SERIES A CUMULATIVE REDEEMABLE PREFERRED UNITS (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Preferred Units

Activities related to Preferred Units for the six months ended June 30, 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
Cash distribution paid to Preferred Unit limited partners	—	(6,937)
Distribution payable to Preferred Unit limited partners		(6,937)
Allocation of net income	—	17,420
Accreted redemption value adjustment	—	97,075
Redeemable noncontrolling interest — Preferred Units, as of June 30, 2022	396,417	563,338
Embedded derivative liability(2)		488
		$	563,826

(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 June 30, 2022, the Redemption Price would have been based on an 11.08% internal rate of return, which would equate to a redemption value of $700.0 million.