Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	5	$	—	$	5
Additional seller note	—		—		—		—
Total assets recorded at fair value	$	—	$	5	$	—	$	5

Liabilities
Interest rate swaps	$	—	$	1	$	—	$	1
Seller earnouts liability	—		—		—		—
Tax receivable agreement liability (1)	—		—		297		297
Total liabilities recorded at fair value	$	—	$	1	$	297	$	298


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	5	$	—	$	5
Additional seller note	—		—		—		—
Total assets recorded at fair value	$	—	$	5	$	—	$	5

Liabilities
Interest rate swaps	$	—	$	1	$	—	$	1

Seller earnouts liability	—		—		—		—
Tax receivable agreement liability (1)	—		—		435		435
Total liabilities recorded at fair value	$	—	$	1	$	435	$	436

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(1)Excludes the portion of liability related to the exchanges of Class A Units not measured at fair value on a recurring basis.

Schedule of Financial Liabilities Not Measured at Fair Value on Recurring Basis

The fair value of the Company’s debt is classified as Level 2 and the Seller note is classified as Level 3 within the fair value hierarchy and corroborated by observable market data is as follows (in millions):


	March 31, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Seller note	$	44	$	48	$	42	$	46
Total assets	$	44	$	48	$	42	$	46

Liabilities
Current portion of long-term debt, net	$	20	$	15	$	20	$	19
Long-term debt, net	1,980		1,426		1,985		1,903
Total	$	2,000	$	1,441	$	2,005	$	1,922