Consolidated Statements of Cash Flows - USD ($)
$ in Millions |
6 Months Ended |
12 Months Ended |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| Cash flows from operating activities |
|
|
|
|
| Net (loss) income |
$ (48)
|
|
|
|
| Adjustments to reconcile net (loss) income to net cash provided by operations: |
|
|
|
|
| Depreciation |
31
|
$ 49
|
$ 91
|
$ 68
|
| Intangible amortization expense |
153
|
100
|
200
|
185
|
| Noncash lease expense |
11
|
|
|
|
| Financing fee and premium amortization |
(2)
|
|
|
|
| Share-based compensation expense |
67
|
5
|
5
|
9
|
| Loss from change in fair value of financial instruments |
65
|
|
|
|
| Gain from change in fair value of tax receivable agreement |
(37)
|
|
|
|
| Other |
11
|
|
|
|
| Change in assets and liabilities: |
|
|
|
|
| Receivables |
(28)
|
|
|
|
| Accounts payable and accrued liabilities |
56
|
|
|
|
| Other assets and liabilities |
(222)
|
|
|
|
| Cash provided by operating activities |
57
|
|
|
|
| Cash flows from investing activities |
|
|
|
|
| Acquisition of businesses, net of cash acquired |
(1,793)
|
|
|
|
| Capital expenditures |
(59)
|
|
|
|
| Cash used for investing activities |
(1,852)
|
|
|
|
| Cash flows from financing activities |
|
|
|
|
| Net increase (decrease) in fiduciary liabilities |
266
|
|
|
|
| Distributions of equity |
(1)
|
|
|
|
| Borrowings from banks |
627
|
|
|
|
| Financing fees |
(8)
|
|
|
|
| Repayments to banks |
(120)
|
|
|
|
| Principal payments on finance lease obligations |
(14)
|
|
|
|
| Settlements of interest rate swaps |
(8)
|
|
|
|
| Tax payment for shares/units withheld in lieu of taxes |
(11)
|
|
|
|
| Contingent consideration payments |
(2)
|
|
|
|
| FTAC share redemptions |
(142)
|
|
|
|
| Proceeds related to FTAC investors |
1,813
|
|
|
|
| Cash provided by (used for) financing activities |
2,400
|
|
|
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
11
|
|
|
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
616
|
|
|
|
| Cash, cash equivalents and restricted cash at beginning of period |
1,036
|
|
|
|
| Cash, cash equivalents and restricted cash at end of period |
1,652
|
1,036
|
|
|
| Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheets |
|
|
|
|
| Cash and cash equivalents |
372
|
|
506
|
|
| Restricted cash included in fiduciary assets |
1,280
|
|
|
|
| Total cash, cash equivalents and restricted cash |
1,652
|
1,036
|
|
|
| Supplemental disclosures: |
|
|
|
|
| Interest paid |
64
|
|
|
|
| Income taxes paid |
8
|
|
|
|
| Supplemental disclosure of non-cash financing activities: |
|
|
|
|
| Fixed asset additions acquired through finance leases |
2
|
|
|
|
| Right of use asset additions acquired through operating leases |
2
|
|
|
|
| Alight Holdings |
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
| Net (loss) income |
|
(25)
|
(103)
|
22
|
| Adjustments to reconcile net (loss) income to net cash provided by operations: |
|
|
|
|
| Depreciation |
|
49
|
91
|
68
|
| Intangible amortization expense |
|
100
|
200
|
185
|
| Noncash lease expense |
|
10
|
30
|
12
|
| Financing fee and premium amortization |
|
9
|
20
|
18
|
| Share-based compensation expense |
|
5
|
5
|
9
|
| Other |
|
1
|
11
|
5
|
| Change in assets and liabilities: |
|
|
|
|
| Receivables |
|
51
|
133
|
(39)
|
| Accounts payable and accrued liabilities |
|
(45)
|
(11)
|
(61)
|
| Other assets and liabilities |
|
(97)
|
(143)
|
49
|
| Cash provided by operating activities |
|
58
|
233
|
268
|
| Cash flows from investing activities |
|
|
|
|
| Acquisition of businesses, net of cash acquired |
|
|
(52)
|
(527)
|
| Capital expenditures |
|
(55)
|
(90)
|
(77)
|
| Cash used for investing activities |
|
(55)
|
(142)
|
(604)
|
| Cash flows from financing activities |
|
|
|
|
| Net increase (decrease) in fiduciary liabilities |
|
(15)
|
263
|
87
|
| Members' equity unit repurchase |
|
(2)
|
(3)
|
(4)
|
| Distributions of equity |
|
|
(3)
|
(10)
|
| Borrowings from banks |
|
110
|
779
|
483
|
| Financing fees |
|
|
(23)
|
(5)
|
| Repayments to banks |
|
(124)
|
(495)
|
(120)
|
| Principal payments on finance lease obligations |
|
(17)
|
(24)
|
(13)
|
| Settlements of interest rate swaps |
|
(14)
|
(21)
|
4
|
| Tax payment for shares/units withheld in lieu of taxes |
|
(1)
|
|
(2)
|
| Contingent consideration payments |
|
(1)
|
|
|
| Other financing activities |
|
|
(10)
|
|
| Cash provided by (used for) financing activities |
|
(64)
|
463
|
420
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(3)
|
1
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(61)
|
551
|
85
|
| Cash, cash equivalents and restricted cash at beginning of period |
$ 1,475
|
1,536
|
985
|
900
|
| Cash, cash equivalents and restricted cash at end of period |
|
1,475
|
1,536
|
985
|
| Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheets |
|
|
|
|
| Cash and cash equivalents |
|
460
|
506
|
218
|
| Restricted cash included in fiduciary assets |
|
1,015
|
1,030
|
767
|
| Total cash, cash equivalents and restricted cash |
|
1,475
|
1,536
|
985
|
| Supplemental disclosures: |
|
|
|
|
| Interest paid |
|
112
|
210
|
204
|
| Income taxes paid |
|
5
|
19
|
9
|
| Supplemental disclosure of non-cash financing activities: |
|
|
|
|
| Fixed asset additions acquired through finance leases |
|
2
|
62
|
24
|
| Right of use asset additions acquired through operating leases |
|
$ 10
|
26
|
$ 58
|
| Non-cash fixed asset additions |
|
|
$ 26
|
|