Fair Value Measurement (Tables)

12 Months Ended

Dec. 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):

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	77	$	—	$	77
Total assets recorded at fair value	$	—	$	77	$	—	$	77
Liabilities
Interest rate swaps	$	—	$	3	$	—	$	3
Contingent consideration liability	$	—	$	—	$	3	$	3
Seller Earnouts liability		—		—		95		95
Tax receivable agreement liability (1)		—		—		634		634
Total liabilities recorded at fair value	$	—	$	3	$	732	$	735

	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)		—		—		575		575
Total liabilities recorded at fair value	$	—	$	—	$	684	$	684

(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):

	Year Ended December 31
	2023			2022
Beginning balance	$	13		$	33
Measurement period adjustments		—			(2	)
Accretion of contingent consideration		—			1
Remeasurement of acquisition-related contingent consideration		(5	)		(15	)
Payments		(5	)		(4	)
Ending Balance	$	3		$	13

Schedule of Fair Value of Debt Classified as Level 2 Within Fairvalue Hierarchy

The fair value of the Company’s debt is classified as Level 2 within the fair value hierarchy and corroborated by observable market data is as follows (in millions):

	December 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		2,769		2,780		2,792		2,780
Total	$	2,794	$	2,805	$	2,823	$	2,811