Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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, 2024
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	77	$	—	$	77
Total assets recorded at fair value	$	—	$	77	$	—	$	77
Liabilities
Interest rate swaps	$	—	$	—	$	—	$	—
Contingent consideration liability		—		—		3		3
Seller Earnouts liability		—		—		114		114
Tax receivable agreement liability (1)		—		—		627		627
Total liabilities recorded at fair value	$	—	$	—	$	744	$	744

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	77	$	—	$	77
Total assets recorded at fair value	$	—	$	77	$	—	$	77
Liabilities
Interest rate swaps		—		3		—		3
Contingent consideration liability		—		—		3		3
Seller Earnouts liability		—		—		95		95
Tax receivable agreement liability (1)		—		—		634		634
Total liabilities recorded at fair value	$	—	$	3	$	732	$	735

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

Summary of Changes in Deferred Contingent Consideration Liabilities

The following table summarizes the changes in deferred contingent consideration liabilities (in millions):

	Three Months Ended March 31
	2024		2023
Beginning balance	$	3	$	13
Measurement period adjustments		—		—
Accretion of contingent consideration		—		—
Remeasurement of acquisition-related contingent consideration		—		—
Payments		—		—
Ending Balance	$	3	$	13

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 within the fair value hierarchy and corroborated by observable market data is as follows (in millions):

	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities
Current portion of long-term debt, net	$	25	$	25	$	25	$	25
Long-term debt, net		2,762		2,775		2,769		2,780
Total	$	2,787	$	2,800	$	2,794	$	2,805