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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The results of GMSL, ICS, Beyond6, and CIG and the related expenses directly attributable to the entities were reported as discontinued operations. Summarized operating results of the discontinued operations are as follows (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Revenue |  | $ | — |  |  | $ | 117.5 |  |  | $ | 1.7 |  |  | $ | 331.6 |
Life, accident and health earned premiums, net |  | 27.3 |  |  | 29.5 |  |  | 55.7 |  |  | 58.2 |
Net investment income |  | 48.5 |  |  | 48.4 |  |  | 92.4 |  |  | 100.3 |
Realized/unrealized (losses) gains on investments |  | (4.4) |  |  | (0.5) |  |  | 5.1 |  |  | (19.5) |
Total revenue |  | 71.4 |  |  | 194.9 |  |  | 154.9 |  |  | 470.6 |
Cost of revenue |  | — |  |  | 110.1 |  |  | 0.8 |  |  | 317.5 |
Policy benefits, changes in reserves, and commissions |  | 69.9 |  |  | 63.0 |  |  | 126.0 |  |  | 135.4 |
Selling, general and administrative |  | 8.7 |  |  | 11.8 |  |  | 21.1 |  |  | 39.0 |
Depreciation and amortization |  | (5.1) |  |  | (3.3) |  |  | (11.0) |  |  | (3.3) |
(Loss) income from operations |  | (2.1) |  |  | 13.3 |  |  | 18.0 |  |  | (18.0) |
Interest expense |  | (0.1) |  |  | (2.3) |  |  | (0.5) |  |  | (8.0) |
Gain (loss) on sale and liquidation of subsidiaries |  | — |  |  | — |  |  | 40.4 |  |  | (39.3) |
Income from equity investees |  | — |  |  | — |  |  | — |  |  | 0.5 |
Other (loss) income |  | — |  |  | (0.2) |  |  | (3.1) |  |  | 1.7 |
Pre-tax income (loss) from discontinued operations |  | (2.2) |  |  | 10.8 |  |  | 54.8 |  |  | (63.1) |
Income tax benefit (expense) |  | 0.7 |  |  | (3.3) |  |  | (4.4) |  |  | (0.5) |
(Loss) income from discontinued operations |  | $ | (1.5) |  |  | $ | 7.5 |  |  | $ | 50.4 |  |  | $ | (63.6) |
As a result of the repayment of $15.0 million Revolving Credit Agreement, the Company allocated the following interest and the amortization of deferred financing costs for the three and six months ended June 30, 2021 and 2020 associated with the principal prepayment from continuing operations to discontinued operations on the Company’s Condensed Consolidated Statement of Operations:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest expense |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |
Amortization of deferred financing costs and original issuance discount |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.1 |
As a result of the mandatory redemption of $76.9 million of 2021 Senior Secured Notes, the Company allocated the following pro-rata interest and amortization of deferred financing costs and original issuance discount for the three and six months ended June 30, 2021 and 2020, from continuing operations to discontinued operations on the Company’s Condensed Consolidated Statements of Operations:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest expense |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2.2 |
Amortization of deferred financing costs and original issuance discount |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |
As a result of the repayment of $15.0 million Revolving Credit Agreement, the Company allocated the following interest for the three and six months ended June 30, 2021 and 2020 associated with the principal prepayment from continuing operations to discontinued operations on the Company’s Condensed Consolidated Statements of Operations:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest expense |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 0.2 |
As a result of the repayment of $27.9 million of the 2021 Senior Secured Notes, the Company allocated the following pro-rata interest and amortization of deferred financing costs and original issuance discount for the three and six months ended June 30, 2021 and 2020, from continuing operations to discontinued operations on the Company’s Condensed Consolidated Statements of Operations:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest expense |  | $ | — |  |  | $ | 0.8 |  |  | $ | 0.3 |  |  | $ | 1.6 |
Amortization of deferred financing costs and original issuance discount |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.2 |
Summarized assets and liabilities of the discontinued operations are as follows (in millions):
|  | June 30, 2021 |  | December 31, 2020
Assets |  |  |  |
Current assets |  |  |  |
Cash and cash equivalents |  | $ | 253.7 |  |  | $ | 195.2 |
Accounts receivable, net |  | — |  |  | 13.6 |
Other current assets |  | 6.7 |  |  | 8.7 |
Total current assets |  | 260.4 |  |  | 217.5 |
Investments |  | 4,483.7 |  |  | 4,610.2 |
Recoverable from reinsurers |  | 1,015.2 |  |  | 957.5 |
Deferred tax asset |  | — |  |  | 1.4 |
Property, plant and equipment, net |  | 1.4 |  |  | 90.5 |
Goodwill |  | — |  |  | 2.1 |
Intangibles, net |  | 2.5 |  |  | 11.7 |
Other assets |  | 44.0 |  |  | 51.2 |
Total assets held for sale |  | $ | 5,807.2 |  |  | $ | 5,942.1 |
Liabilities |  |  |  |
Current liabilities |  |  |  |
Accounts payable |  | $ | — |  |  | $ | 2.6 |
Accrued liabilities |  | 8.8 |  |  | 35.8 |
Current portion of debt obligations |  | — |  |  | 5.7 |
Other current liabilities |  | 3.6 |  |  | 7.4 |
Total current liabilities |  | 12.4 |  |  | 51.5 |
Life, accident and health reserves |  | 4,711.7 |  |  | 4,627.5 |
Annuity reserves |  | 225.8 |  |  | 228.8 |
Value of business acquired |  | 188.3 |  |  | 199.8 |
Deferred tax liability |  | 114.8 |  |  | 136.5 |
Debt obligations |  | — |  |  | 50.6 |
Other liabilities |  | 8.6 |  |  | 12.0 |
Total liabilities held for sale |  | $ | 5,261.6 |  |  | $ | 5,306.7 |
In addition, as of June 30, 2021, the Company had $5.2 million of assets from its Spectrum segment classified as Assets held for sale in continuing operations related to certain station licenses and assets.

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