Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments and Equity in Earnings of Unconsolidated Affiliates

Investments in unconsolidated affiliates recorded using the equity method of accounting as of March 31, 2020 and December 31, 2019 consisted of the following (in millions):

	Ownership at March 31, 2020		March 31, 2020		December 31, 2019
Dun & Bradstreet	24.3	%	$	396.5	$	385.9
Ceridian (1)	13.7	%	—		309.5
Equity Fund	49.0	%	134.3		46.7
AmeriLife	20.3	%	125.0		—
Other	various		103.4		94.4
Total			$	759.2	$	836.5

_____________________________________

(1) Investment in Ceridian is no longer accounted for under the equity method of accounting as of March 31, 2020.

Equity in earnings (losses) of unconsolidated affiliates for the three months ended March 31, 2020 and March 31, 2019 consisted of the following (in millions):

	Three months ended March 31, 2020			Three months ended March 31, 2019
Dun & Bradstreet	$	10.1		$	(24.3	)
Ceridian (1)	1.5			2.6
Equity Fund	(58.8		)	—
AmeriLife	—			—
Other	(5.5		)	0.3
Total	$	(52.7	)	$	(21.4	)

_____________________________________

(1) Fiscal year 2020 amount represents the Company's equity in earnings of Ceridian in the three months ended March 31, 2020 prior to the change in accounting for the investment as of March 31, 2020.

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 acquired our initial interest in Dun & Bradstreet's parent on February 8, 2019. The results of operations for the three months ended March 31, 2019 presented below represents Dun & Bradstreet's results of operations subsequent to our acquisition.

	March 31, 2020		December 31, 2019
	(In millions)
Total current assets	$	570.1	$	417.9
Goodwill and other intangible assets, net	7,994.2		8,091.5
Other assets	608.1		603.4
Total assets	$	9,172.4	$	9,112.8
Current liabilities	$	927.7	$	1,090.4
Long-term debt	4,023.9		3,818.9
Other non-current liabilities	1,568.5		1,594.0
Total liabilities	6,520.1		6,503.3
Preferred equity	1,032.8		1,030.6
Total capital	1,619.5		1,578.9
Total liabilities and equity	$	9,172.4	$	9,112.8

	Three months ended March 31, 2020			Period from February 8, 2019 to March 31, 2019
	(In millions)
Total revenues	$	395.3		$	174.1
Loss before income taxes	(1.0		)	(111.6		)
Net income (loss)	73.9			(81.1		)
Dividends attributable to preferred equity and noncontrolling interest expense	(32.4		)	(18.3		)
Net income (loss) attributable to Dun & Bradstreet	41.5			(99.4		)

Summarized financial information for the Equity Fund for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in losses of unconsolidated affiliates in our Condensed Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.

	March 31, 2020		December 31, 2019
	(In millions)
Due from brokers and counterparties	$	393.5	$	93.2
Cash and cash equivalents	—		45.2
Derivative contracts, at fair value	—		2.4
Other assets	0.1		—
Total assets	$	393.6	$	140.8
Derivative contracts, at fair value	$	118.1	$	—
Capital received in advance	—		45.2
Other liabilities	1.4		0.2
Total liabilities	119.5		45.4
Net assets	$	274.1	$	95.4

	Three months ended March 31, 2020
	(In millions)
Total net investment loss	$	(0.3	)
Realized gain on securities and derivative contracts	0.5
Change in unrealized loss on derivative contracts	(120.5		)
Change in net assets from operations	(120.3		)

Schedule of Carrying Amounts and Fair Values of Available for Sale Securities

 The carrying amounts and fair values of our available for sale fixed maturity securities at March 31, 2020 and December 31, 2019 are as follows:

	March 31, 2020
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	26.1	$	19.9	$	6.4	$	(0.2	)	$	26.1
Total	$	26.1	$	19.9	$	6.4	$	(0.2	)	$	26.1

	December 31, 2019
	Carrying Value		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	(In millions)
Fixed maturity securities available for sale:
Corporate debt securities	$	19.2	$	19.6	$	0.7	$	(1.1	)	$	19.2
Total	$	19.2	$	19.6	$	0.7	$	(1.1	)	$	19.2