Tax Receivable Agreements |
3 Months Ended |
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Mar. 31, 2024 | |
| Tax Receivable Agreements [Abstract] | |
| Tax Receivable Agreements | Note 13 - Tax Receivable Agreements For information related to our TRAs, refer to Note 17 - Tax Receivable Agreements in our 2023 Form 10-K. As of March 31, 2024 and December 31, 2023, the Company had a liability of $2,796.0 million and $2,818.0 million, respectively, related to its projected obligations under the TRAs. This liability, or a portion thereof, becomes payable once the tax attributes under the TRAs reduce the Company’s current income tax liability which would have been otherwise due absent such tax attributes. The liability will be reduced to the extent the tax attributes are expected to expire or otherwise cannot be applied to reduce the Company’s tax liabilities. The liability is classified as current or noncurrent based on the expected date of payment and are included on our Consolidated Balance Sheets under the captions Current portion of tax receivable agreements liability and Tax receivable agreements liability, net of current portion, respectively. During the three months ended March 31, 2024, $31.6 million was paid to TRA holders pursuant to the TRA. No payment was made during the three months ended March 31, 2023. During the three months ended March 31, 2024, we recognized a TRA measurement loss of $9.6 million, principally due to revaluation for the blended state tax rate applied to the current portion of TRA liability and an increase to the cumulative liability due to TRA Holders resulting from a reduction in the management allocation percent withheld, within Other loss (income), net on our Consolidated Statements of Operations. During the three months ended March 31, 2023, we recognized a TRA measurement gain of $10.1 million, principally due to updates to tax attributes as well as movements in our blended state tax rate resulting from legislation enacted in the first quarter of 2023 and changes in the apportionment of payroll, property and sales in the states in which we operate, within Other loss (income), net on our Consolidated Statements of Operations.
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