Frontdoor (FTDR) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	001-38617
Entity Registrant Name	Frontdoor, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3871179
Entity Address, Address Line One	3400 Players Club Parkway
Entity Address, City or Town	Memphis
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38125
City Area Code	901
Local Phone Number	701-5000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	FTDR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		81,726,217
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Entity Central Index Key	0001727263

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statement of Operations and Comprehensive Income [Abstract]
Revenue	$ 367	$ 351
Cost of services rendered	197	207
Gross Profit	170	144
Selling and administrative expenses	125	125
Depreciation and amortization expense	9	8
Restructuring charges	1
Interest expense	10	7
Interest and net investment income	(3)
Income before Income Taxes	29	3
Provision for income taxes	7	2
Net Income	22	2
Other Comprehensive (Loss) Income, Net of Income Taxes:
Unrealized (loss) gain on derivative instruments, net of income taxes	(2)	13
Total Other Comprehensive (Loss) Income, Net of Income Taxes	(2)	13
Comprehensive Income	$ 20	$ 15
Earnings per Share:
Basic	$ 0.27	$ 0.02
Diluted	$ 0.27	$ 0.02
Weighted-average Common Shares Outstanding:
Basic	81.5	82.3
Diluted	81.9	82.6

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Position - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 337	$ 292
Receivables, less allowance of $3 and $4, respectively	6	5
Prepaid expenses and other current assets	38	33
Total Current Assets	381	330
Other Assets:
Property and equipment, net	66	66
Goodwill	503	503
Intangible assets, net	146	148
Operating lease right-of-use assets	10	11
Deferred customer acquisition costs	17	16
Other assets	6	8
Total Assets	1,128	1,082
Current Liabilities:
Accounts payable	82	80
Accrued liabilities:
Payroll and related expenses	19	22
Home service plan claims	81	103
Other	29	21
Deferred revenue	167	121
Current portion of long-term debt	17	17
Total Current Liabilities	396	364
Long-Term Debt	588	592
Other Long-Term Liabilities:
Deferred tax liabilities, net	37	39
Operating lease liabilities	17	18
Other long-term liabilities	8	8
Total Other Long-Term Liabilities	62	65
Commitments and Contingencies (Note 7)
Shareholders' Equity:
Common stock, $0.01 par value; 2,000,000,000 shares authorized; 86,294,094 shares issued and 81,723,843 shares outstanding as of March 31, 2023 and 86,079,773 shares issued and 81,517,243 shares outstanding as of December 31, 2022	1	1
Additional paid-in capital	92	90
Retained earnings	146	124
Accumulated other comprehensive income	6	8
Less treasury stock, at cost; 4,570,251 shares as of March 31, 2023 and 4,562,530 shares as of December 31, 2022	(162)	(162)
Total Shareholders' Equity	83	61
Total Liabilities and Shareholders' Equity	$ 1,128	$ 1,082

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Condensed Consolidated Statements of Financial Position [Abstract]
Allowance for receivables (in dollars)	$ 3	$ 4
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	86,294,094	86,079,773
Common stock, shares outstanding (in shares)	81,723,843	81,517,243
Treasury stock (in shares)	4,570,251	4,562,530

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in (Deficit) Equity - USD ($) $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total
Balance at beginning of period at Dec. 31, 2021	$ 1	$ 70	$ 53	$ (18)	$ (103)
Net income			2			$ 2
Stock-based compensation expense		6
Taxes paid related to net share settlement of equity awards		(3)
Repurchase of common stock					(40)	(40)
Other comprehensive (loss) income, net of tax				13
Balance at end of period at Mar. 31, 2022	1	73	55	(5)	(143)	(20)
Balance at beginning of period at Dec. 31, 2022	1	90	124	8	(162)	61
Net income			22			22
Stock-based compensation expense		5
Taxes paid related to net share settlement of equity awards		(3)
Repurchase of common stock						(162)
Other comprehensive (loss) income, net of tax				(2)		(2)
Balance at end of period at Mar. 31, 2023	$ 1	$ 92	$ 146	$ 6	$ (162)	$ 83

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Cash Flows [Abstract]
Cash and Cash Equivalents at Beginning of Period	$ 292	$ 262
Cash Flows from Operating Activities:
Net Income	22	2
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization expense	9	8
Deferred income tax benefit	(2)
Stock-based compensation expense	5	6
Restructuring charges	1
Payments for restructuring charges	(1)
Other		(2)
Changes in working capital:
Receivables	(1)	2
Prepaid expenses and other current assets	(6)	1
Accounts payable	2	7
Deferred revenue	46	35
Accrued liabilities	(24)	(13)
Current income taxes	9	1
Net Cash Provided from Operating Activities	60	47
Cash Flows from Investing Activities:
Purchases of property and equipment	(8)	(9)
Net Cash Used for Investing Activities	(8)	(8)
Cash Flows from Financing Activities:
Repayments of debt	(4)	(4)
Repurchase of common stock		(40)
Other financing activities	(3)	(3)
Net Cash Used for Financing Activities	(7)	(47)
Cash Increase (Decrease) During the Period	45	(8)
Cash and Cash Equivalents at End of Period	$ 337	$ 255

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2023
Description of Business [Abstract]
Description of Business	Note 1. Description of Business Frontdoor is the leading provider of home service plans in the United States, as measured by revenue, and operates primarily under the American Home Shield brand. Our customizable home service plans help customers protect and maintain their homes, typically their most valuable asset, from costly and unplanned breakdowns of essential home systems and appliances. Our home service plan customers usually subscribe to an annual service plan agreement that covers the repair or replacement of major components of more than 20 home systems and appliances, including electrical, plumbing, HVAC systems, water heaters, refrigerators, dishwashers and ranges/ovens/cooktops, as well as optional coverages for electronics, pools, spas and pumps. Our operations also include on-demand home services and Streem, a technology platform that uses augmented reality, computer vision and machine learning to help home service professionals more quickly and accurately diagnose breakdowns and complete repairs. As of March 31, 2023, we had 2.1 million active home service plans, which were offered nationally.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Significant Accounting Policies [Abstract]
Significant Accounting Policies	f Note 2. Significant Accounting Policies Our significant accounting policies are described in Note 2 to the audited consolidated financial statements included in our 2022 Form 10-K. There have been no material changes to our significant accounting policies during the three months ended March 31, 2023. Basis of Presentation We recommend that the accompanying condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in our 2022 Form 10-K. The accompanying condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The results of operations for any interim period are not necessarily indicative of the results that might be achieved for the respective full year. Newly Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This standard is currently effective and upon adoption may be applied prospectively to contract modifications. In March 2021, the FASB issued ASU 2020-06, which extended the sunset date for the required transition to December 31, 2024. In March 2023, in connection with the planned phase-out of LIBOR, we amended our Credit Facilities to replace LIBOR with SOFR as the benchmark rate under the Credit Agreement. We adopted ASU 2020-04 in connection with this transition of the benchmark rate under our Credit Agreement. This transition did not have a material impact on our consolidated financial statements and related disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue [Abstract]
Revenue	Note 3. Revenue The majority of our revenue is generated from annual home service plan contracts entered into with our customers. We derive substantially all of our revenue from customers in the United States. We disaggregate revenue from contracts with customers into major customer acquisition channels. We determined that disaggregating revenue into these categories depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Revenue by major customer acquisition channel is as follows: Three Months Ended March 31, (In millions) 2023 2022 Renewals $ 278 $ 247 Real estate (1) 33 45 Direct-to-consumer (1) 44 46 Other 11 13 Total $ 367 $ 351 _____________________________ (1) First-year revenue only. Our home service plan contracts have one performance obligation, which is to provide for the repair or replacement of essential home systems and appliances, as applicable per the contract. We recognize revenue at the agreed upon contractual amount over time using the input method in proportion to the costs expected to be incurred in performing services under the contracts. Those costs bear a direct relationship to the fulfillment of our obligations under the contracts and are representative of the relative fair value of the services provided to the customer. As the costs to fulfill the obligations of the home service plans are incurred on an other-than-straight-line basis, we utilize historical evidence to estimate the expected claims expense and related timing of such costs and make a corresponding adjustment each period to the timing of our related revenue recognition. This adjustment to the straight-line revenue creates a contract asset or contract liability, as described under the heading “Contract Assets and Liabilities” below. We regularly review our estimates of claims costs and adjust these estimates when appropriate. Renewals Revenue from customer renewals of home service plan contracts, which were previously initiated in the real estate or direct-to-consumer channel are classified as renewals above. Renewals relate to consecutive contract periods and take place at the end of the first year of a real estate or direct-to-consumer home service plan contract. Customer payments for renewals are typically received either at the commencement of the renewal period or in installments over the new contract period. Real estate Real estate home service plans are sold through annual contracts which occur in connection with a real estate sale. These plans are typically paid in full at closing on the real estate transaction. First-year revenue from the real estate channel is classified as real estate above. At the option of the customer, upon renewal of the contract, the future revenue derived from home service plans sold in this channel is classified as Renewal revenue as described above. Direct-to-consumer Direct-to-consumer home service plans are sold through annual contracts which occur in response to our marketing efforts. Customer payments for direct-to-consumer sales are typically received at the commencement of the contract or in installments over the contract period. First-year revenue from the direct-to-consumer channel is classified as direct-to-consumer above. At the option of the customer, upon renewal of the contract, the future revenue derived from home service plans sold in this channel is classified as Renewal revenue as described above. Other Other revenue primarily includes revenue generated by on-demand home services and Streem, as well as administrative fees and ancillary services attributable to our home service plan contracts. Deferred Customer Acquisition Costs We capitalize the incremental costs of obtaining a contract with a customer, primarily sales commissions, and recognize the related expense using the input method in proportion to the costs expected to be incurred in performing services under the contract, over the expected customer relationship period. Deferred customer acquisition costs were $ 17 million and $ 16 million as of March 31, 2023 and December 31, 2022, respectively. Amortization of deferred customer acquisition costs was $ 4 million for each of the three months ended March 31, 2023 and 2022. There were no impairment losses related to these capitalized costs during the three months ended March 31, 2023 and 2022. Receivables, Less Allowance We record a receivable due from customers once we have an unconditional right to invoice and receive payment in the future related to the services provided and anticipate the collection of amounts due to us. Contracts for home service plans may be invoiced upfront or monthly in straight-line installment payments over the contract period. The payment terms are determined prior to the execution of the contract. Contract Assets and Liabilities Contract assets arise when we recognize revenue for our home service plan contracts prior to a customer being invoiced. These timing differences are created when the recognition of revenue in proportion to the costs expected to be incurred in performing the services under the contract are accelerated as compared to the recognition of revenue on a straight-line basis over the contract period. Our contract liabilities consist of deferred revenue which is recognized when cash payments are received in advance of the performance of services, including when the amounts are refundable. Amounts are recognized as revenue in proportion to the costs expected to be incurred in performing services under our contracts. A summary of the changes in deferred revenue for the three months ended March 31, 2023 is as follows: (In millions) Balance at beginning of period $ 121 Deferral of revenue 101 Recognition of deferred revenue ( 55 ) Balance at end of period $ 167 There was approximately $ 47 million of revenue recognized during the three months ended March 31, 2023 that was included in the deferred revenue balance as of December 31, 2022.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Intangible Assets [Abstract]
Intangible Assets	Note 4. Intangible Assets The following table provides a summary of the components of our intangible assets: As of March 31, 2023 As of December 31, 2022 Accumulated Accumulated (In millions) Gross Amortization Net Gross Amortization Net Trade names (1) $ 141 $ — $ 141 $ 141 $ — $ 141 Customer relationships 173 ( 172 ) — 173 ( 172 ) — Developed technology 19 ( 14 ) 4 19 ( 13 ) 5 Other 32 ( 31 ) 1 32 ( 31 ) 1 Total $ 365 $ ( 218 ) $ 146 $ 365 $ ( 217 ) $ 148 _____________________________ (1) Not subject to amortization. Amortization expense was $ 1 million and $ 2 million for the three months ended March 31, 2023 and 2022, respectively. There were no impairment charges in these periods.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Note 5. Leases We have operating leases primarily for our corporate offices, customer service centers and engineering and technology campuses. Our leases have remaining lease terms ranging from less than one year to 12 years, some of which include options to extend the leases for up to five years . The weighted-average remaining lease term and weighted-average discount rate related to our operating leases are as follows: As of March 31, December 31, 2023 2022 Weighted-average remaining lease term (years) 9 9 Weighted-average discount rate 6.3 % 6.3 % We recognized operating lease expense of $ 1 million for each of the three months ended March 31, 2023 and 2022. These expenses are included in selling and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income. Supplemental balance sheet information related to our operating lease liabilities is as follows: As of March 31, December 31, (In millions) 2023 2022 Other accrued liabilities $ 3 $ 3 Operating lease liabilities 17 18 Total operating lease liabilities $ 20 $ 21 Supplemental cash flow information related to our operating leases is as follows: Three Months Ended March 31, (In millions) 2023 2022 Cash paid on operating lease liabilities $ 1 $ 1 The following table presents the maturities of our operating lease liabilities as of March 31, 2023: (In millions) 2023 (remainder) (1) $ 3 2024 (1) 2 2025 (1) 2 2026 (1) 2 2027 3 2028 2 Thereafter 10 Total future minimum lease payments 23 Less imputed interest ( 6 ) Total $ 17 _____________________________ (1) Amount is presented net of future sublease income totaling $ 4 million, which relates to the remainder of the year ending December 31, 2023 and the years ending December 31, 2024 through December 31, 2026.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Taxes [Abstract]
Income Taxes	Note 6. Income Taxes We are subject to taxation in the United States, various states and foreign jurisdictions. Substantially all of our income before income taxes for the three months ended March 31, 2023 and 2022 was generated in the United States. We compute interim period income taxes by applying an anticipated annual effective tax rate to our year-to-date income or loss from operations before income taxes, except for significant unusual or infrequently occurring items. As a result, our estimated tax rate is adjusted each quarter. The effective tax rate on our income before income taxes was 25.2 percent and 51.1 percent for the three months ended March 31, 2023 and 2022, respectively. The decrease in our effective tax rate was primarily due to the impacts of share-based awards and state income taxes on limited pre-tax income in the prior year.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 7. Commitments and Contingencies Accruals for home service plan claims are made using internal actuarial projections, which are based on current claims and historical claims experience. Accruals are established based on estimates of the ultimate cost to settle claims. Home service plan claims take approximately three months to settle, on average, and substantially all claims are settled within six months of incurrence. The amount of time required to settle a claim can vary based on a number of factors, including whether a replacement is ultimately required. In addition to our estimates, we engage a third-party actuary to perform an accrual analysis utilizing generally accepted actuarial methods that incorporate cumulative historical claims experience and information provided by us. We regularly review our estimates of claims costs along with the third-party analysis and adjust our estimates when appropriate. We believe that utilizing actuarial methods in our estimation process to account for these liabilities provides a consistent and effective way to measure these judgmental accruals. We have certain liabilities with respect to existing or potential claims, lawsuits and other proceedings. We accrue for these liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. Due to the nature of our business activities, we are also at times subject to pending and threatened legal and regulatory actions that arise out of the ordinary course of business. In the opinion of management, based in part upon advice of legal counsel, the disposition of any such matters is not expected, individually or in the aggregate, to have a material adverse effect on our business, financial position, results of operations or cash flows. However, the results of legal actions cannot be predicted with certainty. Therefore, it is possible that our business, financial position, results of operations or cash flows could be materially adversely affected in any particular period by the unfavorable resolution of one or more legal actions.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 8. Stock-Based Compensation We recognized stock-based compensation expense of $ 5 million ($ 4 million, net of tax) and $ 6 million ($ 6 million, net of tax) for the three months ended March 31, 2023 and 2022, respectively. These costs are included in selling and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive income. A summary of awards granted under the Omnibus Plan during the three months ended March 31, 2023 is as follows: Weighted- Weighted- Weighted- Number of Average Average Average Awards Exercise Grant Date Vesting Granted Price Fair Value Period Stock options 627,062 26.42 12.21 4.0 Performance options (1) 652,004 26.42 10.40 0.8 Restricted stock units 885,946 26.44 3.0 _____________________________ (1) The information related to performance options above assumes 100 % of the performance target is met. The performance options contain a market condition that is based on a per share price target for our common stock, and the ultimate number of performance options that may be earned depends on the achievement of this market condition. As of March 31, 2023 , there was $ 60 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested stock options, performance options, restricted stock units (“RSUs”), performance shares and restricted stock awards (“RSAs”). These remaining costs are expected to be recognized over a weighted-average period of 3.1 years.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Long-Term Debt [Abstract]
Long-Term Debt	Note 9. Long-Term Debt A summary of our debt is as follows: As of March 31, December 31, (In millions) 2023 2022 Term Loan A maturing in 2026 (1) $ 236 $ 239 Term Loan B maturing in 2028 (2) 369 370 Revolving Credit Facility maturing in 2026 — — Total debt 605 609 Less current portion ( 17 ) ( 17 ) Total long-term debt $ 588 $ 592 _______________________________ (1) Term Loan A is presented net of unamortized debt issuance costs of $ 1 million and $ 2 million as of March 31, 2023 and December 31, 2022, respectively. (2) Term Loan B is presented net of unamortized debt issuance costs of $ 3 million and unamortized discount of $ 1 million as of March 31, 2023 and December 31, 2022. In March 2023, in connection with the planned phase-out of LIBOR, we amended our Credit Facilities to replace LIBOR with SOFR as the benchmark rate under the Credit Agreement. This change was effective in March 2023 for Term Loan A and the Revolving Credit Facility and will be effective in June 2023 for Term Loan B. As of March 31, 2022, we had $ 2 million of letters of credit outstanding under our $ 250 million Revolving Credit Facility, and the available borrowing capacity under Revolving Credit Facility was $ 248 million. As of March 31, 2023, we were in compliance with the covenants under the Credit Agreement. Scheduled Debt Payments The following table presents future scheduled debt payments as of March 31, 2023: (In millions) 2023 (remainder) $ 13 2024 17 2025 17 2026 205 2027 4 2028 355 Total future scheduled debt payments 611 Less unamortized debt issuance costs ( 4 ) Less unamortized discount ( 1 ) Total debt $ 605

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Note 10. Supplemental Cash Flow Information Supplemental information relating to our accompanying condensed consolidated statements of cash flows is as follows: Three Months Ended March 31, (In millions) 2023 2022 Cash paid for (received from): Interest expense $ 9 $ 6 Interest income ( 3 ) — Income tax payments, net of refunds — —

Comprehensive Income (Loss)

Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
Comprehensive Income (Loss) [Abstract]
Comprehensive Income (Loss)	Note 11. Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and the unrealized gains (losses) on our derivative instrument. We disclose comprehensive income (loss) in the accompanying condensed consolidated statements of operations and comprehensive income and condensed consolidated statements of changes in equity. A summary of the changes in AOCI is as follows: Balance at beginning of period $ 8 Other comprehensive loss before reclassifications: Pre-tax amount ( 2 ) Impact of income taxes — After-tax amount ( 1 ) Amounts reclassified from AOCI (1) ( 1 ) Total other comprehensive loss ( 2 ) Balance at end of period $ 6 ___________________________________ (1) Amounts are net of income taxes. See the table below on reclassifications out of AOCI for additional information. A summary of reclassifications out of AOCI is as follows: Three Months Ended March 31, (In millions) 2023 2022 Gain (loss) on interest rate swap contract (1) $ 1 $ ( 3 ) Impact of income taxes (2) — 1 Total reclassifications during the period $ 1 $ ( 2 ) ___________________________________ (1) Included in interest expense in the accompanying condensed consolidated statements of income and comprehensive income. (2) Included in provision for income taxes in the accompanying condensed consolidated statements of income and comprehensive income.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Financial Instruments [Abstract]
Derivative Financial Instruments	Note 12. Derivative Financial Instruments We currently use a derivative financial instrument to manage risks associated with changes in interest rates by hedging the interest payments on a portion of our variable rate debt through the use of an interest rate swap contract. We do not hold or issue derivative financial instruments for trading or speculative purposes. In designating derivative financial instruments as hedging instruments under accounting standards for derivative instruments, we formally document the relationship between the hedging instrument and the hedged item, as well as the risk management objective and strategy for the use of the hedging instrument. This documentation includes linking the derivatives to forecasted transactions. We assess at the time a derivative contract is entered into, and at least quarterly thereafter, whether the derivative item is effective in offsetting the projected cash flows of the associated forecasted transaction. Our interest rate swap contract is classified as a cash flow hedge, and, as such, it is recorded in the accompanying condensed consolidated statements of financial position as either an asset or liability at fair value, with changes in fair value recorded in AOCI. Cash flows related to the interest rate swap contract are classified as operating activities in the accompanying condensed consolidated statements of cash flows. The effective portion of the gain or loss on our interest rate swap contract is recorded in AOCI. These amounts are reclassified into earnings in the same period or periods during which the hedged forecasted debt interest settlement affects earnings. See Note 11 to the accompanying condensed consolidated financial statements for the effective portion of the gain or loss on derivative instruments recorded in AOCI and for the amounts reclassified out of AOCI and into earnings during the periods presented. As the underlying forecasted transactions occur during the next 12 months, we estimate the unrealized hedging gain in AOCI expected to be recognized in earnings is $ 4 million, net of tax, as of March 31, 2023. The amounts ultimately reclassified into earnings during the next 12 months will be determined based on the actual interest rates in effect at the time the positions are settled, and as a result, they could differ materially from our estimate noted above.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 13. Fair Value Measurements We estimate fair value at a price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market for the asset or liability. The valuation techniques require inputs that we categorize into a three-level hierarchy, from highest to lowest level of observable inputs, as follows: unadjusted quoted prices for identical assets or liabilities in active markets ("Level 1"); direct or indirect observable inputs, including quoted prices or other market data, for similar assets or liabilities in active markets or identical assets or liabilities in less active markets ("Level 2"); and unobservable inputs that require significant judgment for which there is little or no market data ("Level 3"). When multiple input levels are required for a valuation, we categorize the entire fair value measurement according to the lowest level of input that is significant to the measurement, even though we may have also utilized significant inputs that are more readily observable. The period-end carrying amounts of cash and cash equivalents, receivables, accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these financial instruments. As of March 31, 2023 and December 31, 2022, the carrying amounts of our total debt were $ 605 million and $ 609 million, respectively, and the estimated fair values were $ 602 million and $ 613 million, respectively. The fair value of our debt was estimated based on available market prices for the same or similar instruments that are considered significant other observable inputs (Level 2) within the fair value hierarchy and was based on information available to us as of the respective period end dates. We determine the fair value of our interest rate swap contract using a forward interest rate curve obtained from a third-party market data provider. The fair value of the contract is the sum of the expected future settlements between the contract counterparties, discounted to present value. The expected future settlements are determined by comparing the contract interest rate to the expected forward interest rate as of each settlement date and applying the difference between these two rates to the notional amount of debt in the interest rate swap contract. We did not change our valuation techniques for measuring the fair value of any financial assets and liabilities during the three months ended March 31, 2023 . Transfers between hierarchy levels, if any, are recognized at the end of the reporting period. There were no transfers between hierarchy levels during the three months ended March 31, 2023. Our interest rate swap contract is currently our only financial instrument remeasured at fair value on a recurring basis. A summary of the carrying value and fair value of this financial instrument are as follows: Estimated Fair Value Measurements Quoted Significant Prices Other Significant in Active Observable Unobservable Carrying Markets Inputs Inputs (In millions) Value (Level 1) (Level 2) (Level 3) As of March 31, 2023: Prepaid expenses and other current assets $ 5 $ — $ 5 $ — Other assets 2 — 2 — Total assets $ 7 $ — $ 7 $ — As of December 31, 2022: Prepaid expenses and other current assets $ 6 $ — $ 6 $ — Other assets 4 — 4 — Total assets $ 10 $ — $ 10 $ —

Share Repurchase Program

Share Repurchase Program	3 Months Ended
	Mar. 31, 2023
Share Repurchase Program [Abstract]
Share Repurchase Program	Note 14. Share Repurchase Program On September 7, 2021, we announced a three-year repurchase authorization of up to $ 400 million of outstanding shares of our common stock over the three-year period from September 3, 2021 through September 3, 2024. As of March 31, 2023, we have purchased a total of 4,478,194 outstanding shares at an aggregate cost of $ 162 million under this program, which is included in treasury stock on the accompanying condensed consolidated statements of financial position, and we had $ 238 million remaining available for future repurchases under the program. A summary of repurchases of outstanding shares is as follows: Three Months Ended March 31, (In millions, except per share data) 2023 2022 Number of shares purchased — 1.1 Average price paid per share (1) $ — $ 36.95 Cost of shares purchased $ — $ 40 ________________________________ (1) The average price paid per share is calculated on a trade date basis and excludes commissions.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 15. Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potentially dilutive shares of common stock been issued. The dilutive effect of stock options, performance options, RSUs , performance shares and RSAs are reflected in diluted earnings per share by applying the treasury stock method. A summary of the calculations of our basic and diluted earnings per share is as follows: Three Months Ended March 31, (In millions, except per share data) 2023 2022 Net Income $ 22 $ 2 Weighted-average common shares outstanding: 81.5 82.3 Effect of dilutive securities: RSUs (1) 0.4 0.3 Stock options (2) — — Weighted-average common shares outstanding - assuming dilution: 81.9 82.6 Basic earnings per share $ 0.27 $ 0.02 Diluted earnings per share $ 0.27 $ 0.02 ___________________________________ (1) RSUs of 510,116 shares and 429,064 shares for the three months ended March 31, 2023 and 2022, respectively, were not included in the diluted earnings per share calculation because their effect would have been anti-dilutive. (2) Stock options to purchase 1,114,819 shares and 1,200,018 shares for the three months ended March 31, 2023 and 2022, respectively, and performance options to purchase 258,596 shares for the three months ended March 31, 2023 were not included in the diluted earnings per share calculation because their effect would have been anti-dilutive.

Significant Accounting Polici_2

Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2023
Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation We recommend that the accompanying condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in our 2022 Form 10-K. The accompanying condensed consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The results of operations for any interim period are not necessarily indicative of the results that might be achieved for the respective full year.
Newly Adopted Accounting Standards	Newly Adopted Accounting Standards In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. This standard is currently effective and upon adoption may be applied prospectively to contract modifications. In March 2021, the FASB issued ASU 2020-06, which extended the sunset date for the required transition to December 31, 2024. In March 2023, in connection with the planned phase-out of LIBOR, we amended our Credit Facilities to replace LIBOR with SOFR as the benchmark rate under the Credit Agreement. We adopted ASU 2020-04 in connection with this transition of the benchmark rate under our Credit Agreement. This transition did not have a material impact on our consolidated financial statements and related disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue [Abstract]
Disaggregation of Revenue from Contracts with Customers	Three Months Ended March 31, (In millions) 2023 2022 Renewals $ 278 $ 247 Real estate (1) 33 45 Direct-to-consumer (1) 44 46 Other 11 13 Total $ 367 $ 351 _____________________________ (1) First-year revenue only.
Change in Deferred Revenue	(In millions) Balance at beginning of period $ 121 Deferral of revenue 101 Recognition of deferred revenue ( 55 ) Balance at end of period $ 167

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Intangible Assets [Abstract]
Schedule of Other Intangible Asset Balances	As of March 31, 2023 As of December 31, 2022 Accumulated Accumulated (In millions) Gross Amortization Net Gross Amortization Net Trade names (1) $ 141 $ — $ 141 $ 141 $ — $ 141 Customer relationships 173 ( 172 ) — 173 ( 172 ) — Developed technology 19 ( 14 ) 4 19 ( 13 ) 5 Other 32 ( 31 ) 1 32 ( 31 ) 1 Total $ 365 $ ( 218 ) $ 146 $ 365 $ ( 217 ) $ 148 _____________________________ (1) Not subject to amortization.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Weighted Average Remaining Lease Term and Discount Rate	As of March 31, December 31, 2023 2022 Weighted-average remaining lease term (years) 9 9 Weighted-average discount rate 6.3 % 6.3 %
Supplemental Balance Sheet Information Related to Leases	As of March 31, December 31, (In millions) 2023 2022 Other accrued liabilities $ 3 $ 3 Operating lease liabilities 17 18 Total operating lease liabilities $ 20 $ 21
Supplemental Cash Flow Related to Leases	Three Months Ended March 31, (In millions) 2023 2022 Cash paid on operating lease liabilities $ 1 $ 1
Maturities of Lease Liabilities	(In millions) 2023 (remainder) (1) $ 3 2024 (1) 2 2025 (1) 2 2026 (1) 2 2027 3 2028 2 Thereafter 10 Total future minimum lease payments 23 Less imputed interest ( 6 ) Total $ 17 _____________________________ (1) Amount is presented net of future sublease income totaling $ 4 million, which relates to the remainder of the year ending December 31, 2023 and the years ending December 31, 2024 through December 31, 2026.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Stock-Based Compensation [Abstract]
Summary of Awards Granted	Weighted- Weighted- Weighted- Number of Average Average Average Awards Exercise Grant Date Vesting Granted Price Fair Value Period Stock options 627,062 26.42 12.21 4.0 Performance options (1) 652,004 26.42 10.40 0.8 Restricted stock units 885,946 26.44 3.0 _____________________________ (1) The information related to performance options above assumes 100 % of the performance target is met. The performance options contain a market condition that is based on a per share price target for our common stock, and the ultimate number of performance options that may be earned depends on the achievement of this market condition.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Long-Term Debt [Abstract]
Schedule of Long-Term Debt	As of March 31, December 31, (In millions) 2023 2022 Term Loan A maturing in 2026 (1) $ 236 $ 239 Term Loan B maturing in 2028 (2) 369 370 Revolving Credit Facility maturing in 2026 — — Total debt 605 609 Less current portion ( 17 ) ( 17 ) Total long-term debt $ 588 $ 592 _______________________________ (1) Term Loan A is presented net of unamortized debt issuance costs of $ 1 million and $ 2 million as of March 31, 2023 and December 31, 2022, respectively. (2) Term Loan B is presented net of unamortized debt issuance costs of $ 3 million and unamortized discount of $ 1 million as of March 31, 2023 and December 31, 2022.
Scheduled Debt Payments	(In millions) 2023 (remainder) $ 13 2024 17 2025 17 2026 205 2027 4 2028 355 Total future scheduled debt payments 611 Less unamortized debt issuance costs ( 4 ) Less unamortized discount ( 1 ) Total debt $ 605

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Information Relating to the Accompanying Condensed Consolidated Statements of Cash Flows	Three Months Ended March 31, (In millions) 2023 2022 Cash paid for (received from): Interest expense $ 9 $ 6 Interest income ( 3 ) — Income tax payments, net of refunds — —

Comprehensive Income (Loss) (Ta

Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Comprehensive Income (Loss) [Abstract]
Summary of the Activity in AOCI, Net of the Related Tax Effects	Balance at beginning of period $ 8 Other comprehensive loss before reclassifications: Pre-tax amount ( 2 ) Impact of income taxes — After-tax amount ( 1 ) Amounts reclassified from AOCI (1) ( 1 ) Total other comprehensive loss ( 2 ) Balance at end of period $ 6 ___________________________________ (1) Amounts are net of income taxes. See the table below on reclassifications out of AOCI for additional information.
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)	Three Months Ended March 31, (In millions) 2023 2022 Gain (loss) on interest rate swap contract (1) $ 1 $ ( 3 ) Impact of income taxes (2) — 1 Total reclassifications during the period $ 1 $ ( 2 ) ___________________________________ (1) Included in interest expense in the accompanying condensed consolidated statements of income and comprehensive income. (2) Included in provision for income taxes in the accompanying condensed consolidated statements of income and comprehensive income.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements [Abstract]
Schedule of the Carrying Amount and Estimated Fair Value of the Company's Financial Instruments that are Recorded at Fair Value on a Recurring Basis	Estimated Fair Value Measurements Quoted Significant Prices Other Significant in Active Observable Unobservable Carrying Markets Inputs Inputs (In millions) Value (Level 1) (Level 2) (Level 3) As of March 31, 2023: Prepaid expenses and other current assets $ 5 $ — $ 5 $ — Other assets 2 — 2 — Total assets $ 7 $ — $ 7 $ — As of December 31, 2022: Prepaid expenses and other current assets $ 6 $ — $ 6 $ — Other assets 4 — 4 — Total assets $ 10 $ — $ 10 $ —

Share Repurchase Program (Table

Share Repurchase Program (Table)	3 Months Ended
	Mar. 31, 2023
Share Repurchase Program [Abstract]
Purchase Of Outstanding Shares	Three Months Ended March 31, (In millions, except per share data) 2023 2022 Number of shares purchased — 1.1 Average price paid per share (1) $ — $ 36.95 Cost of shares purchased $ — $ 40 ________________________________ (1) The average price paid per share is calculated on a trade date basis and excludes commissions.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Three Months Ended March 31, (In millions, except per share data) 2023 2022 Net Income $ 22 $ 2 Weighted-average common shares outstanding: 81.5 82.3 Effect of dilutive securities: RSUs (1) 0.4 0.3 Stock options (2) — — Weighted-average common shares outstanding - assuming dilution: 81.9 82.6 Basic earnings per share $ 0.27 $ 0.02 Diluted earnings per share $ 0.27 $ 0.02 ___________________________________ (1) RSUs of 510,116 shares and 429,064 shares for the three months ended March 31, 2023 and 2022, respectively, were not included in the diluted earnings per share calculation because their effect would have been anti-dilutive. (2) Stock options to purchase 1,114,819 shares and 1,200,018 shares for the three months ended March 31, 2023 and 2022, respectively, and performance options to purchase 258,596 shares for the three months ended March 31, 2023 were not included in the diluted earnings per share calculation because their effect would have been anti-dilutive.

Description of Business (Narrat

Description of Business (Narrative) (Details)	3 Months Ended
	Mar. 31, 2023 item
Number of active home service plans	2,100,000
Minimum [Member]
Number of systems or appliances covered under service plans	20

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue [Abstract]
Capitalized Contract Cost, Net	$ 17,000,000		$ 16,000,000
Capitalized Contract Cost, Amortization	4,000,000	$ 4,000,000
Capitalized Contract Cost, Impairment Loss	0	$ 0
Deferred revenue	167,000,000		121,000,000
Revenue recognized	$ 47,000,000		$ 47,000,000

Revenue (Disaggregation of Reve

Revenue (Disaggregation of Revenue from Contracts with Customers) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Reportable segment revenues	$ 367	$ 351
Renewals [Member]
Disaggregation of Revenue [Line Items]
Reportable segment revenues	278	247
Real Estate [Member]
Disaggregation of Revenue [Line Items]
Reportable segment revenues	33	45
Direct-To-Consumer [Member]
Disaggregation of Revenue [Line Items]
Reportable segment revenues	44	46
Revenue, Other [Member]
Disaggregation of Revenue [Line Items]
Reportable segment revenues	$ 11	$ 13

Revenue (Change in Deferred Rev

Revenue (Change in Deferred Revenue) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Revenue [Abstract]
Balance at beginning of period	$ 121
Deferral of revenue	101
Recognition of deferred revenue	(55)
Balance at end of period	$ 167

Intangible Assets (Narrative) (

Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Intangible Assets [Abstract]
Intangible asset impairment charges	$ 0	$ 0
Amortization expense	$ 1,000,000	$ 2,000,000

Intangible Assets (Schedule of

Intangible Assets (Schedule of Other Intangible Asset Balances) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite Lived and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross	$ 365	$ 365
Accumulated Amortization	(218)	(217)
Net	146	148
Customer Relationships [Member]
Finite Lived and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross	173	173
Accumulated Amortization	(172)	(172)
Developed Technology [Member]
Finite Lived and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross	19	19
Accumulated Amortization	(14)	(13)
Net	4	5
Other [Member]
Finite Lived and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross	32	32
Accumulated Amortization	(31)	(31)
Net	1	1
Trade Names [Member]
Finite Lived and Indefinite Lived Intangible Assets by Major Class [Line Items]
Gross	141	141
Net	$ 141	$ 141

Leases (Narrative) (Details)

Leases (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Leases, Renewal Term	5 years
Operating lease expense	$ 1	$ 1
Maximum [Member]
Lessee, Lease, Description [Line Items]
Leases, Remaining Lease Term Years	12 years
Minimum [Member]
Lessee, Lease, Description [Line Items]
Leases, Remaining Lease Term Years	1 year

Leases (Weighted Average Remain

Leases (Weighted Average Remaining Lease Term and Discount Rate) (Details)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	9 years	9 years
Weighted-average discount rate	6.30%	6.30%

Leases (Supplemental Balance Sh

Leases (Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Other accrued liabilities	$ 3	$ 3
Operating lease liabilities	17	18
Total operating lease liabilities	$ 20	$ 21

Leases (Supplemental Cash Flow

Leases (Supplemental Cash Flow Related to Leases) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Cash paid on operating lease liabilities	$ 1	$ 1

Leases (Maturities of Lease Lia

Leases (Maturities of Lease Liabilities) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (remainder)	$ 3
2024	2
2025	2
2026	2
2027	3
2028	2
Thereafter	10
Total future minimum lease payments	23
Less imputed interest	(6)
Total	17
Projected annual sublease income	$ 4

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Taxes [Abstract]
Effective tax rate on income from continuing operations (as a percent)	25.20%	51.10%

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 5	$ 6
Stock-based compensation expense, net of tax	4	$ 6
Total unrecognized compensation costs related to non-vested stock options, restricted share units and performance shares	$ 60
Weighted-average period of recognition of stock-based compensation cost	3 years 1 month 6 days

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Awards Granted) (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Stock Options [Member]
Stock-Based Compensation [Line Items]
Granted (in shares) | shares	627,062
Granted (in dollars per share)	$ 26.42
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 12.21
Granted, Weighted Ave Vesting Period	4 years
Performance Options [Member]
Stock-Based Compensation [Line Items]
Granted (in shares) | shares	652,004
Grants, Weighted Average Exercise Price (in dollars per share)	$ 26.42
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 10.40
Weighted Avg. Vesting Period	9 months 18 days
Percent of assumed performance target is met	100%
Restricted Stock Units [Member]
Stock-Based Compensation [Line Items]
Granted (in shares) | shares	885,946
Granted, Weighted Average Grant Date Fair Value (in dollars per share)	$ 26.44
Weighted Avg. Vesting Period	3 years

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - Revolving Credit Facility Maturing In 2026 [Member] $ in Millions	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Available borrowing capacity	248
Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Long-term debt [Line Items]
Total debt	$ 605	$ 609
Less current portion	(17)	(17)
Total long-term debt	588	592
Unamortized original issue discount	1
Term Loan A Maturing In 2026 [Member]
Long-term debt [Line Items]
Total debt	236	239
Unamortized debt issuance costs	1	2
Term Loan B Maturing In 2028 [Member]
Long-term debt [Line Items]
Total debt	369	370
Unamortized debt issuance costs	3
Unamortized original issue discount		1
Revolving Credit Facility Maturing In 2026 [Member]
Long-term debt [Line Items]
Total debt

Long-Term Debt (Scheduled Debt

Long-Term Debt (Scheduled Debt Payments) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Long-Term Debt [Abstract]
2023 (remainder)	$ 13
2024	17
2025	17
2026	205
2027	4
2028	355
Total future scheduled debt payments	611
Less unamortized debt issuance costs	(4)
Less unamortized discount	(1)
Long-term debt	$ 605	$ 609

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Schedule of Supplemental Information Relating to the Accompanying Condensed Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for (received from):
Interest expense	$ 9	$ 6
Interest income	$ (3)

Comprehensive Income (Loss) (Su

Comprehensive Income (Loss) (Summary of the Activity in AOCI, Net of the Related Tax Effects) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Comprehensive Income (Loss) [Abstract]
Balance at beginning of period	$ 8
Other comprehensive loss before reclassifications:
Pre-tax amount	(2)
After-tax amount	(1)
Amounts reclassified from AOCI	(1)
Total other comprehensive loss	(2)
Balance at end of period	$ 6

Comprehensive Income (Loss) (Sc

Comprehensive Income (Loss) (Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (10)	$ (7)
Provision for income taxes	(7)	(2)
Net Income	22	2
Amount Reclassified From Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	1	(3)
Provision for income taxes		1
Net Income	$ 1	$ (2)

Derivative Financial Instrume_2

Derivative Financial Instruments (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivative Financial Instruments [Abstract]
Hedging loss in accumulated other comprehensive income expected to be recognized in earnings, net of tax	$ 4

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurements [Abstract]
Long-term Debt	$ 605,000,000	$ 609,000,000
Fair value of total debt	602,000,000	$ 613,000,000
Transfers between levels during period	$ 0

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of the Carrying Amount and Estimated Fair Value of the Company's Financial Instruments that are Recorded at Fair Value on a Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 7	$ 10
Carrying Value [Member] | Prepaid Expenses And Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	5	6
Carrying Value [Member] | Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2	4
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	7	10
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Prepaid Expenses And Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	5	6
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | Other Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 2	$ 4

Share Repurchase Program (Narra

Share Repurchase Program (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Sep. 07, 2021
Share Repurchase Program [Abstract]
Repurchase authorized amount			$ 400
Repurchase authorized period	3 years
Number of shares purchased	4,478,194	1,100,000
Cost of share purchased	$ 162	$ 40
Remaining available for future repurchases under program	$ 238

Share Repurchase Program (Purch

Share Repurchase Program (Purchase of Outstanding Shares) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Repurchase Program [Abstract]
Number of shares purchased	4,478,194	1,100,000
Average price paid per share		$ 36.95
Cost of share purchased	$ 162	$ 40

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 22	$ 2
Weighted-average common shares outstanding	81,500,000	82,300,000
Weighted-average common shares outstanding - assuming dilution	81,900,000	82,600,000
Basic earnings per share (in dollars per share)	$ 0.27	$ 0.02
Diluted earnings per share (in dollars per share)	$ 0.27	$ 0.02
Restricted Stock Units [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities	400,000	300,000
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	510,116	429,064
Stock Options [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	1,114,819	1,200,018
Performance Options [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	258,596