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SUPPLEMENTAL FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2025
Additional Financial Information Disclosure [Abstract] |
SUPPLEMENTAL FINANCIAL INFORMATION | SUPPLEMENTAL FINANCIAL INFORMATION The following table presents the components of “Other items, net” on the Consolidated Statements of Operations.
|  |  | Successor |  |  | Predecessor
|  |  | Period From August 7 - December 31, |  |  | Period From January 1 - August 6, |  | Year Ended December 31,
|  |  |  |  | 2025 |  |  | 2025 |  | 2024 |  | 2023
Pension and postretirement benefit costs |  |  |  |  |  | $ | (35) |  |  |  |  |  | $ | (80) |  |  |  | $ | (139) |  |  | $ | (153) |
Foreign exchange losses |  |  |  |  |  | (5) |  |  |  |  |  | (11) |  |  |  | (47) |  |  | (66) |
Other |  |  |  |  |  | 1 |  |  |  |  |  | (1) |  |  |  | 4 |  |  | 3 |
Other items, net |  |  |  |  |  | $ | (39) |  |  |  |  |  | $ | (92) |  |  |  | $ | (182) |  |  | $ | (216) |
Supplemental Cash Flow Information
| Successor |  |  | Predecessor
| Period From August 7 - December 31, |  |  | Period From January 1 - August 6, |  | Year Ended December 31,
| 2025 |  |  | 2025 |  | 2024 |  | 2023
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 |
The cash balance on August 6, 2025 (Predecessor) was $2.46 billion. The cash balance on August 7, 2025 (Successor) was $3.85 billion. The difference reflects the proceeds received from the PIPE Transaction (see Note 1) and cash received from Skydance’s opening balance sheet, offset by cash paid for transaction-related costs incurred prior to the Closing Date. In connection with the closing of the Transactions, on August 7, 2025 (Successor), borrowings outstanding of $720 million under Skydance’s revolving credit facility were repaid in full. Discontinued Operations (Predecessor) On October 30, 2023, we completed the sale of Simon & Schuster to affiliates of Kohlberg Kravis Roberts & Co. for $1.62 billion. As a result, we recognized a pretax gain during the fourth quarter of 2023 of $695 million. During 2024, as a result of working capital adjustments we recorded additional pretax gains on the sale totaling $19 million ($14 million, net of tax). The following table sets forth details of net earnings from discontinued operations for the year ended December 31, 2023, which primarily relates to Simon & Schuster.
Year Ended December 31, 2023 | Simon & Schuster |  | Other (a) |  | Total
Revenues |  | $ | 958 |  |  |  | $ | — |  |  |  | $ | 958 |
Costs and expenses: |  |  |  |  |  |  |  |
Operating |  | 580 |  |  |  | (12) |  |  |  | 568 |
Selling, general and administrative |  | 149 |  |  |  | — |  |  |  | 149 |
Restructuring charges |  | 2 |  |  |  | — |  |  |  | 2 |
Total costs and expenses |  | 731 |  |  |  | (12) |  |  |  | 719 |
Operating income |  | 227 |  |  |  | 12 |  |  |  | 239 |
Other items, net |  | (9) |  |  |  | — |  |  |  | (9) |
Earnings from discontinued operations |  | 218 |  |  |  | 12 |  |  |  | 230 |
Benefit from (provision for) income taxes |  | 12 |  |  |  | (3) |  |  |  | 9 |
Earnings from discontinued operations, net of tax |  | 230 |  |  |  | 9 |  |  |  | 239 |
Gain on sale (net of tax of $258 million) (b) |  | 437 |  |  |  | — |  |  |  | 437 |
Net earnings from discontinued operations, net of tax |  | $ | 667 |  |  |  | $ | 9 |  |  |  | $ | 676 |
(a) Primarily relates to indemnification obligations for leases associated with the previously discontinued operations of Famous Players Inc. (b) The tax provision on the gain on sale differs from the amount that would be expected at the U.S. federal statutory income tax rate primarily because the goodwill was not deductible for tax purposes.

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