0001704720-21-000056 | 10-Q | XBRL Viewer

Other comprehensive (loss) earnings, net of tax:

$ 177.7

$ 466.1

$ (56.1)

$ 1,104.2

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

^[1]

0.0

5.9

0.5

11.2

Unrealized losses of investments in unconsolidated affiliates

^[2]

1.9

(2.5)

(2.7)

(6.4)

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

10.9

0.0

10.9

0.0

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

^[3]

1.9

0.0

2.2

44.3

Other comprehensive (loss) earnings

(7.1)

3.4

(10.9)

49.1

Comprehensive earnings (loss)

170.6

469.5

(67.0)

1,153.3

Less: Comprehensive earnings (loss) attributable to noncontrolling interests

1.3

(9.2)

0.6

(18.8)

Comprehensive earnings (loss) attributable to Cannae Holdings, Inc. common shareholders

$ 169.3

$ 478.7

$ (67.6)

$ 1,172.1

[1]	Net of income tax expense of $1.6 million for the three months ended June 30, 2020, and $0.1 million and $3.0 million for the six months ended June 30, 2021 and 2020, respectively.
[2]	Net of income tax expense (benefit) of $0.5 million and $(0.7) million for the three months ended June 30, 2021 and 2020, respectively, and $(0.7) million and $(1.7) million for the six months ended June 30, 2021 and 2020, respectively.(3)Net of income tax benefit of $2.9 million for the three and six months ended June 30, 2021.
[3]	Net of income tax expense of $0.5 million for the three months ended June 30, 2021, and $0.6 million and $11.8 million for the six months ended June 30, 2021 and 2020, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Unrealized gain on investments and other financial instruments, net, income tax expense		$ 1,600,000	$ 100,000	$ 3,000,000.0
Unrealized gains (losses) on investments in unconsolidated affiliates, tax	$ 500,000	$ (700,000)	(700,000)	(1,700,000)
Reclassification from accumulated other comprehensive income for gain, tax benefit	(2,900,000)		(2,900,000)
Reclassification adjustments for unrealized gains and losses of unconsolidated affiliates, tax expense	$ 500,000		$ 600,000	$ 11,800,000

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

Total

Unconsolidated affiliates

Common Stock

Additional Paid-in Capital

Unconsolidated affiliates

Retained Earnings

Accumulated Other Comp (Loss) Earnings

Treasury Stock

Non-controlling Interests

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

79,700,000

200,000

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)

12,700,000

Equity offering, net of offering costs

$ 455.0

455.0

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

11.2

^[1]

11.2

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

(6.4)

^[2]

(6.4)

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

44.3

^[3]

44.3

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

Restaurant Group reorganization and deconsolidation of Legendary Baking and VIBSQ

(5.1)

5.2

(10.3)

Sale of noncontrolling interest in consolidated subsidiary

3.7

500,000

(14.4)

$ (14.4)

Contribution of CSA services from FNF

2.2

$ 8.6

2.2

$ 8.6

0.7

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

1,104.2

1,123.0

(18.8)

92,400,000

700,000

Ending balance at Jun. 30, 2020

3,133.8

$ 0.0

1,868.4

1,266.6

3.2

$ (20.3)

15.9

Beginning balance (in shares) at Mar. 31, 2020

79,700,000

600,000

Beginning balance at Mar. 31, 2020

$ 2,205.0

$ 0.0

1,406.1

791.3

(0.2)

$ (16.7)

24.5

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

Equity offering, net of offering costs (in shares)

12,700,000

Equity offering, net of offering costs

$ 455.0

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

5.9

^[1]

5.9

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

(2.5)

^[2]

(2.5)

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

^[3]

0.0

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

Sale of noncontrolling interest in consolidated subsidiary

0.6

100,000

(3.6)

$ (3.6)

Contribution of CSA services from FNF

1.1

5.9

1.1

5.9

0.3

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

466.1

475.3

(9.2)

92,400,000

700,000

Ending balance at Jun. 30, 2020

3,133.8

$ 0.0

1,868.4

1,266.6

3.2

$ (20.3)

15.9

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

92,400,000

700,000

Beginning balance at Dec. 31, 2020

3,785.2

$ 0.0

1,875.8

1,929.8

(4.9)

$ (21.1)

5.6

Ending balance (in shares) at Mar. 31, 2021

92,400,000

700,000

Ending balance at Mar. 31, 2021

3,550.3

$ 0.0

1,878.3

1,696.7

(8.7)

$ (21.1)

5.1

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

92,400,000

700,000

Beginning balance at Dec. 31, 2020

3,785.2

$ 0.0

1,875.8

1,929.8

(4.9)

$ (21.1)

5.6

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

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

0.5

^[1]

0.5

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

(2.7)

^[2]

(2.7)

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

2.2

^[3]

2.2

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

$ (10.9)

(10.9)

2,528,168

$ (89.7)

1.3

3.7

1.3

3.7

Ending balance (in shares) at Jun. 30, 2021

(56.1)

(56.7)

0.6

92,400,000

3,200,000

Ending balance at Jun. 30, 2021

3,633.5

$ 0.0

1,880.8

1,873.1

(15.8)

$ (110.8)

6.2

Beginning balance (in shares) at Mar. 31, 2021

92,400,000

700,000

Beginning balance at Mar. 31, 2021

3,550.3

$ 0.0

1,878.3

1,696.7

(8.7)

$ (21.1)

5.1

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

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

^[1]

0.0

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

1.9

^[2]

1.9

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

1.9

^[3]

1.9

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

(10.9)

2,500,000

(89.7)

$ (89.7)

Subsidiary dividends paid to noncontrolling interests

0.6

$ 1.9

0.6

$ 1.9

(0.2)

Ending balance (in shares) at Jun. 30, 2021

177.7

176.4

1.3

92,400,000

3,200,000

Ending balance at Jun. 30, 2021

$ 3,633.5

$ 0.0

$ 1,880.8

$ 1,873.1

$ (15.8)

$ (110.8)

$ 6.2

[1]	Net of income tax expense of $1.6 million for the three months ended June 30, 2020, and $0.1 million and $3.0 million for the six months ended June 30, 2021 and 2020, respectively.
[2]	Net of income tax expense (benefit) of $0.5 million and $(0.7) million for the three months ended June 30, 2021 and 2020, respectively, and $(0.7) million and $(1.7) million for the six months ended June 30, 2021 and 2020, respectively.(3)Net of income tax benefit of $2.9 million for the three and six months ended June 30, 2021.
[3]	Net of income tax expense of $0.5 million for the three months ended June 30, 2021, and $0.6 million and $11.8 million for the six months ended June 30, 2021 and 2020, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net (loss) earnings	$ (56.1)	$ 1,104.2
Adjustments to reconcile net (loss) earnings to net cash used in operating activities:
Depreciation and amortization	14.3	15.7
Equity in earnings of unconsolidated affiliates	(45.1)	(4.8)
Distributions from investments in unconsolidated affiliates	5.1	0.5
Recognized losses (gains) and asset impairments, net	38.5	(1,481.3)
Lease asset amortization	10.6	11.7
Stock-based compensation cost	1.3	2.2
Changes in assets and liabilities, net of effects from acquisitions:
Net decrease (increase) in other assets	31.3	(23.9)
Net decrease in lease liabilities	(12.7)	(15.4)
Net increase in accounts payable, accrued liabilities, deferred revenue and other liabilities	23.7	9.6
Net change in income taxes	(78.1)	300.2
Net cash used in operating activities	(67.2)	(81.3)
Cash flows from investing activities:
Proceeds from sale of investment securities and investments in unconsolidated affiliates	2.5	0.0
Additions to property and equipment and other intangible assets	(4.9)	(16.2)
Collections of notes receivable	1.6	0.0
Additions to notes receivable	(12.5)	(15.7)
Proceeds from sales of property and equipment	10.3	0.0
Investments in Paysafe, net of subscription fees	(494.4)	0.0
Funding of Alight Subscription Agreement and FTAC FPA - see Note A	(400.0)	0.0
Purchase of warrants of Austerlitz II	(29.6)	0.0
Additional investments in unconsolidated affiliates	(38.4)	(306.8)
Cash proceeds from settlement of fixed maturity securities and equity in Colt	38.7	0.0
Cash deconsolidated through the Blue Ribbon Reorganization	0.0	(1.1)
Distributions from investments in unconsolidated affiliates	281.1	0.5
Net purchases of short-term investment securities	0.0	(99.4)
Net other investing activities	2.6	0.0
Net cash (used in) provided by investing activities	(282.0)	83.3
Cash flows from financing activities:
Borrowings	6.7	35.0
Debt service payments	(19.0)	(92.3)
Subsidiary distributions paid to noncontrolling interest shareholders	0.1	3.7
Proceeds from equity offering, net of offering costs	0.0	455.0
Treasury stock repurchases	(88.0)	(14.4)
Net cash (used in) provided by financing activities	(100.2)	387.0
Net (decrease) increase in cash and cash equivalents	(449.4)	389.0
Cash and cash equivalents classified as held for sale - see Note J	(4.1)	0.0
Cash and cash equivalents at beginning of period	724.7	533.7
Cash and cash equivalents at end of period	271.2	922.7
Ceridian
Adjustments to reconcile net (loss) earnings to net cash used in operating activities:
Equity in earnings of unconsolidated affiliates	0.0	(1.5)
Cash flows from investing activities:
Proceeds from partial sale of shares	175.0	522.0
D & B
Adjustments to reconcile net (loss) earnings to net cash used in operating activities:
Equity in earnings of unconsolidated affiliates	15.6	45.4
Cash flows from investing activities:
Proceeds from partial sale of shares	$ 186.0	$ 0.0

Basis of Financial Statements	6 Months Ended
Basis of Financial Statements	Jun. 30, 2021
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 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 June 30, 2021 include our minority ownership interests in Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet" or "D&B"), Ceridian HCM Holding, Inc. ("Ceridian"), Paysafe Limited ("Paysafe"), Alight, Inc. ("Alight"), Optimal Blue Holdco, LLC ("Optimal Blue"), AmeriLife Group, LLC ("AmeriLife") and QOMPLX, Inc. ("QOMPLX"); 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 investments. See Note H for further discussion of the businesses comprising our reportable segments. We conduct our business through our wholly-owned subsidiary Cannae Holdings, LLC ("Cannae LLC"), a Delaware limited liability company. Our board of directors ("Board") oversees the management of the Company, Cannae LLC and its businesses, and the performance of our external manager, Trasimene Capital Management, LLC (“Trasimene” or our “Manager”). Principles of Consolidation and Basis of Presentation The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2020. 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 fair value measurements (Note C). Actual results may differ from estimates. Recent Developments Ceridian On May 20, 2021, we completed the sale of an aggregate of 2.0 million shares of common stock of Ceridian to brokers (the "Ceridian Share Sale") pursuant to Rule 144 promulgated under the Securities Act of 1933, as amended ("Rule 144"). In connection with the Ceridian Share Sale, we received aggregate proceeds of $175.0 million. As a result of the Ceridian Share Sale, we now own 12 million shares of Ceridian, which represents approximately 8.0% of its outstanding common stock as of June 30, 2021. Refer to Notes C and D for further discussion of our accounting for our investment in Ceridian and other equity securities. Dun & Bradstreet On January 8, 2021, D&B completed its acquisition of Bisnode Business Information Group AB (the "Bisnode Acquisition"). In connection with the Bisnode Acquisition, D&B issued an additional 6.2 million shares of its common stock, which resulted in a decrease in our ownership interest in D&B from approximately 18.1% to approximately 17.7% and we recorded a gain of $18.6 million in the six months ended June 30, 2021. On June 28, 2021, we completed the sale of an aggregate of 8.5 million shares of common stock of D&B to a broker (the "D&B Share Sale") pursuant to Rule 144. In connection with the D&B Share Sale, we received aggregate proceeds of $186.0 million and recorded a gain of $111.1 million. As a result of the D&B Share Sale, we now own 68.1 million shares of D&B, which represents approximately 15.8% of its outstanding common stock as of June 30, 2021. Refer to Notes C and D for further discussion of our accounting for our investment in D&B. Alight On January 25, 2021, Foley Trasimene Acquisition Corp. ("FTAC") entered into a business combination agreement with predecessor of Alight, a leading cloud-based provider of integrated digital human capital and business solutions, as amended and restated April 29, 2021, by and among FTAC, Alight and other parties thereto (the "FTAC Alight Business Combination"). Also on January 25, 2021, Cannae entered into an agreement to purchase 25 million shares of Alight for $250.0 million as part of the private investment in public equity ("PIPE") raised in conjunction with the FTAC Alight Business Combination (the "Alight Subscription Agreement"). During the quarter ended June 30, 2021, Cannae funded the following investments in Alight: (a) $250.0 million pursuant to the Alight Subscription Agreement, (b) $150.0 million pursuant to a previously announced forward purchase agreement with FTAC (the "FTAC FPA") and (c) $52.4 million for the purchase of 5.2 million shares of FTAC on the open market (the "Purchased Shares"). Subsequent to June 30, 2021, we sold 1.0 million of the Purchased Shares for aggregate proceeds of $10.3 million. As of June 30, 2021, our investments receivable pursuant to the Alight Subscription Agreement and FTAC FPA are included in Other long term investments and non-current assets and the Purchased Shares are included with our investment in the sponsor of FTAC in Investments in unconsolidated affiliates on our Condensed Consolidated Balance Sheet. On July 2, 2021, FTAC completed the FTAC Alight Business Combination in accordance with the relevant business combination agreement. As a result, all outstanding shares of common stock of FTAC were converted into shares of Class A common stock of Alight and we received 40 million shares of class A common stock Alight pursuant to the Alight Subscription Agreement and FTAC FPA. We also received an additional 1.5 million shares of class A common stock of Alight from the sponsor of FTAC. The newly combined company operates as Alight and is traded on the New York Stock Exchange ("NYSE") under the symbol ALIT. As of July 2, 2021, Cannae, directly and indirectly through our 29% interest in one of the sponsors of FTAC, owns 50.4 million shares of Class A common stock of Alight which represents approximately 9.6% of the outstanding common equity of Alight and 8.0 million warrants to purchase one share of Alight class A common stock at $11.50 per share. We received a fee of $7.1 million on July 2, 2021 as consideration for our subscription and deal syndication. Paysafe On March 30, 2021, Foley Trasimene Acquisition Corp. II ("FTAC II") completed its previously announced merger with Paysafe Limited ("Paysafe"), a leading integrated payments platform (the "FTAC II Paysafe Merger"), in accordance with the agreement and plan of merger dated December 7, 2020. The newly combined company operates as Paysafe and is traded on the NYSE under the symbol PSFE. The FTAC II Paysafe Merger was funded with the cash held in trust at FTAC II, forward purchase commitments, PIPE commitments and equity of Paysafe. In conjunction with the FTAC II Paysafe Merger, Cannae funded its previously announced investments in Paysafe of (a) $350 million as part of our subscription to the PIPE and (b) $150 million as part of our forward purchase agreement with FTAC II entered into on July 31, 2020. For Cannae’s total investment in Paysafe of $504.7 million, inclusive of our previous investment in the sponsor of FTAC II, Cannae received 54,294,395 common shares and 8,134,067 warrants of Paysafe (the "Paysafe Warrants"). As of June 30, 2021, Cannae, directly and indirectly through our 15% interest in the sponsor of FTAC II, holds approximately 7.5% of the outstanding common equity of Paysafe. In connection with the investment in the PIPE, Paysafe paid Cannae a fee of $5.6 million as described in the agreement and plan of merger dated December 7, 2020, which was deducted from the basis of our investment. We account for our investment in common equity of Paysafe as an equity method investment and the Paysafe Warrants as a derivative. See Note C and D for further discussion of our accounting for our investment in common equity and warrants of Paysafe. Forward Purchases of Equity of Special Purpose Acquisition Companies On February 25, 2021, we entered into a forward purchase agreement (the "Austerlitz I FPA") with Austerlitz Acquisition Corp. I (“Austerlitz I”), a special purpose acquisition company ("SPAC") 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 "Austerlitz I Initial Business Combination"). Austerlitz I is co-sponsored by entities affiliated with the chairman of our Board of Directors ("Board"), William P. Foley II. Additionally, Cannae invested $1.6 million in the sponsor of Austerlitz I for a 10% indirect economic interest in the founder shares and warrants held by the sponsor. The Austerlitz I FPA was contingent upon the closing of the Austerlitz I Initial Business Combination. On May 10, 2021, Austerlitz I entered into a Business Combination Agreement (the “WIL Business Combination Agreement”) by and among Austerlitz I, Wave Merger Sub Limited, an exempted company incorporated in Bermuda and a direct, wholly owned subsidiary of Austerlitz I (“Merger Sub”), and Wynn Interactive Ltd., an exempted company incorporated in Bermuda (“WIL”). The WIL Business Combination Agreement provides for, among other things, the consummation of certain transactions whereby WIL will become a wholly owned subsidiary of Austerlitz I (the “Austerlitz I-WIL Business Combination”). In connection with the signing of the WIL Business Combination Agreement, we and Austerlitz I agreed to terminate the Austerlitz I FPA, and we entered into a backstop facility agreement (the “WIL Backstop Agreement”) whereby we agreed, subject to the other terms and conditions included therein, to subscribe for Austerlitz I Class A Ordinary Shares in order to fund redemptions by shareholders of Austerlitz I in connection with the Austerlitz I-WIL Business Combination, in an amount of up to $690.0 million (the “WIL Backstop Subscription”), in consideration for a placement fee of $3.5 million. On February 25, 2021, we entered into a forward purchase agreement (the "Austerlitz II FPA" and together with the FTAC FPA, the "Forward Purchase Agreements") with Austerlitz Acquisition Corp. II (“Austerlitz II”), a SPAC 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 "Austerlitz II Initial Business Combination"). Austerlitz II is co-sponsored by entities affiliated with William P. Foley II. Under the Austerlitz II FPA, we agreed to purchase an aggregate of 12,500,000 shares of Austerlitz II’s Class A common stock, plus an aggregate of 3,125,000 redeemable warrants to purchase one share of Austerlitz II's Class A common stock at $11.50 per share for an aggregate purchase price of $125.0 million in a private placement to occur concurrently with the closing of the Austerlitz II Initial Business Combination. Additionally, Cannae directly invested $29.6 million for a 20% indirect economic interest in the founder shares held by the sponsor and a direct interest in 19,733,333 private placement warrants of Austerlitz II (the "Austerlitz II Warrants") at the initial public offering. The Austerlitz II FPA is contingent upon the closing of the Austerlitz II Initial Business Combination. On June 5, 2020, we entered into a forward purchase agreement (the "Trebia FPA") with Trebia Acquisition Corp. (“Trebia”), a SPAC 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, William P. Foley II and Frank R. Martire, respectively. On June 28, 2021, Trebia entered into a Business Combination Agreement by and among Trebia, S1 Holdco LLC, a Delaware limited liability company (“S1 Holdco”), System1 SS Protect Holdings, Inc., a Delaware corporation (“Protected”), and the other parties named therein (the "Trebia S1 Business Combination Agreement"). The Trebia S1 Business Combination Agreement provides for, among other things, the consummation of certain transactions whereby each of (i) System1, LLC, a Delaware limited liability company and the current operating subsidiary of S1 Holdco, and (ii) Protected.net Group Limited, a private limited company organized under the laws of the United Kingdom and the current operating subsidiary of Protected, will become subsidiaries of Trebia (the “Trebia S1 Business Combination”). In connection with the signing of the Trebia S1 Business Combination Agreement, we and Trebia agreed to terminate the Trebia FPA, and we entered into a backstop facility agreement (the “S1 Backstop Agreement” and together with the WIL Backstop Agreement, the "Backstop Agreements") whereby we agreed, subject to the other terms and conditions included therein, to subscribe for Trebia Class A Common Stock in order to fund redemptions by shareholders of Trebia in connection with the Business Combination, in an amount of up to $200.0 million (the “S1 Backstop Subscription”). In connection with Cannae’s entry into the S1 Backstop Agreement, the sponsors of Trebia have agreed to forfeit up to 1,275,510 Trebia Class B Ordinary Shares (and Trebia has agreed to issue to Cannae a number of shares of Trebia Class A Common Stock equal to such forfeiture) as consideration in the event that the S1 Backstop Subscription is drawn due to redemptions. Refer to Note C and E for further discussion of our accounting for the Forward Purchase Agreements, the Austerlitz II Warrants and the Backstop Agreements. QOMPLX On March 1, 2021, Tailwind Acquisition Corp. ("Tailwind") entered into a business combination agreement to merge with QOMPLX (the "Tailwind QOMPLX Merger"). Completion of the Tailwind QOMPLX Merger is expected to occur in 2021, subject to approval by Tailwind’s stockholders and the satisfaction or waiver of other customary closing conditions identified in the business combination agreement entered into by QOMPLX and Tailwind Acquisition Corp. The meeting to vote on the proposals described in Tailwind’s definitive proxy statement, filed with the Securities and Exchange Commission (the “SEC”) on June 25, 2021, relating to the Tailwind QOMPLX Merger is now scheduled to be held on August 17, 2021. In conjunction with the Tailwind QOMPLX Merger, Cannae entered into an agreement to purchase 4.6 million shares of common stock of the combined company for $37.5 million as part of a subscription to the PIPE (the "Tailwind Subscription Agreement" and together with the Alight Subscription Agreement, the "Subscription Agreements"). Additionally, in March 2021, Cannae funded a convertible note to QOMPLX for $12.5 million that matures on March 3, 2022 (the "QOMPLX Note"). The principal and accrued interest on the QOMPLX Note is expected to convert into common shares of the combined company at a price of $10 per common share upon consummation of the Tailwind QOMPLX Merger. See Note C for further discussion of our accounting for the Tailwind Subscription Agreement as of June 30, 2021. Restaurant Group In the six months ended June 30, 2021, we commenced a plan to sell or dispose of Legendary Baking Holdings I, LLC ("Legendary Baking") and VIBSQ Holdco, LLC ("VIBSQ") and their subsidiaries (the "Restaurant Dispositions"). We currently own 100% of Legendary Baking and VIBSQ. On June 24, 2021, we entered into a membership purchase agreement for the sale of VIBSQ and its subsidiaries for $13.5 million. On July 30, 2021, we closed on the sale of VIBSQ. See Note J for further discussion. Other Developments On March 1, 2021, we announced that our Board authorized a three-year stock repurchase program, effective February 26, 2021, under which the Company may repurchase up to 10 million shares of its common stock. Purchases may be made from time to time in the open market at prevailing prices or in privately negotiated transactions through February 26, 2024. The repurchase program does not obligate the Company to acquire any specific number of shares and may be suspended or terminated at any time. We repurchased 2,528,168 shares of CNNE common stock during the six months ended June 30, 2021 for approximately $89.7 million in the aggregate, or an average of $35.49 per share. Subsequent to June 30, 2021, we repurchased an additional 200,000 shares of CNNE common stock for approximately $6.7 million in the aggregate, or an average of $33.74 per share. On March 31, 2021, we closed on a $32.0 million investment in Sightline Payments LLC ("Sightline"), a fintech company that enables cashless, mobile and omni-channel payment solutions for the gaming, lottery, sports betting, entertainment and hospitality businesses. The investment represented 5.1% of the outstanding membership interests in Sightline at the time of the transaction and is accounted for using the equity method. See Note C and D for further discussion of the Company's accounting for investments in unconsolidated affiliates. During the six months ended June 30, 2021, we received distributions of $280.6 million from our joint venture (the "Senator JV") with affiliates of Senator Investment Group, LP. We have no further material ownership interest in the Senator JV. On May 21, 20201, Ceska zbrojovka Group SE (“CZG”) acquired 100% of the outstanding equity of Colt Holdings, LLC ("Colt"). In conjunction with the transaction, we received $37.3 million for our holdings of Colt corporate debt securities, including accrued interest thereon, $1.4 million for our equity in Colt and expect to receive $0.4 million of cash and $3.6 million of CZG equity securities for our holdings of Colt equity in October 2021. We recorded a gain of $20.3 million on the transaction, inclusive of $10.9 million (net of $2.9 million of deferred taxes) of gains reclassified from other comprehensive earnings. We have the opportunity to receive additional equity securities of CZG contingent on future operating results of Colt. Subsequent to the transaction, we have no further ownership interest in Colt debt or equity securities. In the quarter ended June 30, 2021, we commenced a plan to sell Rock Creek Idaho Holdings, LLC ("RC", the "RC Disposition" and together with the Restaurant Dispositions, the "Dispositions"). We expect to consummate the sale of RC in fiscal year 2021. See Note J for further discussion of our accounting for RC. Related Party Transactions During the six months ended June 30, 2021 and 2020, we incurred $15.7 million and $8.6 million, respectively, of management fee expenses payable to our Manager, and in the three and six months ended June 30, 2021, we incurred $20.3 million and $37.4 million of carried interest expense related to monetization of the Company's investments, which are recorded in Other operating expenses on our Condensed Consolidated Statement of Operations. Earnings Per Share Basic earnings per share, as presented on the Condensed Consolidated Statement of Operations, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain shares of restricted stock that have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. Instruments that provide the ability to purchase shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share. For the three and six months ended June 30, 2021 and 2020, there were no antidilutive shares of restricted stock outstanding that were excluded from the calculation of diluted earnings per share. Income Tax Our effective tax rate was 20.9% and 24.3% in the three months ended June 30, 2021 and 2020, respectively, and 11.2% and 21.5% in the six months ended June 30, 2021 and 2020, respectively. The decrease in the effective tax rate in both the three and six-month periods ended June 30, 2021 compared to the corresponding prior year periods was primarily attributable to the varying impact of equity in earnings (losses) of unconsolidated affiliates on earnings (loss) before taxes. We have a Deferred tax liability of $243.3 million as of June 30, 2021 and of $325.3 million as of December 31, 2020. The $82.0 million change in deferred taxes in the six months ended June 30, 2021 is primarily attributable to the tax impact of the recognized gains or losses on the change in fair value of Ceridian and the Forward Purchase Agreements, partially offset by the tax impact of equity in earnings of unconsolidated affiliates. 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 June 30, 2021 and December 31, 2020 is $12.9 million and $12.5 million, respectively, of such restricted cash. Distributions from Unconsolidated Affiliates We classify distributions received from unconsolidated affiliates in our Condensed Consolidated Statements of Cash Flows using the cumulative earnings approach. Under the cumulative earnings approach, distributions are considered returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions from an investee received in prior periods exceed the cumulative equity in earnings of such investee. When cumulative distributions from an investee exceed cumulative equity in earnings of the investee, such excess is considered a return of investment and is classified as a cash inflow from investing activities. Recent Accounting Pronouncements We have completed our evaluation of the recently issued accounting pronouncements and we did not identify any that are expected to, if currently adopted, have a material impact on our Condensed Consolidated Financial Statements. Immaterial Out-of-Period Correction In connection with the preparation of our Condensed Consolidated Financial Statements for the quarter ended June 30, 2021, we recorded out-of-period adjustments pertaining to our valuation of the Alight Subscription Agreement and Tailwind Subscription Agreement and resulting recognized gain. We also recorded out-of-period adjustments pertaining to our valuation of the portion of our investment in Paysafe indirectly held through our investment in the sponsor of FTAC II and resulting equity in earnings of unconsolidated affiliates in the three months ended June 30, 2021. All of these out-of-period adjustments related to amounts that should have been recorded in the three months ended March 31, 2021. The out-of-period adjustments had the following effect on our results of operations and financial condition as of and for the three months ended June 30, 2021: i.an increase in Recognized gains (losses), net of $13.2 million, ii.an increase in Equity in (losses) earnings of unconsolidated affiliates of $6.9 million, iii.an increase in Income tax expense (benefit) of $4.2 million, iv.an increase in Net earnings (loss) attributable to Cannae Holdings, Inc. common shareholders of $15.9 million, and v.an increase in Net earnings (loss) per share of $0.17 The Company has evaluated these out-of-period adjustments and has concluded that the amounts are not material in relation to the estimated full year results for the year ending December 31, 2021 or the trend of earnings.

Revenue Recognition

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:


		Three months ended June 30,				Six months ended June 30,
		2021		2020		2021		2020
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(in millions)
Restaurant sales	Restaurant Group	$	180.5	$	99.3	$	338.6	$	266.3
Bakery sales	Restaurant Group	8.4		—		16.6		2.2
Franchise and other	Restaurant Group	1.0		0.1		2.0		0.8
Total restaurant revenue		189.9		99.4		357.2		269.3
Other operating revenue:


Real estate and resort	Corporate and other	11.5		3.0		15.6		5.8
Other	Corporate and other	1.0		0.2		1.5		0.5
Total other operating revenue		12.5		3.2		17.1		6.3
Total operating revenues		$	202.4	$	102.6	$	374.3	$	275.6

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

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

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

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

Contract Balances

The following table provides information about trade receivables and deferred revenue:


	June 30,		December 31,
	2021		2020
	(In millions)
Trade receivables, net	$	6.3	$	17.6


Deferred revenue (contract liabilities)	15.6		23.9

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 $5.3 million and $9.4 million, respectively, was recognized in the three and six months ended June 30, 2021 that was included in Deferred revenue at the beginning of the period. Revenue of $3.4 million and $13.9 million, respectively, was recognized in the three and six months ended June 30, 2020 that was included in Deferred revenue at the beginning of the period.

There was no impairment related to contract balances.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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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
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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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Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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

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 June 30, 2021 and December 31, 2020, respectively:


	June 30, 2021
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Equity securities:
Ceridian	$	1,151.0	$	—	$	—	$	1,151.0
Forward Purchase Agreements	—		—		8.1		8.1
Subscription Agreements	—		—		7.9		7.9


Other	2.1		—		—		2.1
Total equity securities	1,153.1		—		16.0		1,169.1
Other noncurrent assets:
Backstop Agreements	—		10.0		—		10.0
Paysafe Warrants	17.9		—		—		17.9
Austerlitz II Warrants	—		—		24.7		24.7
Total other noncurrent assets	17.9		10.0		24.7		52.6
Total Assets	$	1,171.0	$	10.0	$	40.7	$	1,221.7
Liabilities:

Other accrued liabilities, current	$	—	$	3.6	$	—	$	3.6




Total Liabilities	$	—	$	3.6	$	—	$	3.6


	December 31, 2020
	Level 1		Level 2		Level 3		Total
	(In millions)

Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	35.2	$	35.2
Equity securities:
Ceridian	1,491.8		—		—		1,491.8
Forward Purchase Agreements (as defined in Annual Report)	—		—		136.1		136.1
Paysafe Subscription Agreement	—		—		169.6		169.6
Other	1.6		—		—		1.6
Total equity securities	$	1,493.4	$	—	$	305.7	$	1,799.1
Total assets	$	1,493.4	$	—	$	340.9	$	1,834.3

Fixed Maturity Securities

Our Level 3 fair value measurement for our fixed maturity securities available for sale are provided by a single third-party pricing service. Depending on security specific characteristics, either an income or a contingent claims approach was utilized in determining fair value of our Level 3 fixed-maturity securities available for sale. Discount rates are the primary unobservable inputs utilized for the securities valued using an income approach. The discount rates used are based on company-specific risk premiums, public company comparable securities, and leveraged loan indices. As discussed in Note A, as a result of the disposition of our Colt securities, we no longer have any Level 3 fixed-maturity securities available for sale as of June 30, 2021.

Equity Securities

The Forward Purchase Agreements and Subscription Agreements are accounted for at fair value pursuant to Accounting Standards Codification ("ASC") Topic 321 Investment - Equity Securities. We utilized a Monte Carlo Simulation in determining

the fair value of these agreements, which is considered to be a Level 3 fair value measurement. The Monte Carlo Simulation model simulates the current security price to a simulated date for the consummation of the underlying initial business combination based on probabilities of consummation. The values of the agreements are then calculated as the difference between the future simulated price and the fixed purchase prices for the underlying securities to be purchased pursuant to the Forward Purchase Agreements and the Subscription Agreements. The primary unobservable input utilized in determining the fair value of the Forward Purchase Agreements and Subscription Agreements is the probability of consummation of the business combinations of each underlying transaction. The probabilities assigned to the consummation of the Austerlitz II Initial Business Combination was 90% and the probability assigned to the consummation of the FTAC Alight Business Combination and the Tailwind QOMPLX Merger was 95%. Determination of such probabilities is based on a hybrid approach of both observed success rates of business combinations for SPACs and the sponsors of FTAC and Austerlitz II's track record for consummating similar transactions. The announced FTAC Alight Merger and Tailwind QOMPLX Merger were also considered in our determination of the probabilities. Based on the total fair value of the Forward Purchase Agreements and Subscription Agreements as of June 30, 2021, changes in the probabilities utilized will not result in a change in fair value that is significant or material to the Company's financial position or results of operations.

Austerlitz II Warrants

The Austerlitz II Warrants are accounted for at fair value pursuant to ASC Topic 815 Derivatives and Hedging. We utilized a modified Black-Scholes option pricing formula in determining the fair value of the Austerlitz II Warrants, which is considered to be a Level 3 fair value measurement. The value is calculated based on the price of the underlying class A common stock of Austerlitz II. The primary unobservable inputs utilized in determining the fair value of the warrants is the 90% probability of success assigned to the consummation of the Austerlitz II Initial Business Combination (further discussed above).

Backstop Agreements

The Backstop Agreements are considered written options and accounted for at fair value. We utilized a Black-Scholes option pricing formula in determining the fair value of the Backstop Agreements, which is considered to be a Level 2 fair value measurement. The value is calculated based on the common stock price of Austerlitz I and Trebia, the amount of time the Backstop Agreements are expected to be outstanding, risk free rates and the volatility of the underlying common stock of Austerlitz I and Trebia.

The following table presents a summary of the changes in the fair values of Level 3 assets and liabilities, measured on a recurring basis, for the three and six months ended June 30, 2021 and 2020 (in millions).


	Three months ended June 30, 2021
	Corporate debt		Forward Purchase		Subscription		Austerlitz II
	securities		Agreements		Agreements		Warrants		Total

Fair value, beginning of period	$	35.8	$	13.9	$	0.7	$	36.1	$	86.5

Recognized gain on settlement (1)	1.5		—		—		—		1.5
Net valuation loss included in earnings (1)	—		(5.8)		7.2		(11.4)		(10.0)



Settlement of corporate debt securities	(37.3)		—		—		—		(37.3)
Fair value, end of period	$	—	$	8.1	$	7.9	$	24.7	$	40.7


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

Fair value, beginning of period	$	26.1	$	—	$	26.1


Net valuation gain included in earnings (1)	—		12.5		12.5
Net valuation gain included in other comprehensive earnings (2)	7.8		—		7.8
Fair value, end of period	$	33.9	$	12.5	$	46.4


	Six Months Ended June 30, 2021
	Corporate debt		Forward Purchase		Subscription		Austerlitz II
	securities		Agreements		Agreements		Warrants		Total

Fair value, beginning of period	$	35.2	$	136.1	$	169.6	$	—	$	340.9

Recognized gain on settlement (1)	1.5		—						1.5
Net valuation (loss) gain included in earnings (1)	—		(27.4)		16.8		(4.9)		(15.5)
Reclassification to equity method investment in Paysafe and Paysafe Warrants	—		(100.6)		(178.5)		—		(279.1)
Purchase of Austerlitz II Warrants	—		—		—		29.6		29.6
Net valuation gain included in other comprehensive earnings (2)	0.6		—		—		—		0.6
Redemption of corporate debt securities	(37.3)		—		—		—		(37.3)
Fair value, end of period	$	—	$	8.1	$	7.9	$	24.7	$	40.7


	Six months ended June 30, 2020
	Corporate debt		Forward Purchase
	securities		Agreements		Total

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


Net valuation gain included in earnings (1)	—		12.5		12.5
Net valuation gain included in other comprehensive earnings (2)	14.7		—		14.7
Fair value, end of period	$	33.9	$	12.5	$	46.4

_____________________________________

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

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

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 six months ended June 30, 2021 and 2020.

All of the unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) on our Condensed Consolidated Statements of Comprehensive (Loss) Earnings for the three and six months ended June 30, 2021 and 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.

Investments, Debt and Equity Securities [Abstract]

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

Investments

6 Months Ended

Jun. 30, 2021

Investments

Equity 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 six months ended June 30, 2021 and 2020 (in millions):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Net gains (losses) recognized during the period on equity securities	$	148.3	$	578.9	$	(169.3)	$	1,263.8
Less: net gains (losses) recognized during the period on equity securities sold or transferred during the period	6.5		53.0		(21.8)		180.8
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$	141.8	$	525.9	$	(147.5)	$	1,083.0

Investments in Unconsolidated Affiliates

Investments in unconsolidated affiliates recorded using the equity method of accounting as of June 30, 2021 and December 31, 2020 consisted of the following (in millions):


	Ownership at June 30, 2021		June 30, 2021		December 31, 2020
Dun & Bradstreet	15.8	%	$	580.0	$	653.2
Paysafe (1)	7.5	%	823.0		—
Optimal Blue	20.0	%	272.5		279.8
AmeriLife	19.8	%	114.3		121.1
Other	various		198.9		398.9
Total			$	1,988.7	$	1,453.0

_____________________________________

(1) Represents the Company's direct and indirect interest in Paysafe.

Equity in (losses) earnings of unconsolidated affiliates for the three and six months ended June 30, 2021 and 2020 consisted of the following (in millions):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Dun & Bradstreet	$	(9.2)	$	(55.5)	$	(15.6)	$	(45.4)
Ceridian (1)	—		—		—		1.5
Optimal Blue	(4.2)		—		(8.2)		—
Senator JV	—		138.1		(1.2)		79.3
AmeriLife	(1.1)		(3.5)		(7.0)		(3.5)
Other	5.7		(21.6)		77.1		(27.1)
Total	$	(8.8)	$	57.5	$	45.1	$	4.8

_____________________________________

(1) The amount for the six months ended June 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.

Dun & Bradstreet

Based on quoted market prices, the aggregate value of our ownership of Dun & Bradstreet common stock was $1.5 billion as of June 30, 2021.

As of June 30, 2021, 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: (a) through our 15.8% ownership, (b) because certain of our senior management and directors serve on D&B's board of directors, and (c) 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.

Effective January 1, 2021, D&B made a change in accounting principle related to removal of lag accounting for its international operations that they believe to be preferable. The change in accounting policy was applied retrospectively by D&B. The impact of this change in accounting principle did not have a material impact to our results of operations or financial condition and was applied to our current period accounting for our investment in D&B.

Summarized financial information for Dun & Bradstreet for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. Financial information for the three and six months ended June 30, 2020 represents that of Star Parent, L.P. ("Star Parent"), the former parent of D&B through which the Company was invested prior to D&B's initial public offering in July 2020.


	June 30, 2021		December 31, 2020
	(In millions)
Total current assets	$	624.2	$	874.4
Goodwill and other intangible assets, net	8,378.4		7,672.7
Other assets	857.8		673.2
Total assets	$	9,860.4	$	9,220.3

Current liabilities	$	972.9	$	828.1
Long-term debt	3,545.8		3,255.8
Other non-current liabilities	1,693.1		1,552.5
Total liabilities	6,211.8		5,636.4

Total equity	3,648.6		3,583.9
Total liabilities and equity	$	9,860.4	$	9,220.3


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(In millions)
Total revenues	$	520.9	$	418.7	$	1,025.4	$	814.4
Loss before income taxes	(8.5)		(203.0)		(42.2)		(203.6)
Net loss	(50.8)		(174.7)		(74.1)		(100.4)
Dividends attributable to preferred equity and noncontrolling interest expense	(0.9)		(33.3)		(2.6)		(65.7)
Net loss attributable to Dun & Bradstreet	(51.7)		(208.0)		(76.7)		(166.1)

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.


	June 30, 2021		December 31, 2020
	(In millions)
Total current assets	$	56.6	$	38.0
Goodwill and other intangible assets, net	1,773.7		1,831.3
Other assets	101.5		100.1
Total assets	$	1,931.8	$	1,969.4

Current liabilities	$	33.9	$	28.9
Long-term debt	493.5		493.0
Other non-current liabilities	97.7		105.0
Total liabilities	625.1		626.9
Redeemable member's interest	578.0		578.0
Additional paid-in capital	817.4		813.0
Retained deficit	(88.7)		(48.5)
Total redeemable member's interest and equity	1,306.7		1,342.5
Total liabilities, redeemable member's interest and equity	$	1,931.8	$	1,969.4


	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
	(In millions)
Total revenues	$	44.3	$	85.9
Operating loss	(13.9)		(31.1)
Net loss	(18.7)		(40.2)

Paysafe

On March 30, 2021, we closed on our investment in Paysafe. We account for our investment in Paysafe as an equity method investment.

Based on quoted market prices, the aggregate value of our direct and indirect ownership of Paysafe common stock was $654.5 million as of June 30, 2021.

As of June 30, 2021, we hold less than 20% of the outstanding common equity of Paysafe but we account for our investment under the equity method because we continue to exert significant influence: (a) through our 7.5% direct and indirect ownership, (b) because certain of our senior management and directors serve on Paysafe's board of directors, including the chairman of our Board, William P. Foley II, who is also the chairman of Paysafe's board of directors, and (c) because we are party to an agreement with other of its equity investors pursuant to which we have the ability to appoint or be consulted on the election of the majority of the total directors of Paysafe.

As of June 30, 2021, there is a $567.8 million difference between the amount of our recorded direct investment in Paysafe and the amount of the Company's ratable portion of the underlying equity in net assets of Paysafe. We are currently evaluating the accounting treatment of such difference.

We report our equity in earnings or loss of Paysafe on a three-month lag. Because of the timing of the closing of the transaction and our lag reporting for Paysafe, there is no equity in earnings or loss of Paysafe included in the Company's results of operations for the three and six months ended June 30, 2021. Summarized balance sheet information for Paysafe for the relevant dates and time periods included in Investments in unconsolidated affiliates in our Condensed Consolidated Balance Sheets is presented below.


	March 31, 2021
	(In millions)
Total current assets	$	1,978.0

Goodwill and other intangible assets, net	4,929.0


Other assets	70.5
Total assets	$	6,977.5

Current liabilities	$	1,757.0
Long-term debt	2,052.6
Other liabilities	425.2
Total liabilities	4,234.8


Total equity	2,742.7
Total liabilities and equity	$	6,977.5

AmeriLife

On March 18, 2020, we closed on our $125.0 million investment in the AmeriLife Joint Venture. We account for our investment in AmeriLife as an equity method investment and report our equity in earnings or loss of AmeriLife on a three-month lag. Accordingly, our net earnings for the three and six months ended June 30, 2021 includes our equity in AmeriLife’s losses for the three and six months ended March 31, 2021 and our net earnings for the three and six months ended June 30, 2020 include our equity in AmeriLife's losses for the period from March 18, 2020 through March 31, 2020. Summarized financial information for AmeriLife 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.


	March 31, 2021		September 30, 2020
	(In millions)
Total current assets	$	132.0	$	108.5
Goodwill and other intangible assets, net	1,593.9		1,370.4
Other assets	23.4		16.4
Total assets	$	1,749.3	$	1,495.3

Current liabilities	$	79.3	$	53.1
Long-term debt	798.0		645.2
Other non-current liabilities	27.1		14.7
Total liabilities	904.4		713.0
Members' equity	577.8		607.4
Noncontrolling interest - nonredeemable	267.1		174.9
Total member's equity	844.9		782.3
Total liabilities and members' equity	$	1,749.3	$	1,495.3


	Three Months Ended March 31, 2021		Period from March 18, 2020 to March 31, 2020		Six Months Ended March 31, 2021
	(In millions)
Total revenues	$	149.3	$	14.7	$	280.3
Operating income (loss)	26.6		(16.1)		24.2
Net income (loss)	14.2		(16.9)		0.5
Income attributable to noncontrolling interests	19.8		0.4		30.9
Net loss attributable to AmeriLife	(5.6)		(17.3)		(30.4)

Fixed Maturity Securities

As discussed in Note A, we received the full payment for the Colt corporate debt securities and as of June 30, 2021, we held no fixed maturity securities. The carrying amounts and fair values of our available for sale fixed maturity securities at December 31, 2020 are as follows:


	December 31, 2020
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	35.2	$	22.0	$	13.2	$	—	$	35.2

Total	$	35.2	$	22.0	$	13.2	$	—	$	35.2

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. During the six months ended June 30, 2021 and 2020, we incurred no other-than-temporary impairment charges relating to corporate debt securities.

Equity Security Investments Without Readily Determinable Fair Values

We account for our investment in preferred equity of QOMPLX at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions. As of June 30, 2021, we have $30.0 million recorded for our investment in the equity of 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.

Variable Interest Entities

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

The Company, in the normal course of business, engages in certain activities that involve variable interest entities ("VIEs"), which are legal entities in which a group of equity investors individually lack any of the characteristics of a controlling interest. The primary beneficiary of a VIE is generally the enterprise that has both the power to direct the activities most significant to the economic performance of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. The Company evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate. As of and for the periods ended June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020, of which we are not the primary beneficiary:


		June 30, 2021				December 31, 2020
		Total Assets		Maximum Exposure			Total Assets		Maximum Exposure
	(in millions)
Investments in unconsolidated affiliates		$	146.1	$	146.1		$	299.7	$	299.7
Paysafe PIPE subscription		—		—			169.6		169.6
Forward Purchase Agreements		8.1		8.1			136.1		136.1

Backstop Agreements		10.0		10.0			—		—

Investments in Unconsolidated Affiliates

As of June 30, 2021, we held variable interests in certain unconsolidated affiliates, which are primarily comprised of our investments in the sponsors of FTAC, Trebia, Austerlitz I and Austerlitz II 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; therefore, we are not the primary beneficiary.

The principal risk to which these investments and funds are exposed is the credit risk of the underlying investees. 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.

Forward Purchase, Subscription and Backstop Agreements

In addition to the Forward Purchase Agreements, Alight Subscription Agreement, and Backstop Agreements, the Company made investments in the sponsors of FTAC, Trebia Austerlitz I and Austerlitz 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, Alight Subscription Agreement and Backstop Agreements are accounted for as investments in equity

securities pursuant to ASC 321 or as written options. See Notes C and D for further information on our accounting for equity securities and written options.

Notes Payable

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Notes Payable

Notes payable consists of the following:


	June 30, 2021		December 31, 2020
	(In millions)
99 Term Loan	$	14.4	$	16.8
99 Revolver	—		5.0

2020 Margin Facility	—		—

FNF Revolver	—		—
Brasada Interstate Loans	12.9		13.1
Other	24.2		28.6
Notes payable, total	$	51.5	$	63.5

Less: Notes payable, current	26.8		11.3
Notes payable, long term	$	24.7	$	52.2

At June 30, 2021, the carrying value of our outstanding notes payable approximates fair value. The respective carrying values of the loans under the 99 Restaurants Credit Facility and the B Note, Development Loan and Line of Credit Loan pursuant to the Interstate Credit Agreement, each as defined below, approximate fair value as they are variable rate instruments with monthly reset periods 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 June 30, 2021.

2020 Margin Facility

On November 30, 2020, Cannae Funding C, LLC (“Borrower 1”), an indirect wholly-owned special purpose subsidiary of the Company, and Cannae Funding D, LLC (“Borrower 2” and, together with Borrower 1, the “Borrowers”), an indirect wholly-owned special purpose subsidiary of the Company, entered into a Margin Loan Agreement (the “2020 Margin Facility”) with the lenders from time to time party thereto and Royal Bank of Canada. The Company concurrently entered into a guaranty (the “Guaranty Agreement”) for the benefit of each of the lenders to the 2020 Margin Facility pro rata to their loan commitments, pursuant to which the Company absolutely, unconditionally and irrevocably guaranteed all of the Borrowers’ obligations under the 2020 Margin Facility for a period of up to one year after the later of (i) the conditions precedent to the obligations of the lenders under the Loan Agreement being met (the date when such conditions have been met, the “Closing Date”) or (ii) as relevant, additional collateral or additional loan commitments being provided. Under the 2020 Margin Facility, the Borrowers may initially borrow up to $100.0 million in revolving loans and, subject to certain terms and conditions, may enter into an amendment to the 2020 Margin Facility to borrow up to $500.0 million in revolving loans (including the initial revolving loans) from the same initial lender and/or additional lenders on substantially identical terms and conditions as the initial revolving loans. The 2020 Margin Facility matures on the 36-month anniversary of the Closing Date. All outstanding amounts under the 2020 Margin Facility bear interest quarterly at a rate per annum equal to a three-month LIBOR rate plus an applicable margin. Interest will be payable in kind unless the Borrowers elect to pay interest in cash or a cumulative cap is exceeded. The Borrowers’ obligations under the 2020 Margin Facility will be secured by a first priority lien on (i) 6,000,000 shares of common stock, par value $0.01 per share (the “Ceridian Common Stock”), of Ceridian, which the Company contributed to Borrower 1, and (ii) 19,000,000 shares of common stock, par value $0.0001 per share (the “DNB Common Stock”), of D&B, which the Company contributed to Borrower 2. The Borrowers may also, at their discretion, post up to an additional 4,000,000 shares of Ceridian Common Stock and/or 11,000,000 shares of DNB Common Stock as collateral for the revolving loans from time to time after the Closing Date, subject to certain notice, guaranty, average daily trading volume and other requirements. The 2020 Margin Facility requires the Borrowers to maintain a certain loan-to-value ratio (based on the value of Ceridian Common Stock and DNB Common Stock). In the event the Borrowers fail to maintain such loan-to-value ratio, the Borrowers must post additional cash collateral under the Loan Agreement and/or elect to repay a portion of the revolving loans thereunder, or sell the Ceridian Common Stock and/or DNB Common Stock and use the proceeds from such sale to prepay a portion of the revolving loans thereunder.

As of June 30, 2021, there was no outstanding balance and $100.0 million of capacity under the 2020 Margin Facility with an option to increase the capacity to $500.0 million upon amendment.

99 Restaurants Credit Facility

On December 21, 2018, 99 Restaurants LLC, a direct, wholly-owned subsidiary of 99 Restaurants entered into a credit agreement (the "99 Restaurants Credit Facility"), as amended from time to time, 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. Interest on the 99 Credit Facility is based on, at our option, an applicable margin of (x) two and one half percent (2.50%) per annum with respect to Base Rate Loans, as provided therein, and (y) three and one half percent (3.50%) per annum with respect to LIBOR Loans, as provided therein. The 99 Restaurants Credit Facility also allows for 99 Restaurants LLC to request up to $5.0 million of letters of credit commitments and $2.5 million in swingline debt from Fifth Third Bank as the administrative agent. The obligations of the 99 Restaurants LLC under the 99 Restaurants Credit Facility are guaranteed by 99 Restaurants. The 99 Restaurants Credit Facility is subject to affirmative, negative and financial covenants customary for financings of this type, including, among other things, limits on the Borrower’s creation of liens, sales of assets, incurrence of indebtedness, restricted payments and transactions with affiliates. The 99 Restaurants Credit Facility includes customary events of default for facilities of this type (with customary grace periods, as applicable). The 99 Restaurants Credit Facility provides that, upon the occurrence of an event of default, Fifth Third Bank, as administrative agent, may (i) declare the principal of, and any and all accrued and unpaid interest and all other amounts owed in respect of, the loans immediately due and payable, (ii) terminate loan commitments and (iii) exercise all other rights and remedies available to Fifth Third Bank or the lenders under the loan documents. On December 1, 2020, 99 Restaurants LLC entered into a waiver, consent and amendment to the 99 Restaurants Credit Facility pursuant to which a payment was made, and the borrowing capacity under the 99 Revolver was permanently reduced by, $7.5 million, the borrowing capacity under the 99 Revolver will be reduced by another $2.5 million in 2021, the applicable margin was increased by 1.00% with respect to both Base Rate Loans and LIBOR Loans, the lender's commitment to provide the 99 DLOC Loan was terminated, and certain of the financial covenants were added or waived until the second quarter of 2021, among other changes.

As of June 30, 2021, interest on the 99 Term Loan and 99 Revolver is payable monthly at a rate of 4.63% and 6.75%, respectively, and there is $6.5 million of aggregate borrowing capacity under the 99 Revolver.

Brasada Interstate Loans

On January 29, 2016, FNF NV Brasada, LLC, an Oregon limited liability company and majority-owned subsidiary of Cannae ("NV Brasada"), entered into a credit agreement with an aggregate borrowing capacity of $17.0 million (the “Interstate Credit Agreement”) originally with Bank of the Cascades, as lender. The Interstate Credit Agreement provides for (i) a $12.5 million acquisition loan (the "Acquisition Loan"). 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. NV Brasada makes equal monthly payments of principal and interest under the Acquisition Loan. The Interstate Loans are secured by certain single-family residential lots that can be sold for construction, owned by NV Brasada, and certain other operating assets owned by NV Brasada. The Company does not provide any guaranty or stock pledge under the Interstate Credit Agreement.

As of June 30, 2021, the B Note, C Note and Line of Credit Loan incurred interest at 2.35%.

FNF Revolver

On November 17, 2017, Fidelity National Financial, Inc. ("FNF") issued to Cannae a revolver note in aggregate principal amount of up to $100.0 million (the "FNF Revolver"). Pursuant to the FNF Revolver, FNF may make one or more loans to us in increments of $1.0 million, with up to $100.0 million outstanding at any time. The FNF Revolver accrues interest at LIBOR plus 450 basis points and matures on the five-year anniversary of the date of the FNF Revolver. The maturity date is automatically extended for additional five-year terms unless notice of non-renewal is otherwise provided by either FNF or Cannae, in their sole discretion.

As of June 30, 2021, 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 June 30, 2021 are as follows (in millions):



2021 (remaining)	$	4.2
2022	26.6
2023	8.2
2024	0.9
2025	0.6
Thereafter	12.0
Total	$	52.5

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies

Legal Contingencies

In the ordinary course of business, we are involved in various pending and threatened litigation and regulatory matters related to our operations, some of which include claims for punitive or exemplary damages. Our ordinary course litigation includes purported class action lawsuits, which make allegations related to various aspects of our business. From time to time, we also receive requests for information from various state and federal regulatory authorities, some of which take the form of civil investigative demands or subpoenas. Some of these regulatory inquiries may result in the assessment of fines for violations of regulations or settlements with such authorities requiring a variety of remedies. We believe that no actions, other than those discussed below, if any, depart from customary litigation or regulatory inquiries incidental to our business.

Our Restaurant Group companies are a defendant from time to time in various legal proceedings arising in the ordinary course of business, including claims relating to injury or wrongful death under “dram shop” laws that allow a person to sue us based on any injury caused by an intoxicated person who was wrongfully served alcoholic beverages at one of the restaurants; individual and purported class or collective action claims alleging violation of federal and state employment, franchise and other laws; and claims from guests or employees alleging illness, injury or other food quality, health or operational concerns. Our Restaurant Group companies are also subject to compliance with extensive government laws and regulations related to employment practices and policies and the manufacture, preparation, and sale of food and alcohol. We may also become subject to lawsuits and other proceedings, as well as card network fines and penalties, arising out of the actual or alleged theft of our customers' credit or debit card information.

We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts that represents our best estimate is recorded. As of June 30, 2021 and December 31, 2020, our accruals for settlements of legal proceedings was not considered material. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period in the event of an unfavorable outcome, at present, we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or cash flows.

On September 23, 2020, a stockholder derivative lawsuit styled Oklahoma Firefighters Pension & Retirement System, derivatively on behalf of Cannae Holdings, Inc. v. William P. Foley, II, et al., was filed in the Court of Chancery of the State of Delaware against the Company, certain Board members and officers of the Company, and the Manager, alleging breach of fiduciary duties relating to the Company’s Management Services Agreement. The plaintiff further alleges the Board breached their fiduciary duties by approving bonuses in connection with the initial public offering of Ceridian and the approval of an Investment Success Incentive Plan in August 2018. Along with the Complaint, the plaintiff filed a motion for partial summary judgment as to the count seeking to void the Management Services Agreement. On January 27, 2021, the Company entered into an amendment to the Management Services Agreement and plaintiff withdrew its motion for partial summary judgment as moot. On February 1, 2021, the court ordered the plaintiff's summary judgment motion withdrawn and dismissed the related count of the plaintiff's complaint. On February 18, 2021, our Board formed a Special Litigation Committee (the "SLC") consisting of two of the Board’s Directors, and has authorized the SLC, among other things, to investigate and evaluate the

claims and allegations asserted in the lawsuit. The Board has also given the SLC the sole authority and power to consider and determine whether or not prosecution of the claims asserted in the lawsuit is in the best interest of the Company and its shareholders, and what action the Company should take with respect to the lawsuit. On March 9, 2021, the Court entered a stipulated Order staying the action for six months to allow the SLC to investigate, review, and evaluate the facts, circumstances, and claims asserted in or relating to the action and to determine the Company’s response thereto. The defendants will contest the remaining claims in the action vigorously.

Unconditional Purchase Obligations

We have certain unconditional purchase obligations, primarily in our Restaurant Group segment. These purchase obligations are with various vendors and are primarily related to food and beverage obligations with fixed commitments in regards to the time period of the contract and the quantities purchased with annual price adjustments that can fluctuate. We used both historical and projected volume and pricing as of June 30, 2021 to determine the amount of the obligations. Purchase obligations as of June 30, 2021 are as follows (in millions):


2021 (remaining)	$	43.3
2022	14.7
2023	8.7
2024	7.1
2025	5.9
Thereafter	6.8
Total purchase commitments	$	86.5

Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

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

On March 30, 2021, we closed on our investment in Paysafe. We account for our investment in Paysafe as an equity method investment and report our equity in earnings or loss of Paysafe on a three-month lag. Because we closed on our investment in Paysafe at the end of the first quarter of 2021 and record our share of its earnings or loss on a three-month lag, there is no equity in earnings or loss of Paysafe included in our results of operations for the three or six months ended June 30, 2021. We expect our chief operating decision maker will review the full financial results of Paysafe for purposes of assessing performance and allocating resources of the Company. Thus, we expect to include the full financial results of Paysafe in the tables below in the third quarter of 2021 in conjunction with our recording of our proportionate share of Paysafe’s second quarter of 2021 earnings or loss on a lag basis.

Beginning in the three months ended March 31, 2021, AmeriLife exceeded certain of the quantitative thresholds prescribed by ASC 280 Segment Reporting and we began considering AmeriLife a reportable segment. We made our initial investment in AmeriLife in March 18, 2020. We account for our investment in AmeriLife as an equity method investment and report our equity in earnings or loss of AmeriLife on a three-month lag.

As of and for the three months ended June 30, 2021:


	Restaurant Group		Dun & Bradstreet		Optimal Blue		AmeriLife		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	189.9	$	—	$	—	$	—	$	—	$	—	$	189.9
Other operating revenues	—		520.9		44.3		149.3		12.5		(714.5)		12.5
Revenues from external customers	189.9		520.9		44.3		149.3		12.5		(714.5)		202.4
Interest, investment and other income, including recognized gains and losses, net	1.0		12.6		—		—		273.5		(12.6)		274.5
Total revenues and other income	190.9		533.5		44.3		149.3		286.0		(727.1)		476.9
Depreciation and amortization	5.6		152.3		34.4		19.1		0.8		(205.8)		6.4
Interest expense	(2.5)		(48.0)		(7.8)		(12.4)		—		68.2		(2.5)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	4.3		(8.5)		(21.7)		14.2		231.5		16.0		235.8
Income tax benefit	—		43.0		(3.0)		—		49.3		(40.0)		49.3
(Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates	4.3		(51.5)		(18.7)		14.2		182.2		56.0		186.5
Equity in earnings (losses) of unconsolidated affiliates	—		0.7		—		—		5.7		(15.2)		(8.8)
Net loss from continuing operations	$	4.3	$	(50.8)	$	(18.7)	$	14.2	$	187.9	$	40.8	$	177.7
Assets	$	496.0	$	9,860.4	$	1,931.8	$	1,749.3	$	3,943.6	$	(13,541.5)	$	4,439.6
Goodwill	53.4		3,331.1		1,237.0		875.1		—		(5,443.2)		53.4

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


	Restaurant Group		Dun & Bradstreet		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	99.4	$	—	$	—	$	—	$	99.4
Other operating revenues	—		418.7		3.2		(418.7)		3.2
Revenues from external customers	99.4		418.7		3.2		(418.7)		102.6
Interest investment and other income (expense), including recognized gains and losses, net	(0.1)		(122.7)		586.5		122.7		586.4
Total revenues and other income	99.3		296.0		589.7		(296.0)		689.0
Depreciation and amortization	6.6		132.7		0.7		(132.7)		7.3
Interest expense	(1.1)		(78.0)		0.1		78.0		(1.0)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(24.0)		(203.0)		563.7		203.0		539.7
Income tax (benefit) expense	—		(27.7)		131.1		27.7		131.1
(Loss) earnings before equity in earnings of unconsolidated affiliates	(24.0)		(175.3)		432.6		175.3		408.6
Equity in earnings (losses) of unconsolidated affiliates	(9.7)		0.6		122.7		(56.1)		57.5
Net (loss) earnings from continuing operations	$	(33.7)	$	(174.7)	$	555.3	$	119.2	$	466.1
Assets	$	408.0	$	8,981.9	$	3,380.6	$	(8,981.9)	$	3,788.6
Goodwill	53.5		2,848.8		—		(2,848.8)		53.5

As of and for the six months ended June 30, 2021:


	Restaurant Group		Dun & Bradstreet		Optimal Blue		AmeriLife		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	357.2	$	—	$	—	$	—	$	—	$	—	$	357.2
Other operating revenues	—		1,025.4		85.9		280.3		17.1		(1,391.6)		17.1
Revenues from external customers	357.2		1,025.4		85.9		280.3		17.1		(1,391.6)		374.3
Interest, investment and other income, including recognized gains and losses, net	1.2		19.5		—		—		(38.3)		(19.5)		(37.1)
Total revenues and other income	358.4		1,044.9		85.9		280.3		(21.2)		(1,411.1)		337.2
Depreciation and amortization	12.8		302.0		68.6		36.3		1.5		(406.9)		14.3
Interest expense	(4.9)		(96.9)		(15.6)		(23.6)		0.3		136.1		(4.6)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(3.7)		(42.2)		(46.7)		0.5		(110.2)		88.4		(113.9)
Income tax benefit	—		33.2		(6.5)		—		(12.7)		(26.7)		(12.7)
(Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates	(3.7)		(75.4)		(40.2)		0.5		(97.5)		115.1		(101.2)
Equity in earnings (losses) of unconsolidated affiliates	—		1.3		—		—		75.8		(32.0)		45.1
Net loss from continuing operations	$	(3.7)	$	(74.1)	$	(40.2)	$	0.5	$	(21.7)	$	83.1	$	(56.1)
Assets	$	496.0	$	9,860.4	$	1,931.8	$	1,749.3	$	3,943.6	$	(13,541.5)	$	4,439.6
Goodwill	53.4		3,331.1		1,237.0		875.1		—		(5,443.2)		53.4

As of and for the six months ended June 30, 2020:


	Restaurant Group		Dun & Bradstreet		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	269.3	$	—	$	—	$	—	$	269.3
Other operating revenues	—		814.4		6.3		(814.4)		6.3
Revenues from external customers	269.3		814.4		6.3		(814.4)		275.6
Interest investment and other income, including recognized gains and losses, net	7.7		(33.1)		1,496.0		33.1		1,503.7
Total revenues and other income	277.0		781.3		1,502.3		(781.3)		1,779.3
Depreciation and amortization	14.3		267.1		1.4		(267.1)		15.7
Interest expense	(4.2)		(161.0)		(0.6)		161.0		(4.8)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(44.9)		(203.6)		1,444.8		203.6		1,399.9
Income tax (benefit) expense	—		(101.9)		300.5		101.9		300.5
(Loss) earnings before equity in earnings of unconsolidated affiliates	(44.9)		(101.7)		1,144.3		101.7		1,099.4
Equity in earnings (losses) of unconsolidated affiliates	(14.9)		1.2		65.1		(46.6)		4.8
Net (loss) earnings from continuing operations	$	(59.8)	$	(100.5)	$	1,209.4	$	55.1	$	1,104.2
Assets	$	408.0	$	8,981.9	$	3,380.6	$	(8,981.9)	$	3,788.6
Goodwill	53.5		2,848.8		—		(2,848.8)		53.5

The activities in our segments include the following:

•Restaurant Group. This segment consists of the operations of O'Charley's, 99 Restaurants, Legendary Baking, and VIBSQ in which we had 65.4%, 88.5%, 100% and 100% ownership interests, respectively. O'Charley's, 99 Restaurants, Legendary Baking, VIBSQ and their affiliates are the owners and operators of the O'Charley's restaurant concept, Ninety Nine Restaurants restaurant concept, Legendary Baking bakery and the Village Inn and Bakers Square restaurant concepts.

•Dun & Bradstreet. This segment consists of our 15.8% 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 sales force 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, 2020 contained more than 420 million business records. Our chief operating decision maker reviews the full financial results of Dun & Bradstreet for purposes of assessing performance and allocating resources. Thus, we consider Dun & Bradstreet a reportable segment and have included the full results of Dun & Bradstreet subsequent to our initial investment 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 Affiliate Elimination section of the segment presentation above. 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, which we acquired on September 15, 2020. 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 Affiliate Elimination section of the segment presentation above. See Note D for further discussion of our investment in Optimal Blue and related accounting.

•AmeriLife. This segment consists of our 19.8% ownership interest in AmeriLife. AmeriLife is a leader in marketing and distributing life, health, and retirement solutions. AmeriLife has partnered with the nation’s leading insurance carriers to provide value and quality to customers served through a national distribution network of insurance agents and advisors, marketing organizations, and insurance agency locations. AmeriLife exceeds certain of the quantitative thresholds prescribed by ASC 280 Segment Reporting and our chief operating decision maker reviews the financial results of AmeriLife for purposes of assessing performance and allocating resources. Thus, we consider AmeriLife a reportable segment and have included the results of operations of AmeriLife in the tables above. We account for our investment in AmeriLife as an equity method investment and therefore its results do not consolidate into ours. Accordingly, we have presented the elimination of AmeriLife's results in the Affiliate Elimination section of the segment presentation above. See Note D for further discussion of our investment in AmeriLife and related accounting. We report our equity in earnings or loss of AmeriLife on a three-month lag. Our net earnings and the segment tables above for the three and six months ended June 30, 2021 includes our equity in AmeriLife’s losses for the periods from December 31, 2020 through March 31, 2021 and September 30, 2020 through March 31, 2021, respectively.

•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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2021

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.


	Six months ended June 30,
	2021		2020
	(In millions)
Cash paid during the period:
Interest	$	2.8	$	3.1
Income taxes	64.8		0.2
Operating leases	19.5		21.5

Assets Held for Sale

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

In the six months ended June 30, 2021, we began the process of the Dispositions. As a result of the Company's plan to dispose Legendary Baking, VIBSQ and RC, we have classified the assets and liabilities of each as assets and liabilities held for sale on our Condensed Consolidated Balance Sheet as of June 30, 2021.

The carrying amounts of the major classes of assets and liabilities included as part of the disposal groups classified as held for sale is presented below:


	June 30, 2021
	(In millions)
Assets
Cash and cash equivalents	$	4.1
Trade receivables, net	8.7
Inventory	9.8
Property and equipment, net	33.2
Right of use assets	16.8
Intangible assets	21.4
Other assets	17.4
Valuation allowance	(7.0)
Total Assets	$	104.4

Liabilities
Accounts payable and other accrued liabilities	$	24.6
Lease liabilities	15.7
Other liabilities	2.8

Total liabilities	$	43.1

We recorded a loss of $7.0 million as a result of classifying Legendary Baking and VIBSQ as held for sale, which is included in Recognized gains (losses), net on the Condensed Consolidated Statement of Operations for the six months ended June 30, 2021. Legendary Baking and VIBSQ are included in the Restaurant Group segment and RC is included in the Corporate and other segment.

Basis of Financial Statements (Policies)	6 Months Ended
Basis of Financial Statements (Policies)	Jun. 30, 2021
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, 2020. 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 fair value measurements (Note C). Actual results may differ from estimates.
Related Party Transactions	Related Party Transactions During the six months ended June 30, 2021 and 2020, we incurred $15.7 million and $8.6 million, respectively, of management fee expenses payable to our Manager, and in the three and six months ended June 30, 2021, we incurred $20.3 million and $37.4 million of carried interest expense related to monetization of the Company's investments, which are recorded in Other operating expenses on our Condensed Consolidated Statement of Operations.
Earnings Per Share	Earnings Per Share Basic earnings per share, as presented on the Condensed Consolidated Statement of Operations, is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted loss per share is equal to basic loss per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain shares of restricted stock that have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. 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 We have completed our evaluation of the recently issued accounting pronouncements and we did not identify any that are expected to, if currently adopted, have a material impact on our Condensed Consolidated Financial Statements.
Revenue Recognition	Restaurant revenue consists of restaurant sales, bakery sales, and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and gift card breakage, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided. Revenue from bakery operations is recognized at a point in time in the period during which the products are shipped and control transfers to the customer. Franchise revenue and other revenue consist of development fees and royalties on sales by franchised units. Initial franchise fees are recognized as income upon commencement of the franchise operation and completion of all material services and conditions by the Company. Royalties are calculated as a percentage of the franchisee sales and recognized in the period in which the sales are generated. Revenue resulting from the sale of gift cards is recognized in the period in which the gift card is redeemed and is recorded as deferred revenue until recognized. Other operating revenue consists of income generated by our resort operations, which includes sales of real estate, lodging rentals, food and beverage sales, and other income from various resort services offered. Revenue is recognized upon closing of the sale of real estate or once goods and services have been provided and billed to the customer.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue from Contract with Customer [Abstract]

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2021

Disaggregation of Revenue

Our revenue consists of:


		Three months ended June 30,				Six months ended June 30,
		2021		2020		2021		2020
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(in millions)
Restaurant sales	Restaurant Group	$	180.5	$	99.3	$	338.6	$	266.3
Bakery sales	Restaurant Group	8.4		—		16.6		2.2
Franchise and other	Restaurant Group	1.0		0.1		2.0		0.8
Total restaurant revenue		189.9		99.4		357.2		269.3
Other operating revenue:


Real estate and resort	Corporate and other	11.5		3.0		15.6		5.8
Other	Corporate and other	1.0		0.2		1.5		0.5
Total other operating revenue		12.5		3.2		17.1		6.3
Total operating revenues		$	202.4	$	102.6	$	374.3	$	275.6

Contract Balances

The following table provides information about trade receivables and deferred revenue:


	June 30,		December 31,
	2021		2020
	(In millions)
Trade receivables, net	$	6.3	$	17.6


Deferred revenue (contract liabilities)	15.6		23.9

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 and December 31, 2020, respectively:


	June 30, 2021
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Equity securities:
Ceridian	$	1,151.0	$	—	$	—	$	1,151.0
Forward Purchase Agreements	—		—		8.1		8.1
Subscription Agreements	—		—		7.9		7.9


Other	2.1		—		—		2.1
Total equity securities	1,153.1		—		16.0		1,169.1
Other noncurrent assets:
Backstop Agreements	—		10.0		—		10.0
Paysafe Warrants	17.9		—		—		17.9
Austerlitz II Warrants	—		—		24.7		24.7
Total other noncurrent assets	17.9		10.0		24.7		52.6
Total Assets	$	1,171.0	$	10.0	$	40.7	$	1,221.7
Liabilities:

Other accrued liabilities, current	$	—	$	3.6	$	—	$	3.6




Total Liabilities	$	—	$	3.6	$	—	$	3.6


	December 31, 2020
	Level 1		Level 2		Level 3		Total
	(In millions)

Fixed-maturity securities available for sale:
Corporate debt securities	$	—	$	—	$	35.2	$	35.2
Equity securities:
Ceridian	1,491.8		—		—		1,491.8
Forward Purchase Agreements (as defined in Annual Report)	—		—		136.1		136.1
Paysafe Subscription Agreement	—		—		169.6		169.6
Other	1.6		—		—		1.6
Total equity securities	$	1,493.4	$	—	$	305.7	$	1,799.1
Total assets	$	1,493.4	$	—	$	340.9	$	1,834.3

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


	Three months ended June 30, 2021
	Corporate debt		Forward Purchase		Subscription		Austerlitz II
	securities		Agreements		Agreements		Warrants		Total

Fair value, beginning of period	$	35.8	$	13.9	$	0.7	$	36.1	$	86.5

Recognized gain on settlement (1)	1.5		—		—		—		1.5
Net valuation loss included in earnings (1)	—		(5.8)		7.2		(11.4)		(10.0)



Settlement of corporate debt securities	(37.3)		—		—		—		(37.3)
Fair value, end of period	$	—	$	8.1	$	7.9	$	24.7	$	40.7


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

Fair value, beginning of period	$	26.1	$	—	$	26.1


Net valuation gain included in earnings (1)	—		12.5		12.5
Net valuation gain included in other comprehensive earnings (2)	7.8		—		7.8
Fair value, end of period	$	33.9	$	12.5	$	46.4


	Six Months Ended June 30, 2021
	Corporate debt		Forward Purchase		Subscription		Austerlitz II
	securities		Agreements		Agreements		Warrants		Total

Fair value, beginning of period	$	35.2	$	136.1	$	169.6	$	—	$	340.9

Recognized gain on settlement (1)	1.5		—						1.5
Net valuation (loss) gain included in earnings (1)	—		(27.4)		16.8		(4.9)		(15.5)
Reclassification to equity method investment in Paysafe and Paysafe Warrants	—		(100.6)		(178.5)		—		(279.1)
Purchase of Austerlitz II Warrants	—		—		—		29.6		29.6
Net valuation gain included in other comprehensive earnings (2)	0.6		—		—		—		0.6
Redemption of corporate debt securities	(37.3)		—		—		—		(37.3)
Fair value, end of period	$	—	$	8.1	$	7.9	$	24.7	$	40.7

Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Gains on Equity Securities Included in Recognized Gains and Losses


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Net gains (losses) recognized during the period on equity securities	$	148.3	$	578.9	$	(169.3)	$	1,263.8
Less: net gains (losses) recognized during the period on equity securities sold or transferred during the period	6.5		53.0		(21.8)		180.8
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$	141.8	$	525.9	$	(147.5)	$	1,083.0

Schedule of Investments and Equity in Earnings of Unconsolidated Affiliates

Investments in unconsolidated affiliates recorded using the equity method of accounting as of June 30, 2021 and December 31, 2020 consisted of the following (in millions):


	Ownership at June 30, 2021		June 30, 2021		December 31, 2020
Dun & Bradstreet	15.8	%	$	580.0	$	653.2
Paysafe (1)	7.5	%	823.0		—
Optimal Blue	20.0	%	272.5		279.8
AmeriLife	19.8	%	114.3		121.1
Other	various		198.9		398.9
Total			$	1,988.7	$	1,453.0

_____________________________________

(1) Represents the Company's direct and indirect interest in Paysafe.

Equity in (losses) earnings of unconsolidated affiliates for the three and six months ended June 30, 2021 and 2020 consisted of the following (in millions):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Dun & Bradstreet	$	(9.2)	$	(55.5)	$	(15.6)	$	(45.4)
Ceridian (1)	—		—		—		1.5
Optimal Blue	(4.2)		—		(8.2)		—
Senator JV	—		138.1		(1.2)		79.3
AmeriLife	(1.1)		(3.5)		(7.0)		(3.5)
Other	5.7		(21.6)		77.1		(27.1)
Total	$	(8.8)	$	57.5	$	45.1	$	4.8

_____________________________________


	June 30, 2021		December 31, 2020
	(In millions)
Total current assets	$	624.2	$	874.4
Goodwill and other intangible assets, net	8,378.4		7,672.7
Other assets	857.8		673.2
Total assets	$	9,860.4	$	9,220.3

Current liabilities	$	972.9	$	828.1
Long-term debt	3,545.8		3,255.8
Other non-current liabilities	1,693.1		1,552.5
Total liabilities	6,211.8		5,636.4

Total equity	3,648.6		3,583.9
Total liabilities and equity	$	9,860.4	$	9,220.3


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	(In millions)
Total revenues	$	520.9	$	418.7	$	1,025.4	$	814.4
Loss before income taxes	(8.5)		(203.0)		(42.2)		(203.6)
Net loss	(50.8)		(174.7)		(74.1)		(100.4)
Dividends attributable to preferred equity and noncontrolling interest expense	(0.9)		(33.3)		(2.6)		(65.7)
Net loss attributable to Dun & Bradstreet	(51.7)		(208.0)		(76.7)		(166.1)

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.


	June 30, 2021		December 31, 2020
	(In millions)
Total current assets	$	56.6	$	38.0
Goodwill and other intangible assets, net	1,773.7		1,831.3
Other assets	101.5		100.1
Total assets	$	1,931.8	$	1,969.4

Current liabilities	$	33.9	$	28.9
Long-term debt	493.5		493.0
Other non-current liabilities	97.7		105.0
Total liabilities	625.1		626.9
Redeemable member's interest	578.0		578.0
Additional paid-in capital	817.4		813.0
Retained deficit	(88.7)		(48.5)
Total redeemable member's interest and equity	1,306.7		1,342.5
Total liabilities, redeemable member's interest and equity	$	1,931.8	$	1,969.4


	Three Months Ended June 30, 2021		Six Months Ended June 30, 2021
	(In millions)
Total revenues	$	44.3	$	85.9
Operating loss	(13.9)		(31.1)
Net loss	(18.7)		(40.2)

Summarized balance sheet information for Paysafe for the relevant dates and time periods included in Investments in unconsolidated affiliates in our Condensed Consolidated Balance Sheets is presented below.


	March 31, 2021
	(In millions)
Total current assets	$	1,978.0

Goodwill and other intangible assets, net	4,929.0


Other assets	70.5
Total assets	$	6,977.5

Current liabilities	$	1,757.0
Long-term debt	2,052.6
Other liabilities	425.2
Total liabilities	4,234.8


Total equity	2,742.7
Total liabilities and equity	$	6,977.5

We account for our investment in AmeriLife as an equity method investment and report our equity in earnings or loss of AmeriLife on a three-month lag. Accordingly, our net earnings for the three and six months ended June 30, 2021 includes our equity in AmeriLife’s losses for the three and six months ended March 31, 2021 and our net earnings for the three and six months ended June 30, 2020 include our equity in AmeriLife's losses for the period from March 18, 2020 through March 31, 2020. Summarized financial information for AmeriLife 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.


	March 31, 2021		September 30, 2020
	(In millions)
Total current assets	$	132.0	$	108.5
Goodwill and other intangible assets, net	1,593.9		1,370.4
Other assets	23.4		16.4
Total assets	$	1,749.3	$	1,495.3

Current liabilities	$	79.3	$	53.1
Long-term debt	798.0		645.2
Other non-current liabilities	27.1		14.7
Total liabilities	904.4		713.0
Members' equity	577.8		607.4
Noncontrolling interest - nonredeemable	267.1		174.9
Total member's equity	844.9		782.3
Total liabilities and members' equity	$	1,749.3	$	1,495.3


	Three Months Ended March 31, 2021		Period from March 18, 2020 to March 31, 2020		Six Months Ended March 31, 2021
	(In millions)
Total revenues	$	149.3	$	14.7	$	280.3
Operating income (loss)	26.6		(16.1)		24.2
Net income (loss)	14.2		(16.9)		0.5
Income attributable to noncontrolling interests	19.8		0.4		30.9
Net loss attributable to AmeriLife	(5.6)		(17.3)		(30.4)

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 December 31, 2020 are as follows:


	December 31, 2020
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	35.2	$	22.0	$	13.2	$	—	$	35.2

Total	$	35.2	$	22.0	$	13.2	$	—	$	35.2

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2021

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 June 30, 2021 and December 31, 2020, of which we are not the primary beneficiary:


		June 30, 2021				December 31, 2020
		Total Assets		Maximum Exposure			Total Assets		Maximum Exposure
	(in millions)
Investments in unconsolidated affiliates		$	146.1	$	146.1		$	299.7	$	299.7
Paysafe PIPE subscription		—		—			169.6		169.6
Forward Purchase Agreements		8.1		8.1			136.1		136.1

Backstop Agreements		10.0		10.0			—		—

Schedule of Notes Payable

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

Notes Payable (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Notes payable consists of the following:


	June 30, 2021		December 31, 2020
	(In millions)
99 Term Loan	$	14.4	$	16.8
99 Revolver	—		5.0

2020 Margin Facility	—		—

FNF Revolver	—		—
Brasada Interstate Loans	12.9		13.1
Other	24.2		28.6
Notes payable, total	$	51.5	$	63.5

Less: Notes payable, current	26.8		11.3
Notes payable, long term	$	24.7	$	52.2

Gross Principal Maturities of Notes Payable

Gross principal maturities of notes payable at June 30, 2021 are as follows (in millions):



2021 (remaining)	$	4.2
2022	26.6
2023	8.2
2024	0.9
2025	0.6
Thereafter	12.0
Total	$	52.5

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.

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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Purchase Obligations

Purchase obligations as of June 30, 2021 are as follows (in millions):


2021 (remaining)	$	43.3
2022	14.7
2023	8.7
2024	7.1
2025	5.9
Thereafter	6.8
Total purchase commitments	$	86.5

Segment Information (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Summary of Financial Information Concerning Reportable Segments

As of and for the three months ended June 30, 2021:


	Restaurant Group		Dun & Bradstreet		Optimal Blue		AmeriLife		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	189.9	$	—	$	—	$	—	$	—	$	—	$	189.9
Other operating revenues	—		520.9		44.3		149.3		12.5		(714.5)		12.5
Revenues from external customers	189.9		520.9		44.3		149.3		12.5		(714.5)		202.4
Interest, investment and other income, including recognized gains and losses, net	1.0		12.6		—		—		273.5		(12.6)		274.5
Total revenues and other income	190.9		533.5		44.3		149.3		286.0		(727.1)		476.9
Depreciation and amortization	5.6		152.3		34.4		19.1		0.8		(205.8)		6.4
Interest expense	(2.5)		(48.0)		(7.8)		(12.4)		—		68.2		(2.5)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	4.3		(8.5)		(21.7)		14.2		231.5		16.0		235.8
Income tax benefit	—		43.0		(3.0)		—		49.3		(40.0)		49.3
(Loss) earnings, before equity in (losses) earnings of unconsolidated affiliates	4.3		(51.5)		(18.7)		14.2		182.2		56.0		186.5
Equity in earnings (losses) of unconsolidated affiliates	—		0.7		—		—		5.7		(15.2)		(8.8)
Net loss from continuing operations	$	4.3	$	(50.8)	$	(18.7)	$	14.2	$	187.9	$	40.8	$	177.7
Assets	$	496.0	$	9,860.4	$	1,931.8	$	1,749.3	$	3,943.6	$	(13,541.5)	$	4,439.6
Goodwill	53.4		3,331.1		1,237.0		875.1		—		(5,443.2)		53.4

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


	Restaurant Group		Dun & Bradstreet		Corporate and Other		Affiliate Elimination		Total
	(in millions)
Restaurant revenues	$	99.4	$	—	$	—	$	—	$	99.4
Other operating revenues	—		418.7		3.2		(418.7)		3.2
Revenues from external customers	99.4		418.7		3.2		(418.7)		102.6
Interest investment and other income (expense), including recognized gains and losses, net	(0.1)		(122.7)		586.5		122.7		586.4
Total revenues and other income	99.3		296.0		589.7		(296.0)		689.0
Depreciation and amortization	6.6		132.7		0.7		(132.7)		7.3
Interest expense	(1.1)		(78.0)		0.1		78.0		(1.0)
(Loss) earnings before income taxes and equity in earnings (losses) of unconsolidated affiliates	(24.0)		(203.0)		563.7		203.0		539.7
Income tax (benefit) expense	—		(27.7)		131.1		27.7		131.1
(Loss) earnings before equity in earnings of unconsolidated affiliates	(24.0)		(175.3)		432.6		175.3		408.6
Equity in earnings (losses) of unconsolidated affiliates	(9.7)		0.6		122.7		(56.1)		57.5
Net (loss) earnings from continuing operations	$	(33.7)	$	(174.7)	$	555.3	$	119.2	$	466.1
Assets	$	408.0	$	8,981.9	$	3,380.6	$	(8,981.9)	$	3,788.6
Goodwill	53.5		2,848.8		—		(2,848.8)		53.5

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2021

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.


	Six months ended June 30,
	2021		2020
	(In millions)
Cash paid during the period:
Interest	$	2.8	$	3.1
Income taxes	64.8		0.2
Operating leases	19.5		21.5

Assets Held for Sale (Tables)

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Carrying Amounts of Major Classes of Assets and Liabilities

The carrying amounts of the major classes of assets and liabilities included as part of the disposal groups classified as held for sale is presented below:


	June 30, 2021
	(In millions)
Assets
Cash and cash equivalents	$	4.1
Trade receivables, net	8.7
Inventory	9.8
Property and equipment, net	33.2
Right of use assets	16.8
Intangible assets	21.4
Other assets	17.4
Valuation allowance	(7.0)
Total Assets	$	104.4

Liabilities
Accounts payable and other accrued liabilities	$	24.6
Lease liabilities	15.7
Other liabilities	2.8

Total liabilities	$	43.1

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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Basis of Financial Statements - Recent Developments (Details)														1 Months Ended		3 Months Ended		6 Months Ended		11 Months Ended
	Jul. 02, 2021 USD ($) shares $ / shares shares	Jun. 30, 2021 shares	Jun. 28, 2021 USD ($) shares	May 21, 2021 USD ($)	May 10, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 30, 2021 shares	Mar. 01, 2021 USD ($) $ / shares shares	Feb. 25, 2021 USD ($) shares $ / shares shares	Jan. 08, 2021 shares	Jan. 07, 2021	Sep. 15, 2020 USD ($)	Jun. 05, 2020 shares	Oct. 31, 2021 USD ($) shares	Aug. 05, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) shares	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) shares	Jul. 30, 2021 USD ($)	Feb. 26, 2021 shares	Jan. 25, 2021 USD ($) shares	Dec. 07, 2020 USD ($)	Jul. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Subscription and forward purchase agreement funding																		$ 400,000,000.0	$ 0
Equity investment												$ 289,000,000.0						38,400,000	306,800,000
Proceeds from investment in PIPE, fees																		$ 5,600,000
Stock repurchase program, period								3 years
Stock repurchase program, number of shares authorized to be repurchased (up to) \| shares																						10,000,000
Treasury stock repurchases (in shares) \| shares																		2,528,168
Stock repurchases																$ 89,700,000	$ 3,600,000	$ 89,700,000	14,400,000
Stock repurchase, average price per share (in usd per share) \| $ / shares																		$ 35.49
Distributions from investments in unconsolidated affiliates																		$ 281,100,000	500,000
Proceeds from sale of debt securities																		38,700,000	0
Proceeds equity securities				$ 1,400,000
Gain on transaction				$ 20,300,000
Reclassification from accumulated other comprehensive income for gain																10,900,000	$ 0	10,900,000	$ 0
Reclassification from accumulated other comprehensive income for gain, tax																$ (2,900,000)		$ (2,900,000)
Subsequent Event
Line of Credit Facility [Line Items]
Treasury stock repurchases (in shares) \| shares															200,000
Stock repurchases															$ 6,700,000
Stock repurchase, average price per share (in usd per share) \| $ / shares															$ 33.74
Subsequent Event \| Disposal Group, Held-for-sale, Not Discontinued Operations \| VIBSQ
Line of Credit Facility [Line Items]
Consideration for sale of disposal group																					$ 13,500,000
Ceridian
Line of Credit Facility [Line Items]
Owned investment (in shares) \| shares		12,000,000														12,000,000		12,000,000		12,000,000
Percentage of ownership after sale of stock transaction																		8.00%
Legendary Baking and VIBSQ
Line of Credit Facility [Line Items]
Percentage of ownership before stock sale transaction		100.00%
Bisnode Business Information Group AB \| Dun And Bradstreet Corporation
Line of Credit Facility [Line Items]
Shares issued in business combination (in shares) \| shares										6,200,000
Colt \| Ceska zbrojovka Group SE
Line of Credit Facility [Line Items]
Ownership after business acquisition, percentage				100.00%
Ceridian \| Underwritten Secondary Public Offering
Line of Credit Facility [Line Items]
Sale of stock (in shares) \| shares																		2,000,000.0
Proceeds from sale of stock																		$ 175,000,000.0
Dun And Bradstreet Corporation
Line of Credit Facility [Line Items]
Percentage of ownership after sale of stock transaction			15.80%							17.70%
Percentage of ownership before stock sale transaction											18.10%
Gain on sale of stock																		$ 18,600,000
Ownership percentage		15.80%														15.80%		15.80%		15.80%
Dun And Bradstreet Corporation \| Underwritten Secondary Public Offering
Line of Credit Facility [Line Items]
Sale of stock (in shares) \| shares			8,500,000
Proceeds from sale of stock			$ 186,000,000.0
Owned investment (in shares) \| shares			68,100,000
Gain on sale of stock			$ 111,100,000
Alight \| Subsequent Event
Line of Credit Facility [Line Items]
Owned investment (in shares) \| shares	50,400,000
Ownership percentage	9.60%
Alight \| Subsequent Event \| Sponsor of Foley Traisimene Acquisition Corp
Line of Credit Facility [Line Items]
Shares received (in shares) \| shares	1,500,000
Alight \| Alight Subscription Agreement, Purchase of Common Stock
Line of Credit Facility [Line Items]
Subscription agreement, commitment to purchase, shares (in shares) \| shares																							25,000,000
Subscription agreement, commitment to purchase																							$ 250,000,000.0
Subscription and forward purchase agreement funding																$ 250,000,000.0
Alight \| Alight Subscription Agreement, Purchase of Common Stock \| Subsequent Event
Line of Credit Facility [Line Items]
Warrants owned (in shares) \| shares	8,000,000.0
Number of shares called by each warrant \| shares	1
Number of securities called by each warrant , share price (usd per share) \| $ / shares	$ 11.50
Placement fee consideration from investee	$ 7,100,000
Alight \| Foley Trasimene Acquisition Corp, Forward Purchase Agreement
Line of Credit Facility [Line Items]
Subscription and forward purchase agreement funding																150,000,000.0
Alight \| Alight Subscription Agreement and FTAC Forward Purchase Agreement \| Subsequent Event
Line of Credit Facility [Line Items]
Shares received (in shares) \| shares	40,000,000
FTAC
Line of Credit Facility [Line Items]
Subscription and forward purchase agreement funding																$ 52,400,000
Forward purchase agreement, investment, shares purchased (in shares) \| shares																5,200,000
FTAC \| Subsequent Event
Line of Credit Facility [Line Items]
Forward purchase agreement, investment, shares sold (in shares) \| shares															1,000,000.0
Forward purchase agreement, sale of stock, proceeds															$ 10,300,000
Sponsor, FTAC \| Subsequent Event
Line of Credit Facility [Line Items]
Ownership percentage	29.00%
Number of sponsors of FTAC \| shares	1
Paysafe
Line of Credit Facility [Line Items]
Ownership percentage		7.50%														7.50%		7.50%		7.50%
Equity investment																				$ 504,700,000
Equity investment, shares of common stock received (in shares) \| shares							54,294,395
Equity investment , warrants received (in shares) \| shares							8,134,067
Paysafe \| Paysafe Subscription Agreement
Line of Credit Facility [Line Items]
Subscription agreement, commitment to purchase																								$ 350,000,000
Paysafe \| Forward Purchase Agreements
Line of Credit Facility [Line Items]
Forward purchase agreement, investment commitment																									$ 150,000,000
Sponsor, FTAC II
Line of Credit Facility [Line Items]
Ownership percentage		15.00%														15.00%		15.00%		15.00%
Sponsor of Austerlitz I
Line of Credit Facility [Line Items]
Ownership percentage									10.00%
Equity investment									$ 1,600,000
Austerlitz I
Line of Credit Facility [Line Items]
Number of businesses \| shares									1
Austerlitz I \| Subscription for Austerlitz I Class A Ordinary Shares
Line of Credit Facility [Line Items]
Backstop subscription, facility investment commitment					$ 690,000,000.0
Backstop subscription, placement fee					$ 3,500,000
Austerlitz II
Line of Credit Facility [Line Items]
Number of businesses \| shares									1
Austerlitz II \| Forward Purchase Agreements
Line of Credit Facility [Line Items]
Forward purchase agreement, investment commitment									$ 125,000,000.0
Forward purchase agreement, commitment to purchase, shares (in shares) \| shares									12,500,000
Forward purchase agreement, number of shares called by each warrant \| shares									1
Forward purchase agreement, commitment to purchase, warrants, price per share (in usd per share) \| $ / shares									$ 11.50
Austerlitz II \| Purchase Redeemable Warrants
Line of Credit Facility [Line Items]
Forward purchase agreement, commitment to purchase, shares (in shares) \| shares									3,125,000
Equity Sponsors
Line of Credit Facility [Line Items]
Ownership percentage									20.00%
Equity investment									$ 29,600,000
Direct interest in private placement warrants (in shares) \| shares									19,733,333
Trebia
Line of Credit Facility [Line Items]
Number of businesses \| shares													1
Trebia \| Subscription for Trebia Class A Common Stock
Line of Credit Facility [Line Items]
Backstop subscription, facility investment commitment			$ 200,000,000.0
Backstop subscription, sponsors of Trebia , class B ordinary shares forfeited, exchanged for Trebia class B ordinary shares as consideration \| shares			1,275,510
Tailwind Acquisition Corp \| Tailwind Subscription Agreement, Purchase of Common Stock
Line of Credit Facility [Line Items]
Subscription agreement, commitment to purchase, shares (in shares) \| shares								4,600,000
Subscription agreement, commitment to purchase								$ 37,500,000
Tailwind QOMPLX Merger
Line of Credit Facility [Line Items]
Convertible note funded								$ 12,500,000
Investment, convertible note, converted into common stock of combined business, price per share (in usd per share) \| $ / shares								$ 10
Sightline Payments LLC
Line of Credit Facility [Line Items]
Ownership percentage		0.051%														0.051%		0.051%		0.051%
Equity investment						$ 32,000,000.0
Senator JV
Line of Credit Facility [Line Items]
Distributions from investments in unconsolidated affiliates																		$ 280,600,000
Colt
Line of Credit Facility [Line Items]
Proceeds from sale of debt securities				$ 37,300,000
Reclassification from accumulated other comprehensive income for gain				10,900,000
Reclassification from accumulated other comprehensive income for gain, tax				$ 2,900,000
Colt \| Subsequent Event \| Forecast
Line of Credit Facility [Line Items]
Proceeds equity securities														$ 400,000
Ceska zbrojovka Group SE \| Subsequent Event \| Forecast
Line of Credit Facility [Line Items]
Equity securities received in exchange for investment holdings of corporate debt securities (in shares) \| shares														3,600,000

Basis of Financial Statements - Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Management fee expenses	$ 15.7	$ 8.6	$ 15.7	$ 8.6
Interest expense	$ 20.3		$ 37.4

Basis of Financial Statements - Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Antidilutive shares excluded from calculation of diluted earnings per share (in shares)	0	0	0	0

Basis of Financial Statements - Income Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Contingency [Line Items]
Effective tax rate	20.90%	24.30%	11.20%	21.50%
Change in deferred taxes			$ 82.0
Deferred Tax Liability
Income Tax Contingency [Line Items]
Deferred tax liability	$ 243.3		$ 243.3		$ 325.3

Basis of Financial Statements - Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash	$ 12.9	$ 12.5

Basis of Financial Statements - Revision of Prior Period Financial Statements (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Recognized gains (losses), net	$ 274.0	$ 578.1	$ (38.5)	$ 1,493.2
Income tax expense (benefit)	49.3	131.1	(12.7)	300.5
Retained earnings	1,873.1		1,873.1		$ 1,929.8
Net earnings (loss) attributable to Cannae Holdings	$ 176.4	$ 475.3	$ (56.7)	$ 1,123.0
Net earnings per share (in usd per share)	$ 1.94	$ 5.88	$ (0.62)	$ 14.06
Net earnings per share (in usd per share)	$ 1.94	$ 5.87	$ (0.62)	$ 14.00
Aggregate investment value	$ 1,988.7		$ 1,988.7		$ 1,453.0
Income (Loss) from Equity Method Investments	(8.8)	$ 57.5	$ 45.1	$ 4.8
Valuation of, and recorded non-cash gain on, the Alight Subscription Agreement and Tailwind Subscription Agreement \| Restatement Adjustment
Schedule of Equity Method Investments [Line Items]
Recognized gains (losses), net	13.2
Income tax expense (benefit)	4.2
Net earnings (loss) attributable to Cannae Holdings	$ 15.9
Net earnings per share (in usd per share)	$ 0.17
Net earnings per share (in usd per share)	$ 0.17
Income (Loss) from Equity Method Investments	$ 6.9

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 202.4	$ 102.6	$ 374.3	$ 275.6
Restaurant sales
Disaggregation of Revenue [Line Items]
Total operating revenues	189.9	99.4	357.2	269.3
Restaurant Group
Disaggregation of Revenue [Line Items]
Total operating revenues	189.9	99.4	357.2	269.3
Restaurant Group \| Restaurant sales
Disaggregation of Revenue [Line Items]
Total operating revenues	180.5	99.3	338.6	266.3
Restaurant Group \| Bakery sales
Disaggregation of Revenue [Line Items]
Total operating revenues	8.4	0.0	16.6	2.2
Restaurant Group \| Franchise and other
Disaggregation of Revenue [Line Items]
Total operating revenues	1.0	0.1	2.0	0.8
Corporate and Other \| Real estate and resort
Disaggregation of Revenue [Line Items]
Total operating revenues	11.5	3.0	15.6	5.8
Corporate and Other \| Other
Disaggregation of Revenue [Line Items]
Total operating revenues	1.0	0.2	1.5	0.5
Total other operating revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 12.5	$ 3.2	$ 17.1	$ 6.3

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 6.3		$ 6.3		$ 17.6
Deferred revenue (contract liabilities)	15.6		15.6		$ 23.9
Revenue recognized that was included in deferred revenue	$ 5.3	$ 3.4	$ 9.4	$ 13.9

Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets:
Corporate debt securities			$ 35.2
Equity securities:	$ 1,169.1		1,799.1
Other noncurrent assets:	52.6
Total Assets	1,221.7		1,834.3
Liabilities:
Other accrued liabilities, current	3.6
Total Liabilities	3.6
Corporate debt securities
Assets:
Corporate debt securities			35.2
Ceridian
Assets:
Equity securities:	1,151.0		1,491.8
Forward Purchase Agreements
Assets:
Equity securities:	8.1		136.1
Subscription Agreements
Assets:
Equity securities:	7.9
Other
Assets:
Equity securities:	2.1		1.6
Backstop Agreements
Assets:
Other noncurrent assets:	10.0
Paysafe Warrants
Assets:
Other noncurrent assets:	17.9
Austerlitz II Warrants
Assets:
Other noncurrent assets:	24.7
Paysafe Subscription Agreement
Assets:
Equity securities:			169.6
Level 1
Assets:
Equity securities:	1,153.1		1,493.4
Other noncurrent assets:	17.9
Total Assets	1,171.0		1,493.4
Liabilities:
Other accrued liabilities, current	0.0
Total Liabilities	0.0
Level 1 \| Corporate debt securities
Assets:
Corporate debt securities			0.0
Level 1 \| Ceridian
Assets:
Equity securities:	1,151.0		1,491.8
Level 1 \| Forward Purchase Agreements
Assets:
Equity securities:	0.0		0.0
Level 1 \| Subscription Agreements
Assets:
Equity securities:	0.0
Level 1 \| Other
Assets:
Equity securities:	2.1		1.6
Level 1 \| Backstop Agreements
Assets:
Other noncurrent assets:	0.0
Level 1 \| Paysafe Warrants
Assets:
Other noncurrent assets:	17.9
Level 1 \| Austerlitz II Warrants
Assets:
Other noncurrent assets:	0.0
Level 1 \| Paysafe Subscription Agreement
Assets:
Equity securities:			0.0
Level 2
Assets:
Equity securities:	0.0		0.0
Other noncurrent assets:	10.0
Total Assets	10.0		0.0
Liabilities:
Other accrued liabilities, current	3.6
Total Liabilities	3.6
Level 2 \| Corporate debt securities
Assets:
Corporate debt securities			0.0
Level 2 \| Ceridian
Assets:
Equity securities:	0.0		0.0
Level 2 \| Forward Purchase Agreements
Assets:
Equity securities:	0.0		0.0
Level 2 \| Subscription Agreements
Assets:
Equity securities:	0.0
Level 2 \| Other
Assets:
Equity securities:	0.0		0.0
Level 2 \| Backstop Agreements
Assets:
Other noncurrent assets:	10.0
Level 2 \| Paysafe Warrants
Assets:
Other noncurrent assets:	0.0
Level 2 \| Austerlitz II Warrants
Assets:
Other noncurrent assets:	0.0
Level 2 \| Paysafe Subscription Agreement
Assets:
Equity securities:			0.0
Level 3
Assets:
Equity securities:	16.0		305.7
Other noncurrent assets:	24.7
Total Assets	40.7		340.9
Liabilities:
Other accrued liabilities, current	0.0
Total Liabilities	0.0
Level 3 \| Corporate debt securities
Assets:
Corporate debt securities		$ 35.2
Level 3 \| Ceridian
Assets:
Equity securities:	0.0		0.0
Level 3 \| Forward Purchase Agreements
Assets:
Equity securities:	8.1		136.1
Level 3 \| Subscription Agreements
Assets:
Equity securities:	7.9
Level 3 \| Other
Assets:
Equity securities:	0.0		0.0
Level 3 \| Backstop Agreements
Assets:
Other noncurrent assets:	0.0
Level 3 \| Paysafe Warrants
Assets:
Other noncurrent assets:	0.0
Level 3 \| Austerlitz II Warrants
Assets:
Other noncurrent assets:	$ 24.7
Level 3 \| Paysafe Subscription Agreement
Assets:
Equity securities:			$ 169.6

Fair Value Measurements - Additional (Details)	6 Months Ended
Fair Value Measurements - Additional (Details)	Jun. 30, 2021
Foley Trasimene Acquisition Corp. II
Fair Value Disclosures [Abstract]
Probability of consummation of business combination, percentage	90.00%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Probability of consummation of business combination, percentage	90.00%
Trebia
Fair Value Disclosures [Abstract]
Probability of consummation of business combination, percentage	95.00%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Probability of consummation of business combination, percentage	95.00%
Austerlitz II
Fair Value Disclosures [Abstract]
Probability of consummation of business combination, percentage	90.00%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Probability of consummation of business combination, percentage	90.00%

Fair Value Measurements - Summary of Changes in the Fair Values of Level 3 Assets Measured on a Recurring Basis (Details) - Level 3 - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	$ 86.5	$ 26.1	$ 340.9	$ 19.2
Recognized gain on settlement	1.5		1.5
Net valuation gain included in earnings	(10.0)	12.5	(15.5)	12.5
Reclassification to equity method investment in Paysafe and Paysafe Warrants			(279.1)
Purchase of Austerlitz II Warrants			29.6
Net valuation gain included in other comprehensive earnings		7.8	0.6	14.7
Settlement/redemption of corporate debt securities	(37.3)		(37.3)
Fair value, end of period	40.7	46.4	40.7	46.4
Austerlitz II Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	36.1		0.0
Net valuation gain included in earnings	(11.4)		(4.9)
Reclassification to equity method investment in Paysafe and Paysafe Warrants			0.0
Purchase of Austerlitz II Warrants			29.6
Net valuation gain included in other comprehensive earnings			0.0
Settlement/redemption of corporate debt securities	0.0		0.0
Fair value, end of period	24.7		24.7
Corporate debt securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	35.8	26.1	35.2	19.2
Recognized gain on settlement	1.5		1.5
Net valuation gain included in earnings	0.0	0.0	0.0	0.0
Reclassification to equity method investment in Paysafe and Paysafe Warrants			0.0
Purchase of Austerlitz II Warrants			0.0
Net valuation gain included in other comprehensive earnings		7.8	0.6	14.7
Settlement/redemption of corporate debt securities	(37.3)		(37.3)
Fair value, end of period	0.0	33.9	0.0	33.9
Common stock
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Recognized gain on settlement	0.0		0.0
Common stock \| Forward Purchase Agreements
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	13.9	0.0	136.1	0.0
Net valuation gain included in earnings	(5.8)	12.5	(27.4)	12.5
Reclassification to equity method investment in Paysafe and Paysafe Warrants			(100.6)
Purchase of Austerlitz II Warrants			0.0
Net valuation gain included in other comprehensive earnings		0.0	0.0	0.0
Settlement/redemption of corporate debt securities	0.0		0.0
Fair value, end of period	8.1	$ 12.5	8.1	$ 12.5
Common stock \| Subscription Agreements
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	0.7		169.6
Net valuation gain included in earnings	7.2		16.8
Reclassification to equity method investment in Paysafe and Paysafe Warrants			(178.5)
Purchase of Austerlitz II Warrants			0.0
Net valuation gain included in other comprehensive earnings			0.0
Settlement/redemption of corporate debt securities	0.0		0.0
Fair value, end of period	$ 7.9		$ 7.9

Investments - Equity Securities Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized during the period on equity securities	$ 148.3	$ 578.9	$ (169.3)	$ 1,263.8
Less: net gains (losses) recognized during the period on equity securities sold or transferred during the period	6.5	53.0	(21.8)	180.8
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$ 141.8	$ 525.9	$ (147.5)	$ 1,083.0

Investments - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 1,988.7		$ 1,988.7		$ 1,453.0
Equity in (losses) earnings of unconsolidated affiliates	$ (8.8)	$ 57.5	$ 45.1	$ 4.8
Dun & Bradstreet
Schedule of Equity Method Investments [Line Items]
Ownership (as percentage)	15.80%		15.80%
Investments in unconsolidated affiliates	$ 580.0		$ 580.0		653.2
Equity in (losses) earnings of unconsolidated affiliates	$ (9.2)	(55.5)	$ (15.6)	(45.4)
Paysafe
Schedule of Equity Method Investments [Line Items]
Ownership (as percentage)	7.50%		7.50%
Investments in unconsolidated affiliates	$ 823.0		$ 823.0		0.0
Ceridian
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated affiliates	$ 0.0	0.0	$ 0.0	1.5
Optimal Blue
Schedule of Equity Method Investments [Line Items]
Ownership (as percentage)	20.00%		20.00%
Investments in unconsolidated affiliates	$ 272.5		$ 272.5		279.8
Equity in (losses) earnings of unconsolidated affiliates	(4.2)	0.0	(8.2)	0.0
Senator JV
Schedule of Equity Method Investments [Line Items]
Equity in (losses) earnings of unconsolidated affiliates	$ 0.0	138.1	$ (1.2)	79.3
AmeriLife
Schedule of Equity Method Investments [Line Items]
Ownership (as percentage)	19.80%		19.80%
Investments in unconsolidated affiliates	$ 114.3		$ 114.3		121.1
Equity in (losses) earnings of unconsolidated affiliates	(1.1)	(3.5)	(7.0)	(3.5)
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	198.9		198.9		$ 398.9
Equity in (losses) earnings of unconsolidated affiliates	$ 5.7	$ (21.6)	$ 77.1	$ (27.1)

Investments - Narrative (Details) - USD ($)			6 Months Ended		11 Months Ended
Investments - Narrative (Details) - USD ($)	Sep. 15, 2020	Mar. 18, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021
Debt Securities, Available-for-sale [Line Items]
Equity investment	$ 289,000,000.0		$ 38,400,000	$ 306,800,000
Other-than-temporary impairment charges related to corporate debt securities			0	$ 0
Dun & Bradstreet
Debt Securities, Available-for-sale [Line Items]
Aggregate value of ownership based on quoted market price			$ 1,500,000,000		$ 1,500,000,000
Ownership percentage			15.80%		15.80%
Dun & Bradstreet \| Equity Sponsors
Debt Securities, Available-for-sale [Line Items]
Collective voting interest with other equity sponsors (greater than)			50.00%		50.00%
Paysafe
Debt Securities, Available-for-sale [Line Items]
Aggregate value of ownership based on quoted market price			$ 654,500,000		$ 654,500,000
Ownership percentage			7.50%		7.50%
Equity investment					$ 504,700,000
Difference between carrying amount and underlying equity			$ 567,800,000		$ 567,800,000
AmeriLife
Debt Securities, Available-for-sale [Line Items]
Ownership percentage			19.80%		19.80%
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

Investments - Schedule of Summarized Financial Information, Dun & Bradstreet (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
	Mar. 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Condensed Combined Balance Sheets
Total current assets		$ 416.5			$ 416.5		$ 844.2
Total assets		4,439.6		$ 3,788.6	4,439.6	$ 3,788.6	4,613.4
Current liabilities		318.9			318.9		202.0
Long-term debt		51.5			51.5		63.5
Total liabilities		806.1			806.1		828.2
Total equity	$ 2,205.0	3,633.5	$ 3,550.3	3,133.8	3,633.5	3,133.8	3,785.2		$ 1,529.8
Total liabilities and equity		4,439.6			4,439.6		4,613.4
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues		476.9		689.0	337.2	1,779.3
Net earnings (loss)		177.7		466.1	(56.1)	1,104.2
Dividends attributable to preferred equity and noncontrolling interest expense		(0.9)		(33.3)
Net loss attributable to Dun & Bradstreet		(51.7)		(208.0)
Operating income (loss)		(36.2)		(45.7)	(72.2)	(99.0)
Income attributable to noncontrolling interests		1.3		(9.2)	0.6	(18.8)
Dun And Bradstreet Corporation
Condensed Combined Balance Sheets
Total current assets		624.2			624.2		874.4
Goodwill and other intangible assets, net		8,378.4			8,378.4		7,672.7
Other assets		857.8			857.8		673.2
Total assets		9,860.4			9,860.4		9,220.3
Current liabilities		972.9			972.9		828.1
Long-term debt		3,545.8			3,545.8		3,255.8
Other non-current liabilities		1,693.1			1,693.1		1,552.5
Total liabilities		6,211.8			6,211.8		5,636.4
Total equity		3,648.6			3,648.6		3,583.9
Total liabilities and equity		9,860.4			9,860.4		9,220.3
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues		520.9		418.7
Loss before income taxes		(8.5)		(203.0)
Net earnings (loss)		$ (50.8)		$ (174.7)
AmeriLife
Condensed Combined Balance Sheets
Total current assets			132.0					$ 108.5
Goodwill and other intangible assets, net			1,593.9					1,370.4
Other assets			23.4					16.4
Total assets			1,749.3					1,495.3
Current liabilities			79.3					53.1
Long-term debt			798.0					645.2
Other non-current liabilities			27.1					14.7
Total liabilities			904.4					$ 713.0
Total liabilities and equity			1,749.3				$ 1,495.3
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues	14.7		149.3		280.3
Net earnings (loss)	(16.9)		14.2		0.5
Net loss attributable to Dun & Bradstreet	(17.3)		(5.6)		(30.4)
Operating income (loss)	(16.1)		26.6		24.2
Income attributable to noncontrolling interests	$ 0.4		$ 19.8		30.9
Unconsolidated affiliates \| Dun And Bradstreet Corporation
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues					1,025.4	814.4
Loss before income taxes					(42.2)	(203.6)
Net earnings (loss)					(74.1)	(100.4)
Dividends attributable to preferred equity and noncontrolling interest expense					(2.6)	(65.7)
Net loss attributable to Dun & Bradstreet					$ (76.7)	$ (166.1)

Investments - Schedule of Summarized Financial Information, Optimal Blue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Condensed Combined Balance Sheets
Total current assets	$ 416.5		$ 416.5		$ 844.2
Total assets	4,439.6	$ 3,788.6	4,439.6	$ 3,788.6	4,613.4
Current liabilities	318.9		318.9		202.0
Long-term debt	51.5		51.5		63.5
Total liabilities	806.1		806.1		828.2
Additional paid-in capital	1,880.8		1,880.8		1,875.8
Retained earnings	1,873.1		1,873.1		1,929.8
Total liabilities and equity	4,439.6		4,439.6		4,613.4
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues	476.9	689.0	337.2	1,779.3
Operating income (loss)	(36.2)	(45.7)	(72.2)	$ (99.0)
Net loss attributable to Dun & Bradstreet	(51.7)	$ (208.0)
Optimal Blue
Condensed Combined Balance Sheets
Total current assets	56.6		56.6		38.0
Goodwill and other intangible assets, net	1,773.7		1,773.7		1,831.3
Other assets	101.5		101.5		100.1
Total assets	1,931.8		1,931.8		1,969.4
Current liabilities	33.9		33.9		28.9
Long-term debt	493.5		493.5		493.0
Other non-current liabilities	97.7		97.7		105.0
Total liabilities	625.1		625.1		626.9
Members' equity	578.0		578.0		578.0
Additional paid-in capital	817.4		817.4		813.0
Retained earnings	(88.7)		(88.7)		(48.5)
Total member's equity	1,306.7		1,306.7		1,342.5
Total liabilities and equity	1,931.8		1,931.8		$ 1,969.4
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues	44.3		85.9
Operating income (loss)	(13.9)		(31.1)
Net loss attributable to Dun & Bradstreet	$ (18.7)		$ (40.2)

Investments - Schedule of Summarized Financial Information, Paysafe (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Investments in Unconsolidated Affiliates
Total current assets	$ 416.5		$ 416.5			$ 844.2
Total assets	4,439.6	$ 3,788.6	4,439.6	$ 3,788.6		4,613.4
Current liabilities	318.9		318.9			202.0
Long-term debt	51.5		51.5			63.5
Total liabilities	806.1		806.1			828.2
Total equity	3,633.5	3,133.8	3,633.5	3,133.8	$ 3,550.3	3,785.2	$ 2,205.0	$ 1,529.8
Total liabilities and equity	4,439.6		4,439.6			$ 4,613.4
Total revenues	476.9	689.0	337.2	1,779.3
Operating income (loss)	(36.2)	(45.7)	(72.2)	$ (99.0)
Net loss	(51.7)	$ (208.0)
Paysafe
Investments in Unconsolidated Affiliates
Total current assets	1,978.0		1,978.0
Goodwill and other intangible assets, net	4,929.0		4,929.0
Other assets	70.5		70.5
Total assets	6,977.5		6,977.5
Current liabilities	1,757.0		1,757.0
Long-term debt	2,052.6		2,052.6
Other non-current liabilities	425.2		425.2
Total liabilities	4,234.8		4,234.8
Total equity	2,742.7		2,742.7
Total liabilities and equity	$ 6,977.5		$ 6,977.5

Investments - Schedule of Summarized Financial Information, AmeriLife (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
	Mar. 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Sep. 30, 2020
Condensed Combined Balance Sheets
Total current assets		$ 416.5			$ 416.5		$ 844.2
Total assets		4,439.6		$ 3,788.6	4,439.6	$ 3,788.6	4,613.4
Current liabilities		318.9			318.9		202.0
Long-term debt		51.5			51.5		63.5
Total liabilities		806.1			806.1		828.2
Total liabilities and equity		4,439.6			4,439.6		4,613.4
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues		476.9		689.0	337.2	1,779.3
Operating income (loss)		(36.2)		(45.7)	(72.2)	(99.0)
Net earnings (loss)		177.7		466.1	(56.1)	1,104.2
Income attributable to noncontrolling interests		1.3		(9.2)	0.6	$ (18.8)
Net loss attributable to Dun & Bradstreet		$ (51.7)		$ (208.0)
AmeriLife
Condensed Combined Balance Sheets
Total current assets			$ 132.0					$ 108.5
Goodwill and other intangible assets, net			1,593.9					1,370.4
Other assets			23.4					16.4
Total assets			1,749.3					1,495.3
Current liabilities			79.3					53.1
Long-term debt			798.0					645.2
Other non-current liabilities			27.1					14.7
Total liabilities			904.4					713.0
Members' equity			577.8					607.4
Noncontrolling interest - nonredeemable			267.1					174.9
Total member's equity			844.9					$ 782.3
Total liabilities and equity			1,749.3				$ 1,495.3
Equity Method Investment, Financial Statement, Reported Amounts [Abstract]
Total revenues	$ 14.7		149.3		280.3
Operating income (loss)	(16.1)		26.6		24.2
Net earnings (loss)	(16.9)		14.2		0.5
Income attributable to noncontrolling interests	0.4		19.8		30.9
Net loss attributable to Dun & Bradstreet	$ (17.3)		$ (5.6)		$ (30.4)

Investments - Schedule of Carrying Amounts and Fair Values of Available for Sale Securities (Details) $ in Millions	Dec. 31, 2020 USD ($)
Fixed maturity securities available for sale:
Cost Basis	$ 22.0
Unrealized Gains	13.2
Unrealized Losses	0.0
Fair Value	35.2
Corporate debt securities
Fixed maturity securities available for sale:
Cost Basis	22.0
Unrealized Gains	13.2
Unrealized Losses	0.0
Fair Value	35.2
Carrying Value
Fixed maturity securities available for sale:
Fair Value	35.2
Carrying Value \| Corporate debt securities
Fixed maturity securities available for sale:
Fair Value	$ 35.2

Variable Interest Entities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Variable Interest Entity [Line Items]
Assets	$ 4,439.6	$ 4,613.4	$ 3,788.6
Variable Interest Entity, Not Primary Beneficiary \| Investments in unconsolidated affiliates
Variable Interest Entity [Line Items]
Assets	146.1	299.7
Maximum Exposure	146.1	299.7
Variable Interest Entity, Not Primary Beneficiary \| Paysafe Subscription Agreement
Variable Interest Entity [Line Items]
Assets	0.0	169.6
Maximum Exposure	0.0	169.6
Variable Interest Entity, Not Primary Beneficiary \| Forward Purchase Agreements
Variable Interest Entity [Line Items]
Assets	8.1	136.1
Maximum Exposure	8.1	136.1
Variable Interest Entity, Not Primary Beneficiary \| Backstop Agreements
Variable Interest Entity [Line Items]
Assets	10.0	0.0
Maximum Exposure	$ 10.0	$ 0.0

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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