SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Preferred Units

Activities related to Preferred Units for the three months ended March 31, 2022 are as follows:

	Units Outstanding	Amount (3)
	(In thousands, except for unit data)
Redeemable noncontrolling interest — Preferred Units, immediately upon Closing Date of Transaction(1)	396,417	$	462,717
Distribution payable to Preferred Unit limited partners	—	(6,937)
Allocation of net income	—	4,993
Redeemable noncontrolling interest — Preferred Units, as of March 31, 2022	396,417	460,773
Embedded derivative liability(2)		91,936
		$	552,709

(1)Included 21,417 PIK units on a pro rata basis.

(2)Certain redemption features embedded within the terms of the Preferred Units require bifurcation and measurement at fair value. Refer to Note 15—Fair Value Measurements for discussion of the fair value changes in the embedded derivative liability during the period.

(3)As of March 31, 2022, the Redemption Price would have been based on an 11.1% percent internal rate of return, which would equate to a redemption value of $700.0 million.