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Condensed Financial Information of Registrant (Tables)

12 Months Ended

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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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Regulation S-X (SX)
-Number 210
-Section 3
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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

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-Section 3
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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

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-Name Regulation S-X (SX)
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-Section 3
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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
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