v3.26.1
Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net Income (Loss) Attributable to Parent $ 245 $ (173)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent (350) (360)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation 625 1,082
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent 520 549
Adjustments to reconcile Net Income (Loss) to net cash provided by (used for) operating activities:    
Depreciation, amortization and accretion 343 352
Amortization of deferred financing costs and other non-cash interest 14 16
Stock-based compensation expense, net 47 36
Asset write-down charges 5 4
Deferred income tax (benefit) provision 4 1
Other non-cash adjustments, net 1 (4)
Cash Provided by (Used in) Operating Activity, Discontinued Operation 108 581
Changes in assets and liabilities, excluding the effects of acquisitions:    
Increase (decrease) in accrued interest (25) (6)
Increase (decrease) in accounts payable 21 0
Increase (decrease) in other liabilities 19 (32)
Decrease (increase) in receivables (4) 29
Decrease (increase) in other assets 11 (53)
Net cash provided by (used for) operating activities 1,040 1,473
Cash flows from investing activities:    
Capital expenditures (116) (80)
Other investing activities, net 0 3
Cash Provided by (Used in) Investing Activity, Discontinued Operation [1] 8,089 (446)
Net cash provided by (used for) investing activities 7,973 (523)
Cash flows from financing activities:    
Principal payments on debt and other long-term obligations (45) (59)
Purchases and redemptions of long-term debt (3,191) (700)
Borrowings under revolving credit facility 1,350 400
Payments under revolving credit facility (2,295) 0
Net issuances (repayments) under commercial paper program (1,931) 564
Payments for financing costs (6) 0
Purchases of common stock (1,017) (23)
Dividends/distributions paid on common stock (932) (1,153)
Net cash provided by (used for) financing activities (8,067) (971)
Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents 946 (21)
Effect of Exchange Rate on Cash and Cash Equivalents and Restricted Cash and Cash Equivalents 0 0
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period [2] 308 295
Cash and cash equivalents and restricted cash and cash equivalents at end of period [3] 1,254 274
Gains (losses) on retirement of long-term obligations $ 24 $ 0
[1] Represents $8.4 billion of net cash proceeds from the sale of the Fiber Business, which was completed on May 1, 2026, partially offset by capital expenditures from discontinued operations. See note 3.
[2] Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations. See note 12.
[3] Inclusive of cash and cash equivalents and restricted cash and cash equivalents included in discontinued operations for the period ended June 30, 2025.