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Condensed Financial Information of Registrant (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets
| December 31,
| 2023 |  | 2022
| (In millions, except per-share data)
ASSETS
Current assets: |  |  |
Cash and cash equivalents | $ | 694 |  |  | $ | 329 |
Investments | 48 |  |  | 46 |
Due from affiliates | 174 |  |  | 143 |
Prepaid expenses and other current assets | 133 |  |  | 106 |
Total current assets | 1,049 |  |  | 624 |
Property, equipment, and capitalized software, net | 234 |  |  | 224 |
Goodwill and intangible assets, net | 825 |  |  | 731 |
Investments in subsidiaries | 4,911 |  |  | 4,142 |
Deferred income taxes, net | 57 |  |  | 37 |
Advances to related parties and other assets | 94 |  |  | 78 |
Total assets | $ | 7,170 |  |  | $ | 5,836 |
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities: |  |  |
Accounts payable, accrued liabilities and other | $ | 527 |  |  | $ | 448 |
Total current liabilities | 527 |  |  | 448 |
Long-term debt | 2,180 |  |  | 2,176 |
Finance lease liabilities | 205 |  |  | 215 |
Other long-term liabilities | 43 |  |  | 33 |
Total liabilities | 2,955 |  |  | 2,872 |
Stockholders’ equity: |  |  |
Common stock, $0.001 par value; 150 million shares authorized; outstanding: 58 million shares at each of December 31, 2023 and December 31, 2022 | — |  |  | — |
Preferred stock, $0.001 par value; 20 million shares authorized, no shares issued and outstanding | — |  |  | — |
Additional paid-in capital | 410 |  |  | 328 |
Accumulated other comprehensive loss | (82) |  |  | (160) |
Retained earnings | 3,887 |  |  | 2,796 |
Total stockholders’ equity | 4,215 |  |  | 2,964 |
Total liabilities and stockholders’ equity | $ | 7,170 |  |  | $ | 5,836 |
Schedule of Condensed Statements of Income | Condensed Statements of Income
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Revenue: |  |  |  |  |
Administrative services fees | $ | 2,038 |  |  | $ | 1,826 |  |  | $ | 1,496 |
Investment income and other revenue | 27 |  |  | 8 |  |  | 11 |
Total revenue | 2,065 |  |  | 1,834 |  |  | 1,507 |
Expenses: |  |  |  |  |
General and administrative expenses | 1,952 |  |  | 1,721 |  |  | 1,424 |
Depreciation and amortization | 131 |  |  | 141 |  |  | 98 |
Impairment | — |  |  | 138 |  |  | — |
Other | 20 |  |  | — |  |  | 5 |
Total operating expenses | 2,103 |  |  | 2,000 |  |  | 1,527 |
Operating loss | (38) |  |  | (166) |  |  | (20) |
Interest expense | 109 |  |  | 110 |  |  | 120 |
Other expenses, net | — |  |  | — |  |  | 25 |
Total other expenses, net | 109 |  |  | 110 |  |  | 145 |
Loss before income tax benefit and equity in net earnings of subsidiaries | (147) |  |  | (276) |  |  | (165) |
Income tax benefit | (7) |  |  | (42) |  |  | (21) |
Net loss before equity in net earnings of subsidiaries | (140) |  |  | (234) |  |  | (144) |
Equity in net earnings of subsidiaries | 1,231 |  |  | 1,026 |  |  | 803 |
Net income | $ | 1,091 |  |  | $ | 792 |  |  | $ | 659 |
Schedule of Condensed Statements of Comprehensive Income | Condensed Statements of Comprehensive Income
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Net income | $ | 1,091 |  |  | $ | 792 |  |  | $ | 659 |
Other comprehensive income (loss): |  |  |  |  |
Unrealized investment income (loss) | 102 |  |  | (204) |  |  | (55) |
Less: effect of income taxes | 24 |  |  | (49) |  |  | (13) |
Other comprehensive income (loss), net of tax | 78 |  |  | (155) |  |  | (42) |
Comprehensive income | $ | 1,169 |  |  | $ | 637 |  |  | $ | 617 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Operating activities: |  |  |  |  |
Net cash provided by operating activities | $ | 81 |  |  | $ | 119 |  |  | $ | 60 |
Investing activities: |  |  |  |  |
Capital contributions to subsidiaries | (221) |  |  | (159) |  |  | (440) |
Dividends received from subsidiaries | 705 |  |  | 668 |  |  | 564 |
Purchases of investments | (2) |  |  | (29) |  |  | (27) |
Proceeds from sales and maturities of investments | 1 |  |  | 49 |  |  | 21 |
Purchases of property, equipment and capitalized software | (79) |  |  | (86) |  |  | (70) |
Net cash paid in business combinations | (74) |  |  | — |  |  | (263) |
Change in amounts due to/from affiliates | 5 |  |  | (69) |  |  | 40 |
Other, net | 7 |  |  | 3 |  |  | (3) |
Net cash provided by (used in) investing activities | 342 |  |  | 377 |  |  | (178) |
Financing activities: |  |  |  |  |
Common stock purchases | — |  |  | (400) |  |  | (128) |
Common stock withheld to settle employee tax obligations | (60) |  |  | (54) |  |  | (53) |
Contingent consideration liabilities settled | — |  |  | (20) |  |  | (20) |
Proceeds from senior notes offering, net of issuance costs | — |  |  | — |  |  | 740 |
Repayment of senior notes | — |  |  | — |  |  | (723) |
Other, net | 2 |  |  | 33 |  |  | 1 |
Net cash used in financing activities | (58) |  |  | (441) |  |  | (183) |
Net increase (decrease) in cash and cash equivalents | 365 |  |  | 55 |  |  | (301) |
Cash and cash equivalents at beginning of period | 329 |  |  | 274 |  |  | 575 |
Cash and cash equivalents at end of period | $ | 694 |  |  | $ | 329 |  |  | $ | 274 |

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