Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income (Loss) from continuing operations before taxes consists of the following (in millions):

	Year Ended December 31,
	2025		2024		2023
Income (Loss) from continuing operations before taxes
U.S. (loss) income	$	(3,095)	$	(149)	$	(314)
Non-U.S. (loss) income	33		1		(23)
Total	$	(3,062)	$	(148)	$	(337)

Schedule of Components of Income Tax Expense (Benefit)

The provision for income tax consists of the following (in millions):

	Year Ended December 31,
	2025		2024		2023
Income tax expense (benefit):
Current:
Federal	$	6	$	(4)	$	(21)
State	1		5		9
Foreign	1		10		1
Total current tax expense (benefit)	$	8	$	11	$	(11)
Deferred tax expense (benefit):
Federal	$	8	$	(9)	$	(1)
State	11		(12)		(8)
Foreign	(11)		2		—
Total deferred tax expense (benefit)	$	8	$	(19)	$	(9)
Total income tax expense (benefit)	$	16	$	(8)	$	(20)

Schedule of Effective Income Tax Rate Reconciliation

Below is a tabular reconciliation of the effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 (in millions):

	Year Ended
	December 31, 2025
	Amount		Percentage
Income (Loss) from continuing operations before taxes	$	(3,062)
United States Statutory Tax Rate	$	(643)	21	%
State and Local Income Taxes, Net of Federal Income Tax Effect (1)	10		—	%
Foreign Tax Effects	(15)		—	%
Tax Credits	(9)		—	%
Changes in Valuation Allowances	332		(11)	%
Nontaxable or Nondeductible items
Goodwill impairment	361		(12)	%
Other	(16)		1	%
Other Adjustments	(4)		—	%
Effective Tax Rate	$	16	(1)	%

(1) State and local income tax expense in Illinois, New York, New York City, New Jersey, and Minnesota made up the majority (greater than 50%) of the tax effect in this category.

Below is a reconciliation of the effective tax rate for the years ended December 31, 2024 and 2023 (in millions):

	Year Ended December 31,
	2024				2023
	Amount		%		Amount		%
Income (Loss) from continuing operations before taxes	$	(148)			$	(337)
Provision for income taxes at the statutory rate	$	(31)	21	%	$	(71)	21	%
State income taxes, net of federal benefit	2		(1)	%	(1)		—	%
Jurisdictional rate differences	5		(3)	%	(4)		1	%
Changes in valuation allowances	26		(18)	%	14		(4)	%
Benefit of income not allocated to the Company	—		—	%	3		(1)	%
Income in separate U.S. tax consolidations	1		(1)	%	1		—	%
Adjustments based on filed tax returns	(2)		1	%	—		—	%
Non-deductible expenses	6		(4)	%	45		(13)	%
Tax credits	(17)		11	%	(14)		4	%
Change in uncertain tax positions	—		—	%	—		—	%
Other	2		(1)	%	7		(2)	%
Total income tax expense (benefit)	$	(8)	5	%	$	(20)	6	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities are as follows (in millions):

	December 31, 2025		December 31, 2024
Deferred tax assets:
Interest expense carryforward	$	132	$	124
Other credits	79		65
Tax receivable agreement	118		132
Other accrued expenses	1		—
Seller Earnouts	—		5
Interest rate swap	3		—
Investment in partnership	67		—
Fixed assets	9		—
Capital loss carryforward	5		—
Intangible assets	16		3
Net operating losses	104		30
Other	3		3
Total	$	537	$	362
Valuation allowance on deferred tax assets	(495)		(86)
Total	$	42	$	276
Deferred tax liabilities:
Intangible assets	$	(26)	$	(29)
Investment in partnership	—		(207)
Interest rate swap	—		(5)
Other	(15)		(16)
Total	$	(41)	$	(257)
Net deferred tax (liability) asset	$	1	$	19

Summary of Supplemental Cash Flow and Other Information Related to Leases

The table below provides the updated requirements of ASU 2023-09 for cash paid for income taxes, net of refunds (in millions):

	Year ended December 31, 2025
Cash paid for income taxes, net of refunds:
Federal	$	12
State	18
Foreign	6
Total cash paid for income taxes, net of refunds	$	36

Supplemental cash flow and other information related to leases was as follows (in millions):

	Year Ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	16	$	28	$	30
Operating cash flows from finance leases	3		3		1
Financing cash flows from finance leases	22		27		25
Right-of use assets obtained in exchange for lease obligations
Operating leases	$	9	$	8	$	3
Finance leases	8		62		12

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a reconciliation of the Company’s beginning and ending amount of uncertain tax positions (in millions):

	Year Ended December 31,
	2025		2024		2023
Beginning Balance	$	—	$	2	$	1
Additions for tax positions of prior years	—		—		1
Lapse of statute of limitations	—		(2)		—
Ending Balance	$	—	$	—	$	2