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Condensed Financial Information of Registrant (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Condensed balance sheets | Condensed Balance Sheets
| December 31,
| 2021 |  | 2020
| (In millions, except per-share data)
ASSETS
Current assets: |  |  |
Cash and cash equivalents | $ | 274 |  |  | $ | 575 |
Investments | 74 |  |  | 69 |
Receivables | — |  |  | 2 |
Due from affiliates | 74 |  |  | 114 |
Prepaid expenses and other current assets | 142 |  |  | 65 |
Total current assets | 564 |  |  | 825 |
Property, equipment, and capitalized software, net | 349 |  |  | 339 |
Goodwill and intangible assets, net | 699 |  |  | 369 |
Investments in subsidiaries | 3,772 |  |  | 3,228 |
Deferred income taxes | (18) |  |  | 5 |
Advances to related parties and other assets | 68 |  |  | 83 |
Total assets | $ | 5,434 |  |  | $ | 4,849 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |
Accounts payable, accrued liabilities and other | $ | 378 |  |  | $ | 338 |
Total current liabilities | 378 |  |  | 338 |
Long-term debt | 2,173 |  |  | 2,127 |
Finance lease liabilities | 219 |  |  | 225 |
Other long-term liabilities | 34 |  |  | 63 |
Total liabilities | 2,804 |  |  | 2,753 |
Stockholders’ equity: |  |  |
Common stock, $0.001 par value; 150 million shares authorized; outstanding: 58 million shares at December 31, 2021, and 59 million at December 31, 2020 | — |  |  | — |
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding | — |  |  | — |
Additional paid-in capital | 236 |  |  | 199 |
Accumulated other comprehensive (loss) income | (5) |  |  | 37 |
Retained earnings | 2,399 |  |  | 1,860 |
Total stockholders’ equity | 2,630 |  |  | 2,096 |
Total liabilities and stockholders’ equity | $ | 5,434 |  |  | $ | 4,849 |
Condensed statements of income | Condensed Statements of Income
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In millions)
Revenue: |  |  |  |  |
Administrative services fees | $ | 1,496 |  |  | $ | 1,208 |  |  | $ | 1,038 |
Investment income and other revenue | 11 |  |  | 13 |  |  | 18 |
Total revenue | 1,507 |  |  | 1,221 |  |  | 1,056 |
Expenses: |  |  |  |  |
General and administrative expenses | 1,424 |  |  | 1,089 |  |  | 937 |
Depreciation and amortization | 98 |  |  | 67 |  |  | 63 |
Other | 5 |  |  | 24 |  |  | 4 |
Total operating expenses | 1,527 |  |  | 1,180 |  |  | 1,004 |
Operating (loss) income | (20) |  |  | 41 |  |  | 52 |
Interest expense | 120 |  |  | 102 |  |  | 87 |
Other expenses (income), net | 25 |  |  | 15 |  |  | (15) |
Total other expenses, net | 145 |  |  | 117 |  |  | 72 |
Loss before income tax (benefit) expense and equity in net earnings of subsidiaries | (165) |  |  | (76) |  |  | (20) |
Income tax (benefit) expense | (21) |  |  | (5) |  |  | 9 |
Net loss before equity in net earnings of subsidiaries | (144) |  |  | (71) |  |  | (29) |
Equity in net earnings of subsidiaries | 803 |  |  | 744 |  |  | 766 |
Net income | $ | 659 |  |  | $ | 673 |  |  | $ | 737 |
Condensed statements of comprehensive income | Condensed Statements of Comprehensive Income
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In millions)
Net income | $ | 659 |  |  | $ | 673 |  |  | $ | 737 |
Other comprehensive (loss) income: |  |  |  |  |
Unrealized investment (loss) income | (55) |  |  | 44 |  |  | 16 |
Less: effect of income taxes | (13) |  |  | 11 |  |  | 4 |
Other comprehensive (loss) income, net of tax | (42) |  |  | 33 |  |  | 12 |
Comprehensive income | $ | 617 |  |  | $ | 706 |  |  | $ | 749 |
Condensed statements of cash flows | Condensed Statements of Cash Flows
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (In millions)
Operating activities: |  |  |  |  |
Net cash provided by operating activities | $ | 60 |  |  | $ | 67 |  |  | $ | 71 |
Investing activities: |  |  |  |  |
Capital contributions to subsidiaries | (440) |  |  | (107) |  |  | (43) |
Dividends received from subsidiaries | 564 |  |  | 635 |  |  | 1,373 |
Purchases of investments | (27) |  |  | (188) |  |  | (152) |
Proceeds from sales and maturities of investments | 21 |  |  | 282 |  |  | 93 |
Purchases of property, equipment and capitalized software | (70) |  |  | (74) |  |  | (56) |
Net cash paid in business combinations | (263) |  |  | (1,028) |  |  | — |
Change in amounts due to/from affiliates | 40 |  |  | (68) |  |  | 38 |
Other, net | (3) |  |  | 3 |  |  | 1 |
Net cash (used in) provided by investing activities | (178) |  |  | (545) |  |  | 1,254 |
Financing activities: |  |  |  |  |
Proceeds from senior notes offering, net of issuance costs | 740 |  |  | 1,429 |  |  | — |
Repayment of senior notes | (723) |  |  | (338) |  |  | — |
Common stock purchases | (128) |  |  | (606) |  |  | (47) |
Common stock withheld to settle employee tax obligations | (53) |  |  | (8) |  |  | (7) |
Contingent consideration liabilities settled | (20) |  |  | — |  |  | — |
Repayment of term loan facility | — |  |  | (600) |  |  | — |
Proceeds from borrowings under term loan facility | — |  |  | 380 |  |  | 220 |
Cash paid for partial termination of warrants | — |  |  | (30) |  |  | (514) |
Cash paid for partial settlement of conversion option | — |  |  | (27) |  |  | (578) |
Cash received for partial settlement of call option | — |  |  | 27 |  |  | 578 |
Repayment of principal amount of convertible notes | — |  |  | (12) |  |  | (240) |
Other, net | 1 |  |  | 2 |  |  | 29 |
Net cash (used in) provided by financing activities | (183) |  |  | 217 |  |  | (559) |
Net (decrease) increase in cash and cash equivalents | (301) |  |  | (261) |  |  | 766 |
Cash and cash equivalents at beginning of period | 575 |  |  | 836 |  |  | 70 |
Cash and cash equivalents at end of period | $ | 274 |  |  | $ | 575 |  |  | $ | 836 |

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