v3.26.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Earnings (Loss) From Continuing Operations
The U.S. and foreign components of earnings (loss) from continuing operations before income taxes and equity in loss of investee companies were as follows:
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,Year Ended December 31,
2025202520242023
United States$(652)$157 $(5,862)$(2,039)
Foreign176 347 (315)786 
Total$(476)$504 $(6,177)$(1,253)
Schedule of Components of Income Tax Provision (Benefit)
The components of the (benefit from) provision for income taxes were as follows:
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,Year Ended December 31,
2025202520242023
Current:
Federal$(11)$144 $121 $70 
State and local(5)74 56 84 
Foreign91 104 148 135 
Total current75 322 325 289 
Deferred:
Federal$(139)$(341)$(538)$(556)
State and local21 (73)(116)(110)
Foreign3 13 24 16 
Total deferred(115)(401)(630)(650)
Benefit from income taxes$(40)$(79)$(305)$(361)
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate
The difference between income taxes expected at the U.S. federal statutory income tax rate of 21% and the (benefit from) provision for income taxes is summarized as follows:
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,
20252025
AmountPercentAmountPercent
Taxes on income at U.S. federal statutory rate$(100)21.0 %$106 21.0 %
State and local taxes, net of federal tax benefit (a)
6 (1.3)%(17)(3.4)%
Effect of foreign operations:
United Kingdom
Statutory tax rate difference6 (1.3)%7 1.4 %
UK consortium group relief(29)6.1 %(37)(7.3)%
Withholding taxes(4)0.8 %(5)(1.0)%
Provision to return(13)2.7 %— — %
Other2 (0.4)%7 1.4 %
Canada
Withholding taxes28 (5.9)%28 5.5 %
Other5 (1.0)%1 0.2 %
Netherlands
Provision to return16 (3.4)%— — %
Other— — %3 0.6 %
Australia
Statutory tax rate difference(3)0.6 %(6)(1.2)%
Changes in valuation allowances5 (1.0)%25 5.0 %
Other5 (1.0)%3 0.6 %
Germany
Provision to return6 (1.3)%1 0.2 %
Other— — %1 0.2 %
Chile
Changes in valuation allowances7 (1.5)%— — %
Other(2)0.4 %(1)(0.2)%
Barbados
Statutory tax rate difference(11)2.3 %(16)(3.2)%
Pillar Two14 (2.9)%— — %
Italy8 (1.7)%5 1.0 %
Other foreign jurisdictions17 (3.6)%21 4.2 %
Effect of cross-border tax laws:
Foreign tax credits(62)13.0 %(51)(10.1)%
Foreign-derived intangible income— — %(48)(9.5)%
U.S. tax on foreign entities— — %8 1.6 %
Subpart F income23 (4.8)%— — %
Tax credits— — %(4)(0.8)%
Changes in valuation allowances5 (1.0)%(94)(18.7)%
Nontaxable and nondeductible items
Compensation25 (5.2)%5 1.0 %
Noncontrolling interests(9)1.9 %(93)(18.5)%
Transaction-related items1 (0.2)%14 2.8 %
Excess tax (benefit) deficiency from stock-based compensation(2)0.4 %9 1.8 %
Other4 (0.8)%(4)(0.8)%
Changes in reserve for uncertain tax positions11 (2.3)%57 11.3 %
Other, net1 (0.2)%(4)(0.8)%
Benefit from income taxes$(40)8.4 %$(79)(15.7)%
(a) State taxes in Pennsylvania, New York, California, New Jersey, Ohio, and Oregon comprise the majority of the tax effect in this category.
Predecessor
Year Ended December 31,
20242023
Taxes on income at U.S. federal statutory rate$(1,297)$(263)
State and local taxes, net of federal tax benefit(56)(13)
Effect of foreign operations74 (97)
Noncontrolling interests(7)(6)
Goodwill impairment819 — 
Interest limitation carryforward valuation allowance101 — 
Non-deductible expenses55 9 
Reorganization of foreign operations— (4)
Tax deficiency from stock-based compensation18 18 
Other, net
(12)(5)
Benefit from income taxes$(305)$(361)
Schedule of Components of Deferred Income Tax Assets and Liabilities
The following table summarizes the components of deferred income tax assets and liabilities.
SuccessorPredecessor
AtAt
December 31, 2025December 31, 2024
Deferred income tax assets:
Reserves and other accrued liabilities$606 $354 
Pension, postretirement and other employee benefits437 460 
Lease liability348 409 
Tax credit and loss carryforwards893 538 
Interest limitation carryforward13 114 
Capitalized costs383 180 
Intangible assets— 428 
Investments406 25 
Other5 10 
Total deferred income tax assets3,091 2,518 
Valuation allowance(625)(655)
Deferred income tax assets, net of valuation allowance2,466 1,863 
Deferred income tax liabilities:
Intangible assets(395)— 
Lease asset(308)(340)
Property, equipment and other assets(267)(89)
Financing obligations(285)(66)
Other(14)(16)
Total deferred income tax liabilities(1,269)(511)
Deferred income tax assets, net$1,197 $1,352 
Schedule of Income Taxes Paid
The income taxes paid (net of refunds) were as follows:
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,
20252025
Federal$— $196 
State and local:
Hawaii— (49)
Other19 9 
Foreign:
Canada14 (21)
Italy12 5 
United Kingdom2 17 
Other23 44 
Total$70 $201 
Supplemental Cash Flow Information
SuccessorPredecessor
Period From August 7 - December 31,Period From January 1 - August 6,Year Ended December 31,
2025202520242023
Cash paid for interest$296 $524 $833 $901 
Cash paid for income taxes:
Continued operations$70 $201 $184 $22 
Discontinued operations— — — 85 
Total cash paid for income taxes$70 $201 $184 $107 
Schedule of Change in Reserve for Uncertain Tax Positions
The following table sets forth the change in the reserve for uncertain tax positions, excluding related accrued interest and penalties.
At 1/1/2023 (Predecessor)$303 
Additions for current year tax positions15 
Additions for prior year tax positions20 
Reductions for prior year tax positions(46)
Cash settlements(2)
Statute of limitations lapses(4)
At December 31, 2023 (Predecessor)286 
Additions for current year tax positions12 
Additions for prior year tax positions3 
Reductions for prior year tax positions(14)
Cash settlements(3)
Statute of limitations lapses(4)
At December 31, 2024 (Predecessor)280 
Additions for current year tax positions6 
Additions for prior year tax positions154 
Reductions for prior year tax positions(8)
Statute of limitations lapses(1)
At August 6, 2025 (Predecessor)431 
Additions for current year tax positions3 
Additions for prior year tax positions2 
Reductions for prior year tax positions(3)
Cash settlements(1)
Statute of limitations lapses(1)
At December 31, 2025 (Successor)$431