In January 2024, the Company's board of directors established a Fiber Review Committee to oversee and direct the review of strategic and operational alternatives that were available to the Company with respect to its Fiber Business. The operational review concluded in June 2024 and resulted in the restructuring plan that we initiated in June 2024 ("2024 Restructuring Plan"), while the strategic review concluded in March 2025 with the signing of the Strategic Fiber Agreement. See note 13 to our condensed consolidated financial statements for a discussion of the 2024 Restructuring Plan.

On March 13, 2025, management signed the Strategic Fiber Agreement to sell the Fiber Business, with Zayo acquiring the fiber solutions business and EQT acquiring the small cells business. Under the Strategic Fiber Agreement, the Company will receive $8.5 billion in aggregate cash proceeds, subject to certain closing adjustments. As such, the Fiber Business' results and net assets are presented herein as discontinued operations and comparable prior periods have been recast to reflect this change. Upon classification as "held for sale", the Company recorded a loss from disposal of discontinued operations, net of tax, of $830 million, which represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell. The loss is included in "Gain (loss) from disposal of discontinued operations, net of tax" in the condensed consolidated statement of operations and comprehensive income (loss) for the three months ended March 31, 2025. The Strategic Fiber Transaction is expected to close in the first half of 2026, subject to certain closing conditions and required government and regulatory approvals. Pending the closing of the Strategic Fiber Transaction, management will continue to operate the Fiber Business in accordance with the Strategic Fiber Agreement.

The historic Fiber segment was previously a separate reportable segment of the Company. The Company's Fiber reportable segment is treated as discontinued operations for all periods presented because the anticipated disposal represents a strategic shift that will have a material impact on the Company's operating results. The tables below set forth the assets and liabilities related to discontinued operations as of March 31, 2025 and December 31, 2024 and results of operations related to discontinued operations for the three months ended March 31, 2025 and 2024. See note 11 to our condensed consolidated financial statements for a discussion of our reportable segment.


	March 31, 2025		December 31, 2024
ASSETS
Current assets:
Receivables, net	$	316	$	349
Other current assets(a)	126		80
Total current assets	442		429
Property and equipment(b)	8,976		8,918
Other intangible assets, net(b)	1,704		1,744
Operating lease right-of-use assets and other assets, net	302		306
Valuation allowance for assets held for sale	(819)		—
Total assets	$	10,605	$	11,397
LIABILITIES
Current liabilities:
Accounts payable	$	150	$	144
Deferred revenues	345		336
Operating lease liabilities and other accrued liabilities	186		223
Current maturities of debt and other obligations	8		7
Total current liabilities	689		710
Debt and other long-term obligations	22		20
Operating lease liabilities	166		173
Deferred revenue and other long-term liabilities	1,330		1,341
Total liabilities	$	2,207	$	2,244


	Three Months Ended March 31,
	2025		2024
Net revenues	$	532	$	526
Operating expenses(b)	448		507
Income (loss) from discontinued operations before income taxes	84		19
Benefit (provision) for income taxes	(2)		(2)
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax(c)	$	82	$	17