XML 130 R35.htm IDEA: XBRL DOCUMENT v3.22.1
Share-Based and Unit-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Nonvested Restricted Stock Units Activity
The following tables summarize RSU activity under the 2021 Incentive Plan for the period from October 15, 2021 through December 31, 2021 (in thousands, except per unit data):
Successor
RSUsNumber
of RSUs		Weighted Average Remaining Contractual Term (years)Weighted Average Grant Date Fair ValueAggregate
Intrinsic
Value
Outstanding as of October 15, 2021— 
Granted2,142 $9.18 $19,669 
Forfeited— 
Outstanding as of December 31, 2021
2,142 1.51$9.18 
Vested as of December 31, 2021
— 
Share-based Payment Arrangement, Cost by Plan
Unit-based compensation expense for the period from October 15, 2021 through December 31, 2021, was as follows (in thousands):
Successor
Type of unitCompensation ExpenseStatement of Operations and Comprehensive Loss ClassificationBalance Sheet Classification
Common incentive unit$42,376 Compensation and benefitsNoncontrolling interest
Participation unit2,516 Compensation and benefitsOther noncurrent liabilities
Total$44,892 
Unit-based compensation expense for the period from January 1, 2021 through October 14, 2021, was as follows (in thousands):
Predecessor
Type of unitCompensation ExpenseStatement of Operations and Comprehensive Loss ClassificationBalance Sheet Classification
Preferred incentive unit$14,091 Compensation and benefitsMezzanine equity
Common incentive unit12,447 Compensation and benefitsMezzanine equity
Participation unit7,339 Compensation and benefitsOther noncurrent liabilities
Total$33,877 
Unit-based compensation expense for the year ended December 31, 2020 was as follows (in thousands):
Predecessor
Type of unitCompensation ExpenseStatement of Operations and Comprehensive Loss ClassificationBalance Sheet Classification
Preferred incentive unit$9,210 Compensation and benefitsMezzanine equity
Common incentive unit1,727 Compensation and benefitsMezzanine equity
Participation unit712 Compensation and benefitsOther noncurrent liabilities
Total$11,649 
Share-based Payment Arrangement, Activity
The following tables summarize common incentive unit activity under the Opco Plan for the period October 15, 2021 through December 31, 2021 (in thousands, except per unit data):
Successor
Common Incentive UnitsNumber of
Common
Incentive
Units		Weighted Average Remaining Contractual Term (years)Weighted Average Grant Date Fair ValueAggregate
Intrinsic
Value
Outstanding as of October 15, 202117,473 2.00$6.30 $109,998 
Granted— 
Forfeited(1,134)$6.30 
Outstanding as of December 31, 2021
16,339 1.79$6.30 $133,240 
Vested as of December 31, 2021
11,507 $93,840 


The following tables summarize preferred incentive unit and common incentive unit activity under the Opco Plan for the period from January 1, 2021 through October 14, 2021 and the year ended December 31, 2020 (in thousands, except per unit data):
Predecessor
Preferred Incentive UnitsNumber of
Preferred
Incentive
Units		Weighted Average Remaining Contractual Term (years)Weighted Average Grant Date Fair ValueAggregate
Intrinsic
Value
Outstanding as of January 1, 202082,125 7.73$0.42 $34,493 
Granted3,350 $0.63 $2,105 
Forfeited(9,000)$0.41 
Outstanding as of December 31, 2020
76,475 6.75$0.42 $88,711 
Granted— 
Forfeited— 
Outstanding as of October 14, 202176,475 6.04$0.42 $141,058 
Vested as of October 14, 2021— 
Predecessor
Common Incentive UnitsNumber of
Common
Incentive Units		Weighted Average Remaining Contractual Term (years)Weighted Average Grant Date Fair ValueAggregate
Intrinsic
Value
Outstanding as of January 1, 2020 3,750 7.73$0.34 $1,275 
Granted31,333 $0.42 $13,065 
Forfeited(8,250)$0.33 
Outstanding as of December 31, 2020
26,833 6.75$0.43 $25,760 
Granted— 
Forfeited(3,613)$0.39 
Outstanding as of October 14, 202123,220 6.04$0.53 $25,605 
Vested as of October 14, 2021— 
Schedule of Share-based Payment Award, Valuation Assumptions
The inputs used in the models to estimate the fair value of the common incentive units and participation units granted in 2021 and preferred incentive units, common incentive units, and participation units granted in 2020, including the common incentive units granted in connection with the Unit Exchange, are summarized as follows:
SuccessorPredecessor
December 31, 2021December 31, 2020
Dividend yield—%—%
Risk-free interest rate
0.06% - 0.36%
1.85%
Expected volatility
51.00% - 53.00%
45.00%
Expected term (years)
0.50 - 2.00
4.73 and 7.73
Discount for lack of marketability8.20%
21.00% - 24.00%