XML 47 R23.htm IDEA: XBRL DOCUMENT
v3.19.3

Investments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract] |
Schedule of Carrying Amounts and Fair Values of Available for Sale Securities | The carrying amounts and fair values of our available for sale securities at September 30, 2019 and December 31, 2018 are as follows:
| September 30, 2019
| Carrying Value |  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (In millions)
Fixed maturity securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | $ | 18.7 |  |  | $ | 19.3 |  |  | $ | 0.8 |  |  | $ | (1.4 | ) |  | $ | 18.7 |
Total | $ | 18.7 |  |  | $ | 19.3 |  |  | $ | 0.8 |  |  | $ | (1.4 | ) |  | $ | 18.7 |
| December 31, 2018
| Carrying Value |  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (In millions)
Fixed maturity securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | $ | 17.8 |  |  | $ | 18.8 |  |  | $ | 0.9 |  |  | $ | (1.9 | ) |  | $ | 17.8 |
Total | $ | 17.8 |  |  | $ | 18.8 |  |  | $ | 0.9 |  |  | $ | (1.9 | ) |  | $ | 17.8 |
Schedule of Investment Securities in a Continuous Unrealized Loss Position | Net unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2019 and December 31, 2018 were as follows (in millions):
September 30, 2019 | 12 Months or Longer
| Fair |  | Unrealized
| Value |  | Losses
Corporate debt securities | $ | 10.6 |  |  | $ | (1.4 | )
Total temporarily impaired securities | $ | 10.6 |  |  | $ | (1.4 | )
December 31, 2018 | Less than 12 Months
| Fair |  | Unrealized
| Value |  | Losses
Corporate debt securities | $ | 10.4 |  |  | $ | (1.9 | )
Total temporarily impaired securities | $ | 10.4 |  |  | $ | (1.9 | )
Schedule of Investments and Equity in Earnings of Unconsolidated Affiliates | Investments in unconsolidated affiliates recorded using the equity method of accounting as of September 30, 2019 and December 31, 2018 consisted of the following (in millions):
| Ownership at September 30, 2019 |  | September 30, 2019 |  | December 31, 2018
Ceridian | 20.0 | % |  | $ | 370.3 |  |  | $ | 359.7 |
Dun & Bradstreet | 24.3 | % |  | 446.2 |  |  | — |
Other | various |  |  | 35.4 |  |  | 37.5 |
Total |  |  |  | $ | 851.9 |  |  | $ | 397.2 |
Equity in earnings (losses) of unconsolidated affiliates for the three and nine months ended September 30, 2019 and September 30, 2018 consisted of the following (in millions):
| Three months ended September 30, 2019 |  | Three months ended September 30, 2018 |  | Nine months ended September 30, 2019 |  | Nine months ended September 30, 2018
Ceridian | $ | 12.7 |  |  | $ | 1.2 |  |  | $ | 16.7 |  |  | $ | (20.4 | )
Dun & Bradstreet | (21.4 | ) |  | — |  |  | (68.6 | ) |  | — |
Other | 0.4 |  |  | 2.6 |  |  | 1.1 |  |  | 3.5 |
Total | $ | (8.3 | ) |  | $ | 3.8 |  |  | $ | (50.8 | ) |  | $ | (16.9 | )
Summarized Financial Information For Equity Method Investment | Summarized financial information for Dun & Bradstreet for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. We historically reported our equity in earnings or loss of Dun & Bradstreet on a one quarter lag. In the third quarter of 2019 we began receiving financial information from Dun & Bradstreet timely and recording our equity in its losses on a real-time basis. Accordingly, our net earnings for the three and nine month periods ended September 30, 2019, include the Company’s equity in Dun & Bradstreet’s losses for the period from July 1, 2019 through September 30, 2019 and February 8, 2019 through September 30, 2019, respectively. See Note A for further information on the impact of the change in accounting principle.
| September 30, 2019
| (In millions)
Total current assets | $ | 373.1 |
Goodwill and other intangible assets, net | 8,221.4 |
Other assets | 481.2 |
Total assets | $ | 9,075.7 |
Current liabilities | $ | 833.3 |
Long-term debt | 3,839.6 |
Other non-current liabilities | 1,498.3 |
Total liabilities | 6,171.2 |
Preferred equity | 1,028.4 |
Total capital | 1,876.1 |
Total liabilities and equity | $ | 9,075.7 |
| Three months ended September 30, 2019 | Period from February 8, 2019 to September 30, 2019
| (In millions)
Total revenues | $ | 408.2 |  | $ | 981.2 |
Loss before income taxes | (79.2 | ) | (277.1 | )
Net loss | (54.9 | ) | (196.5 | )
Dividends attributable to preferred equity and noncontrolling interest expense | (33.5 | ) | (85.3 | )
Net loss attributable to Dun & Bradstreet | (88.4 | ) | (281.8 | )
Summarized financial information for Ceridian for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below. LifeWorks Corporation Ltd. ("LifeWorks"), a former subsidiary of Ceridian, was distributed pro-rata to Ceridian shareholders contemporaneously with Ceridian's initial public offering in April 2018. On July 27, 2018, LifeWorks was sold. The results of Ceridian for the three and nine months ended September 30, 2018 have been adjusted to remove the effects of the discontinued operations of LifeWorks as well as to reflect Ceridian's retrospective adoption of ASC Topic 606 and certain other accounting standards.
| September 30, 2019 |  | December 31, 2018
| (In millions)
Total current assets before customer funds | $ | 400.3 |  |  | $ | 330.6 |
Customer funds | 2,604.0 |  |  | 2,603.5 |
Goodwill and other intangible assets, net | 2,142.9 |  |  | 2,114.9 |
Other assets | 289.0 |  |  | 198.8 |
Total assets | $ | 5,436.2 |  |  | $ | 5,247.8 |
Current liabilities before customer obligations | $ | 152.8 |  |  | $ | 149.9 |
Customer obligations | 2,590.4 |  |  | 2,619.7 |
Long-term obligations, less current portion | 659.3 |  |  | 663.5 |
Other long-term liabilities | 180.6 |  |  | 199.2 |
Total liabilities | 3,583.1 |  |  | 3,632.3 |
Equity | 1,853.1 |  |  | 1,615.5 |
Total liabilities and equity | $ | 5,436.2 |  |  | $ | 5,247.8 |
| Three months ended September 30, 2019 |  | Three months ended September 30, 2018 |  | Nine months ended September 30, 2019 |  | Nine months ended September 30, 2018
| (In millions) |  | (In millions)
Total revenues | $ | 202.3 |  |  | $ | 178.1 |  |  | $ | 602.3 |  |  | $ | 545.9 |
(Loss) earnings before income taxes | (2.9 | ) |  | 6.5 |  |  | 22.7 |  |  | (37.9 | )
Earnings (loss) before discontinued operations | 62.7 |  |  | 7.2 |  |  | 80.2 |  |  | (44.2 | )
Net earnings (loss) attributable to Ceridian | 62.7 |  |  | 4.2 |  |  | 80.2 |  |  | (58.5 | )

X
- Definition Summarized Financial Information For Equity Method Investment [Table Text Block] + References No definition available. + Details
Name: | cnne_SummarizedFinancialInformationForEquityMethodInvestmentTableTextBlock
Namespace Prefix: | cnne_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investments in debt and equity securities in an unrealized loss position categorized neither as held-to-maturity nor trading securities. + References No definition available. + Details
Name: | us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration