Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2025

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):

	June 30, 2025
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	14	$	—	$	14
Additional seller note	—		—		—		—
Total assets recorded at fair value	$	—	$	14	$	—	$	14
Liabilities
Interest rate swaps	$	—	$	1	$	—	$	1
Seller earnouts liability	—		—		21		21
Tax receivable agreement liability (1)	—		—		556		556
Total liabilities recorded at fair value	$	—	$	1	$	577	$	578

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets
Interest rate swaps	$	—	$	31	$	—	$	31
Additional seller note	—		—		50		50
Total assets recorded at fair value	$	—	$	31	$	50	$	81
Liabilities
Interest rate swaps	$	—	$	—	$	—	$	—
Contingent consideration liability	—		—		6		6
Seller earnouts liability	—		—		51		51
Tax receivable agreement liability (1)	—		—		620		620
Total liabilities recorded at fair value	$	—	$	—	$	677	$	677

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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):

	June 30, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets
Seller note	$	40	$	42	$	37	$	37
Total assets	$	40	$	42	$	37	$	37
Liabilities
Current portion of long-term debt, net	$	20	$	20	$	25	$	25
Long-term debt, net	1,995		1,985		2,000		2,008
Total	$	2,015	$	2,005	$	2,025	$	2,033