| FINANCIAL STATEMENT DETAILS |
NOTE 14—FINANCIAL STATEMENT DETAILS Cash and Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet to the total amounts shown in the statement of cash flows: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | December 31, 2023 | | December 31, 2022 | | (In thousands) | | Cash and cash equivalents | $ | 941,311 | | | $ | 1,363,548 | | | $ | 915,376 | | | $ | 1,077,466 | | | Restricted cash included in other current assets | — | | | 7,195 | | | 7,119 | | | — | | | Restricted cash included in other non-current assets | 7,861 | | | — | | | — | | | 6,640 | | | Cash, cash equivalents, and restricted cash included in current assets of discontinued operations | 37,659 | | | 436,401 | | | 383,489 | | | 341,089 | | | Restricted cash included in other non-current assets of discontinued operations | — | | | 111 | | | 257 | | | 874 | | | Total cash and cash equivalents and restricted cash as shown on the statement of cash flows | $ | 986,831 | | | $ | 1,807,255 | | | $ | 1,306,241 | | | $ | 1,426,069 | |
Restricted cash in all periods presented principally consists of cash held in escrow related to the IPC Plan at People Inc. Credit Losses The following table presents the changes in the allowance for credit losses: | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | (In thousands) | | Balance at January 1 | $ | 6,677 | | | $ | 6,398 | | | Current period provision for credit losses | 7,486 | | | 4,687 | | | Write-offs charged against the allowance | (5,546) | | | (4,612) | | | | | | | Recoveries collected | 90 | | | 46 | | | | | | | Other | — | | | 158 | | | Balance at December 31 | $ | 8,707 | | | $ | 6,677 | |
Other current assets | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | (In thousands) | | | | | | Prepaid expenses | $ | 24,946 | | | $ | 28,089 | | | Other | 72,967 | | | 77,530 | | | Other current assets | $ | 97,913 | | | $ | 105,619 | |
Buildings, land, equipment, leasehold improvements and capitalized software, net | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | (In thousands) | | Buildings | $ | 165,948 | | | $ | 165,700 | | | Equipment (including furniture) | 110,967 | | | 122,614 | | | Leasehold improvements | 75,290 | | | 77,915 | | | Capitalized software | 29,003 | | | 21,671 | | | Land | 86,045 | | | 86,045 | | | Projects in progress | 6,745 | | | 5,839 | | | Total gross carrying amount | 473,998 | | | 479,784 | | | Accumulated depreciation and amortization | (189,604) | | | (169,600) | | | Buildings, land, equipment, leasehold improvements and capitalized software, net | $ | 284,394 | | | $ | 310,184 | |
Accrued expenses and other current liabilities | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | (In thousands) | | Accrued employee compensation and benefits | $ | 120,494 | | | $ | 134,093 | | | Customer deposit liability | 107,608 | | | 118,464 | | | Other | 163,266 | | | 169,752 | | | Accrued expenses and other current liabilities | $ | 391,368 | | | $ | 422,309 | |
Other income, net | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | (In thousands) | | Interest income | $ | 46,203 | | | $ | 66,413 | | | $ | 53,601 | | Loss related to the allocation of a disputed gain on a real estate transaction(a) | (19,189) | | | — | | | — | | Net (downward) upward adjustments to the carrying value of equity securities without readily determinable fair values and net gains (losses) on sales of investments and businesses (including unrealized losses on investments)(b)(c) | (17,675) | | | 10,373 | | | (17,988) | | People Inc. Credit Agreement amendment costs(d) | (573) | | | (3,453) | | | — | | | Increase in the estimated fair value of a warrant | — | | | 20,393 | | | 2,832 | | | Other | 7,370 | | | 4,501 | | | 7,780 | | | Other income, net | $ | 16,136 | | | $ | 98,227 | | | $ | 46,225 | |
_____________________ (b) Includes downward and upward adjustments to the carrying value of equity securities without readily determinable fair values. For the years ended December 31, 2025, 2024 and 2023, the Company recorded net downward adjustments of $29.2 million, $32.3 million and $20.2 million, respectively. (c) The year ended December 31, 2024, includes a pre-tax gain of $29.2 million on the sale of assets of Mosaic Group, which was included within Emerging & Other, and was accounted for as a sale of a business. (d) The year ended December 31, 2025 amount represents third-party fees incurred in connection with Amendment No.2, the Indenture and Amendment No. 3, and the year ended December 31, 2024 amount represents third-party fees incurred in connection with Amendment No.1. See “Note 6—Long-term debt” for additional information. Supplemental Disclosure of Cash Flow Information | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | (In thousands) | Cash paid during the year for interest, net(f) | $ | 115,584 | | | $ | 131,235 | | | $ | 136,797 | |
(f) The years ended December 31, 2025, 2024 and 2023 include receipts of $1.7 million, $5.0 million and $3.2 million, respectively, related to the Interest Rate Swaps.
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