Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2023

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):

	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	109	$	—	$	109
Total assets recorded at fair value	$	—	$	109	$	—	$	109
Liabilities
Interest rate swaps	$	—	$	5	$	—	$	5
Contingent consideration liability		—		—		13		13
Seller Earnouts liability		—		—		122		122
Tax receivable agreement liability (1)		—		—		533		533
Total liabilities recorded at fair value	$	—	$	5	$	668	$	673

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	134	$	—	$	134
Total assets recorded at fair value	$	—	$	134	$	—	$	134
Liabilities
Contingent consideration liability		—		—		13		13
Seller Earnouts liability		—		—		96		96
Tax receivable agreement liability (1)		—		—		532		532
Total liabilities recorded at fair value	$	—	$	—	$	641	$	641

(1)Excludes the portion of liability related to the exchanges of Class A Units not measured at fair value on a recurring basis.

Summary of Changes in Deferred Contingent Consideration Liabilities

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

	Three Months Ended		Three Months Ended
	March 31,		March 31,
	2023		2022
Beginning balance	$	13	$	33
Measurement period adjustments		—		(2	)
Accretion of contingent consideration		—		1
Remeasurement of acquisition-related contingent consideration		—		—
Payments		—		—
Ending Balance	$	13	$	32

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):

	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities
Current portion of long-term debt, net	$	25	$	25	$	31	$	31
Long-term debt, net		2,791		2,782		2,792		2,780
Total	$	2,816	$	2,807	$	2,823	$	2,811