Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Our long-term debt consisted of the following as of December 31, 2023 and 2022:

	Successor
	December 31, 2023				December 31, 2022
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
New Credit Facility	$	—	$	—	$	1,050	$	1,050
5.50% senior notes due 2026	500		496		500		485
5.875% senior notes due 2029	500		489		500		475
6.75% senior notes due 2029(b)	950		958		950		917
Premiums on senior notes	83		—		100		—
Debt issuance costs	(5)		—		(7)		—
Total long-term debt, net	$	2,028	$	1,943	$	3,093	$	2,927

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(a)The carrying value of borrowings under our New Credit Facility approximates fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value.

(b)On November 1, 2021, we acquired the debt of Vine, which consisted of 6.75% senior notes due 2029. See further discussion below.

Schedule of debt maturities

The table below presents debt maturities as of December 31, 2023, excluding debt issuance costs and premiums:

	Total
2024	$	—
2025	—
2026	500
2027	—
2028	—
Thereafter	1,450
Total long-term debt	$	1,950