v3.26.1
CONSOLIDATED STATEMENTS OF PERPETUAL PREFERRED STOCK AND EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Terminated Interest Rate Swap
Class A
Class B
Common Stock
Common Stock
Class A
Common Stock
Class B
Convertible Preferred Stock, net
Treasury Stock
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Terminated Interest Rate Swap
Beginning balance (in shares) at Dec. 31, 2024 14                        
Beginning balance at Dec. 31, 2024 $ 324                        
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Accretion of perpetual preferred stock to redemption value, temporary equity $ 14                        
Ending balance (in shares) at Jun. 30, 2025 14                        
Ending balance at Jun. 30, 2025 $ 338                        
Common stock, beginning balance (in shares) at Dec. 31, 2024         78 0 0            
Preferred stock, beginning balance (in shares) at Dec. 31, 2024               142          
Beginning balance at Dec. 31, 2024 549       $ 0 $ 0   $ 430 $ (7) $ 114 $ 8 $ 4  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) (32)                   (32)    
Reclassification of net gain from derivative instruments, net of tax 0                        
Change in fair value of derivative instruments, net of tax (3)                     (3)  
Accretion of perpetual preferred stock to redemption value (14)                 (14)      
Dividends on perpetual preferred stock (36)                   (36)    
Exercises of stock options 1                 1      
Stock-based compensation 2                 2      
Common stock, ending balance (in shares) at Jun. 30, 2025         78 0 0            
Preferred stock, ending balance (in shares) at Jun. 30, 2025               142          
Ending balance at Jun. 30, 2025 $ 467       $ 0 $ 0   $ 430 (7) 103 (60) 1  
Beginning balance (in shares) at Mar. 31, 2025 14                        
Beginning balance at Mar. 31, 2025 $ 335                        
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Accretion of perpetual preferred stock to redemption value, temporary equity $ 3                        
Ending balance (in shares) at Jun. 30, 2025 14                        
Ending balance at Jun. 30, 2025 $ 338                        
Common stock, beginning balance (in shares) at Mar. 31, 2025         78 0 0            
Preferred stock, beginning balance (in shares) at Mar. 31, 2025               142          
Beginning balance at Mar. 31, 2025 490       $ 0 $ 0   $ 430 (7) 105 (40) 2  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 16                   16    
Reclassification of net gain from derivative instruments, net of tax 0                        
Change in fair value of derivative instruments, net of tax (1)                     (1)  
Accretion of perpetual preferred stock to redemption value (3)                 (3)      
Dividends on perpetual preferred stock (36)                   (36)    
Stock-based compensation 1                 1      
Common stock, ending balance (in shares) at Jun. 30, 2025         78 0 0            
Preferred stock, ending balance (in shares) at Jun. 30, 2025               142          
Ending balance at Jun. 30, 2025 $ 467       $ 0 $ 0   $ 430 (7) 103 (60) 1  
Beginning balance (in shares) at Dec. 31, 2025 14                        
Beginning balance at Dec. 31, 2025 $ 360                        
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Accretion of perpetual preferred stock to redemption value, temporary equity $ 10                        
Ending balance (in shares) at Jun. 30, 2026 14                        
Ending balance at Jun. 30, 2026 $ 370                        
Common stock, beginning balance (in shares) at Dec. 31, 2025     0 0 79 0 0            
Preferred stock, beginning balance (in shares) at Dec. 31, 2025 142             142          
Beginning balance at Dec. 31, 2025 $ 528       $ 0 $ 0 $ 0 $ 430 (7) 105 0 0  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) (10)                   (10)    
Reclassification of net gain from derivative instruments, net of tax (1)                        
Change in fair value of derivative instruments, net of tax 0                        
Conversion of shares to common stock, shares issued in conversion (in shares)         (80) 80              
Conversion of convertible preferred stock to class A common stock in connection with IPO (in shares)           142   (142)          
Conversion of convertible preferred stock to class A common stock in connection with IPO 0             $ (430)   430      
Conversion of class A common stock to class B common stock in connection with IPO (in shares)           (38) 38            
Issuance of class A common stock in connection with IPO, net of underwriting discounts and offering costs (in shares)           31              
Issuance of class A common stock in connection with IPO, net of underwriting discounts and offering costs 692                 692      
Accretion of perpetual preferred stock to redemption value (10)                 (10)      
Dividends on perpetual preferred stock (37)                   (37)    
Exercises of stock options (in shares)         1                
Exercises of stock options 3                 3      
Stock-based compensation $ 46                 46      
Common stock, ending balance (in shares) at Jun. 30, 2026     215 38 0 215 38            
Preferred stock, ending balance (in shares) at Jun. 30, 2026 0             0          
Ending balance at Jun. 30, 2026 $ 1,212       $ 0 $ 0 $ 0 $ 0 (7) 1,266 (47) 0  
Beginning balance (in shares) at Mar. 31, 2026 14                        
Beginning balance at Mar. 31, 2026 $ 371                        
Increase (Decrease) in Temporary Equity [Roll Forward]                          
Accretion of perpetual preferred stock to redemption value, temporary equity $ (1)                        
Ending balance (in shares) at Jun. 30, 2026 14                        
Ending balance at Jun. 30, 2026 $ 370                        
Common stock, beginning balance (in shares) at Mar. 31, 2026         0 215 38            
Preferred stock, beginning balance (in shares) at Mar. 31, 2026               0          
Beginning balance at Mar. 31, 2026 1,201       $ 0 $ 0 $ 0 $ 0 (7) 1,238 (29) (1)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                          
Net income (loss) 19                   19    
Reclassification of net gain from derivative instruments, net of tax 1 $ 1                     $ 1
Change in fair value of derivative instruments, net of tax 0                        
Accretion of perpetual preferred stock to redemption value 1                 1      
Dividends on perpetual preferred stock (37)                   (37)    
Exercises of stock options 1                 1      
Stock-based compensation $ 26                 26      
Common stock, ending balance (in shares) at Jun. 30, 2026     215 38 0 215 38            
Preferred stock, ending balance (in shares) at Jun. 30, 2026 0             0          
Ending balance at Jun. 30, 2026 $ 1,212       $ 0 $ 0 $ 0 $ 0 $ (7) $ 1,266 $ (47) $ 0