Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

Note 12. Segment Information

The Company operates its business through four operating and reportable segments: Capital Markets – Software Solutions, Capital Markets – Compliance and Communications Management, Investment Companies – Software Solutions and Investment Companies – Compliance and Communications Management. Corporate is not an operating segment and consists primarily of unallocated SG&A activities and associated expenses including, in part, executive, legal, finance and certain facility costs. In addition, certain costs and earnings of employee benefit plans, such as pension and other postretirement benefit plan expense (income) as well as share-based compensation expense, are included in Corporate and not allocated to the operating segments.

Capital Markets

The Company provides software solutions, tech-enabled services and print and distribution solutions to public and private companies for deal solutions and compliance to companies that are, or are preparing to become, subject to the filing and reporting requirements of the Securities Act of 1933, as amended (the “Securities Act”) and the Exchange Act. The Company’s operating segments associated with its capital markets services and products offerings are as follows:

Capital Markets – Software Solutions—The Company provides software solutions to public and private companies to help manage public and private transaction processes; extract data and analyze contracts; collaborate; and tag, validate and file SEC documents.

Capital Markets – Compliance & Communications Management—The Company provides tech-enabled services and print and distribution solutions to public and private companies for deal solutions and SEC compliance requirements.

Investment Companies

The Company provides software solutions, tech-enabled services and print, distribution and fulfillment solutions to its investment companies clients that are subject to the filing and reporting requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”), primarily mutual fund companies, alternative investment companies, insurance companies and third-party fund administrators. The Company’s operating segments associated with its investment companies services and products offerings are as follows:

Investment Companies – Software Solutions—The Company provides software solutions that enable clients to store and manage compliance and regulatory information in a self-service, central repository for documents to be easily accessed, assembled, edited, translated, rendered and submitted to regulators.

Investment Companies – Compliance & Communications Management—The Company provides its investment company clients tech-enabled services to prepare and file registration forms, as well as XBRL-formatted filings pursuant to the Investment Company Act, through the SEC’s EDGAR system. In addition, the Company provides print and distribution solutions for its clients to communicate with their investors.

Information by Segment

The Company has disclosed income (loss) from operations as the primary measure of segment earnings (loss). This is the measure of profitability used by the Company’s chief operating decision maker and is most consistent with the presentation of profitability reported within the Unaudited Condensed Consolidated Financial Statements.

	Net Sales		Income (Loss) from Operations			Depreciation and Amortization		Capital Expenditures
Three Months Ended June 30, 2021
Capital Markets - Software Solutions	$	43.8	$	9.3		$	4.1	$	4.5
Capital Markets - Compliance and Communications Management		153.1		64.6			1.5		0.7
Investment Companies - Software Solutions		22.8		3.5			3.2		2.7
Investment Companies - Compliance and Communications Management		47.8		2.1			1.2		0.8
Total operating segments		267.5		79.5			10.0		8.7
Corporate		—		(17.5	)		0.1		1.0
Total	$	267.5	$	62.0		$	10.1	$	9.7

	Net Sales		Income (Loss) from Operations			Depreciation and Amortization		Capital Expenditures
Three Months Ended June 30, 2020
Capital Markets - Software Solutions	$	31.8	$	1.0		$	3.6	$	3.7
Capital Markets - Compliance and Communications Management		120.8		29.3			4.0		1.4
Investment Companies - Software Solutions		15.8		0.4			3.2		2.7
Investment Companies - Compliance and Communications Management		85.6		2.0			2.6		1.0
Total operating segments		254.0		32.7			13.4		8.8
Corporate		—		(28.8	)		1.3		—
Total	$	254.0	$	3.9		$	14.7	$	8.8

	Net Sales		Income (Loss) from Operations			Assets(1)		Depreciation and Amortization		Capital Expenditures
Six Months Ended June 30, 2021
Capital Markets - Software Solutions	$	82.3	$	15.8		$	178.0	$	7.8	$	8.2
Capital Markets - Compliance and Communications Management		291.6		123.7			466.2		3.0		1.3
Investment Companies - Software Solutions		44.6		5.5			92.3		6.8		4.5
Investment Companies - Compliance and Communications Management		94.3		8.4			68.9		2.2		1.3
Total operating segments		512.8		153.4			805.4		19.8		15.3
Corporate		—		(40.5	)		126.1		0.1		2.4
Total	$	512.8	$	112.9		$	931.5	$	19.9	$	17.7

	Net Sales		Income (Loss) from Operations			Assets(1)		Depreciation and Amortization		Capital Expenditures
Six Months Ended June 30, 2020
Capital Markets - Software Solutions	$	63.0	$	2.8		$	165.6	$	6.7	$	7.0
Capital Markets - Compliance and Communications Management		219.9		50.7			452.1		8.0		1.6
Investment Companies - Software Solutions		31.9		0.5			97.4		6.1		5.5
Investment Companies - Compliance and Communications Management		159.9		4.1			149.8		5.0		1.0
Total operating segments		474.7		58.1			864.9		25.8		15.1
Corporate		—		(42.3	)		98.9		1.3		0.6
Total	$	474.7	$	15.8		$	963.8	$	27.1	$	15.7

(1) Certain assets are recorded within a segment based on predominant usage, however, as they benefit more than one segment, the related operating expenses are allocated between segments.