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Convertible Notes and Derivative Instrument
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Convertible Notes and Derivative Instrument Convertible Notes and Derivative Instrument
We previously issued convertible notes, the majority of which were purchased by existing unitholders of our preferred units. In connection with our IPO in March 2021, the principal balance and the accrued interest on the convertible notes were automatically converted into 171,750,446 shares of our Class A common stock.
We recorded interest expense from our convertible notes for 2021 and 2020 of $20 million and $91 million, respectively.
Following the convertible notes conversion to shares of Class A common stock, the embedded derivatives no longer exist. The change in fair value of the derivative instrument resulted in a gain of $150 million for 2020, which was recognized in the consolidated statements of operations within “Other (expense) income, net.”