In conjunction with the issuance of the Kinetic ABS Notes, we formed Kinetic ABS Parent LLC (“Kinetic ABS Parent”), an indirect, bankruptcy-remote subsidiary of the Company, and we designated Kinetic ABS Parent as an unrestricted subsidiary under the credit agreements and the applicable indentures governing the Company’s outstanding senior notes. We also formed the Kinetic ABS Notes Obligors, each a subsidiary of Kinetic ABS Parent and an indirect, bankruptcy-remote subsidiary of the Company. Each Kinetic ABS Notes Obligor is an unrestricted subsidiary under the credit agreements and the applicable indentures governing the Company’s senior notes. See Note 5 for additional information regarding our asset-backed securities.


	As of March 31, 2026
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Current assets:
Cash and cash equivalents	$	16.1	$	966.5	$	—	$	982.6
Restricted cash	143.8		5.5		—		149.3
Accounts receivable, net	37.5		351.6		(72.1)		317.0
Inventories	—		43.8		—		43.8
Prepaid expenses	—		147.3		(1.7)		145.6
Other current assets	0.7		168.8		—		169.5
Total current assets	198.1		1,683.5		(73.8)		1,807.8
Goodwill	—		1,158.5		—		1,158.5
Intangible assets, net	—		1,212.6		—		1,212.6
Property, plant and equipment, net	1,848.7		6,470.5		—		8,319.2
Operating lease right-of-use assets, net	—		527.3		(31.7)		495.6
Other assets	23.7		125.6		(31.6)		117.7
Total assets	$	2,070.5	$	11,178.0	$	(137.1)	$	13,111.4
Liabilities and shareholders' equity:
Current liabilities:
Current portion of long-term debt	$	—	$	10.0	$	—	$	10.0
Accounts payable	58.4		201.0		(72.1)		187.3
Deferred revenue	13.6		252.9		(3.9)		262.6
Current portion of operating lease obligations	—		119.2		—		119.2
Accrued taxes	1.8		51.6		—		53.4
Accrued interest	11.3		175.5		—		186.8
Other current liabilities	—		353.9		—		353.9
Total current liabilities	85.1		1,164.1		(76.0)		1,173.2
Notes and other debt, net	1,762.7		8,895.2		(21.3)		10,636.6
Noncurrent operating lease obligations	—		342.9		—		342.9
Noncurrent deferred revenue	95.9		314.6		(39.8)		370.7
Deferred income tax assets, net	—		17.9		—		17.9
Other liabilities	—		250.4		—		250.4
Total liabilities	1,943.7		10,985.1		(137.1)		12,791.7
Shareholders' equity:
Total shareholders' equity	126.8		192.9		—		319.7
Total liabilities and shareholders' equity	$	2,070.5	$	11,178.0	$	(137.1)	$	13,111.4


	As of December 31, 2025
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Assets:
Current assets:
Cash and cash equivalents	$	5.4	$	48.1	$	—	$	53.5
Restricted cash	75.2		5.4		—		80.6
Accounts receivable, net	18.0		394.6		(53.6)		359.0
Inventories	—		44.0		—		44.0
Prepaid expenses	—		137.6		—		137.6
Other current assets	—		156.3		—		156.3
Total current assets	98.6		786.0		(53.6)		831.0
Goodwill	—		1,158.3		—		1,158.3
Intangible assets, net	—		1,293.3		—		1,293.3
Property, plant and equipment, net	614.4		7,527.5		—		8,141.9
Operating lease right-of-use assets, net	—		516.6		—		516.6
Other assets	23.4		103.2		(31.0)		95.6
Total assets	$	736.4	$	11,384.9	$	(84.6)	$	12,036.7
Liabilities and shareholders' equity (deficit):
Current liabilities:
Current portion of long-term debt	$	—	$	10.0	$	—	$	10.0
Accounts payable	47.7		177.4		(53.6)		171.5
Deferred revenue	7.4		233.5		(1.1)		239.8
Current portion of operating lease obligations	—		122.6		—		122.6
Accrued taxes	0.5		51.3		—		51.8
Accrued interest	10.3		128.5		—		138.8
Other current liabilities	—		389.4		—		389.4
Total current liabilities	65.9		1,112.7		(54.7)		1,123.9
Notes and other debt, net	822.1		8,728.6		(21.3)		9,529.4
Noncurrent operating lease obligations	—		360.5		—		360.5
Noncurrent deferred revenue	62.5		314.8		(8.6)		368.7
Deferred income tax assets, net	—		17.7		—		17.7
Other liabilities	—		256.1		—		256.1
Total liabilities	950.5		10,790.4		(84.6)		11,656.3
Shareholders' equity (deficit):
Total shareholders' equity (deficit)	(214.1)		594.5		—		380.4
Total liabilities and shareholders' equity (deficit)	$	736.4	$	11,384.9	$	(84.6)	$	12,036.7


	Three Months Ended March 31, 2026
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Total revenues and sales	$	88.7	$	929.9	$	(31.1)	$	987.5
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)	26.4		358.6		(26.8)		358.2
Cost of sales (exclusive of depreciation and amortization)	—		29.8		—		29.8
Selling, general and administrative	6.3		166.7		(4.3)		168.7
Depreciation and amortization	15.8		274.0		—		289.8
Transaction related and other costs	—		30.1		—		30.1
Total costs and expenses	48.5		859.2		(31.1)		876.6
Operating income	40.2		70.7		—		110.9
Other expense, net	0.1		6.4		—		6.5
Gain on extinguishment of debt	—		1.2		—		1.2
Interest expense, net	(23.2)		(165.1)		—		(188.3)
Income (loss) before income taxes	17.1		(86.8)		—		(69.7)
Income tax expense	—		(0.6)		—		(0.6)
Net income (loss)	$	17.1	$	(87.4)	$	—	$	(70.3)


	Three Months Ended March 31, 2025
(Millions)	Unrestricted Subsidiaries		Restricted Subsidiaries		Eliminations		Consolidated
Revenue and sales	$	32.0	$	273.4	$	(11.5)	$	293.9
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)	9.3		31.6		(9.5)		31.4
Cost of sales (exclusive of depreciation and amortization)	—		1.0		—		1.0
Selling, general and administrative	5.0		25.3		(2.0)		28.3
Depreciation and amortization	5.8		73.9		—		79.7
Transaction related and other costs	—		7.8		—		7.8
Total costs and expenses	20.1		139.6		(11.5)		148.2
Operating income	11.9		133.8		—		145.7
Other income, net	—		—		—		—
Loss on extinguishment of debt	(3.2)		(5.3)		—		(8.5)
Interest expense, net	(9.1)		(120.4)		—		(129.5)
(Loss) income before income taxes	(0.4)		8.1		—		7.7
Income tax benefit	—		4.5		—		4.5
Net (loss) income	$	(0.4)	$	12.6	$	—	$	12.2