Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 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):


	June 30, 2026
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	4	$	—	$	4
Additional seller note	—		—		—		—
Total assets recorded at fair value	$	—	$	4	$	—	$	4

Liabilities
Interest rate swaps	$	—	$	—	$	—	$	—
Seller earnouts liability	—		—		—		—
Tax receivable agreement liability (1)	—		—		251		251
Total liabilities recorded at fair value	$	—	$	—	$	251	$	251


	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

_________________________________________________________

(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):


	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Seller note	$	45	$	49	$	42	$	46
Total assets	$	45	$	49	$	42	$	46

Liabilities
Current portion of long-term debt, net	$	20	$	17	$	20	$	19
Long-term debt, net	1,976		1,670		1,985		1,903
Total	$	1,996	$	1,687	$	2,005	$	1,922