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Condensed Financial Information of Registrant (Tables) | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
| December 31,
| 2018 |  | 2017
| (In millions, except share data)
ASSETS
Current assets: |  |  |  |
Cash and cash equivalents | $ | 70 |  |  | $ | 504 |
Investments | 100 |  |  | 192 |
Restricted investments | — |  |  | 169 |
Receivables | 2 |  |  | 2 |
Due from affiliates | 90 |  |  | 148 |
Prepaid expenses and other current assets | 47 |  |  | 103 |
Derivative asset | 476 |  |  | 522 |
Total current assets | 785 |  |  | 1,640 |
Property, equipment, and capitalized software, net | 176 |  |  | 223 |
Goodwill and intangible assets, net | 13 |  |  | 15 |
Investments in subsidiaries | 2,768 |  |  | 2,306 |
Deferred income taxes | 39 |  |  | 17 |
Advances to related parties and other assets | 40 |  |  | 32 |
| $ | 3,821 |  |  | $ | 4,233 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |
Medical claims and benefits payable | $ | 4 |  |  | $ | 3 |
Accounts payable and accrued liabilities | 223 |  |  | 178 |
Current portion of long-term debt | 241 |  |  | 653 |
Derivative liability | 476 |  |  | 522 |
Total current liabilities | 944 |  |  | 1,356 |
Long-term debt | 1,020 |  |  | 1,318 |
Lease financing obligations | 197 |  |  | 198 |
Other long-term liabilities | 13 |  |  | 24 |
Total liabilities | 2,174 |  |  | 2,896 |
Stockholders’ equity: |  |  |
Common stock, $0.001 par value; 150 million shares authorized; outstanding: |  |  |  |
62 million shares at December 31, 2018 and 60 million shares at December 31, 2017 | — |  |  | — |
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding | — |  |  | — |
Additional paid-in capital | 643 |  |  | 1,044 |
Accumulated other comprehensive loss | (8 | ) |  | (5 | )
Retained earnings | 1,012 |  |  | 298 |
Total stockholders’ equity | 1,647 |  |  | 1,337 |
| $ | 3,821 |  |  | $ | 4,233 |
CONDENSED CONSOLIDATING BALANCE SHEETS
| December 31, 2018
| Parent Issuer |  | Other Guarantor |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In millions)
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 70 |  |  | $ | 2 |  |  | $ | 2,754 |  |  | $ | — |  |  | $ | 2,826 |
Investments | 100 |  |  | — |  |  | 1,581 |  |  | — |  |  | 1,681 |
Receivables | 2 |  |  | — |  |  | 1,328 |  |  | — |  |  | 1,330 |
Due from (to) affiliates | 90 |  |  | 7 |  |  | (97 | ) |  | — |  |  | — |
Prepaid expenses and other current assets | 47 |  |  | 29 |  |  | 73 |  |  | — |  |  | 149 |
Derivative asset | 476 |  |  | — |  |  | — |  |  | — |  |  | 476 |
Total current assets | 785 |  |  | 38 |  |  | 5,639 |  |  | — |  |  | 6,462 |
Property, equipment, and capitalized software, net | 176 |  |  | — |  |  | 65 |  |  | — |  |  | 241 |
Goodwill and intangible assets, net | 13 |  |  | — |  |  | 177 |  |  | — |  |  | 190 |
Restricted investments | — |  |  | — |  |  | 120 |  |  | — |  |  | 120 |
Investment in subsidiaries, net | 2,768 |  |  | (5 | ) |  | — |  |  | (2,763 | ) |  | — |
Deferred income taxes | 39 |  |  | — |  |  | 78 |  |  | — |  |  | 117 |
Other assets | 40 |  |  | — |  |  | 5 |  |  | (21 | ) |  | 24 |
| $ | 3,821 |  |  | $ | 33 |  |  | $ | 6,084 |  |  | $ | (2,784 | ) |  | $ | 7,154 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Medical claims and benefits payable | $ | 4 |  |  | $ | — |  |  | $ | 1,957 |  |  | $ | — |  |  | $ | 1,961 |
Amounts due government agencies | — |  |  | — |  |  | 967 |  |  | — |  |  | 967 |
Accounts payable and accrued liabilities | 223 |  |  | — |  |  | 167 |  |  | — |  |  | 390 |
Deferred revenue | — |  |  | — |  |  | 211 |  |  | — |  |  | 211 |
Current portion of long-term debt | 241 |  |  | — |  |  | — |  |  | — |  |  | 241 |
Derivative liability | 476 |  |  | — |  |  | — |  |  | — |  |  | 476 |
Total current liabilities | 944 |  |  | — |  |  | 3,302 |  |  | — |  |  | 4,246 |
Long-term debt and lease financing obligations | 1,217 |  |  | — |  |  | 20 |  |  | (20 | ) |  | 1,217 |
Other long-term liabilities | 13 |  |  | — |  |  | 32 |  |  | (1 | ) |  | 44 |
Total liabilities | 2,174 |  |  | — |  |  | 3,354 |  |  | (21 | ) |  | 5,507 |
Total stockholders’ equity | 1,647 |  |  | 33 |  |  | 2,730 |  |  | (2,763 | ) |  | 1,647 |
| $ | 3,821 |  |  | $ | 33 |  |  | $ | 6,084 |  |  | $ | (2,784 | ) |  | $ | 7,154 |
CONDENSED CONSOLIDATING BALANCE SHEETS
| December 31, 2017
| Parent Issuer |  | Other Guarantor |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In millions)
ASSETS
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 504 |  |  | $ | — |  |  | $ | 2,682 |  |  | $ | — |  |  | $ | 3,186 |
Investments | 192 |  |  | — |  |  | 2,332 |  |  | — |  |  | 2,524 |
Restricted investments | 169 |  |  | — |  |  | — |  |  | — |  |  | 169 |
Receivables | 2 |  |  | — |  |  | 869 |  |  | — |  |  | 871 |
Due from (to) affiliates | 148 |  |  | 2 |  |  | (150 | ) |  | — |  |  | — |
Prepaid expenses and other current assets | 103 |  |  | 2 |  |  | 150 |  |  | (16 | ) |  | 239 |
Derivative asset | 522 |  |  | — |  |  | — |  |  | — |  |  | 522 |
Total current assets | 1,640 |  |  | 4 |  |  | 5,883 |  |  | (16 | ) |  | 7,511 |
Property, equipment, and capitalized software, net | 223 |  |  | — |  |  | 119 |  |  | — |  |  | 342 |
Goodwill and intangible assets, net | 15 |  |  | — |  |  | 240 |  |  | — |  |  | 255 |
Restricted investments | — |  |  | — |  |  | 119 |  |  | — |  |  | 119 |
Investment in subsidiaries, net | 2,306 |  |  | 75 |  |  | — |  |  | (2,381 | ) |  | — |
Deferred income taxes | 17 |  |  | — |  |  | 101 |  |  | (15 | ) |  | 103 |
Other assets | 32 |  |  | — |  |  | 110 |  |  | (1 | ) |  | 141 |
| $ | 4,233 |  |  | $ | 79 |  |  | $ | 6,572 |  |  | $ | (2,413 | ) |  | $ | 8,471 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |  |  |  |  |  |  |
Medical claims and benefits payable | $ | 3 |  |  | $ | — |  |  | $ | 2,189 |  |  | $ | — |  |  | $ | 2,192 |
Amounts due government agencies | — |  |  | — |  |  | 1,542 |  |  | — |  |  | 1,542 |
Accounts payable and accrued liabilities | 178 |  |  | 1 |  |  | 188 |  |  | (1 | ) |  | 366 |
Deferred revenue | — |  |  | — |  |  | 282 |  |  | — |  |  | 282 |
Current portion of long-term debt | 653 |  |  | — |  |  | 16 |  |  | (16 | ) |  | 653 |
Derivative liability | 522 |  |  | — |  |  | — |  |  | — |  |  | 522 |
Total current liabilities | 1,356 |  |  | 1 |  |  | 4,217 |  |  | (17 | ) |  | 5,557 |
Long-term debt and lease financing obligations | 1,516 |  |  | — |  |  | — |  |  | — |  |  | 1,516 |
Deferred income taxes | — |  |  | — |  |  | 15 |  |  | (15 | ) |  | — |
Other long-term liabilities | 24 |  |  | — |  |  | 37 |  |  | — |  |  | 61 |
Total liabilities | 2,896 |  |  | 1 |  |  | 4,269 |  |  | (32 | ) |  | 7,134 |
Total stockholders’ equity | 1,337 |  |  | 78 |  |  | 2,303 |  |  | (2,381 | ) |  | 1,337 |
| $ | 4,233 |  |  | $ | 79 |  |  | $ | 6,572 |  |  | $ | (2,413 | ) |  | $ | 8,471 |
Condensed Statements of Income | Condensed Statements of Operations
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
| (In millions)
Revenue: |  |  |  |  |
Management fees | $ | 1,138 |  |  | $ | 1,317 |  |  | $ | 1,062 |
Investment income and other revenue | 17 |  |  | 16 |  |  | 16 |
Total revenue | 1,155 |  |  | 1,333 |  |  | 1,078 |
Expenses: |  |  |  |  |  |
Medical care costs | 8 |  |  | 16 |  |  | 73 |
General and administrative expenses | 1,007 |  |  | 1,082 |  |  | 899 |
Depreciation and amortization | 69 |  |  | 93 |  |  | 95 |
Restructuring and separation costs | 35 |  |  | 153 |  |  | — |
Impairment losses | — |  |  | 39 |  |  | — |
Total operating expenses | 1,119 |  |  | 1,383 |  |  | 1,067 |
Gain on sale of subsidiary | 37 |  |  | — |  |  | — |
Operating income (loss) | 73 |  |  | (50 | ) |  | 11 |
Interest expense | 114 |  |  | 117 |  |  | 101 |
Other expense (income) | 17 |  |  | (61 | ) |  | — |
Loss before income tax (benefit) expense and equity in net earnings (losses) of subsidiaries | (58 | ) |  | (106 | ) |  | (90 | )
Income tax (benefit) expense | (14 | ) |  | 8 |  |  | (24 | )
Net loss before equity in net earnings (losses) of subsidiaries | (44 | ) |  | (114 | ) |  | (66 | )
Equity in net earnings (losses) of subsidiaries | 751 |  |  | (398 | ) |  | 118 |
Net income (loss) | $ | 707 |  |  | $ | (512 | ) |  | $ | 52 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
| Year Ended December 31, 2018
| Parent Issuer |  | Other Guarantor |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In millions)
Revenue: |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,155 |  |  | $ | 3 |  |  | $ | 18,884 |  |  | $ | (1,152 | ) |  | $ | 18,890 |
Expenses: |  |  |  |  |  |  |  |  |
Medical care costs | 8 |  |  | — |  |  | 15,129 |  |  | — |  |  | 15,137 |
Cost of service revenue | — |  |  | — |  |  | 364 |  |  | — |  |  | 364 |
General and administrative expenses | 1,007 |  |  | 4 |  |  | 1,474 |  |  | (1,152 | ) |  | 1,333 |
Premium tax expenses | — |  |  | — |  |  | 417 |  |  | — |  |  | 417 |
Health insurer fees | — |  |  | — |  |  | 348 |  |  | — |  |  | 348 |
Depreciation and amortization | 69 |  |  | — |  |  | 30 |  |  | — |  |  | 99 |
Restructuring and separation costs | 35 |  |  | — |  |  | 11 |  |  | — |  |  | 46 |
Total operating expenses | 1,119 |  |  | 4 |  |  | 17,773 |  |  | (1,152 | ) |  | 17,744 |
Gain (loss) on sales of subsidiaries | 37 |  |  | (52 | ) |  | — |  |  | — |  |  | (15 | )
Operating income (loss) | 73 |  |  | (53 | ) |  | 1,111 |  |  | — |  |  | 1,131 |
Interest expense | 114 |  |  | — |  |  | 1 |  |  | — |  |  | 115 |
Other expense | 17 |  |  | — |  |  | — |  |  | — |  |  | 17 |
(Loss) income before income tax (benefit) expense | (58 | ) |  | (53 | ) |  | 1,110 |  |  | — |  |  | 999 |
Income tax (benefit) expense | (14 | ) |  | (11 | ) |  | 317 |  |  | — |  |  | 292 |
Net (loss) income before equity in net earnings (losses) of subsidiaries | (44 | ) |  | (42 | ) |  | 793 |  |  | — |  |  | 707 |
Equity in net earnings (losses) of subsidiaries | 751 |  |  | (5 | ) |  | — |  |  | (746 | ) |  | — |
Net income (loss) | $ | 707 |  |  | $ | (47 | ) |  | $ | 793 |  |  | $ | (746 | ) |  | $ | 707 |
| Year Ended December 31, 2017
| Parent Issuer |  | Other Guarantor |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In millions)
Revenue: |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,333 |  |  | $ | 2 |  |  | $ | 19,904 |  |  | $ | (1,356 | ) |  | $ | 19,883 |
Expenses: |  |  |  |  |  |  |  |  |
Medical care costs | 16 |  |  | — |  |  | 17,058 |  |  | (1 | ) |  | 17,073 |
Cost of service revenue | — |  |  | — |  |  | 492 |  |  | — |  |  | 492 |
General and administrative expenses | 1,082 |  |  | 2 |  |  | 1,865 |  |  | (1,355 | ) |  | 1,594 |
Premium tax expenses | — |  |  | — |  |  | 438 |  |  | — |  |  | 438 |
Depreciation and amortization | 93 |  |  | — |  |  | 44 |  |  | — |  |  | 137 |
Restructuring and separation costs | 153 |  |  | — |  |  | 81 |  |  | — |  |  | 234 |
Impairment losses | 39 |  |  | — |  |  | 431 |  |  | — |  |  | 470 |
Total operating expenses | 1,383 |  |  | 2 |  |  | 20,409 |  |  | (1,356 | ) |  | 20,438 |
Operating loss | (50 | ) |  | — |  |  | (505 | ) |  | — |  |  | (555 | )
Total other expenses, net | 56 |  |  | — |  |  | 1 |  |  | — |  |  | 57 |
Loss before income taxes | (106 | ) |  | — |  |  | (506 | ) |  | — |  |  | (612 | )
Income tax expense (benefit) | 8 |  |  | — |  |  | (108 | ) |  | — |  |  | (100 | )
Net loss before equity in net (losses) earnings of subsidiaries | (114 | ) |  | — |  |  | (398 | ) |  | — |  |  | (512 | )
Equity in net (losses) earnings of subsidiaries | (398 | ) |  | (164 | ) |  | 8 |  |  | 554 |  |  | — |
Net loss | $ | (512 | ) |  | $ | (164 | ) |  | $ | (390 | ) |  | $ | 554 |  |  | $ | (512 | )
| Year Ended December 31, 2016
| Parent Issuer |  | Other Guarantor |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In millions)
Revenue: |  |  |  |  |  |  |  |  |
Total revenue | $ | 1,078 |  |  | $ | — |  |  | $ | 17,786 |  |  | $ | (1,082 | ) |  | $ | 17,782 |
Expenses: |  |  |  |  |  |  |  |  |
Medical care costs | 73 |  |  | — |  |  | 14,702 |  |  | (1 | ) |  | 14,774 |
Cost of service revenue | — |  |  | — |  |  | 485 |  |  | — |  |  | 485 |
General and administrative expenses | 899 |  |  | 2 |  |  | 1,573 |  |  | (1,081 | ) |  | 1,393 |
Premium tax expenses | — |  |  | — |  |  | 468 |  |  | — |  |  | 468 |
Health insurer fees | — |  |  | — |  |  | 217 |  |  | — |  |  | 217 |
Depreciation and amortization | 95 |  |  | — |  |  | 44 |  |  | — |  |  | 139 |
Total operating expenses | 1,067 |  |  | 2 |  |  | 17,489 |  |  | (1,082 | ) |  | 17,476 |
Operating income (loss) | 11 |  |  | (2 | ) |  | 297 |  |  | — |  |  | 306 |
Total other expenses, net | 101 |  |  | — |  |  | — |  |  | — |  |  | 101 |
(Loss) income before income taxes | (90 | ) |  | (2 | ) |  | 297 |  |  | — |  |  | 205 |
Income tax (benefit) expense | (24 | ) |  | (1 | ) |  | 178 |  |  | — |  |  | 153 |
Net (loss) income before equity in earnings of subsidiaries | (66 | ) |  | (1 | ) |  | 119 |  |  | — |  |  | 52 |
Equity in net earnings of subsidiaries | 118 |  |  | 2 |  |  | — |  |  | (120 | ) |  | — |
Net income | $ | 52 |  |  | $ | 1 |  |  | $ | 119 |  |  | $ | (120 | ) |  | $ | 52 |
Condensed Statements of Comprehensive (Loss) Income | Condensed Statements of Comprehensive Income (Loss)
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
| (In millions)
Net income (loss) | $ | 707 |  |  | $ | (512 | ) |  | $ | 52 |
Other comprehensive (loss) income: |  |  |  |  |
Unrealized investment (loss) gain | (3 | ) |  | (5 | ) |  | 3 |
Less: effect of income taxes | (1 | ) |  | (2 | ) |  | 1 |
Other comprehensive (loss) income, net of tax | (2 | ) |  | (3 | ) |  | 2 |
Comprehensive income (loss) | $ | 705 |  |  | $ | (515 | ) |  | $ | 54 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
| (In millions)
Operating activities: |  |  |  |  |
Net cash provided by operating activities | $ | 118 |  |  | $ | 166 |  |  | $ | 55 |
Investing activities: |  |  |  |  |  |
Capital contributions to subsidiaries | (145 | ) |  | (370 | ) |  | (386 | )
Dividends received from subsidiaries | 298 |  |  | 286 |  |  | 101 |
Purchases of investments | (136 | ) |  | (331 | ) |  | (115 | )
Proceeds from sales and maturities of investments | 388 |  |  | 156 |  |  | 188 |
Purchases of property, equipment and capitalized software | (22 | ) |  | (67 | ) |  | (125 | )
Net cash received from sale of subsidiaries | 242 |  |  | — |  |  | — |
Change in amounts due to/from affiliates | 6 |  |  | (49 | ) |  | (18 | )
Other, net | — |  |  | — |  |  | 6 |
Net cash provided by (used in) investing activities | 631 |  |  | (375 | ) |  | (349 | )
Financing activities: |  |  |  |  |  |
Repayment of credit facility | (300 | ) |  | — |  |  | — |
Repayment of principal amount of 1.125% Convertible Notes | (298 | ) |  | — |  |  | — |
Cash paid for partial settlement of 1.125% Conversion Option | (623 | ) |  | — |  |  | — |
Cash received for partial settlement of 1.125% Call Option | 623 |  |  | — |  |  | — |
Cash paid for partial termination of 1.125% Warrants | (549 | ) |  | — |  |  | — |
Repayment of principal amount of 1.625% Convertible Notes | (64 | ) |  | — |  |  | — |
Proceeds from senior notes offerings, net of issuance costs | — |  |  | 325 |  |  | — |
Proceeds from borrowings under credit facility | — |  |  | 300 |  |  | — |
Other, net | 19 |  |  | 11 |  |  | 20 |
Net cash (used in) provided by financing activities | (1,192 | ) |  | 636 |  |  | 20 |
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents | (443 | ) |  | 427 |  |  | (274 | )
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period | 513 |  |  | 86 |  |  | 360 |
Cash, cash equivalents, and restricted cash and cash equivalents at end of period | $ | 70 |  |  | $ | 513 |  |  | $ | 86 |
See accompanying notes. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
| Year Ended December 31, 2018
| Parent Issuer |  | Other Guarantor |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In millions)
Operating activities: |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 118 |  |  | (2 | ) |  | (430 | ) |  | — |  |  | $ | (314 | )
Investing activities: |  |  |  |  |  |  |  |  |
Purchases of investments | (136 | ) |  | — |  |  | (1,308 | ) |  | — |  |  | (1,444 | )
Proceeds from sales and maturities of investments | 388 |  |  | — |  |  | 2,057 |  |  | — |  |  | 2,445 |
Purchases of property, equipment and capitalized software | (22 | ) |  | — |  |  | (8 | ) |  | — |  |  | (30 | )
Net cash received from sales of subsidiaries | 242 |  |  | — |  |  | (52 | ) |  | — |  |  | 190 |
Capital contributions to subsidiaries | (145 | ) |  | — |  |  | 145 |  |  | — |  |  | — |
Dividends received from subsidiaries | 298 |  |  | — |  |  | (298 | ) |  | — |  |  | — |
Change in amounts due to/from affiliates | 6 |  |  | 4 |  |  | (10 | ) |  | — |  |  | — |
Other, net | — |  |  | — |  |  | (18 | ) |  | — |  |  | (18 | )
Net cash provided by investing activities | 631 |  |  | 4 |  |  | 508 |  |  | — |  |  | 1,143 |
Financing activities: |  |  |  |  |  |  |  |  |
Repayment of credit facility | (300 | ) |  | — |  |  | — |  |  | — |  |  | (300 | )
Repayment of principal amount of 1.125% Convertible Notes | (298 | ) |  | — |  |  | — |  |  | — |  |  | (298 | )
Cash paid for partial settlement of 1.125% Conversion Option | (623 | ) |  | — |  |  | — |  |  | — |  |  | (623 | )
Cash received for partial settlement of 1.125% Call Option | 623 |  |  | — |  |  | — |  |  | — |  |  | 623 |
Cash paid for partial termination of 1.125% Warrants | (549 | ) |  | — |  |  | — |  |  | — |  |  | (549 | )
Repayment of principal amount of 1.625% Convertible Notes | (64 | ) |  | — |  |  | — |  |  | — |  |  | (64 | )
Other, net | 19 |  |  | — |  |  | (1 | ) |  | — |  |  | 18 |
Net cash used in financing activities | (1,192 | ) |  | — |  |  | (1 | ) |  | — |  |  | (1,193 | )
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents | (443 | ) |  | 2 |  |  | 77 |  |  | — |  |  | (364 | )
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period | 513 |  |  | — |  |  | 2,777 |  |  | — |  |  | 3,290 |
Cash, cash equivalents, and restricted cash and cash equivalents at end of period | $ | 70 |  |  | $ | 2 |  |  | $ | 2,854 |  |  | $ | — |  |  | $ | 2,926 |
| Year Ended December 31, 2017
| Parent Issuer |  | Other Guarantor |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In millions)
Operating activities: |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 166 |  |  | — |  |  | 638 |  |  | — |  |  | $ | 804 |
Investing activities: |  |  |  |  |  |  |  |  |
Purchases of investments | (331 | ) |  | — |  |  | (2,366 | ) |  | — |  |  | (2,697 | )
Proceeds from sales and maturities of investments | 156 |  |  | — |  |  | 1,603 |  |  | — |  |  | 1,759 |
Purchases of property, equipment and capitalized software | (67 | ) |  | — |  |  | (19 | ) |  | — |  |  | (86 | )
Capital contributions to subsidiaries | (370 | ) |  | 2 |  |  | 368 |  |  | — |  |  | — |
Dividends received from subsidiaries | 286 |  |  | — |  |  | (286 | ) |  | — |  |  | — |
Change in amounts due to/from affiliates | (49 | ) |  | (2 | ) |  | 51 |  |  | — |  |  | — |
Other, net | — |  |  | — |  |  | (38 | ) |  | — |  |  | (38 | )
Net cash used in investing activities | (375 | ) |  | — |  |  | (687 | ) |  | — |  |  | (1,062 | )
Financing activities: |  |  |  |  |  |  |  |  |
Proceeds from senior notes offerings, net of issuance costs | 325 |  |  | — |  |  | — |  |  | — |  |  | 325 |
Proceeds from borrowings under credit facility | 300 |  |  | — |  |  | — |  |  | — |  |  | 300 |
Other, net | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |
Net cash provided by financing activities | 636 |  |  | — |  |  | — |  |  | — |  |  | 636 |
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents | 427 |  |  | — |  |  | (49 | ) |  | — |  |  | 378 |
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period | 86 |  |  | — |  |  | 2,826 |  |  | — |  |  | 2,912 |
Cash, cash equivalents, and restricted cash and cash equivalents at end of period | $ | 513 |  |  | $ | — |  |  | $ | 2,777 |  |  | $ | — |  |  | $ | 3,290 |
| Year Ended December 31, 2016
| Parent Issuer |  | Other Guarantor |  | Non-Guarantors |  | Eliminations |  | Consolidated
| (In millions)
Operating activities: |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 55 |  |  | (1 | ) |  | 619 |  |  | — |  |  | $ | 673 |
Investing activities: |  |  |  |  |  |  |  |  |
Purchases of investments | (115 | ) |  | — |  |  | (1,814 | ) |  | — |  |  | (1,929 | )
Proceeds from sales and maturities of investments | 188 |  |  | — |  |  | 1,778 |  |  | — |  |  | 1,966 |
Purchases of property, equipment and capitalized software | (125 | ) |  | — |  |  | (51 | ) |  | — |  |  | (176 | )
Net cash paid in business combinations | — |  |  | — |  |  | (48 | ) |  | — |  |  | (48 | )
Capital contributions to subsidiaries | (386 | ) |  | 7 |  |  | 379 |  |  | — |  |  | — |
Dividends received from subsidiaries | 101 |  |  | — |  |  | (101 | ) |  | — |  |  | — |
Change in amounts due to/from affiliates | (18 | ) |  | (6 | ) |  | 24 |  |  | — |  |  | — |
Other, net | 6 |  |  | — |  |  | (25 | ) |  | — |  |  | (19 | )
Net cash (used in) provided by investing activities | (349 | ) |  | 1 |  |  | 142 |  |  | — |  |  | (206 | )
Financing activities: |  |  |  |  |  |  |  |  |
Other, net | 20 |  |  | — |  |  | (1 | ) |  | — |  |  | 19 |
Net cash provided by (used in) financing activities | 20 |  |  | — |  |  | (1 | ) |  | — |  |  | 19 |
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents | (274 | ) |  | — |  |  | 760 |  |  | — |  |  | 486 |
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period | 360 |  |  | — |  |  | 2,066 |  |  | — |  |  | 2,426 |
Cash, cash equivalents, and restricted cash and cash equivalents at end of period | $ | 86 |  |  | $ | — |  |  | $ | 2,826 |  |  | $ | — |  |  | $ | 2,912 |

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