v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Millions
Total
Additional Paid-In Capital - Common Stock
Additional Paid-In Capital - Preferred Stock
Retained Deficit
Accumulated Other Comprehensive Income (Loss)
Non-Redeemable Noncontrolling Interests
Series A Mandatory Convertible Preferred Stock
Series A Mandatory Convertible Preferred Stock
Preferred Stock
Series A Mandatory Convertible Preferred Stock
Additional Paid-In Capital - Common Stock
Series A Mandatory Convertible Preferred Stock
Additional Paid-In Capital - Preferred Stock
Series A Mandatory Convertible Preferred Stock
Non-Redeemable Noncontrolling Interests
Class A Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Class B Common Stock
Common Stock
Class C Common Stock
Class C Common Stock
Common Stock
Balance at beginning of period (in shares) at Dec. 31, 2024               0                  
Balance at beginning of period (in shares) at Dec. 31, 2024                         67,737,305   19,801,028   1,519,826
Balance at beginning of period at Dec. 31, 2024 $ 1,018.0 $ 1,063.0 $ 0.0 $ (228.0) $ (28.0) $ 211.0                      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income 20.0     17.0   3.0                      
Repurchases and retirement of Class A common stock, including excise tax (in shares)                         (686,177)        
Repurchases and retirement of Class A common stock, including excise tax (63.0) (3.0)   (48.0)   (12.0)                      
Exchange of shares held by Rook (in shares)                         160,043       (160,043)
Equity-based compensation 26.0 26.0                              
Vesting of restricted stock units, net of tax withholding (in shares)                         259,815       (12,410)
Vesting of restricted stock units, net of tax withholding (19.0) (19.0)                              
Effect of foreign currency translation on noncontrolling interest 1.0         1.0                      
Other comprehensive income (loss) 33.0       25.0 8.0                      
Balance at end of period (in shares) at Mar. 31, 2025               0                  
Balance at end of period (in shares) at Mar. 31, 2025                         67,470,986   19,801,028   1,347,373
Balance at end of period at Mar. 31, 2025 1,016.0 1,067.0 0.0 (259.0) (3.0) 211.0                      
Balance at beginning of period (in shares) at Dec. 31, 2024               0                  
Balance at beginning of period (in shares) at Dec. 31, 2024                         67,737,305   19,801,028   1,519,826
Balance at beginning of period at Dec. 31, 2024 1,018.0 1,063.0 0.0 (228.0) (28.0) 211.0                      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income 61.0                                
Balance at end of period (in shares) at Jun. 30, 2025               10,000,000                  
Balance at end of period (in shares) at Jun. 30, 2025                         66,376,228   19,801,028   1,338,907
Balance at end of period at Jun. 30, 2025 1,990.0 852.0 973.0 (296.0) 63.0 398.0                      
Balance at beginning of period (in shares) at Mar. 31, 2025               0                  
Balance at beginning of period (in shares) at Mar. 31, 2025                         67,470,986   19,801,028   1,347,373
Balance at beginning of period at Mar. 31, 2025 1,016.0 1,067.0 0.0 (259.0) (3.0) 211.0                      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income 41.0     34.0   7.0                      
Reclassification from stockholders’ equity to mezzanine equity for Vectron noncontrolling interest (26.0)     (1.0)   (25.0)                      
Issuance of Series A Mandatory Convertible Preferred Stock, net of issuance costs (in shares)               10,000,000                  
Issuance of Series A Mandatory Convertible Preferred Stock, net of issuance costs             $ 973.0   $ (220.0)   $ 220.0            
Dividends accrued on Preferred Stock and redeemable noncontrolling interests (10.0)     (10.0)                          
Repurchases and retirement of Class A common stock, including excise tax (in shares)                         (1,148,718)        
Repurchases and retirement of Class A common stock, including excise tax (85.0) (10.0)   (60.0)   (15.0)                      
Exchange of shares held by Rook (in shares)                         8,466       (8,466)
Distributions to noncontrolling interests (19.0)         (19.0)                      
Equity-based compensation 15.0 15.0                              
Vesting of restricted stock units, net of tax withholding (in shares)                         45,494        
Vesting of restricted stock units, net of tax withholding 0.0 0.0                              
Other comprehensive income (loss) 85.0       66.0 19.0                      
Balance at end of period (in shares) at Jun. 30, 2025               10,000,000                  
Balance at end of period (in shares) at Jun. 30, 2025                         66,376,228   19,801,028   1,338,907
Balance at end of period at Jun. 30, 2025 1,990.0 852.0 973.0 (296.0) 63.0 398.0                      
Balance at beginning of period (in shares) at Dec. 31, 2025             10,000,000 10,000,000                  
Balance at beginning of period (in shares) at Dec. 31, 2025                       63,666,837 63,666,837 19,801,028 19,801,028 1,123,309 1,123,309
Balance at beginning of period at Dec. 31, 2025 1,947.0 889.0 973.0 (467.0) 47.0 505.0                      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income 12.0     15.0   (3.0)                      
Dividends accrued on Preferred Stock and redeemable noncontrolling interests (16.0)     (16.0)                          
Repurchases and retirement of Class A common stock, including excise tax (in shares)                         (5,485,241)        
Repurchases and retirement of Class A common stock, including excise tax (297.0) (101.0)   (176.0)   (20.0)                      
Simplification Transactions (in shares)               423,296         20,924,337   (19,801,028)   (1,123,309)
Simplification Transactions 301.0 500.0 32.0     (231.0)                      
Distributions to noncontrolling interests (141.0)         (141.0)                      
Equity-based compensation 16.0 16.0                              
Vesting of restricted stock units, net of tax withholding (in shares)                         222,879        
Vesting of restricted stock units, net of tax withholding (7.0) (7.0)                              
Effect of foreign currency translation on noncontrolling interest (3.0)         (3.0)                      
Other comprehensive income (loss) (42.0)       (52.0) 10.0                      
Balance at end of period (in shares) at Mar. 31, 2026               10,423,296                  
Balance at end of period (in shares) at Mar. 31, 2026                         79,328,812   0   0
Balance at end of period at Mar. 31, 2026 1,770.0 1,297.0 1,005.0 (644.0) (5.0) 117.0                      
Balance at beginning of period (in shares) at Dec. 31, 2025             10,000,000 10,000,000                  
Balance at beginning of period (in shares) at Dec. 31, 2025                       63,666,837 63,666,837 19,801,028 19,801,028 1,123,309 1,123,309
Balance at beginning of period at Dec. 31, 2025 1,947.0 889.0 973.0 (467.0) 47.0 505.0                      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income $ 36.0                                
Balance at end of period (in shares) at Jun. 30, 2026 10,423,296           10,423,296 10,423,296                  
Balance at end of period (in shares) at Jun. 30, 2026                       78,959,327 78,959,327 0 0 0 0
Balance at end of period at Jun. 30, 2026 $ 1,735.0 1,310.0 1,005.0 (648.0) (49.0) 117.0                      
Balance at beginning of period (in shares) at Mar. 31, 2026               10,423,296                  
Balance at beginning of period (in shares) at Mar. 31, 2026                         79,328,812   0   0
Balance at beginning of period at Mar. 31, 2026 1,770.0 1,297.0 1,005.0 (644.0) (5.0) 117.0                      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                  
Net income 24.0     22.0   2.0                      
Acquisition of Vectron common stock (2.0) (2.0)                              
Issuance of Series A Mandatory Convertible Preferred Stock, net of issuance costs                   $ 973.0              
Dividends accrued on Preferred Stock and redeemable noncontrolling interests (15.0)     (15.0)                          
Repurchases and retirement of Class A common stock, including excise tax (in shares)                         (652,300)        
Repurchases and retirement of Class A common stock, including excise tax (25.0) (14.0)   (11.0)                          
Equity-based compensation 31.0 31.0                              
Vesting of restricted stock units, net of tax withholding (in shares)                         282,815        
Vesting of restricted stock units, net of tax withholding (2.0) (2.0)                              
Effect of foreign currency translation on noncontrolling interest (2.0)         (2.0)                      
Other comprehensive income (loss) $ (44.0)       (44.0)                        
Balance at end of period (in shares) at Jun. 30, 2026 10,423,296           10,423,296 10,423,296                  
Balance at end of period (in shares) at Jun. 30, 2026                       78,959,327 78,959,327 0 0 0 0
Balance at end of period at Jun. 30, 2026 $ 1,735.0 $ 1,310.0 $ 1,005.0 $ (648.0) $ (49.0) $ 117.0