Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of (Loss) income before income tax expense (benefit)

(Loss) income before income tax expense (benefit) consists of the following (in millions):

	Successor			Predecessor
	Six Months Ended			Six Months Ended			Year Ended
	December 31,			June 30,			December 31,
	2021			2021			2020			2019
(Loss) income before income tax expense (benefit)
U.S. (loss) income	$	(14	)	$	(28	)	$	(88	)	$	26
Non-U.S. (loss) income		(9	)		(2	)		(6	)		12
Total	$	(23	)	$	(30	)	$	(94	)	$	38

Schedule of Provision For Income Tax

The provision for income tax consists of the following (in millions):

	Successor			Predecessor
	Six Months Ended			Six Months Ended			Year Ended
	December 31,			June 30,			December 31,
	2021			2021			2020			2019
Income tax expense (benefit):
Current:
Federal	$	17		$	1		$	—		$	—
State		3			—			—			1
Foreign		6			(5	)		9			13
Total current tax expense (benefit)	$	26			(4	)	$	9		$	14
Deferred tax expense:
Federal	$	—		$	—		$	(1	)	$	—
State		—			—			1			—
Foreign		(1	)		(1	)		—			2
Total deferred tax (benefit) expense	$	(1	)	$	(1	)	$	—		$	2
Total income tax expense (benefit)	$	25		$	(5	)	$	9		$	16

Schedule of Reconciliation of The Effective Tax Rate

The reconciliation of the effective tax rate for all periods presented is as follows (in millions):

	Successor							Predecessor
	Six Months Ended							Six Months Ended							Year Ended
	December 31,							June 30,							December 31,
	2021							2021							2020							2019
	Amount			%				Amount			%				Amount			%				Amount		%
(Loss) income before income tax expense (benefit)	$	(23	)					$	(30	)					$	(94	)					$	38
Provision for income taxes at the statutory rate	$	(5	)		21		%	$	—			—			$	—			—			$	—		—
State income taxes, net of federal benefit		3			(12	)	%		—			—				1			—				1		3	%
Jurisdictional rate differences		(11	)		49		%		1			(3	)	%		9			(11	)	%		15		41	%
Changes in valuation allowances		23			(100	)	%		(2	)		6		%		—			—				—		—
Benefit of income not allocated to the Company		1			(4	)	%		—			—				—			—				—		—
Income in separate U.S. tax consolidations		16			(68	)	%		—			—				—			—				—		—
Non-deductible expenses		8			(35	)	%		(2	)		6		%		—			—				—		—
Tax credits		(4	)		19		%		—			—				—			—				—		—
Change in uncertain tax positions		(5	)		24		%		—			—				—			—				—		—
Other		(1	)		(3	)	%		(2	)		7		%		(1	)		1		%		—		—
Income tax expense (benefit)	$	25			(109	)	%	$	(5	)		16		%	$	9			(10	)	%	$	16		44	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities are as follows (in millions)
:

	Successor			Predecessor
	December 31,			December 31,
	2021			2020
Deferred tax assets:
Employee benefit plans	$	2		$	1
Interest		13			—
Other credits		39			—
Tax receivable agreement		64			—
Other accrued expenses		10			4
Seller Earnouts		35			—
Fixed assets		2			7
Intangible assets		—			1
Net operating losses		313			154
Other		4			3
Total		482			170
Valuation allowance on deferred tax assets		(226	)		(155	)
Total	$	256		$	15
Deferred tax liabilities:
Intangible assets	$	(33	)	$	(3	)
Investment in partnership		(246	)		—
Other		(10	)		(7	)
Total	$	(289	)	$	(10	)
Net deferred tax (liability) asset	$	(33	)	$	5

Schedule of Amount of Uncertain Tax Positions

The following is a reconciliation of the Company’s beginning and ending amount of uncertain tax positions (in millions):

Balance at January 1, 2020 (Predecessor)	$	56
Reductions for tax positions of prior years		(19	)
Lapse of statute of limitations		(3	)
Balance at December 31, 2020 (Predecessor)	$	34
Additions for tax positions of prior years		1
Balance at June 30, 2021 (Predecessor)	$	35
Balance at July 1, 2021 (Successor)		35
Lapse of statute of limitations		(5	)
Balance at December 31, 2021 (Successor)	$	30