0001704720-20-000085 | 10-Q | XBRL Viewer

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Basis of Financial Statements - Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Management fee expenses			$ 15.1
Related Party Transaction [Line Items]
Interest, investment and other income	$ 4.7	$ 1.3	15.2	$ 13.7
Management Services Agreement, fees earned
Related Party Transaction [Line Items]
Interest, investment and other income			$ 9.1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 405.9	$ 533.7
Short-term investments	0.0	0.5
Trade receivables	5.7	16.0
Inventory	6.4	16.3
Prepaid expenses and other current assets	75.1	64.4
Total current assets	493.1	630.9
Equity securities, at fair value - see Note A	1,516.6	0.0
Investments in unconsolidated affiliates	1,413.2	836.5
Lease assets	131.8	192.9
Property and equipment, net	127.2	162.6
Other intangible assets, net	37.4	63.1
Goodwill	53.5	66.1
Fixed maturity securities available for sale, at fair value	34.5	19.2
Deferred tax asset	0.0	54.5
Other long term investments and non-current assets	61.3	66.4
Total assets	3,868.6	2,092.2
Current liabilities:
Accounts payable and other accrued liabilities, current	72.6	86.4
Lease liabilities, current	26.7	41.5
Income taxes payable	11.8	37.4
Deferred revenue	14.7	26.4
Notes payable, current	33.2	7.0
Total current liabilities	159.0	198.7
Lease liabilities, long term	123.3	199.7
Deferred tax liability	231.1	0.0
Notes payable, long term	37.1	120.1
Accounts payable and other accrued liabilities, long term	46.1	43.9
Total liabilities	596.6	562.4
Commitments and contingencies - see Note G
Equity:
Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of September 30, 2020 and December 31, 2019; outstanding of 91,656,245 and 79,516,833 shares as of September 30, 2020 and December 31, 2019, respectively, and issued of 92,377,972 and 79,727,972 shares as of September 30, 2020 and December 31, 2019, respectively	0.0	0.0
Preferred stock, 0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of September 30, 2020 and December 31, 2019	0.0	0.0
Retained earnings	1,398.5	143.6
Additional paid-in capital	1,871.7	1,396.7
Less: Treasury stock, 721,727 and 211,139 shares as of September 30, 2020 and December 31, 2019, respectively, at cost	(20.3)	(5.9)
Accumulated other comprehensive earnings (loss)	10.1	(45.9)
Total Cannae shareholders' equity	3,260.0	1,488.5
Noncontrolling interests	12.0	41.3
Total equity	3,272.0	1,529.8
Total liabilities and equity	$ 3,868.6	$ 2,092.2

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

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Statement of Comprehensive Income [Abstract]

Net loss

$ 128.0

$ 41.6

$ 1,232.2

$ 40.6

Other comprehensive earnings (loss), net of tax:

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

^[1]

0.3

0.6

11.5

0.4

Unrealized earnings (loss) of investments in unconsolidated affiliates

^[2]

4.8

(4.7)

(1.7)

3.4

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

0.0

(0.3)

0.0

(0.4)

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

^[3]

1.8

4.6

46.2

9.6

Other comprehensive earnings

6.9

0.2

56.0

13.0

Comprehensive earnings

134.9

41.8

1,288.2

53.6

Less: Comprehensive loss attributable to noncontrolling interests

(3.9)

(4.6)

(22.7)

(12.2)

Comprehensive earnings attributable to Cannae Holdings, Inc.

$ 138.8

$ 46.4

$ 1,310.9

$ 65.8

[1]	Net of income tax expense of $0.1 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively, and $3.1 million and $0.1 million for the nine months ended September 30, 2020 and 2019, respectively.
[2]	Net of income tax expense (benefit) of $1.3 million and $(1.2) million for the three months ended September 30, 2020 and 2019, respectively, and $(0.4) million and $0.9 million for the nine months ended September 30, 2020 and 2019, respectively.(3)Net of income tax benefit of $0.1 million for the three and nine months ended September 30, 2019.
[3]	Net of income tax expense of $0.5 million and $1.2 million for the three months ended September 30, 2020 and 2019, respectively, and $12.3 million and $2.5 million for the nine months ended September 30, 2020 and 2019, respectively.

Notes Payable - Schedule of Notes Payable (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Notes payable, total	$ 70,300,000	$ 127,100,000
Less: Notes payable, current	33,200,000	7,000,000.0
Notes payable, long term	37,100,000	120,100,000
99 Term Loan \| Notes payable to banks
Debt Instrument [Line Items]
Notes payable, total	18,600,000	30,900,000
99 Revolver \| Revolving credit facility
Debt Instrument [Line Items]
Notes payable, total	12,500,000	3,000,000.0
99 DLOC Loan
Debt Instrument [Line Items]
Notes payable, total	0	0
Margin Facility \| Revolving credit facility
Debt Instrument [Line Items]
Notes payable, total	0	75,000,000.0
Brasada Interstate Loans \| Notes payable to banks
Debt Instrument [Line Items]
Notes payable, total	13,100,000	13,400,000
FNF Revolver \| Revolving credit facility
Debt Instrument [Line Items]
Notes payable, total	0	0
Other \| Notes payable
Debt Instrument [Line Items]
Notes payable, total	$ 26,100,000	$ 4,800,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net earnings	$ 1,232.2	$ 40.6
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	22.2	40.1
Equity in (earnings) losses of unconsolidated affiliates	(3.6)	50.8
Distributions from investments in unconsolidated affiliates	0.5	2.0
Recognized gains and losses and asset impairments, net	(1,669.7)	(152.7)
Lease asset amortization	17.4	27.1
Stock-based compensation cost	3.3	3.3
Changes in assets and liabilities, net of effects from acquisitions:
Net decrease in trade receivables	6.2	15.2
Net increase in inventory, prepaid expenses and other assets	(36.1)	(4.8)
Net decrease in lease liabilities	(22.3)	(33.0)
Net decrease (increase) in accounts payable, accrued liabilities, deferred revenue and other liabilities	17.4	(13.6)
Net change in income taxes	241.6	(14.1)
Net cash used in operating activities	(190.9)	(39.1)
Cash flows from investing activities:
Proceeds from partial sale of Ceridian shares - see Note A	522.0	212.5
Additions to property and equipment and other intangible assets	(18.3)	(19.0)
Additions to notes receivable	(28.9)	0.0
Proceeds from sales of property and equipment	0.0	18.7
Proceeds from sale of investments in unconsolidated affiliates and other long term investments	0.0	4.8
Purchases of other long term investments	0.0	(15.0)
Proceeds from equity offering, net of offering expenses	(1.1)	0.0
Distributions from investments in unconsolidated affiliates	1.6	0.7
Net proceeds from sales and maturities of short-term investment securities	0.5	31.1
Net other investing activities	0.8	2.5
Net cash used in investing activities	(323.9)	(289.9)
Cash flows from financing activities:
Borrowings	37.0	364.0
Debt service payments	(94.3)	(213.5)
Subsidiary distributions paid to noncontrolling interest shareholders	0.0	(0.6)
Sale of noncontrolling interest in consolidated subsidiary	3.7	0.0
Proceeds from equity offering, net of offering expenses	455.0	0.0
Treasury stock repurchases	(14.4)	(3.9)
Proceeds from Restaurant Group sale and leaseback of corporate office, net of issuance costs	0.0	13.2
Net cash provided by financing activities	387.0	159.2
Net decrease in cash and cash equivalents	(127.8)	(169.8)
Cash and cash equivalents at beginning of period	533.7	323.0
Cash and cash equivalents at end of period	405.9	153.2
Dun And Bradstreet Corporation
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in (earnings) losses of unconsolidated affiliates	48.5	68.6
Cash flows from investing activities:
Investments in unconsolidated affiliates	(200.0)	(526.2)
Optimal Blue
Adjustments to reconcile net earnings to net cash used in operating activities:
Equity in (earnings) losses of unconsolidated affiliates	4.7	0.0
Cash flows from investing activities:
Investments in unconsolidated affiliates	(289.0)	0.0
Investments Excluding Dun & Bradstreet
Cash flows from investing activities:
Investments in unconsolidated affiliates	$ (311.5)	$ 0.0

Investments - Schedule of Summarized Financial Information, Amerifund (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 15, 2020	Dec. 31, 2019
Condensed Combined Balance Sheets
Total current assets	$ 493.1				$ 493.1			$ 630.9
Total assets	3,868.6			$ 1,893.7	3,868.6	$ 1,893.7	$ 2,000.0	2,092.2
Current liabilities	159.0				159.0			198.7
Long-term debt	70.3				70.3			127.1
Total liabilities	596.6				596.6			562.4
Total liabilities and equity	3,868.6				3,868.6			$ 2,092.2
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues	334.0			351.2	2,113.3	974.8
Operating income (loss)	(28.4)			(21.5)	(127.4)	(54.0)
Net loss	128.0			41.6	1,232.2	40.6
Income attributable to noncontrolling interests	$ (3.9)			$ (4.6)	$ (22.7)	$ (12.2)
AmeriLife \| Unconsolidated affiliates
Condensed Combined Balance Sheets
Total current assets		$ 86.5	$ 86.5
Goodwill and other intangible assets, net		1,100.6	1,100.6
Other assets		15.2	15.2
Total assets		1,202.3	1,202.3
Current liabilities		39.3	39.3
Long-term debt		500.2	500.2
Other non-current liabilities		5.9	5.9
Total liabilities		545.4	545.4
Member's equity		594.5	594.5
Noncontrolling interest - nonredeemable		62.4	62.4
Total member's equity		656.9	656.9
Total liabilities and equity		1,202.3	1,202.3
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues		79.4	93.1
Operating income (loss)		5.1	(4.8)
Net loss		(5.4)	(16.1)
Income attributable to noncontrolling interests		3.9	4.3
Net loss		$ (9.3)	$ (20.4)

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

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, 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 discrimination, wage and hour and other employment, franchise and other laws; and claims from guests or employees alleging illness, injury or other food quality, health or operational concerns. Our Restaurant Group companies are also subject to compliance with extensive government laws and regulations related to employment practices and policies and the manufacture, preparation, and sale of food and alcohol. We may also become subject to lawsuits and other proceedings, as well as card network fines and penalties, arising out of the actual or alleged theft of our customers' credit or debit card information.

We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts that represents our best estimate is recorded. As of September 30, 2020 and December 31, 2019, we had $0.2 million and $0.1 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.

On September 23, 2020, a stockholder derivative lawsuit styled Oklahoma Firefighters Pension & Retirement System, derivatively on behalf of Cannae Holdings, Inc. v. William P. Foley, II, et al., was filed in the Court of Chancery of the State of Delaware against the Company, certain Board members and officers of the Company, and the Manager, alleging breach of fiduciary duties relating to the Company’s Management Services Agreement. The plaintiff further alleges the Board breached their fiduciary duties by approving bonuses in connection with the initial public offering of Ceridian and the approval of an Investment Success Incentive Plan in August 2018. Along with the Complaint, the plaintiff filed a motion for partial summary judgment as to the count seeking to void the Management Services Agreement. The defendants will contest the action vigorously.

Blue Ribbon Reorganization

On September 16, 2020, the Bankruptcy Court entered its order in the Blue Ribbon Reorganization confirming the Chapter 11 Plan. Blue Ribbon, which owns the Village Inn, Baker's Square, and Legendary Baking concepts, had initiated its voluntary chapter 11 bankruptcy case before the Bankruptcy Court on January 27, 2020. The Blue Ribbon Reorganization did not involve or affect the operations of O’Charley’s or 99 Restaurants, which are not part of Blue Ribbon.

On October 2, 2020, the Chapter 11 Plan became effective and Blue Ribbon emerged from bankruptcy as a set of reorganized companies. Pursuant to the Chapter 11 Plan, we received 100% of the equity in the reorganized companies in exchange for the satisfaction of a portion equal to $15.5 million of the DIP Loan. In addition, as approved under the Chapter 11 Plan and in connection with Blue Ribbon’s emergence from bankruptcy, we provided the reorganized companies with an exit facility that, among other things, converted the balance of the DIP Loan to a term loan and made available to the reorganized companies an additional term loan in the amount of $6.8 million and two revolving lines of credit in the amount of $5.0 million and $2.5 million, respectively.

Unconditional Purchase Obligations

The Restaurant Group has unconditional purchase obligations with various vendors. These purchase obligations are primarily food and beverage obligations with fixed commitments in regards to the time period of the contract and the quantities purchased with annual price adjustments that can fluctuate. We used both historical and projected volume and pricing as of September 30, 2020 to determine the amount of the obligations.

Purchase obligations as of September 30, 2020 are as follows (in millions):


2020 (remaining)	$	27.8
2021	62.5
2022	13.4
2023	8.5
2024	8.0
Thereafter	15.7
Total purchase commitments	$	135.9

Discontinued Operations - Reconciliation of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating expenses:
Loss from discontinued operations	$ 0.0	$ (2.5)	$ 0.0	$ (7.3)
T-System Holdings, Inc. \| Discontinued Operations, Held-for-sale
Revenues:
Other operating revenue		13.4		38.5
Total operating revenues		13.4		38.5
Operating expenses:
Personnel costs		8.2		24.3
Depreciation and amortization		3.4		10.3
Other operating expenses		3.9		12.6
Total operating expenses		15.5		47.2
Operating loss		(2.1)		(8.7)
Recognized loss				(0.5)
Total other expense				(0.5)
Loss from discontinued operations before income taxes		(2.1)		(9.2)
Income tax expense (benefit)		0.4		(1.9)
Loss from discontinued operations		$ (2.5)		$ (7.3)

Notes Payable - Narrative (Details) - USD ($)								9 Months Ended
Notes Payable - Narrative (Details) - USD ($)	Feb. 18, 2020	Dec. 18, 2019	Nov. 13, 2019	Dec. 21, 2018	Nov. 07, 2018	Nov. 17, 2017	Jan. 29, 2016	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jun. 13, 2018
Line of Credit Facility [Line Items]
Repayment of debt								$ 94,300,000	$ 213,500,000
Long-term debt								70,300,000		$ 127,100,000
99 Restaurants Credit Facility \| Revolver Note
Line of Credit Facility [Line Items]
Long-term debt								$ 12,500,000		3,000,000.0
99 Restaurants Credit Facility \| 99 Restaurants \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity				$ 15,000,000.0
Interest rate								5.75%
Amount available to be drawn								$ 12,500,000
99 Restaurants Credit Facility \| 99 Restaurants \| Revolver Note \| Base Rate
Line of Credit Facility [Line Items]
Interest rate basis				2.50%
99 Restaurants Credit Facility \| 99 Restaurants \| Revolver Note \| LIBOR
Line of Credit Facility [Line Items]
Interest rate basis				3.50%
99 Term Loan \| Notes payable to banks
Line of Credit Facility [Line Items]
Interest rate								3.75%
Long-term debt								$ 18,600,000		30,900,000
99 Term Loan \| 99 Restaurants
Line of Credit Facility [Line Items]
Notes, face amounts				$ 37,000,000.0
99 DLOC Loan
Line of Credit Facility [Line Items]
Long-term debt								0		0
99 DLOC Loan \| 99 Restaurants \| Line of Credit Loan
Line of Credit Facility [Line Items]
Notes, face amounts				$ 10,000,000.0
Margin Loan Agreement \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity					$ 300,000,000.0
Shares pledged as collateral (in shares)					25,000,000.0
Shares pledged as collateral, shares released (in shares)		200,000	5,000,000
Repayment of debt	$ 75,000,000.0
Long-term debt								0		75,000,000.0
Brasada Credit Agreement \| Notes payable to banks
Line of Credit Facility [Line Items]
Long-term debt								$ 13,100,000		13,400,000
Brasada Credit Agreement \| NV Brasada
Line of Credit Facility [Line Items]
Aggregate borrowing capacity							$ 17,000,000.0
Brasada Credit Agreement \| NV Brasada \| Notes payable to banks
Line of Credit Facility [Line Items]
Variable rate interest								2.41%
Brasada Credit Agreement \| NV Brasada \| Acquisition Loan
Line of Credit Facility [Line Items]
Notes, face amounts							12,500,000
Brasada Credit Agreement \| NV Brasada \| Development Loan
Line of Credit Facility [Line Items]
Notes, face amounts							3,000,000.0
Brasada Credit Agreement \| NV Brasada \| Acquisition Loan, A Note
Line of Credit Facility [Line Items]
Notes, face amounts							$ 6,300,000
Interest rate							4.51%
Brasada Credit Agreement \| NV Brasada \| Acquisition Loan, B Note
Line of Credit Facility [Line Items]
Notes, face amounts							$ 6,300,000
Brasada Credit Agreement \| NV Brasada \| Acquisition Loan, B Note \| LIBOR
Line of Credit Facility [Line Items]
Interest rate basis							225.00%
Brasada Credit Agreement \| NV Brasada \| Line of Credit Loan
Line of Credit Facility [Line Items]
Aggregate borrowing capacity							$ 1,500,000
Amount available to be drawn								$ 800,000
Long-term debt											$ 3,600,000
FNF Revolver \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity						$ 100,000,000.0
Amount available to be drawn								100,000,000.0
Long-term debt								$ 0		$ 0
Maximum borrowing increment						$ 1,000,000.0
Debt instrument, term						5 years
Debt instrument, term of automatic extension						5 years
FNF Revolver \| Revolver Note \| LIBOR
Line of Credit Facility [Line Items]
Interest rate basis						450.00%

Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Gain (Loss) on Securities

Gains on equity securities included in Recognized gains and losses, net on the Condensed Consolidated Statements of Operations consisted of the following for the three and nine months ended September 30, 2020 (in millions):


	Three Months Ended September 30, 2020		Nine months ended September 30, 2020

Net gains recognized during the period on equity securities	$	69.5	$	1,333.3
Less: net gains recognized during the period on equity securities sold during the period	—		(180.8)
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date	$	69.5	$	1,152.5

Schedule of Investments and Equity in Earnings of Unconsolidated Affiliates

Investments in unconsolidated affiliates recorded using the equity method of accounting as of September 30, 2020 and December 31, 2019 consisted of the following (in millions):


	Ownership at September 30, 2020		September 30, 2020		December 31, 2019
Dun & Bradstreet	18.1	%	$	668.5	$	385.9
Ceridian (1)	10.9	%	—		309.5
Optimal Blue	20.0	%	284.3		—
Senator Focused Strategies	87.4	%	235.7		46.7
AmeriLife	20.3	%	120.7		—
Other	various		104.0		94.4
Total			$	1,413.2	$	836.5

_____________________________________

(1) The investment in Ceridian was no longer accounted for under the equity method of accounting beginning March 31, 2020.

Equity in (losses) earnings of unconsolidated affiliates for the three and nine months ended September 30, 2020 and September 30, 2019 consisted of the following (in millions):


	Three months ended September 30, 2020		Three months ended September 30, 2019		Nine months ended September 30, 2020		Nine months ended September 30, 2019
Dun & Bradstreet	$	(3.1)	$	(21.4)	$	(48.5)	$	(68.6)
Ceridian (1)	—		12.7		1.5		16.7
Optimal Blue	(4.7)		—		(4.7)		—
Senator Focused Strategies	1.6		—		80.9		—
AmeriLife	(0.8)		—		(4.3)		—
Other	5.8		0.4		(21.3)		1.1
Total	$	(1.2)	$	(8.3)	$	3.6	$	(50.8)

_____________________________________

(1) The amount for the nine months ended September 30, 2020 represents the Company's equity in earnings of Ceridian in the three months ended March 31, 2020 prior to the change in accounting for the investment beginning March 31, 2020. See Note A.

Summarized financial information for Dun & Bradstreet and its pre-IPO predecessor entity (the "D&B Predecessor") for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.

We acquired our initial interest in the D&B Predecessor on February 8, 2019. The results of operations for the nine months ended September 30, 2019 presented below represent the D&B Predecessor's results of operations subsequent to our acquisition.


	September 30, 2020		December 31, 2019
	(In millions)
Total current assets	$	723.4	$	417.9
Goodwill and other intangible assets, net	7,779.2		8,091.5
Other assets	682.8		603.4
Total assets	$	9,185.4	$	9,112.8

Current liabilities	$	785.7	$	1,090.4
Long-term debt	3,257.5		3,818.9
Other non-current liabilities	1,478.5		1,594.0
Total liabilities	5,521.7		6,503.3
Preferred equity	—		1,030.6
Total equity	3,663.7		1,578.9
Total liabilities and equity	$	9,185.4	$	9,112.8


	Three months ended September 30, 2020		Three months ended September 30, 2019		Nine months ended September 30, 2020		Period from February 8, 2019 to September 30, 2019
	(In millions)				(In millions)
Total revenues	$	442.1	$	408.2	$	1,258.0	$	981.2
Loss before income taxes	(24.9)		(79.8)		(227.8)		(278.1)
Net loss	(14.9)		(55.3)		(114.8)		(197.2)
Dividends attributable to preferred equity and noncontrolling interest expense	(2.1)		(33.5)		(67.8)		(85.3)
Net loss attributable to Dun & Bradstreet	(17.0)		(88.8)		(182.6)		(282.5)

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


	September 30, 2020
	(In millions)
Total current assets	$	35.7
Goodwill and other intangible assets, net	1,863.5
Other assets	100.8
Total assets	$	2,000.0

Current liabilities	$	26.2
Long-term debt	492.8
Other non-current liabilities	118.5
Total liabilities	637.5
Redeemable member's interest	578.0
Additional paid-in capital	812.1
Retained deficit	(27.6)
Total redeemable member's interest and equity	1,362.5
Total liabilities, redeemable member's interest and equity	$	2,000.0


		Period from September 15, 2020 to September 30, 2020
	(In millions)
Total revenues		$	6.7
Operating loss		(20.3)
Net loss attributable to Optimal Blue		(25.1)

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


	September 30, 2020		December 31, 2019
	(In millions)
Due from brokers and counterparties	$	217.8	$	138.4

Derivative contracts, at fair value	77.6		2.4


Other assets	0.6		—
Total assets	$	296.0	$	140.8


Capital received in advance	$	25.8	$	45.2
Other liabilities	0.4		0.2
Total liabilities	26.2		45.4
Net assets	$	269.8	$	95.4


	Three months ended September 30, 2020			Nine months ended September 30, 2020
	(In millions)		(In millions)
Total net investment loss	$	(1.8)		$	(2.9)
Realized gain on securities and derivative contracts	17.8			103.8
Change in unrealized (loss) gain on securities and derivative contracts	(16.4)			75.2
Change in net assets from operations	(0.4)			176.1

Summarized financial information for the AmeriLife Joint Venture for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. We account for our investment in AmeriLife as an equity method investment and report our equity in earnings or loss of the AmeriLife Joint Venture on a three-month lag. Accordingly, our net earnings for the nine-month period ended September 30, 2020 includes our equity in AmeriLife’s losses for the period from March 18, 2020 through June 30, 2020.


	June 30, 2020
	(In millions)
Total current assets	$	86.5
Goodwill and other intangible assets, net	1,100.6
Other assets	15.2
Total assets	$	1,202.3

Current liabilities	$	39.3
Long-term debt	500.2
Other non-current liabilities	5.9
Total liabilities	545.4
Member's equity	594.5
Noncontrolling interest - nonredeemable	62.4
Total member's equity	656.9
Total liabilities and member's equity	$	1,202.3


	Three months ended June 30, 2020			Period from March 18, 2020 to June 30, 2020
	(In millions)		(In millions)
Total revenues	$	79.4		$	93.1
Operating income (loss)	5.1			(4.8)
Net loss	(5.4)			(16.1)
Income attributable to noncontrolling interests	3.9			4.3
Net loss attributable to AmeriLife	(9.3)			(20.4)

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

The carrying amounts and fair values of our available for sale fixed maturity securities at September 30, 2020 and December 31, 2019 are as follows:


	September 30, 2020
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	34.5	$	20.5	$	14.0	$	—	$	34.5

Total	$	34.5	$	20.5	$	14.0	$	—	$	34.5


	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

Investments - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended
Investments - Narrative (Details) - USD ($)	Sep. 15, 2020	Mar. 18, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jul. 06, 2020
Debt Securities, Available-for-sale [Line Items]
Equity investment	$ 289,000,000.0
Investment in Equity Fund, prepaid expense			$ 64,400,000	$ 75,100,000		$ 75,100,000
Corporate debt securities, with maturity of less than one year				34,000,000.0		34,000,000.0
Corporate debt securities, with maturity of more than one year and less than five years				500,000		500,000
Other-than-temporary impairment charges related to corporate debt securities				0	$ 0	0	$ 400,000
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities held with previously recognized other than temporary impairment				15,700,000		15,700,000
Dun And Bradstreet Corporation
Debt Securities, Available-for-sale [Line Items]
Aggregate value of ownership based on quoted market price				$ 2,000,000,000.0		$ 2,000,000,000.0
Ownership percentage				18.10%		18.10%		18.10%
Equity investment						$ 200,000,000.0	$ 526,200,000
Dun And Bradstreet Corporation \| Equity Sponsors
Debt Securities, Available-for-sale [Line Items]
Collective voting interest with other equity sponsors (greater than)				50.00%		50.00%
Senator Focused Strategies
Debt Securities, Available-for-sale [Line Items]
Ownership percentage			49.00%	87.40%		87.40%
Equity investment			$ 90,900,000			$ 201,200,000
Senator Focused Strategies \| Funds Held on Deposit with Equity Fund
Debt Securities, Available-for-sale [Line Items]
Investment in Equity Fund, prepaid expense				$ 25,800,000		$ 25,800,000
AmeriLife
Debt Securities, Available-for-sale [Line Items]
Ownership percentage		20.30%		20.30%		20.30%
Equity investment		$ 125,000,000.0
QOMPLX
Debt Securities, Available-for-sale [Line Items]
Investment without readily determinable fair value				$ 30,000,000.0		$ 30,000,000.0
Ceridian
Debt Securities, Available-for-sale [Line Items]
Ownership percentage				10.90%		10.90%

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

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

The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, respectively:


	September 30, 2020
	Level 1		Level 2		Level 3		Total
	(In millions)

Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	34.5	$	34.5
Equity Securities:
Ceridian	1,333.9		—		—		1,333.9
CoreLogic	155.6		—		—		155.6
Forward Purchase Agreements	—		—		26.0		26.0
Other	1.1		—		—		1.1
Total	$	1,490.6	$	—	$	60.5	$	1,551.1


	December 31, 2019
	Level 1		Level 2		Level 3		Total
	(In millions)

Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	19.2	$	19.2


Total	$	—	$	—	$	19.2	$	19.2

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

The following table presents a summary of the changes in the fair values of Level 3 assets, measured on a recurring basis, for the three and nine months ended September 30, 2020 and 2019 (in millions).


	Three months ended September 30, 2020						Three months ended September 30, 2019
	Corporate debt		Forward Purchase				Corporate debt
	securities		Agreements		Total		securities

Fair value, beginning of period	$	33.9	$	12.5	$	46.4	$	17.7


Net valuation gain included in earnings (2)	—		13.5		13.5		—
Net valuation gain included in other comprehensive earnings (3)	0.6		—		0.6		1.0
Fair value, end of period	$	34.5	$	26.0	$	60.5	$	18.7


	Nine months ended September 30, 2020						Nine months ended September 30, 2019
	Corporate debt		Forward Purchase				Corporate debt
	securities		Agreements		Total		securities

Fair value, beginning of period	$	19.2	$	—	$	19.2	$	17.8

Paid-in-kind dividends (1)	—		—		—		0.1
Net valuation gain included in earnings (2)	—		26.0		26.0		—
Impairment (2)	—		—		—		(0.4)
Net valuation gain included in other comprehensive earnings (3)	15.3		—		15.3		1.2
Fair value, end of period	$	34.5	$	26.0	$	60.5	$	18.7

_____________________________________

(1) Included in Interest, investment and other income on the Condensed Consolidated Statements of Operations

(2) Included in Recognized gains and losses, net on the Condensed Consolidated Statements of Operations

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

Investments - Schedule of Carrying Amounts and Fair Values of Available for Sale Securities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Fixed maturity securities available for sale:
Cost Basis	$ 20.5	$ 19.6
Unrealized Gains	14.0	0.7
Unrealized Losses	0.0	(1.1)
Fair Value	34.5	19.2
Corporate debt securities
Fixed maturity securities available for sale:
Cost Basis	20.5	19.6
Unrealized Gains	14.0	0.7
Unrealized Losses	0.0	(1.1)
Fair Value	34.5	19.2
Carrying Value
Fixed maturity securities available for sale:
Fair Value	34.5	19.2
Carrying Value \| Corporate debt securities
Fixed maturity securities available for sale:
Fair Value	$ 34.5	$ 19.2

Commitments and Contingencies - Narrative (Details) $ in Millions	Oct. 02, 2020 USD ($) loan	Sep. 30, 2020 USD ($)	Jan. 27, 2020	Dec. 31, 2019 USD ($)
Loss Contingencies [Line Items]
Accrual for legal proceedings		$ 0.2		$ 0.1
Blue Ribbon
Loss Contingencies [Line Items]
Ownership percentage			65.40%
Blue Ribbon \| Equity Method Investee \| Subsequent Event
Loss Contingencies [Line Items]
Ownership percentage	100.00%
Number of revolving lines of credit \| loan	2
Blue Ribbon \| Equity Method Investee \| Term Loan \| Subsequent Event
Loss Contingencies [Line Items]
Financing arranged	$ 6.8
Blue Ribbon \| Equity Method Investee \| Revolving Line of Credit One \| Subsequent Event
Loss Contingencies [Line Items]
DIP Loan converted to equity	15.5
Financing arranged	5.0
Blue Ribbon \| Equity Method Investee \| Revolving Line of Credit Two \| Subsequent Event
Loss Contingencies [Line Items]
Financing arranged	$ 2.5

Commitments and Contingencies - Purchase Obligations (Details) $ in Millions	Sep. 30, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020 (remaining)	$ 27.8
2021	62.5
2022	13.4
2023	8.5
2024	8.0
Thereafter	15.7
Total purchase commitments	$ 135.9

Investments - Schedule of Summarized Financial Information, Optimal Blue (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 15, 2020	Dec. 31, 2019
Condensed Combined Balance Sheets
Total current assets	$ 493.1	$ 493.1		$ 493.1			$ 630.9
Total assets	3,868.6	3,868.6	$ 1,893.7	3,868.6	$ 1,893.7	$ 2,000.0	2,092.2
Current liabilities	159.0	159.0		159.0			198.7
Long-term debt	70.3	70.3		70.3			127.1
Total liabilities	596.6	596.6		596.6			562.4
Additional paid-in capital	1,871.7	1,871.7		1,871.7			1,396.7
Retained earnings	1,398.5	1,398.5		1,398.5			143.6
Total liabilities and equity	3,868.6	3,868.6		3,868.6			$ 2,092.2
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues		334.0	351.2	2,113.3	974.8
Operating income (loss)		$ (28.4)	$ (21.5)	$ (127.4)	$ (54.0)
Optimal Blue \| Unconsolidated affiliates
Condensed Combined Balance Sheets
Total current assets						35.7
Goodwill and other intangible assets, net						1,863.5
Other assets						100.8
Current liabilities						26.2
Long-term debt						492.8
Other non-current liabilities						118.5
Total liabilities						637.5
Member's equity						578.0
Additional paid-in capital						812.1
Retained earnings						(27.6)
Total member's equity						1,362.5
Total liabilities and equity						$ 2,000.0
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues	6.7
Operating income (loss)	(20.3)
Net loss	$ (25.1)

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill [Roll Forward]
Balance, December 31, 2019			$ 66.1
Goodwill impairment	$ 0.0	$ 0.0	(7.7)	$ 0.0
Deconsolidation of Blue Ribbon			(4.9)
Balance, September 30, 2020	53.5	$ 76.5	53.5	$ 76.5
Restaurant Group
Goodwill [Roll Forward]
Balance, December 31, 2019			66.1
Goodwill impairment			(7.7)
Deconsolidation of Blue Ribbon			(4.9)
Balance, September 30, 2020	53.5		53.5
Corporate and Other
Goodwill [Roll Forward]
Balance, December 31, 2019			0.0
Goodwill impairment			0.0
Deconsolidation of Blue Ribbon			0.0
Balance, September 30, 2020	$ 0.0		$ 0.0

Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:


		Three months ended September 30,				Nine months ended September 30,
		2020		2019		2020		2019
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(in millions)
Restaurant sales	Restaurant Group	$	129.2	$	228.9	$	395.5	$	721.9
Bakery sales	Restaurant Group	—		17.3		2.2		45.7
Franchise and other	Restaurant Group	0.2		1.5		1.0		4.4
Total restaurant revenue		129.4		247.7		398.7		772.0
Other operating revenue:


Real estate and resort	Corporate and other	9.9		9.3		15.7		19.4
Other	Corporate and other	0.4		—		0.9		0.1
Total other operating revenue		10.3		9.3		16.6		19.5
Total operating revenues		$	139.7	$	257.0	$	415.3	$	791.5

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 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.

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. Bakery sales represent revenue from subsidiaries of Blue Ribbon through January 27, 2020.

Franchise and other revenue consists 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.

Other operating revenue consists primarily 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. Such 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:


	September 30,		December 31,
	2020		2019
	(In millions)
Trade receivables, net	$	5.7	$	16.0


Deferred revenue (contract liabilities)	14.7		26.4

Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Condensed Consolidated Balance Sheets. Revenue of $4.0 million and $17.3 million was recognized in the three and nine months ended September 30, 2020, respectively, that was included in Deferred revenue at the beginning of the period.

There was no impairment related to contract balances.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Investments - Schedule of Summarized Financial Information, Senator Focused Strategies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 15, 2020	Dec. 31, 2019
Investments in Unconsolidated Affiliates
Total assets	$ 3,868.6	$ 1,893.7	$ 3,868.6	$ 1,893.7	$ 2,000.0	$ 2,092.2
Total liabilities	596.6		596.6			562.4
Equity in Losses of Unconsolidated Affiliates
Total net investment loss	194.3	$ 94.2	1,698.0	$ 183.3
Senator Focused Strategies \| Unconsolidated affiliates
Investments in Unconsolidated Affiliates
Due from brokers and counterparties	217.8		217.8			138.4
Derivative contracts, at fair value	77.6		77.6			2.4
Other assets	0.6		0.6			0.0
Total assets	296.0		296.0			140.8
Capital received in advance	25.8		25.8			45.2
Other liabilities	0.4		0.4			0.2
Total liabilities	26.2		26.2			45.4
Net assets	269.8		269.8			$ 95.4
Equity in Losses of Unconsolidated Affiliates
Total net investment loss	(1.8)		(2.9)
Realized gain on securities and derivative contracts	17.8		103.8
Change in unrealized (loss) gain on securities and derivative contracts	(16.4)		75.2
Change in net assets from operations	$ (0.4)		$ 176.1

Variable Interest Entities

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest EntitiesThe Company, in the normal course of business, engages in certain activities that involve variable interest entities ("VIEs"), which generally are legal entities in which the equity investors as a group lack any of the characteristics of a controlling interest, among other criteria. The primary beneficiary of a VIE is generally the enterprise that has both the power to direct the activities most significant to the economic performance of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. The Company evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate. As of and for the periods ended September 30, 2020 and December 31, 2019, we are not the primary beneficiary of any VIEs.

Unconsolidated VIEs

The table below summarizes select information related to variable interests held by the Company as of September 30, 2020 and December 31, 2019, of which we are not the primary beneficiary:


		September 30, 2020				December 31, 2019
		Total Assets		Maximum Exposure		Total Assets		Maximum Exposure
	(in millions)
Investments in unconsolidated affiliates		$	18.7	$	18.7	$	440.2	$	440.2
Notes receivable		21.6		27.9		—		—
Forward Purchase Agreements		26.0		26.0		—		—

Investments in Unconsolidated Affiliates

The Company holds variable interests in certain unconsolidated affiliates, which are primarily comprised of our investments in the sponsors of FTAC, Trebia and FTAC II, Blue Ribbon and funds that hold minority ownership interests primarily in healthcare-related entities. Cannae does not have the power to direct the activities that most significantly impact the economic performance of these unconsolidated affiliates; and, therefore we are not the primary beneficiary.

As of December 31, 2019, total assets in the table above includes the Company's equity method investment in Dun & Bradstreet and SFS. In the three months ended June 30, 2020, our and other limited partners' commitments to provide capital to SFS were fully satisfied. Accordingly, SFS is considered to be sufficiently capitalized such that it is able to finance its ongoing operations and is no longer considered a variable interest entity. Upon consummation of the D&B IPO on July 6, 2020, our investment in Dun & Bradstreet changed from an investment in a limited partnership to an investment in the common stock of a corporation. The limited partners of the D&B Predecessor did not have the ability to unilaterally remove the general partner and as a result, our investment in the D&B Predecessor was considered a VIE. As a result of the change in form of our investment from a limited partnership to a corporation, Dun & Bradstreet is no longer considered a VIE subsequent to the D&B IPO.

The principal risk to which these investments and funds are exposed is the credit risk of the underlying investees. We do not provide any implicit or explicit liquidity guarantees or principal value guarantees to these VIEs. The assets are included in Investments in unconsolidated affiliates on the Condensed Consolidated Balance Sheets and accounted for under the equity method of accounting.

See Note D for further discussion of our accounting for investments in unconsolidated affiliates.

Notes Receivable

Notes receivable includes notes outstanding from unconsolidated affiliates considered VIEs for which we are not the primary beneficiary. The assets are included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. Maximum exposure to loss includes the total principal balance under our DIP Loan with Blue Ribbon of $27.5 million as of September 30, 2020.

Forward Purchase Agreements

In conjunction with the Forward Purchase Agreements, the Company made investments in the sponsors of FTAC, Trebia and FTAC II, which are considered VIEs for which we are not the primary beneficiary and are included in Investments in unconsolidated affiliates. The assets represented by the Forward Purchase Agreements are accounted for as investments in equity securities pursuant to ASC 321 and are included in Equity securities on the Condensed Consolidated Balance Sheet as of September 30, 2020. See Notes C and D for further information on our accounting for equity securities.

Basis of Financial Statements (Policies)	9 Months Ended
Basis of Financial Statements (Policies)	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2019. Following the split-off of the former portfolio company investments by Fidelity National Financial, Inc. ("FNF"), and subsequent contribution to us (the "FNF Split-Off"), the Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the Corporate Services Agreement ("CSA"), dated as of November 17, 2017, by and between the Company and FNF and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. The CSA has an initial three-year term and after the initial three-year term, if the CSA is not mutually terminated by us or FNF prior to the expiration of the initial three-year term, it will automatically renew for successive one-year terms on mutually agreeable arm's length terms unless FNF and Cannae mutually agree to terminate the agreement. The CSA was extended on October 7, 2020. See further discussion below. Both FNF and Cannae believe expense allocations pursuant to the CSA are reasonable; however, they may not be indicative of the actual results of operations or cash flows of the Company had the Company been operating as an independent, publicly-traded company for the periods presented or the amounts that will be incurred by the Company in the future. FNF is considered a related party to the Company. All intercompany profits, transactions and balances have been eliminated. Our investments in non-majority-owned partnerships and affiliates are accounted for using the equity method. Earnings attributable to noncontrolling interests are recorded on the Condensed Consolidated Statements of Operations relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Condensed Consolidated Balance Sheets in each period.
Management Estimates	Management Estimates The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the valuation of goodwill and acquired intangible assets (Note K) and fair value measurements (Note C). Actual results may differ from estimates.
Equity Securities	Equity Securities Equity securities primarily include our investments in Ceridian, CoreLogic and the Forward Purchase Agreements and are carried at fair value. See Notes C and D for further discussion of our accounting for equity securities. Related Party Transactions During the nine months ended September 30, 2020 we have incurred $15.1 million of management fee expenses payable to our Manager and earned $9.1 million of income related to transaction fees earned by the Manager and allocable to us pursuant to the Management Services Agreement. Such management fees and income are recorded in Other operating expenses and Interest, investment and other income, respectively, on our Condensed Consolidated Statement of Operations for the nine months ended September 30, 2020.
Earnings Per Share	Earnings Per Share Basic earnings per share, as presented on the Condensed Consolidated Statement of Operations, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted 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 that have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. Instruments that provide the ability to purchase shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share.
Restricted Cash	Restricted CashOur Restaurant Group is required to hold cash collateralizing its outstanding letters of credit.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update ("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 have completed our evaluation of the impact of this guidance on our Condensed Consolidated Financial Statements and related disclosures upon adoption and determined that, based on currently prevailing tax laws and rates, the adoption of this ASU is not expected to have a material impact on our Condensed Consolidated Financial Statements and related disclosures. Adoption of this ASU could result in a material change to our accounting for taxes in future interim periods if a change in tax laws or rates occurs in a future interim period as the update now requires accounting for such changes to occur in the period in which changes to tax laws or rates are enacted. We do not plan to early adopt this standard.
Revenue Recognition	Restaurant revenue consists of restaurant sales, bakery operations, and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and gift card breakage, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided. Revenue 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. 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. Bakery sales represent revenue from subsidiaries of Blue Ribbon through January 27, 2020. Franchise and other revenue consists 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. Other operating revenue consists primarily 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. Such revenue is recognized upon closing of the sale of real estate or once goods and services have been provided and billed to the customer.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

Notes Payable

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Notes Payable

Notes payable consists of the following:


	September 30, 2020		December 31, 2019
	(In millions)
99 Term Loan	$	18.6	$	30.9
99 Revolver	12.5		3.0
99 DLOC Loan	—		—
Margin Facility	—		75.0
Brasada Interstate Loans	13.1		13.4
FNF Revolver	—		—
Other	26.1		4.8
Notes payable, total	$	70.3	$	127.1

Less: Notes payable, current	33.2		7.0
Notes payable, long term	$	37.1	$	120.1

At September 30, 2020, the carrying value of our outstanding notes payable approximates fair value. The respective carrying values of our variable rate notes payable approximate fair value as they are variable rate instruments with short reset periods that 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 September 30, 2020.

On December 21, 2018, 99 Restaurants LLC, a direct, wholly-owned subsidiary of 99 Restaurants, entered into the 99 Restaurants Credit Facility with Fifth Third Bank and other lenders thereto. The 99 Restaurants Credit Facility provides for (i) a maximum revolving loan of $15.0 million (the “99 Revolver”) with a maturity date of December 21, 2023; (ii) a maximum term loan of $37.0 million (the "99 Term Loan") with monthly installment repayments through November 30, 2023 and a maturity date of December 21, 2023 for the outstanding unpaid principal balance; and (iii) a maximum Development Line of Credit loan (the “99 DLOC Loan”) of up to $10.0 million to be advanced from time to time through December 21, 2020, with quarterly installment payments through (a) September 30, 2024 with respect to 99 DLOC Loans borrowed prior to December 21, 2019, and (b) September 30, 2025 with respect to 99 DLOC Loans borrowed on or after December 21, 2019. Interest on the 99 Credit Facility is based on, at our option, an applicable margin of (x) two and one half percent (2.50%) per annum with respect to Base Rate Loans, as provided therein, and (y) three and one half percent (3.50%) per annum with respect to LIBOR Loans, as provided therein. As of September 30, 2020, interest on the 99 Term Loan and 99 Revolver is payable monthly at a rate of 3.75% and 5.75%, respectively, and there is $12.5 million of aggregate borrowing capacity under the 99 Revolver and DLOC Loans.

As of September 30, 2020, 99 Restaurants LLC was not in compliance with certain of the financial covenants of the 99 Restaurants Credit Facility. As a result of such non-compliance, we reclassified the recorded balance for the 99 Restaurants Credit Facility to a current liability as of September 30, 2020. 99 Restaurants LLC received an extension of its requirement to report on its compliance with the covenants of the 99 Restaurants Credit Facility until November 20, 2020. We are in negotiations with Fifth Third Bank and the other lenders and expect to modify the 99 Restaurants Credit Facility prior to November 20, 2020 to, among other things, pay down a portion of the outstanding balance under the 99 Revolver and reduce the borrowing capacity thereunder, terminate the 99 DLOC Loan and reset the financial covenants thereunder.

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 could 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. 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. On February 18, 2020, the Borrower repaid the remaining $75.0 million outstanding under the Margin Facility and terminated the

Amended Loan Agreement. Accordingly, all of the Company's holdings of Ceridian common stock have been released from the first priority lien under the terminated Margin Facility.

On January 29, 2016, FNF NV Brasada, LLC, an Oregon limited liability company and majority-owned subsidiary of the Company, entered into a credit agreement with an aggregate borrowing capacity of $17.0 million (the “Interstate Credit Agreement”) originally with Bank of the Cascades, as lender. The Interstate Credit Agreement provides for (i) a $12.5 million acquisition loan (the "Acquisition Loan"), (ii) a $3.0 million development loan (the "Development Loan"), and (iii) a $1.5 million line of credit loan (the "Line of Credit Loan", and collectively with the Acquisition Loan and the Development Loan, the "Brasada Interstate Loans"). On June 13, 2018, the Interstate Credit Agreement was modified to add an additional line of credit of $3.6 million ("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 $6.3 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 $6.3 million ("B Note"), which accrues interest at the rate of LIBOR plus 225 basis points, adjusted monthly, and matures on the tenth anniversary of the issuance thereof. As of September 30, 2020, the B Note, C Note and Line of Credit Loan incurred interest at 2.41% and there was $0.8 million available to be drawn pursuant to the Brasada Interstate Loans.

Note payable to FNF

On November 17, 2017, in conjunction with the FNF Split-Off, FNF issued to the Company a revolver note in an aggregate principal amount of up to $100.0 million (the "FNF Revolver"). Pursuant to the FNF Revolver, FNF may make one or more loans to us in increments of $1.0 million, with up to $100.0 million outstanding at any time. The FNF Revolver accrues interest at LIBOR plus 450 basis points and matures on the five year anniversary of the date we were issued the FNF Revolver. The maturity date is automatically extended for additional five year terms unless notice of non-renewal is otherwise provided by either FNF or the Company, in their sole discretion. As of September 30, 2020, there was no outstanding balance under the FNF Revolver and there was $100.0 million remaining borrowing capacity.

Gross principal maturities of notes payable at September 30, 2020 are as follows (in millions):



2020 (remaining)	$	2.0
2021	7.5
2022	28.6
2023	20.3
2024	0.6
Thereafter	12.2
	$	71.2

Notes Payable - Gross Principal Maturities of Notes Payable (Details) $ in Millions	Sep. 30, 2020 USD ($)
Debt Disclosure [Abstract]
2020 (remaining)	$ 2.0
2021	7.5
2022	28.6
2023	20.3
2024	0.6
Thereafter	12.2
Total Long Term Debt	$ 71.2

Leases - Future Undiscounted Payments Under Operating Lease Arrangements Under ASC Topic 842 (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (remaining)	$ 9.3
2021	36.9
2022	29.6
2023	25.7
2024	17.1
Thereafter	87.2
Total lease payments, undiscounted	205.8
Less: discount	55.8
Total operating lease liability as of September 30, 2020, at present value	150.0
Less: operating lease liability as of September 30, 2020, current	26.7	$ 41.5
Operating lease liability as of September 30, 2020, long term	$ 123.3	$ 199.7

Basis of Financial Statements - Recent Developments (Details) $ / shares in Units, $ in Millions											1 Months Ended		3 Months Ended			9 Months Ended
	Nov. 09, 2020 USD ($) shares	Oct. 30, 2020 shares	Oct. 07, 2020	Sep. 15, 2020 USD ($)	Jul. 31, 2020 USD ($) numberOfShares $ / shares shares	Jul. 06, 2020 USD ($) $ / shares shares	Jun. 05, 2020 USD ($) numberOfShares $ / shares shares	May 08, 2020 USD ($) numberOfShares $ / shares shares	Mar. 18, 2020 USD ($)	Jan. 27, 2020 USD ($)	Jun. 30, 2020 USD ($) shares	Dec. 31, 2019 USD ($) shares	Sep. 30, 2020 USD ($) shares	Jun. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($)	Nov. 17, 2020 director	Oct. 02, 2020	Sep. 14, 2020 $ / shares	Jul. 01, 2020	Jun. 26, 2020 $ / shares
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares) \| shares											12,650,000
Additional investment				$ 289.0
Common stock outstanding (in shares) \| shares												79,516,833	91,656,245			91,656,245
Recognized gains													$ (189.6)		$ (92.9)	$ (1,682.8)	$ (169.6)
Investment in partnership												$ 836.5	1,413.2			1,413.2
Prepaid expenses and other current assets												64.4	75.1			75.1
Equity in earnings (losses) from equity investments													(1.2)		(8.3)	3.6	(50.8)
Proceeds from equity offering, net of offering expenses											$ 455.0					455.0	0.0
Dun And Bradstreet Corporation
Subsidiary, Sale of Stock [Line Items]
Common stock outstanding (in shares) \| shares						76,600,000
CoreLogic
Subsidiary, Sale of Stock [Line Items]
Acquisition, share price (in usd per share) \| $ / shares																				$ 66.00		$ 65.00
Affiliated Entity \| Corporate Services Agreement \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Corporate Services Agreement, term			2 years
Corporate Services Agreement, standard allocation, plus additional percentage			10.00%
Corporate services Agreement, renewal term			1 year
Corporate Services Agreement, notice of termination period			30 days
Blue Ribbon \| Equity Method Investee
Subsidiary, Sale of Stock [Line Items]
Prepaid expenses and other current assets													27.5			27.5
Equity in earnings (losses) from equity investments													5.2			(6.3)
Blue Ribbon \| Equity Method Investee \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Outstanding voting equity																			100.00%
Blue Ribbon \| Equity Method Investee \| DIP Loan
Subsidiary, Sale of Stock [Line Items]
Prepaid expenses and other current assets													$ 21.2			21.2
Ceridian
Subsidiary, Sale of Stock [Line Items]
Unrealized gain upon change in accounting																684.9
D & B Private Placement
Subsidiary, Sale of Stock [Line Items]
Additional investment						$ 200.0
Dun And Bradstreet Corporation
Subsidiary, Sale of Stock [Line Items]
Additional investment																$ 200.0	526.2
Outstanding voting equity						18.10%							18.10%			18.10%
Investment in partnership												385.9	$ 668.5			$ 668.5
Equity in earnings (losses) from equity investments													$ (3.1)		(21.4)	$ (48.5)	(68.6)
Ceridian
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares) \| shares																7,600,000
Proceeds from sale of stock																$ 522.0
Outstanding voting equity													10.90%			10.90%
Owned investment (in shares) \| shares													16,100,000			16,100,000
Equity investment											$ 993.4			$ 993.4
Recognized gains																$ 47.1
Investment in partnership												309.5	$ 0.0			0.0
Equity in earnings (losses) from equity investments													$ 0.0		12.7	$ 1.5	16.7
Ceridian \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares) \| shares	2,100,000
Proceeds from sale of stock	$ 198.9
Blue Ribbon
Subsidiary, Sale of Stock [Line Items]
Outstanding voting equity										65.40%
Recognized gains										$ (26.5)
Debtor-in-possession financing to be provided										27.5
Investment in partnership										$ 33.6
Other than temporary impairment of investment														$ 18.6
AmeriLife
Subsidiary, Sale of Stock [Line Items]
Additional investment									$ 125.0
Outstanding voting equity									20.30%				20.30%			20.30%
Investment in partnership												0.0	$ 120.7			$ 120.7
Equity in earnings (losses) from equity investments													$ (0.8)		0.0	(4.3)	0.0
Senator Focused Strategies
Subsidiary, Sale of Stock [Line Items]
Additional investment												$ 90.9				$ 201.2
Outstanding voting equity												49.00%	87.40%			87.40%
Investment in partnership												$ 46.7	$ 235.7			$ 235.7
Equity in earnings (losses) from equity investments													$ 1.6		0.0	80.9	0.0
Distribution of shares received (in shares) \| shares													232,400,000
Senator Focused Strategies \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Distribution of shares owned , increased ownership \| shares		2,300,000
CoreLogic
Subsidiary, Sale of Stock [Line Items]
Equity investment													$ 155.6			155.6
Distribution of shares received (in shares) \| shares													2,300,000
CoreLogic \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Number of directors to be appointed \| director																		9
Foley Trasimene Acquisition Corp
Subsidiary, Sale of Stock [Line Items]
Number of shares called by each warrant \| numberOfShares								1
Foley Trasimene Acquisition Corp \| Forward Purchase Agreements
Subsidiary, Sale of Stock [Line Items]
Commitment to purchase, shares, warrants (in shares) \| shares								15,000,000
Commitment to purchase, share price (in usd per share) \| $ / shares								$ 11.50
Commitment to purchase								$ 150.0
Foley Trasimene Acquisition Corp \| Purchase Redeemable Warrants
Subsidiary, Sale of Stock [Line Items]
Commitment to purchase, shares, warrants (in shares) \| shares								5,000,000
Trebia
Subsidiary, Sale of Stock [Line Items]
Number of shares called by each warrant \| numberOfShares							1
Trebia \| Forward Purchase Agreements
Subsidiary, Sale of Stock [Line Items]
Commitment to purchase, shares, warrants (in shares) \| shares							7,500,000
Commitment to purchase, share price (in usd per share) \| $ / shares							$ 11.50
Commitment to purchase							$ 75.0
Trebia \| Purchase Redeemable Warrants
Subsidiary, Sale of Stock [Line Items]
Commitment to purchase, shares, warrants (in shares) \| shares							2,500,000
Foley Trasimene Acquisition Corp. II \| Forward Purchase Agreements
Subsidiary, Sale of Stock [Line Items]
Commitment to purchase, shares, warrants (in shares) \| shares					15,000,000
Number of shares called by each warrant \| numberOfShares					1
Commitment to purchase, share price (in usd per share) \| $ / shares					$ 11.50
Commitment to purchase					$ 150.0
Foley Trasimene Acquisition Corp. II \| Purchase Redeemable Warrants
Subsidiary, Sale of Stock [Line Items]
Commitment to purchase, shares, warrants (in shares) \| shares					5,000,000
Optimal Blue
Subsidiary, Sale of Stock [Line Items]
Additional investment																$ 289.0	0.0
Outstanding voting equity													20.00%			20.00%
Investment in partnership												$ 0.0	$ 284.3			$ 284.3
Equity in earnings (losses) from equity investments													(4.7)		$ 0.0	$ (4.7)	$ 0.0
Dun And Bradstreet Corporation
Subsidiary, Sale of Stock [Line Items]
Proceeds from sale of stock						$ 2,400.0
Proceeds from issuance of equity						$ 400.0
Dun And Bradstreet Corporation \| Senior Notes Due 2027
Subsidiary, Sale of Stock [Line Items]
Interest rate																					10.25%
Cannae and Other Investors \| AmeriLife
Subsidiary, Sale of Stock [Line Items]
Additional investment									$ 617.0
Black Knight, Inc. \| Optimal Blue
Subsidiary, Sale of Stock [Line Items]
Outstanding voting equity				20.00%
IPO \| Dun And Bradstreet Corporation
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares) \| shares						90,047,612
Sale of stock, price per share (in usd per share) \| $ / shares						$ 22.00
Gain on sale of stock by equity investee													117.0
Gain on sale of stock by equity investee, tax expense													$ 2.3
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares) \| shares											1,650,000
Over-Allotment Option \| Dun And Bradstreet Corporation
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in shares) \| shares						11,745,340

Fair Value Measurements - Summary of Changes in the Fair Values of Level 3 Assets Measured on a Recurring Basis (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Impairment	$ 0	$ 0	$ 0	$ (400,000)
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	46,400,000		19,200,000
Paid-in-kind dividends			0
Net valuation gain included in earnings	13,500,000		26,000,000.0
Impairment			0
Net valuation gain included in other comprehensive earnings	600,000		15,300,000
Fair value, end of period	60,500,000		60,500,000
Corporate debt securities \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	33,900,000	17,700,000	19,200,000	17,800,000
Paid-in-kind dividends			0	100,000
Net valuation gain included in earnings	0	0	0	0
Impairment			0	(400,000)
Net valuation gain included in other comprehensive earnings	600,000	1,000,000.0	15,300,000	1,200,000
Fair value, end of period	34,500,000	$ 18,700,000	34,500,000	$ 18,700,000
Forward Purchase Agreement \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	12,500,000		0
Paid-in-kind dividends			0
Net valuation gain included in earnings	13,500,000		26,000,000.0
Impairment			0
Net valuation gain included in other comprehensive earnings	0		0
Fair value, end of period	$ 26,000,000.0		$ 26,000,000.0

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2020	Oct. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-38300
Entity Registrant Name	CANNAE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1273460
Entity Address, Address Line One	1701 Village Center Circle,
Entity Address, City or Town	Las Vegas,
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89134
City Area Code	702
Local Phone Number	323-7330
Title of 12(b) Security	Cannae Common Stock, $0.0001 par value
Trading Symbol	CNNE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		91,656,245
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001704720
Current Fiscal Year End Date	--12-31

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill consists of the following:


	Restaurant Group		Corporate and Other		Total
	(In millions)
Balance, December 31, 2019	$	66.1	$	—	$	66.1
Impairments	(7.7)		—		(7.7)
Deconsolidation of Blue Ribbon	(4.9)		—		(4.9)
Balance, September 30, 2020	$	53.5	$	—	$	53.5

Discontinued Operations

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

T-System

On December 31, 2019, we completed the contribution (the "T-System Contribution") of T-System Holdings, Inc. ("T-System") to a new joint venture, Coding Solutions Topco, Inc ("CorroHealth"). As a result of the T-System Contribution, T-System was deconsolidated and the results of operations of T-System have been reclassified to discontinued operations in our Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2019. We retained a 22.7% equity interest in CorroHealth.

A reconciliation of the operations of T-System to the Condensed Consolidated Statement of Operations is shown below (in millions):


	Three Months Ended September 30, 2019

	(Unaudited)
Revenues:
Other operating revenue	$	13.4
Total operating revenues	13.4
Operating expenses:
Personnel costs	8.2
Depreciation and amortization	3.4
Other operating expenses	3.9
Total operating expenses	15.5
Operating loss	(2.1)




Loss from discontinued operations before income taxes	(2.1)
Income tax expense	0.4
Loss from discontinued operations	$	(2.5)


	Nine Months Ended September 30, 2019

	(Unaudited)
Revenues:
Other operating revenue	$	38.5
Total operating revenues	38.5
Operating expenses:
Personnel costs	24.3
Depreciation and amortization	10.3
Other operating expenses	12.6
Total operating expenses	47.2
Operating loss	(8.7)
Other income (expense):

Recognized loss	(0.5)
Total other expense	(0.5)
Loss from discontinued operations before income taxes	(9.2)
Income tax benefit	(1.9)
Loss from discontinued operations	$	(7.3)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	115,000,000	115,000,000
Common stock outstanding (in shares)	91,656,245	79,516,833
Common stock issued (in shares)	92,377,972	79,727,972
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Treasury shares (in shares)	721,727	211,139

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

Total

Common Stock

Additional Paid-in Capital

Retained Earnings

Accumulated Other Comp (Loss) Earnings

Treasury Stock

Non-controlling Interests

Unconsolidated affiliates

Additional Paid-in Capital

Cumulative Effect, Period of Adoption, Adjustment

Retained Earnings

Cumulative Effect, Period of Adoption, Adjustment

Accumulated Other Comp (Loss) Earnings

Consolidated Entity

Additional Paid-in Capital

Consolidated Entity

Non-controlling Interests

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

72.2

0.0

Beginning balance at Dec. 31, 2018

$ 1,199.7

$ 0.0

$ 1,146.2

$ 45.8

$ (67.2)

$ (0.2)

$ 75.1

$ 15.5

$ 20.5

$ (5.0)

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

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

0.4

^[1]

0.4

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

3.4

^[2]

3.4

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

(0.4)

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

9.6

^[3]

9.6

Dun & Bradstreet equity issuance costs

(1.4)

Treasury stock repurchases (in shares)

0.2

Treasury stock repurchases

(3.9)

$ (3.9)

Stock-based compensation

0.3

$ 7.6

$ 3.3

$ 3.0

Contribution of CSA services from FNF

0.9

Subsidiary dividends paid to noncontrolling interests

(0.6)

Net earnings

40.6

52.8

(12.2)

Ending balance (in shares) at Sep. 30, 2019

72.2

0.2

Ending balance at Sep. 30, 2019

1,274.7

$ 0.0

1,156.3

119.1

(59.2)

$ (4.1)

62.6

Beginning balance (in shares) at Jun. 30, 2019

72.2

0.0

Beginning balance at Jun. 30, 2019

1,232.2

$ 0.0

1,152.0

72.9

(59.4)

$ (0.2)

66.9

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

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

0.6

^[1]

0.6

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

(4.7)

^[2]

(4.7)

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

(0.3)

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

4.6

^[3]

4.6

Treasury stock repurchases (in shares)

0.2

Treasury stock repurchases

(3.9)

$ (3.9)

Stock-based compensation

2.9

1.3

1.0

$ 0.3

Contribution of CSA services from FNF

0.4

Net earnings

41.6

46.2

(4.6)

Ending balance (in shares) at Sep. 30, 2019

72.2

0.2

Ending balance at Sep. 30, 2019

1,274.7

$ 0.0

1,156.3

119.1

(59.2)

$ (4.1)

62.6

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

79.7

0.2

Beginning balance at Dec. 31, 2019

1,529.8

$ 0.0

1,396.7

143.6

(45.9)

$ (5.9)

41.3

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

Equity offering, net of offering costs (in shares)

12.7

Equity offering, net of offering costs

455.0

Restaurant Group reorganization and deconsolidation of Blue Ribbon

(5.1)

5.2

(10.3)

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

11.5

^[1]

11.5

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

(1.7)

^[2]

(1.7)

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

0.0

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

46.2

^[3]

46.2

Sale of noncontrolling interest in consolidated subsidiary

3.7

Treasury stock repurchases (in shares)

0.5

Treasury stock repurchases

(14.4)

$ (14.4)

Stock-based compensation

10.4

3.3

Contribution of CSA services from FNF

1.1

Net earnings

1,232.2

1,254.9

(22.7)

Ending balance (in shares) at Sep. 30, 2020

92.4

0.7

Ending balance at Sep. 30, 2020

3,272.0

$ 0.0

1,871.7

1,398.5

10.1

$ (20.3)

12.0

Beginning balance (in shares) at Jun. 30, 2020

92.4

0.7

Beginning balance at Jun. 30, 2020

3,133.8

$ 0.0

1,868.4

1,266.6

3.2

$ (20.3)

15.9

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

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

0.3

^[1]

0.3

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

4.8

^[2]

4.8

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

0.0

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

1.8

^[3]

1.8

Stock-based compensation

$ 1.8

$ 1.2

Contribution of CSA services from FNF

0.3

Net earnings

128.0

131.9

(3.9)

Ending balance (in shares) at Sep. 30, 2020

92.4

0.7

Ending balance at Sep. 30, 2020

$ 3,272.0

$ 0.0

$ 1,871.7

$ 1,398.5

$ 10.1

$ (20.3)

$ 12.0

[1]	Net of income tax expense of $0.1 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively, and $3.1 million and $0.1 million for the nine months ended September 30, 2020 and 2019, respectively.
[2]	Net of income tax expense (benefit) of $1.3 million and $(1.2) million for the three months ended September 30, 2020 and 2019, respectively, and $(0.4) million and $0.9 million for the nine months ended September 30, 2020 and 2019, respectively.(3)Net of income tax benefit of $0.1 million for the three and nine months ended September 30, 2019.
[3]	Net of income tax expense of $0.5 million and $1.2 million for the three months ended September 30, 2020 and 2019, respectively, and $12.3 million and $2.5 million for the nine months ended September 30, 2020 and 2019, respectively.

Basis of Financial Statements - Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash	$ 10.9	$ 11.4

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The table below summarizes select information related to variable interests held by the Company as of September 30, 2020 and December 31, 2019, of which we are not the primary beneficiary:


		September 30, 2020				December 31, 2019
		Total Assets		Maximum Exposure		Total Assets		Maximum Exposure
	(in millions)
Investments in unconsolidated affiliates		$	18.7	$	18.7	$	440.2	$	440.2
Notes receivable		21.6		27.9		—		—
Forward Purchase Agreements		26.0		26.0		—		—

- 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

Basis of Financial Statements - Principles of Consolidation and Basis of Presentation (Details)	Nov. 17, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Management services agreement, term	3 years
Management services agreement, renewal term	1 year

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

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


	Nine months ended September 30,
	2020		2019
	(In millions)
Cash paid during the period:
Interest	$	3.4	$	12.8
Income taxes	95.6		27.6
Operating leases	31.2		46.9

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consists of the following:


	September 30, 2020		December 31, 2019
	(In millions)
99 Term Loan	$	18.6	$	30.9
99 Revolver	12.5		3.0
99 DLOC Loan	—		—
Margin Facility	—		75.0
Brasada Interstate Loans	13.1		13.4
FNF Revolver	—		—
Other	26.1		4.8
Notes payable, total	$	70.3	$	127.1

Less: Notes payable, current	33.2		7.0
Notes payable, long term	$	37.1	$	120.1

Gross Principal Maturities of Notes Payable

Gross principal maturities of notes payable at September 30, 2020 are as follows (in millions):



2020 (remaining)	$	2.0
2021	7.5
2022	28.6
2023	20.3
2024	0.6
Thereafter	12.2
	$	71.2

- 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=120391452&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=119993939&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=120395691&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=119993939&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
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-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

Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

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

As discussed in Notes A and D, as of March 31, 2020, we no longer account for our investment in Ceridian under the equity method of accounting for equity investments. As a result of our reduction in influence over Ceridian and change in our accounting for our investment, we no longer consider Ceridian a reportable segment.

On September 15, 2020, we completed our investment in Optimal Blue. Optimal Blue exceeds certain of the quantitative thresholds prescribed by ASC 280 Segment Reporting and our chief operating decision maker reviews the financial results of Optimal Blue for purposes of assessing performance and allocating resources. Accordingly, we consider Optimal Blue a reportable segment and have included the results of operation of Optimal Blue subsequent the date of our investment in the tables below. See below for further discussion of Optimal Blue and our accounting for our related investment.

As of and for the three months ended September 30, 2020:


	Restaurant Group		Dun & Bradstreet		Optimal Blue		Corporate and Other		Dun & Bradstreet and Optimal Blue Elimination		Total
	(in millions)
Restaurant revenues	$	129.4	$	—	$	—	$	—	$	—	$	129.4
Other operating revenues	—		442.1		6.7		10.3		(448.8)		10.3
Revenues from external customers	129.4		442.1		6.7		10.3		(448.8)		139.7
Interest, investment and other income, including recognized gains and losses, net	1.5		(9.3)		—		192.8		9.3		194.3
Total revenues and other income	130.9		432.8		6.7		203.1		(439.5)		334.0
Depreciation and amortization	5.7		134.1		5.6		0.8		(139.7)		6.5
Interest expense	(1.7)		(60.8)		(1.4)		0.1		62.2		(1.6)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(14.2)		(24.9)		(21.7)		178.5		46.6		164.3
Income tax (benefit) expense	—		(9.3)		3.4		35.1		5.9		35.1
(Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates	(14.2)		(15.6)		(25.1)		143.4		40.7		129.2
Equity in (losses) earnings of unconsolidated affiliates	(0.1)		0.7		—		6.7		(8.5)		(1.2)
Net (loss) earnings from continuing operations	$	(14.3)	$	(14.9)	$	(25.1)	$	150.1	$	32.2	$	128.0
Assets	$	394.1	$	9,185.4	$	2,000.0	$	3,474.5	$	(11,185.4)	$	3,868.6
Goodwill	53.5		2,853.9		1,241.0		—		(4,094.9)		53.5

As of and for the three months ended September 30, 2019:


	Restaurant Group		Dun & Bradstreet		Corporate and Other		Dun & Bradstreet Elimination		Total
	(in millions)
Restaurant revenues	$	247.7	$	—	$	—	$	—	$	247.7
Other operating revenues	—		408.2		9.3		(408.2)		9.3
Revenues from external customers	247.7		408.2		9.3		(408.2)		257.0
Interest investment and other income, including recognized gains and losses, net	1.1		6.8		93.1		(6.8)		94.2
Total revenues and other income	248.8		415.0		102.4		(415.0)		351.2
Depreciation and amortization	9.0		123.3		0.5		(123.3)		9.5
Interest expense	(1.5)		(85.6)		(3.7)		85.6		(5.2)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(13.2)		(79.8)		80.7		79.8		67.5
Income tax (benefit) expense	—		(24.0)		15.1		24.0		15.1
(Loss) earnings before equity in earnings of unconsolidated affiliates	(13.2)		(55.8)		65.6		55.8		52.4
Equity in earnings (losses) of unconsolidated affiliates	—		0.5		0.4		(9.2)		(8.3)
Net (loss) earnings from continuing operations	$	(13.2)	$	(55.3)	$	66.0	$	46.6	$	44.1
Assets	$	610.1	$	9,075.7	$	1,283.6	$	(9,075.7)	$	1,893.7
Goodwill	76.5		2,967.4		—		(2,967.4)		76.5

As of and for the nine months ended September 30, 2020:


	Restaurant Group		Dun & Bradstreet		Optimal Blue		Corporate and Other		Dun & Bradstreet and Optimal Blue Elimination		Total
	(in millions)
Restaurant revenues	$	398.7	$	—	$	—	$	—	$	—	$	398.7
Other operating revenues	—		1,258.0		6.7		16.6		(1,264.7)		16.6
Revenues from external customers	398.7		1,258.0		6.7		16.6		(1,264.7)		415.3
Interest, investment and other income, including recognized gains and losses, net	9.2		(41.5)		—		1,688.8		41.5		1,698.0
Total revenues and other income	407.9		1,216.5		6.7		1,705.4		(1,223.2)		2,113.3
Depreciation and amortization	20.0		401.0		5.6		2.2		(406.6)		22.2
Interest expense	(5.9)		(221.8)		(1.4)		(0.5)		223.2		(6.4)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(59.1)		(227.8)		(21.7)		1,623.3		249.5		1,564.2
Income tax (benefit) expense	—		(111.1)		3.4		335.6		107.7		335.6
(Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates	(59.1)		(116.7)		(25.1)		1,287.7		141.8		1,228.6
Equity in (losses) earnings of unconsolidated affiliates	(15.0)		1.9		—		71.8		(55.1)		3.6
Net (loss) earnings from continuing operations	$	(74.1)	$	(114.8)	$	(25.1)	$	1,359.5	$	86.7	$	1,232.2
Assets	$	394.1	$	9,185.4	$	2,000.0	$	3,474.5	$	(11,185.4)	$	3,868.6
Goodwill	53.5		2,853.9		1,241.0		—		(4,094.9)		53.5

As of and for the nine months ended September 30, 2019:


	Restaurant Group		Dun & Bradstreet		Corporate and Other		Dun & Bradstreet Elimination		Total
	(in millions)
Restaurant revenues	$	772.0	$	—	$	—	$	—	$	772.0
Other operating revenues	—		981.2		19.5		(981.2)		19.5
Revenues from external customers	772.0		981.2		19.5		(981.2)		791.5
Interest investment and other income, including recognized gains and losses, net	4.6		20.7		178.7		(20.7)		183.3
Total revenues and other income	776.6		1,001.9		198.2		(1,001.9)		974.8
Depreciation and amortization	28.1		340.6		1.7		(340.6)		29.8
Interest expense	(4.0)		(220.6)		(10.4)		220.6		(14.4)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(32.9)		(278.1)		147.8		278.1		114.9
Income tax (benefit) expense	(0.1)		(77.5)		16.3		77.5		16.2
(Loss) earnings before equity in earnings of unconsolidated affiliates	(32.8)		(200.6)		131.5		200.6		98.7
Equity in earnings (losses) of unconsolidated affiliates	—		3.4		1.1		(55.3)		(50.8)
Net (loss) earnings from continuing operations	$	(32.8)	$	(197.2)	$	132.6	$	145.3	$	47.9
Assets	$	610.1	$	9,075.7	$	1,283.6	$	(9,075.7)	$	1,893.7
Goodwill	76.5		2,967.4		—		(2,967.4)		76.5

The activities in our segments include the following:

•Restaurant Group. This segment consists of the operations of O'Charley's and 99 Restaurants, in which we had 65.4% and 88.5% ownership interests, respectively, in all periods presented above and our portion of Blue Ribbon's losses accounted for as an unconsolidated affiliate. The consolidated results of Blue Ribbon are included through January 27, 2020, the date of commencement of the Blue Ribbon Reorganization. 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 99 Restaurants restaurant concept. 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.

•Dun & Bradstreet. This segment consists of our 18.1% 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. Dun & Bradstreet exceeds certain of the quantitative thresholds prescribed by ASC 280 Segment Reporting and our chief operating decision maker reviews the financial results of Dun & Bradstreet for purposes of assessing performance and allocating resources. Thus, we consider Dun & Bradstreet a reportable segment and have included the results of operations of Dun & Bradstreet in the tables above. We account for Dun & Bradstreet using the equity method of accounting, and therefore its results do not consolidate into ours. Accordingly, we have presented the elimination of Dun & Bradstreet's results in the Dun & Bradstreet and Optimal Blue Elimination section of the segment presentation above. Our net earnings for the nine months ended September 30, 2019, includes our equity in Dun & Bradstreet’s losses for the period from February 8, 2019, the date we made our initial investment in the D&B Predecessor, to September 30, 2019. See Note D for further discussion of our investment in Dun & Bradstreet and related accounting.

•Optimal Blue. This segment consists of our 20.0% ownership interest in Optimal Blue. Optimal Blue is a leading provider of secondary market solutions and actionable data services. They operate a software-as-a-service, subscription-based mortgage marketplace which supports a network of originators and investors in the residential mortgage market. The marketplace provides a broad set of critical functions utilized by banks, credit unions and

mortgage brokerage companies throughout the mortgage processing life cycle. Optimal Blue exceeds certain of the quantitative thresholds prescribed by ASC 280 Segment Reporting and our chief operating decision maker reviews the financial results of Optimal Blue for purposes of assessing performance and allocating resources. Thus, we consider Optimal Blue a reportable segment and have included the results of operations of Optimal Blue in the tables above. We account for Optimal Blue using the equity method of accounting, and therefore its results do not consolidate into ours. Accordingly, we have presented the elimination of Optimal Blue's results in the Dun & Bradstreet and Optimal Blue Elimination section of the segment presentation above. Our net earnings for the three and nine months ended September 30, 2020, includes our equity in Optimal Blue’s losses for the period from September 15, 2020, the date we made our initial investment in Optimal Blue, to September 30, 2020. See Note D for further discussion of our investment in Optimal Blue and related accounting. •Corporate and Other. This nonreportable segment consists of our share in the operations of certain controlled portfolio companies and other equity investments, activity of the corporate holding company and certain intercompany eliminations and taxes.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Future Payments Under Operating Lease Arrangements

Future payments under operating lease arrangements as of September 30, 2020 are as follows (in millions):


2020 (remaining)	$	9.3
2021	36.9
2022	29.6
2023	25.7
2024	17.1
Thereafter	87.2
Total lease payments, undiscounted	$	205.8
Less: discount	55.8
Total operating lease liability as of September 30, 2020, at present value	$	150.0
Less: operating lease liability as of September 30, 2020, current	26.7
Operating lease liability as of September 30, 2020, long term	$	123.3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total operating revenues	$ 139.7	$ 257.0	$ 415.3	$ 791.5
Operating expenses:
Cost of restaurant revenue	121.7	220.1	375.6	678.7
Personnel costs	16.7	22.9	69.2	62.1
Depreciation and amortization	6.5	9.5	22.2	29.8
Other operating expenses	23.2	26.0	68.0	74.9
Goodwill impairment	0.0	0.0	7.7	0.0
Total operating expenses	168.1	278.5	542.7	845.5
Operating loss	(28.4)	(21.5)	(127.4)	(54.0)
Other income (expense):
Interest, investment and other income	4.7	1.3	15.2	13.7
Interest expense	(1.6)	(5.2)	(6.4)	(14.4)
Recognized gains and losses, net	189.6	92.9	1,682.8	169.6
Total other income	192.7	89.0	1,691.6	168.9
Earnings before income taxes and equity in (losses) earnings of unconsolidated affiliates	164.3	67.5	1,564.2	114.9
Income tax expense	35.1	15.1	335.6	16.2
Earnings before equity in (losses) earnings of unconsolidated affiliates	129.2	52.4	1,228.6	98.7
Equity in earnings (losses) of unconsolidated affiliates	(1.2)	(8.3)	3.6	(50.8)
Earnings from continuing operations	128.0	44.1	1,232.2	47.9
Net losses from discontinued operations, net of tax - see Note L	0.0	(2.5)	0.0	(7.3)
Net earnings	128.0	41.6	1,232.2	40.6
Less: Net loss attributable to non-controlling interests	(3.9)	(4.6)	(22.7)	(12.2)
Net earnings attributable to Cannae Holdings, Inc. common shareholders	131.9	46.2	1,254.9	52.8
Amounts attributable to Cannae Holdings, Inc. common shareholders
Net earnings from continuing operations attributable to Cannae Holdings, Inc. common shareholders	131.9	48.6	1,254.9	59.8
Net loss from discontinued operations attributable to Cannae Holdings, Inc. common shareholders	0.0	(2.4)	0.0	(7.0)
Net earnings attributable to Cannae Holdings, Inc. common shareholders	$ 131.9	$ 46.2	$ 1,254.9	$ 52.8
Basic
Net earnings per share from continuing operations (in usd per share)	$ 1.44	$ 0.68	$ 14.97	$ 0.84
Net loss per share from discontinued operations (in usd per share)	0	(0.03)	0	(0.10)
Net earnings per share (in usd per share)	1.44	0.65	14.97	0.74
Diluted
Net earnings per share from continuing operations (in usd per share)	1.44	0.68	14.94	0.83
Net loss per share from discontinued operations (in usd per share)	0	(0.04)	0	(0.10)
Net earnings per share (in usd per share)	$ 1.44	$ 0.64	$ 14.94	$ 0.73
Weighted Average Shares Outstanding
Weighted average shares outstanding Cannae Holdings common stock, basic basis (in shares)	91.3	71.6	83.8	71.6
Weighted average shares outstanding Cannae Holdings common stock, diluted basis (in shares)	91.6	71.9	84.0	71.9
Restaurant revenue
Revenues:
Total operating revenues	$ 129.4	$ 247.7	$ 398.7	$ 772.0
Other operating revenue
Revenues:
Total operating revenues	$ 10.3	$ 9.3	$ 16.6	$ 19.5

Segment Information - Narrative (Details) - record record in Millions	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Jul. 06, 2020
Segment Reporting Information [Line Items]
Number of business records (more than)	355
O'Charley's
Segment Reporting Information [Line Items]
Ownership interest, equity method investment		65.40%
99 Restaurants
Segment Reporting Information [Line Items]
Ownership interest, equity method investment		88.50%
Dun & Bradstreet
Segment Reporting Information [Line Items]
Ownership interest, equity method investment		18.10%	18.10%

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill consists of the following:


	Restaurant Group		Corporate and Other		Total
	(In millions)
Balance, December 31, 2019	$	66.1	$	—	$	66.1
Impairments	(7.7)		—		(7.7)
Deconsolidation of Blue Ribbon	(4.9)		—		(4.9)
Balance, September 30, 2020	$	53.5	$	—	$	53.5

In the nine months ended September 30, 2020, we recorded $7.7 million of impairment to goodwill in our Restaurant Group segment. The impairment recorded was calculated as the deficit between the carrying value of our O'Charley's reporting unit of our Restaurant Group compared to the fair value of the reporting unit determined by performing a combination of discounted cash flow and market approaches.

In the nine months ended September 30, 2020, we recorded $4.5 million of impairment to tradenames in our Restaurant Group segment which is included in Other operating expenses on the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2020.

Both impairment charges are a result of a decrease in forecasted revenue and cash flows and increased uncertainty in future revenue and cash flow projections resulting from government imposed social restrictions and other mitigation measures in response to the COVID-19 pandemic.

See Note A for further discussion of our deconsolidation of Blue Ribbon as a result of the Blue Ribbon Reorganization.

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 139.7	$ 257.0	$ 415.3	$ 791.5
Restaurant sales
Disaggregation of Revenue [Line Items]
Total operating revenues	129.4	247.7	398.7	772.0
Restaurant Group
Disaggregation of Revenue [Line Items]
Total operating revenues	129.4	247.7	398.7	772.0
Restaurant Group \| Restaurant sales
Disaggregation of Revenue [Line Items]
Total operating revenues	129.2	228.9	395.5	721.9
Restaurant Group \| Bakery sales
Disaggregation of Revenue [Line Items]
Total operating revenues	0.0	17.3	2.2	45.7
Restaurant Group \| Franchise and other
Disaggregation of Revenue [Line Items]
Total operating revenues	0.2	1.5	1.0	4.4
Corporate and Other \| Real estate and resort
Disaggregation of Revenue [Line Items]
Total operating revenues	9.9	9.3	15.7	19.4
Corporate and Other \| Other
Disaggregation of Revenue [Line Items]
Total operating revenues	0.4	0.0	0.9	0.1
Total other operating revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 10.3	$ 9.3	$ 16.6	$ 19.5

Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Summary of Financial Information Concerning Reportable Segments

As of and for the three months ended September 30, 2020:


	Restaurant Group		Dun & Bradstreet		Optimal Blue		Corporate and Other		Dun & Bradstreet and Optimal Blue Elimination		Total
	(in millions)
Restaurant revenues	$	129.4	$	—	$	—	$	—	$	—	$	129.4
Other operating revenues	—		442.1		6.7		10.3		(448.8)		10.3
Revenues from external customers	129.4		442.1		6.7		10.3		(448.8)		139.7
Interest, investment and other income, including recognized gains and losses, net	1.5		(9.3)		—		192.8		9.3		194.3
Total revenues and other income	130.9		432.8		6.7		203.1		(439.5)		334.0
Depreciation and amortization	5.7		134.1		5.6		0.8		(139.7)		6.5
Interest expense	(1.7)		(60.8)		(1.4)		0.1		62.2		(1.6)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(14.2)		(24.9)		(21.7)		178.5		46.6		164.3
Income tax (benefit) expense	—		(9.3)		3.4		35.1		5.9		35.1
(Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates	(14.2)		(15.6)		(25.1)		143.4		40.7		129.2
Equity in (losses) earnings of unconsolidated affiliates	(0.1)		0.7		—		6.7		(8.5)		(1.2)
Net (loss) earnings from continuing operations	$	(14.3)	$	(14.9)	$	(25.1)	$	150.1	$	32.2	$	128.0
Assets	$	394.1	$	9,185.4	$	2,000.0	$	3,474.5	$	(11,185.4)	$	3,868.6
Goodwill	53.5		2,853.9		1,241.0		—		(4,094.9)		53.5

As of and for the three months ended September 30, 2019:


	Restaurant Group		Dun & Bradstreet		Corporate and Other		Dun & Bradstreet Elimination		Total
	(in millions)
Restaurant revenues	$	247.7	$	—	$	—	$	—	$	247.7
Other operating revenues	—		408.2		9.3		(408.2)		9.3
Revenues from external customers	247.7		408.2		9.3		(408.2)		257.0
Interest investment and other income, including recognized gains and losses, net	1.1		6.8		93.1		(6.8)		94.2
Total revenues and other income	248.8		415.0		102.4		(415.0)		351.2
Depreciation and amortization	9.0		123.3		0.5		(123.3)		9.5
Interest expense	(1.5)		(85.6)		(3.7)		85.6		(5.2)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(13.2)		(79.8)		80.7		79.8		67.5
Income tax (benefit) expense	—		(24.0)		15.1		24.0		15.1
(Loss) earnings before equity in earnings of unconsolidated affiliates	(13.2)		(55.8)		65.6		55.8		52.4
Equity in earnings (losses) of unconsolidated affiliates	—		0.5		0.4		(9.2)		(8.3)
Net (loss) earnings from continuing operations	$	(13.2)	$	(55.3)	$	66.0	$	46.6	$	44.1
Assets	$	610.1	$	9,075.7	$	1,283.6	$	(9,075.7)	$	1,893.7
Goodwill	76.5		2,967.4		—		(2,967.4)		76.5

As of and for the nine months ended September 30, 2020:


	Restaurant Group		Dun & Bradstreet		Optimal Blue		Corporate and Other		Dun & Bradstreet and Optimal Blue Elimination		Total
	(in millions)
Restaurant revenues	$	398.7	$	—	$	—	$	—	$	—	$	398.7
Other operating revenues	—		1,258.0		6.7		16.6		(1,264.7)		16.6
Revenues from external customers	398.7		1,258.0		6.7		16.6		(1,264.7)		415.3
Interest, investment and other income, including recognized gains and losses, net	9.2		(41.5)		—		1,688.8		41.5		1,698.0
Total revenues and other income	407.9		1,216.5		6.7		1,705.4		(1,223.2)		2,113.3
Depreciation and amortization	20.0		401.0		5.6		2.2		(406.6)		22.2
Interest expense	(5.9)		(221.8)		(1.4)		(0.5)		223.2		(6.4)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(59.1)		(227.8)		(21.7)		1,623.3		249.5		1,564.2
Income tax (benefit) expense	—		(111.1)		3.4		335.6		107.7		335.6
(Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates	(59.1)		(116.7)		(25.1)		1,287.7		141.8		1,228.6
Equity in (losses) earnings of unconsolidated affiliates	(15.0)		1.9		—		71.8		(55.1)		3.6
Net (loss) earnings from continuing operations	$	(74.1)	$	(114.8)	$	(25.1)	$	1,359.5	$	86.7	$	1,232.2
Assets	$	394.1	$	9,185.4	$	2,000.0	$	3,474.5	$	(11,185.4)	$	3,868.6
Goodwill	53.5		2,853.9		1,241.0		—		(4,094.9)		53.5

As of and for the nine months ended September 30, 2019:


	Restaurant Group		Dun & Bradstreet		Corporate and Other		Dun & Bradstreet Elimination		Total
	(in millions)
Restaurant revenues	$	772.0	$	—	$	—	$	—	$	772.0
Other operating revenues	—		981.2		19.5		(981.2)		19.5
Revenues from external customers	772.0		981.2		19.5		(981.2)		791.5
Interest investment and other income, including recognized gains and losses, net	4.6		20.7		178.7		(20.7)		183.3
Total revenues and other income	776.6		1,001.9		198.2		(1,001.9)		974.8
Depreciation and amortization	28.1		340.6		1.7		(340.6)		29.8
Interest expense	(4.0)		(220.6)		(10.4)		220.6		(14.4)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(32.9)		(278.1)		147.8		278.1		114.9
Income tax (benefit) expense	(0.1)		(77.5)		16.3		77.5		16.2
(Loss) earnings before equity in earnings of unconsolidated affiliates	(32.8)		(200.6)		131.5		200.6		98.7
Equity in earnings (losses) of unconsolidated affiliates	—		3.4		1.1		(55.3)		(50.8)
Net (loss) earnings from continuing operations	$	(32.8)	$	(197.2)	$	132.6	$	145.3	$	47.9
Assets	$	610.1	$	9,075.7	$	1,283.6	$	(9,075.7)	$	1,893.7
Goodwill	76.5		2,967.4		—		(2,967.4)		76.5

The activities in our segments include the following:

Basis of Financial Statements	9 Months Ended
Basis of Financial Statements	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statements	Basis of Financial Statements The following describes the significant accounting policies of Cannae Holdings, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” "Cannae," "CNNE," or the "Company”), which have been followed in preparing the accompanying Condensed Consolidated Financial Statements. Description of the Business We 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 September 30, 2020 include our minority ownership interests in Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet" or "D&B"), Ceridian HCM Holding, Inc. ("Ceridian"), CoreLogic, Inc. ("CoreLogic"), Optimal Blue Holdco, LLC ("Optimal Blue") and AmeriLife Group, LLC ("AmeriLife"); majority equity ownership stakes in O'Charley's Holdings, LLC ("O'Charley's") and 99 Restaurants Holdings, LLC ("99 Restaurants"); and various other controlled portfolio companies and minority equity and debt investments. See Note H for further discussion of the businesses comprising our reportable segments. The Company conducts its business through its wholly-owned subsidiary Cannae Holdings, LLC ("Cannae LLC"), a Delaware limited liability company. The Company’s board of directors ("Board") oversees the management of the Company, Cannae LLC and its businesses, and the performance of Trasimene Capital Management, LLC (“Trasimene” or the “Manager”). In connection with the externalization of certain of our management functions in September 2019, the Company, Cannae LLC, and the Manager entered into a Management Services Agreement (the “Management Services Agreement”). The Manager is considered a related party to the Company. Principles of Consolidation and Basis of Presentation The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2019. Following the split-off of the former portfolio company investments by Fidelity National Financial, Inc. ("FNF"), and subsequent contribution to us (the "FNF Split-Off"), the Company is allocated certain corporate overhead and management services expenses from FNF based on the terms of the Corporate Services Agreement ("CSA"), dated as of November 17, 2017, by and between the Company and FNF and our proportionate share of the expense determined on actual usage and our best estimate of management's allocation of time. The CSA has an initial three-year term and after the initial three-year term, if the CSA is not mutually terminated by us or FNF prior to the expiration of the initial three-year term, it will automatically renew for successive one-year terms on mutually agreeable arm's length terms unless FNF and Cannae mutually agree to terminate the agreement. The CSA was extended on October 7, 2020. See further discussion below. Both FNF and Cannae believe expense allocations pursuant to the CSA are reasonable; however, they may not be indicative of the actual results of operations or cash flows of the Company had the Company been operating as an independent, publicly-traded company for the periods presented or the amounts that will be incurred by the Company in the future. FNF is considered a related party to the Company. All intercompany profits, transactions and balances have been eliminated. Our investments in non-majority-owned partnerships and affiliates are accounted for using the equity method. Earnings attributable to noncontrolling interests are recorded on the Condensed Consolidated Statements of Operations relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Condensed Consolidated Balance Sheets in each period. Management Estimates The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the valuation of goodwill and acquired intangible assets (Note K) and fair value measurements (Note C). Actual results may differ from estimates. Recent Developments Dun & Bradstreet On July 6, 2020, Dun & Bradstreet closed its previously announced initial public offering of 90,047,612 shares of common stock, which includes 11,745,340 shares of common stock issued pursuant to the exercise by the underwriters of their option to purchase additional shares in full (the "D&B IPO"). The D&B IPO was priced at $22.00 per share, resulting in gross proceeds to Dun & Bradstreet of $2.4 billion when combined with $400.0 million of aggregate proceeds from a concurrent private placement offering (the "D&B Private Placement") and before deducting underwriting discounts and commissions and other offering expenses payable by Dun & Bradstreet. Shares of Dun & Bradstreet common stock began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "DNB" on July 1, 2020. Dun & Bradstreet used a portion of the net proceeds from the D&B IPO to redeem all of its outstanding Series A Preferred Stock and repay a portion of its 10.250% Senior Unsecured Notes outstanding due 2027. On July 6, 2020, we invested $200.0 million in the D&B Private Placement. Subsequent to the D&B IPO and the D&B Private Placement, we own 76.6 million shares of Dun & Bradstreet, which represents approximately 18.1% of its outstanding common stock as of September 30, 2020. As a result of the D&B IPO, we recorded a net gain of $117.0 million (net of $2.3 million of before-tax losses reclassified from other comprehensive earnings) in the three months ended September 30, 2020. Refer to Note D for further discussion of our accounting for our investment in D&B. Ceridian During the nine months ended September 30, 2020, we completed sales of an aggregate of 7.6 million shares of common stock of Ceridian to brokers pursuant to Rule 144 promulgated under the Securities Act of 1933, as amended. In connection with the sales, we received aggregate proceeds of $522.0 million. As a result of the sales, we now own 16.1 million shares of Ceridian, which represents approximately 10.9% of its outstanding common stock as of September 30, 2020. As of March 31, 2020 our voting agreement with Ceridian was terminated and, as a result, we are no longer able to exert influence over the composition and quantity of Ceridian's board of directors. In combination with the reduction in our ownership of Ceridian resulting from the sale of shares in February 2020, we no longer exercise significant influence over Ceridian. As of March 31, 2020, we account for our investment in Ceridian at fair value pursuant to the investment in equity security guidance of Accounting Standards Codification ("ASC") 321. The change resulted in the revaluation of our investment in Ceridian to its fair value of $993.4 million as of March 31, 2020 and recording a gain on such revaluation of $684.9 million (net of $47.1 million of before-tax losses reclassified from other comprehensive earnings) which is included in Recognized gains and losses, net on the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2020. Refer to Notes C and D for further discussion of our accounting for our investment in Ceridian and other equity securities. On November 9, 2020, we sold 2.1 million shares of common stock of Ceridian to a broker pursuant to Rule 144 promulgated under the Securities Act of 1933, as amended. We expect to receive gross proceeds of $198.9 million from the sale. 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. As a result of the Blue Ribbon Reorganization, we deconsolidated Blue Ribbon as of January 27, 2020 because the bankruptcy court and committee of creditors formed are deemed to have control of Blue Ribbon. As of September 30, 2020, we owned 65.4% of the equity of Blue Ribbon, and we have fully funded the debtor-in-possession financing (the "DIP Loan") of $27.5 million to Blue Ribbon and its subsidiaries. We recorded a gain of $26.5 million on January 27, 2020 as a result of the deconsolidation of Blue Ribbon, which is included in Recognized gains and losses, net on the Condensed Consolidated Statement of Operations. The recorded gain was measured as the excess of the fair value of our retained equity investment in Blue Ribbon over our book value of Blue Ribbon as of January 27, 2020. During the Blue Ribbon Reorganization, we accounted for our retained equity interest in Blue Ribbon under the equity method of accounting because (1) we continued to exert significant influence over Blue Ribbon through our majority equity ownership and position as the single largest post-petition creditor of Blue Ribbon through the DIP Loan, (2) the Blue Ribbon Reorganization was limited in scope and expected to be short in duration, and (3) we expected to retain a majority equity interest upon completion of the Blue Ribbon Reorganization. We recorded an investment of $33.6 million as of January 27, 2020. The fair value of the investment was determined by performing a combination of discounted cash flow and market approaches. As a result of unprecedented social restrictions imposed by state and local government authorities related to the novel coronavirus ("COVID-19") pandemic, our Restaurant Group brands experienced a significant reduction in guest counts beginning in the last two weeks of March 2020. In response to the outbreak and these changing conditions, our Restaurant Group brands initially closed the dining rooms in substantially all of our restaurants. Due to increased uncertainty in the operating environment for restaurants and a significant reduction in forecasted cash flows for Blue Ribbon, we recorded an other-than-temporary impairment of our investment of $18.6 million as of March 31, 2020. As of September 30, 2020, our ratable portion of losses of Blue Ribbon have reduced to zero the recorded value of our equity investment in Blue Ribbon. As of September 30, 2020, we have provided $27.5 million of financing to Blue Ribbon and its subsidiaries under the DIP Loan. For the three and nine months ended September 30, 2020, $5.2 million and $(6.3) million, respectively, of equity in earnings (losses) of Blue Ribbon were applied to our recorded DIP Loan balance. As of September 30, 2020, the recorded balance for the DIP Loan is $21.2 million and is included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheet. On July 10, 2020, Blue Ribbon filed its Debtor's Chapter 11 Plan (the "Chapter 11 Plan") with the U.S. Bankruptcy Court of Delaware (the "Bankruptcy Court"). On October 2, 2020, the Chapter 11 Plan became effective and Blue Ribbon emerged from bankruptcy as a set of reorganized companies. Subsequent to Blue Ribbon's emergence from bankruptcy we own 100% of the equity of the reorganized companies. See Note G for further discussion. AmeriLife On March 18, 2020, we closed on the previously announced $125.0 million investment in a partnership (the “AmeriLife Joint Venture”) that invested in the recapitalization of AmeriLife. Cannae and other investors provided an aggregate of $617.0 million in equity financing to the AmeriLife Joint Venture to acquire AmeriLife. AmeriLife is a leader in marketing and distributing life, health, and retirement solutions. The Company's $125.0 million investment represents 20.3% of the outstanding equity of the AmeriLife Joint Venture. We account for our investment in the AmeriLife Joint Venture under the equity method of accounting and the investment is included in Investments in unconsolidated affiliates on our Condensed Consolidated Balance Sheet as of September 30, 2020. Refer to Note D for further discussion of our investments in unconsolidated affiliates. CoreLogic On December 12, 2019, we entered into a limited partnership with Senator Focused Strategies LP ("Senator Focused Strategies" or "SFS") and affiliates of Senator Investment Group, LP ("Senator") designed to provide a mechanism to allow us and Senator to jointly invest in CoreLogic. In December 2019, we initially contributed $90.9 million of cash in exchange for limited partnership interests in SFS representing 49.0% of its outstanding equity and a deposit on hand with SFS. Affiliates of Senator are the general partner and hold the balance of the limited partnership interests of SFS. In the nine months ended September 30, 2020, we invested an additional $201.2 million in Senator Focused Strategies. We account for our investment in SFS under the equity method of accounting. During the nine months ended September 30, 2020, we received from SFS a distribution of 2.3 million shares of common stock of CoreLogic. As of September 30, 2020, Cannae directly holds $155.6 million of common stock of CoreLogic, which is included in Equity securities on our Condensed Consolidated Balance Sheet as of September 30, 2020. During the three months ended September 30, 2020, SFS distributed $232.4 million of securities to other limited partners affiliated with Senator. As a result of the distribution to Senator, the Company now owns 87.4% of Senator Focused Strategies as of September 30, 2020. Refer to Notes C and D for further discussion of our accounting for our investment in SFS and equity securities. On June 26, 2020, Cannae and Senator submitted a jointly signed letter to CoreLogic’s Board of Directors pursuant to which Cannae and Senator proposed to acquire CoreLogic for $65.00 per share in cash. On July 7, 2020, CoreLogic announced that its board of directors unanimously rejected the proposal. On July 29, 2020, Cannae and Senator sent an open letter to CoreLogic shareholders announcing that we have initiated the process to call a special meeting of CoreLogic's shareholders to elect nine independent directors to the CoreLogic Board of Directors. On September 14, 2020, Senator and Cannae informed the board of directors of CoreLogic of the decision by Senator and Cannae to increase the proposed purchase price to $66.00 per share in cash. On September 15, 2020, the CoreLogic board of directors delivered to Senator and Cannae a letter in which CoreLogic's board of directors rejected the revised offer and again rejected Senator’s and Cannae’s request for access to targeted due diligence information regarding CoreLogic. A special meeting of the stockholders of CoreLogic to vote on, among other things, the election of nine independent directors to CoreLogic's board of directors nominated by Senator and Cannae is scheduled to be held on November 17, 2020. On October 30, 2020, we distributed the 2.3 million shares of CoreLogic previously held directly by us back to SFS which increased our ownership of SFS. Optimal Blue On September 15, 2020, Black Knight, Inc. (“Black Knight”) closed on its acquisition of Optimal Blue, a leading provider of secondary market solutions and actionable data services. Cannae, in connection with the closing of the acquisition by Black Knight, funded its previously announced commitment to purchase 20% of the equity of Optimal Blue for $289.0 million. We account for our investment in Optimal Blue under the equity method of accounting and the investment is included in Investments in unconsolidated affiliates on our Condensed Consolidated Balance Sheet as of September 30, 2020. Refer to Note D for further discussion of our investments in unconsolidated affiliates. Forward Purchases of Equity of Special Purpose Acquisition Companies On May 8, 2020, we entered into a forward purchase agreement (the "FTAC FPA") with Foley Trasimene Acquisition Corp. (“FTAC”), a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (the "FTAC Initial Business Combination"). FTAC is co-sponsored by entities affiliated with the chairman of our Board of Directors, William P. Foley II. Under the FTAC FPA, we will purchase an aggregate of 15,000,000 shares of FTAC’s Class A common stock, plus an aggregate of 5,000,000 redeemable warrants to purchase one share of FTAC's Class A common stock at $11.50 per share for an aggregate purchase price of $150.0 million in a private placement to occur concurrently with the closing of the FTAC Initial Business Combination. The forward purchase is contingent upon the closing of the FTAC Initial Business Combination. On June 5, 2020, we entered into a forward purchase agreement (the "Trebia FPA") with Trebia Acquisition Corp. (“Trebia”), a newly incorporated blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (the "Trebia Initial Business Combination"). Trebia is co-sponsored by entities affiliated with the chairman and a member of our Board of Directors, William P. Foley II and Frank R. Martire, respectively. Under the Trebia FPA, we will purchase an aggregate of 7,500,000 Class A ordinary shares of Trebia, plus an aggregate of 2,500,000 redeemable warrants to purchase one Class A ordinary share of Trebia at $11.50 per share for an aggregate purchase price of $75.0 million in a private placement to occur concurrently with the closing of the Trebia Initial Business Combination. The forward purchase is contingent upon the closing of the Trebia Initial Business Combination. On July 31, 2020, we entered into a forward purchase agreement (the "FTAC II FPA" and together with the FTAC FPA and Trebia FPA, the "Forward Purchase Agreements") with Foley Trasimene Acquisition Corp. II (“FTAC II”), a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities (the "FTAC II Initial Business Combination"). FTAC II is sponsored by an entity affiliated with the chairman of our Board of Directors, William P. Foley II. Under the FTAC II FPA, we will purchase an aggregate of 15,000,000 shares of FTAC II’s Class A common stock, plus an aggregate of 5,000,000 redeemable warrants to purchase one share of FTAC II's Class A common stock at $11.50 per share for an aggregate purchase price of $150.0 million in a private placement to occur concurrently with the closing of the FTAC II Initial Business Combination. The forward purchase is contingent upon the closing of the FTAC II Initial Business Combination. Refer to Note C and E for further discussion of our accounting for the Forward Purchase Agreements. Other Developments In June 2020, we completed an underwritten public offering of an aggregate of 12,650,000 shares of our common stock, including 1,650,000 shares of our common stock pursuant to the full exercise of the underwriter's overallotment option (the "Offering"), pursuant to a prospectus supplement, dated June 10, 2020, and the base prospectus, dated November 27, 2019, included in our registration statement on Form S-3 ASR (File No. 333-235303), which was initially filed with the Securities and Exchange Commission on November 27, 2019. We received net proceeds from the Offering of approximately $455.0 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 or investments, including potential investments in existing portfolio companies, and for general corporate purposes. On October 7, 2020, the Company entered into an Extension of Corporate Services Agreement (the “Extension”) with FNF. Pursuant to the Extension, the term of the CSA is extended for two years until November 17, 2022 (the “Extended Term”). During the Extended Term, FNF will provide certain corporate services to Cannae at FNF’s Standard Allocation (as defined in the CSA), plus 10%, and Cannae agrees to pay or reimburse FNF for any fees, costs or other expenses paid by FNF to third parties in connection with the corporate services. The CSA will automatically renew for successive one-year terms, unless the parties mutually agree to terminate the CSA at least 30 days prior to the applicable termination date. No later than 30 days prior to such termination date, the parties shall negotiate mutually agreeable arm’s length terms for each additional one year term. Equity Securities Equity securities primarily include our investments in Ceridian, CoreLogic and the Forward Purchase Agreements and are carried at fair value. See Notes C and D for further discussion of our accounting for equity securities. Related Party Transactions During the nine months ended September 30, 2020 we have incurred $15.1 million of management fee expenses payable to our Manager and earned $9.1 million of income related to transaction fees earned by the Manager and allocable to us pursuant to the Management Services Agreement. Such management fees and income are recorded in Other operating expenses and Interest, investment and other income, respectively, on our Condensed Consolidated Statement of Operations for the nine months ended September 30, 2020. Earnings Per Share Basic earnings per share, as presented on the Condensed Consolidated Statement of Operations, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain shares of restricted stock that have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. Instruments that provide the ability to purchase shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share. For the three and nine months ended September 30, 2020 and 2019, there were no antidilutive shares of restricted stock outstanding, which were excluded from the calculation of diluted earnings per share. Income Tax Our effective tax rate was 21.4% and 22.4% in the three months ended September 30, 2020 and 2019, respectively, and 21.5% and 14.1% in the nine months ended September 30, 2020 and 2019, respectively. The increase in the effective tax rate in the nine-month period ended September 30, 2020 compared to the prior-year period was primarily attributable to the reduced impact of equity in earnings of unconsolidated affiliates on pretax earnings in the current year period compared to the impact of equity in losses of unconsolidated affiliates on pretax earnings in the same period in the 2019. We have a Deferred tax liability of $231.1 million as of September 30, 2020 and a Deferred tax asset of $54.5 million as of December 31, 2019. The $285.6 million change in deferred taxes in the nine months ended September 30, 2020 is primarily attributable to the tax impact of the gain recorded for the change in accounting for Ceridian and other unrealized gains on equity securities. Restricted Cash Our Restaurant Group is required to hold cash collateralizing its outstanding letters of credit. Included in Cash and cash equivalents on our Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 is $10.9 million and $11.4 million, respectively, of such restricted cash. Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update ("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 have completed our evaluation of the impact of this guidance on our Condensed Consolidated Financial Statements and related disclosures upon adoption and determined that, based on currently prevailing tax laws and rates, the adoption of this ASU is not expected to have a material impact on our Condensed Consolidated Financial Statements and related disclosures. Adoption of this ASU could result in a material change to our accounting for taxes in future interim periods if a change in tax laws or rates occurs in a future interim period as the update now requires accounting for such changes to occur in the period in which changes to tax laws or rates are enacted. We do not plan to early adopt this standard.

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value hierarchy established by the accounting standards on fair value measurements includes three levels that are based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities that are recorded in the Condensed Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:

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

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

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

Recurring Fair Value Measurements

The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, respectively:


	September 30, 2020
	Level 1		Level 2		Level 3		Total
	(In millions)

Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	34.5	$	34.5
Equity Securities:
Ceridian	1,333.9		—		—		1,333.9
CoreLogic	155.6		—		—		155.6
Forward Purchase Agreements	—		—		26.0		26.0
Other	1.1		—		—		1.1
Total	$	1,490.6	$	—	$	60.5	$	1,551.1


	December 31, 2019
	Level 1		Level 2		Level 3		Total
	(In millions)

Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	19.2	$	19.2


Total	$	—	$	—	$	19.2	$	19.2

Our Level 3 fair value measurement for our fixed maturity securities available for sale are provided by a single third-party pricing service. Depending on security specific characteristics, either a combination of an income approach or a contingent claims approach was utilized in determining the fair value of our Level 3 fixed-maturity securities available for sale. Discount rates are the primary unobservable inputs utilized for the securities valued using a combination of an income and net recovery approach. The discount rates used are based on company-specific risk premiums, public company comparable securities, and leveraged loan indices. The discount rates used in our determination of the fair value of our Level 3 fixed-maturity securities available for sale varies by security type and ranged from 7.8% to 17.5% as of September 30, 2020 and a weighted average based on relative fair value of the underlying securities of 12.3%. Based on the total fair value of our Level 3 fixed-maturity securities available for sale as of September 30, 2020, changes in the discount rate utilized will not result in a change in fair value significant or material to the Company's financial position or results of operations.

The Forward Purchase Agreements are accounted for at fair value pursuant to ASC 321. We utilized a Monte Carlo Simulation in determining the fair value of the Forward Purchase Agreements, which are considered to be a Level 3 fair value measurement. The primary unobservable input utilized in determining the fair value of the Forward Purchase Agreements is the probability of consummation of the FTAC Initial Business Combination, Trebia Initial Business Combination and FTAC II Initial Business Combination. The probabilities assigned to the consummation of each of the FTAC Initial Business Combination, the Trebia Initial Business Combination and the FTAC II Initial Business Combination was 90% and is based on a hybrid approach of both observed success rates of business combinations for special purpose acquisition companies and the sponsors of FTAC, FTAC II and Trebia's track record for consummating similar transactions. Based on the total fair value of the Forward Purchase Agreements as of September 30, 2020, changes in the probabilities utilized will not result in a change in fair value significant or material to the Company's financial position or results of operations.


	Three months ended September 30, 2020						Three months ended September 30, 2019
	Corporate debt		Forward Purchase				Corporate debt
	securities		Agreements		Total		securities

Fair value, beginning of period	$	33.9	$	12.5	$	46.4	$	17.7


Net valuation gain included in earnings (2)	—		13.5		13.5		—
Net valuation gain included in other comprehensive earnings (3)	0.6		—		0.6		1.0
Fair value, end of period	$	34.5	$	26.0	$	60.5	$	18.7


	Nine months ended September 30, 2020						Nine months ended September 30, 2019
	Corporate debt		Forward Purchase				Corporate debt
	securities		Agreements		Total		securities

Fair value, beginning of period	$	19.2	$	—	$	19.2	$	17.8

Paid-in-kind dividends (1)	—		—		—		0.1
Net valuation gain included in earnings (2)	—		26.0		26.0		—
Impairment (2)	—		—		—		(0.4)
Net valuation gain included in other comprehensive earnings (3)	15.3		—		15.3		1.2
Fair value, end of period	$	34.5	$	26.0	$	60.5	$	18.7

_____________________________________

(1) Included in Interest, investment and other income on the Condensed Consolidated Statements of Operations

(2) Included in Recognized gains and losses, net on the Condensed Consolidated Statements of Operations

Transfers into or out of the Level 3 fair value category occur when unobservable inputs become more or less significant to the fair value measurement or upon a change in valuation technique. There were no transfers between Level 2 and Level 3 in the nine months ended September 30, 2020 and 2019.

All of the unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on our Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the three and nine months ended September 30, 2020 relate to fixed maturity securities considered Level 3 fair value measures.

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

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

- Definition

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

+ References + Details

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash paid during the period:
Interest	$ 3.4	$ 12.8
Income taxes	95.6	27.6
Operating leases	$ 31.2	$ 46.9

Investments - Schedule of Summarized Financial Information, Dun & Bradstreet (Details) - USD ($) $ in Millions	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 15, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Combined Balance Sheets
Total current assets	$ 493.1			$ 493.1				$ 630.9
Total assets	3,868.6	$ 1,893.7		3,868.6	$ 1,893.7	$ 2,000.0		2,092.2
Current liabilities	159.0			159.0				198.7
Long-term debt	70.3			70.3				127.1
Total liabilities	596.6			596.6				562.4
Total equity	3,272.0	1,274.7	$ 1,232.2	3,272.0	1,274.7		$ 3,133.8	1,529.8	$ 1,199.7
Total liabilities and equity	3,868.6			3,868.6				2,092.2
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues	334.0	351.2		2,113.3	974.8
Net loss	128.0	41.6		1,232.2	40.6
Operating Segments \| Dun And Bradstreet Corporation
Condensed Combined Balance Sheets
Total assets	9,185.4	9,075.7		9,185.4	9,075.7
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues	432.8	415.0		1,216.5	$ 1,001.9
Dun And Bradstreet Corporation \| Unconsolidated affiliates
Condensed Combined Balance Sheets
Total current assets	723.4			723.4				417.9
Goodwill and other intangible assets, net	7,779.2			7,779.2				8,091.5
Other assets	682.8			682.8				603.4
Total assets								9,112.8
Current liabilities	785.7			785.7				1,090.4
Long-term debt	3,257.5			3,257.5				3,818.9
Other non-current liabilities	1,478.5			1,478.5				1,594.0
Total liabilities	5,521.7			5,521.7				6,503.3
Preferred equity	0.0			0.0				1,030.6
Total equity	3,663.7			3,663.7				1,578.9
Total liabilities and equity	9,185.4			9,185.4				$ 9,112.8
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues	442.1	408.2	981.2	1,258.0
Loss before income taxes	(24.9)	(79.8)	(278.1)	(227.8)
Net loss	(14.9)	(55.3)	(197.2)	(114.8)
Dividends attributable to preferred equity and noncontrolling interest expense	(2.1)	(33.5)	(85.3)	(67.8)
Net loss	$ (17.0)	$ (88.8)	$ (282.5)	$ (182.6)

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow information

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


	Nine months ended September 30,
	2020		2019
	(In millions)
Cash paid during the period:
Interest	$	3.4	$	12.8
Income taxes	95.6		27.6
Operating leases	31.2		46.9

Segment Information - Summary of Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 15, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Revenues from external customers	$ 139.7	$ 257.0	$ 415.3	$ 791.5
Interest, investment and other income, including recognized gains and losses, net	194.3	94.2	1,698.0	183.3
Total revenues and other income	334.0	351.2	2,113.3	974.8
Depreciation and amortization	6.5	9.5	22.2	29.8
Interest expense	(1.6)	(5.2)	(6.4)	(14.4)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	164.3	67.5	1,564.2	114.9
Income tax (benefit) expense	35.1	15.1	335.6	16.2
(Loss) earnings before equity in earnings of unconsolidated affiliates	129.2	52.4	1,228.6	98.7
Equity in earnings (losses) of unconsolidated affiliates	(1.2)	(8.3)	3.6	(50.8)
Net (loss) earnings from continuing operations	128.0	44.1	1,232.2	47.9
Assets	3,868.6	1,893.7	3,868.6	1,893.7	$ 2,000.0	$ 2,092.2
Goodwill	53.5	76.5	53.5	76.5		66.1
Dun & Bradstreet and Optimal Blue Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	(448.8)	(408.2)	(1,264.7)	(981.2)
Interest, investment and other income, including recognized gains and losses, net	9.3	(6.8)	41.5	(20.7)
Total revenues and other income	(439.5)	(415.0)	(1,223.2)	(1,001.9)
Depreciation and amortization	(139.7)	(123.3)	(406.6)	(340.6)
Interest expense	62.2	85.6	223.2	220.6
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	46.6	79.8	249.5	278.1
Income tax (benefit) expense	5.9	24.0	107.7	77.5
(Loss) earnings before equity in earnings of unconsolidated affiliates	40.7	55.8	141.8	200.6
Equity in earnings (losses) of unconsolidated affiliates	(8.5)	(9.2)	(55.1)	(55.3)
Net (loss) earnings from continuing operations	32.2	46.6	86.7	145.3
Assets	(11,185.4)	(9,075.7)	(11,185.4)	(9,075.7)
Goodwill	(4,094.9)	(2,967.4)	(4,094.9)	(2,967.4)
Restaurant revenue
Segment Reporting Information [Line Items]
Revenues from external customers	129.4	247.7	398.7	772.0
Restaurant revenue \| Dun & Bradstreet and Optimal Blue Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0	0.0
Other operating revenue
Segment Reporting Information [Line Items]
Revenues from external customers	10.3	9.3	16.6	19.5
Other operating revenue \| Dun & Bradstreet and Optimal Blue Elimination
Segment Reporting Information [Line Items]
Revenues from external customers	(448.8)	(408.2)	(1,264.7)	(981.2)
Restaurant Group
Segment Reporting Information [Line Items]
Revenues from external customers	129.4	247.7	398.7	772.0
Goodwill	53.5		53.5			66.1
Restaurant Group \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	129.4	247.7	398.7	772.0
Interest, investment and other income, including recognized gains and losses, net	1.5	1.1	9.2	4.6
Total revenues and other income	130.9	248.8	407.9	776.6
Depreciation and amortization	5.7	9.0	20.0	28.1
Interest expense	(1.7)	(1.5)	(5.9)	(4.0)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(14.2)	(13.2)	(59.1)	(32.9)
Income tax (benefit) expense	0.0	0.0	0.0	(0.1)
(Loss) earnings before equity in earnings of unconsolidated affiliates	(14.2)	(13.2)	(59.1)	(32.8)
Equity in earnings (losses) of unconsolidated affiliates	(0.1)	0.0	(15.0)	0.0
Net (loss) earnings from continuing operations	(14.3)	(13.2)	(74.1)	(32.8)
Assets	394.1	610.1	394.1	610.1
Goodwill	53.5	76.5	53.5	76.5
Restaurant Group \| Restaurant revenue
Segment Reporting Information [Line Items]
Revenues from external customers	129.2	228.9	395.5	721.9
Restaurant Group \| Restaurant revenue \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	129.4	247.7	398.7	772.0
Restaurant Group \| Other operating revenue \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0	0.0
Dun & Bradstreet \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	442.1	408.2	1,258.0	981.2
Interest, investment and other income, including recognized gains and losses, net	(9.3)	6.8	(41.5)	20.7
Total revenues and other income	432.8	415.0	1,216.5	1,001.9
Depreciation and amortization	134.1	123.3	401.0	340.6
Interest expense	(60.8)	(85.6)	(221.8)	(220.6)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(24.9)	(79.8)	(227.8)	(278.1)
Income tax (benefit) expense	(9.3)	(24.0)	(111.1)	(77.5)
(Loss) earnings before equity in earnings of unconsolidated affiliates	(15.6)	(55.8)	(116.7)	(200.6)
Equity in earnings (losses) of unconsolidated affiliates	0.7	0.5	1.9	3.4
Net (loss) earnings from continuing operations	(14.9)	(55.3)	(114.8)	(197.2)
Assets	9,185.4	9,075.7	9,185.4	9,075.7
Goodwill	2,853.9	2,967.4	2,853.9	2,967.4
Dun & Bradstreet \| Restaurant revenue \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0	0.0
Dun & Bradstreet \| Other operating revenue \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	442.1	408.2	1,258.0	981.2
Optimal Blue \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	6.7		6.7
Interest, investment and other income, including recognized gains and losses, net	0.0		0.0
Total revenues and other income	6.7		6.7
Depreciation and amortization	5.6		5.6
Interest expense	(1.4)		(1.4)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(21.7)		(21.7)
Income tax (benefit) expense	3.4		3.4
(Loss) earnings before equity in earnings of unconsolidated affiliates	(25.1)		(25.1)
Equity in earnings (losses) of unconsolidated affiliates	0.0		0.0
Net (loss) earnings from continuing operations	(25.1)		(25.1)
Assets	2,000.0		2,000.0
Goodwill	1,241.0		1,241.0
Optimal Blue \| Restaurant revenue \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	0.0		0.0
Optimal Blue \| Other operating revenue \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	6.7		6.7
Corporate and Other
Segment Reporting Information [Line Items]
Goodwill	0.0		0.0			$ 0.0
Corporate and Other \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	10.3	9.3	16.6	19.5
Interest, investment and other income, including recognized gains and losses, net	192.8	93.1	1,688.8	178.7
Total revenues and other income	203.1	102.4	1,705.4	198.2
Depreciation and amortization	0.8	0.5	2.2	1.7
Interest expense	0.1	(3.7)	(0.5)	(10.4)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	178.5	80.7	1,623.3	147.8
Income tax (benefit) expense	35.1	15.1	335.6	16.3
(Loss) earnings before equity in earnings of unconsolidated affiliates	143.4	65.6	1,287.7	131.5
Equity in earnings (losses) of unconsolidated affiliates	6.7	0.4	71.8	1.1
Net (loss) earnings from continuing operations	150.1	66.0	1,359.5	132.6
Assets	3,474.5	1,283.6	3,474.5	1,283.6
Goodwill	0.0	0.0	0.0	0.0
Corporate and Other \| Restaurant revenue \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	0.0	0.0	0.0	0.0
Corporate and Other \| Other operating revenue \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from external customers	$ 10.3	$ 9.3	$ 16.6	$ 19.5

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Purchase Obligations

Purchase obligations as of September 30, 2020 are as follows (in millions):


2020 (remaining)	$	27.8
2021	62.5
2022	13.4
2023	8.5
2024	8.0
Thereafter	15.7
Total purchase commitments	$	135.9

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Unrealized gain on investments and other financial instruments, income tax expense	$ 0.1	$ 0.2	$ 3.1	$ 0.1
Unrealized earnings (losses) of investments in unconsolidated affiliates, income tax expense (benefit)	1.3	(1.2)	(0.4)	0.9
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings, income tax benefit		0.1		0.1
Reclassification adjustments for unrealized earnings and losses of unconsolidated affiliates, tax expense	$ 0.5	$ 1.2	$ 12.3	$ 2.5

Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) $ in Millions	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fixed-maturity securities available for sale:
Corporate debt securities	$ 34.5	$ 19.2
Total	1,551.1	19.2
Ceridian
Fixed-maturity securities available for sale:
Equity Securities:	1,333.9
CoreLogic
Fixed-maturity securities available for sale:
Equity Securities:	155.6
Black Knight, Inc.
Fixed-maturity securities available for sale:
Equity Securities:	26.0
Other
Fixed-maturity securities available for sale:
Equity Securities:	1.1
Level 1
Fixed-maturity securities available for sale:
Corporate debt securities	0.0	0.0
Total	1,490.6	0.0
Level 1 \| Ceridian
Fixed-maturity securities available for sale:
Equity Securities:	1,333.9
Level 1 \| CoreLogic
Fixed-maturity securities available for sale:
Equity Securities:	155.6
Level 1 \| Black Knight, Inc.
Fixed-maturity securities available for sale:
Equity Securities:	0.0
Level 1 \| Other
Fixed-maturity securities available for sale:
Equity Securities:	1.1
Level 2
Fixed-maturity securities available for sale:
Corporate debt securities	0.0	0.0
Total	0.0	0.0
Level 2 \| Ceridian
Fixed-maturity securities available for sale:
Equity Securities:	0.0
Level 2 \| CoreLogic
Fixed-maturity securities available for sale:
Equity Securities:	0.0
Level 2 \| Black Knight, Inc.
Fixed-maturity securities available for sale:
Equity Securities:	0.0
Level 2 \| Other
Fixed-maturity securities available for sale:
Equity Securities:	0.0
Level 3
Fixed-maturity securities available for sale:
Corporate debt securities	34.5	19.2
Total	60.5	$ 19.2
Level 3 \| Ceridian
Fixed-maturity securities available for sale:
Equity Securities:	0.0
Level 3 \| CoreLogic
Fixed-maturity securities available for sale:
Equity Securities:	0.0
Level 3 \| Black Knight, Inc.
Fixed-maturity securities available for sale:
Equity Securities:	26.0
Level 3 \| Other
Fixed-maturity securities available for sale:
Equity Securities:	$ 0.0
Level 3 \| Discount Rate \| Minimum
Fixed-maturity securities available for sale:
Discount rate	0.078
Level 3 \| Discount Rate \| Maximum
Fixed-maturity securities available for sale:
Discount rate	0.175
Level 3 \| Discount Rate \| Weighted Average
Fixed-maturity securities available for sale:
Discount rate	0.123

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Reconciliation of Operations

A reconciliation of the operations of T-System to the Condensed Consolidated Statement of Operations is shown below (in millions):


	Three Months Ended September 30, 2019

	(Unaudited)
Revenues:
Other operating revenue	$	13.4
Total operating revenues	13.4
Operating expenses:
Personnel costs	8.2
Depreciation and amortization	3.4
Other operating expenses	3.9
Total operating expenses	15.5
Operating loss	(2.1)




Loss from discontinued operations before income taxes	(2.1)
Income tax expense	0.4
Loss from discontinued operations	$	(2.5)


	Nine Months Ended September 30, 2019

	(Unaudited)
Revenues:
Other operating revenue	$	38.5
Total operating revenues	38.5
Operating expenses:
Personnel costs	24.3
Depreciation and amortization	10.3
Other operating expenses	12.6
Total operating expenses	47.2
Operating loss	(8.7)
Other income (expense):

Recognized loss	(0.5)
Total other expense	(0.5)
Loss from discontinued operations before income taxes	(9.2)
Income tax benefit	(1.9)
Loss from discontinued operations	$	(7.3)

- 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

Investments - Equity Securities Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Net gains recognized during the period on equity securities	$ 69.5	$ 1,333.3
Less: net gains recognized during the period on equity securities sold during the period	0.0	(180.8)
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date	$ 69.5	$ 1,152.5

Discontinued Operations - Narrative (Details)	Dec. 31, 2019
T-System Holdings, Inc. \| Coding Solutions \| Discontinued Operations, Held-for-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%

Basis of Financial Statements - Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Antidilutive shares excluded from calculation of diluted earnings per share (in shares)	0	0	0	0

Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 15, 2020	Dec. 31, 2019	Sep. 30, 2019
Variable Interest Entity [Line Items]
Assets	$ 3,868.6	$ 2,000.0	$ 2,092.2	$ 1,893.7
Blue Ribbon
Variable Interest Entity [Line Items]
DIP Loan	27.5
Variable Interest Entity, Not Primary Beneficiary \| Investments in unconsolidated affiliates
Variable Interest Entity [Line Items]
Assets	18.7		440.2
Maximum Exposure	18.7		440.2
Variable Interest Entity, Not Primary Beneficiary \| Notes receivable
Variable Interest Entity [Line Items]
Assets	21.6		0.0
Maximum Exposure	27.9		0.0
Variable Interest Entity, Not Primary Beneficiary \| Forward Purchase Agreements
Variable Interest Entity [Line Items]
Assets	26.0		0.0
Maximum Exposure	$ 26.0		$ 0.0

- Definition

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

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-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 5.7	$ 5.7	$ 16.0
Deferred revenue (contract liabilities)	14.7	14.7	$ 26.4
Revenue recognized that was included in deferred revenue	$ 4.0	$ 17.3

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

We are party to operating lease arrangements primarily for leased real estate for restaurants and office space. Right-of-use assets and lease liabilities related to operating leases 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 that are to be considered finance leases. Right-of-use assets and lease liabilities related to operating leases are recorded as Lease assets and Lease liabilities, respectively, on the Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019.

There have been no changes in our accounting for leases as of or during the three months ended September 30, 2020.

As a result of the Blue Ribbon Reorganization, we deconsolidated Blue Ribbon as of January 27, 2020. Future payments under operating lease arrangements as of September 30, 2020 are as follows (in millions):


2020 (remaining)	$	9.3
2021	36.9
2022	29.6
2023	25.7
2024	17.1
Thereafter	87.2
Total lease payments, undiscounted	$	205.8
Less: discount	55.8
Total operating lease liability as of September 30, 2020, at present value	$	150.0
Less: operating lease liability as of September 30, 2020, current	26.7
Operating lease liability as of September 30, 2020, long term	$	123.3

Basis of Financial Statements - Income Tax (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Effective tax rate	21.40%	22.40%	21.50%	14.10%
Deferred tax liability	$ 231.1		$ 231.1		$ 0.0
Deferred tax asset	$ 0.0		0.0		$ 54.5
Change in deferred taxes			$ 285.6

Goodwill and Other Intangible Assets - Intangible Assets (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Trade Names \| Restaurant Group
Indefinite-lived Intangible Assets [Line Items]
Impairment of intangible assets	$ 4.5

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Our revenue consists of:


		Three months ended September 30,				Nine months ended September 30,
		2020		2019		2020		2019
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(in millions)
Restaurant sales	Restaurant Group	$	129.2	$	228.9	$	395.5	$	721.9
Bakery sales	Restaurant Group	—		17.3		2.2		45.7
Franchise and other	Restaurant Group	0.2		1.5		1.0		4.4
Total restaurant revenue		129.4		247.7		398.7		772.0
Other operating revenue:


Real estate and resort	Corporate and other	9.9		9.3		15.7		19.4
Other	Corporate and other	0.4		—		0.9		0.1
Total other operating revenue		10.3		9.3		16.6		19.5
Total operating revenues		$	139.7	$	257.0	$	415.3	$	791.5

Contract Balances

The following table provides information about receivables and deferred revenue:


	September 30,		December 31,
	2020		2019
	(In millions)
Trade receivables, net	$	5.7	$	16.0


Deferred revenue (contract liabilities)	14.7		26.4

Investments

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

Equity Securities


	Three Months Ended September 30, 2020		Nine months ended September 30, 2020

Net gains recognized during the period on equity securities	$	69.5	$	1,333.3
Less: net gains recognized during the period on equity securities sold during the period	—		(180.8)
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date	$	69.5	$	1,152.5

We recorded no gains or losses on equity securities in the three or nine months ended September 30, 2019.

Investments in Unconsolidated Affiliates

Investments in unconsolidated affiliates recorded using the equity method of accounting as of September 30, 2020 and December 31, 2019 consisted of the following (in millions):


	Ownership at September 30, 2020		September 30, 2020		December 31, 2019
Dun & Bradstreet	18.1	%	$	668.5	$	385.9
Ceridian (1)	10.9	%	—		309.5
Optimal Blue	20.0	%	284.3		—
Senator Focused Strategies	87.4	%	235.7		46.7
AmeriLife	20.3	%	120.7		—
Other	various		104.0		94.4
Total			$	1,413.2	$	836.5

_____________________________________

(1) The investment in Ceridian was no longer accounted for under the equity method of accounting beginning March 31, 2020.

Equity in (losses) earnings of unconsolidated affiliates for the three and nine months ended September 30, 2020 and September 30, 2019 consisted of the following (in millions):


	Three months ended September 30, 2020		Three months ended September 30, 2019		Nine months ended September 30, 2020		Nine months ended September 30, 2019
Dun & Bradstreet	$	(3.1)	$	(21.4)	$	(48.5)	$	(68.6)
Ceridian (1)	—		12.7		1.5		16.7
Optimal Blue	(4.7)		—		(4.7)		—
Senator Focused Strategies	1.6		—		80.9		—
AmeriLife	(0.8)		—		(4.3)		—
Other	5.8		0.4		(21.3)		1.1
Total	$	(1.2)	$	(8.3)	$	3.6	$	(50.8)

_____________________________________

Dun & Bradstreet

Based on quoted market prices, the aggregate value of our ownership of Dun & Bradstreet common stock was $2.0 billion as of September 30, 2020.

As of September 30, 2020, we hold less than 20% of the outstanding common equity of Dun & Bradstreet but continue to account for our investment under the equity method because we continue to exert significant influence through our 18.1% ownership, because certain of our senior management and directors serve on Dun & Bradstreet's board of directors, and because we are party to an agreement with other of its equity sponsors, which collectively own greater than 50% of the outstanding voting equity of Dun & Bradstreet, pursuant to which we have agreed to collectively vote together on all matters related to the election of directors to the Dun & Bradstreet board of directors for a period of three years.


	September 30, 2020		December 31, 2019
	(In millions)
Total current assets	$	723.4	$	417.9
Goodwill and other intangible assets, net	7,779.2		8,091.5
Other assets	682.8		603.4
Total assets	$	9,185.4	$	9,112.8

Current liabilities	$	785.7	$	1,090.4
Long-term debt	3,257.5		3,818.9
Other non-current liabilities	1,478.5		1,594.0
Total liabilities	5,521.7		6,503.3
Preferred equity	—		1,030.6
Total equity	3,663.7		1,578.9
Total liabilities and equity	$	9,185.4	$	9,112.8


	Three months ended September 30, 2020		Three months ended September 30, 2019		Nine months ended September 30, 2020		Period from February 8, 2019 to September 30, 2019
	(In millions)				(In millions)
Total revenues	$	442.1	$	408.2	$	1,258.0	$	981.2
Loss before income taxes	(24.9)		(79.8)		(227.8)		(278.1)
Net loss	(14.9)		(55.3)		(114.8)		(197.2)
Dividends attributable to preferred equity and noncontrolling interest expense	(2.1)		(33.5)		(67.8)		(85.3)
Net loss attributable to Dun & Bradstreet	(17.0)		(88.8)		(182.6)		(282.5)

Optimal Blue

On September 15, 2020, we closed on our $289.0 million investment in Optimal Blue. Summarized financial information for Optimal Blue for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.


	September 30, 2020
	(In millions)
Total current assets	$	35.7
Goodwill and other intangible assets, net	1,863.5
Other assets	100.8
Total assets	$	2,000.0

Current liabilities	$	26.2
Long-term debt	492.8
Other non-current liabilities	118.5
Total liabilities	637.5
Redeemable member's interest	578.0
Additional paid-in capital	812.1
Retained deficit	(27.6)
Total redeemable member's interest and equity	1,362.5
Total liabilities, redeemable member's interest and equity	$	2,000.0


		Period from September 15, 2020 to September 30, 2020
	(In millions)
Total revenues		$	6.7
Operating loss		(20.3)
Net loss attributable to Optimal Blue		(25.1)

Senator Focused Strategies


	September 30, 2020		December 31, 2019
	(In millions)
Due from brokers and counterparties	$	217.8	$	138.4

Derivative contracts, at fair value	77.6		2.4


Other assets	0.6		—
Total assets	$	296.0	$	140.8


Capital received in advance	$	25.8	$	45.2
Other liabilities	0.4		0.2
Total liabilities	26.2		45.4
Net assets	$	269.8	$	95.4


	Three months ended September 30, 2020			Nine months ended September 30, 2020
	(In millions)		(In millions)
Total net investment loss	$	(1.8)		$	(2.9)
Realized gain on securities and derivative contracts	17.8			103.8
Change in unrealized (loss) gain on securities and derivative contracts	(16.4)			75.2
Change in net assets from operations	(0.4)			176.1

As of September 30, 2020, $25.8 million of our investment in SFS is held on deposit with SFS 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 September 30, 2020.

AmeriLife

On March 18, 2020, we closed on our $125.0 million investment in the AmeriLife Joint Venture. Summarized financial information for the AmeriLife Joint Venture for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. We account for our investment in AmeriLife as an equity method investment and report our equity in earnings or loss of the AmeriLife Joint Venture on a three-month lag. Accordingly, our net earnings for the nine-month period ended September 30, 2020 includes our equity in AmeriLife’s losses for the period from March 18, 2020 through June 30, 2020.


	June 30, 2020
	(In millions)
Total current assets	$	86.5
Goodwill and other intangible assets, net	1,100.6
Other assets	15.2
Total assets	$	1,202.3

Current liabilities	$	39.3
Long-term debt	500.2
Other non-current liabilities	5.9
Total liabilities	545.4
Member's equity	594.5
Noncontrolling interest - nonredeemable	62.4
Total member's equity	656.9
Total liabilities and member's equity	$	1,202.3


	Three months ended June 30, 2020			Period from March 18, 2020 to June 30, 2020
	(In millions)		(In millions)
Total revenues	$	79.4		$	93.1
Operating income (loss)	5.1			(4.8)
Net loss	(5.4)			(16.1)
Income attributable to noncontrolling interests	3.9			4.3
Net loss attributable to AmeriLife	(9.3)			(20.4)

Equity Security Investments Without Readily Determinable Fair Values

We account for our investment in preferred equity of QOMPLX, Inc. ("QOMPLX"), an intelligent decision and analytics platform used by businesses for modeling and planning, at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions. As of September 30, 2020, we have $30.0 million recorded for our investment in QOMPLX, which is included in Other long term investments and noncurrent assets on our Condensed Consolidated Balance Sheet. We have not recorded any upward or downward adjustments to our investment in QOMPLX.

Fixed Maturity Securities

The carrying amounts and fair values of our available for sale fixed maturity securities at September 30, 2020 and December 31, 2019 are as follows:


	September 30, 2020
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	34.5	$	20.5	$	14.0	$	—	$	34.5

Total	$	34.5	$	20.5	$	14.0	$	—	$	34.5


	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

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

As of September 30, 2020, $34.0 million of the fixed maturity securities in our investment portfolio had a maturity of less than one year and $0.5 million had a maturity of greater than one year, but less than five years. Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

During the three and nine months ended September 30, 2020 and three months ended September 30, 2019, we incurred no other-than-temporary impairment charges relating to corporate debt securities. During the nine months ended September 30, 2019, we incurred $0.4 million of other-than-temporary impairment charges relating to corporate debt securities, which is included in Recognized gains and losses, net on the Condensed Consolidated Statement of Operations. The impairment recorded related to a corporate debt holding that had experienced a prolonged period of declining earnings and that we were uncertain of our ability to recover our initial investment. All of the loss represents credit loss recognized in earnings and no portion of the loss was included in other comprehensive earnings.

As of September 30, 2020, we held corporate debt securities with a fair value of $15.7 million 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. Unanticipated future events may lead us to dispose of certain investment holdings and recognize the effects of any market movements in our results of operations.

Investments - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jul. 06, 2020	Mar. 18, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 1,413.2		$ 1,413.2				$ 836.5
Equity in earnings (losses) of unconsolidated affiliates	$ (1.2)	$ (8.3)	$ 3.6	$ (50.8)
Dun And Bradstreet Corporation
Schedule of Equity Method Investments [Line Items]
Ownership interest, equity method investment	18.10%		18.10%		18.10%
Investments in unconsolidated affiliates	$ 668.5		$ 668.5				385.9
Equity in earnings (losses) of unconsolidated affiliates	$ (3.1)	(21.4)	$ (48.5)	(68.6)
Ceridian
Schedule of Equity Method Investments [Line Items]
Ownership interest, equity method investment	10.90%		10.90%
Investments in unconsolidated affiliates	$ 0.0		$ 0.0				309.5
Equity in earnings (losses) of unconsolidated affiliates	$ 0.0	12.7	$ 1.5	16.7
Optimal Blue
Schedule of Equity Method Investments [Line Items]
Ownership interest, equity method investment	20.00%		20.00%
Investments in unconsolidated affiliates	$ 284.3		$ 284.3				$ 0.0
Equity in earnings (losses) of unconsolidated affiliates	$ (4.7)	0.0	$ (4.7)	0.0
Senator Focused Strategies
Schedule of Equity Method Investments [Line Items]
Ownership interest, equity method investment	87.40%		87.40%				49.00%
Investments in unconsolidated affiliates	$ 235.7		$ 235.7				$ 46.7
Equity in earnings (losses) of unconsolidated affiliates	$ 1.6	0.0	$ 80.9	0.0
AmeriLife
Schedule of Equity Method Investments [Line Items]
Ownership interest, equity method investment	20.30%		20.30%			20.30%
Investments in unconsolidated affiliates	$ 120.7		$ 120.7				0.0
Equity in earnings (losses) of unconsolidated affiliates	(0.8)	0.0	(4.3)	0.0
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	104.0		104.0				$ 94.4
Equity in earnings (losses) of unconsolidated affiliates	$ 5.8	$ 0.4	$ (21.3)	$ 1.1
Ceridian
Schedule of Equity Method Investments [Line Items]
Equity securities, FV-NI, ownership percentage	10.90%		10.90%