v3.24.3
Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 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):
September 30, 2024
Level 1Level 2Level 3Total
Assets
Interest rate swaps$— $30 $— $30 
Additional Seller Note— — 72 72 
Total assets recorded at fair value$— $30 $72 $102 
Liabilities
Interest rate swaps$— $3 $— $3 
Contingent consideration liability— — 6 6 
Seller Earnouts liability— — 62 62 
Tax receivable agreement liability (1)
— — 635 635 
Total liabilities recorded at fair value$— $3 $703 $706 
December 31, 2023
Level 1Level 2Level 3Total
Assets
Interest rate swaps$— $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 
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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.
Summary of Changes in Deferred Contingent Consideration Liabilities
The following table summarizes the changes in deferred contingent consideration liabilities (in millions):
Three Months Ended
September 30		Nine Months Ended
September 30
2024202320242023
Beginning balance$3 $13 $3 $13 
Measurement period adjustments3 — 3 — 
Remeasurement of acquisition-related contingent consideration— — — — 
Payments— — — — 
Ending Balance$6 $13 $6 $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):
September 30, 2024December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
Liabilities
Current portion of long-term debt, net$25 $29 $25 $25 
Long-term debt, net2,006 2,008 2,769 2,780 
Total$2,031 $2,037 $2,794 $2,805