RELATED PARTY TRANSACTIONS |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS | 18. RELATED PARTY TRANSACTIONS Transactions between the Company and ADS were considered to be effectively settled at the time the transaction was recorded. The net effect of the settlement of these intercompany transactions is reflected in the unaudited condensed combined statements of cash flows as a financing activity as net transfers to Parent and in the unaudited condensed combined balance sheets as Parent’s net investment. ADS allocated $4.0 million and $3.6 million for the three months ended September 30, 2021 and 2020, respectively, and $11.6 million and $10.8 million for the nine months ended September 30, 2021 and 2020, respectively, of corporate overhead costs that directly or indirectly benefit the Company that are included in general and administrative expense within the Company’s unaudited condensed combined statements of income. These assessments relate to information technology, finance, accounting, and tax services provided, as well as human resources, and other functional support. These allocations were determined based on management estimates on the number of employees and non-employee costs associated with the use of these functions by the Company and may not be indicative of the costs that the Company would otherwise incur on a standalone basis. In addition, the Company had an investment in unconsolidated subsidiary that was a consolidated subsidiary of the Parent. See Note 9, “Investment in Unconsolidated Subsidiary - Related Party,” for additional information. In January 2021, the Company paid cash dividends to ADS of $124.2 million, of which $4.2 million was withheld for taxes. |