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Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments, Aggregate Fair Value of Ownership and Equity in Earnings of Unconsolidated Affiliates | Investments in unconsolidated affiliates recorded using the equity method of accounting as of June 30, 2025 and December 31, 2024 consisted of the following:
| Ownership at June 30, 2025 |  | June 30, 2025 |  | December 31, 2024
|  |  | (In millions)
Alight | 7.6 | % |  | 229.1 |  |  | 374.0 |
BKFC | 42.5 | % |  | 106.0 |  |  | 108.3 |
CSI | 6.4 | % |  | 103.9 |  |  | 88.2 |
Watkins | 49.3 | % |  | 73.6 |  |  | 78.5 |
JANA | 19.99 | % |  | 56.9 |  |  | 56.3 |
Other | various |  | 60.4 |  |  | 59.6 |
Total |  |  | $ | 629.9 |  |  | $ | 764.9 |
The aggregate fair value of our direct ownership in the common stock of unconsolidated affiliates that have quoted market prices as of June 30, 2025 consisted of the following:
| June 30, 2025
| (In millions)
Alight | 229.1 |
System1 | 14.9 |
Equity in (losses) earnings of unconsolidated affiliates for the three and six months ended June 30, 2025 and 2024 consisted of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Alight | (81.7) |  |  | 2.2 |  |  | (83.6) |  |  | (9.1) |
BKFC | (12.3) |  |  | (17.9) |  |  | (22.7) |  |  | (25.3) |
CSI | — |  |  | 0.2 |  |  | 15.7 |  |  | 41.1 |
Watkins | (0.1) |  |  | — |  |  | (4.8) |  |  | — |
JANA | 0.4 |  |  | 0.5 |  |  | 2.8 |  |  | — |
Other | (2.0) |  |  | 0.4 |  |  | (5.0) |  |  | (3.7) |
Total | $ | (95.7) |  |  | $ | (14.6) |  |  | $ | (97.6) |  |  | $ | 3.0 |
Summarized statement of operations information for Alight for the relevant dates and time periods included in Equity in (losses) earnings of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below.
| Three months ended June 30, |  | Six months ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Total revenues | $ | 528.0 |  |  | $ | 538.0 |  |  | $ | 1,076.0 |  |  | $ | 1,097.0 |
Gross profit | 176.0 |  |  | 167.0 |  |  | 347.0 |  |  | 349.0 |
Net loss from continuing operations | (1,073.0) |  |  | (4.0) |  |  | (1,090.0) |  |  | (125.0) |
Net (loss) earnings from discontinued operations | (1.0) |  |  | 27.0 |  |  | (9.0) |  |  | 32.0 |
Net loss attributable to noncontrolling interests | (1.0) |  |  | — |  |  | (1.0) |  |  | (2.0) |
Net (loss) earnings attributable to Alight | (1,073.0) |  |  | 23.0 |  |  | (1,098.0) |  |  | (91.0) |
Accordingly, our net loss for the three and six months ended June 30, 2025 and 2024 includes our equity in Black Knight Football’s losses for the three and six months ended March 31, 2025 and 2024, respectively.
| Three months ended March 31, |  | Six months ended March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Total revenues | $ | 61.2 |  |  | $ | 49.4 |  |  | $ | 132.5 |  |  | $ | 102.1 |
Operating loss | (23.7) |  |  | (31.2) |  |  | (36.8) |  |  | (57.8) |
Earnings (losses) of unconsolidated affiliates | 2.3 |  |  | (3.7) |  |  | (3.1) |  |  | (6.5) |
Net loss attributable to BKFC | (26.1) |  |  | (37.7) |  |  | (47.5) |  |  | (69.6) |
Schedule of Gains on Equity Securities Included in Recognized Gains and Losses | Recognized gains (losses), net on the Condensed Consolidated Statements of Operations consisted of the following (losses) gains on equity securities for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Net (losses) gains recognized during the period on equity securities | $ | (7.9) |  |  | $ | (10.0) |  |  | $ | (18.2) |  |  | $ | 5.5 |
Less: net (losses) gains recognized during the period on equity securities sold, transferred or disposed during the period | — |  |  | (2.2) |  |  | — |  |  | 4.1 |
Unrealized (losses) gains recognized during the reporting period on equity securities held at the reporting date | $ | (7.9) |  |  | $ | (7.8) |  |  | $ | (18.2) |  |  | $ | 1.4 |

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- 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://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 + Details
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