Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2021

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):

	Successor
	September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	5	$	—	$	5
Total assets recorded at fair value	$	—	$	5	$	—	$	5
Liabilities
Interest rate swaps	$	—	$	13	$	—	$	13
Contingent consideration liability		—		—		29		29
Seller Earnouts liability		—		—		144		144
Warrant liability		182		—		—		182
Tax receivable agreement liability		—		—		605		605
Total liabilities recorded at fair value	$	182	$	13	$	778	$	973

	Predecessor
	December 31, 2020
	Level 1		Level 2		Level 3		Total
Liabilities
Interest rate swaps	$	—	$	47	$	—	$	47
Foreign currency hedges		—		—		—		—
Contingent consideration liability		—		—		26		26
Total liabilities recorded at fair value	$	—	$	47	$	26	$	73

Summary of Changes in Deferred Contingent Consideration Liabilities

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

	Successor		Predecessor
	Three Months Ended		Six Months Ended		Three Months Ended		Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2021		2021		2020		2020
Beginning balance	$	29	$	26	$	22	$	22
Acquisitions		—		2		3		3
Accretion of contingent consideration		—		1		—		—
Ending Balance	$	29	$	29	$	25	$	25

Reconciliation of TRA Liability and Seller Earnout Liability

The following table provides a reconciliation of the TRA liability and Seller Earnout liability for the Successor three months ended September 30, 2021

	Successor
	TRA		Seller Earnouts
	Liability		Liability
Balance at July 1, 2021	$	578	$	109
Loss from change in fair value of TRA		27		—
Loss from change in fair value of Seller Earnouts		—		35
Balance at September 30, 2021	$	605	$	144

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):

	Successor				Predecessor
	September 30, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities
Current portion of long term debt, net	$	43	$	43	$	37	$	37
Long term debt, net		2,839		2,848		4,041		4,090
Total	$	2,882	$	2,891	$	4,078	$	4,127