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Tax Receivable Agreement (Tables)
6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Summary of Changes of Tax Receivable Liability

The following table summarizes the changes in the TRA liabilities (in millions):

 

 

Tax Receivable

 

 

 

Agreement Liability

 

Beginning balance as of December 31, 2022

 

$

 

575

 

Fair value remeasurement

 

 

 

19

 

Payments

 

 

 

(7

)

Conversion of noncontrolling interest

 

 

 

66

 

Ending Balance as of June 30, 2023

 

 

 

653

 

Less: current portion included in other current liabilities

 

 

 

(50

)

Total long-term tax receivable agreement liability

 

$

 

603