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Discontinued Operations and Disposal Groups | 9 Months Ended
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Sep. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure | Discontinued Operations 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 management 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 the Company's 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. Related to the classification of the Fiber Business as "held for sale", the Company recorded a loss from disposal of discontinued operations of $231 million and $1.3 billion for the three and nine months ended September 30, 2025, respectively, which represents the excess of the carrying value of the Fiber Business over the purchase price, less estimated costs to sell. The additional loss recorded for the three months ended September 30, 2025 relates to ongoing investment in the Fiber Business during the period. The loss is included in "Gain (loss) from disposal of discontinued operations" in the condensed consolidated statement of operations and comprehensive income (loss). Due to the Company's REIT tax filing status, there is no tax benefit recognized related to the loss from disposal of the Fiber Business. 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 September 30, 2025 and December 31, 2024 and results of operations related to discontinued operations for the three and nine months ended September 30, 2025 and 2024. See note 11 to our condensed consolidated financial statements for a discussion of our reportable segment.
| September 30, 2025 |  | December 31, 2024
ASSETS |  |  |
Current assets: |  |  |
Receivables, net | $ | 328 |  |  | $ | 349 |
Other current assets(a) | 91 |  |  | 80 |
Total current assets | 419 |  |  | 429 |
Property and equipment(b) | 9,460 |  |  | 8,918 |
Other intangible assets, net(b) | 1,706 |  |  | 1,744 |
Operating lease right-of-use assets and other assets, net(b) | 323 |  |  | 306 |
Valuation allowance for assets held for sale(c) | (1,284) |  |  | — |
Total assets | $ | 10,624 |  |  | $ | 11,397 |
LIABILITIES |  |  |
Current liabilities: |  |  |
Accounts payable | $ | 132 |  |  | $ | 144 |
Deferred revenues | 350 |  |  | 336 |
Operating lease liabilities and other accrued liabilities | 241 |  |  | 223 |
Current maturities of debt and other obligations | 9 |  |  | 7 |
Total current liabilities | 732 |  |  | 710 |
Debt and other long-term obligations | 22 |  |  | 20 |
Operating lease liabilities | 173 |  |  | 173 |
Deferred revenue and other long-term liabilities | 1,341 |  |  | 1,341 |
Total liabilities | $ | 2,268 |  |  | $ | 2,244 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net revenues | $ | 552 |  |  | $ | 535 |  |  | $ | 1,620 |  |  | $ | 1,580 |
Operating expenses(b) | 273 |  |  | 524 |  |  | 978 |  |  | 1,563 |
Income (loss) from discontinued operations before income taxes | 279 |  |  | 11 |  |  | 642 |  |  | 17 |
Benefit (provision) for income taxes | (2) |  |  | (2) |  |  | (5) |  |  | (5) |
Income (loss) from discontinued operations before gain (loss) from disposal, net of tax | $ | 277 |  |  | $ | 9 |  |  | $ | 637 |  |  | $ | 12 |
(a)As of September 30, 2025 and December 31, 2024, inclusive of $17 million and $20 million, respectively, in cash and cash equivalents and restricted cash and cash equivalents. (b)Following the classification of the Fiber Business as "held for sale", the Company ceased depreciation and amortization of long-lived assets included in discontinued operations. (c)In addition to the loss recorded in conjunction with the valuation allowance for assets held for sale, there were $11 million and $29 million included in "Gain (loss) from disposal of discontinued operations" on the Company's condensed consolidated statement of operations and comprehensive income (loss) for the three and nine months ended September 30, 2025, respectively, related to selling costs that were incurred during the respective period ended September 30, 2025.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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