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Fair Value Measurement (Tables) | 3 Months Ended
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Mar. 31, 2023
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):
|  | March 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ |  | — |  |  | $ |  | 109 |  |  | $ |  | — |  |  | $ |  | 109 |
Total assets recorded at fair value |  | $ |  | — |  |  | $ |  | 109 |  |  | $ |  | — |  |  | $ |  | 109 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ |  | — |  |  | $ |  | 5 |  |  | $ |  | — |  |  | $ |  | 5 |
Contingent consideration liability |  |  |  | — |  |  |  |  | — |  |  |  |  | 13 |  |  |  |  | 13 |
Seller Earnouts liability |  |  |  | — |  |  |  |  | — |  |  |  |  | 122 |  |  |  |  | 122 |
Tax receivable agreement liability (1) |  |  |  | — |  |  |  |  | — |  |  |  |  | 533 |  |  |  |  | 533 |
Total liabilities recorded at fair value |  | $ |  | — |  |  | $ |  | 5 |  |  | $ |  | 668 |  |  | $ |  | 673 |
|  | December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ |  | — |  |  | $ |  | 134 |  |  | $ |  | — |  |  | $ |  | 134 |
Total assets recorded at fair value |  | $ |  | — |  |  | $ |  | 134 |  |  | $ |  | — |  |  | $ |  | 134 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability |  |  |  | — |  |  |  |  | — |  |  |  |  | 13 |  |  |  |  | 13 |
Seller Earnouts liability |  |  |  | — |  |  |  |  | — |  |  |  |  | 96 |  |  |  |  | 96 |
Tax receivable agreement liability (1) |  |  |  | — |  |  |  |  | — |  |  |  |  | 532 |  |  |  |  | 532 |
Total liabilities recorded at fair value |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 641 |  |  | $ |  | 641 |
(1) Excludes the portion of liability related to the exchanges of Class A Units not measured at fair value on a recurring basis.
Summary of Changes in Deferred Contingent Consideration Liabilities | The following table summarizes the changes in deferred contingent consideration liabilities (in millions):
|  | Three Months Ended |  |  | Three Months Ended |
|  | March 31, |  |  | March 31, |
|  | 2023 |  |  | 2022 |
Beginning balance |  | $ |  | 13 |  |  | $ |  | 33 |
Measurement period adjustments |  |  |  | — |  |  |  |  | (2 | )
Accretion of contingent consideration |  |  |  | — |  |  |  |  | 1 |
Remeasurement of acquisition-related contingent consideration |  |  |  | — |  |  |  |  | — |
Payments |  |  |  | — |  |  |  |  | — |
Ending Balance |  | $ |  | 13 |  |  | $ |  | 32 |
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):
|  | March 31, 2023 |  |  |  | December 31, 2022 |
|  | Carrying Value |  |  | Fair Value |  |  |  | Carrying Value |  |  | Fair Value |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt, net |  | $ |  | 25 |  |  | $ |  | 25 |  |  |  | $ |  | 31 |  |  | $ |  | 31 |
Long-term debt, net |  |  |  | 2,791 |  |  |  |  | 2,782 |  |  |  |  |  | 2,792 |  |  |  |  | 2,780 |
Total |  | $ |  | 2,816 |  |  | $ |  | 2,807 |  |  |  | $ |  | 2,823 |  |  | $ |  | 2,811 |

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- 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 https://asc.fasb.org/extlink&oid=126976982&loc=SL7498357-110258 + Details
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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. + References No definition available. + Details
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- Definition 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 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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