Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2021

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):

	Successor
	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	17	$	—	$	17
Total assets recorded at fair value	$	—	$	17	$	—	$	17
Liabilities
Interest rate swaps	$	—	$	9	$	—	$	9
Contingent consideration liability		—		—		33		33
Seller Earnouts liability		—		—		135		135
Tax receivable agreement liability		—		—		581		581
Total liabilities recorded at fair value	$	—	$	9	$	749	$	758

	Predecessor
	December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities
Interest rate swaps	$	—	$	47	$	—	$	47
Contingent consideration liability		—		—		26		26
Total liabilities recorded at fair value	$	—	$	47	$	26	$	73

Summary of Changes in Deferred Contingent Consideration Liabilities

The following table summarizes the changes in deferred contingent consideration liabilities (in millions):

	Successor			Predecessor
	Six Months Ended			Six Months Ended		Year Ended
	December 31,			June 30,		December 31,
	2021			2021		2020
Beginning balance	$	29		$	26	$	22
Acquisitions		8			2		3
Accretion of contingent consideration		—			1		—
Remeasurement of acquisition-related contingent consideration		(2	)		—		8
Payments		(2	)		—		(7	)
Ending Balance	$	33		$	29	$	26

Reconciliation of TRA Liability and Seller Earnout Liability

The following table provides a reconciliation of the TRA liability and Seller Earnout liability for the Successor six months ended December 31, 2021:

	Successor
	TRA			Seller Earnouts
	Liability			Liability
Balance at July 1, 2021	$	618		$	109
Gain from change in fair value of TRA		(37	)		—
Loss from change in fair value of Seller Earnouts		—			26
Balance at December 31, 2021	$	581		$	135

Schedule of Financial Liabilities Not Measured at Fair Value on Recurring Basis

The Company’s financial liabilities not measured at fair value on a recurring basis are as follows (in millions):

	Successor				Predecessor
	December 31, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities
Current portion of long-term debt, net	$	38	$	38	$	37	$	37
Long-term debt, net		2,830		2,834		4,041		4,090
Total	$	2,868	$	2,872	$	4,078	$	4,127