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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense are as follows (in millions):

			Year Ended December 31,
			2025						2024						2023
Current:
Federal			$	—					$	—					$	(1)
State and local			—						—						1
Foreign			—						1						—
Current income tax expense (benefit)			—						1						—
Deferred:
Federal			2						(4)						41
State and local			1						4						2
Deferred income tax expense (benefit)			3						—						43
Total income tax expense (benefit)			$	3					$	1					$	43

Schedule of Effective Income Tax Rate Reconciliation

The income tax provision differs from that computed at the federal and state statutory corporate tax rate as follows (in millions):

			Year Ended December 31,
			2025												2024												2023
U.S. Federal Statutory Income Tax Rate			$	(28)					21.0		%				$	18					21.0		%				$	7					21.0		%
State Taxes, Net of Federal Benefit(a)			1						(0.7)						5						5.8						3						9.8
Foreign Tax Effects:
Other			1						(0.7)						1						1.2						1						3.1
Tax Credits:
Research and Development and Other Tax Credits			(2)						1.5						(1)						(1.2)						(1)						(3.1)
Changes in Valuation allowance			28						(21.1)						(23)						(26.8)						35						109.4
Nontaxable or Nondeductible Items:
Share-Based Compensation			—						—						—						—						(5)						(15.1)
Executive Compensation			2						(1.5)						(1)						(1.2)						1						3.1
Meals and Entertainment			1						(0.7)						1						1.2						1						3.1
Other			—						—						1						1.2						1						3.1
Effective income tax rate and impact			$	3					(2.2)		%				$	1					1.2		%				$	43					134.4		%

__________________

(a)During the year ended December 31, 2025, state taxes in California, Florida, Colorado and Oregon comprised greater than 50% of the tax effect in this category. During the year ended December 31, 2024, state taxes in Colorado comprised greater than 50% of the tax effect in this category. During the year ended December 31, 2023, state taxes in California, Florida, Georgia, Iowa and Maryland comprised greater than 50% of the tax effect in this category.

Schedule of Deferred Tax Assets and Liabilities

The following table shows the components of the Company’s deferred tax assets and liabilities (in millions):

			December 31,
			2025						2024
Deferred tax assets:
Operating lease liability			$	1,106					$	895
Leasehold interest			13						—
Net operating losses			124						67
Nondeductible accruals			31						33
Deferred revenue			—						9
Income tax credits			3						1
Valuation allowance			(65)						(30)
Other			13						13
Deferred tax assets			$	1,225					$	988
Deferred tax liabilities:
Right-of-use asset			$	(1,096)					$	(887)
Property and equipment			(38)						(42)
Intangibles			(6)						(6)
Prepaid maintenance expense			(93)						(59)
Other			(4)						(2)
Deferred tax liabilities			(1,237)						(996)
Net deferred tax assets (liabilities)			$	(12)					$	(8)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table shows the components of the Company’s unrecognized tax benefits related to uncertain tax positions (in millions):

			2025						2024						2023
Unrecognized tax benefits at January 1			$	—					$	—					$	1
Decrease for tax positions taken during prior period			—						—						(1)
Increase for tax positions taken during current period			1						—						—
Unrecognized tax benefits at December 31			$	1					$	—					$	—

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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