Business Context and Reporting Period
This Form 8-K was filed by Cannae Holdings, Inc. on November 27, 2019. The report addresses the Company's investment in Ceridian HCM Holding Inc. ("Ceridian"). It provides adjusted condensed consolidated financial statements for Ceridian for the three-year period ended December 31, 2018. These adjustments reflect Ceridian's adoption of new accounting standards effective January 1, 2019, applied retrospectively.
Key Financial Metrics
The filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it serves as a procedural update to incorporate adjusted financial statements for Ceridian into the Company's reporting framework. The specific adjusted figures are contained in Exhibit 99.1 attached to this filing.
Material Changes Versus Prior Period
The material change described is the adjustment of Ceridian's historical financial statements (for the years ended December 31, 2015, 2016, and 2017) to align with the following accounting standards:
- ASC Topic 606, "Revenue from Contracts with Customers."
- ASU No. 2016-18, "Restricted Cash."
- ASU No. 2017-07, "Compensation—Retirement Benefits."
The filing explicitly states that these adjustments are not a restatement of previously issued financial statements but are required by SEC rules when a registrant adopts ASC Topic 606 using the full retrospective method and subsequently files new registration or information statements.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of new risks or contingencies. It clarifies that the information is provided solely for informational purposes regarding the reporting of the Ceridian investment. For developments subsequent to the 2018 Annual Report, investors are directed to the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2019.
Important Facts for Investors to Verify
- Review Exhibit 99.1 of this filing for the specific adjusted financial data for Ceridian.
- Confirm that these adjustments do not alter Cannae Holdings, Inc.'s own consolidated financial statements included in its 2018 Form 10-K.
- Refer to subsequent Form 10-Q filings for operational updates and financial performance after the 2018 reporting period.