v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments, Aggregate Fair Value of Ownership and Equity in Earnings of 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 
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)
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 $102.1 
Operating loss(23.7)(31.2)(36.8)(57.8)
Earnings (losses) of unconsolidated affiliates2.3 (3.7)(3.1)(6.5)
Net loss attributable to BKFC(26.1)(37.7)(47.5)(69.6)
Schedule of Gains on Equity Securities Included in Recognized Gains and Losses
Recognized gains (losses), net on the Condensed Consolidated Statements of Operations consisted of the following (losses) gains on equity securities for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
(In millions)
Net (losses) gains recognized during the period on equity securities$(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