Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

Note 15. 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, are included in Corporate and not allocated to the operation 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 and the Exchange Act. Capital markets clients leverage the Company’s software offerings, proprietary technology, deep industry expertise and experience to successfully navigate the SEC’s specified file formats when submitting compliance documents through the EDGAR system for their transactional and ongoing compliance needs. The Company assists its capital markets clients throughout the course of public and private business transactions, mergers and acquisitions, initial public offerings (“IPOs”), debt offerings and other similar transactions. In addition, the Company provides clients with compliance solutions to prepare their ongoing required Exchange Act filings that are compatible with the SEC’s EDGAR system, most notably Form 10-K, Form 10-Q, Form 8-K and proxy filings. The Company’s operating segments associated with its capital markets services and product 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, primarily mutual fund companies, alternative investment companies, insurance companies and third-party fund administrators. The Company’s suite of solutions enables its investment companies clients to comply with applicable ongoing SEC regulations, as well as to create, manage and deliver accurate and timely financial communications to investors and regulators. Investment companies clients leverage the Company’s proprietary technology, deep industry expertise and experience to successfully navigate the SEC’s specified file formats when submitting compliance documents through the EDGAR system. 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 companies 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 it 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 audited Consolidated Financial Statements.

	Total Net Sales		Income (Loss) from Operations			Assets(a)		Depreciation and Amortization		Capital Expenditures
Year Ended December 31, 2021
Capital Markets - Software Solutions	$	181.0	$	30.4		$	186.6	$	16.7	$	18.8
Capital Markets - Compliance and Communications Management		561.5		242.6			418.3		5.9		3.0
Investment Companies - Software Solutions		89.0		8.9			91.2		12.6		13.0
Investment Companies - Compliance and Communications Management		161.8		15.0			49.3		4.7		2.9
Total operating segments		993.3		296.9			745.4		39.9		37.7
Corporate		—		(77.6	)		137.9		0.4		4.6
Total	$	993.3	$	219.3		$	883.3	$	40.3	$	42.3
	Total Net Sales		Income (Loss) from Operations			Assets(a)		Depreciation and Amortization		Capital Expenditures
Year Ended December 31, 2020
Capital Markets - Software Solutions	$	133.2	$	8.5		$	167.7	$	13.1	$	14.8
Capital Markets - Compliance and Communications Management		424.0		120.6			389.6		14.4		3.4
Investment Companies - Software Solutions		67.0		(1.7	)		91.8		12.0		9.5
Investment Companies - Compliance and Communications Management		270.3		(43.1	)		67.7		10.0		2.1
Total operating segments		894.5		84.3			716.8		49.5		29.8
Corporate		—		(80.7	)		148.8		1.4		1.3
Total	$	894.5	$	3.6		$	865.6	$	50.9	$	31.1
	Total Net Sales		Income (Loss) from Operations			Assets(a)		Depreciation and Amortization		Capital Expenditures
Year Ended December 31, 2019
Capital Markets - Software Solutions	$	126.7	$	9.6		$	164.8	$	12.6	$	15.2
Capital Markets - Compliance and Communications Management		389.7		86.3			408.7		15.3		6.4
Investment Companies - Software Solutions		62.6		(7.8	)		100.4		12.7		15.4
Investment Companies - Compliance and Communications Management		295.7		29.4			121.7		8.9		6.9
Total operating segments		874.7		117.5			795.6		49.5		43.9
Corporate		—		(39.0	)		91.3		0.1		0.9
Total	$	874.7	$	78.5		$	886.9	$	49.6	$	44.8

(a)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.

Corporate assets primarily consisted of the following:

	December 31, 2021		December 31, 2020
Cash and cash equivalents	$	54.5	$	73.6
Prepaid expenses and other current assets		13.0		6.1
Operating lease right-of-use assets		4.4		8.3
Deferred income taxes, net of valuation allowance		31.7		34.0
Other noncurrent assets		20.5		23.0