Fair Value Measurement (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

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.

The Company’s financial assets and liabilities measured at fair value on a recurring basis are as follows (in millions):

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

	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

Summary of Changes in Deferred Contingent Consideration Liabilities

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

	Three Months Ended March 31, 2023		Three Months Ended March 31, 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

The following table summarizes the changes in deferred contingent consideration liabilities (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
Beginning balance	$	33		$	29		$	26	$	22
Acquisitions		—			8			2		3
Measurement period adjustments		(2	)		—			—
Accretion of contingent consideration		1			—			1		—
Remeasurement of acquisition-related contingent consideration		(15	)		(2	)		—		8
Payments		(4	)		(2	)		—		(7	)
Ending Balance	$	13		$	33		$	29	$	26

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

The Company’s financial liabilities measured at fair value on a non-recurring basis are as follows (in millions):

	December 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities
Current portion of long-term debt, net	$	31	$	31	$	38	$	38
Long-term debt, net		2,792		2,780		2,830		2,834
Total	$	2,823	$	2,811	$	2,868	$	2,872