Audit Information |
12 Months Ended |
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Dec. 31, 2024 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 42 |
| Auditor Name | Ernst & Young LLP |
| Auditor Location | Chicago, Illinois |
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Income Statement [Abstract] | |||
| Loss on disposal | $ 10 | $ 10 | $ 10 |
Basis of Presentation and Nature of Business |
12 Months Ended |
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Dec. 31, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation and Nature of Business | 1. Basis of Presentation and Nature of Business Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of Alight, Inc. and its wholly owned subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). All intercompany transactions and balances have been eliminated upon consolidation. On July 2, 2021 (the “Closing Date”), Alight Holding Company, LLC (the "Predecessor" or "Alight Holdings") completed a business combination (the "Business Combination") with a special purpose acquisition company. On the Closing Date, pursuant to the Business Combination Agreement, the special purpose acquisition company became a wholly owned subsidiary of Alight, Inc. (“Alight”, the “Company”, “we” “us” “our” or the “Successor”). As of December 31, 2024, Alight owned approximately 99% of the economic interest in the Predecessor, had 100% of the voting power and controlled the management of the Predecessor. The non-voting ownership percentage held by noncontrolling interest was less than 1% as of December 31, 2024. On July 12, 2024, the Company, completed the previously announced sale (the “Transaction”) of Alight’s Payroll & HCM Outsourcing business (the "Divestiture" or "Divested Business") within the Employer Solutions segment. As a result of this agreement, the results of the Company’s Payroll and Professional Services businesses are reported separately as discontinued operations, net of tax, in our consolidated financial statements for all periods presented as of December 31, 2024. While the Closing Date was July 12, 2024, we determined the impact of eleven days was immaterial to the Company's results of operations. As such, we utilized July 1, 2024 as the date of the sale for accounting purposes. Nature of Business We are a technology-enabled services company delivering human capital management solutions to many of the world's largest and most complex organizations. This includes the implementation and administration of employee benefits (e.g., health, wealth and leaves benefits) solutions. Alight’s numerous solutions and services are utilized year-round by employees and their family members in support of their overall health, wealth and wellbeing goals. Participants can access their solutions digitally, including through a mobile application on Alight Worklife®, our intuitive, cloud-based employee engagement platform. Through Alight Worklife, the Company believes it is defining the future of employee benefits by providing an enterprise level, integrated offering designed to drive better outcomes for organizations and individuals. Our primary business, Employer Solutions, is driven by our Alight Worklife platform, and include integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management and retiree healthcare. We leverage data across numerous interactions and activities to improve the employee experience, reduce operational costs and better inform management processes and decision-making. Our clients’ employees benefit from an integrated platform and user experience, coupled with a full-service customer care center, helping them manage the full life cycle of their health wealth and wellbeing.
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Significant Accounting Policies |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies | 2. Significant Accounting Policies Use of Estimates The preparation of the accompanying Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of reserves and expenses. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management believes its estimates to be reasonable given the current facts available. Management adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets, and foreign currency exchange rate movements increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be predicted with certainty, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment would, if applicable, be reflected in the financial statements in future periods. Concentration of Risk The Company has no significant off-balance sheet risks related to foreign exchange contracts or other foreign hedging arrangements. Management believes that its account receivable credit risk exposure is limited, and the Company has not experienced significant write-downs in its accounts receivable balances. Additionally, there was no single client who accounted for more than 10% of the Company’s revenues in any of the periods presented. Cash and Cash Equivalents Cash and cash equivalents include cash balances. At December 31, 2024 and December 31, 2023, Cash and cash equivalents totaled $343 million and $324 million, respectively, and none of the balances were restricted as to its use. Fiduciary Assets and Liabilities Some of the Company’s agreements require it to hold funds to pay certain obligations on behalf of its clients. Funds held on behalf of clients are segregated from Company funds, and their use is restricted to the payment of obligations on behalf of clients. There is typically a short period of time between when the Company receives funds and when it pays obligations on behalf of clients. These funds are recorded as Fiduciary assets with the related obligation recorded as Fiduciary liabilities in the Consolidated Balance Sheets. Our Fiduciary assets included cash of $239 million and $234 million at December 31, 2024 and December 31, 2023, respectively. Commissions Receivable Commissions receivable, which is recorded in Other current assets and Other assets in the Consolidated Balance Sheets, are contract assets that represent estimated variable consideration for commissions to be received from insurance carriers for performance obligations that have been satisfied. The current portion of Commissions receivable is expected to be received within one year, while the non-current portion of Commissions receivable is expected to be received beyond one year. Allowance for Expected Credit Losses The Company’s allowance for expected credit losses with respect to trade receivables and contract assets is based on a combination of factors, including evaluation of historical write-offs, current conditions and reasonable economic forecasts that affect collectability and other qualitative and quantitative analysis. Receivables, net included an allowance for expected credit losses of $9 million and $7 million at December 31, 2024 and December 31, 2023, respectively. Fixed Assets, Net The Company records fixed assets at cost. We compute depreciation and amortization using the straight-line method on the estimated useful lives of the assets, which are generally as follows:
Goodwill and Intangible Assets, Net In applying the acquisition method of accounting for business combinations, amounts assigned to identifiable assets and liabilities acquired were based on estimated fair values as of the date of acquisition, with the remainder recorded as goodwill. Intangible assets are initially valued at fair value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over their estimated useful lives and are reviewed for impairment if indicators of impairment arise. Goodwill is tested for impairment annually as of October 1, and whenever indicators of impairment arise. Derivatives The Company uses derivative financial instruments, such as interest rate swaps. Interest rate swaps are used to manage interest risk exposures and have been designated as cash flow hedges. The changes in the fair value of derivatives that qualify for hedge accounting as cash flow hedges are recorded in Accumulated other comprehensive income (loss). Amounts are reclassified from Accumulated other comprehensive income (loss) into earnings when the hedge exposure affects earnings. The Company discontinues hedge accounting prospectively when: (1) the derivative expires or is sold, terminated, or exercised; (2) the qualifying criteria are no longer met; or (3) management removes the designation of the hedging relationship. Cash flows from derivative instruments are included in Net cash provided by operating activities – continuing operations in the Consolidated Statements of Cash Flows. Foreign Currency Certain of the Company’s non-U.S. operations use their respective local currency as their functional currency. The operations that do not have the U.S. dollar as their functional currency translate their financial statements at the current exchange rates in effect at the balance sheet date and revenues and expenses using rates that approximate those in effect during the period. The resulting translation adjustments are included in net foreign currency translation adjustments within the Consolidated Statements of Stockholders’ Equity. Gains and losses from the remeasurement of monetary assets and liabilities that are denominated in a non-functional currency are included in Other (income) expense, net within the Consolidated Statements of Comprehensive Income (Loss). The impact of the foreign exchange gains and losses for the years ended December 31, 2024, 2023, and 2022 was a loss of $1 million, a loss of $2 million, and a loss of $3 million, respectively. Share-Based Compensation Share-based compensation primarily relates to grants of restricted share units (“RSUs”) and performance-based restricted share units (“PRSUs”), which are measured based on their estimated grant date fair value. The Company typically recognizes compensation expense on a straight-line basis over the requisite service period for awards expected to vest. Forfeitures are estimated on the date of grant and adjusted if actual or expected forfeiture activity differs materially from original estimates. Earnings Per Share Basic earnings per share is calculated by dividing the net income (loss) attributable to Alight, Inc. by the weighted average number of shares of Class A Common Stock issued and outstanding. The computation of diluted earnings per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue shares were exercised or converted into shares or resulted in the issuance of shares that would then share in the net income (loss) of Alight, Inc. Seller Earnouts Upon completion of the Business Combination, we executed a contingent consideration agreement (the “Seller Earnouts”) that results in the issuance of non-voting shares of Class B-1 and Class B-2 Common Stock, which automatically convert into Class A Common Stock upon the achievement of certain criteria. The majority of the Seller Earnouts are accounted for as a contingent consideration liability at fair value within Financial instruments on the Consolidated Balance Sheets and are subject to remeasurement at each balance sheet date. Any change in fair value is recognized within the Consolidated Statements of Comprehensive Income (Loss). Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A Common Stock ownership of the Company. Net (loss) income is reduced by the portion of net (loss) income that is attributable to noncontrolling interests. These noncontrolling interests are convertible into Class A Common Stock of the Company at the holder’s discretion. Income Taxes The portion of earnings allowable to the Company is subject to corporate-level tax rates at the U.S. federal, state and local levels. The Company accounts for income taxes pursuant to the asset and liability method which requires it to recognize current tax liabilities or receivables for the amount of taxes it estimates are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The Company recognizes the benefits of tax return positions in the financial statements if it is “more-likely-than-not” they will be sustained by a taxing authority. The measurement of a tax position meeting the more-likely-than-not criteria is based on the largest benefit that is more than 50% likely to be realized. Only information that is available at the reporting date is considered in the Company’s recognition and measurement analysis and events or changes in facts and circumstances are accounted for in the period in which the event or change in circumstance occurs. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. The Company adopted this standard retrospectively during the year ended December 31, 2024. See Note 12 “Segment Reporting” for additional information. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the standard to determine the impact of adoption to its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures (Topic 220), which requires disclosure in the notes to financial statements of specified information about certain costs and expenses. This guidance will be effective for the annual periods beginning the year ended December 31, 2027. Early adoption is permitted. Upon adoption, the guidance may be applied retrospectively or prospectively. The Company is currently evaluating the standard to determine the impact of adoption to its consolidated financial statements and disclosures.
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Revenue from Contracts with Customers |
12 Months Ended |
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Dec. 31, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers The majority of the Company’s revenue is highly recurring and is derived from contracts with customers to provide integrated, cloud-based human capital solutions that empower clients and their employees to manage their health, wealth and HR needs. The Company’s revenues are disaggregated by recurring and project revenues within each reportable segment. Recurring revenues are typically longer term in nature and more predictable on an annual basis, while project revenues consist of project work of a shorter duration and are therefore less predictable on an annual basis. See Note 12 “Segment Reporting” for quantitative disclosures of recurring and project revenues by reportable segment. The Company’s reportable segment is Employer Solutions. Employer Solutions is driven by our digital, software and AI-led capabilities powered by the Alight Worklife® platform and spanning total employee wellbeing and engagement, including integrated benefits administration, healthcare navigation, financial health and employee wellbeing. The Company believes the revenue categories within Employer Solutions depict how the nature, amount, timing, and uncertainty of its revenue and cash flows are affected by economic factors. Revenues are recognized when control of the promised services is transferred to the customer in the amount that best reflects the consideration to which the Company expects to be entitled in exchange for those services. The majority of the Company’s revenue is recognized over time as the customer simultaneously receives and consumes the benefits of our services. We may occasionally be entitled to a fee based on achieving certain performance criteria or contract milestones. To the extent that we cannot estimate with reasonable assurance the likelihood that we will achieve the performance target, we will constrain this portion of the transaction price and recognize it when or as the uncertainty is resolved. Any taxes assessed on revenues relating to services provided to our clients are recorded on a net basis. All of the Company’s revenues are described in more detail below. Administrative Services We provide benefits and human resource services across all of our solutions, which are highly recurring. The Company’s contracts may include administration services across one or multiple solutions and typically have to five-year terms with mutual renewal options. These contracts typically consist of an implementation phase and an ongoing administration phase: Implementation phase – In connection with the Company’s long-term agreements, implementation efforts are often necessary to set up clients and their human resource or benefit programs on the Company’s systems and operating processes. Work performed during the implementation phase is considered a set-up activity because it does not transfer a service to the customer. Therefore, it is not a separate performance obligation. As these agreements are longer term in nature, our contracts generally provide that if the client terminates a contract, we are entitled to an additional payment for services performed through the termination date designed to recover our up-front costs of implementation. Any fees received from the customer as part of the implementation are, in effect, an advance payment for the future ongoing administration services to be provided. Ongoing administration services phase – For all solutions, the ongoing administration phase includes a variety of plan and system support services. More specifically, these services include data management, calculations, reporting, fulfillment/communications, compliance services, call center support, and in our Health Solutions agreements, annual on-boarding and enrollment support. While there are a variety of activities performed across all solutions, the overall nature of the obligation is to provide integrated administration solutions to the customer. The agreement represents a stand-ready obligation to perform these activities across all solutions on an as-needed basis. The customer obtains value from each period of service, and each time increment (i.e., each month, or each benefit cycle in the case of our Health Solutions arrangements) is distinct and the activities are performed substantially the same. Accordingly, the ongoing administration services for each solution represents a series and each series (i.e., each month, or each benefit cycle including the enrollment period in the case of our Health Solutions arrangements) of distinct services are deemed to be a single performance obligation. In agreements that include multiple performance obligations, the transaction price related to each performance obligation is based on a relative stand-alone selling price basis. We establish the stand-alone selling price using a suitable estimation method, which includes a market assessment approach using observable market prices the Company charges separately for similar solutions to similar customers, or an expected cost plus margin approach. Our contracts with our clients specify the terms and conditions upon which the services are based. Fees for these services are primarily based on a contracted fee charged per participant per period (e.g., monthly or annually, as applicable). These contracts may also include fixed components, including lump-sum implementation fees. Our fees are not typically payable until the commencement of the ongoing administration phase. Once fees become payable, payment is typically due on a monthly basis as we perform under the contract, and we are entitled to be reimbursed for work performed to date in the event of termination. For Health Solutions administration services, each benefits cycle inclusive of the enrollment period represents a time increment under the series guidance and is a single performance obligation. Although ongoing fees are typically not payable until the commencement of the ongoing administrative phase, we begin transferring services to our customers approximately four months prior to payments being due as part of our annual enrollment services. Although our per-participant fees are considered variable, they are typically predictable in nature, and therefore we do not generally constrain any portion of our transaction price estimates. We use an input method based on the labor costs incurred relative to total labor costs as the measure of progress in satisfying our Health Solutions performance obligation commencing when the customer’s annual enrollment services begin. Given that the Health Solutions enrollment and administrative services are stand-ready in nature, it can be difficult to estimate the total expected efforts or hours we will incur for a particular benefits cycle. Therefore, the input measure is based on the historical effort expended, which is measured as labor cost. In the normal course of business, we enter into change orders or other contract modifications to add or modify services provided to the customer. We evaluate whether these modifications should be accounted for as separate contracts or a modification to an existing contract. To the extent that the modification changes a promise that forms part of the underlying series, the modification is not accounted for as a separate contract. Other Contracts In addition to the ongoing administration services, the Company also has services across all solutions that represent separate performance obligations and that are often shorter in duration, such as our participant financial advisory services and enrollment services not bundled with ongoing administration services. Fee arrangements can be in the form of fixed-fee, time-and-materials, or fees based on assets under management. Payment is typically due on a monthly basis as we perform under the contract, and we are entitled to be reimbursed for work performed to date in the event of termination. Services may represent stand-ready obligations that meet the series provision, in which case all variable consideration is allocated to each distinct time increment. Other services are recognized over-time based on a method that faithfully depicts the transfer of value to the customer, which may be based on the value of labor hours worked or time elapsed, depending on the facts and circumstances. The majority of the fees for enrollment services not bundled with ongoing administration services may be in the form of commissions received from insurance carriers for policy placement and are variable in nature. These annual enrollment services include both employer-sponsored arrangements that place both retiree Medicare coverage and voluntary benefits. Our performance obligations under these annual enrollment services are typically completed over a short period upon which a respective policy is placed or confirmed with no ongoing fulfillment obligations. For the employer-sponsored arrangements, we recognize the majority of the placement revenue in the fourth quarter of the calendar year, which is when most of the placement or renewal activity occurs. However, the Company may continue to receive commissions from carriers until the respective policy lapses or is canceled. The Company bases the estimates of total transaction price on supportable evidence from an analysis of past transactions, and only includes amounts that are probable of being received or not refunded. For the employer-sponsored arrangements, the estimated total transaction price may differ from the ultimate amount of commissions we may collect. Consequently, the estimate of total transaction price is adjusted over time as the Company receives confirmation of cash received, or as other information becomes available. A portion of the Company's revenue is subscription-based where monthly fees are paid to the Company. The subscription-based revenue is recognized straight-line over the contract term, which is generally three years. The Company has elected to apply practical expedients to not disclose the revenue related to unsatisfied performance obligations if (1) the contract has an original duration of one year or less, or (2) the variable consideration is allocated entirely to an unsatisfied performance obligation which is recognized as a series of distinct goods and services that form a single performance obligation. Contract Costs Costs to obtain a Contract The Company capitalizes incremental costs to obtain a contract with a customer that are expected to be recovered. Assets recognized for the costs to obtain a contract, which primarily includes sales commissions paid in relation to the initial contract, are amortized over the expected life of the underlying customer relationships, which is generally 7 years for our leaves solutions and generally 15 years for all of our other solutions. For situations where the duration of the contract is 1 year or less, the Company has applied a practical expedient and recognized the costs of obtaining a contract as an expense when incurred. These costs are recorded in Cost of services, exclusive of depreciation and amortization in the Consolidated Statements of Comprehensive Income (Loss). Costs to fulfill a Contract The Company capitalizes costs to fulfill contracts which includes highly customized implementation efforts to set up clients and their human resource or benefit programs. Assets recognized for the costs to fulfill a contract are amortized on a systematic basis over the expected life of the underlying customer relationships, which is generally 7 years for our leaves solutions and generally 15 years for all of our other solutions. Amortization for all contracts costs is recorded in Cost of services, exclusive of depreciation and amortization in the Consolidated Statements of Comprehensive Income (Loss), see Note 5 “Other Financial Data”.
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Discontinued Operations |
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| Discontinued Operations | 4. Discontinued Operations As disclosed in Note 1 “Basis of Presentation and Nature of Business”, on July 12, 2024, the Company closed on its previously announced sale of the Divested Business. Under the terms of the Purchase Agreement, the Buyer agreed to acquire the Divested Business for total consideration of up to $1.2 billion, in the form of (1) $1.0 billion in cash (the “Closing Cash Consideration”) payable at the closing of the transactions (the “Closing”) contemplated by the Purchase Agreement, (2) a note with an aggregate principal amount of $50 million and a fair value of $35 million as of July 12, 2024 issued at Closing (the “Seller Note”) by an indirect parent of Buyer (the “Note Issuer”) and (3) contingent upon the financial performance of the Divested Business for the 2025 fiscal year, a note with an aggregate principal amount of up to $150 million (the “Additional Seller Note”) and an initial fair value of $43 million as of July 12, 2024 to be issued by the Note Issuer. The Seller Note has a stated interest rate of 8.0%. In conjunction with the Divestiture the Company entered into a Transition Services Agreement (the "TSA") with the Buyer. The TSA outlines the terms under which the Company provides certain reimbursable post-closing services to support the business on a transitional basis and are anticipated to be provided for an initial period of up to 18 months, with the option to extend for an additional six months. As part of the TSA agreement, $15 million of the Closing Cash Consideration payable at closing was accounted for as a prepayment to the Company for services provided under the TSA. During the year ended December 31, 2024, TSA services income of $19 million was recognized in Other (income) expense, net, with the corresponding expenses recorded in Cost of services and Selling, general and administrative expense in the consolidated statement of comprehensive income (loss). During the year ended December 31, 2024, pass-through costs of approximately $42 million were incurred under the TSA, which were netted against the equal and offsetting reimbursement amounts due from the Divested Business. Revenue earned during the year ended December 31, 2024 from customer care commercial services provided to the Divested Business was $23 million. A loss on sale of the Divested Business of $10 million, net of tax, was recorded for the year ended December 31, 2024 upon closing of the sale and reflects the impact of net proceeds received less cost to sell over the carrying value of the Divested Business net assets. Post-closing selling price adjustments and completion of other Purchase Agreement provisions in connection with the sale could result in further adjustments to the gain or loss on sale amount which could be material. The following tables presents the carrying value of assets and liabilities for the Divested Business as presented within assets and liabilities of discontinued operations on our Consolidated balance sheets and results as reported in Income (Loss) from Discontinued Operations, Net of Tax, within our Consolidated Statements of comprehensive Income (Loss) (in millions):
During the year ended December 31, 2023, in connection with a strategic portfolio review, we identified and recorded a $148 million non-cash goodwill impairment charge related to our former Cloud Services reporting unit which was subsequently sold as part of the Divested Business. As such, the Company reported the $148 million charge as discontinued operations. The Company concluded that it controlled a portion of the Divested Business services subsequent to separation as a result of certain shared contractual relationships that had not been legally assigned as of December 31, 2024. As such, the Company determined it was the principal for these services and, therefore, during the year ended December 31, 2024, the Company recorded $71 million of Revenue and Cost of services on a gross basis within discontinued operations in the accompanying Consolidated Statements of Comprehensive Income (Loss). The additional income tax expense of $41 million recorded for the year ended December 31, 2024 was due to application of the dual consolidated loss rules as a result of the filing of the federal tax return during the interim period. The application of the dual consolidated loss rule was impacted by the sale of the Divested Business, which disallowed foreign losses previously elected. The expense amounts reflected above represent only the direct costs attributable to the Divested Business and excludes allocations of corporate costs that will be retained following the sale.
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Other Financial Data |
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| Other Financial Data | 5. Other Financial Data Consolidated Balance Sheets Information Receivables, net The components of Receivables, net are as follows (in millions):
Other current assets The components of Other current assets are as follows (in millions):
Other assets The components of Other assets are as follows (in millions):
The current and non-current portions of deferred project costs relate to costs to obtain and fulfill contracts (see Note 3 “Revenue from Contracts with Customers”). Total amortization expense related to deferred project costs were $24 million, $24 million, and $20 million for the years ended December 31, 2024, 2023, and 2022, respectively, and were recorded in Cost of services, exclusive of depreciation and amortization in the accompanying Consolidated Statements of Comprehensive Income (Loss). Other current assets and Other assets include the fair value of outstanding derivative instruments related to interest rate swaps. The interest rate swap balances in as of December 31, 2024 and December 31, 2023 were $23 million and $60 million, respectively. As of December 31, 2024 and December 31, 2023, the interest rate swap balances in Other assets also included $8 million and $17 million, respectively (see Note 13 “Derivative Financial Instruments” for additional information). Other assets also included the Seller Note and Additional Seller Note (see Note 4 "Discontinued Operations" for additional information). As of December 31, 2024, the balances in included $37 million related to the Seller Note and $50 million from the Additional Seller Note. See Note 19 "Lease Obligations" for further information regarding the Operating lease right of use assets recorded as of December 31, 2024 and 2023. Fixed assets, net The components of Fixed assets, net are as follows (in millions):
Included in Computer equipment are assets under finance leases. The balances as of December 31, 2024 and 2023, net of accumulated depreciation related to these assets, were $62 million and $19 million, respectively. Other current liabilities The components of Other current liabilities are as follows (in millions):
Other liabilities The components of Other liabilities are as follows (in millions):
The current and non-current portions of deferred revenue relate to consideration received in advance of performance under client contracts. During the years ended December 31, 2024, 2023, and 2022, revenue of approximately $97 million, $95 million, and $77 million was recognized that was recorded as deferred revenue at the beginning of each period, respectively. Other current liabilities as of December 31, 2024 and December 31, 2023 included the current portion of tax receivable agreement liability of $100 million and $62 million, respectively (see Note 15 "Tax Receivable Agreement" for additional information). As of December 31, 2024 and 2023, the current and non-current portions of operating lease liabilities represent the Company's obligation to make lease payments arising from a lease (see Note 19 "Lease Obligations" for further information). Operating leases for the Company's office facilities expire at various dates through 2031. Other current liabilities and Other liabilities include the fair value of outstanding derivative instruments related to interest rate swaps. There were no interest rate swaps recorded in Other current liabilities as of both December 31, 2024 and December 31, 2023. There were no interest rate swaps recorded in Other liabilities as of December 31, 2024. The balance in as of December 31, 2023 was $3 million (see Note 13 “Derivative Financial Instruments” for additional information).
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible assets, net | 6. Goodwill and Intangible assets, net The changes in the net carrying amount of goodwill are as follows (in millions):
Goodwill for each reporting unit is tested for impairment annually as of October 1, or more frequently if there are indicators that a reporting unit may be impaired. Accounting Standard Codification 350, Intangibles and Other ("ASC 350") states that an optional qualitative impairment assessment can be performed to determine whether an impairment is more likely than not by considering various factors such as macroeconomic and industry trends, reporting unit performance and overall business changes. If inconclusive evidence results from the qualitative impairment test, a quantitative assessment is performed where the Company determines the fair value of the reporting units by using a combination of the present value of expected future cash flows and a market approach based on earnings multiple data from peer companies using unobservable level 3 inputs. If an impairment is identified, an impairment is recorded by the amount that the carrying value exceeds the fair value for each reporting unit as a non-recurring fair value measurement. While the future cash flows are consistent with those that are used in our internal planning process inclusive of long-term growth assumptions, estimating cash flows requires significant judgment. Future changes to our projected cash flows can vary from the cash flows eventually realized, which may have a material impact on the outcomes of future goodwill impairment tests. The Company uses a weighted average cost of capital that represents the blended average required rate of return for equity and debt capital based on observed market return data and company specific risk factors. During the fourth quarter of 2024, the Company performed a quantitative assessment in accordance with ASC 350. We evaluated the potential for goodwill impairment by considering macroeconomic conditions, industry and market conditions, cost factors, both current and future expected financial performance, and relevant entity-specific events for each of the reporting units. We also considered our overall market performance discretely as well as in relation to our peers. We utilized a discount rate of 11.0% and a long-term growth rate of 3.5% for our Health Solutions and Wealth Solutions reporting units in the determination of fair value. Other significant assumptions utilized included the Company’s projections of expected future revenues and EBITDA margin, which is defined as earnings before interest, taxes, depreciation and intangible amortization as a percentage of revenue. The Company determined the fair value of its reporting units exceeded the carrying value as of October 1, 2024, and therefore, goodwill was not impaired. Based on the results of the Company’s quantitative assessment, the fair value of the Health Solutions and Wealth Solutions reporting units exceeded their carrying values by 1.2% and 55.7%, respectively. A hypothetical 25-basis point increase in the discount rate or a hypothetical 50-basis point decrease in the long-term growth rate could have resulted in a goodwill impairment in the Company’s Health Solutions reporting unit of $125 million. At December 31, 2024, our Health Solutions and Wealth Solutions reporting units had $3,084 million and $128 million of goodwill, respectively. Intangible assets by asset class are as follows (in millions):
Amortization expense from finite-lived intangible assets for the years ended December 31, 2024, 2023 and 2022 was $280 million, $281 million, and $278 million, respectively. Amortization expense from finite-lived intangible assets was recorded in Depreciation and intangible amortization in the Consolidated Statements of Comprehensive Income (Loss). The following table reflects intangible assets net carrying amount and weighted-average remaining useful lives as of December 31, 2024 and December 31, 2023 (in millions, except for years):
Subsequent to December 31, 2024, the annual amortization expense is expected to be as follows (in millions):
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 7. Income Taxes Provision for Income Taxes Income (Loss) from continuing operations before taxes consists of the following (in millions):
Income (Loss) from continuing operations before taxes shown above is based on the location of the business unit to which such earnings are attributable for tax purposes. In addition, because the earnings shown above may in some cases be subject to taxation in more than one country, the income tax provision shown below as federal, state, or foreign may not correspond to the geographic attribution of the earnings. The provision for income tax consists of the following (in millions):
Effective Tax Rate Reconciliation The reconciliation of the effective tax rate for all periods presented is as follows (in millions):
The Company’s effective tax rate for the year ended December 31, 2024, year ended December 31, 2023, and year ended December 31, 2022 was 5%, 6% and 13%, respectively. The Company’s income tax expense varies from the expense that would be expected based on statutory rates due principally to its organizational structure. The Company is taxed as a corporation and is subject to corporate federal, state, and local taxes on the income allocated to it from Alight Holdings, based upon the Company’s economic interest in Alight Holdings, and any stand-alone income or loss generated by the Company. Alight Holdings and certain subsidiaries combine to form a single entity taxable as a partnership for U.S. federal and most applicable state and local income tax purposes. As such, Alight Holdings is not subject to U.S. federal and certain state and local income taxes. The partners of Alight Holdings, including the Company, are liable for federal, state, and local income taxes based on their allocable share of Alight Holdings’ pass-through taxable income, which includes income of Alight Holdings’ subsidiaries that are treated as disregarded entities separate from Alight Holdings for income tax purposes. The effective tax rate for the year ended December 31, 2024 is lower than the 21% U.S. statutory corporate income tax rate primarily due to changes in valuation allowances, tax credits, and non-deductible expenses. Deferred Income Taxes The components of the Company’s deferred tax assets and liabilities are as follows (in millions):
As a result of the Business Combination, the Company established a deferred tax asset for the value of certain tax loss and credit carryforward attributes of the merged entities. In addition, the Company established a deferred tax liability to account for the difference between the Company’s book and tax basis in its investment in Alight Holdings. The Company also has historically maintained deferred tax assets on certain net operating loss (“NOL”) carryforwards in non-U.S. jurisdictions. As of December 31, 2024 and 2023, the Company had U.S. and foreign NOLs of $30 million and $75 million, respectively. The material jurisdictions for the NOLs are the United States and Canada. The company also generated and utilized foreign and research and development tax credits which have an expiration of 10 and 20 years respectively. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized and adjusts the valuation allowance accordingly. In evaluating the Company's ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company considers all available positive and negative evidence, including the period of expiration, scheduled reversals of deferred tax liabilities, tax-planning strategies, and three years of cumulative operating income (loss). Management judgment is required in determining the assumptions and estimates related to the amount and timing of future taxable income by jurisdiction to which the tax asset relates. The Company maintains valuation allowances with regard to the tax benefits of certain NOLs and other deferred tax assets, and periodically assesses the adequacy thereof. During the year ended December 31, 2024, the valuation allowance increased by $26 million compared to the prior year, of which $23 million related to U.S. tax credits and interest limitation carryforwards. $3 million related to NOLs in non-U.S. jurisdictions. During the year ended December 31, 2023, the valuation allowance increased by $14 million compared to the prior year, of which $10 million related to U.S. tax credits and $4 million related to NOLs in non-U.S. jurisdictions. The Tax Cuts and Jobs Act established global intangible law-taxed income ("GILTI") provisions that impose a tax on foreign income in excess of a deemed return on intangible assets of foreign corporations. The Company recognizes the taxes on GILTI as a period expense rather than recognizing deferred taxes for basis differences that are expected to affect the amount of GILTI inclusion upon reversal. Uncertain Tax Positions The following is a reconciliation of the Company’s beginning and ending amount of uncertain tax positions (in millions):
There was no liability for uncertain tax positions as of December 31, 2024. The Company’s liability for uncertain tax positions as of December 31, 2023 was $2 million related to amounts that would impact the effective tax rate if recognized. The Company records interest and penalties related to uncertain tax positions in its provision for income taxes. There were no accrued potential interest and penalties as of December 31, 2024. The Company accrued potential interest and penalties of $2 million as of December 31, 2023. The Company and its subsidiaries file income tax returns in their respective jurisdictions. The Company has substantially concluded all U.S. federal income tax matters for years through 2020. The Company has concluded income tax examinations in its primary non-U.S. jurisdictions through 2021.
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 8. Debt Debt outstanding consisted of the following (in millions):
_______________________________________________________ (1)The net balance for the Sixth Incremental Term Loans included unamortized debt issuance costs at December 31, 2024 of approximately $6 million. (2)The net balance for the Fifth Incremental Term Loans included unamortized debt issuance costs at December 31, 2023 of approximately $8 million. Term Loan In May 2017, the Company entered into a 7-year Initial Term Loan pursuant to a credit agreement (the “Credit Agreement”). During November 2017 and November 2019, the Company entered into Incremental Term Loans under identical terms as the Initial Term Loan. In August 2020, the Company entered into Amendment No. 5 to the Credit Agreement, which refinanced a portion of the Initial Term Loan by paying down $270 million of principal using the proceeds from the August 2020 Unsecured Senior Notes issuance, extending the maturity date on $1,986 million of the balance to October 31, 2026, and adding an interest rate floor of 50 bps (the "Amended Term Loan"). As part of the consideration transferred in the Business Combination, $556 million of principal was repaid on the portion of the Term Loan that was not amended. In August 2021, the Company entered into a new Third Incremental Term Loan facility for $525 million that matures August 31, 2028 pursuant to Amendment No. 6 to the Credit Agreement. In January 2022, the Company refinanced the Amended Term Loan and the Third Incremental Term Loan to have a concurrent maturity date of August 31, 2028 and updated interest rate terms as described below (the "B-1 Term Loan") pursuant to Amendment No. 7 to the Credit Agreement. In March 2023, the Company refinanced the remaining portion of the 7-year Term Loan in full by increasing the existing B-1 Term Loan by approximately $65 million under identical terms as the B-1 Term Loan pursuant to Amendment No. 8 to the Credit Agreement. Interest rates on the B-1 Term Loan borrowings are based on the Secured Overnight Financing Rate ("SOFR") plus a margin. The Company is required to make principal payments at the end of each fiscal quarter based on defined terms in the agreement with the remaining principal balances due on the maturity dates. In September 2023, the Company entered into Amendment No. 9 to the Credit Agreement with a syndicate of lenders to establish a new class of Fifth Incremental Term Loans with an aggregate principal amount of $2,507 million to reprice the outstanding Initial Term B-1 Loans due August 31, 2028 by reducing the applicable rate from SOFR + 3.00% to SOFR + 2.75%. In June 2024, the Company entered into Amendment No. 10 to the Credit Agreement with a syndicate of lenders to establish a new class of Sixth Incremental Term Loans with an aggregate principal amount of $2,489 million to reprice the outstanding Fifth Incremental Term Loans due August 31, 2028 by reducing the applicable rate from SOFR + 2.75% to SOFR + 2.25%. In January 2025, the Company entered into Amendment No. 11 to the Credit Agreement with a syndicate of lenders to establish a new class of Seventh Incremental Term Loans with an aggregate principal amount of $2,030 million to reprice the outstanding Sixth Incremental Term Loans due August 31, 2028 by reducing the applicable rate from SOFR + 2.25% to SOFR + 1.75%. The Company utilized swap agreements to fix a portion of the floating interest rates through December 2026 (see Note 13 “Derivative Financial Instruments”). During the twelve months ended December 31, 2024, and December 31, 2023, the Company made total principal payments on the Sixth Incremental Term Loans of $25 million and $25 million, respectively. In July 2024, the Company paid down $440 million of the Sixth Incremental Term Loans principal balance with proceeds from the Divestiture. The Company recognized a loss on debt extinguishment of $1 million related to this prepayment of a portion of the Sixth Incremental Term Loans. Loss on debt extinguishment is recorded in Interest expense in the Consolidated Statements of Comprehensive Income (Loss). Secured Senior Notes In May 2020, the Company issued $300 million of Secured Senior Notes. These Secured Senior Notes initially had a maturity date of June 1, 2025 and accrued interest at a fixed rate of 5.75% per annum, payable semi-annually on June 1 and December 1 of each year, beginning on December 1, 2020. In July 2024, the Company fully repaid the Secured Senior Notes principal balance of $300 million with proceeds from the Divestiture. The Company recognized a gain on debt extinguishment of $4 million related to the prepayment in full of the Secured Senior Notes. Gain on debt extinguishment is recorded in Interest expense in the Consolidated Statements of Comprehensive Income (Loss). Revolving Credit Facility In May 2017, also pursuant to the Credit Agreement, the Company entered into a 5-year $250 million revolving credit facility with a multi-bank syndicate with a maturity date of May 1, 2022. During August 2020, the Company extended the maturity date for $226 million of the revolving credit facility to October 31, 2024. In August 2021, the Company replaced and refinanced the revolving credit facilities with a $294 million revolving credit facility with a maturity date of August 31, 2026 pursuant to Amendment No. 6 to the Credit Agreement. In March 2023, the Company amended and upsized the revolving credit facility to $300 million and updated the benchmark reference rate from LIBOR to Term SOFR pursuant to Amendment No. 8 to the Credit Agreement. No changes were made to the maturity date. At December 31, 2024, an immaterial amount of unused letters of credit related to various insurance policies and real estate leases were issued under the revolving credit facility and there were no borrowings. The Company is required to make periodic payments for commitment fees and interest related to the revolving credit facility and outstanding letters of credit. During each of the twelve months ended December 31, 2024 and 2023, the Company made immaterial payments related to these fees. Financing Fees, Premiums and Interest Expense The Company capitalized financing fees and premiums related to the Term Loan, Revolver and Secured Senior Notes issued. These financing fees and premiums were recorded as an offset to the aggregate debt balances and are being amortized over the respective loan terms. Total interest expense related to the debt instruments for the years ended December 31, 2024, 2023, and 2022 was $186 million, $219 million, and $138 million, respectively, which included a benefit of $3 million, $2 million, and $3 million for the years ended December 31, 2024, 2023, and 2022, respectively. Interest expense is recorded in Interest expense in the Consolidated Statements of Comprehensive Income (Loss), and is net of interest rate swap derivative gains recognized. Principal Payments Aggregate remaining contractual principal payments as of December 31, 2024 are as follows (in millions):
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity | 9. Stockholders' Equity Preferred Stock As of December 31, 2024, 1,000,000 preferred shares, par value $0.0001 per share, were authorized and no preferred shares were issued and outstanding. Class A Common Stock As of December 31, 2024, 531,703,862 shares of Class A Common Stock were outstanding. On July 2, 2024, all remaining shares of unvested Class A Common Stock became fully vested. Holders of shares of Class A Common Stock are entitled to one vote per share, and together with the holders of shares of Class B Common Stock, will participate ratably in any dividends declared by the Company’s Board of Directors. Class B Common Stock Upon the Closing Date of the Business Combination, certain equity holders of Alight Holdings received earnouts (the "Seller Earnouts") that resulted in the issuance of a total of 14,999,998 Class B instruments to the equity holders of the Predecessor. The equity holders of the Predecessor that exchanged their Predecessor Class A units for shares of Class A Common Stock in the Business Combination received shares of Class B Common Stock, and the equity holders of the Predecessor that continue to hold Class A units of Alight Holdings (“Continuing Unit holders”) received Class B common units of Alight Holdings. The Class B Common Stock and Class B common units are not entitled to a vote and accrue dividends equal to amounts declared per corresponding share of Class A Common Stock and Class A unit; however, such dividends are paid if and when such share of Class B Common Stock or Class B unit converts into a share of Class A Common Stock or Class A unit. If any of the shares of Class B Common Stock or Class B common units do not vest on or before the seventh anniversary of the Closing Date, such shares or units will be automatically forfeited and cancelled for no consideration and will not be entitled to receive any cumulative dividend payments. These Class B instruments are liability classified; refer to Note 14 “Financial Instruments” for additional information. As further described below, there are two series of Class B instruments outstanding. Class B-1 As of December 31, 2024, 4,978,807 shares of Class B-1 Common Stock were legally issued and outstanding. Shares of Class B-1 Common Stock vest and automatically convert into shares of Class A Common Stock on a 1-for-1 basis if the volume weighted average price (“VWAP”) of the shares of Class A Common Stock equals or exceeds $12.50 per share for 20 or more trading days within a consecutive 30-trading day period (or in the event of a change of control or liquidation event that implies a $12.50 per share valuation on a diluted basis). To the extent any unvested share of Class B-1 Common Stock automatically converts into a share of Class A Common Stock, (i) such share or unit shall remain unvested in accordance with the terms and conditions of the applicable award agreement until it vests or is forfeited in accordance with the terms thereof and (ii) such share or unit shall be treated as unvested Class A consideration as if such share or unit was part of the unvested Class A consideration as of the Closing Date. As of December 31, 2024, 2,521,192 Class B-1 common units of Alight Holdings were legally issued and outstanding. Class B-1 common units vest and automatically convert into Class A common units of Alight Holdings on a 1-for-1 basis if the VWAP of the shares of Class A Common Stock equals or exceeds $12.50 per share for 20 or more trading days within a consecutive 30-trading day period (or in the event of a change of control or liquidation event that implies a $12.50 per share valuation on a diluted basis). Class B-2 As of December 31, 2024, 4,978,807 shares of Class B-2 Common Stock were legally issued and outstanding. Shares of Class B-2 Common Stock vest and automatically convert into shares of Class A Common Stock on a 1-for-1 basis if the VWAP of the shares of Class A Common Stock equals or exceeds $15.00 per share for 20 or more trading days within a consecutive 30-trading day period (or in the event of a change of control or liquidation event that implies a $15.00 per share valuation on a diluted basis). To the extent any unvested share of Class B-2 Common Stock automatically converts into a share of Class A Common Stock, (i) such share or unit shall remain unvested in accordance with the terms and conditions of the applicable award agreement until it vests or is forfeited in accordance with the terms thereof and (ii) such share or unit shall be treated as unvested Class A consideration as if such share or unit was part of the unvested Class A consideration as of the Closing Date. As of December 31, 2024, 2,521,192 Class B-2 common units of Alight Holdings were legally issued and outstanding. Class B-2 common units vest and automatically convert into Class A common units of Alight Holdings on a 1-for-1 basis if the VWAP of the shares of Class A Common Stock equals or exceeds $15.00 per share for 20 or more trading days within a consecutive 30-trading day period (or in the event of a change of control or liquidation event that implies a $15.00 per share valuation on a diluted basis). Class B-3 As of December 31, 2024, 10,000,000 shares of Class B-3 Common Stock, par value $0.0001, were authorized. There were no shares of Class B-3 Common Stock issued and outstanding as of December 31, 2024. Class V Common Stock As of December 31, 2024, 510,237 shares of Class V Common Stock were legally issued and outstanding. Holders of Class V Common Stock are entitled to one vote per share and have no economic rights. The Class V Common Stock is held on a 1-for-1 basis with Class A Units in Alight Holdings held by Continuing Unit holders. The Class A Units, together with an equal number of shares of Class V Common Stock, can be exchanged for an equal number of shares of Class A Common Stock. Class Z Common Stock Upon the Closing Date of the Business Combination, a total of 8,671,507 Class Z instruments were issued to the equity holders of the Predecessor. The equity holders of the Predecessor that exchanged their Predecessor Class A units for shares of Class A Common Stock in the Business Combination received shares of Class Z Common Stock, and the Continuing Unit holders received Class Z common units of Alight Holdings. The Class Z instruments were issued to the equity holders of the Predecessor to allow for the re-allocation of the consideration paid to the holders of unvested management equity (i.e., the unvested shares of Class A, Class B-1, and Class B-2 Common Stock) to the equity holders of the Predecessor in the event such equity is forfeited under the terms of the applicable award agreement and vested in connection with any such forfeiture. As of December 31, 2024, there were no outstanding shares of Class Z Common Stock, as all remaining shares of Class Z Common Stock were either forfeited or became fully vested on July 2, 2024 in accordance with their terms. The vested shares of Class Z Common Stock were converted into shares of either Class A, Class B-1 and B-2 Common Stock in connection with the ultimate forfeiture of the shares of unvested Class A, Class B-1 and B-2 common stock issued to participating management holders, as applicable. Similarly, as of December 31, 2024, there were no outstanding Class Z common units as all remaining Class Z common units were either forfeited or became fully vested on July 2, 2024 in accordance with their terms. The vested Class Z units were converted into either Alight Holdings Class A, Class B-1 and B-2 common units in connection with the ultimate forfeiture of the shares of unvested Class A, Class B-1, and Class B-2 common stock issued to participating management holders, as applicable. Class A Units Holders of Alight Holdings Class A units can exchange all or any portion of their Class A units, together with the cancellation of an equal number of shares of Class V Common Stock, for a number of shares of Class A Common Stock equal to the number of exchanged Class A units. Alight has the option to cash settle any future exchange. The Continuing Unit holders’ ownership of Class A units represents the noncontrolling interest of the Company, which is accounted for as permanent equity on the Consolidated Balance Sheets. As of December 31, 2024, there were 532,214,099 Class A Units outstanding, of which 531,703,862 are held by the Company and 510,237 are held by the noncontrolling interest of the Company. The Alight Holdings limited liability company agreement contains provisions that require a one-to-one ratio is maintained between each class of Alight Holdings units held by Alight and its subsidiaries (including the Alight Group, Inc., but excluding subsidiaries of Alight Holdings) and the number of outstanding shares of the corresponding class of Alight common stock, subject to certain exceptions (including in respect of management equity in the form of options, rights or other securities which have not been converted into or exercised for Alight common stock). In addition, the Alight Holdings limited liability company agreement permits Alight, in its capacity as the managing member of Alight Holdings, to take actions to maintain such ratio, including undertaking stock splits, combinations, recapitalization and exercises of the exchange rights of holders of Alight Holdings units. Exchange of Class A Units During the twelve months ended December 31, 2024, 28,987,597 Class A units and a corresponding number of shares of Class V Common Stock were exchanged for Class A Common Stock. As a result of the exchanges, Alight, Inc. increased its ownership in Alight Holdings and accordingly increased its equity by approximately $273 million, recorded in Additional paid-in capital. Pursuant to the Tax Receivable Agreement (the "TRA") that we entered into in connection with the Business Combination, described in Note 15 "Tax Receivable Agreement," the Class A unit exchanges created additional TRA liabilities of $90 million, with offsets to Additional paid-in-capital. A $11 million increase to Additional paid-in-capital was due to exchanges as a result of deferred taxes due to our change in ownership. Share Repurchase Program On August 1, 2022, the Company's Board of Directors authorized a share repurchase program (the "Program"), under which the Company may repurchase issued and outstanding shares of Class A Common Stock from time to time, depending on market conditions and alternate uses of capital. The Program has no expiration date and may be suspended or discontinued at any time. The Program does not obligate the Company to purchase any particular number of shares and there is no guarantee as to any number of shares being repurchased by the Company. On March 20, 2024, the Company’s Board of Directors authorized the repurchase of up to an additional $200 million of the Company’s Class A common stock. As of December 31, 2024, the total remaining amount authorized for repurchase was $81 million. On June 18, 2024, the Company announced that it entered into an accelerated share repurchase agreement (the "ASR") with Barclays Bank PLC (the "ASR counterparty") to repurchase $75 million of Alight's Class A Common Stock, as part of the Company's existing share repurchase program. On July 16, 2024, the Company made an initial payment of $75 million to the ASR counterparty and received an initial delivery of shares equal in value to 80% of the prepayment amount of $75 million, based on Alight’s closing share price as of the effective date of July 15, 2024. The final number of shares repurchased was based on the volume-weighted average price of Alight's common stock during the term of the transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR. The ASR was settled on September 23, 2024, resulting in an additional delivery of 2,400,041 shares of Alight's Class A Common Stock. During the year ended December 31, 2024, the Company repurchased 10,563,306 shares of Alight's Class A Common Stock in aggregate for $75 million as part of the ASR. During the year ended December 31, 2024, there were 22,327,717 Class A Common Stock shares repurchased under the Program. Repurchased shares are reflected as Treasury Stock on the Consolidated Balance Sheets as a component of equity. On February 13, 2025, the Company’s Board of Directors authorized the repurchase of up to an additional $200 million of the Company’s Class A common stock, providing a total amount authorized for repurchase of $281 million after giving effect to the increase. Repurchases may be conducted through open market purchases or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including pursuant to Rule 10b5-1 trading plans. The actual timing and amount of future repurchases are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. The stock repurchase program does not obligate Alight to acquire any amount of common stock, and the program may be suspended or terminated at any time by Alight at its discretion without prior notice. The following table reflects the changes in our outstanding stock:
_______________________________________________________ (1)Issued to certain members of the Board of Directors in lieu of cash retainer. Dividends In 2024, our Board of Directors approved a new quarterly dividend program. The Company intends to continue paying regular cash dividends on a quarterly basis. Any decision to declare and pay dividends in the future will be made at the sole discretion of our Board of Directors, whose decision will depend on, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that our Board of Directors may deem relevant. On November 12, 2024, our Board of Directors declared a regular cash dividend of $0.04 per share, payable on December 16, 2024 to shareholders of record at the close of business on December 2, 2024. The dividend resulted in aggregate payments of approximately $21 million during the year ended December 31, 2024. On February 13, 2025, the Company announced that its Board of Directors approved the payment of a quarterly dividend in the amount of $0.04 per share of Class A Common Stock on March 17, 2025, to shareholders of record as of the close of business on March 3, 2025. Accumulated Other Comprehensive Income As of December 31, 2024, the Accumulated other comprehensive income ("AOCI") balance included unrealized gains and losses for interest rate swaps and foreign currency translation adjustments related to our foreign subsidiaries that do not have the U.S. dollar as their functional currency. The tax effect on the Company's pre-tax AOCI items is recorded in the AOCI balance. This tax is comprised of two items: (1) the tax effects related to the unrealized pre-tax items recorded in AOCI and (2) the tax effect related to certain valuation allowances that have also been recorded in AOCI. When unrealized items in AOCI are recognized, the associated tax effects on these items will also be recognized in the tax provision. Changes in accumulated other comprehensive income, net of noncontrolling interests, are as follows (in millions):
(1)Foreign currency translation adjustments include $1 million loss related to intercompany loans that have been designated long-term investment nature. (2)Reclassifications from this category are recorded in Interest expense. See Note 13 “Derivative Financial Instruments” for additional information.
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| Share-Based Compensation | 10. Share-Based Compensation Predecessor Plans Prior to the Business Combination, share-based payments to employees included grants of restricted share units (“RSUs”) and performance based restricted share units (“PRSUs”), which consisted of both Class A-1 and Class B common units in each type, were measured based on their estimated grant date fair value. The grant date fair value of the RSUs was equal to the value of the shares acquired by the Predecessor’s initial investors at the time of Alight Holding’s formation in 2017. The grant date fair values of the PRSUs were based on a Monte Carlo simulation methodology, which required management to make certain assumptions and apply judgement. Management determined the expected volatility based on the average implied asset volatilities of comparable companies as the Company did not have sufficient trading history for the PRSUs. The expected term represented the period that the PRSUs were expected to be outstanding. Because of the lack of sufficient historical data necessary to calculate the expected term, the Company used the contractual vesting period of five years to estimate the expected term. For the Predecessor period, the key assumptions included in the Monte Carlo simulation were expected volatility of 45%, a risk-free interest rate of 1% and no expected dividends. The Company recognized share-based compensation expense on a straight-line basis over the requisite service period for the awards expected to ultimately vest. As a result of the change in control related to the Business Combination, the vesting of the time-based PRSU Class B units accelerated on the Closing Date. Prior to the Closing Date, the time-based PRSUs vested ratably over periods of to five years. The remaining unvested PRSU Class B units had vesting conditions that were contingent upon the achievement of defined internal rates of return and multiples on invested capital occurrence and of certain liquidity events. The Class A-1 RSUs and PRSUs that were unvested as of the Closing Date had time-based and/or vesting conditions that were contingent upon the achievement of defined internal rates of return and multiples on invested capital occurrence and of certain liquidity events. Both the unvested Class A-1 and Class B units were replaced with unvested shares of Alight common stock as discussed below. Successor Plans In connection with the Business Combination, the holders of certain unvested awards under the Predecessor plans were granted replacement awards in the Successor company. Class B units: The unvested Class B units of Alight Holdings will automatically convert on a one-for-one basis into shares of Class A Common Stock upon the achievement of certain market conditions, if achieved prior to the seventh anniversary of the Closing Date. Class A-1 units: The unvested Class A-1 units of Alight Holdings were granted replacement unvested Class A Common Stock, unvested Class B Common Stock, and unvested Class B-2 Common Stock of the Company on an equivalent fair value basis. The service-based portion of the grant vests ratably over periods of to five years and the remaining portion vests upon achievement of certain market-based conditions. The Class B and Class A-1 units that were replaced represented the unvested Class A, unvested Class B-1 and unvested Class B-2 Common Stock subject to the forfeiture re-allocation provision per the Class Z instruments discussed in Note 9 “Stockholders’ Equity”. These unvested shares were accounted for as restricted stock in accordance with ASC 718. As of July 2, 2024, all remaining shares of Class Z Common Stock were either forfeited or became fully vested in accordance with their terms. The Company has an active equity incentive plan, the Alight, Inc. 2021 Omnibus Incentive Plan (the "Incentive Plan"), under which the Company has been authorized to grant share-based awards to key employees and non-employee directors, which consist primarily of time-based restricted stock units ("RSUs") and performance share units ("PRSUs"). Under this plan, for grants issued during the year ended December 31, 2024, approximately 44% of the units are subject to time-based vesting requirements and approximately 56% are subject to additional performance-based vesting requirements. As of December 31, 2024, there were 83,607,718 remaining shares of common stock authorized for issuance pursuant to the Company’s stock-based compensation plans under its 2021 Omnibus Incentive Plan. RSU and PSU nonvested share-based payment awards contain rights to receive forfeitable dividends and therefore are not participating securities. Restricted Share Units and Performance Share Units Time-based RSUs are valued at the market price of a share of the Company’s common stock on the date of grant. In general, these awards vest ratably over a three-year period from the date of grant. All awards are expensed on a straight-line basis over a three-year period, which is considered to be the requisite service period. The Company’s PRSUs contain various performance and service conditions that must be satisfied for an employee to earn the right to benefit from the award. The PRSUs vest upon achievement of various performance metrics aligned to goals established by the Company. Expense is recognized on a straight-line basis over the requisite service period, based on the probability of achieving the performance conditions, with changes in expectations recognized as an adjustment to earnings in the period of the change. Compensation cost is not recognized for performance share units that do not vest because service or performance conditions are not satisfied, and any previously recognized compensation cost is reversed. The weighted-average grant-date fair value per share of RSUs and PRSUs granted during the each of the years ended December 31, 2024, 2023 and 2022 were approximately $8.68, $8.72, $9.01 and $8.73, $8.82 and $11.76, respectively. The following table summarizes the RSU and PRSU activity during the year ended December 31, 2024:
_______________________________________________________ (1)The number of PRSUs presented are based on actual or expected achievement of the respective performance goals as of the end of the period. The Company also forfeited approximately 3.5 million shares in July 2024 in conjunction with the Divestiture as discussed in Note 1 "Basis of Presentation and Nature of Business". Share-based Compensation Expense Total share-based compensation expense related to the RSUs and PRSUs are recorded in the Consolidated Statements of Comprehensive Income (Loss) as follows (in millions):
As of December 31, 2024, total future compensation expense related to unvested RSUs was $42 million, which will be recognized over a remaining weighted-average amortization period of approximately 1.69 years. As of December 31, 2024, total future compensation expense related to unvested PRSUs was $46 million, which will be recognized over a remaining weighted-average amortization period of approximately 1.34 years. Employee Stock Purchase Plan In December 2022, the Company began offering its employees an Employee Stock Purchase Plan (the “ESPP”). Under the ESPP, all full-time and certain part-time employees of the Company based in the U.S. and certain other countries are eligible to purchase Class A Common Stock of the Company twice per year at the end of a six-month payment period (a “Payment Period”). During each Payment Period, eligible employees who so elect may authorize payroll deductions in an amount no less than 1% nor greater than 10% of his or her base pay for each payroll period in the Payment Period. At the end of each Payment Period, the accumulated deductions are used to purchase shares of Class A Common Stock from the Company up to a maximum of 1,250 shares for any one employee during a Payment Period. Shares are purchased at a price equal to 85% of the fair market value of the Company’s Class A Common Stock on the last business day of a Payment Period. As of December 31, 2024, there were 12,148,358 remaining shares available for grant and 2,812,674 shares issued under the ESPP. The amount of share-based compensation expense related to the ESPP was approximately $1.5 million and $2.0 million for the years ended December 31, 2024 and 2023, respectively, which was recorded in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income (Loss).
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Earnings Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | 11. Earnings Per Share Basic earnings per share is calculated by dividing the net income (loss) attributable to Alight, Inc. by the weighted average number of shares of Class A Common Stock issued and outstanding. The computation of diluted earnings per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue shares were exercised or converted into shares or resulted in the issuance of shares that would then share in the net income of Alight, Inc. The Company’s Class V Common Stock does not, and its Class Z Common Stock did not, participate in the earnings or losses of the Company and are therefore not participating securities and have not been included in either the basic or diluted earnings per share calculations. RSU and PSU Nonvested share-based payment awards contain rights to receive forfeitable dividends and therefore are not participating securities. In conjunction with the Business Combination, the Company issued Seller Earnouts contingent consideration, which is payable in the Company’s Common Stock when the related market conditions are achieved. As the related conditions to pay the consideration had not been satisfied as of December 31, 2024, the Seller Earnouts were excluded from the diluted earnings per share calculations. Basic and diluted (net loss) earnings per share are as follows (in millions, except for share and per share amounts):
For the year ended December 31, 2024, 7,325,106 unvested RSUs were not included in the computation of diluted shares outstanding as their impact would have been anti-dilutive. In addition, 14,999,998 shares related to the Seller Earnouts and 10,878,457 unvested PRSUs were excluded from the calculation of basic and diluted earnings per share as the market and performance conditions had not yet been met as of the end of the period. For the year ended December 31, 2023, 28,962,218 units related to noncontrolling interests and 10,080,390 unvested RSUs were not included in the computation of diluted shares outstanding as their impact would have been anti-dilutive. In addition, 14,999,998 shares related to the Seller Earnouts and 27,411,360 unvested PRSUs were excluded from the calculation of basic and diluted earnings per share as the market and performance conditions had not yet been met as of the end of the period. For the year ended December 31, 2022, 63,481,465 units related to noncontrolling interests and 7,624,817 unvested RSUs were not included in the computation of diluted shares outstanding as their impact would have been anti-dilutive. In addition, 14,999,998 shares related to the Seller Earnouts and 29,429,683 unvested PRSUs were excluded from the calculation of basic and diluted earnings per share as the market and performance conditions had not yet been met as of the end of the period.
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Segment Reporting |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | 12. Segment Reporting As disclosed above in Note 1 “Basis of Presentation and Nature of Business”, on July 12, 2024, the Company closed on its previously announced sale of the Divested Business. See Notes 1 “Basis of Presentation and Nature of Business” and Note 4 “Discontinued Operations” for additional information. We currently operate under one reportable segment, Employer Solutions. Employer Solutions is driven by our Alight Worklife platform, and includes integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management and retiree healthcare. Our previous Other nonreportable segment was comprised of our former Hosted business, which was wound down in the prior year and had no activity during 2024. The Company’s reportable segment has been determined using a management approach, which is consistent with the basis and manner in which the Company’s chief operating decision maker (“CODM”) uses financial information for the purposes of allocating resources and evaluating performance. The Company’s Chief Executive Officer is its CODM. The CODM evaluates the performance of the Company based on revenue and net income (loss) from continuing operations. In prior periods when the Company operated as multiple segments, the CODM considered gross profit as the segment profitability measure. Beginning in 2024, as a single consolidated segment, the CODM now considers Net Income (Loss) From Continuing Operations as its segment profitability measure. The CODM also uses revenue and net income (loss) from continuing operations to manage and evaluate our business, make planning decisions, and as performance measures for Company-wide incentive compensation plans. These key financial measures provide an additional view of our operational performance over the long-term and provide useful information that we use in order to maintain and grow our business. The Company does not report assets by reportable segments as this information is not reviewed by the CODM on a regular basis. Information regarding the Company’s reportable segment is as follows (in millions):
(1) - The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) - Cost of sales - Technology is primarily attributable to cost related to application development and client-related infrastructure. (3) - Cost of sales - Delivery, Customer Care and Other is primarily attributable to costs related personnel and vendors providing services to support our client base and client participants. (4) - Selling, General, and Administrative expenses excludes restructuring, stock based compensation and depreciation and intangible amortization and primarily include compensation-related costs for administrative and management employees, system and facilities expense, and costs for external professional and consulting services. (5) - Other segment items - includes gain/loss from change in fair value of financial instruments, gain/loss from change in fair value of tax receivable agreement, other (income) expense, net and income taxes. Revenue by geographic location is as follows (in millions):
There was no single client who accounted for more than 10% of the Company’s revenues in any of the periods presented. Long-lived assets, representing Fixed assets, net and Operating lease right of use assets, by geographic location is as follows (in millions):
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Derivative Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | 13. Derivative Financial Instruments The Company is exposed to market risks, including changes in interest rates. To manage the risk related to these exposures, the Company has entered into various derivative instruments that reduce these risks by creating offsetting exposures. Interest Rate Swaps The Company has utilized swap agreements that will fix the floating interest rates associated with its Term Loan as shown in the following table:
Concurrent with the refinancing of certain term loans, we amended our interest rate swaps to incorporate Term SOFR. In accordance with Accounting Standards Codification Topic 848, Reference Rate Reform, we did not redesignate the interest rate hedges when they were amended from LIBOR to SOFR as we are permitted to maintain the designation through the transition. During the year ended December 31, 2024, we did not execute any new interest rate swaps. Our interest rate swaps have been designated as cash flow hedges. Certain swap agreements amortize or accrete based on achieving targeted hedge ratios. The Company currently has two instruments that the fair value of the instruments at the time of re-designation are being amortized into interest expense over the remaining life of the instruments. Financial Instrument Presentation The fair values and location of outstanding derivative instruments recorded in the Consolidated Balance Sheets are as follows (in millions):
The Company estimates that approximately $23 million of derivative gains included in Accumulated other comprehensive income as of December 31, 2024 will be reclassified into earnings over the next twelve months.
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Financial Instruments |
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| Financial Instruments [Abstract] | |
| Financial Instruments | 14. Financial Instruments Seller Earnouts Upon completion of the Business Combination, the equity owners of Alight Holdings received an earnout in the form of non-voting shares of Class B-1 and Class B-2 Common Stock, which automatically convert into Class A Common Stock if, at any time during the seven years following the Closing Date, certain criteria are achieved. See Note 9 “Stockholders’ Equity” for additional information regarding the Seller Earnouts. The portion of the Seller Earnouts related to employee compensation was accounted for as share-based compensation. As all employee compensation associated with the Seller Earnouts was ultimately vested on July 2, 2024, no portion of the Seller Earnout as of December 31, 2024 was accounted for as share-based compensation. See Note 10 “Share-Based Compensation” for additional information. As of December 31, 2024, all of the remaining Seller Earnouts were accounted for as a contingent consideration liability at fair value within Financial instruments on the Consolidated Balance Sheets because the Seller Earnouts do not meet the criteria for classification within equity. This liability is subject to remeasurement at each balance sheet date. At December 31, 2024 and December 31, 2023, the Seller Earnouts had a fair value of $51 million and $95 million, respectively. For the years ended December 31, 2024 and 2023, the fair value remeasurement of the Seller Earnouts resulted in a gain of $48 million and $2 million, respectively. Gains or losses related to the remeasurement of Seller Earnouts are recorded in (Gain) Loss from change in fair value of financial instruments within the accompanying Consolidated Statements of Comprehensive Income (Loss). The fair value of the Class B-1 and B-2 Seller Earnouts, and, prior to the Class Z vesting on July 2, 2024, the Class Z-B-1 and Z-B-2 contingent consideration instruments, is determined using Monte Carlo simulation and Option Pricing Methods (Level 3 inputs, see Note 16 "Fair Value Measurement"). Significant unobservable inputs are used in the assessment of fair value, including the following assumptions: volatility of 40%, risk-free interest rate of 4.30%, expected holding period of 3.51 years, dividend participation, and probability assessments based on the likelihood of reaching the performance targets defined in the Business Combination. A decrease in the risk-free interest rate or expected volatility would result in a decrease in the fair value measurement of the Seller Earnouts and vice versa. As discussed in Note 9 “Stockholders’ Equity”, in connection with the ultimate forfeiture of the shares of unvested Class A, unvested Class B-1, and unvested Class B-2 common stock issued to participating management holders on July 2, 2024, all Class Z instruments were ultimately settled resulting in the re-allocation of the forfeited compensatory Class A, Class B-1 and Class B-2 instruments. The Class Z instruments are also accounted for as a contingent consideration liability at fair value within Financial instruments on the Consolidated Balance Sheets because these instruments do not meet the criteria for classification within equity. The fair value of the Class Z-A contingent consideration was determined using the ending share price as of the last day of each quarter until settlement on July 2, 2024, resulting in the issuance of $1.5 million shares of Class A common stock and units at the $7.09 stock price on that date. At December 31, 2024, the Class Z-A contingent consideration was no longer outstanding. As of December 31, 2023, the Class Z-A contingent consideration had a fair value of $13 million. For the years ended December 31, 2024 and 2023, the Company recorded a gain of $2 million and a loss of $13 million, respectively, in (Gain) Loss from change in fair value of financial instruments in the Consolidated Statements of Comprehensive Income (Loss) as a result of the forfeiture of unvested management equity that was ultimately re-allocated to the holders of Class Z instruments on July 2, 2024. See Note 9 “Stockholders’ Equity” for additional information regarding these instruments. Additional Seller Note As disclosed above in Note 1 “Basis of Presentation and Nature of Business”, on July 12, 2024, the Company closed on the Divestiture. As part of the sale, the Company received a note with an aggregate principal amount of up to $150 million (the “Additional Seller Note”) with an initial fair value of $43 million as of July 12, 2024 to be issued by the Note Issuer. See Note 4 “Discontinued Operations” for additional information. The Additional Seller Note is considered a level 3 recurring fair value measurement. At December 31, 2024, the Additional Seller Note had a fair value of $50 million. For the year ended December 31, 2024, the Company recorded a gain of $7 million from the fair value remeasurement of the Additional Seller Note. Gains or losses related to the recurring fair value remeasurement of the Additional Seller Note are recorded in (Gain) Loss from change in fair value of financial instruments within the accompanying Consolidated Statements of Comprehensive Income (Loss). The fair value of the Additional Seller Note is determined using a variation of the income approach (Level 3 inputs, see Note 16 "Fair Value Measurement"). Significant unobservable inputs are used in the assessment of fair value, including the following assumptions: expected Adjusted EBITDA, expected maturity of the Additional Seller Note, and the Divested Business's estimated cost of debt, based on the likelihood of reaching the performance targets defined in the Purchase Agreement.
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Tax Receivable Agreement |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Receivable Agreement | 15. Tax Receivable Agreement In connection with the Business Combination, Alight entered into the TRA with certain owners of Alight Holdings prior to the Business Combination. Pursuant to the TRA, the Company will pay certain sellers, as applicable, 85% of any savings that we realize, calculated using certain assumptions, as a result of (i) tax basis adjustments from sales and exchanges of Alight Holdings equity interests in connection with or following the Business Combination and certain distributions with respect to Alight Holdings equity interests, (ii) our utilization of certain tax attributes, and (iii) certain other tax benefits related to entering into the TRA. Actual tax benefits realized by Alight may differ from tax benefits calculated under the TRA as a result of the use of certain assumptions in the TRA, including the use of an assumed weighted-average state and local income tax rate to calculate tax benefits. While the amount of existing tax basis, the anticipated tax basis adjustments and the actual amount and utilization of tax attributes, as well as the amount and timing of any payments under the TRA, will vary depending upon a number of factors, we expect that the payments that Alight may make under the TRA will be substantial. The Company’s TRA liability established upon completion of the Business Combination is measured at fair value on a recurring basis using significant unobservable inputs (Level 3). The TRA liability balance at December 31, 2024 assumes: (i) a blended U.S. federal, state and local income tax rate of 26.3%; (ii) no material changes in tax law; (iii) the ability to utilize tax attributes based on current tax forecasts; and (iv) future payments under the TRA are made when due under the TRA. The amount of the expected future payments under the TRA has been discounted to its present value using a discount rate of 7.9%. Subsequent to the Business Combination, we record additional liabilities under the TRA as and when Class A units of Alight Holdings are exchanged for Class A Common Stock. Liabilities resulting from these exchanges will be recorded on a gross undiscounted basis and are not remeasured at fair value on a recurring basis. During the years ended December 31, 2024 and December 31, 2023, an additional TRA liability of $90 million and $109 million, respectively, was established as a result of these exchanges. As of December 31, 2024, $620 million of the TRA liability was measured at fair value on a recurring basis and $237 million was undiscounted and not remeasured at fair value. The following table summarizes the changes in the TRA liabilities (in millions):
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Fair Value Measurement |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurement | 16. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting standards related to fair value measurements include a hierarchy for information and valuations used in measuring fair value that is broken down into three levels based on reliability, as follows: •Level 1 – observable inputs such as quoted prices in active markets for identical assets and liabilities; •Level 2 – inputs other than quoted prices for identical assets in active markets that are observable either directly or indirectly; and •Level 3 – unobservable inputs in which there is little or no market data which requires the use of valuation techniques and the development of assumptions. The Company’s financial assets and liabilities measured at fair value on a recurring basis are as follows (in millions):
_________________________________________________________ (1)Excludes the portion of liability related to the exchanges of Class A Units not measured at fair value on a recurring basis. Derivatives The valuations of the derivatives intended to mitigate our interest rate risk are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument. This analysis utilizes observable market-based inputs, including interest rate curves, interest rate volatility, or spot and forward exchange rates, and reflects the contractual terms of these instruments, including the period to maturity. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential non-performance risk. Contingent Consideration The contingent consideration liabilities relate to acquisitions in previous years and are included in Other current liabilities on the Consolidated Balance Sheets. The fair value of these liabilities is determined using a discounted cash flow analysis. Changes in the fair value of the liabilities are included in Other (income) expense, net in the Consolidated Statements of Comprehensive Income (Loss). Level 3 unobservable inputs are used in the assessment of fair value, including assumptions regarding discount rates and probability assessments based on the likelihood of reaching the various targets set out in the respective acquisition agreements. The following table summarizes the changes in deferred contingent consideration liabilities (in millions):
Additional Disclosures Regarding Fair Value Measurements The fair value of the Company’s debt is classified as Level 2 within the fair value hierarchy and corroborated by observable market data is as follows (in millions):
The carrying value of the Term Loan, Secured Senior Notes include the outstanding principal balance, less any unamortized premium. The outstanding balances under the Senior Notes have fixed interest rates and the fair value is classified as Level 2 within the fair value hierarchy and corroborated by observable market data (see Note 8 “Debt”). The carrying amounts of Cash and cash equivalents, Receivables, net and Accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these instruments. The Seller Note was measured at fair value of $35 million as of July 12, 2024 issued at Closing on a nonrecurring basis using a variation of the income approach and level 3 unobservable inputs. See Note 4 "Discontinued Operations" for additional information. The Seller Note had a carrying value of $37 million as of December 31, 2024. The Company believes the carrying value of the Seller Note approximates its fair value as of December 31, 2024 based on its stated interest rate and maturity date. During each of the years ended December 31, 2024 and 2023, there were no transfers in or out of the Level 1, Level 2 or Level 3 classifications.
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Restructuring |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring | 17. Restructuring Transformation Program On February 20, 2023, the Company approved a two-year strategic transformation restructuring program (the “Transformation Program”) intended to accelerate the Company’s back-office infrastructure into the cloud and transform its operating model leveraging technology in order to reduce its overall future costs. The Transformation Program includes process and system optimization, third party costs associated with technology infrastructure transformation, and elimination of full-time positions. From the inception of the plan through December 31, 2024, the Company incurred total expenses of $136 million, and the plan is substantially complete. These charges were recorded in expenses in the Consolidated Statements of Comprehensive Income (Loss). The following table summarizes restructuring costs by type (in millions):
(1)Other restructuring costs associated with the Transformation Program primarily include data center exit costs, third party fees associated with the restructuring, and costs associated with transitioning existing technology and processes. As of December 31, 2024, approximately $12 million of the Company's total restructuring liability was unpaid and recorded in Accounts payable and accrued liabilities on the Consolidated Balance Sheets.
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Employee Benefits |
12 Months Ended |
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Dec. 31, 2024 | |
| Retirement Benefits [Abstract] | |
| Employee Benefits | 18. Employee Benefits Defined Contribution Savings Plans Certain of the Company’s employees participate in a defined contribution savings plan sponsored by the Company. For the years ended December 31, 2024, 2023 and 2022, expenses were $33 million, $41 million and $42 million, respectively. Expenses were recognized in Cost of services, exclusive of depreciation and amortization and Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income (Loss).
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Lease Obligations |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Obligations | 19. Lease Obligations The Company determines if an arrangement is a lease at inception. Operating leases are included in Other assets, Other current liabilities and Other liabilities in the Consolidated Balance Sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate which is based on the information available at the lease commencement date. The Company’s lease terms may include options to extend or not terminate the lease when it is reasonably certain that it will exercise any such options. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the expected lease term. The Company’s most significant leases are office facilities. For these leases, the Company has elected the practical expedient permitted under Accounting Standards Update 2016-02, “Leases (Topic 842)” (“ASC 842”) to combine lease and non-lease components. As a result, non-lease components are accounted for as an element within a single lease. The Company’s remaining operating leases are primarily comprised of equipment leases. The Company also leases certain IT equipment under finance leases which are reflected on the Company’s Consolidated Balance Sheets as computer equipment within Fixed assets, net. Certain of the Company’s operating lease agreements include variable payments that are passed through by the landlord, such as insurance, taxes, common area maintenance, payments based on the usage of the asset, and rental payments adjusted periodically for inflation. These variable payments are not included in the lease liabilities reflected on the Company’s Consolidated Balance Sheets. The Company subleases portions of its buildings to third parties. The right of use liability associated with these leases are not offset with expected rental incomes, as we remain primarily obligated for the leases. The Company’s lease agreements do not contain material residual value guarantees, restrictions, or covenants. The components of lease expense were as follows (in millions):
Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):
Supplemental cash flow and other information related to leases was as follows (in millions):
Future lease payments for lease obligations less expected sublease rental income with initial terms in excess of one year as of December 31, 2024 are as follows (in millions):
The operating lease future lease payments include sublease rental income of $1 million for each of 2027, 2028, 2029, and thereafter.
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Commitments and Contingencies |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 20. Commitments and Contingencies Legal The Company is subject to various claims, tax assessments, lawsuits, and proceedings that arise in the ordinary course of business relating to the delivery of our services and the effectiveness of our technologies. The damages claimed in these matters are or may be substantial. Accruals for any exposures, and related insurance or other receivables, when applicable, are included on the Consolidated Balance Sheets and have been recognized in Selling, general and administrative expenses in the Consolidated Statements of Comprehensive Income (Loss) to the extent that losses are deemed probable and are reasonably estimable. These amounts are adjusted from time to time as developments warrant. Management believes that the reserves established are appropriate based on the facts currently known. Management believes that the reserves established are appropriate based on the facts currently known. The reserves recorded at December 31, 2024 and December 31, 2023 were not significant. Guarantees and Indemnifications The Company provides a variety of service performance guarantees and indemnifications to its clients. The maximum potential amount of future payments represents the notional amounts that could become payable under the guarantees and indemnifications if there were a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions or other methods. These notional amounts may bear no relationship to the future payments that may be made, if any, for these guarantees and indemnifications. To date, the Company has not been required to make any payment under any client arrangement as described above. The Company has assessed the current status of performance risk related to the client arrangements with performance guarantees and believes that any potential payments would be immaterial to the Consolidated Financial Statements. Purchase Obligations In March 2024, the Company entered into an agreement with a third-party provider in the ordinary course of business for the use of certain cloud services. Under this agreement, the Company is committed to purchase services totaling $286 million over a 5-year term. The Company’s total expected cash outflow for non-cancellable purchase obligations related to purchases of information technology assets and services, including the new agreement, is $72 million, $75 million, $67 million, $55 million, and $17 million for the years ended 2025, 2026, 2027, 2028, and 2029, respectively, and none thereafter. Service Obligations On September 1, 2018, the Company executed an agreement to form a strategic partnership with Wipro, a leading global information technology, consulting and business process services company. The Company’s expected cash outflow for non-cancellable service obligations related to our strategic partnership with Wipro is $162 million, $170 million, $178 million, and $154 million for years ended 2025, 2026, 2027, and 2028, respectively, and none thereafter. The Company may terminate certain elements of its arrangement with Wipro for cause or for the Company’s convenience. In the case of a termination for convenience, the Company would be required to pay a termination fee, including certain of Wipro’s unamortized costs, plus 25% of any remaining portion of the minimum level of services the Company agreed to purchase from Wipro over the course of 10 years.
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Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 21. Subsequent Events On February 13, 2025, the Company’s Board of Directors authorized the repurchase of up to an additional $200 million of the Company’s Class A common stock, providing a total amount authorized for repurchase of $281 million after giving effect to the increase. Repurchases may be conducted through open market purchases or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, including pursuant to Rule 10b5-1 trading plans. The actual timing and amount of future repurchases are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. The stock repurchase program does not obligate Alight to acquire any amount of common stock, and the program may be suspended or terminated at any time by Alight at its discretion without prior notice.
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Schedule II Valuation and Qualifying Accounts |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II Valuation and Qualifying Accounts |
_______________________________________________________ (1)Valuation allowance detail previously disclosed in Notes to Consolidated Financial Statements.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ (157) | $ (345) | $ (62) |
Insider Trading Arrangements |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024
shares
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Dec. 31, 2024
shares
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| Trading Arrangements, by Individual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Material Terms of Trading Arrangement | During the three months ended December 31, 2024, the officers of the Company set forth in the table below entered into trading plans during an open insider trading window. In addition, on November 15, 2024, Greg George, the Company’s Chief Commercial Officer, terminated his pre-existing trading plan (adopted June 6, 2024), which provided for the sale of up to 56,000 shares with an initial expiration date of June 30, 2025.
(1) Each trading arrangement permitted or permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales or (b) the date listed in the table. Each arrangement also provided or provides for automatic expiration in the event of liquidation, dissolution, bankruptcy, insolvency, or death, of the adopting person. (2) The volume and timing of sales is determined, in part, based on pricing triggers outlined in the trading arrangement. (3) The Rule 10b5-1 trading arrangement provides for the sale of a percentage of shares to be received upon future vesting of certain outstanding equity awards, including amounts which may be earned as performance-based restricted stock awards, net of any shares withheld by us to satisfy applicable taxes. The number of shares to be withheld, and thus the exact number of shares to be sold pursuant to the Rule 10b5-1 trading arrangement, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, the aggregate number of securities reported reflects a maximum number of shares that may be received upon vesting or, in the case of performance-based restricted stock awards, the target amount of shares under such awards, in each case excluding the potential effect of shares that may be withheld for taxes.
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Rule 10b5-1 Arrangement Adopted | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Rule 10b5-1 Arrangement Terminated | false | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Greg Goff [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading Arrangements, by Individual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | Greg Goff | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title | President (left company as of January 31, 2025) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rule 10b5-1 Arrangement Adopted | true | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adoption Date | 12/3/2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expiration Date | 01/10/2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arrangement Duration | 403 days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aggregate Available | 332,842 | 332,842 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| June 2024 Plan [Member] | Greg George [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading Arrangements, by Individual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | Greg George | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title | Chief Commercial Officer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rule 10b5-1 Arrangement Terminated | true | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Termination Date | November 15, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aggregate Available | 56,000 | 56,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 2024 Plan [Member] | Greg George [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trading Arrangements, by Individual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | Greg George | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Title | Chief Commercial Officer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rule 10b5-1 Arrangement Adopted | true | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adoption Date | 12/17/2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expiration Date | 12/31/2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Arrangement Duration | 379 days | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Aggregate Available | 105,758 | 105,758 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Alight recognizes the importance of developing, implementing and maintaining robust cybersecurity measures designed to safeguard our information systems and protect the confidentiality, integrity and availability of the data in our care. The Company utilizes a cross-functional group of colleagues representing various stakeholders including technology, security, finance, internal audit, legal and others to identify and manage risks across the organization, including risks relating to cybersecurity. The Company’s cybersecurity program is focused on continuous improvement and takes a layered approach to cybersecurity to include prevention, detection, and response-based controls. Our preventative measures include network-based controls, malware defenses, email security, encryption for data in motion and at rest, continuous vulnerability testing and mitigation, and multi-factor authentication. Our detection and response measures include comprehensive logging and continuous monitoring utilizing both in-house and Managed Security Services, forensics capability, and an enterprise crisis management function. Alight employees are assigned data privacy and security training upon on-boarding and annually thereafter. The training is designed in collaboration with a third-party service provider and is designed to raise awareness of security practices and to educate employees on how to protect information and infrastructure. To support the overall cybersecurity program, Alight maintains an incident management team that tracks and logs privacy and security incidents across Alight, our vendors, and partners to better manage remediation and resolution of any such incidents. Significant incidents are promptly reviewed by a cross-functional working group to determine whether further escalation is appropriate. Any incident assessed as potentially being or potentially becoming material is escalated for further review, and then reported to designated members of our executive leadership team where needed. We consult with outside counsel and forensics firms as appropriate, including on materiality analysis and disclosure matters, and members of our executive leadership team make the final materiality determinations and, if appropriate, disclosure to law enforcement, regulators or clients. Our executive leadership team apprises Alight’s Board of Directors and our independent public accounting firm of significant matters and any relevant developments. Our cybersecurity frameworks are informed by third-party standards relevant to our industry such as the National Institute of Standards and Technology, the Center for Internet Security and the International Standards Organization. We regularly test our cybersecurity defenses through both automated and manual testing to identify, prioritize and remediate risk. Alight also engages third parties to examine and report on the effectiveness of our controls relating to our systems, including those used in the cybersecurity frameworks.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Alight recognizes the importance of developing, implementing and maintaining robust cybersecurity measures designed to safeguard our information systems and protect the confidentiality, integrity and availability of the data in our care. The Company utilizes a cross-functional group of colleagues representing various stakeholders including technology, security, finance, internal audit, legal and others to identify and manage risks across the organization, including risks relating to cybersecurity. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our Chief Technology Officer, Chief Information & Security Officer and Chief Legal Officer provide periodic reports on our cybersecurity and risk management efforts, including with respect to information security practices, to the Audit Committee of our Board of Directors (the “Audit Committee”), as well as to other members of our executive leadership team, as appropriate. These reports include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape. Where appropriate, the Audit Committee then periodically reports to the full Board of Directors regarding the Company’s assessment of potential risk exposures and the steps management has taken to monitor and control such risks, which includes the Company’s cybersecurity program designed to prevent, detect, and rapidly respond to any potential incident. In addition to our scheduled meetings, the Audit Committee and executive leadership team maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates on significant developments in cybersecurity to facilitate proactive and responsive oversight. The Audit Committee is apprised of strategic decisions related to cybersecurity, offering guidance and approval for major initiatives. This involvement helps drive integration of cybersecurity considerations into our Company’s broader strategic objectives
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Chief Technology Officer, Chief Information & Security Officer and Chief Legal Officer provide periodic reports on our cybersecurity and risk management efforts, including with respect to information security practices, to the Audit Committee of our Board of Directors (the “Audit Committee”), as well as to other members of our executive leadership team, as appropriate. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Chief Technology Officer, Chief Information & Security Officer and Chief Legal Officer provide periodic reports on our cybersecurity and risk management efforts, including with respect to information security practices, to the Audit Committee of our Board of Directors (the “Audit Committee”), as well as to other members of our executive leadership team, as appropriate. These reports include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape. Where appropriate, the Audit Committee then periodically reports to the full Board of Directors regarding the Company’s assessment of potential risk exposures and the steps management has taken to monitor and control such risks, which includes the Company’s cybersecurity program designed to prevent, detect, and rapidly respond to any potential incident.
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| Cybersecurity Risk Role of Management [Text Block] | Our Chief Technology Officer, Chief Information & Security Officer and Chief Legal Officer provide periodic reports on our cybersecurity and risk management efforts, including with respect to information security practices, to the Audit Committee of our Board of Directors (the “Audit Committee”), as well as to other members of our executive leadership team, as appropriate. These reports include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape. Where appropriate, the Audit Committee then periodically reports to the full Board of Directors regarding the Company’s assessment of potential risk exposures and the steps management has taken to monitor and control such risks, which includes the Company’s cybersecurity program designed to prevent, detect, and rapidly respond to any potential incident. In addition to our scheduled meetings, the Audit Committee and executive leadership team maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates on significant developments in cybersecurity to facilitate proactive and responsive oversight. The Audit Committee is apprised of strategic decisions related to cybersecurity, offering guidance and approval for major initiatives. This involvement helps drive integration of cybersecurity considerations into our Company’s broader strategic objectives. Additionally, because Alight partners with a number of third parties in the ordinary course of business, our management team has developed and implemented processes to oversee and manage significant risks associated with use of third-party service providers. We conduct thorough security assessments of critical third-party providers before engagement and periodically monitor vendor compliance with our security standards. The monitoring includes periodic assessments by our vendor management team and use of an independent vendor risk rating service that alerts Alight when there is a change in a service providers security posture. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third parties. Our Chief Information & Security Officer has over 30 years of experience in the cybersecurity industry, including, prior to joining Alight in 2021, as the SVP, Chief Information Security Officer at a multinational health insurance and health services company in the Fortune 100, and as head of cybersecurity for a U.S.-based financial services company in the Fortune 500, as well as for a federal banking institution and for a professional services company in the Fortune 500 specializing in information technology services. Our Chief Information & Security Officer reports directly to the Chief Technology Officer and meets regularly with other members of senior management and the Audit Committee. Our program is regularly evaluated by internal stakeholders and external parties with the results of those reviews reported to the executive leadership team and the Audit Committee, as appropriate. We also actively engage with key vendors, industry participants, and intelligence and law enforcement communities as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures. Our results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks or any future incidents.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our Chief Technology Officer, Chief Information & Security Officer and Chief Legal Officer provide periodic reports on our cybersecurity and risk management efforts, including with respect to information security practices, to the Audit Committee of our Board of Directors (the “Audit Committee”), as well as to other members of our executive leadership team, as appropriate. These reports include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape. Where appropriate, the Audit Committee then periodically reports to the full Board of Directors regarding the Company’s assessment of potential risk exposures and the steps management has taken to monitor and control such risks, which includes the Company’s cybersecurity program designed to prevent, detect, and rapidly respond to any potential incident. In addition to our scheduled meetings, the Audit Committee and executive leadership team maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates on significant developments in cybersecurity to facilitate proactive and responsive oversight. The Audit Committee is apprised of strategic decisions related to cybersecurity, offering guidance and approval for major initiatives. This involvement helps drive integration of cybersecurity considerations into our Company’s broader strategic objectives. Additionally, because Alight partners with a number of third parties in the ordinary course of business, our management team has developed and implemented processes to oversee and manage significant risks associated with use of third-party service providers. We conduct thorough security assessments of critical third-party providers before engagement and periodically monitor vendor compliance with our security standards. The monitoring includes periodic assessments by our vendor management team and use of an independent vendor risk rating service that alerts Alight when there is a change in a service providers security posture. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third parties. Our Chief Information & Security Officer has over 30 years of experience in the cybersecurity industry, including, prior to joining Alight in 2021, as the SVP, Chief Information Security Officer at a multinational health insurance and health services company in the Fortune 100, and as head of cybersecurity for a U.S.-based financial services company in the Fortune 500, as well as for a federal banking institution and for a professional services company in the Fortune 500 specializing in information technology services. Our Chief Information & Security Officer reports directly to the Chief Technology Officer and meets regularly with other members of senior management and the Audit Committee.
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| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our Chief Information & Security Officer has over 30 years of experience in the cybersecurity industry, including, prior to joining Alight in 2021, as the SVP, Chief Information Security Officer at a multinational health insurance and health services company in the Fortune 100, and as head of cybersecurity for a U.S.-based financial services company in the Fortune 500, as well as for a federal banking institution and for a professional services company in the Fortune 500 specializing in information technology services. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our Chief Technology Officer, Chief Information & Security Officer and Chief Legal Officer provide periodic reports on our cybersecurity and risk management efforts, including with respect to information security practices, to the Audit Committee of our Board of Directors (the “Audit Committee”), as well as to other members of our executive leadership team, as appropriate. These reports include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape. Where appropriate, the Audit Committee then periodically reports to the full Board of Directors regarding the Company’s assessment of potential risk exposures and the steps management has taken to monitor and control such risks, which includes the Company’s cybersecurity program designed to prevent, detect, and rapidly respond to any potential incident. In addition to our scheduled meetings, the Audit Committee and executive leadership team maintain an ongoing dialogue regarding emerging or potential cybersecurity risks. Together, they receive updates on significant developments in cybersecurity to facilitate proactive and responsive oversight. The Audit Committee is apprised of strategic decisions related to cybersecurity, offering guidance and approval for major initiatives. This involvement helps drive integration of cybersecurity considerations into our Company’s broader strategic objectives. Additionally, because Alight partners with a number of third parties in the ordinary course of business, our management team has developed and implemented processes to oversee and manage significant risks associated with use of third-party service providers. We conduct thorough security assessments of critical third-party providers before engagement and periodically monitor vendor compliance with our security standards. The monitoring includes periodic assessments by our vendor management team and use of an independent vendor risk rating service that alerts Alight when there is a change in a service providers security posture. This approach is designed to mitigate risks related to data breaches or other security incidents originating from third parties. Our Chief Information & Security Officer has over 30 years of experience in the cybersecurity industry, including, prior to joining Alight in 2021, as the SVP, Chief Information Security Officer at a multinational health insurance and health services company in the Fortune 100, and as head of cybersecurity for a U.S.-based financial services company in the Fortune 500, as well as for a federal banking institution and for a professional services company in the Fortune 500 specializing in information technology services. Our Chief Information & Security Officer reports directly to the Chief Technology Officer and meets regularly with other members of senior management and the Audit Committee.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements include the accounts of Alight, Inc. and its wholly owned subsidiaries and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
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| Consolidation | All intercompany transactions and balances have been eliminated upon consolidation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Use of Estimates | Use of Estimates The preparation of the accompanying Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of reserves and expenses. These estimates and assumptions are based on management’s best estimates and judgments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. Management believes its estimates to be reasonable given the current facts available. Management adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets, and foreign currency exchange rate movements increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be predicted with certainty, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment would, if applicable, be reflected in the financial statements in future periods.
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| Concentration of Risk | Concentration of Risk The Company has no significant off-balance sheet risks related to foreign exchange contracts or other foreign hedging arrangements. Management believes that its account receivable credit risk exposure is limited, and the Company has not experienced significant write-downs in its accounts receivable balances. Additionally, there was no single client who accounted for more than 10% of the Company’s revenues in any of the periods presented.
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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash balances.
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| Fiduciary Assets And Liabilities | Fiduciary Assets and Liabilities Some of the Company’s agreements require it to hold funds to pay certain obligations on behalf of its clients. Funds held on behalf of clients are segregated from Company funds, and their use is restricted to the payment of obligations on behalf of clients. There is typically a short period of time between when the Company receives funds and when it pays obligations on behalf of clients. These funds are recorded as Fiduciary assets with the related obligation recorded as Fiduciary liabilities in the Consolidated Balance Sheets.
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| Commissions Receivable | Commissions Receivable Commissions receivable, which is recorded in Other current assets and Other assets in the Consolidated Balance Sheets, are contract assets that represent estimated variable consideration for commissions to be received from insurance carriers for performance obligations that have been satisfied. The current portion of Commissions receivable is expected to be received within one year, while the non-current portion of Commissions receivable is expected to be received beyond one year.
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| Allowance for Expected Credit Losses | Allowance for Expected Credit Losses The Company’s allowance for expected credit losses with respect to trade receivables and contract assets is based on a combination of factors, including evaluation of historical write-offs, current conditions and reasonable economic forecasts that affect collectability and other qualitative and quantitative analysis.
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| Fixed Assets, Net | Fixed Assets, Net The Company records fixed assets at cost. We compute depreciation and amortization using the straight-line method on the estimated useful lives of the assets, which are generally as follows:
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| Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net In applying the acquisition method of accounting for business combinations, amounts assigned to identifiable assets and liabilities acquired were based on estimated fair values as of the date of acquisition, with the remainder recorded as goodwill. Intangible assets are initially valued at fair value using generally accepted valuation methods appropriate for the type of intangible asset. Intangible assets with definite lives are amortized over their estimated useful lives and are reviewed for impairment if indicators of impairment arise. Goodwill is tested for impairment annually as of October 1, and whenever indicators of impairment arise.
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| Derivatives | Derivatives The Company uses derivative financial instruments, such as interest rate swaps. Interest rate swaps are used to manage interest risk exposures and have been designated as cash flow hedges. The changes in the fair value of derivatives that qualify for hedge accounting as cash flow hedges are recorded in Accumulated other comprehensive income (loss). Amounts are reclassified from Accumulated other comprehensive income (loss) into earnings when the hedge exposure affects earnings. The Company discontinues hedge accounting prospectively when: (1) the derivative expires or is sold, terminated, or exercised; (2) the qualifying criteria are no longer met; or (3) management removes the designation of the hedging relationship. Cash flows from derivative instruments are included in Net cash provided by operating activities – continuing operations in the Consolidated Statements of Cash Flows.
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| Foreign Currency | Foreign Currency Certain of the Company’s non-U.S. operations use their respective local currency as their functional currency. The operations that do not have the U.S. dollar as their functional currency translate their financial statements at the current exchange rates in effect at the balance sheet date and revenues and expenses using rates that approximate those in effect during the period. The resulting translation adjustments are included in net foreign currency translation adjustments within the Consolidated Statements of Stockholders’ Equity. Gains and losses from the remeasurement of monetary assets and liabilities that are denominated in a non-functional currency are included in Other (income) expense, net within the Consolidated Statements of Comprehensive Income (Loss).
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| Share-Based Compensation Costs | Share-Based Compensation Share-based compensation primarily relates to grants of restricted share units (“RSUs”) and performance-based restricted share units (“PRSUs”), which are measured based on their estimated grant date fair value. The Company typically recognizes compensation expense on a straight-line basis over the requisite service period for awards expected to vest. Forfeitures are estimated on the date of grant and adjusted if actual or expected forfeiture activity differs materially from original estimates.
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| Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing the net income (loss) attributable to Alight, Inc. by the weighted average number of shares of Class A Common Stock issued and outstanding. The computation of diluted earnings per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue shares were exercised or converted into shares or resulted in the issuance of shares that would then share in the net income (loss) of Alight, Inc.
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| Sellers Earnouts | Seller Earnouts Upon completion of the Business Combination, we executed a contingent consideration agreement (the “Seller Earnouts”) that results in the issuance of non-voting shares of Class B-1 and Class B-2 Common Stock, which automatically convert into Class A Common Stock upon the achievement of certain criteria. The majority of the Seller Earnouts are accounted for as a contingent consideration liability at fair value within Financial instruments on the Consolidated Balance Sheets and are subject to remeasurement at each balance sheet date. Any change in fair value is recognized within the Consolidated Statements of Comprehensive Income (Loss).
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| Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A Common Stock ownership of the Company. Net (loss) income is reduced by the portion of net (loss) income that is attributable to noncontrolling interests. These noncontrolling interests are convertible into Class A Common Stock of the Company at the holder’s discretion.
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| Income Taxes | Income Taxes The portion of earnings allowable to the Company is subject to corporate-level tax rates at the U.S. federal, state and local levels. The Company accounts for income taxes pursuant to the asset and liability method which requires it to recognize current tax liabilities or receivables for the amount of taxes it estimates are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The Company recognizes the benefits of tax return positions in the financial statements if it is “more-likely-than-not” they will be sustained by a taxing authority. The measurement of a tax position meeting the more-likely-than-not criteria is based on the largest benefit that is more than 50% likely to be realized. Only information that is available at the reporting date is considered in the Company’s recognition and measurement analysis and events or changes in facts and circumstances are accounted for in the period in which the event or change in circumstance occurs.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires an enhanced disclosure of significant segment expenses on an annual and interim basis. The Company adopted this standard retrospectively during the year ended December 31, 2024. See Note 12 “Segment Reporting” for additional information. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for the annual periods beginning the year ended December 31, 2025. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the standard to determine the impact of adoption to its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures (Topic 220), which requires disclosure in the notes to financial statements of specified information about certain costs and expenses. This guidance will be effective for the annual periods beginning the year ended December 31, 2027. Early adoption is permitted. Upon adoption, the guidance may be applied retrospectively or prospectively. The Company is currently evaluating the standard to determine the impact of adoption to its consolidated financial statements and disclosures.
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| Fair Value Measurement | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting standards related to fair value measurements include a hierarchy for information and valuations used in measuring fair value that is broken down into three levels based on reliability, as follows: •Level 1 – observable inputs such as quoted prices in active markets for identical assets and liabilities; •Level 2 – inputs other than quoted prices for identical assets in active markets that are observable either directly or indirectly; and •Level 3 – unobservable inputs in which there is little or no market data which requires the use of valuation techniques and the development of assumptions.
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Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Fixed Assets, Net | We compute depreciation and amortization using the straight-line method on the estimated useful lives of the assets, which are generally as follows:
The components of Fixed assets, net are as follows (in millions):
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Discontinued Operations (Tables) |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Assets and Liabilities Held for Sale on Condensed Consolidated Balance Sheet and Income (loss) from Discontinued Operations on Condensed Consolidated Statements of Comprehensive Income (loss) | The following tables presents the carrying value of assets and liabilities for the Divested Business as presented within assets and liabilities of discontinued operations on our Consolidated balance sheets and results as reported in Income (Loss) from Discontinued Operations, Net of Tax, within our Consolidated Statements of comprehensive Income (Loss) (in millions):
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Other Financial Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Components of Receivables, Net | The components of Receivables, net are as follows (in millions):
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| Summary of Components of Other Current Assets | The components of Other current assets are as follows (in millions):
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| Summary of Components of Other Assets | The components of Other assets are as follows (in millions):
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| Summary of Components of Fixed Assets, Net | We compute depreciation and amortization using the straight-line method on the estimated useful lives of the assets, which are generally as follows:
The components of Fixed assets, net are as follows (in millions):
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| Summary of Components of Other Current Liabilities | The components of Other current liabilities are as follows (in millions):
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| Summary of Components of Other Liabilities | The components of Other liabilities are as follows (in millions):
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Goodwill and Intangible assets, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Net Carrying Amount of Goodwill | The changes in the net carrying amount of goodwill are as follows (in millions):
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| Schedule of Intangible Assets by Asset Class | Intangible assets by asset class are as follows (in millions):
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| Schedule of Intangible Asset Net Carrying Amount and Weighted Average Remaining Useful Lives | The following table reflects intangible assets net carrying amount and weighted-average remaining useful lives as of December 31, 2024 and December 31, 2023 (in millions, except for years):
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| Schedule of Intangible Assets Expected Annual Amortization Expense | Subsequent to December 31, 2024, the annual amortization expense is expected to be as follows (in millions):
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income before Income Tax, Domestic and Foreign | (Loss) from continuing operations before taxes consists of the following (in millions):
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| Schedule of Components of Income Tax Expense (Benefit) | The provision for income tax consists of the following (in millions):
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| Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the effective tax rate for all periods presented is as follows (in millions):
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| Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities are as follows (in millions):
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| Schedule of Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the Company’s beginning and ending amount of uncertain tax positions (in millions):
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt Outstanding | Debt outstanding consisted of the following (in millions):
_______________________________________________________ (1)The net balance for the Sixth Incremental Term Loans included unamortized debt issuance costs at December 31, 2024 of approximately $6 million. (2)The net balance for the Fifth Incremental Term Loans included unamortized debt issuance costs at December 31, 2023 of approximately $8 million.
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| Schedule of Aggregate Remaining Contractual Principal Payments | Aggregate remaining contractual principal payments as of December 31, 2024 are as follows (in millions):
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Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Outstanding Stock | The following table reflects the changes in our outstanding stock:
_______________________________________________________ (1)Issued to certain members of the Board of Directors in lieu of cash retainer.
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| Schedule of Changes in Accumulated Other Comprehensive Income, Net by Component | Changes in accumulated other comprehensive income, net of noncontrolling interests, are as follows (in millions):
(1)Foreign currency translation adjustments include $1 million loss related to intercompany loans that have been designated long-term investment nature. (2)Reclassifications from this category are recorded in Interest expense. See Note 13 “Derivative Financial Instruments” for additional information.
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Share-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Unit Activity | The following table summarizes the RSU and PRSU activity during the year ended December 31, 2024:
_______________________________________________________ (1)The number of PRSUs presented are based on actual or expected achievement of the respective performance goals as of the end of the period.
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| Schedule of Share-Based Compensation Costs Related to RSUs and PRSUs | Total share-based compensation expense related to the RSUs and PRSUs are recorded in the Consolidated Statements of Comprehensive Income (Loss) as follows (in millions):
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Basic and Diluted (Net Loss) Earnings Per Share | Basic and diluted (net loss) earnings per share are as follows (in millions, except for share and per share amounts):
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reportable Segments | Information regarding the Company’s reportable segment is as follows (in millions):
(1) - The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) - Cost of sales - Technology is primarily attributable to cost related to application development and client-related infrastructure. (3) - Cost of sales - Delivery, Customer Care and Other is primarily attributable to costs related personnel and vendors providing services to support our client base and client participants. (4) - Selling, General, and Administrative expenses excludes restructuring, stock based compensation and depreciation and intangible amortization and primarily include compensation-related costs for administrative and management employees, system and facilities expense, and costs for external professional and consulting services. (5) - Other segment items - includes gain/loss from change in fair value of financial instruments, gain/loss from change in fair value of tax receivable agreement, other (income) expense, net and income taxes.
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| Schedule of Revenue and Long-lived Assets by Geographic Location | Revenue by geographic location is as follows (in millions):
There was no single client who accounted for more than 10% of the Company’s revenues in any of the periods presented. Long-lived assets, representing Fixed assets, net and Operating lease right of use assets, by geographic location is as follows (in millions):
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Derivative Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Swap Agreements That Will Fix the Floating Interest Rates Associated With Its Term Loan | The Company has utilized swap agreements that will fix the floating interest rates associated with its Term Loan as shown in the following table:
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| Schedule of Fair Values and Location of Outstanding Derivative Instruments Recorded in the Condensed Consolidated Balance Sheets | The fair values and location of outstanding derivative instruments recorded in the Consolidated Balance Sheets are as follows (in millions):
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Tax Receivable Agreement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes of Tax Receivable Liability | The following table summarizes the changes in the TRA liabilities (in millions):
|
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Fair Value Measurement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s financial assets and liabilities measured at fair value on a recurring basis are as follows (in millions):
_________________________________________________________ (1)Excludes the portion of liability related to the exchanges of Class A Units not measured at fair value on a recurring basis.
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| Summary of Changes in Deferred Contingent Consideration Liabilities | The following table summarizes the changes in deferred contingent consideration liabilities (in millions):
|
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| Schedule of Financial Liabilities Not Measured at Fair Value on Recurring Basis | The fair value of the Company’s debt is classified as Level 2 within the fair value hierarchy and corroborated by observable market data is as follows (in millions):
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Restructuring (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Restructuring Costs | The following table summarizes restructuring costs by type (in millions):
(1)Other restructuring costs associated with the Transformation Program primarily include data center exit costs, third party fees associated with the restructuring, and costs associated with transitioning existing technology and processes.
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| Schedule of Accrued Restructuring Liability | As of December 31, 2024, approximately $12 million of the Company's total restructuring liability was unpaid and recorded in Accounts payable and accrued liabilities on the Consolidated Balance Sheets.
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Lease Obligations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Lease Expense | The components of lease expense were as follows (in millions):
|
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| Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows (in millions, except lease term and discount rate):
|
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| Summary of Supplemental Cash Flow and Other Information Related to Leases | Supplemental cash flow and other information related to leases was as follows (in millions):
|
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| Lessee, Operating Lease, Liability, to be Paid, Maturity | Future lease payments for lease obligations less expected sublease rental income with initial terms in excess of one year as of December 31, 2024 are as follows (in millions):
|
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| Finance Lease, Liability, to be Paid, Maturity | Future lease payments for lease obligations less expected sublease rental income with initial terms in excess of one year as of December 31, 2024 are as follows (in millions):
|
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Basis of Presentation and Nature of Business - Additional Information (Details) - Alight Holdings |
Dec. 31, 2024 |
|---|---|
| Maximum | |
| Basis Of Presentation And Nature Of Business [Line Items] | |
| Non-voting ownership percentage held by noncontrolling interest | 1.00% |
| Special Purpose Acquisition Company | Alight | |
| Basis Of Presentation And Nature Of Business [Line Items] | |
| Percentage of economic interest | 99.00% |
| Business combination, percentage of voting power | 100.00% |
Significant Accounting Policies - Additional Information (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Accounting Policies [Abstract] | |||
| Cash and cash equivalents | $ 343 | $ 324 | $ 228 |
| Fiduciary assets | 239 | 234 | |
| Allowance for expected credit losses | 9 | 7 | |
| Gain (loss), foreign currency transaction, before tax | $ (1) | $ (2) | $ (3) |
| Minimum percentage of unrecognized tax benefit, likely to be realized | 0.50 | ||
Significant Accounting Policies - Property Plant And Equipment Estimated Useful Lives (Details) |
Dec. 31, 2024 |
|---|---|
| Capitalized software | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property, Plant and Equipment, Useful Life | 4 years |
| Capitalized software | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property, Plant and Equipment, Useful Life | 7 years |
| Leasehold improvements | |
| Property, Plant and Equipment [Line Items] | |
| Property, Plant and Equipment, Useful Life | 10 years |
| Furniture, fixtures and equipment | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property, Plant and Equipment, Useful Life | 4 years |
| Furniture, fixtures and equipment | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property, Plant and Equipment, Useful Life | 10 years |
| Computer equipment | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property, Plant and Equipment, Useful Life | 4 years |
| Computer equipment | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property, Plant and Equipment, Useful Life | 6 years |
Revenue from Contracts with Customers - Additional Information (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Disaggregation Of Revenue [Line Items] | |
| Health solutions contract, term | 4 months |
| Period to recognize revenue under subscription | 3 years |
| Minimum | |
| Disaggregation Of Revenue [Line Items] | |
| Administration services contract, term | 3 years |
| Maximum | |
| Disaggregation Of Revenue [Line Items] | |
| Administration services contract, term | 5 years |
| Payroll, Cloud and Leaves Solutions | Customer Relationships | Costs to Obtain | |
| Disaggregation Of Revenue [Line Items] | |
| Capitalized costs, amortization period | 7 years |
| Payroll, Cloud and Leaves Solutions | Customer Relationships | Costs to Fulfull a Contract | |
| Disaggregation Of Revenue [Line Items] | |
| Capitalized costs, amortization period | 7 years |
| Other Solutions | Customer Relationships | Costs to Obtain | |
| Disaggregation Of Revenue [Line Items] | |
| Capitalized costs, amortization period | 15 years |
| Other Solutions | Customer Relationships | Costs to Fulfull a Contract | |
| Disaggregation Of Revenue [Line Items] | |
| Capitalized costs, amortization period | 15 years |
Discontinued Operations - Additional Information (Details) - Divested Business - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Jul. 12, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Total consideration | $ 1,200 | |||
| Proceeds from divestiture of businesses | 1,000 | |||
| Aggregate principal amount, consideration | 50 | |||
| Aggregate principal amount, contingent consideration | 150 | |||
| Fair value contingent consideration | $ 43 | $ 50 | ||
| Stated interest rate | 8.00% | |||
| Initial period | 18 months | |||
| Option to extend | 6 months | |||
| Transition services agreement | $ 15 | |||
| TSA services income | 19 | |||
| Pass-through costs | 42 | |||
| Revenue | 577 | $ 1,024 | $ 925 | |
| Loss on sale | 10 | 0 | 0 | |
| Cost of services, exclusive of depreciation and amortization | 425 | 684 | 608 | |
| Income tax expense (benefit) | 59 | 16 | $ 15 | |
| Customer Care Commercial Services | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Revenue | 23 | |||
| Cloud Services Segments | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Noncash goodwill impairment charge | $ 148 | |||
| Cost of services, exclusive of depreciation and amortization | 71 | |||
| Income tax expense (benefit) | $ 41 | |||
| Fair Value | ||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
| Fair value consideration | $ 35 | |||
Discontinued Operations - Summary of Assets and Liabilities Held for Sale on Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets | ||
| Current assets of discontinued operations | $ 0 | $ 1,523 |
| Long-term assets of discontinued operations | 0 | 948 |
| Liabilities | ||
| Current liabilities of discontinued operations | 0 | 1,370 |
| Long-term liabilities of discontinued operations | 0 | 68 |
| Divested Business | Discontinued Operations, Disposed of by Sale | ||
| Assets | ||
| Cash and cash equivalents | 0 | 34 |
| Receivables, net | 0 | 263 |
| Other current assets | 0 | 59 |
| Fiduciary assets | 0 | 1,167 |
| Current assets of discontinued operations | 0 | 1,523 |
| Goodwill | 0 | 331 |
| Intangible assets, net | 0 | 418 |
| Fixed assets, net | 0 | 40 |
| Deferred tax assets, net | 0 | 3 |
| Other assets | 0 | 156 |
| Long-term assets of discontinued operations | 0 | 948 |
| Liabilities | ||
| Accounts payable and accrued liabilities | 0 | 119 |
| Other current liabilities | 0 | 84 |
| Fiduciary liabilities | 0 | 1,167 |
| Current liabilities of discontinued operations | 0 | 1,370 |
| Other liabilities | 0 | 68 |
| Long-term liabilities of discontinued operations | $ 0 | $ 68 |
Discontinued Operations - Summary of Income (loss) from Discontinued Operations on Condensed Consolidated Statements of Comprehensive Income (loss) (Details) - Divested Business - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Revenue | $ 577 | $ 1,024 | $ 925 |
| Cost of services, exclusive of depreciation and amortization | 425 | 684 | 608 |
| Depreciation and amortization | 3 | 10 | 7 |
| Gross Profit | 149 | 330 | 310 |
| Operating Expenses | |||
| Selling, general and administrative | 89 | 164 | 192 |
| Depreciation and intangible amortization | 8 | 38 | 38 |
| Goodwill Impairment | 0 | 148 | 0 |
| Total Operating Expenses | 97 | 350 | 230 |
| Income (loss) from Discontinued Operations | 52 | (20) | 80 |
| Interest expense | 0 | 0 | 1 |
| Other (income) expense, net | 2 | 9 | (4) |
| Income (Loss) from Discontinued Operations Before Income Taxes | 50 | (29) | 83 |
| Loss on sale of disposition, net of tax | 10 | 0 | 0 |
| Income tax expense (benefit) | 59 | 16 | 15 |
| Net Income (Loss) from Discontinued Operations, Net of Tax | $ (19) | $ (45) | $ 68 |
Other Financial Data - Summary of Components of Receivables, Net (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Other Financial Data [Abstract] | ||
| Billed and unbilled receivables | $ 480 | $ 442 |
| Allowance for expected credit losses | (9) | (7) |
| Balance at end of period | $ 471 | $ 435 |
Other Financial Data - Summary of Components of Other Current Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Other Financial Data [Abstract] | ||
| Deferred project costs | $ 23 | $ 20 |
| Prepaid expenses | 56 | 48 |
| Commissions receivable | 89 | 107 |
| Other | 46 | 85 |
| Total | $ 214 | $ 260 |
Other Financial Data - Summary of Components of Other Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Other Financial Data [Abstract] | ||
| Deferred project costs | $ 263 | $ 240 |
| Operating lease right of use asset | 42 | 56 |
| Commissions receivable | 15 | 22 |
| Other | 102 | 23 |
| Total | $ 422 | $ 341 |
Other Financial Data - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Other Financial Data [Line Items] | |||
| Seller note | $ 37 | ||
| Additional note | 50 | ||
| Fixed assets, net | 62 | $ 19 | |
| Contract with customer, liability, revenue recognized | $ 97 | $ 95 | $ 77 |
| Interest rate swaps | |||
| Other Financial Data [Line Items] | |||
| Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets | |
| Derivative asset, current | $ 23 | $ 60 | |
| Derivative asset, noncurrent | $ 8 | $ 17 | |
| Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
| Derivative liability, current | $ 0 | $ 0 | |
| Derivative liability, noncurrent | $ 0 | $ 3 | |
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities | |
| Other current liabilities | |||
| Other Financial Data [Line Items] | |||
| Tax receivable agreement liability | $ 100 | $ 62 | |
| Cost of Services, Exclusive of Depreciation and Amortization | |||
| Other Financial Data [Line Items] | |||
| Amortization expense | $ 24 | $ 24 | $ 20 |
Other Financial Data - Summary of Components of Fixed Assets, Net (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Other Financial Data [Line Items] | ||
| Total Fixed assets, gross | $ 694 | $ 520 |
| Less: Accumulated depreciation | 298 | 189 |
| Fixed assets, net | 396 | 331 |
| Capitalized software | ||
| Other Financial Data [Line Items] | ||
| Total Fixed assets, gross | 427 | 310 |
| Leasehold improvements | ||
| Other Financial Data [Line Items] | ||
| Total Fixed assets, gross | 45 | 44 |
| Computer equipment | ||
| Other Financial Data [Line Items] | ||
| Total Fixed assets, gross | 172 | 106 |
| Furniture, fixtures and equipment | ||
| Other Financial Data [Line Items] | ||
| Total Fixed assets, gross | 9 | 10 |
| Construction in progress | ||
| Other Financial Data [Line Items] | ||
| Total Fixed assets, gross | $ 41 | $ 50 |
Other Financial Data - Summary of Components of Other Current Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Other Financial Data [Abstract] | ||
| Deferred revenue | $ 91 | $ 97 |
| Operating lease liabilities | $ 17 | $ 28 |
| Finance lease liability current | Total | Total |
| Finance lease liabilities | $ 19 | $ 10 |
| Other | 146 | 98 |
| Total | $ 273 | $ 233 |
Other Financial Data - Summary of Components of Other Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Other Financial Data [Abstract] | ||
| Deferred revenue | $ 40 | $ 45 |
| Operating lease liabilities | 56 | 66 |
| Finance lease liabilities | 39 | 6 |
| Other | 23 | 25 |
| Other liabilities | $ 158 | $ 142 |
Goodwill and Intangible assets, net - Summary of Changes in Net Carrying Amount of Goodwill (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Goodwill [Roll Forward] | |
| Beginning balance | $ 3,212 |
| Foreign currency translation | 0 |
| Ending balance | $ 3,212 |
Goodwill and Intangible assets, net - Schedule of Intangible Assets by Asset Class (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Intangible Assets | ||
| Total | $ 3,830 | $ 3,830 |
| Accumulated Amortization | 975 | 694 |
| Net Carrying Amount | 2,855 | |
| Total | 2,855 | 3,136 |
| Customer-related and contract based intangibles | ||
| Intangible Assets | ||
| Gross Carrying Amount | 3,192 | 3,192 |
| Accumulated Amortization | 742 | 529 |
| Net Carrying Amount | 2,450 | 2,663 |
| Technology related intangibles | ||
| Intangible Assets | ||
| Gross Carrying Amount | 230 | 230 |
| Accumulated Amortization | 133 | 94 |
| Net Carrying Amount | 97 | 136 |
| Trade name | ||
| Intangible Assets | ||
| Gross Carrying Amount | 408 | 408 |
| Accumulated Amortization | 100 | 71 |
| Net Carrying Amount | $ 308 | $ 337 |
Goodwill and Intangible assets, net - Additional Information (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Schedule Of Intangible Assets Other Than Goodwill [Line Items] | |||
| Long-term growth rate | 0.035 | ||
| Increase in hypothetical basis point in discount rate | 0.0025 | ||
| Decrease in hypothetical basis point in long-term growth rate | 0.0050 | ||
| Goodwill | $ 3,212 | $ 3,212 | |
| Intangible asset amortization | $ 280 | $ 281 | $ 278 |
| Health And Wealth Solutions Segments | |||
| Schedule Of Intangible Assets Other Than Goodwill [Line Items] | |||
| Utilized discount rate | 0.110 | ||
| Health Solutions Segments | |||
| Schedule Of Intangible Assets Other Than Goodwill [Line Items] | |||
| Maximum percentage reporting units exceeded carrying values | 0.012 | ||
| Goodwill, impairment loss | $ 125 | ||
| Goodwill | $ 3,084 | ||
| Wealth Solutions Segments | |||
| Schedule Of Intangible Assets Other Than Goodwill [Line Items] | |||
| Maximum percentage reporting units exceeded carrying values | 0.557 | ||
| Goodwill | $ 128 | ||
Goodwill and Intangible assets, net - Schedule of Intangible Asset Net Carrying Amount and Weighted Average Remaining Useful Lives (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Intangible Assets | ||
| Net Carrying Amount | $ 2,855 | |
| Total | 2,855 | $ 3,136 |
| Customer-related and contract based intangibles | ||
| Intangible Assets | ||
| Net Carrying Amount | $ 2,450 | $ 2,663 |
| Weighted-average remaining useful lives (in years) | 11 years 6 months | 12 years 6 months |
| Technology related intangibles | ||
| Intangible Assets | ||
| Net Carrying Amount | $ 97 | $ 136 |
| Weighted-average remaining useful lives (in years) | 2 years 7 months 6 days | 3 years 6 months |
| Trade name | ||
| Intangible Assets | ||
| Net Carrying Amount | $ 308 | $ 337 |
| Weighted-average remaining useful lives (in years) | 11 years 4 months 24 days | 12 years 4 months 24 days |
Goodwill and Intangible assets, net - Schedule of Intangible Assets Expected Annual Amortization Expense (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Finite Lived Intangible Assets [Line Items] | ||
| 2025 | $ 281 | |
| 2026 | 279 | |
| 2027 | 260 | |
| 2028 | 242 | |
| 2029 | 241 | |
| Thereafter | 1,552 | |
| Net Carrying Amount | 2,855 | |
| Customer-related and contract based intangibles | ||
| Finite Lived Intangible Assets [Line Items] | ||
| 2025 | 214 | |
| 2026 | 214 | |
| 2027 | 214 | |
| 2028 | 214 | |
| 2029 | 214 | |
| Thereafter | 1,380 | |
| Net Carrying Amount | 2,450 | $ 2,663 |
| Technology related intangibles | ||
| Finite Lived Intangible Assets [Line Items] | ||
| 2025 | 39 | |
| 2026 | 38 | |
| 2027 | 19 | |
| 2028 | 1 | |
| 2029 | 0 | |
| Thereafter | 0 | |
| Net Carrying Amount | 97 | 136 |
| Trade Name Intangibles | ||
| Finite Lived Intangible Assets [Line Items] | ||
| 2025 | 28 | |
| 2026 | 27 | |
| 2027 | 27 | |
| 2028 | 27 | |
| 2029 | 27 | |
| Thereafter | 172 | |
| Net Carrying Amount | $ 308 | $ 337 |
Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| U.S. (loss) income | $ (149) | $ (314) | $ (108) |
| Non-U.S. (loss) income | 1 | (23) | (16) |
| Income (Loss) From Continuing Operations Before Taxes | $ (148) | $ (337) | $ (124) |
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Current: | |||
| Federal | $ (4) | $ (21) | $ (18) |
| State | 5 | 9 | 5 |
| Foreign | 10 | 1 | 4 |
| Total current tax expense (benefit) | 11 | (11) | (9) |
| Deferred tax expense (benefit): | |||
| Federal | (9) | (1) | 19 |
| State | (12) | (8) | 0 |
| Foreign | 2 | 0 | 6 |
| Total deferred tax expense (benefit) | (19) | (9) | 25 |
| Total income tax expense (benefit) | $ (8) | $ (20) | $ 16 |
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Income (Loss) from continuing operations before taxes | $ (148) | $ (337) | $ (124) |
| Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
| Provision for income taxes at the statutory rate | (31) | (71) | (26) |
| State income taxes, net of federal benefit | 2 | (1) | 3 |
| Jurisdictional rate differences | 5 | (4) | 5 |
| Changes in valuation allowances | 26 | 14 | 17 |
| Benefit of income not allocated to the Company | 0 | 3 | 6 |
| Income in separate U.S. tax consolidations | 1 | 1 | 15 |
| Adjustments based on filed tax returns | (2) | 0 | (1) |
| Non-deductible expenses | 6 | 45 | 32 |
| Tax credits | (17) | (14) | (7) |
| Change in uncertain tax positions | 0 | 0 | (27) |
| Other | 2 | 7 | (1) |
| Total income tax expense (benefit) | $ (8) | $ (20) | $ 16 |
| Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
| Provision for income taxes at the statutory rate (percent) | 21.00% | 21.00% | 21.00% |
| State income taxes, net of federal benefit (percent) | (1.00%) | 0.00% | (2.00%) |
| Jurisdictional rate differences (percent) | (3.00%) | 1.00% | (4.00%) |
| Changes in valuation allowances (percent) | (18.00%) | (4.00%) | (14.00%) |
| Benefit of income not allocated to the Company (percent) | 0 | (0.01) | (0.05) |
| Income in separate U.S. tax consolidations (percent) | (0.01) | 0 | (0.12) |
| Adjustments based on filed tax returns (percent) | 0.01 | 0 | 0.01 |
| Non-deductible expense (percent) | (4.00%) | (13.00%) | (27.00%) |
| Tax credit (percent) | 11.00% | 4.00% | 6.00% |
| Change in uncertain tax positions (percent) | 0.00% | 0.00% | 22.00% |
| Other (percent) | (1.00%) | (2.00%) | 1.00% |
| Total income tax expense (benefit) (percent) | 5.00% | 6.00% | (13.00%) |
Income Taxes - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Examination [Line Items] | |||
| Effective tax rate | 5.00% | 6.00% | (13.00%) |
| U.S. statutory corporate income tax rate | 21.00% | 21.00% | 21.00% |
| Net operating loss carryforwards | $ 30 | $ 75 | |
| Valuation allowances increased (decreased) | 26 | 14 | |
| US tax credits valuation allowance | 23 | 10 | |
| Net operating losses valuation allowance | 3 | 4 | |
| Liability uncertain tax positions would impact the effective tax rate | 0 | 2 | |
| Accrued potential interest and penalties | $ 0 | $ 2 | |
| Maximum | |||
| Income Tax Examination [Line Items] | |||
| U.S. statutory corporate income tax rate | 21.00% | ||
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred tax assets: | ||
| Interest expense carryforward | $ 124 | $ 64 |
| Other credits | 65 | 57 |
| Tax receivable agreement | 132 | 114 |
| Seller Earnouts | 5 | 12 |
| Intangible assets | 3 | 4 |
| Net operating losses | 30 | 75 |
| Other | 3 | 0 |
| Total | 362 | 326 |
| Valuation allowance on deferred tax assets | (86) | (60) |
| Total | 276 | 266 |
| Deferred tax liabilities: | ||
| Intangible assets | (29) | (33) |
| Investment in partnership | (207) | (194) |
| Interest rate swap | (5) | (15) |
| Other | (16) | (18) |
| Total | (257) | (260) |
| Net deferred tax (liability) asset | $ 19 | $ 6 |
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Unrecognized Tax Benefits [Roll Forward] | |||
| Beginning Balance | $ 2 | $ 1 | $ 19 |
| Additions for tax positions of prior years | 0 | 1 | 0 |
| Lapse of statute of limitations | (2) | 0 | (18) |
| Ending Balance at December 31 | $ 0 | $ 2 | $ 1 |
Debt - Schedule of Debt Outstanding (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
|---|---|---|---|---|
| Debt Instrument [Line Items] | ||||
| Total debt, net | $ 2,025 | $ 2,794 | ||
| Less: current portion of long-term debt, net | (25) | (25) | ||
| Total long-term debt, net | 2,000 | 2,769 | ||
| Sixth Incremental Term Loans | ||||
| Debt Instrument [Line Items] | ||||
| Total debt, net | 2,025 | $ 2,489 | 0 | |
| Fifth Incremental Term Loans | ||||
| Debt Instrument [Line Items] | ||||
| Total debt, net | 0 | 2,488 | $ 2,507 | |
| Secured Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Total debt, net | 0 | 306 | ||
| $300 million Revolving Credit Facility, Amended | ||||
| Debt Instrument [Line Items] | ||||
| Total debt, net | $ 0 | $ 0 |
Debt - Schedule of Debt Outstanding (Footnote) (Details) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
Aug. 31, 2021 |
|---|---|---|---|
| Fifth Incremental Term Loans | |||
| Debt Instrument [Line Items] | |||
| Unamortized debt issuance costs | $ 8,000,000 | ||
| Sixth Incremental Term Loans | |||
| Debt Instrument [Line Items] | |||
| Unamortized debt issuance costs | $ 6,000,000 | ||
| $300 million Revolving Credit Facility, Amended | |||
| Debt Instrument [Line Items] | |||
| Line of credit, maximum borrowing capacity | $ 300,000,000 | $ 294,000,000 |
Debt - Additional Information (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2024 |
Aug. 31, 2023 |
Jul. 02, 2021 |
Jan. 31, 2025 |
Dec. 31, 2024 |
Jul. 31, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Aug. 31, 2020 |
May 31, 2017 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Aug. 31, 2021 |
May 31, 2020 |
|
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt balance | $ 2,025,000,000 | $ 2,794,000,000 | $ 2,025,000,000 | $ 2,794,000,000 | |||||||||||||
| Interest expense related to debt instruments | 186,000,000 | 219,000,000 | $ 138,000,000 | ||||||||||||||
| Amortization of financing fees and benefits | 0 | (2,000,000) | (2,000,000) | ||||||||||||||
| Interest Expense | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Amortization of financing fees and benefits | 3,000,000 | 2,000,000 | $ 3,000,000 | ||||||||||||||
| Revolving Credit Facility | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Increase in revolving credit facility | $ 300,000,000 | ||||||||||||||||
| Revolving Credit Facility | Alight Holdings | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt term | 5 years | ||||||||||||||||
| Line of credit, maximum borrowing capacity | $ 250,000,000 | ||||||||||||||||
| Amended Revolving Credit Facility | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt balance | 0 | $ 0 | 0 | 0 | |||||||||||||
| Line of credit, maximum borrowing capacity | 300,000,000 | 300,000,000 | $ 294,000,000 | ||||||||||||||
| Unused letters of credit | 0 | 0 | |||||||||||||||
| Revolving credit facility, borrowings | 0 | ||||||||||||||||
| Amended Revolving Credit Facility | Alight Holdings | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Line of credit, maximum borrowing capacity | $ 226,000,000 | ||||||||||||||||
| Term Loan | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Repayment of principal | $ 556,000,000 | ||||||||||||||||
| Term Loan | Alight Holdings | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt term | 7 years | 7 years | |||||||||||||||
| Repayments of principal to refinance debt | 270,000,000 | ||||||||||||||||
| Term Loan, Amended | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Principal payment | 25,000,000 | 25,000,000 | |||||||||||||||
| Term Loan, Amended | Alight Holdings | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt balance | $ 1,986,000,000 | ||||||||||||||||
| Term Loan, Amended | Minimum | Alight Holdings | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt instrument, variable interest rate | 0.50% | ||||||||||||||||
| Term Loan, Third Incremental | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt balance | $ 525,000,000 | ||||||||||||||||
| Term Loan, B-1 | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Increase in term loan | $ 65,000,000 | ||||||||||||||||
| Term Loan, B-1 | Alight Holdings | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt instrument, variable interest rate | 3.00% | 2.75% | |||||||||||||||
| Fifth Incremental Term Loans | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt balance | 0 | 2,488,000,000 | $ 2,507,000,000 | 0 | 2,488,000,000 | ||||||||||||
| Fifth Incremental Term Loans | Alight Holdings | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt instrument, variable interest rate | 2.75% | ||||||||||||||||
| Sixth Incremental Term Loans | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt balance | $ 2,025,000,000 | $ 2,489,000,000 | 0 | 2,025,000,000 | 0 | ||||||||||||
| Repayments of debt | $ 440,000,000 | ||||||||||||||||
| Gain (loss) on extinguishment of debt | (1,000,000) | ||||||||||||||||
| Sixth Incremental Term Loans | Alight Holdings | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt instrument, variable interest rate | 2.25% | 2.25% | |||||||||||||||
| Secured Senior Notes | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt balance | $ 0 | $ 306,000,000 | $ 0 | $ 306,000,000 | |||||||||||||
| Repayments of debt | 300,000,000 | ||||||||||||||||
| Gain (loss) on extinguishment of debt | $ 4,000,000 | ||||||||||||||||
| Secured Senior Notes | Alight Holdings | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Face amount | $ 300,000,000 | ||||||||||||||||
| Interest rate | 5.75% | ||||||||||||||||
| Seventh Incremental Term Loans | Subsequent Events | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Face amount | $ 2,030,000,000 | ||||||||||||||||
| Seventh Incremental Term Loans | Subsequent Events | Alight Holdings | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt instrument, variable interest rate | 1.75% | ||||||||||||||||
Debt - Schedule of Aggregate Remaining Contractual Principal Payments (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Debt Disclosure [Abstract] | |
| 2025 | $ 25 |
| 2026 | 25 |
| 2027 | 25 |
| 2028 | 1,955 |
| Total payments | $ 2,030 |
Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 13, 2025
USD ($)
$ / shares
|
Sep. 23, 2024
shares
|
Jul. 02, 2021
shares
|
Dec. 31, 2024
USD ($)
series
Vote
$ / shares
shares
|
Dec. 31, 2024
USD ($)
series
Vote
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
shares
|
Jul. 16, 2024
USD ($)
|
Jun. 18, 2024
USD ($)
|
Mar. 20, 2024
USD ($)
|
Dec. 31, 2021
shares
|
|
| Class Of Stock [Line Items] | |||||||||||
| Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000.0 | ||||||||
| Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
| Preferred stock, shares issued | 0 | 0 | 0 | ||||||||
| Preferred stock, shares outstanding | 0 | 0 | 0 | ||||||||
| Conversion ratio | 1 | 1 | |||||||||
| Increase in equity | $ | $ 273 | ||||||||||
| Additional paid-in-capital deferred tax liabilities | $ | 11 | ||||||||||
| Remaining authorized amount for future share repurchase program | $ | $ 81 | 81 | |||||||||
| Dividend payments | $ | 21 | $ 0 | $ 0 | ||||||||
| Accelerated Share Repurchase | Barclays Bank PLC | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock repurchase, authorized amount | $ | $ 75 | ||||||||||
| Accelerated share repurchase payments | $ | $ 75 | ||||||||||
| Percentage of shares equal to the settlement amount | 0.80 | ||||||||||
| Tax Receivable Agreement Liability | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Additional TRA liabilities | $ | $ 90 | $ 109 | |||||||||
| Class A Common Stock | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock, shares outstanding | 531,703,862 | 531,703,862 | 510,900,000 | ||||||||
| Common shares, votes per share | Vote | 1 | 1 | |||||||||
| Common stock, shares issued | 560,500,000 | 560,500,000 | 517,300,000 | ||||||||
| Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
| Conversion of noncontrolling interest (in shares) | 28,987,597 | ||||||||||
| Remaining authorized amount for future share repurchase program | $ | $ 200 | ||||||||||
| Number of shares repurchased | 22,327,717 | ||||||||||
| Common stock dividends declared (in usd per share) | $ / shares | $ 0.04 | ||||||||||
| Dividend payments | $ | $ 21 | ||||||||||
| Class A Common Stock | Subsequent Events | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock repurchase, authorized amount | $ | $ 281 | ||||||||||
| Common stock dividends declared (in usd per share) | $ / shares | $ 0.04 | ||||||||||
| Class A Common Stock | Accelerated Share Repurchase | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Accelerated share repurchase payments | $ | $ 75 | $ 75 | |||||||||
| Number of shares repurchased | 2,400,041 | 10,563,306 | |||||||||
| Class B Common Stock | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock, shares outstanding | 10,000,000.0 | 10,000,000.0 | 9,900,000 | ||||||||
| Issuance of common units (in shares) | 14,999,998 | ||||||||||
| Number of common stock instruments | series | 2 | 2 | |||||||||
| Common stock, shares issued | 10,000,000.0 | 10,000,000.0 | 9,900,000 | ||||||||
| Common stock, shares authorized | 20,000,000.0 | 20,000,000.0 | 20,000,000.0 | ||||||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
| Class B-1 Common Stock | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock, shares outstanding | 4,978,807 | 4,978,807 | |||||||||
| Common stock, shares issued | 4,978,807 | 4,978,807 | |||||||||
| Common stock shares conversion ratio | 1 | ||||||||||
| Common stock shares convertible stock price trigger | $ / shares | $ 12.50 | ||||||||||
| Common stock shares convertible threshold trading days | 20 days | ||||||||||
| Common stock shares convertible threshold consecutive trading days | 30 days | ||||||||||
| Common stock shares convertible stock valuation price on diluted basis | $ / shares | $ 12.50 | ||||||||||
| Class B-2 Common Stock | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock, shares outstanding | 4,978,807 | 4,978,807 | |||||||||
| Common stock, shares issued | 4,978,807 | 4,978,807 | |||||||||
| Common stock shares conversion ratio | 1 | ||||||||||
| Common stock shares convertible stock price trigger | $ / shares | $ 15.00 | ||||||||||
| Common stock shares convertible threshold trading days | 20 days | ||||||||||
| Common stock shares convertible threshold consecutive trading days | 30 days | ||||||||||
| Common stock shares convertible stock valuation price on diluted basis | $ / shares | $ 15.00 | ||||||||||
| Class B-3 Common Stock | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock, shares outstanding | 0 | 0 | |||||||||
| Common stock, shares issued | 0 | 0 | |||||||||
| Common stock, shares authorized | 10,000,000 | 10,000,000 | |||||||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||
| Class V Common Stock | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock, shares outstanding | 510,237 | 510,237 | 28,962,218 | 63,481,465 | 77,459,687 | ||||||
| Common shares, votes per share | Vote | 1 | 1 | |||||||||
| Common stock, shares issued | 500,000 | 500,000 | 29,000,000.0 | ||||||||
| Common stock shares conversion ratio | 1 | ||||||||||
| Common stock, shares authorized | 175,000,000.0 | 175,000,000.0 | 175,000,000.0 | ||||||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
| Shares issued (in shares) | 510,237 | ||||||||||
| Conversion of noncontrolling interest (in shares) | (28,987,597) | (34,519,247) | (13,978,222) | ||||||||
| Class Z Common Stock | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock, shares outstanding | 0 | 0 | 3,420,215 | 5,595,577 | 5,595,577 | ||||||
| Common stock, shares issued | 8,671,507 | 0.0 | 0.0 | 3,400,000 | |||||||
| Common stock, shares authorized | 12,900,000 | 12,900,000 | 12,900,000 | ||||||||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
| Class Z Common Units | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock, shares outstanding | 0 | 0 | |||||||||
| Class A Units | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock, shares outstanding | 532,214,099 | 532,214,099 | |||||||||
| Held by non controlling interest | 510,237 | ||||||||||
| Alight Holdings | Class B-1 Common Units | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock, shares outstanding | 2,521,192 | 2,521,192 | |||||||||
| Common stock, shares issued | 2,521,192 | 2,521,192 | |||||||||
| Common stock shares conversion ratio | 1 | ||||||||||
| Common stock shares convertible stock price trigger | $ / shares | $ 12.50 | ||||||||||
| Common stock shares convertible threshold trading days | 20 days | ||||||||||
| Common stock shares convertible threshold consecutive trading days | 30 days | ||||||||||
| Common stock shares convertible stock valuation price on diluted basis | $ / shares | $ 12.50 | ||||||||||
| Alight Holdings | Class B-2 Common Units | |||||||||||
| Class Of Stock [Line Items] | |||||||||||
| Common stock, shares outstanding | 2,521,192 | 2,521,192 | |||||||||
| Common stock, shares issued | 2,521,192 | 2,521,192 | |||||||||
| Common stock shares conversion ratio | 1 | ||||||||||
| Common stock shares convertible stock price trigger | $ / shares | $ 15.00 | ||||||||||
| Common stock shares convertible threshold trading days | 20 days | ||||||||||
| Common stock shares convertible threshold consecutive trading days | 30 days | ||||||||||
| Common stock shares convertible stock valuation price on diluted basis | $ / shares | $ 15.00 | ||||||||||
Stockholders' Equity - Schedule of Changes in Outstanding Stock (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Shares Outstanding [Roll Forward] | |||
| Beginning balance (in shares) | 6,400,000 | ||
| Ending balance (in shares) | 28,800,000 | 6,400,000 | |
| Treasury | |||
| Shares Outstanding [Roll Forward] | |||
| Beginning balance (in shares) | 6,427,853 | 1,506,385 | 0 |
| Share repurchases (in shares) | (22,327,717) | (4,921,468) | (1,506,385) |
| Ending balance (in shares) | 28,755,570 | 6,427,853 | 1,506,385 |
| Class A | |||
| Shares Outstanding [Roll Forward] | |||
| Beginning balance (in shares) | 507,567,678 | 470,756,961 | 456,282,881 |
| Conversion of noncontrolling interest (in shares) | 28,987,597 | 34,519,247 | 13,978,222 |
| Shares granted upon vesting (in shares) | 17,316,478 | 7,129,735 | 1,929,035 |
| Issuance for compensation to non-employees (in shares) | 159,826 | 83,203 | 73,208 |
| Share repurchases (in shares) | (22,327,717) | (4,921,468) | (1,506,385) |
| Ending balance (in shares) | 531,703,862 | 507,567,678 | 470,756,961 |
| Class B-1 | |||
| Shares Outstanding [Roll Forward] | |||
| Beginning balance (in shares) | 4,951,235 | 4,990,453 | 4,990,453 |
| Shares granted upon vesting (in shares) | 63,868 | ||
| Share forfeitures (in shares) | (36,296) | (39,218) | |
| Ending balance (in shares) | 4,978,807 | 4,951,235 | 4,990,453 |
| Class B-2 | |||
| Shares Outstanding [Roll Forward] | |||
| Beginning balance (in shares) | 4,951,235 | 4,990,453 | 4,990,453 |
| Shares granted upon vesting (in shares) | 63,868 | ||
| Share forfeitures (in shares) | (36,296) | (39,218) | |
| Ending balance (in shares) | 4,978,807 | 4,951,235 | 4,990,453 |
| Class V | |||
| Shares Outstanding [Roll Forward] | |||
| Beginning balance (in shares) | 28,962,218 | 63,481,465 | 77,459,687 |
| Conversion of noncontrolling interest (in shares) | (28,987,597) | (34,519,247) | (13,978,222) |
| Shares granted upon vesting (in shares) | 535,616 | ||
| Ending balance (in shares) | 510,237 | 28,962,218 | 63,481,465 |
| Class Z | |||
| Shares Outstanding [Roll Forward] | |||
| Beginning balance (in shares) | 3,420,215 | 5,595,577 | 5,595,577 |
| Shares granted upon vesting (in shares) | (3,420,215) | (2,175,362) | |
| Ending balance (in shares) | 0 | 3,420,215 | 5,595,577 |
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income, Net by Component (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
| Beginning balance | $ 4,742 | $ 5,089 | $ 4,928 |
| Total Other comprehensive income (loss), net of tax: | (28) | (33) | 100 |
| Ending balance | 4,313 | 4,742 | 5,089 |
| Foreign Currency Translation Adjustments | |||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
| Beginning balance | (3) | (11) | 0 |
| Other comprehensive income (loss) before reclassifications | 4 | 10 | (13) |
| Tax (expense) benefit | 3 | (2) | 2 |
| Other comprehensive income (loss) before reclassifications, net of tax | 7 | 8 | (11) |
| Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
| Tax expense | 0 | 0 | 0 |
| Amounts reclassified from accumulated other comprehensive income, net of tax | 0 | 0 | 0 |
| Total Other comprehensive income (loss), net of tax: | 7 | 8 | (11) |
| Ending balance | 4 | (3) | (11) |
| Interest Rate Swaps | |||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
| Beginning balance | 74 | 106 | 8 |
| Other comprehensive income (loss) before reclassifications | 33 | 33 | 125 |
| Tax (expense) benefit | 8 | 15 | (8) |
| Other comprehensive income (loss) before reclassifications, net of tax | 41 | 48 | 117 |
| Amounts reclassified from accumulated other comprehensive income | (72) | (80) | (19) |
| Tax expense | 0 | 0 | 0 |
| Amounts reclassified from accumulated other comprehensive income, net of tax | (72) | (80) | (19) |
| Total Other comprehensive income (loss), net of tax: | (31) | (32) | 98 |
| Ending balance | 43 | 74 | 106 |
| Accumulated Other Comprehensive Loss | |||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
| Beginning balance | 71 | 95 | 8 |
| Other comprehensive income (loss) before reclassifications | 37 | 43 | 112 |
| Tax (expense) benefit | 11 | 13 | (6) |
| Other comprehensive income (loss) before reclassifications, net of tax | 48 | 56 | 106 |
| Amounts reclassified from accumulated other comprehensive income | (72) | (80) | (19) |
| Tax expense | 0 | 0 | 0 |
| Amounts reclassified from accumulated other comprehensive income, net of tax | (72) | (80) | (19) |
| Total Other comprehensive income (loss), net of tax: | (24) | (24) | 87 |
| Ending balance | $ 47 | $ 71 | $ 95 |
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Income, Net by Component Additional Information (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Foreign Currency Translation Adjustments | |
| Accumulated Other Comprehensive Income Loss [Line Items] | |
| Intercompany foreign currency translation adjustments | $ 1 |
Share-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions |
1 Months Ended | 7 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
|
Jul. 31, 2024
shares
|
Dec. 31, 2022
shares
|
Jul. 21, 2021 |
Dec. 31, 2024
USD ($)
shares
$ / shares
|
Dec. 31, 2023
USD ($)
$ / shares
|
Dec. 31, 2022
USD ($)
$ / shares
|
|
| Performance-based RSUs | ||||||
| Class Of Stock [Line Items] | ||||||
| Weighted-average grant-date fair value per share (in dollars per share) | $ / shares | $ 8.73 | $ 8.82 | $ 11.76 | |||
| Forfeited (in shares) | 3,314,405 | |||||
| Total future compensation expense | $ | $ 46.0 | |||||
| Remaining weighted-average amortization period | 1 year 4 months 2 days | |||||
| RSUs and PRSUs | ||||||
| Class Of Stock [Line Items] | ||||||
| Vesting period | 3 years | |||||
| Forfeited (in shares) | 3,500,000 | |||||
| Stock Based Compensation | $ | $ 76.0 | $ 139.0 | $ 164.0 | |||
| RSUs | ||||||
| Class Of Stock [Line Items] | ||||||
| Weighted-average grant-date fair value per share (in dollars per share) | $ / shares | $ 8.68 | $ 8.72 | $ 9.01 | |||
| Forfeited (in shares) | 3,045,124 | |||||
| Total future compensation expense | $ | $ 42.0 | |||||
| Remaining weighted-average amortization period | 1 year 8 months 8 days | |||||
| Predecessor Plans | ||||||
| Class Of Stock [Line Items] | ||||||
| Expected volatility rate (percent) | 45.00% | |||||
| Risk free interest rate (percent) | 1.00% | |||||
| Predecessor Plans | Time Based Restricted Stock Units | ||||||
| Class Of Stock [Line Items] | ||||||
| Vesting period | 5 years | |||||
| Predecessor Plans | Time Based Restricted Stock Units | Minimum | ||||||
| Class Of Stock [Line Items] | ||||||
| Vesting period | 1 year | |||||
| Predecessor Plans | Time Based Restricted Stock Units | Maximum | ||||||
| Class Of Stock [Line Items] | ||||||
| Vesting period | 5 years | |||||
| Successor Plans | ||||||
| Class Of Stock [Line Items] | ||||||
| Common stock, conversion basis, number of shares | 1 | |||||
| Successor Plans | Minimum | ||||||
| Class Of Stock [Line Items] | ||||||
| Vesting period | 2 years | |||||
| Successor Plans | Maximum | ||||||
| Class Of Stock [Line Items] | ||||||
| Vesting period | 5 years | |||||
| 2021 Omnibus Incentive Plan | ||||||
| Class Of Stock [Line Items] | ||||||
| Remaining shares of common stock authorized | 83,607,718 | |||||
| 2021 Omnibus Incentive Plan | Time Based Restricted Stock Units | ||||||
| Class Of Stock [Line Items] | ||||||
| Percentage of units granted subject to vesting requirements | 44.00% | |||||
| 2021 Omnibus Incentive Plan | Performance-based RSUs | ||||||
| Class Of Stock [Line Items] | ||||||
| Percentage of units granted subject to vesting requirements | 56.00% | |||||
| Employee Stock Purchase Plan | Employee Stock | ||||||
| Class Of Stock [Line Items] | ||||||
| Remaining shares available for grant | 12,148,358 | |||||
| Number of shares issued | 2,812,674 | |||||
| Stock Based Compensation | $ | $ 1.5 | $ 2.0 | ||||
| Employee Stock Purchase Plan | Employee Stock | Class A Common Stock | ||||||
| Class Of Stock [Line Items] | ||||||
| Stock plan payment period | 6 months | |||||
| Maximum number of shares, an employee can purchase (in shares) | 1,250 | |||||
| Purchase price of common stock, percent of fair market value | 85.00% | |||||
| Employee Stock Purchase Plan | Employee Stock | Minimum | Class A Common Stock | ||||||
| Class Of Stock [Line Items] | ||||||
| Percentage of payroll deductions | 1.00% | |||||
| Employee Stock Purchase Plan | Employee Stock | Maximum | Class A Common Stock | ||||||
| Class Of Stock [Line Items] | ||||||
| Percentage of payroll deductions | 10.00% | |||||
Share-Based Compensation - Summary of Unit Activity related to RSUs (Details) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| RSUs | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
| Beginning balance (in shares) | 8,174,812 | ||
| Granted (in shares) | 5,613,104 | ||
| Vested (in shares) | (3,417,686) | ||
| Forfeited (in shares) | (3,045,124) | ||
| Ending balance (in shares) | 7,325,106 | 8,174,812 | |
| Weighted Average Grant Date Fair Value Per Unit | |||
| Beginning balance (in dollars per share) | $ 9.78 | ||
| Granted (in dollars per share) | 8.68 | $ 8.72 | $ 9.01 |
| Vested (in dollars per share) | 8.81 | ||
| Forfeited (in dollars per share) | 8.95 | ||
| Ending balance (in dollars per share) | $ 8.67 | $ 9.78 | |
| Performance-based RSUs | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
| Beginning balance (in shares) | 28,041,674 | ||
| Granted (in shares) | 6,879,610 | ||
| Vested (in shares) | (20,728,422) | ||
| Forfeited (in shares) | (3,314,405) | ||
| Ending balance (in shares) | 10,878,456 | 28,041,674 | |
| Weighted Average Grant Date Fair Value Per Unit | |||
| Beginning balance (in dollars per share) | $ 11.25 | ||
| Granted (in dollars per share) | 8.73 | $ 8.82 | $ 11.76 |
| Vested (in dollars per share) | 12.15 | ||
| Forfeited (in dollars per share) | 8.93 | ||
| Ending balance (in dollars per share) | $ 8.71 | $ 11.25 | |
Share-Based Compensation - Schedule of Share-Based Compensation Costs Related to RSUs and PRSUs (Details) - RSUs and PRSUs - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Total Share-based compensation expense | $ 76 | $ 139 | $ 164 |
| Cost of services, exclusive of depreciation and amortization | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Total Share-based compensation expense | 14 | 30 | 34 |
| Selling, general and administrative | |||
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
| Total Share-based compensation expense | $ 62 | $ 109 | $ 130 |
Earnings Per Share - Summary of Basic and Diluted (Net Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Numerator | |||
| Net Income (Loss) From Continuing Operations | $ (140) | $ (317) | $ (140) |
| Less: Net income (loss) attributable to noncontrolling interest | 2 | 17 | 10 |
| Net Income (loss) from continuing operations attributable to Alight, Inc. | (138) | (300) | (130) |
| Net Income (Loss) From Discontinued Operations, Net of Tax | (19) | (45) | 68 |
| Net Income (Loss) Attributable to Alight, Inc. | (157) | (345) | (62) |
| Loss impact of conversion of noncontrolling interest | (1) | 0 | 0 |
| Net income (loss) attributable to Alight, Inc. - diluted | $ (158) | $ (345) | $ (62) |
| Denominator | |||
| Weighted-average shares outstanding - basic (in shares) | 539,861,208 | 489,461,259 | 458,558,192 |
| Dilutive effect of the exchange of noncontrolling interest units (in shares) | 510,237 | 0 | 0 |
| Dilutive effect of RSUs (in shares) | 0 | 0 | 0 |
| Weighted-average shares outstanding - diluted (in shares) | 540,371,445 | 489,461,259 | 458,558,192 |
| Basic and Diluted (net loss) earnings per share | |||
| Continuing operations, basic (in dollars per share) | $ (0.25) | $ (0.61) | $ (0.28) |
| Continuing operations, diluted (in dollars per share) | (0.25) | (0.61) | (0.28) |
| Discontinued operations, basic (in dollars per share) | (0.04) | (0.09) | 0.14 |
| Discontinued operations, diluted (in dollars per share) | (0.04) | (0.09) | 0.14 |
| Net income (loss), basic (in dollars per share) | (0.29) | (0.70) | (0.14) |
| Net income (loss), diluted (in dollars per share) | $ (0.29) | $ (0.70) | $ (0.14) |
Earnings Per Share - Additional Information (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| RSUs | |||
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share, amount | 7,325,106 | 10,080,390 | 7,624,817 |
| Seller Earnouts | |||
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share, amount | 14,999,998 | 14,999,998 | 14,999,998 |
| Performance-based RSUs | |||
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share, amount | 10,878,457 | 27,411,360 | 29,429,683 |
| Noncontrolling Interest | |||
| Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from computation of earnings per share, amount | 28,962,218 | 63,481,465 | |
Segment Reporting - Additional Information (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
Segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 1 |
Segment Reporting - Schedule of Current Reportable and Recast of Segments by Revenue (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Revenue | |||
| Revenue | $ 2,332 | $ 2,386 | $ 2,207 |
| Less | |||
| Cost of sales | 1,442 | 1,504 | 1,472 |
| Depreciation and amortization | 96 | 72 | 49 |
| Gross Profit | 794 | 810 | 686 |
| Selling, general and administrative | 585 | 590 | 479 |
| Depreciation and intangible amortization | 299 | 301 | 301 |
| Interest expense | 103 | 131 | 121 |
| Net Income (Loss) From Continuing Operations | (140) | (317) | (140) |
| Employer Solutions | |||
| Revenue | |||
| Revenue | 2,332 | 2,386 | 2,207 |
| Less | |||
| Stock Based Compensation | 14 | 30 | 34 |
| Depreciation and amortization | 96 | 72 | 49 |
| Gross Profit | 794 | 810 | 686 |
| Selling, general and administrative | 460 | 408 | 303 |
| Restructuring | 63 | 73 | 46 |
| Stock Based Compensation | 62 | 109 | 130 |
| Depreciation and intangible amortization | 299 | 301 | 301 |
| Interest expense | 103 | 131 | 121 |
| Other segment item | (53) | 105 | (75) |
| Net Income (Loss) From Continuing Operations | (140) | (317) | (140) |
| Employer Solutions | Technology | |||
| Less | |||
| Cost of sales | 313 | 323 | 293 |
| Employer Solutions | Delivery, Customer Care, and Other | |||
| Less | |||
| Cost of sales | 1,115 | 1,151 | 1,145 |
| Employer Solutions | Recurring | |||
| Revenue | |||
| Revenue | 2,135 | 2,167 | 2,003 |
| Employer Solutions | Project | |||
| Revenue | |||
| Revenue | 197 | 219 | 204 |
| Employer Solutions | Employer Solutions | |||
| Revenue | |||
| Revenue | 2,332 | 2,360 | 2,164 |
| Less | |||
| Stock Based Compensation | 14 | 30 | 34 |
| Depreciation and amortization | 96 | 70 | 47 |
| Gross Profit | 794 | 812 | 687 |
| Selling, general and administrative | 460 | 408 | 303 |
| Restructuring | 63 | 73 | 46 |
| Stock Based Compensation | 62 | 109 | 130 |
| Depreciation and intangible amortization | 299 | 301 | 301 |
| Interest expense | 103 | 131 | 121 |
| Other segment item | (53) | 105 | (75) |
| Net Income (Loss) From Continuing Operations | (140) | (315) | (139) |
| Employer Solutions | Employer Solutions | Technology | |||
| Less | |||
| Cost of sales | 313 | 323 | 293 |
| Employer Solutions | Employer Solutions | Delivery, Customer Care, and Other | |||
| Less | |||
| Cost of sales | 1,115 | 1,125 | 1,103 |
| Employer Solutions | Employer Solutions | Recurring | |||
| Revenue | |||
| Revenue | 2,135 | 2,141 | 1,960 |
| Employer Solutions | Employer Solutions | Project | |||
| Revenue | |||
| Revenue | 197 | 219 | 204 |
| Other | |||
| Revenue | |||
| Revenue | 0 | 26 | 43 |
| Less | |||
| Stock Based Compensation | 0 | 0 | 0 |
| Depreciation and amortization | 0 | 2 | 2 |
| Gross Profit | 0 | (2) | (1) |
| Net Income (Loss) From Continuing Operations | 0 | (2) | (1) |
| Other | Technology | |||
| Less | |||
| Cost of sales | 0 | 0 | 0 |
| Other | Delivery, Customer Care, and Other | |||
| Less | |||
| Cost of sales | 0 | 26 | 42 |
| Other | Recurring | |||
| Revenue | |||
| Revenue | 0 | 26 | 43 |
| Other | Project | |||
| Revenue | |||
| Revenue | $ 0 | $ 0 | $ 0 |
Segment Reporting -Schedule of Revenue and Long-lived Assets by Geographic Location (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenue | $ 2,332 | $ 2,386 | $ 2,207 |
| Long-Lived Assets | 438 | 386 | |
| United States | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenue | 2,304 | 2,358 | 2,182 |
| Long-Lived Assets | 429 | 384 | |
| International | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenue | 28 | 28 | $ 25 |
| Long-Lived Assets | $ 9 | $ 2 | |
Derivative Financial Instruments - Schedule of Swap Agreements That Will Fix the Floating Interest Rates Associated With Its Term Loan (Details) - Interest rate swaps |
Dec. 31, 2024
USD ($)
|
|---|---|
| December 2021 Term Loan One | |
| Derivatives Fair Value [Line Items] | |
| Initial Notional Amount | $ 871,205,040 |
| Notional Amount Outstanding as of December 31, 2024 | $ 526,095,599 |
| Fixed Rate | 1.6533% |
| December 2021 Term Loan Two | |
| Derivatives Fair Value [Line Items] | |
| Initial Notional Amount | $ 435,602,520 |
| Notional Amount Outstanding as of December 31, 2024 | $ 263,047,800 |
| Fixed Rate | 1.656% |
| December 2021 Term Loan Three | |
| Derivatives Fair Value [Line Items] | |
| Initial Notional Amount | $ 435,602,520 |
| Notional Amount Outstanding as of December 31, 2024 | $ 263,047,800 |
| Fixed Rate | 1.665% |
| March 2022 Term Loan | |
| Derivatives Fair Value [Line Items] | |
| Initial Notional Amount | $ 1,197,000,000 |
| Notional Amount Outstanding as of December 31, 2024 | $ 1,197,000,000 |
| Fixed Rate | 2.554% |
| March 2023 Term Loan One | |
| Derivatives Fair Value [Line Items] | |
| Initial Notional Amount | $ 150,000,000 |
| Notional Amount Outstanding as of December 31, 2024 | $ 150,000,000 |
| Fixed Rate | 3.9025% |
| March 2023 Term Loan Two | |
| Derivatives Fair Value [Line Items] | |
| Initial Notional Amount | $ 150,000,000 |
| Notional Amount Outstanding as of December 31, 2024 | $ 150,000,000 |
| Fixed Rate | 3.91% |
Derivative Financial Instruments - Schedule of Fair Values and Location of Outstanding Derivative Instruments Recorded in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivatives Fair Value [Line Items] | ||
| Total assets | $ 31 | $ 77 |
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets, Other assets | Other current assets, Other assets |
| Total liabilities | $ 0 | $ 3 |
| Other current assets | ||
| Derivatives Fair Value [Line Items] | ||
| Total assets | 23 | 60 |
| Other assets | ||
| Derivatives Fair Value [Line Items] | ||
| Total assets | 8 | 17 |
| Other current liabilities | ||
| Derivatives Fair Value [Line Items] | ||
| Total liabilities | 0 | 0 |
| Other liabilities | ||
| Derivatives Fair Value [Line Items] | ||
| Total liabilities | $ 0 | $ 3 |
Derivative Financial Instruments - Additional Information (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative gains | $ 23 |
Financial Instruments - Additional Information (Details) $ / shares in Units, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Jul. 02, 2024
USD ($)
$ / shares
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jul. 12, 2024
USD ($)
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
| Period to receive earnout shares | 7 years | ||||
| Fair value of seller earnouts | $ 51.0 | $ 95.0 | |||
| (Gain) loss from change in fair value of seller earnouts | (48.0) | (2.0) | |||
| (Gain) loss from change in fair value of financial instruments | (57.0) | 10.0 | $ (38.0) | ||
| Discontinued Operations, Disposed of by Sale | Divested Business | |||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
| Aggregate principal amount, contingent consideration | $ 150.0 | ||||
| Fair value contingent consideration | 50.0 | $ 43.0 | |||
| (Gain) loss from change in fair value of financial instruments | 7.0 | ||||
| Class A Common Stock | |||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
| Shares issued, value | $ 1.5 | ||||
| Price per share | $ / shares | $ 7.09 | ||||
| Class Z-A Common Stock | |||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
| Equity, contingent consideration at fair value | 13.0 | ||||
| Class Z Common Stock | |||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
| (Gain) loss from change in fair value of seller earnouts | $ (2.0) | $ 13.0 | |||
| Seller Earnouts liability | |||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
| Business combination, contingent consideration, liability expected holding period | 3 years 6 months 3 days | ||||
| Seller Earnouts liability | Volatility | |||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
| Measurement Input | 0.40 | ||||
| Seller Earnouts liability | Risk-free Interest Rate | |||||
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
| Measurement Input | 0.0430 | ||||
Tax Receivable Agreement - Additional Information (Details) $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Tax Receivable Agreement Liability | ||
| Financing Receivable, Past Due [Line Items] | ||
| Federal, state and local income tax rate | 26.30% | |
| Additional TRA liabilities | $ 90 | $ 109 |
| TRA liability balance measured at fair value on a recurring basis | $ 857 | $ 795 |
| Tax Receivable Agreement Liability | Discount Rate | ||
| Financing Receivable, Past Due [Line Items] | ||
| Measurement Input | 0.079 | |
| Tax Receivable Agreement Liability Discounted | ||
| Financing Receivable, Past Due [Line Items] | ||
| TRA liability balance measured at fair value on a recurring basis | $ 620 | |
| Tax Receivable Agreement Liability Undiscounted | ||
| Financing Receivable, Past Due [Line Items] | ||
| TRA liability balance measured at fair value on a recurring basis | $ 237 | |
Tax Receivable Agreement - Summary of Changes to TRA Liability (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Total long-term tax receivable agreement liability | $ 757 | $ 733 |
| Tax Receivable Agreement Liability | ||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Beginning balance | 795 | |
| Fair value remeasurement | 34 | |
| Payments | (62) | |
| Conversion of noncontrolling interest | 90 | 109 |
| Ending balance | 857 | $ 795 |
| Less: current portion included in other current liabilities | (100) | |
| Total long-term tax receivable agreement liability | $ 757 | |
Fair Value Measurement - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Measured at Fair Value on Recurring Basis - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets | ||
| Interest rate swaps | $ 31 | $ 77 |
| Additional Seller Note | 50 | |
| Total assets recorded at fair value | 81 | 77 |
| Liabilities | ||
| Interest rate swaps | 0 | 3 |
| Contingent consideration liability | 6 | 3 |
| Seller Earnouts liability | 51 | 95 |
| Tax receivable agreement liability | 620 | 634 |
| Total liabilities recorded at fair value | 677 | 735 |
| Level 1 | ||
| Assets | ||
| Interest rate swaps | 0 | 0 |
| Additional Seller Note | 0 | |
| Total assets recorded at fair value | 0 | 0 |
| Liabilities | ||
| Interest rate swaps | 0 | 0 |
| Contingent consideration liability | 0 | 0 |
| Seller Earnouts liability | 0 | 0 |
| Tax receivable agreement liability | 0 | 0 |
| Total liabilities recorded at fair value | 0 | 0 |
| Level 2 | ||
| Assets | ||
| Interest rate swaps | 31 | 77 |
| Additional Seller Note | 0 | |
| Total assets recorded at fair value | 31 | 77 |
| Liabilities | ||
| Interest rate swaps | 0 | 3 |
| Contingent consideration liability | 0 | 0 |
| Seller Earnouts liability | 0 | 0 |
| Tax receivable agreement liability | 0 | 0 |
| Total liabilities recorded at fair value | 0 | 3 |
| Level 3 | ||
| Assets | ||
| Interest rate swaps | 0 | 0 |
| Additional Seller Note | 50 | |
| Total assets recorded at fair value | 50 | 0 |
| Liabilities | ||
| Interest rate swaps | 0 | 0 |
| Contingent consideration liability | 6 | 3 |
| Seller Earnouts liability | 51 | 95 |
| Tax receivable agreement liability | 620 | 634 |
| Total liabilities recorded at fair value | $ 677 | $ 732 |
Fair Value Measurement - Summary of Changes in Deferred Contingent Consideration Liabilities (Details) - Contingent Consideration - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Beginning balance | $ 3 | $ 13 |
| Measurement period adjustments | 3 | 0 |
| Remeasurement of acquisition-related contingent consideration | 0 | (5) |
| Payments | 0 | (5) |
| Ending balance | $ 6 | $ 3 |
Fair Value Measurement - Schedule of Fair Value of Debt Classified as Level 2 Within Fair value Hierarchy (Details) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Liabilities | ||
| Current portion of long-term debt, net | $ 25 | $ 25 |
| Long-term debt, net | 2,000 | 2,769 |
| Total debt, net | 2,025 | 2,794 |
| Carrying Value | ||
| Liabilities | ||
| Current portion of long-term debt, net | 25 | 25 |
| Long-term debt, net | 2,000 | 2,769 |
| Total debt, net | 2,025 | 2,794 |
| Fair Value | ||
| Liabilities | ||
| Current portion of long-term debt, net | 25 | 25 |
| Long-term debt, net | 2,008 | 2,780 |
| Total debt, net | $ 2,033 | $ 2,805 |
Fair Value Measurement - Additional Information (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Jul. 12, 2024 |
|
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
| Fair value, measurement with unobservable inputs reconciliation, liability, transfers into Level 3 | $ 0 | $ 0 | |
| Fair value, assets, Level 1 to Level 2 transfers, amount | 0 | 0 | |
| Fair value, liabilities, Level 1 to Level 2 transfers, amount | 0 | 0 | |
| Fair Value, measurement with unobservable inputs reconciliation, liability, transfers out of Level 3 | 0 | 0 | |
| Fair value, liabilities, Level 2 to Level 1 transfers, amount | 0 | 0 | |
| Fair value, assets, Level 2 to Level 1 transfers, amount | 0 | $ 0 | |
| Discontinued Operations, Disposed of by Sale | Fair Value | Divested Business | |||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
| Fair value consideration | $ 35,000,000 | ||
| Discontinued Operations, Disposed of by Sale | Carrying Value | Divested Business | |||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
| Fair value consideration | $ 37,000,000 | ||
Restructuring - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Feb. 20, 2023 |
Dec. 31, 2024 |
|
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, general and administrative | |
| Estimated restructuring and related cost | $ 136 | |
| Accounts Payable and Accrued Liabilites | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Accrued restructuring liability | 12 | |
| Two-Year Strategic Transformation Restructuring Program | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring activities estimated completion period | 2 years | |
| The Plan | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Total expenses | $ 136 |
Restructuring - Summary of Restructuring Costs (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Costs | $ 63 | $ 73 |
| Estimated Remaining Costs | 0 | |
| Total Cost | 136 | |
| Employer Solutions | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Costs | 31 | 56 |
| Estimated Remaining Costs | 0 | |
| Total Cost | 87 | |
| Employer Solutions | Severance and Related Benefits | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Costs | 4 | 5 |
| Estimated Remaining Costs | 0 | |
| Total Cost | 9 | |
| Employer Solutions | Other Restructuring Costs | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Costs | 27 | 51 |
| Estimated Remaining Costs | 0 | |
| Total Cost | 78 | |
| Corporate | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Costs | 32 | 17 |
| Estimated Remaining Costs | 0 | |
| Total Cost | 49 | |
| Corporate | Severance and Related Benefits | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Costs | 19 | 15 |
| Estimated Remaining Costs | 0 | |
| Total Cost | 34 | |
| Corporate | Other Restructuring Costs | ||
| Restructuring Cost And Reserve [Line Items] | ||
| Restructuring Costs | 13 | $ 2 |
| Estimated Remaining Costs | 0 | |
| Total Cost | $ 15 | |
Restructuring - Schedule of Accrued Restructuring Liability (Details) - Transformation Program $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Restructuring Reserve [Roll Forward] | |
| Accrued restructuring liability, beginning balance | $ 7 |
| Restructuring charges | 63 |
| Cash payments | (58) |
| Accrued restructuring liability, ending balance | 12 |
| Severance and Related Benefits | |
| Restructuring Reserve [Roll Forward] | |
| Accrued restructuring liability, beginning balance | 6 |
| Restructuring charges | 23 |
| Cash payments | (17) |
| Accrued restructuring liability, ending balance | 12 |
| Other Restructuring Costs | |
| Restructuring Reserve [Roll Forward] | |
| Accrued restructuring liability, beginning balance | 1 |
| Restructuring charges | 40 |
| Cash payments | (41) |
| Accrued restructuring liability, ending balance | $ 0 |
Employee Benefits - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Retirement Benefits [Abstract] | |||
| Defined contribution savings plan expenses | $ 33 | $ 41 | $ 42 |
Lease Obligations - Components of Lease Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Operating lease cost | $ 15 | $ 16 | $ 15 |
| Finance lease cost: | |||
| Amortization of leased assets | 21 | 21 | 24 |
| Interest of lease liabilities | 3 | 1 | 2 |
| Variable and short-term lease cost | 8 | 5 | 5 |
| Sublease income | (5) | (5) | (8) |
| Total lease cost | $ 42 | $ 38 | $ 38 |
Lease Obligations - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Operating Leases | ||
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
| Operating lease right of use asset | $ 42 | $ 56 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
| Current operating lease liabilities | $ 17 | $ 28 |
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
| Noncurrent operating lease liabilities | $ 56 | $ 66 |
| Total operating lease liabilities | 73 | 94 |
| Finance Leases | ||
| Fixed assets, net | $ 62 | $ 19 |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Fixed assets, net | Fixed assets, net |
| Current finance lease liabilities | $ 19 | $ 10 |
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
| Noncurrent finance lease liabilities | $ 39 | $ 6 |
| Total finance lease liabilities | $ 58 | $ 16 |
| Weighted Average Remaining Lease Term (in years) | ||
| Operating leases | 5 years 2 months 12 days | 6 years |
| Finance leases | 3 years 10 months 24 days | 2 years 4 months 24 days |
| Weighted Average Discount Rate | ||
| Operating leases | 5.40% | 4.90% |
| Finance leases | 5.80% | 3.80% |
Lease Obligations - Summary of Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Operating cash flows from operating leases | $ 28 | $ 30 | $ 27 |
| Operating cash flows from finance leases | 3 | 1 | 2 |
| Financing cash flows from finance leases | 27 | 25 | 30 |
| Operating leases | 8 | 3 | 11 |
| Finance leases | $ 62 | $ 12 | $ 9 |
Lease Obligations - Additional Information (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Leases [Abstract] | |
| Payment to be received, year two | $ 1 |
| Payment to be received, year three | 1 |
| Payment to be received, year four | 1 |
| Payment to be received, thereafter | $ 1 |
Lease Obligations - Lease Maturities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Finance Leases | ||
| 2025 | $ 16 | |
| 2026 | 18 | |
| 2027 | 16 | |
| 2028 | 13 | |
| 2029 | 2 | |
| Thereafter | 0 | |
| Total lease obligations, net | 65 | |
| Less: amount representing interest | (7) | |
| Total finance lease liabilities | 58 | $ 16 |
| Current finance lease liabilities | (19) | (10) |
| Finance lease liabilities | 39 | $ 6 |
| Operating Leases | ||
| 2025 | 18 | |
| 2026 | 16 | |
| 2027 | 14 | |
| 2028 | 13 | |
| 2029 | 11 | |
| Thereafter | 7 | |
| Total lease payments | 79 | |
| Less: amount representing interest | (10) | |
| Total operating lease obligations, net | 69 | |
| Less: current portion of lease obligations, net | (17) | |
| Total long-term portion of lease obligations, net | $ 52 |
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2024 |
|
| Purchase Obligations | ||
| Commitment And Contingencies [Line Items] | ||
| Purchase commitment | $ 286 | |
| Purchase commitment term | 5 years | |
| Purchase obligation, 2025 | 72 | |
| Purchase obligation, 2026 | 75 | |
| Purchase obligation, 2027 | 67 | |
| Purchase obligation, 2028 | 55 | |
| Purchase obligation, 2029 | 17 | |
| Purchase obligation, thereafter | 0 | |
| Service Obligations | ||
| Commitment And Contingencies [Line Items] | ||
| Service obligation, 2025 | 162 | |
| Service obligation, 2026 | 170 | |
| Service obligation, 2027 | 178 | |
| Service obligation, 2028 | 154 | |
| Service obligation, thereafter | $ 0 | |
| Service obligation agreement termination fees percentage | 25.00% | |
| Service obligation maturity period | 10 years |
Subsequent Events (Details) - Subsequent Events - Class A Common Stock $ in Millions |
Feb. 13, 2025
USD ($)
|
|---|---|
| Subsequent Event [Line Items] | |
| Common stock repurchase, additional authorized amount | $ 200 |
| Common stock repurchase, authorized amount | $ 281 |
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Beginning balance | $ (60) | $ (46) | $ (29) |
| Charges of costs, expenses, and other | (26) | (14) | (17) |
| Deletions | 0 | 0 | 0 |
| Ending balance | $ (86) | $ (60) | $ (46) |