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Investments In Unconsolidated Affiliates (Notes)
 9 Months Ended
Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Affiliates Investments in Unconsolidated Affiliates
DNB Investment
In 2019, we invested an aggregate of $392.6 million in Star Parent, L.P., a Delaware limited partnership ("Star Parent"), related to its acquisition of The Dun & Bradstreet Corporation, a Delaware corporation ("D&B") and D&B's acquisition of Lattice Engines, Inc. D&B is a global leader in commercial data and analytics that provides various services helping companies improve their operational performance. In connection with this investment, we were issued certain limited partner interests in Star Parent, representing approximately 18.1% of the outstanding common equity of Star Parent. For the periods presented, our investment in Star Parent was an equity method investment.
DNB IPO and Private Placement
On July 6, 2020, Dun & Bradstreet Holdings, Inc. ("DNB"), previously a wholly-owned subsidiary of Star Parent, closed its previously announced initial public offering of 90.0 million shares of common stock, which included 11.7 million shares of common stock issued pursuant to the exercise by the underwriters of their option to purchase additional shares in full (the "DNB IPO"). The DNB IPO was priced at $22.00 per share, resulting in gross proceeds to DNB of $2.4 billion when combined with $400.0 million of aggregate proceeds from a concurrent private placement offering (the "DNB Private Placement") and before deducting underwriting discounts and commissions and other offering expenses payable by DNB. Shares of DNB common stock began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "DNB" on July 1, 2020.
On July 6, 2020, we invested $100.0 million in the DNB Private Placement. In connection with the closing of the DNB IPO and the DNB Private Placement, our limited partner interests in Star Parent were exchanged for 54.8 million shares of DNB common stock (the "DNB Investment"), which represents ownership of 13.0% of DNB. As a result of the change in form of our investment, DNB is no longer considered a variable interest entity subsequent to the DNB IPO.
As of September 30, 2020, we hold less than 20% of the outstanding common equity of DNB, but we continue to account for our investment under the equity method because we continue to have significant influence over DNB primarily through a combination of our investment, an agreement with certain other DNB investors pursuant to which we agreed to collectively vote together on matters related to the election of DNB directors for a period of three years following the DNB IPO and our shared Chief Executive Officer.
As of September 30, 2020, DNB's closing share price was $25.66, and the fair value of our investment in DNB was $1,407.5 million before tax.
The table below summarizes the carrying amount of our investment and our maximum exposure related to our variable interests in Star Parent as of December 31, 2019 (in millions):
December 31, 2019
Total assetsMaximum exposure
Investment in Star Parent$291.3 $291.3 
Summarized consolidated financial information for DNB (Successor) and Star Parent (Predecessor) is presented below (in millions):
September 30, 2020December 31, 2019
Current assets$723.4 $417.9 
Non-current assets8,462.0 8,694.9 
Total assets$9,185.4 $9,112.8 
Current liabilities, including short-term debt$785.7 $1,090.4 
Non-current liabilities4,736.0 5,412.9 
Total liabilities5,521.7 6,503.3 
Cumulative preferred series A stock— 1,030.6 
Total equity3,663.7 1,578.9 
Total liabilities and partners' capital$9,185.4 $9,112.8 
Three months ended September 30,Nine months ended September 30, 2020For the period February 8 to September 30, 2019
20202019
Revenues$442.1 $408.2 $1,258.0 $981.2 
Loss before provision for income taxes and equity in net income of affiliates (24.9)(79.8)(227.8)(278.1)
Net loss(14.9)(55.3)(114.8)(197.2)
Net loss attributable to DNB (Successor)/Star Parent (Predecessor)(17.0)(88.8)(182.6)(282.5)
The summarized consolidated financial information as of December 31, 2019 for Star Parent was obtained from the audited consolidated financial statements of Star Parent as of December 31, 2019 that were filed with the SEC on March 25, 2020 as Exhibit 99.1 to our Form 10-K/A. The summarized consolidated financial information for DNB, following the DNB IPO, and Star Parent, prior to the DNB IPO, as of September 30, 2020, for the three and nine months ended September 30, 2020 and for the period from February 8, 2019 to September 30, 2019 was derived from the most recently available unaudited consolidated financial information for each respective period and includes the effect of retrospective application of accounting standards adopted in the current year.
During the three months ended September 30, 2020 and 2019, we recorded equity in earnings related to our investment in DNB of $86.6 million, net of income tax expense of $29.3 million, and equity in losses related to our investment in Star Parent of $11.8 million, net of income tax benefit of $4.2 million, respectively. During the nine months ended September 30, 2020 and the period from February 8, 2019 to September 30, 2019, we recorded equity in earnings related to our investment in DNB of $61.2 million, net of income tax expense of $20.7 million, and equity in losses related to our investment in Star Parent of $37.8 million, net of income tax benefit of $13.3 million, respectively. For the three and nine months ended September 30, 2020, Equity in earnings (losses) of unconsolidated affiliates, net of tax includes a non-cash gain of $88.2 million, net of income tax expense of $29.8 million as a result of the DNB IPO and concurrent DNB Private Placement.
Other investment
On May 15, 2020, we sold our interest in an equity method investment and recognized a gain of $5.0 million, net of tax, which is included in Equity in losses of unconsolidated affiliates, net of tax in our Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) for the nine months ended September 30, 2020. In connection with the sale, we received $8.4 million in cash at closing and recorded a long-term receivable of $1.8 million, which is included in Other non-current assets in our Condensed Consolidated Balance Sheets (Unaudited). The original investment was not material to Black Knight.