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v3.25.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment |
|  | Three months ended June 30, 2025
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Revenue(a) |  | $ | 2,847 |  |  | $ | 2,737 |  |  | $ | 675 |  |  | $ | 504 |  |  | $ | — |  |  | $ | (23) |  |  | $ | 6,740 |
Operating expenses |  | 2,371 |  |  | 3,048 |  |  | 520 |  |  | 428 |  |  | 52 |  |  | (23) |  |  | 6,396 |
Depreciation and amortization |  | 93 |  |  | 36 |  |  | 11 |  |  | 193 |  |  | 11 |  |  | — |  |  | 344 |
Total operating cost and expenses |  | 2,464 |  |  | 3,084 |  |  | 531 |  |  | 621 |  |  | 63 |  |  | (23) |  |  | 6,740 |
Operating income/(loss) |  | 383 |  |  | (347) |  |  | 144 |  |  | (117) |  |  | (63) |  |  | — |  |  | — |
Equity in earnings of unconsolidated affiliates |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Other income, net |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | 6 |  |  | — |  |  | 4 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | (10) |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | (148) |  |  | — |  |  | (148) |
Income/(loss) before income taxes |  | 382 |  |  | (347) |  |  | 144 |  |  | (117) |  |  | (215) |  |  | — |  |  | (153) |
Income tax benefit |  | — |  |  | — |  |  | — |  |  | — |  |  | (49) |  |  | — |  |  | (49) |
Net income/(loss) |  | $ | 382 |  |  | $ | (347) |  |  | $ | 144 |  |  | $ | (117) |  |  | $ | (166) |  |  | $ | — |  |  | $ | (104) |
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues |  | $ | 6 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 337 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 7 |  |  | $ | 25 |  |  | $ | — |  |  | $ | 378 |
|  | Three months ended June 30, 2024
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Revenue(a) |  | $ | 2,763 |  |  | $ | 2,532 |  |  | $ | 910 |  |  | $ | 467 |  |  | $ | — |  |  | $ | (13) |  |  | $ | 6,659 |
Operating expenses |  | 1,719 |  |  | 2,045 |  |  | 851 |  |  | 255 |  |  | 22 |  |  | (13) |  |  | 4,879 |
Depreciation and amortization |  | 77 |  |  | 39 |  |  | 48 |  |  | 186 |  |  | 10 |  |  | — |  |  | 360 |
Impairment losses |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Total operating cost and expenses |  | 1,796 |  |  | 2,084 |  |  | 914 |  |  | 441 |  |  | 32 |  |  | (13) |  |  | 5,254 |
Gain on sale of assets |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Operating income/(loss) |  | 967 |  |  | 448 |  |  | 1 |  |  | 26 |  |  | (32) |  |  | — |  |  | 1,410 |
Equity in earnings of unconsolidated affiliates |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Other income, net |  | — |  |  | — |  |  | 1 |  |  | (8) |  |  | 10 |  |  | — |  |  | 3 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |  |  | (202) |  |  | — |  |  | (202) |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | (163) |  |  | — |  |  | (163) |
Income/(loss) before income taxes |  | 967 |  |  | 448 |  |  | 6 |  |  | 18 |  |  | (387) |  |  | — |  |  | 1,052 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 314 |  |  | — |  |  | 314 |
Net income/(loss) |  | $ | 967 |  |  | $ | 448 |  |  | $ | 6 |  |  | $ | 18 |  |  | $ | (701) |  |  | $ | — |  |  | $ | 738 |
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues |  | $ | 9 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 80 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 6 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 103 |
|  | Six months ended June 30, 2025
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Revenue(a) |  | $ | 5,282 |  |  | $ | 7,314 |  |  | $ | 1,774 |  |  | $ | 998 |  |  | $ | — |  |  | $ | (43) |  |  | $ | 15,325 |
Operating expenses |  | 4,386 |  |  | 6,887 |  |  | 1,536 |  |  | 677 |  |  | 71 |  |  | (43) |  |  | 13,514 |
Depreciation and amortization |  | 176 |  |  | 73 |  |  | 24 |  |  | 375 |  |  | 22 |  |  | — |  |  | 670 |
Total operating cost and expenses |  | 4,562 |  |  | 6,960 |  |  | 1,560 |  |  | 1,052 |  |  | 93 |  |  | (43) |  |  | 14,184 |
Loss on sale of assets |  | — |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | — |  |  | (7) |
Operating income/(loss) |  | 720 |  |  | 354 |  |  | 207 |  |  | (54) |  |  | (93) |  |  | — |  |  | 1,134 |
Equity in earnings of unconsolidated affiliates |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
Other income, net |  | (1) |  |  | 4 |  |  | (1) |  |  | (8) |  |  | 22 |  |  | — |  |  | 16 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | (10) |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | (311) |  |  | — |  |  | (311) |
Income/(loss) before income taxes |  | 719 |  |  | 358 |  |  | 209 |  |  | (62) |  |  | (392) |  |  | — |  |  | 832 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 186 |  |  | — |  |  | 186 |
Net income/(loss) |  | $ | 719 |  |  | $ | 358 |  |  | $ | 209 |  |  | $ | (62) |  |  | $ | (578) |  |  | $ | — |  |  | $ | 646 |
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues |  | $ | 13 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 43 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 527 |  |  | $ | 5 |  |  | $ | 7 |  |  | $ | 8 |  |  | $ | 48 |  |  | $ | — |  |  | $ | 595 |
|  | Six months ended June 30, 2024
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Revenue(a) |  | $ | 4,996 |  |  | $ | 6,047 |  |  | $ | 2,129 |  |  | $ | 935 |  |  | $ | — |  |  | $ | (19) |  |  | $ | 14,088 |
Operating expenses |  | 3,517 |  |  | 4,940 |  |  | 2,117 |  |  | 503 |  |  | 41 |  |  | (19) |  |  | 11,099 |
Depreciation and amortization |  | 159 |  |  | 78 |  |  | 73 |  |  | 363 |  |  | 20 |  |  | — |  |  | 693 |
Impairment losses |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Total operating cost and expenses |  | 3,676 |  |  | 5,018 |  |  | 2,205 |  |  | 866 |  |  | 61 |  |  | (19) |  |  | 11,807 |
(Loss)/gain on sale of assets |  | (4) |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Operating income/(loss) |  | 1,316 |  |  | 1,029 |  |  | (71) |  |  | 69 |  |  | (61) |  |  | — |  |  | 2,282 |
Equity in earnings of unconsolidated affiliates |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 7 |
Other income, net |  | — |  |  | — |  |  | (1) |  |  | (4) |  |  | 38 |  |  | — |  |  | 33 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |  |  | (260) |  |  | — |  |  | (260) |
Interest expense |  | — |  |  | — |  |  | — |  |  | — |  |  | (315) |  |  | — |  |  | (315) |
Income/(loss) before income taxes |  | 1,316 |  |  | 1,029 |  |  | (65) |  |  | 65 |  |  | (598) |  |  | — |  |  | 1,747 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 498 |  |  | — |  |  | 498 |
Net income/(loss) |  | $ | 1,316 |  |  | $ | 1,029 |  |  | $ | (65) |  |  | $ | 65 |  |  | $ | (1,096) |  |  | $ | — |  |  | $ | 1,249 |
(a) Inter-segment sales and inter-segment net derivative gains and losses included in revenues |  | $ | 10 |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | $ | 125 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 10 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 172 |
The following table summarizes balance sheet information by segment:
|  | As of June 30, 2025
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Equity investments in affiliates |  | $ | — |  |  | $ | — |  |  | $ | 47 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 47 |
Goodwill |  | 643 |  |  | 721 |  |  | 159 |  |  | 3,494 |  |  | — |  |  | — |  |  | 5,017 |
Total assets |  | 8,646 |  |  | 8,932 |  |  | 2,228 |  |  | 6,731 |  |  | 16,364 |  |  | (18,813) |  |  | 24,088 |
|  | As of December 31, 2024
(In millions) |  | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate |  | Eliminations |  | Total
Equity investments in affiliates |  | $ | — |  |  | $ | — |  |  | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45 |
Goodwill |  | 643 |  |  | 721 |  |  | 153 |  |  | 3,494 |  |  | — |  |  | — |  |  | 5,011 |
Total assets |  | 6,925 |  |  | 8,021 |  |  | 2,254 |  |  | 6,624 |  |  | 15,543 |  |  | (15,345) |  |  | 24,022 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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