrued Liabilities

12 Months Ended

Dec. 31, 2019

Payables and Accruals [Abstract]

Accounts Payable and Other Accrued Liabilities

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



	December 31,
	2019		2018
	(In millions)
Accrued payroll and employee benefits	$	25.3	$	22.8
Trade accounts payable	19.6		23.0
Accrued casualty insurance expenses	13.3		16.7
Tax liabilities, excluding income taxes payable	11.9		13.4
Other accrued liabilities	16.3		19.7
	$	86.4	$	95.6

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



	December 31,
	2019		2018
	(In millions)
Restaurant Group Financing Obligations	$	27.5	$	—
Unfavorable lease liability and rent payable	—		34.9
Other accrued liabilities	16.4		22.2
	$	43.9	$	57.1

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02 Leases (Topic 842). The amendments in this ASU introduce broad changes to the accounting and reporting for leases by lessees. The main provisions of the new standard include: clarifications to the definitions of a lease, components of leases, and criteria for determining lease classification; requiring virtually all leased assets, including operating leases and related liabilities, to be reflected on the lessee's balance sheet; and expanding and adding to the required disclosures for lessees. In July 2018, the FASB issued ASU 2018-11 Leases (Topic 842): Targeted Improvements 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. The other material impacts of the adoption of Topic 842 also resulted in a decrease of $9.1 million and $42.3 million to our Other intangible assets, net and Accounts payable and accrued liabilities, respectively. We elected to apply the following package of practical expedients on a consistent basis permitting entities not to reassess: (i) whether any expired or existing contracts are or contain a lease; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. See Note B for further discussion of our leasing arrangements and related accounting. In 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. The standard will primarily impact our accounting for the allowance for bad debt on certain of our subsidiaries' trade receivables and credit losses for our notes receivable and fixed maturity securities. We do not expect the changes to result in a material impact to our recorded balances for these assets. We will not early adopt the standard. In December 2019, the FASB issued ASU 2019-12 Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which simplifies various aspects of the income tax accounting guidance and will be applied using different approaches depending on what the specific amendment relates to and, for public entities, are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. We are still evaluating the impact of this guidance and have not yet concluded on its anticipated impact on our Consolidated and Combined Financial Statements and related disclosures upon adoption.

Inventory

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventory

Inventory consists of the following:



	December 31,
	2019			2018
	(In millions)
Bakery inventory:
Raw materials	$	2.8		$	6.8
Semi-finished and finished goods	3.6			5.6
Packaging	1.2			2.4
Obsolescence reserve	(0.9		)	(3.0		)
Total bakery inventory	6.7			11.8
Restaurant and other inventory	9.4			10.3
Other, non-restaurant inventory	0.2			0.2
Total inventory	$	16.3		$	22.3

Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Employee Benefit Plans

Omnibus Plan

In 2017, we established the 2017 Omnibus Incentive Plan (the “Omnibus Plan”) authorizing the issuance of up to 3.9 million shares of common stock, subject to the terms of the Omnibus Plan. The 2017 Omnibus Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and performance shares, performance units, other cash and stock-based awards and dividend equivalents. As of December 31, 2019, there were 370,520 shares of Cannae restricted stock outstanding (the "CNNE Awards") under the Omnibus Plan. Awards granted are approved by the Compensation Committee of the Board of Directors of the Company.

Restricted stock transactions under the Omnibus Plan in 2019, 2018 and 2017 are as follows:




	Shares		Weighted Average Grant Date Fair Value
Balance, December 31, 2016	—		$	—
Granted	287,059		18.45
Balance, December 31, 2017	287,059		$	18.45
Granted	384,281		17.98
Vested	(95,685	)	18.45
Balance, December 31, 2018	575,655		$	18.13
Granted	18,642		34.45
Vested	(223,777	)	18.18
Balance, December 31, 2019	370,520		$	18.93

Compensation cost relating to share-based payments is recognized in the Consolidated and Combined Statements of Operations based on the grant-date fair value of each award. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date and recognized over the service period of 3 years. Fair value of restricted stock awards and units is based on the grant date value of the underlying stock derived from quoted market prices. Net earnings attributable to Cannae reflects stock-based compensation expense for the CNNE Awards of $4.1 million, $2.0 million and $0.2 million for the years ended December 31, 2019, 2018 and 2017, respectively, which are included in personnel costs on the Consolidated and Combined Statements of Operations. The total fair value of restricted stock awards granted in the years ended December 31, 2019, 2018 and 2017 was $0.6 million, $6.9 million and $5.3 million, respectively.

As of December 31, 2019, the unrecognized compensation cost related to the CNNE Awards is $6.5 million and is expected to be recognized over a period of 1.39 years.

On May 16, 2018, we issued 991,906 shares of our common stock (unrestricted) under the Omnibus Plan for the stock portion of bonuses paid in conjunction with Ceridian's initial public offering.

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Total operating revenues	$ 1,070,000,000.0	$ 1,147,500,000	$ 1,156,600,000
Operating expenses:
Cost of restaurant revenue	912,800,000	991,300,000	991,000,000.0
Personnel costs	90,300,000	137,200,000	95,600,000
Depreciation and amortization	40,700,000	46,300,000	46,200,000
Other operating expenses, including asset impairments	133,400,000	91,800,000	101,300,000
Goodwill impairment	10,400,000	26,700,000	0
Total operating expenses	1,187,600,000	1,293,300,000	1,234,100,000
Operating loss	(117,600,000)	(145,800,000)	(77,500,000)
Other income (expense):
Interest, investment and other income	15,600,000	6,300,000	5,300,000
Interest expense	(17,800,000)	(4,700,000)	(7,000,000.0)
Realized gains, net	357,700,000	166,800,000	4,900,000
Total other income	355,500,000	168,400,000	3,200,000
Earnings (loss) from continuing operations before income taxes and equity in (losses) earnings of unconsolidated affiliates	237,900,000	22,600,000	(74,300,000)
Income tax expense (benefit)	24,200,000	15,000,000.0	(14,200,000)
Earnings (loss) from continuing operations before equity in (losses) earnings of unconsolidated affiliates	213,700,000	7,600,000	(60,100,000)
Equity in (losses) earnings of unconsolidated affiliates	(115,100,000)	(16,100,000)	3,400,000
Earnings (loss) from continuing operations	98,600,000	(8,500,000)	(56,700,000)
Net (loss) earnings from discontinued operations, net of tax - see Note N	(51,800,000)	(2,100,000)	149,200,000
Net earnings (loss)	46,800,000	(10,600,000)	92,500,000
Less: Net loss attributable to non-controlling interests	(30,500,000)	(38,200,000)	(16,300,000)
Net earnings attributable to Cannae Holdings, Inc. common shareholders	77,300,000	27,600,000	108,800,000
Amounts attributable to Cannae Holdings, Inc. common shareholders
Net earnings (loss) from continuing operations attributable to Cannae Holdings, Inc. common shareholders	127,600,000	29,500,000	(40,400,000)
Net (loss) earnings from discontinued operations attributable to Cannae Holdings, Inc. common shareholders	(50,300,000)	(1,900,000)	149,200,000
Net earnings attributable to Cannae Holdings, Inc. common shareholders	$ 77,300,000	$ 27,600,000	$ 108,800,000
Basic
Net earning (loss) per share from continuing operations (in usd per share)	$ 1.77	$ 0.42	$ (0.57)
Net (loss) earnings per share from discontinued operations (in usd per share)	(0.70)	(0.03)	2.11
Net earnings per share (in usd per share)	1.07	0.39	1.54
Diluted
Net earnings (loss) per share from continuing operations (in usd per share)	1.76	0.42	(0.57)
Net (loss) earnings per share from discontinued operations (in usd per share)	(0.69)	(0.03)	2.11
Net earnings (loss) per share (in usd per share)	$ 1.07	$ 0.39	$ 1.54
Weighted average shares outstanding Cannae Holdings common stock, basic basis (in shares)	72.2	71.2	70.6
Weighted average shares outstanding Cannae Holdings common stock, diluted basis (in shares)	72.4	71.3	70.6
Restaurant revenue
Revenues:
Total operating revenues	$ 1,043,300,000	$ 1,117,800,000	$ 1,129,000,000.0
Other operating revenue
Revenues:
Total operating revenues	$ 26,700,000	$ 29,700,000	$ 27,600,000

Business and Summary of Significant Accounting Policies - Insurance Reserves (Details) $ in Millions	Dec. 31, 2019 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liability for insurance reserves	$ 16.3

Variable Interest Entities (Details) - Variable interest entity, not primary beneficiary - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Total Assets	$ 440.2	$ 9.2
Maximum Exposure	$ 440.2	$ 9.2

Investments - Narrative (Details) - USD ($)	12 Months Ended
Investments - Narrative (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Corporate debt securities	$ 16,900,000
Corporate debt securities, maturity with maturity of less than one year	2,300,000
Other-than-temporary impairment charges	400,000	$ 12,500,000	$ 0
Ceridian
Debt Securities, Available-for-sale [Line Items]
Aggregate value of ownership of Ceridian common stock	$ 1,600,000,000
Ownership (as a percent)	16.40%
QOMPLX, Inc.
Debt Securities, Available-for-sale [Line Items]
Ownership (as a percent)	18.80%
Investment without readily determinable fair value	$ 22,500,000
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Securities held for which other than temporary impairment was previously recognized	$ 2,200,000

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense (benefit) on continuing operations consists of the following:



	Year Ended December 31,
	2019			2018			2017
	(In millions)
Current	$	64.7		$	27.3		$	(28.4	)
Deferred	(40.5		)	(12.3		)	14.2
	$	24.2		$	15.0		$	(14.2	)

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



	Year Ended December 31,
	2019		2018		2017
Federal statutory rate	21.0	%	21.0	%	35.0	%
State income taxes, net of federal benefit	(0.2	)	3.6		3.1
Tax credits	(2.6	)	(22.7	)	8.7
Valuation allowance	0.5		—		6.0
Non-deductible expenses and other, net	0.1		0.2		(4.4	)
Non-deductible executive compensation	1.8		67.5		—
Dividends received deduction	—		(34.0	)	—
Noncontrolling interests	2.6		35.5		(7.7	)
Basis difference in investments	(2.8	)	—		—
Tax Reform	—		0.4		(13.4	)
Other	(1.0	)	3.8		(3.8	)
Effective tax rate excluding equity investments	19.4	%	75.3	%	23.5	%
Equity investments	(9.2	)	(8.9	)	(4.4	)
Effective tax rate	10.2	%	66.4	%	19.1	%

The Company’s effective tax rate at December 31, 2019, 2018, and 2017 is 10.2%, 66.4% and 19.1%, respectively. The decrease from 2019 to 2018 primarily relates to the decreased impact of non-deductible executive compensation on pretax income. The increase in 2018 from 2017 primarily relates to increased non-deductible executive compensation expense which was partially offset by a dividends received deduction. Additionally, the impact of the non-controlling interests, permanent items, and tax credits on pretax income was greater in 2018 than the impact of those same items on pretax earnings and losses in 2019 and 2017, respectively.

The significant components of deferred tax assets and liabilities at December 31, 2019 and 2018 consist of the following:



	December 31,
	2019			2018
	(In millions)
Deferred tax assets:
Employee benefit accruals	$	—		$	0.2
Net operating loss carryforwards	1.1			0.3
Equity investments	—			8.9
Investment securities	—			2.8
Partnerships	54.1			11.1
Accrued liabilities	—			0.1
Other	0.4			0.6
Total gross deferred tax asset	55.6			24.0
Less: valuation allowance	(1.1		)	—
Total deferred tax asset	$	54.5		$	24.0
Deferred tax liabilities:
Depreciation	$	—		$	(0.2	)
Total deferred tax liability	$	—		$	(0.2	)
Net deferred tax asset	$	54.5		$	23.8

The Company's net deferred tax asset was $54.5 million and $23.8 million at December 31, 2019, and 2018, respectively. In conjunction with an internal reorganization of the Company whereby Cannae LLC, formerly a disregarded entity under Cannae Holdings, Inc., became a partnership and now holds all of the Company’s investments, our deferred tax assets are now reflected

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

The increase in our net deferred tax asset as of December 31, 2019 from 2018 is primarily related to book losses from the Company’s investments in Blue Ribbon and D&B, as well as the difference between the book and tax basis for the Company's initial investment in Coding Solutions.

The Company’s gross federal and state NOL carryforwards were $19.7 million and $6.3 million at December 31, 2019 and 2018, respectively. The NOLs expire in various tax years through 2040.

ASC 740 requires that companies assess whether a valuation allowance should be established against their deferred tax assets based on the consideration of all of the available evidence using a “more likely than not” standard. A valuation allowance is established for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets may not be realized. Management evaluated the Company’s deferred tax assets for recoverability using a consistent approach which considers the relative impact of negative and positive evidence, in particular, the Company’s historical profitability and any projections of future taxable income or potential future tax planning strategies. The Company recorded a valuation allowance of $1.1 million related to state NOLs, as it is more likely than not that the tax benefit of the state NOLs will not be realized before the NOLs expire.

Unrecognized tax benefits are recorded for differences between tax positions the Company takes, or expects to take, on its income tax return compared to the benefit recognized for financial statement purposes. The Company does not have any unrecognized tax benefits as of December 31, 2019, 2018 or 2017.

The Company's federal and state income tax returns for the tax years ended December 31, 2019, 2018 and 2017 remain subject to examination.

Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 1,124.6
Other comprehensive earnings (loss)	7.2	$ (11.1)
Adjustment for adoption of accounting standards		0.0
Reclassification adjustments	19.1	31.0
Ending balance	1,488.5	1,124.6
Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(0.6)	(6.9)
Other comprehensive earnings (loss)	0.1	0.9
Adjustment for adoption of accounting standards	0.0	(1.6)
Reclassification adjustments	0.0	7.0
Ending balance	(0.5)	(0.6)
Unrealized (loss) gain relating to investments in unconsolidated affiliates
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(66.6)	(64.1)
Other comprehensive earnings (loss)	7.1	(12.0)
Adjustment for adoption of accounting standards	(5.0)	(14.5)
Reclassification adjustments	19.1	24.0
Ending balance	(45.4)	(66.6)
Total Accumulated Other Comprehensive (Loss) Earnings
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(67.2)	(71.0)
Adjustment for adoption of accounting standards	(5.0)	(16.1)
Ending balance	$ (45.9)	$ (67.2)

Revenue Recognition

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

On January 1, 2018, we adopted ASC Topic 606 by applying the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The adoption of ASC Topic 606 did not have a significant impact on the timing or amount of recognition of revenue for our primary sources of revenue. Differences between our historical revenue recognition and revenue which would have been recorded had we retrospectively restated prior periods to conform with ASC Topic 606 are not considered material. We recorded a cumulative effect adjustment to opening equity as of January 1, 2018 of $1.9 million as a result of adoption of ASC Topic 606.

Disaggregation of Revenue

Our revenue consists of the following:



		Year ended December 31,
		2019		2018
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(in millions)
Restaurant sales	Restaurant Group	$	958.4	$	1,023.0
Bakery sales	Restaurant Group	78.9		88.8
Franchise and other	Restaurant Group	6.0		6.0
Total restaurant revenue		1,043.3		1,117.8
Other operating revenue:
Real estate and resort	Corporate and other	25.9		23.2
Other	Corporate and other	0.8		6.5
Total other operating revenue		26.7		29.7
Total operating revenue		1,070.0		1,147.5

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

Revenue from bakery operations is recognized at a point in time in the period during which the products are shipped and control transfers to the customer.

Franchise revenue and other revenue consist of development fees and royalties on sales by franchised units. Initial franchise fees are recognized as income upon commencement of the franchise operation and completion of all material services and conditions by the Company. Royalties are calculated as a percentage of the franchisee sales and recognized in the period in which the sales are generated. Revenue resulting from the sale of gift cards is recognized in the period in which the gift card is redeemed and is recorded as deferred revenue until recognized.

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

Contract Balances

The following table provides information about receivables and deferred revenue:



	December 31,		December 31,
	2019		2018
	(In millions)
Trade receivables, net	$	16.0	$	30.4
Deferred revenue (contract liabilities)	26.4		25.8

Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Consolidated and Combined Balance Sheets. Revenue of $20.4 million was recognized in the year ended December 31, 2019 and was included in Deferred revenue at the beginning of the period.

There was no impairment related to contract balances.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

We adopted Topic 842 on January 1, 2019 using a modified retrospective approach. Prior years continue to be reported under Accounting Standards Codification ("ASC") Topic 840. See Note S for further discussion of the current period effects of adoption of 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 that conveys the right for the Company to control an asset for a specified period of time. We are not a party to any material contracts considered finance leases. Right-of-use assets and lease liabilities related to operating leases are recorded as Lease assets and Lease liabilities, respectively, on the Consolidated and Combined Balance Sheet as of December 31, 2019.

Our material operating leases range in term from one year to eighteen years. As of December 31, 2019, the weighted-average remaining lease term of our operating leases was approximately eight years. Leases with an initial term of twelve months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the lease term.

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

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

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

Our operating lease liabilities are determined by discounting future lease payments using a discount rate 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 December 31, 2019, the weighted-average discount rate used to determine our operating lease liabilities was 7.67%.

Our lease costs are directly attributable to restaurant operations, primarily for real estate and to a lesser extent certain restaurant equipment. $58.5 million of operating lease costs are included in Cost of restaurant revenue on the Consolidated and Combined Statement of Operations for the year ended December 31, 2019.

During the year ended December 31, 2019, we recorded impairment expense of $21.1 million related to lease assets in our Restaurant Group which is recorded within Other operating expenses on our Consolidated and Combined Statement of Operations.

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

Future payments under operating lease arrangements accounted for under ASC Topic 842 as of December 31, 2019 are as follows (in millions):



2020	$	56.1
2021	51.3
2022	40.8
2023	34.0
2024	23.8
Thereafter	97.3
Total lease payments, undiscounted	$	303.3
Less: discount	62.1
Total operating lease liability as of December 31, 2019, at present value	$	241.2
Less: operating lease liability as of December 31, 2019, current	41.5
Operating lease liability as of December 31, 2019, long term	$	199.7



2019	$	61.3
2020	57.0
2021	51.3
2022	40.7
2023	34.1
Thereafter	133.2
Total future minimum operating lease payments	$	377.6

Rent expense incurred under operating leases during the years ended December 31, 2018 and 2017 recorded pursuant to ASC Topic 840 was $60.8 million and $61.7 million, respectively. No abandoned lease charges were recorded in the years ended December 31, 2018 or 2017.

Investments

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Investments

Investments in Unconsolidated Affiliates

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



	Ownership at December 31, 2019		2019		2018
Dun & Bradstreet	24.3	%	$	385.9	$	—
Ceridian	16.4	%	309.5		359.7
Other	various		141.1		37.5
Total			$	836.5	$	397.2

Equity in earnings (losses) of unconsolidated affiliates for the periods indicated consisted of the following (in millions):



	Year Ended December 31,
	2019			2018			2017
Ceridian	$	16.4		$	(20.5	)	$	1.9
Dun & Bradstreet	(132.8		)	—			—
Other	1.3			4.4			1.5
Total	$	(115.1	)	$	(16.1	)	$	3.4

Dun & Bradstreet

Of our previously disclosed $900.0 million commitment to purchase common equity of the ultimate parent of D&B, we retained and funded a $505.6 million investment (the "D&B Investment"), representing 24.5% of the outstanding common equity of Dun & Bradstreet's ultimate parent, and syndicated the remainder to other investors. We funded the D&B Investment through a combination of cash on hand and borrowings on the Margin Loan and FNF Revolver (each, as defined below in Note F). On the closing date, we recorded income of $9.1 million for syndication fees from D&B which is recorded in Other income in our Consolidated and Combined Statement of Operations for the year ended December 31, 2019. We also recorded a reduction in our investment of $2.9 million for our ratable portion of the syndication fees capitalized as equity issuance costs by Dun & Bradstreet.

In April and August 2019, we syndicated an additional $2.6 million and $0.5 million, respectively, of our D&B Investment to other investors. The syndications resulted in a reduction in the Company's ownership to 24.3% of the outstanding common equity of Dun & Bradstreet's ultimate parent.

On June 27, 2019, we made an additional pro-rata investment of $23.5 million in D&B's ultimate parent. Dun & Bradstreet used the proceeds to partially fund its acquisition of Lattice (see Note A).



	December 31, 2019
	(In millions)
Total current assets	$	418.6
Goodwill and other intangible assets, net	8,091.9
Other assets	602.1
Total assets	$	9,112.6

Current liabilities	$	1,090.4
Long-term debt	3,818.9
Other non-current liabilities	1,595.9
Total liabilities	6,505.2
Preferred equity	1,030.6
Total capital	1,576.8
Total liabilities and equity	$	9,112.6



	Year ended December 31, 2019
	(In millions)
Total revenues	$	1,413.9
Loss before income taxes	(540.0		)
Net loss	(425.8		)
Dividends attributable to preferred equity and noncontrolling interest expense	(120.5		)
Net loss attributable to Dun & Bradstreet	(546.3		)

Ceridian

Based on quoted market prices, the aggregate value of our ownership of Ceridian common stock was $1.6 billion as of December 31, 2019.

As of December 31, 2019, we hold less than 20% of the outstanding common equity of Ceridian but continue to account for our investment under the equity method because we continue to exert significant influence through our 16.4% ownership, representation on its board of directors and, in combination with other of its equity sponsors, control of the size of its board of directors.

Available for Sale Securities

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



	December 31, 2019
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	19.2	$	19.6	$	0.7	$	(1.1	)	$	19.2
Total	$	19.2	$	19.6	$	0.7	$	(1.1	)	$	19.2



	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 since the date of purchase.

As of December 31, 2019, $16.9 million of our fixed maturity securities are corporate debt securities with a maturity of greater than one year, but less than five years, and $2.3 million are corporate debt securities with a maturity of less than 1 year. 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.



	Less than 12 Months
	Fair		Unrealized
	Value		Losses
Corporate debt securities	$	10.8	$	(1.1	)
Total temporarily impaired securities	$	10.8	$	(1.1	)

During the year ended December 31, 2019 and 2018, we incurred $0.4 million and $12.5 million, respectively, of other-than-temporary impairment charges relating to corporate debt securities, which is included in Realized gains (losses), net on the Consolidated and Combined Statements of Operations. The impairments recorded relate to a corporate debt holding that has experienced a prolonged period of declining earnings and which we are uncertain of our ability to recover our initial investment. The entire loss represents credit loss recognized in earnings and no portion of the loss was included in other comprehensive earnings.

During the year ended December 31, 2017 we incurred no other-than-temporary impairment charges relating to available for sale investments.

As of December 31, 2019, we held $2.2 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.

Short-term Investments

Short-term investments consist primarily of commercial paper and short-duration U.S. agency securities, which have an original maturity of greater than three months but less than one year. Short-term investments are carried at amortized cost, which approximates fair value.

Investments Without Readily Determinable Fair Values

We account for our investment in QOMPLX's preferred equity as an investment in equity securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions. As of December 31, 2019, we have $22.5 million recorded for our investment in the preferred equity of QOMPLX. We have not recorded any upward or downward adjustments to our investment in QOMPLX's preferred equity.

Business and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising costs incurred	$ 30.0	$ 34.7	$ 35.5

Discontinued Operations - Reconciliation to Consolidated Financial Statements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) earnings from discontinued operations	$ (51.8)	$ (2.1)	$ 149.2
Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) earnings from discontinued operations	(51.8)	(2.1)	149.2
T-System Holdings, Inc. \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) earnings from discontinued operations	$ (51.8)	$ (2.1)	1.5
OneDigital \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net (loss) earnings from discontinued operations			$ 147.7

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Summary of Financial Information Concerning Reportable Segments

As of and for the year ended December 31, 2019:



	Restaurant Group			Ceridian			Dun & Bradstreet			Corporate and Other			Ceridian and Dun & Bradstreet Elimination			Total
	(in millions)
Restaurant revenues	$	1,043.3		$	—		$	—		$	—		$	—		$	1,043.3
Other revenues	—			824.1			1,413.9			26.7			(2,238.0		)	26.7
Revenues from external customers	1,043.3			824.1			1,413.9			26.7			(2,238.0		)	1,070.0
Interest and investment income, including realized gains and losses	3.9			—			2.4			369.4			(2.4		)	373.3
Total revenues and other income	1,047.2			824.1			1,416.3			396.1			(2,240.4		)	1,443.3
Depreciation and amortization	38.5			57.1			482.4			2.2			(539.5		)	40.7
Interest expense	(5.4		)	(32.4		)	(303.5		)	(12.4		)	335.9			(17.8		)
(Loss) earnings from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates	(80.9		)	34.3			(540.0		)	318.8			505.7			237.9
Income tax expense (benefit)	0.3			(44.4		)	(110.0		)	23.9			154.4			24.2
(Loss) earnings from continuing operations, before equity in earnings (loss) of unconsolidated affiliates	(81.2		)	78.7			(430.0		)	294.9			351.3			213.7
Equity in earnings (losses) of unconsolidated affiliates	—			—			4.2			1.3			(120.6		)	(115.1		)
(Loss) earnings from continuing operations	$	(81.2	)	$	78.7		$	(425.8	)	$	296.2		$	230.7		$	98.6
Assets	$	572.8		$	6,085.7		$	9,112.6		$	1,519.4		$	(15,198.3	)	$	2,092.2
Goodwill	66.1			1,973.5			2,840.5			—			(4,814.0		)	66.1

As of and for the year ended December 31, 2018:



	Restaurant Group			Ceridian			Corporate and Other		Ceridian Elimination			Total
	(in millions)
Restaurant revenues	$	1,117.8		$	—		$	—	$	—		$	1,117.8
Other revenues	—			740.7			29.7		(740.7		)	29.7
Revenues from external customers	1,117.8			740.7			29.7		(740.7		)	1,147.5
Interest and investment income, including realized gains and losses	(2.1		)	—			175.2		—			173.1
Total revenues and other income	1,115.7			740.7			204.9		(740.7		)	1,320.6
Depreciation and amortization	44.9			56.6			1.4		(56.6		)	46.3
Interest expense	(16.0		)	(83.2		)	11.3		83.2			(4.7		)
(Loss) earnings from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates	(96.8		)	(26.9		)	119.4		26.9			22.6
Income tax expense (benefit)	0.6			8.4			14.4		(8.4		)	15.0
(Loss) earnings from continuing operations, before equity in earnings (loss) of unconsolidated affiliates	(97.4		)	(35.3		)	105.0		35.3			7.6
Equity in earnings of unconsolidated affiliates	0.1			—			4.3		(20.5		)	(16.1		)
(Loss) earnings from continuing operations	$	(97.3	)	$	(35.3	)	$	109.3	$	14.8		$	(8.5	)
Assets	$	432.3		$	5,247.8		$	1,027.2	$	(5,247.8	)	$	1,459.5
Goodwill	76.5			1,927.4			—		(1,927.4		)	76.5

As of and for the year ended December 31, 2017:



	Restaurant Group			Ceridian			Corporate and Other			Ceridian Elimination			Total
	(in millions)
Restaurant revenues	$	1,129.0		$	—		$	—		$	—		$	1,129.0
Other revenues	—			670.8			27.6			(670.8		)	27.6
Revenues from external customers	1,129.0			670.8			27.6			(670.8		)	1,156.6
Interest and investment (loss) income, including realized gains and losses	—			—			10.2			—			10.2
Total revenues and other income	1,129.0			670.8			37.8			(670.8		)	1,166.8
Depreciation and amortization	43.6			53.8			2.6			(53.8		)	46.2
Interest expense	(6.6		)	(87.1		)	(0.4		)	87.1			(7.0		)
Loss from continuing operations, before income taxes and equity in losses of unconsolidated affiliates	(36.1		)	(54.1		)	(38.2		)	54.1			(74.3		)
Income tax expense (benefit)	0.7			(49.6		)	(14.9		)	49.6			(14.2		)
Loss from continuing operations, before equity in losses of unconsolidated affiliates	(36.8		)	(4.5		)	(23.3		)	4.5			(60.1		)
Equity in losses of unconsolidated affiliates	0.1			—			1.4			1.9			3.4
Loss from continuing operations	$	(36.7	)	$	(4.5	)	$	(21.9	)	$	6.4		$	(56.7	)
Assets	$	501.0		$	6,729.9		$	986.2		$	(6,729.9	)	$	1,487.2
Goodwill	103.2			1,961.0			—			(1,961.0		)	103.2

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying Consolidated and Combined Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. Prior to the Split-Off, these financial statements represent a combination of the historical financial information of the operations attributed to FNFV, of which Cannae is comprised. The Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the CSA and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. Both FNF and Cannae believe such allocations are reasonable; however, they may not be indicative of the actual results of operations or cash flows of the Company had the Company been operating as an independent, publicly traded company for the periods presented or the amounts that will be incurred by the Company in the future.
Principles of Combination	Principles of Consolidation and Combination and Basis of Presentation The accompanying Consolidated and Combined Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. Prior to the Split-Off, these financial statements represent a combination of the historical financial information of the operations attributed to FNFV, of which Cannae is comprised. The Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the CSA and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. Both FNF and Cannae believe such allocations are reasonable; however, they may not be indicative of the actual results of operations or cash flows of the Company had the Company been operating as an independent, publicly traded company for the periods presented or the amounts that will be incurred by the Company in the future. All intercompany profits, transactions and balances have been eliminated. Certain of 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 Consolidated and Combined Statements of Operations relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Consolidated and Combined Balance Sheets in each period.
Management Estimates	Management Estimates The preparation of these Consolidated and Combined Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated and Combined Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the carrying amount and depreciation of property and equipment (Note E), the valuation of acquired intangible assets (Note H), fair value measurements (Note C), and accounting for income taxes (Note L). Actual results could differ from estimates
Cash and Cash Equivalents	Cash and Cash Equivalents Highly liquid instruments, including money market instruments, purchased as part of cash management with original maturities of three months or less, and certain amounts in transit from credit and debit card processors, are considered cash equivalents. The carrying amounts reported in the Consolidated and Combined Balance Sheets for these instruments approximate their fair value.
Restricted Cash	Restricted Cash The Restaurant Group is required to hold cash collateralizing its outstanding letters of credit.
Investments	Investments Fixed maturity securities are purchased based on factors including rate of return, maturity, credit risk, duration, and tax considerations. Fixed maturity securities, which may be sold prior to maturity, are carried at fair value and are classified as available for sale as of the balance sheet dates. Fair values for fixed maturity securities are principally a function of current market conditions and are valued based on quoted prices in markets that are not active or model inputs that are unobservable. See Note C. Discount or premium is recorded for the difference between the purchase price and the principal amount. The discount or premium is amortized or accrued using the interest method and is recorded as an adjustment to interest and investment income. The interest method results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. Investments in unconsolidated affiliates are recorded using the equity method of accounting. Realized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis. Unrealized gains or losses on fixed maturity securities, which are classified as available for sale, net of applicable deferred income tax expenses (benefits), are excluded from earnings and credited or charged directly to a separate component of equity. If any unrealized losses on available for sale securities are determined to be other-than-temporary, such unrealized losses are recognized as realized losses. Unrealized losses are considered other-than-temporary if factors exist that cause us to believe that the value will not increase to a level sufficient to recover our cost basis. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include (i) our need and intent to sell the investment prior to a period of time sufficient to allow for a recovery in value; (ii) the duration and extent to which the fair value has been less than cost; and (iii) the financial condition and prospects of the issuer. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair values of financial instruments presented in the Consolidated and Combined Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. See Note C for further details.
Trade Receivables	Trade Receivables Trade receivables on the Consolidated and Combined Balance Sheets for the Restaurant Group consists primarily of billings to third-party customers of Blue Ribbon's bakery business, business to business gift card sales, insurance-related reimbursement, rebates, tenant improvement allowances, and billings to franchisees for royalties, initial and renewal fees, equipment sales and rent. Trade receivables are recorded net of an allowance for doubtful accounts, which is our best estimate of the amount of probable credit losses related to existing receivables. The carrying values reported in the Consolidated and Combined Balance Sheets for trade receivables approximate their fair value.
Inventory	Inventory Inventory primarily consists of raw materials, finished pies, food, beverages packaging and supplies in our Restaurant Group segment and is stated at the lower of cost or net realizable value. Cost is determined using the first in, first out method for restaurant inventory and standard cost that approximates actual cost on a first in, first out basis for the bakery operations.
Other long term investments and non-current assets	Other long term investments and non-current assets Other long-term investments consist of land held for investment purposes and investments in equity securities without a readily determinable fair value. Land is carried at historical cost. See Note D for further discussion of our accounting for equity securities without a readily determinable fair value. Other non-current assets include notes receivable from third-parties and other miscellaneous non-current assets.
Goodwill	Goodwill Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in business combinations. Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. We have the option to first assess goodwill for impairment based on a review of qualitative factors to determine if events and circumstances exist that will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if the Company concludes otherwise, then it is required to perform the quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. Goodwill impairment, if any, is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. For the year ended December 31, 2019 we recorded $35.1 million of impairment to goodwill in our former T-System segment and $10.4 million of impairment to goodwill in our Restaurant Group segment. The impairment in our former T-System segment is primarily a result of a decline in earnings multiples from comparable public companies and lower forecasted cash flows for its reporting units. The impairment charge in our Restaurant Group is a result of deteriorating operating results and cash flow resulting from declining same store sales and increased costs, primarily in our Village Inn and Bakers Square branded stores. The impairments recorded were calculated as the deficit between the carrying value of the reporting units of each segment compared to the fair value of the reporting unit determined by performing a combination of discounted cash flow and market approaches. Impairment to goodwill in our former T-System segment is included in Net loss from discontinued operations on the Consolidated and Combined Statement of Operations for the year ended December 31, 2019. See Note N. For the year ended December 31, 2018 we recorded $26.7 million of impairment to goodwill in our Restaurant Group segment. The impairment charge was a result of deteriorating operating results and cash flow resulting from declining same store sales and increased costs. The impairment recorded was calculated as the deficit between the carrying value of a reporting unit of the Restaurant Group segment compared to the fair value of the reporting unit determined by performing a combination of discounted cash flow and market approaches. For the year ended December 31, 2017, we determined that there were no events or circumstances which indicated that the carrying value of goodwill exceeded the fair value and no impairment was recorded.
Other Intangible Assets	Other Intangible Assets We have other intangible assets, not including goodwill, which consist primarily of customer relationships and contracts, trademarks and tradenames that are generally recorded in connection with acquisitions at their fair value, franchise rights, the fair value of purchased software and capitalized software development costs. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives using an accelerated method, which takes into consideration expected customer attrition rates. Contractual relationships are generally amortized over their respective contractual lives. Useful lives of computer software range from three to ten years. Trademarks and tradenames are generally considered intangible assets with indefinite lives and are reviewed for impairment at least annually. Capitalized software development costs and purchased software are recorded at cost and amortized using the straight-line method over their estimated useful life.
Property and Equipment, net	Property and Equipment, net Property and equipment, net are recorded at cost, less accumulated depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: thirty to forty years for buildings and three to twenty-five years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets. In our Restaurant Group, all direct external costs associated with obtaining the land, building and equipment for each new restaurant, as well as construction period interest, are capitalized. Direct external costs associated with obtaining the dining room and kitchen equipment, signage and other assets and equipment are also capitalized. In addition, for each new restaurant and re-branded restaurant, a portion of the internal direct costs of its real estate and construction department are also capitalized.
Insurance Reserves	Insurance Reserves Our Restaurant Group companies are currently self-insured for a portion of its workers' compensation, general liability, and liquor liability losses (collectively, casualty losses) as well as certain other insurable risks. To mitigate the cost of the Restaurant Group's exposures for certain property and casualty losses, we make annual decisions to either retain the risks of loss up to a certain maximum per occurrence, aggregate loss limits negotiated with its insurance carriers, or fully insure those risks. Our Restaurant Group companies are also self-insured for healthcare claims for eligible participating employees subject to certain deductibles and limitations. We have accounted for such retained liabilities for casualty losses and healthcare claims, including reported and incurred but not reported claims, based on information provided by third-party actuaries.
Income Taxes	Income Taxes We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact of changes in tax rates and laws on deferred taxes, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted. We recognize the benefits of uncertain tax positions in the financial statements only after determining a more likely than not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, we reassess these probabilities and record any changes in the financial statements as appropriate. Uncertain tax positions are accounted for by determining the minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. This determination requires the use of judgment in assessing the timing and amounts of deductible and taxable items. Tax positions that meet the more likely than not recognition threshold are recognized and measured as the largest amount of tax benefit that is more than 50% likely to be realized upon settlement with a taxing authority that has full knowledge of all relevant information. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as components of income tax expense.
Parent Investment in FNFV	Parent Investment in FNFV Parent investment in FNFV on the Consolidated and Combined Statement of Equity represents FNF's historical investment in the Company, the Company's accumulated net earnings after taxes prior to the Split-Off, and the net effect of transactions with and allocations from FNF prior to the Split-Off. In conjunction with the Split-Off, Parent investment in FNFV was reclassified to Additional paid-in capital.
Advertising Costs	Advertising Costs The Company expenses advertising and marketing costs as incurred, except for certain advertising production costs that are initially capitalized and subsequently expensed the first time the advertising takes place. During the years ended December 31, 2019, 2018, and 2017, the Company incurred $30.0 million, $34.7 million, and $35.5 million of advertising and marketing costs, respectively, related to advertising in our Restaurant Group and in our real estate operations. These costs are included in Other operating expenses on the Consolidated and Combined Statements of Operations.
Comprehensive Earnings	Comprehensive Earnings We report comprehensive earnings in accordance with GAAP on the Consolidated and Combined Statements of Comprehensive Earnings. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive earnings or loss represents the cumulative balance of other comprehensive earnings, net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to realized losses and are included in Realized gains and losses, net on the Consolidated and Combined Statements of Operations. Our policy is to release income tax effects from accumulated other comprehensive income at such time as the earnings or loss of the related activity are recognized in earnings (e.g., upon sale of an investment).
Stock-Based Compensation Plans	Stock-Based Compensation Plans Stock-based compensation expense includes restricted stock awards granted to certain members of management in Cannae common stock, as well as in historical FNFV Group tracking stock. We account for stock-based compensation plans using the fair value method. Under the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date, using quoted market prices of the underlying stock, and recognized over the service period.
Earnings Per Share	Earnings Per Share Basic earnings per share, as presented on the Consolidated and Combined Statement of Operations, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. Instruments that provide the ability to purchase shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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. The other material impacts of the adoption of Topic 842 also resulted in a decrease of $9.1 million and $42.3 million to our Other intangible assets, net and Accounts payable and accrued liabilities, respectively. We elected to apply the following package of practical expedients on a consistent basis permitting entities not to reassess: (i) whether any expired or existing contracts are or contain a lease; (ii) lease classification for any expired or existing leases and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. See Note B for further discussion of our leasing arrangements and related accounting. In 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. The standard will primarily impact our accounting for the allowance for bad debt on certain of our subsidiaries' trade receivables and credit losses for our notes receivable and fixed maturity securities. We do not expect the changes to result in a material impact to our recorded balances for these assets. We will not early adopt the standard. In December 2019, the FASB issued ASU 2019-12 Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which simplifies various aspects of the income tax accounting guidance and will be applied using different approaches depending on what the specific amendment relates to and, for public entities, are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. We are still evaluating the impact of this guidance and have not yet concluded on its anticipated impact on our Consolidated and Combined Financial Statements and related disclosures upon adoption.
Revenue Recognition	Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Consolidated and Combined Balance Sheets. Restaurant revenue consists of restaurant sales, bakery operations, and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and gift card breakage, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided. Revenue from bakery operations is recognized at a point in time in the period during which the products are shipped and control transfers to the customer. Franchise revenue and other revenue consist of development fees and royalties on sales by franchised units. Initial franchise fees are recognized as income upon commencement of the franchise operation and completion of all material services and conditions by the Company. Royalties are calculated as a percentage of the franchisee sales and recognized in the period in which the sales are generated. Revenue resulting from the sale of gift cards is recognized in the period in which the gift card is redeemed and is recorded as deferred revenue until recognized. Other operating revenue consists of income generated by our resort operations which includes sales of real estate, lodging rentals, food and beverage sales, and other income from various resort services offered. Revenue is recognized upon closing of the sale of real estate or once goods and services have been provided and billed to the customer. Revenue Recognition On January 1, 2018, we adopted ASC Topic 606 by applying the modified retrospective method. Results for reporting periods beginning after January 1, 2018 are presented under ASC Topic 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period. The adoption of ASC Topic 606 did not have a significant impact on the timing or amount of recognition of revenue for our primary sources of revenue. Differences between our historical revenue recognition and revenue which would have been recorded had we retrospectively restated prior periods to conform with ASC Topic 606 are not considered material. We recorded a cumulative effect adjustment to opening equity as of January 1, 2018 of $1.9 million as a result of adoption of ASC Topic 606.

Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Impairment expense related to property and equipment	$ 6.6	$ 8.1	$ 6.9
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	30 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	40 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	3 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	25 years

Supplementary Cash Flow Information

12 Months Ended

Dec. 31, 2019

Supplemental Cash Flow Elements [Abstract]

Supplementary Cash Flow Information

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



	Year Ended December 31,
	2019		2018			2017
	(In millions)
Cash paid during the year:
Interest	$	15.6	$	3.3		$	8.7
Income taxes	48.6		0.2			117.7
Operating leases	62.6		—			—

Non-cash investing activities:
Acquisition of Ceridian HCM common shares through non-cash private placement investment - see Note A	$	—	$	(33.4	)	—
Non-cash distribution of LifeWorks from Ceridian - see Note A	—		32.5			—
Investment in Coding Solutions received as partial consideration for the T-System Contribution	60.2		—			—
Non-cash financing activities:
Liabilities and noncontrolling interests assumed in connection with acquisitions (1):
Fair value of net assets acquired	$	—	$	—		$	252.5
Less: Total cash purchase price	—		—			222.7
Liabilities and noncontrolling interests assumed	$	—	$	—		$	29.8

Debt extinguished through the sale of OneDigital	$	—	$	—		$	151.1
Financing obligations assumed by O'Charley's in exchange for property	14.6		—			—
Property obtained by O'Charley's in exchange for stores	10.5		—			—

_____________________________________

(1) Business combinations in the year ended December 31, 2017 related to acquisitions made by our former subsidiary, One Digital. See Note N.

Segment Information - Summary of Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenues from external customers	$ 1,070.0	$ 1,147.5	$ 1,156.6
Interest and investment income, including realized gains and losses	373.3	173.1	10.2
Total revenues and other income	1,443.3	1,320.6	1,166.8
Depreciation and amortization	40.7	46.3	46.2
Interest expense	(17.8)	(4.7)	(7.0)
Earnings (loss) from continuing operations before income taxes and equity in (losses) earnings of unconsolidated affiliates	237.9	22.6	(74.3)
Income tax expense (benefit)	24.2	15.0	(14.2)
Earnings (loss) from continuing operations before equity in (losses) earnings of unconsolidated affiliates	213.7	7.6	(60.1)
Equity in earnings (losses) of unconsolidated affiliates	(115.1)	(16.1)	3.4
Earnings (loss) from continuing operations	98.6	(8.5)	(56.7)
Assets	2,092.2	1,459.5	1,487.2
Goodwill	66.1	76.5	103.2
Ceridian and Dun & Bradstreet Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	(2,238.0)	(740.7)	(670.8)
Interest and investment income, including realized gains and losses	(2.4)	0.0	0.0
Total revenues and other income	(2,240.4)	(740.7)	(670.8)
Depreciation and amortization	(539.5)	(56.6)	(53.8)
Interest expense	335.9	83.2	87.1
Earnings (loss) from continuing operations before income taxes and equity in (losses) earnings of unconsolidated affiliates	505.7	26.9	54.1
Income tax expense (benefit)	154.4	(8.4)	49.6
Earnings (loss) from continuing operations before equity in (losses) earnings of unconsolidated affiliates	351.3	35.3	4.5
Equity in earnings (losses) of unconsolidated affiliates	(120.6)	(20.5)	1.9
Earnings (loss) from continuing operations	230.7	14.8	6.4
Assets	(15,198.3)	(5,247.8)	(6,729.9)
Goodwill	(4,814.0)	(1,927.4)	(1,961.0)
Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	1,043.3	1,117.8
Restaurant Group \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	1,043.3	1,117.8	1,129.0
Interest and investment income, including realized gains and losses	3.9	(2.1)	0.0
Total revenues and other income	1,047.2	1,115.7	1,129.0
Depreciation and amortization	38.5	44.9	43.6
Interest expense	(5.4)	(16.0)	6.6
Earnings (loss) from continuing operations before income taxes and equity in (losses) earnings of unconsolidated affiliates	(80.9)	(96.8)	(36.1)
Income tax expense (benefit)	0.3	0.6	0.7
Earnings (loss) from continuing operations before equity in (losses) earnings of unconsolidated affiliates	(81.2)	(97.4)	(36.8)
Equity in earnings (losses) of unconsolidated affiliates	0.0	0.1	0.1
Earnings (loss) from continuing operations	(81.2)	(97.3)	(36.7)
Assets	572.8	432.3	501.0
Goodwill	66.1	76.5	103.2
Ceridian \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	824.1	740.7	670.8
Interest and investment income, including realized gains and losses	0.0	0.0	0.0
Total revenues and other income	824.1	740.7	670.8
Depreciation and amortization	57.1	56.6	53.8
Interest expense	(32.4)	(83.2)	(87.1)
Earnings (loss) from continuing operations before income taxes and equity in (losses) earnings of unconsolidated affiliates	34.3	(26.9)	(54.1)
Income tax expense (benefit)	(44.4)	8.4	(49.6)
Earnings (loss) from continuing operations before equity in (losses) earnings of unconsolidated affiliates	78.7	(35.3)	(4.5)
Equity in earnings (losses) of unconsolidated affiliates	0.0	0.0	0.0
Earnings (loss) from continuing operations	78.7	(35.3)	(4.5)
Assets	6,085.7	5,247.8	6,729.9
Goodwill	1,973.5	1,927.4	1,961.0
Dun & Bradstreet \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	1,413.9
Interest and investment income, including realized gains and losses	2.4
Total revenues and other income	1,416.3
Depreciation and amortization	482.4
Interest expense	303.5
Earnings (loss) from continuing operations before income taxes and equity in (losses) earnings of unconsolidated affiliates	(540.0)
Income tax expense (benefit)	(110.0)
Earnings (loss) from continuing operations before equity in (losses) earnings of unconsolidated affiliates	(430.0)
Equity in earnings (losses) of unconsolidated affiliates	4.2
Earnings (loss) from continuing operations	(425.8)
Assets	9,112.6
Goodwill	2,840.5
Corporate and Other \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	26.7	29.7	27.6
Interest and investment income, including realized gains and losses	369.4	175.2	10.2
Total revenues and other income	396.1	204.9	37.8
Depreciation and amortization	2.2	1.4	2.6
Interest expense	(12.4)	11.3	0.4
Earnings (loss) from continuing operations before income taxes and equity in (losses) earnings of unconsolidated affiliates	318.8	119.4	(38.2)
Income tax expense (benefit)	23.9	14.4	(14.9)
Earnings (loss) from continuing operations before equity in (losses) earnings of unconsolidated affiliates	294.9	105.0	(23.3)
Equity in earnings (losses) of unconsolidated affiliates	1.3	4.3	1.4
Earnings (loss) from continuing operations	296.2	109.3	(21.9)
Assets	1,519.4	1,027.2	986.2
Goodwill	0.0	0.0	0.0
Restaurant revenue
Segment Reporting Information [Line Items]
Revenues from external customers	1,043.3	1,117.8	1,129.0
Restaurant revenue \| Ceridian and Dun & Bradstreet Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0
Restaurant revenue \| Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	958.4	1,023.0
Restaurant revenue \| Restaurant Group \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	1,043.3	1,117.8	1,129.0
Restaurant revenue \| Ceridian \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0
Restaurant revenue \| Dun & Bradstreet \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	0.0
Restaurant revenue \| Corporate and Other \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0
Other operating revenue
Segment Reporting Information [Line Items]
Revenues from external customers	26.7	29.7	27.6
Other operating revenue \| Ceridian and Dun & Bradstreet Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	(2,238.0)	(740.7)	(670.8)
Other operating revenue \| Restaurant Group \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0
Other operating revenue \| Ceridian \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	824.1	740.7	670.8
Other operating revenue \| Dun & Bradstreet \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	1,413.9
Other operating revenue \| Corporate and Other \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	$ 26.7	$ 29.7	$ 27.6

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

Total

Ceridian

Common Stock

Parent Investment in FNFV

Additional Paid-in Capital

Ceridian

Retained Earnings

Accumulated Other Comp (Loss) Earnings

Treasury Stock

Non-controlling Interests

Beginning balance (in shares) at Dec. 31, 2016

0.0

Beginning balance at Dec. 31, 2016

$ 1,009.8

$ 0.0

$ 961.6

$ 0.0

$ (68.1)

$ 0.0

$ 116.3

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

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

(8.7)

^[1]

(8.7)

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

8.9

^[2]

8.9

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

(3.1)

^[3]

(3.1)

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

^[4]

0.0

Stock-based compensation

0.5

$ 5.7

0.2

$ 5.7

0.3

Issuance of restricted stock (in shares)

0.3

Decrease in non-controlling interest due to sale/deconsolidation

(6.2)

Contribution of CSA services from FNF

0.1

Net change in Parent investment in FNFV

(46.0)

Subsidiary dividends paid to noncontrolling interests

(0.4)

FNF investment

100.0

FNF investment (in shares)

5.7

FNF contribution of FNFV (in shares)

64.9

FNF contribution of FNFV

0.0

(1,024.2)

1,024.2

Net earnings (loss)

92.5

108.6

0.2

(16.3)

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

70.9

0.0

Ending balance at Dec. 31, 2017

1,153.1

$ 0.0

0.0

1,130.2

0.2

(71.0)

$ 0.0

93.7

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

Adjustment for adoption of ASU 2018-02

0.0

16.1

(16.1)

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

0.9

^[1]

0.9

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

(12.0)

^[2]

(12.0)

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

7.0

^[3]

7.0

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

24.0

^[4]

24.0

Stock-based compensation

2.0

6.5

2.0

6.5

Issuance of restricted stock (in shares)

0.3

Contribution of CSA services from FNF

1.3

Net change in Parent investment in FNFV

4.1

Subsidiary dividends paid to noncontrolling interests

(0.1)

FNF investment

0.0

Shares issued for during the period (in shares)

1.0

Shares issued during the period

19.8

Shares withheld for taxes and in treasury

(0.2)

$ (0.2)

Restaurant Group Restructuring

2.0

(13.6)

15.6

Net earnings (loss)

(10.6)

27.6

(38.2)

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

72.2

0.0

Ending balance at Dec. 31, 2018

1,199.7

$ 0.0

0.0

1,146.2

45.8

(67.2)

$ (0.2)

75.1

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

Adjustment for adoption of ASU 2018-02

(5.0)

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

0.1

^[1]

0.1

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

7.1

^[2]

7.1

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

^[3]

0.0

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

19.1

^[4]

19.1

Stock-based compensation

4.6

$ 10.6

4.0

$ 10.6

0.6

Decrease in non-controlling interest due to sale/deconsolidation

(2.9)

Contribution of CSA services from FNF

1.3

Subsidiary dividends paid to noncontrolling interests

(1.0)

FNF investment

0.0

Shares issued for during the period (in shares)

7.5

Shares issued during the period

236.0

Dun & Bradstreet equity issuance costs

(1.4)

Shares withheld for taxes and in treasury

(0.8)

$ (0.8)

Treasury stock repurchases (in shares)

0.2

Treasury stock repurchases

(4.9)

$ (4.9)

Net earnings (loss)

46.8

77.3

(30.5)

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

79.7

0.2

Ending balance at Dec. 31, 2019

$ 1,529.8

$ 0.0

$ 1,396.7

$ 143.6

$ (45.9)

$ (5.9)

$ 41.3

[1]	Net of income tax expense (benefit) of less than $0.1 million, $0.3 million and $(3.1) million for the years ended December 31, 2019, 2018 and 2017, respectively.
[2]	Net of income tax expense (benefit) of $1.9 million, $(3.2) million and $2.4 million for the years ended December 31, 2019, 2018 and 2017, respectively.
[3]	Net of income tax (benefit) expense of $(1.9) million and $1.9 million for the years ended December 31, 2018 and 2017, respectively.
[4]	Net of income tax benefit of $5.1 million and $6.4 million for the years ended December 31, 2019 and 2018, respectively.

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consists of the following:



	December 31,
	2019		2018
	(In millions)
99 Term Loan	30.9		36.1
99 Revolver	3.0		—
DLOC Loan	—		—
Margin Facility	75.0		—
FNF Revolver	—		—
Brasada Interstate Loans	13.4		11.7
Other	4.8		0.3
Notes payable, total	$	127.1	$	48.1
Less: Notes payable, current	7.0		5.9
Notes payable, long term	$	120.1	$	42.2

Gross Principal Maturities Based Upon Contractual Maturities of Notes Payable



Gross principal maturities of notes payable at December 31, 2019 are as follows (in millions):
2020	$	9.0
2021	7.1
2022	82.1
2023	19.8
2024	0.7
Thereafter	9.4
	$	128.1

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-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
-Section 55
-Paragraph 8
-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
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

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



	December 31, 2019
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	19.2	$	19.2
Total assets	$	—	$	—	$	19.2	$	19.2



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

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

The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis.



	Corporate debt
	securities
Fair value, December 31, 2017	$	—
Transfers from Level 2	21.4
Paid-in-kind dividends (1)	0.3
Accretion of original purchase discount (1)	0.7
Impairment (2)	(12.5		)
Reclassification of impairment previously included in other comprehensive earnings to net earnings	7.9
Fair value, December 31, 2018	$	17.8
Paid-in-kind dividends (1)	0.2
Impairment (2)	(0.4		)
Net valuation gain included in other comprehensive earnings (3)	1.6
Fair value, December 31, 2019	$	19.2

(1) Included in Interest and investment income on the Consolidated and Combined Statements of Operations

(2) Included in Realized gains, net on the Consolidated and Combined Statements of Operations

(3) Included in Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on the Consolidated and Combined Statements of Comprehensive Earnings

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
Effective income tax rate	10.20%	66.40%	19.10%
Net deferred tax assets	$ 54,500,000	$ 23,800,000
Unrecognized tax benefits	0	0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	19,700,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 6,300,000
Valuation allowance for state NOLs	$ 1,100,000

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Purchase Obligations

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



2020	$	181.9
2021	74.2
2022	15.1
2023	10.3
2024	9.3
Thereafter	10.6
Total purchase commitments	$	301.4

Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Accounts payable and other accrued liabilities, current
Accrued payroll and employee benefits	$ 25.3	$ 22.8
Trade accounts payable	19.6	23.0
Accrued casualty insurance expenses	13.3	16.7
Tax liabilities, excluding income taxes payable	11.9	13.4
Other accrued liabilities	16.3	19.7
Accounts payable and other accrued liabilities, current	86.4	95.6
Accounts payable and other accrued liabilities, long term
Restaurant Group Financing Obligations	27.5	0.0
Unfavorable lease liability and rent payable	0.0	34.9
Other accrued liabilities	16.4	22.2
Accounts payable and other accrued liabilities, long term	$ 43.9	$ 57.1

Concentration of Risk (Details)	12 Months Ended
Concentration of Risk (Details)	Dec. 31, 2019 distributor
Risks and Uncertainties [Abstract]
Number of distributors	5

Leases - Future Minimum Lease Payments Under ASC 840 (Details) $ in Millions	Dec. 31, 2018 USD ($)
Leases [Abstract]
2019	$ 61.3
2020	57.0
2021	51.3
2022	40.7
2023	34.1
Thereafter	133.2
Total future minimum operating lease payments	$ 377.6

Segment Information - Narrative (Details) - record record in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Aug. 31, 2019	Feb. 08, 2019
Segment Reporting Information [Line Items]
Number of business records	355
Dun & Bradstreet
Segment Reporting Information [Line Items]
Ownership interest, equity method investment (as a percent)		24.30%	24.30%	24.50%
Ceridian
Segment Reporting Information [Line Items]
Ownership interest, equity method investment (as a percent)		16.40%
Blue Ribbon
Segment Reporting Information [Line Items]
Ownership interest, controlling interest		65.40%
O'Charley's
Segment Reporting Information [Line Items]
Ownership interest, controlling interest		65.40%
99 Restaurants
Segment Reporting Information [Line Items]
Ownership interest, controlling interest		88.50%

Variable Interest Entities (Tables)

12 Months Ended

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



		2019		2018
		Total Assets	Maximum Exposure	Total Assets	Maximum Exposure
	(in millions)
Investments in unconsolidated affiliates		440.2	440.2	9.2	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

Business and Summary of Significant Accounting Policies - Externalization (Details) - Management Services Agreement - Affiliated Entity		12 Months Ended
	Sep. 01, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Quarterly management fee, percentage	0.375%	1.50%
Investment Hurdle rate, annualized, percentage	8.00%
Management interest rate payable upon satisfaction of hurdle rate, percentage	15.00%
Investment profit Exceeding 2.0x of investment cost, profit percentage	20.00%
Management Services Agreement, term	5 years
Management Services Agreement, renewal terms	1 year
Minimum
Related Party Transaction [Line Items]
Return on investment	100.00%
Maximum
Related Party Transaction [Line Items]
Return on investment	200.00%

Business and Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Antidilutive shares excluded from calculation of diluted earnings per share (in shares)	0.0	0.0	0.1

Fair Value Measurements

12 Months Ended

Dec. 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 Consolidated and Combined Balance Sheets are categorized based on the inputs to the valuation techniques as follows:

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

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

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

Recurring Fair Value Measurements

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



	December 31, 2019
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	19.2	$	19.2
Total assets	$	—	$	—	$	19.2	$	19.2



	December 31, 2018
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	17.8	$	17.8
Total assets	$	—	$	—	$	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 an income or a contingent claims approach was utilized in determining fair value of our Level 3 fixed-maturity securities available for sale. Discount rates are the primary unobservable inputs utilized for the securities valued using an income approach. The discount rates used are based on company-specific risk premiums, public company comparable securities, and leveraged loan indices. The discount rates used in our determination of the fair value of our Level 3 fixed-maturity securities available for sale varies by security type and ranged from 14.8% to 16.0% and had a weighted average of 16.0% as of December 31, 2019. Based on the total fair value of our Level 3 fixed-maturity securities available for sale as of December 31, 2019, changes in the discount rate utilized will not result in a fair value significantly different 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.



	Corporate debt
	securities
Fair value, December 31, 2017	$	—
Transfers from Level 2	21.4
Paid-in-kind dividends (1)	0.3
Accretion of original purchase discount (1)	0.7
Impairment (2)	(12.5		)
Reclassification of impairment previously included in other comprehensive earnings to net earnings	7.9
Fair value, December 31, 2018	$	17.8
Paid-in-kind dividends (1)	0.2
Impairment (2)	(0.4		)
Net valuation gain included in other comprehensive earnings (3)	1.6
Fair value, December 31, 2019	$	19.2

(1) Included in Interest and investment income on the Consolidated and Combined Statements of Operations

(2) Included in Realized gains, net on the Consolidated and Combined 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 year ended December 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 Consolidated Statements of Comprehensive Income for the year ended December 31, 2019 and 2018 relate to fixed maturity securities considered Level 3 fair value measures.

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

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

- 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

Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Amortizable Intangible Assets

Other intangible assets consist of the following:



	December 31,
	2019			2018
	(In millions)
Trademarks and tradenames	$	53.9		$	71.0
Software	17.1			17.0
Franchise rights	7.2			7.2
Customer relationships and contracts	5.2			5.2
Other	—			44.2
	83.4			144.6
Accumulated amortization	(20.3		)	(52.2		)
	$	63.1		$	92.4

Schedule of Non-Amortizable Intangible Assets

Other intangible assets consist of the following:



	December 31,
	2019			2018
	(In millions)
Trademarks and tradenames	$	53.9		$	71.0
Software	17.1			17.0
Franchise rights	7.2			7.2
Customer relationships and contracts	5.2			5.2
Other	—			44.2
	83.4			144.6
Accumulated amortization	(20.3		)	(52.2		)
	$	63.1		$	92.4

Investments - Dun & Bradstreet Narrative (Details) - Dun & Bradstreet - USD ($) $ in Millions			1 Months Ended			12 Months Ended
	Jun. 27, 2019	Feb. 28, 2019	Aug. 31, 2019	Jun. 30, 2019	Apr. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Feb. 08, 2019
Schedule of Equity Method Investments [Line Items]
Commitment to invest		$ 900.0
Additional investment	$ 23.5	$ 505.6		$ 23.5		$ 526.1	$ 0.0	$ 0.0
Ownership (as a percent)			24.30%			24.30%			24.50%
Syndication fee income						$ 9.1
Reduction to investment						$ 2.9
Proceeds from investment syndicated to other investors			$ 0.5		$ 2.6

Leases - Future Payments Under Operating Lease Arrangements Under ASC Topic 842 (Details) $ in Millions	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 56.1
2021	51.3
2022	40.8
2023	34.0
2024	23.8
Thereafter	97.3
Total lease payments, undiscounted	303.3
Less: discount	62.1
Total operating lease liability as of December 31, 2019, at present value	241.2
Less: operating lease liability as of December 31, 2019, current	41.5
Operating lease liability as of December 31, 2019, long term	$ 199.7

Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in the balance of other comprehensive earnings by component are as follows:



	Unrealized gain (loss) on investments and other financial instruments, net (excluding investments in unconsolidated affiliates)			Unrealized (loss) gain relating to investments in unconsolidated affiliates			Total Accumulated Other Comprehensive (Loss) Earnings
	(In millions)
Balance December 31, 2017	$	(6.9	)	$	(64.1	)	$	(71.0	)
Other comprehensive earnings (loss)	0.9			(12.0		)	(11.1		)
Adjustment for adoption of ASU 2018-02	(1.6		)	(14.5		)	(16.1		)
Reclassification adjustments	7.0			24.0			31.0
Balance December 31, 2018	(0.6		)	(66.6		)	(67.2		)
Other comprehensive earnings	0.1			7.1			7.2
Cumulative effect of adoption of accounting standards by unconsolidated affiliates	—			(5.0		)	(5.0		)
Reclassification adjustments	—			19.1			19.1
Balance December 31, 2019	$	(0.5	)	$	(45.4	)	$	(45.9	)

Property and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment



Property and equipment consists of the following:
	December 31,
	2019			2018
	(In millions)
Furniture, fixtures and equipment	$	166.0		$	190.0
Leasehold improvements	158.9			137.8
Land	40.6			34.4
Buildings	28.9			27.2
Other	6.1			2.4
	400.5			391.8
Accumulated depreciation and amortization	(237.9		)	(216.3		)
	$	162.6		$	175.5

Depreciation expense on property and equipment was $35.8 million, $38.0 million, and $41.8 million for the years ended December 31, 2019, 2018, and 2017, respectively.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Reconciliation of Operations and Financial Position

A summary of the operations of T-System included in the Consolidated and Combined Statement of Operations is shown below:



	Year Ended December 31,
	Year Ended December 31,
	2019			2018			2017
	(in millions)
Revenues:
Other operating revenue	$	50.4		$	57.9		$	12.9
Total operating revenues	50.4			57.9			12.9
Operating expenses:
Personnel costs	33.1			33.1			7.6
Depreciation and amortization	13.7			15.0			3.1
Other operating expenses	19.1			13.8			3.1
Goodwill impairment	35.1			—			—
Total operating expenses	101.0			61.9			13.8
Operating loss	(50.6		)	(4.0		)	(0.9		)
Other expense:
Realized loss	(6.9		)	—			—
Total other expense	(6.9		)	—			—
Loss before income taxes	(57.5		)	(4.0		)	(0.9		)
Income tax benefit	(5.7		)	(1.9		)	(2.4		)
Net (loss) earnings from discontinued operations	$	(51.8	)	$	(2.1	)	$	1.5

Cash flow from discontinued operations data:
Net cash provided by operations	$	2.7		$	5.2		(a)
Net cash used in investing activities	$	(0.5	)	$	(0.1	)	(a)

(a) Cash flow information for the period from October 16, 2017, the date on which we initially acquired T-System, through December 31, 2017 is not material for disclosure.

A summary of the operations of OneDigital included in the Consolidated and Combined Statement of Operations is shown below:



	Year Ended December 31,

	2017
	(in millions)
Revenues:
Other operating revenue	$	80.9
Total operating revenues	80.9
Operating expenses:
Personnel costs	56.9
Depreciation and amortization	8.8
Other operating expenses	11.3
Total operating expenses	77.0
Operating income	3.9
Other income (expense):
Interest expense	(2.9		)
Realized gain	276.0
Total other income	273.1
Earnings before income taxes	277.0
Income tax expense	129.3
Net earnings from discontinued operations	$	147.7

Cash flow from discontinued operations data:
Net cash provided by operations	$	17.3
Net cash used in investing activities	(27.3		)

A reconciliation of the net earnings of T-System and OneDigital to the Consolidated and Combined Statements of Operations is shown below:



	Year Ended December 31,
	2019			2018			2017
	(in millions)
(Loss) earnings from discontinued operations attributable to T-System	$	(51.8	)	$	(2.1	)	$	1.5
Earnings from discontinued operations attributable to One Digital	—			—			147.7
Total (loss) earnings from discontinued operations, net of tax	$	(51.8	)	$	(2.1	)	$	149.2

A reconciliation of the financial position of T-System to the Consolidated and Combined Balance Sheet is shown below:



	December 31,
	2018

Cash and cash equivalents	$	7.4
Trade receivables	19.4
Prepaid expenses and other current assets	3.0
Total current assets of discontinued operations	29.8
Property and equipment, net	0.9
Other intangible assets, net	83.3
Goodwill	88.3
Other long term investments and noncurrent assets	10.7
Deferred tax asset	(6.8		)
Total noncurrent assets of discontinued operations	176.4
Total assets of discontinued operations	$	206.2

Accounts payable and other accrued liabilities, current	$	2.7
Deferred revenue	5.7
Total current liabilities of discontinued operations	8.4
Accounts payable and other accrued liabilities, long term	0.5
Total noncurrent liabilities of discontinued operations	0.5
Total liabilities of discontinued operations	$	8.9

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Discontinued Operations - Reconciliation to Consolidated and Combined Statement of Operations (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total current assets of discontinued operations	$ 0.0	$ 29.8
Total noncurrent assets of discontinued operations	0.0	176.4
Total current liabilities of discontinued operations	0.0	8.4
Total noncurrent liabilities of discontinued operations	$ 0.0	0.5
T-System Holdings, Inc. \| Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents		7.4
Trade receivables		19.4
Prepaid expenses and other current assets		3.0
Total current assets of discontinued operations		29.8
Property and equipment, net		0.9
Other intangible assets, net		83.3
Goodwill		88.3
Other long term investments and noncurrent assets		10.7
Deferred tax asset		(6.8)
Total noncurrent assets of discontinued operations		176.4
Total assets of discontinued operations		206.2
Accounts payable and other accrued liabilities, current		2.7
Deferred revenue		5.7
Total current liabilities of discontinued operations		8.4
Accounts payable and other accrued liabilities, long term		0.5
Total noncurrent liabilities of discontinued operations		0.5
Total liabilities of discontinued operations		$ 8.9

Goodwill (Details) - USD ($)	12 Months Ended
Goodwill (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Roll Forward]
Balance, beginning of year	$ 76,500,000	$ 103,200,000
Impairment	(10,400,000)	(26,700,000)	$ 0
Balance, end of year	66,100,000	76,500,000	103,200,000
Restaurant Group
Goodwill [Roll Forward]
Impairment	(10,400,000)	(26,700,000)
Restaurant Group \| Operating Segments
Goodwill [Roll Forward]
Balance, beginning of year	76,500,000	103,200,000
Impairment	(10,400,000)
Balance, end of year	66,100,000	76,500,000	103,200,000
Corporate and Other \| Operating Segments
Goodwill [Roll Forward]
Balance, beginning of year	0	0
Impairment	0	0
Balance, end of year	$ 0	$ 0	$ 0

Commitments and Contingencies - Purchase Obligations (Details) $ in Millions	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 181.9
2021	74.2
2022	15.1
2023	10.3
2024	9.3
Thereafter	10.6
Total purchase commitments	$ 301.4

Investments - Schedule of Carrying Amounts and Fair Values of Available for Sale Securities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Cost Basis	$ 19.6	$ 18.8
Unrealized Gains	0.7	0.9
Unrealized Losses	(1.1)	(1.9)
Fair Value	19.2	17.8
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Cost Basis	19.6	18.8
Unrealized Gains	0.7	0.9
Unrealized Losses	(1.1)	(1.9)
Fair Value	19.2	17.8
Carrying Value
Debt Securities, Available-for-sale [Line Items]
Fair Value	19.2	17.8
Carrying Value \| Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 19.2	$ 17.8