Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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
	Year Ended December 31, 2022			Six Months Ended December 31, 2021			Six Months Ended June 30, 2021			Year Ended, December 31, 2020
(Loss) income before income tax expense (benefit)
U.S. (loss) income	$	(27	)	$	(14	)	$	(28	)	$	(88	)
Non-U.S. (loss) income		(14	)		(9	)		(2	)		(6	)
Total	$	(41	)	$	(23	)	$	(30	)	$	(94	)

Schedule of Provision For Income Tax

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

	Successor						Predecessor
	Year Ended December 31, 2022			Six Months Ended December 31, 2021			Six Months Ended June 30, 2021			Year Ended, December 31, 2020
Income tax expense (benefit):
Current:
Federal	$	(10	)	$	17		$	1		$	—
State		5			3			—			—
Foreign		10			6			(5	)		9
Total current tax expense (benefit)	$	5		$	26		$	(4	)	$	9
Deferred tax expense (benefit):
Federal	$	18		$	—		$	—		$	(1	)
State		6			—			—			1
Foreign		2			(1	)		(1	)		—
Total deferred tax (benefit) expense	$	26		$	(1	)	$	(1	)	$	—
Total income tax expense (benefit)	$	31		$	25		$	(5	)	$	9

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
	Year Ended December 31,						Six Months Ended December 31,						Six Months Ended June 30,						Year Ended December 31,
	2022						2021						2021						2020
	Amount			%			Amount			%			Amount			%			Amount			%
(Loss) income before income tax expense (benefit)	$	(41	)				$	(23	)				$	(30	)				$	(94	)
Provision for income taxes at the statutory rate	$	(9	)		21	%	$	(5	)		21	%	$	—			—	%	$	—			—
State income taxes, net of federal benefit		3			(7	)%		3			(12	)%		—			—	%		1			—
Jurisdictional rate differences		8			(20	)%		(11	)		49	%		1			(3	)%		9			(11	)%
Changes in valuation allowances		39			(95	)%		23			(100	)%		(2	)		6	%		—			—
Benefit of income not allocated to the Company		6			(14	)%		1			(4	)%		—			—			—			—
Income in separate U.S. tax consolidations		15			(37	)%		16			(68	)%		—			—			—			—
Non-deductible expenses		4			(9	)%		8			(35	)%		(2	)		6	%		—			—
Tax credits		(7	)		17	%		(4	)		19	%		—			—			—			—
Change in uncertain tax positions		(28	)		68	%		(5	)		24	%		—			—			—			—
Other		—			—	%		(1	)		(3	)%		(2	)		7	%		(1	)		1	%
Income tax expense (benefit)	$	31			(76	)%	$	25			(109	)%	$	(5	)		16	%	$	9			(10	)%

Schedule of Deferred Tax Assets and Liabilities

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

	Successor
	December 31, 2022			December 31, 2021
Deferred tax assets:
Employee benefit plans	$	3		$	2
Interest expense carryforward		55			13
Other credits		39			39
Tax receivable agreement		72			64
Other accrued expenses		—			10
Seller Earnouts		11			35
Fixed assets		—			2
Intangible assets		—			—
Net operating losses		213			313
Other		5			4
Total		398			482
Valuation allowance on deferred tax assets		(127	)		(226	)
Total	$	271		$	256
Deferred tax liabilities:
Intangible assets	$	(32	)	$	(33	)
Investment in partnership		(254	)		(246	)
Interest rate swap		(30	)		—
Other		(9	)		(10	)
Total	$	(325	)	$	(289	)
Net deferred tax (liability) asset	$	(54	)	$	(33	)

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, 2021 (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
Lapse of statute of limitations		(22	)
Balance at December 31, 2022 (Successor)	$	8