v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments in 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, 2025December 31, 2024
(In millions)
Alight7.6 %229.1 374.0 
BKFC42.5 %106.0 108.3 
CSI6.4 %103.9 88.2 
Watkins49.3 %73.6 78.5 
JANA19.99 %56.9 56.3 
Othervarious60.4 59.6 
Total $629.9 $764.9 
The aggregate fair value of our direct ownership in the common stock of unconsolidated affiliates that have quoted market prices as of June 30, 2025 consisted of the following:
 June 30, 2025
(In millions)
Alight229.1 
System114.9 
Equity in (losses) earnings of unconsolidated affiliates for the three and six months ended June 30, 2025 and 2024 consisted of the following:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Alight(81.7)2.2 (83.6)(9.1)
BKFC(12.3)(17.9)(22.7)(25.3)
CSI— 0.2 15.7 41.1 
Watkins(0.1)— (4.8)— 
JANA0.4 0.5 2.8 — 
Other(2.0)0.4 (5.0)(3.7)
Total$(95.7)$(14.6)$(97.6)$3.0 
Alight
As of June 30, 2025, the book value of our investment in Alight accounted for under the equity method of accounting was $288.2 million, prior to any impairment. Based on the closing stock price of Alight common shares as of June 30, 2025, the fair value of our investment in Alight was $229.1 million. The fair value measurement is considered a level 1 fair value measure.
Due to the quantum of the decrease in the fair market value of our ownership interest subsequent to our acquisition, the extended time period that the fair value of our investment in Alight has been below our book value, and impairment charges taken by Alight as of June 30, 2025, management determined the decrease in fair value of our investment in Alight was other-than-temporary as of June 30, 2025. Accordingly, we recorded an impairment in our investment of Alight of $59.1 million which is included in Recognized (losses) gains, net on our Consolidated Statement of Operations for the year ended June 30, 2025.
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,
2025202420252024
(In millions)
Total revenues$528.0 $538.0 $1,076.0 $1,097.0 
Gross profit176.0 167.0 347.0 349.0 
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)
BKFC
Summarized statement of operation information for Black Knight Football 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. We report our equity in the earnings or loss of BKFC on a three-month lag. 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,
2025202420252024
(In millions)
Total revenues$61.2 $49.4 $132.5 $102.1 
Operating loss(23.7)(31.2)(36.8)(57.8)
Earnings (losses) of unconsolidated affiliates2.3 (3.7)(3.1)(6.5)
Net loss attributable to BKFC(26.1)(37.7)(47.5)(69.6)
Equity Securities
Recognized gains (losses), net on the Condensed Consolidated Statements of Operations consisted of the following (losses) gains on equity securities for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Net (losses) gains recognized during the period on equity securities$(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 
Equity Security Investments Without Readily Determinable Fair Values
We account for our investments in AmeriLife and certain other ownership interests at cost adjusted for any impairment or changes resulting from observable price changes in orderly market transactions. As of June 30, 2025 and December 31, 2024, we have $162.7 million and $159.9 million, respectively, recorded for such investments, which is included in Other long-term investments and noncurrent assets on our Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2025 and 2024, we have not recorded any material upward or downward adjustments to these investments due to price changes or impairments.