Discontinued Operations (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue	$	—	$	146.8	$	1.7	$	478.4
Life, accident and health earned premiums, net	—		28.6		55.7		86.8
Net investment income	—		46.7		92.4		147.1
Realized/unrealized gains (losses) on investments	—		0.7		5.1		(18.8)
Total revenue	—		222.8		154.9		693.5
Cost of revenue	—		139.9		0.8		457.5
Policy benefits, changes in reserves, and commissions	—		59.6		126.0		195.0
Selling, general and administrative	—		11.3		21.1		50.4
Depreciation and amortization	—		(2.0)		(11.0)		(5.3)
Income (loss) from operations	—		14.0		18.0		(4.1)
Interest expense	—		(1.9)		(0.5)		(9.8)
Loss on sale and liquidation of subsidiaries	(200.3)		—		(159.9)		(39.3)
Income from equity investees	—		—		—		0.5
Other loss	—		(3.8)		(3.1)		(2.0)
Pre-tax (loss) income from discontinued operations	(200.3)		8.3		(145.5)		(54.7)
Income tax expense	—		(0.1)		(4.4)		(0.7)
(Loss) income from discontinued operations	$	(200.3)	$	8.2	$	(149.9)	$	(55.4)

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 nine months ended September 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 September 30,				Nine Months Ended September 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 nine months ended September 30, 2021 and 2020, from continuing operations to discontinued operations on the Company’s Condensed Consolidated Statements of Operations:

	Three Months Ended September 30,				Nine Months Ended September 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 and amortization of deferred financing costs and original issue discount for the three and nine months ended September 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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest expense	$	—	$	0.3	$	0.1	$	0.5
Amortization of deferred financing costs and original issuance discount	$	—	$	0.1	$	—	$	0.1

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 nine months ended September 30, 2021 and 2020, from continuing operations to discontinued operations on the Company’s Condensed Consolidated Statements of Operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest expense	$	—	$	0.8	$	0.3	$	2.4
Amortization of deferred financing costs and original issuance discount	$	—	$	0.1	$	—	$	0.3

Summarized assets and liabilities of the discontinued operations are as follows (in millions):

	September 30, 2021		December 31, 2020
Assets
Current assets
Cash and cash equivalents	$	—	$	195.2
Accounts receivable, net	—		13.6
Other current assets	1.5		8.7
Total current assets	1.5		217.5
Investments	—		4,610.2
Recoverable from reinsurers	—		957.5
Deferred tax asset	—		1.4
Property, plant and equipment, net	—		90.5
Goodwill	—		2.1
Intangibles, net	—		11.7
Other assets	—		51.2
Total assets held for sale	$	1.5	$	5,942.1
Liabilities
Current liabilities
Accounts payable	$	—	$	2.6
Accrued liabilities	—		35.8
Current portion of debt obligations	—		5.7
Other current liabilities	—		7.4
Total current liabilities	—		51.5
Life, accident and health reserves	—		4,627.5
Annuity reserves	—		228.8
Value of business acquired	—		199.8
Deferred tax liability	—		136.5
Debt obligations	—		50.6
Other liabilities	—		12.0
Total liabilities held for sale	$	—	$	5,306.7