v3.21.2

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

X

- Definition

Tabular disclosure of information about fair value of asset and liability not measured at fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2E
-URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498357-110258

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
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- Definition

Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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