Consolidated Statements of Cash Flows - USD ($)
$ in Millions |
6 Months Ended |
12 Months Ended |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2022 |
Dec. 31, 2020 |
| Cash flows from operating activities |
|
|
|
|
| Net loss |
$ (48)
|
|
$ (72)
|
|
| Adjustments to reconcile net loss to net cash provided by (used for) operations: |
|
|
|
|
| Depreciation |
31
|
|
79
|
|
| Intangible amortization expense |
153
|
|
316
|
|
| Noncash lease expense |
11
|
|
25
|
|
| Financing fee and premium amortization |
(2)
|
|
(2)
|
|
| Share-based compensation expense |
67
|
|
181
|
|
| (Gain) loss from change in fair value of financial instruments |
65
|
|
(38)
|
|
| (Gain) Loss from change in fair value of tax receivable agreement |
(37)
|
|
(41)
|
|
| Release of unrecognized tax provision |
|
|
(31)
|
|
| Deferred tax expense (benefit) |
(1)
|
|
26
|
|
| Other |
11
|
|
1
|
|
| Change in assets and liabilities: |
|
|
|
|
| Receivables |
(28)
|
|
(136)
|
|
| Accounts payable and accrued liabilities |
56
|
|
72
|
|
| Other assets and liabilities |
(222)
|
|
(94)
|
|
| Cash provided by (used for) operating activities |
57
|
|
286
|
|
| Cash flows from investing activities |
|
|
|
|
| Acquisition of businesses, net of cash acquired |
(1,793)
|
|
(87)
|
|
| Capital expenditures |
(59)
|
|
(148)
|
|
| Cash used for investing activities |
(1,852)
|
|
(235)
|
|
| Cash flows from financing activities |
|
|
|
|
| Net increase (decrease) in fiduciary liabilities |
266
|
|
229
|
|
| Distributions of equity |
(1)
|
|
|
|
| Borrowings from banks |
627
|
|
104
|
|
| Financing fees |
(8)
|
|
(3)
|
|
| Repayments to banks |
(120)
|
|
(141)
|
|
| Principal payments on finance lease obligations |
(14)
|
|
(30)
|
|
| Tax payment for shares/units withheld in lieu of taxes |
(11)
|
|
(8)
|
|
| Deferred and contingent consideration payments |
(2)
|
|
(85)
|
|
| FTAC share redemptions |
(142)
|
|
|
|
| Proceeds related to FTAC investors |
1,813
|
|
|
|
| Repurchase of shares |
|
|
(12)
|
|
| Other financing activities |
(8)
|
|
|
|
| Cash provided by (used for) financing activities |
2,400
|
|
54
|
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
11
|
|
2
|
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
616
|
|
107
|
|
| Cash, cash equivalents and restricted cash at beginning of period |
1,036
|
|
1,652
|
|
| Cash, cash equivalents and restricted cash at end of period |
1,652
|
$ 1,036
|
1,759
|
|
| Supplemental disclosures: |
|
|
|
|
| Interest paid |
64
|
|
126
|
|
| Income taxes paid |
8
|
|
17
|
|
| Supplemental disclosure of non-cash financing activities: |
|
|
|
|
| Fixed asset additions acquired through finance leases |
2
|
|
9
|
|
| Right of use asset additions acquired through operating leases |
2
|
|
$ 11
|
|
| Alight Holdings |
|
|
|
|
| Cash flows from operating activities |
|
|
|
|
| Net loss |
|
(25)
|
|
$ (103)
|
| Adjustments to reconcile net loss to net cash provided by (used for) operations: |
|
|
|
|
| Depreciation |
|
49
|
|
91
|
| Intangible amortization expense |
|
100
|
|
200
|
| Noncash lease expense |
|
10
|
|
30
|
| Financing fee and premium amortization |
|
9
|
|
20
|
| Share-based compensation expense |
|
5
|
|
5
|
| Release of unrecognized tax provision |
|
(1)
|
|
|
| Deferred tax expense (benefit) |
|
(1)
|
|
|
| Other |
|
1
|
|
11
|
| Change in assets and liabilities: |
|
|
|
|
| Receivables |
|
51
|
|
133
|
| Accounts payable and accrued liabilities |
|
(45)
|
|
(11)
|
| Other assets and liabilities |
|
(97)
|
|
(143)
|
| Cash provided by (used for) operating activities |
|
58
|
|
233
|
| Cash flows from investing activities |
|
|
|
|
| Acquisition of businesses, net of cash acquired |
|
|
|
(52)
|
| Capital expenditures |
|
(55)
|
|
(90)
|
| Cash used for investing activities |
|
(55)
|
|
(142)
|
| Cash flows from financing activities |
|
|
|
|
| Net increase (decrease) in fiduciary liabilities |
|
(15)
|
|
263
|
| Borrowings from banks |
|
110
|
|
779
|
| Financing fees |
|
|
|
(23)
|
| Repayments to banks |
|
(124)
|
|
(495)
|
| Principal payments on finance lease obligations |
|
(17)
|
|
(24)
|
| Tax payment for shares/units withheld in lieu of taxes |
|
(1)
|
|
|
| Deferred and contingent consideration payments |
|
(1)
|
|
|
| Other financing activities |
|
(16)
|
|
(37)
|
| Cash provided by (used for) financing activities |
|
(64)
|
|
463
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
|
(3)
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(61)
|
|
551
|
| Cash, cash equivalents and restricted cash at beginning of period |
$ 1,475
|
1,536
|
|
985
|
| Cash, cash equivalents and restricted cash at end of period |
|
1,475
|
|
1,536
|
| Supplemental disclosures: |
|
|
|
|
| Interest paid |
|
112
|
|
210
|
| Income taxes paid |
|
5
|
|
19
|
| Supplemental disclosure of non-cash financing activities: |
|
|
|
|
| Fixed asset additions acquired through finance leases |
|
2
|
|
62
|
| Right of use asset additions acquired through operating leases |
|
$ 10
|
|
26
|
| Non-cash fixed asset additions |
|
|
|
$ 26
|