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Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2025
Accounting Policies [Abstract] |
Schedule of Cash and Cash Equivalents | The following table reconciles the amounts below reported in the Consolidated Balance Sheets to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:
| Years Ended December 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Cash and cash equivalents | $ | 80,817 |  |  | $ | 96,212 |  |  | $ | 14,621 |
Restricted cash and restricted cash equivalents(1) | 27,723 |  |  | 107,853 |  |  | 115,329 |
Ending balance | $ | 108,540 |  |  | $ | 204,065 |  |  | $ | 129,950 |
___________________ (1)For 2 024 and 2023, restricted cash and restricted cash equivalents primarily included funds received from State Farm Fire & Casualty Company (“State Farm”) (the “Opportunity Fund”), net of payments and inclusive of interest earned, in connection with the State Farm Development Agreement (as defined and discussed in Note 10 “Equity” and Note 16 “Related Party Transactions”). Use of the funds was restricted and agreed to by State Farm and the Company in accordance with the State Farm Development Agreement. In October 2025, the Company repaid to State Farm $78 million of the Opportunity Fund in connection with the expiration of the State Farm Development Agreement.
Schedule of Restricted Cash and Cash Equivalents | The following table reconciles the amounts below reported in the Consolidated Balance Sheets to the total of the same such amounts shown in the Consolidated Statements of Cash Flows:
| Years Ended December 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Cash and cash equivalents | $ | 80,817 |  |  | $ | 96,212 |  |  | $ | 14,621 |
Restricted cash and restricted cash equivalents(1) | 27,723 |  |  | 107,853 |  |  | 115,329 |
Ending balance | $ | 108,540 |  |  | $ | 204,065 |  |  | $ | 129,950 |
___________________ (1)For 2 024 and 2023, restricted cash and restricted cash equivalents primarily included funds received from State Farm Fire & Casualty Company (“State Farm”) (the “Opportunity Fund”), net of payments and inclusive of interest earned, in connection with the State Farm Development Agreement (as defined and discussed in Note 10 “Equity” and Note 16 “Related Party Transactions”). Use of the funds was restricted and agreed to by State Farm and the Company in accordance with the State Farm Development Agreement. In October 2025, the Company repaid to State Farm $78 million of the Opportunity Fund in connection with the expiration of the State Farm Development Agreement.
Supplementary Cash Flow Information | The following table summarizes supplementary cash flow information and material non-cash investing and financing transactions, excluding leases (refer to Note 14 “Leases”):
| Years Ended December 31, |  |
(in thousands) | 2025 |  | 2024 |  | 2023 |  |
Interest paid, net of interest income received(1) | $ | 409,415 |  |  | $ | 372,036 |  |  | $ | 522,775 |  |  |
Payments (refunds) on income taxes, net(2) | $ | 142,168 |  |  | $ | 21,700 |  |  | $ | 60,296 |  |  |
Forward share repurchase contract(3) | $ | — |  |  | $ | 104,175 |  |  | $ | — |  |  |
___________________ (1)Includes interest on finance leases (refer to Note 14 “Leases”) and interest rate swaps (refer to Note 8 “Derivative Financial Instruments”). (2)Refer to Note 9 “Income Taxes” for disclosures on income taxes paid as a result of the adoption of ASU 2023-09, which the Company adopted on a prospective basis. (3)In December 2024, the Company entered into an agreement with a non-affiliate individual to repurchase 15 million shares of Common Stock at a price per share of $6.95, which settled in January 2025 (refer to Note 10 “Equity”). The Company recorded a liability and a reduction to additional paid-in capital as of December 31, 2024. Income Taxes Paid (Net of Refunds Received)
| Year Ended December 31,
(in thousands) | 2025
Federal | $ | 105,500 |
State | 35,259 |
Foreign | 1,409 |
Total (1) | $ | 142,168 |
___________________ (1)The Company adopted ASU 2023-09, effective January 1, 2025, on a prospective basis, which is reflected in the table above. Cash Flow and Supplemental Information(1)
|  | Years Ended December 31,
(in thousands) |  | 2025 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating leases: |  |  |  |  |  |
Operating cash flows |  | $ | 27,640 |  |  | $ | 23,574 |  |  | $ | 42,883 |
Finance Leases: |  |  |  |  |  |
Operating cash flows |  | $ | 3,302 |  |  | $ | 4,686 |  |  | $ | 4,940 |
Financing cash flows |  | $ | 30,209 |  |  | $ | 29,023 |  |  | $ | 43,733 |
Right-of-use assets obtained in exchange for lease obligations |  |  |  |  |  |
Operating leases |  | $ | 22,857 |  |  | $ | 20,127 |  |  | $ | 41,338 |
Finance leases |  | $ | 12,868 |  |  | $ | 35,451 |  |  | $ | 79,273 |
__________________ (1)Includes both continuing and discontinued operations as applicable.
Schedule of Prepaid Expenses and Other Current Assets |
| December 31,
(in thousands) | 2025 |  | 2024
Prepaid expenses | $ | 52,992 |  |  | $ | 53,036 |
Contract assets (see Note 2 “Revenue and Receivables”) | 28,758 |  |  | 19,164 |
Fair value of interest rate swaps (see Note 8 “Derivative Financial Instruments”) | 38,264 |  |  | 56,164 |
Tax receivables | 73,201 |  |  | 15,962 |
Other current assets | 57,110 |  |  | 66,287 |
Prepaid expenses and other current assets | $ | 250,325 |  |  | $ | 210,613 |
Schedule of Property, Plant and Equipment and Depreciation Expense | Property and equipment, net, is recorded at historical cost less accumulated depreciation, which is calculated using the straight-line method over the estimated useful lives of the related assets. Depreciation expense is reflected in depreciation and intangible asset amortization. Repairs and maintenance expenditures are expensed when incurred. Useful Lives:
Buildings and related improvements | Up to 40 years
Leasehold improvements | Lesser of remaining term of the lease or economic useful life
Capitalized software | 3 to 10 years
Machinery, equipment, and other | Up to 10 years
Net Carrying Amount:
| December 31, |  |
(in thousands) | 2025 |  | 2024 |  |
Land | $ | 9,181 |  |  | $ | 9,773 |  |  |
Buildings and leasehold improvements | 99,992 |  |  | 97,263 |  |  |
Capitalized software(1) | 454,209 |  |  | 574,644 |  |  |
Machinery, equipment, and other(2) | 123,961 |  |  | 162,631 |  |  |
Construction in progress | 31,734 |  |  | 22,106 |  |  |
Finance leases | 128,032 |  |  | 127,956 |  |  |
Accumulated depreciation | (603,711) |  |  | (747,190) |  |  |
Property and equipment, net | $ | 243,398 |  |  | $ | 247,183 |  |  |
_______________ (1) During 2025 includes approximately $266 million of retirements. (2) During 2025 includes approximately $46 million of retirements. Depreciation Expense:
| Years Ended December 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Depreciation expense | $ | 185,989 |  |  | $ | 174,850 |  |  | $ | 176,407 |
Schedule of Subscriber System Assets, Net | Subscriber system assets represent capitalized equipment and installation costs incurred in connection with transactions in which the Company retains ownership of the security system, which the Company may retrieve upon termination of the contract with the customer. Subscriber system assets are reflected in the Consolidated Balance Sheets as follows:
| December 31,
(in thousands) | 2025 |  | 2024
Gross carrying amount | $ | 7,145,662 |  |  | $ | 6,878,490 |
Accumulated depreciation | (4,354,783) |  |  | (3,897,329) |
Subscriber system assets, net | $ | 2,790,879 |  |  | $ | 2,981,161 |
Schedule of Subscriber System Depreciation and Amortization Cost | Depreciation of subscriber system assets and amortization of deferred subscriber acquisition costs are reflected in depreciation and intangible asset amortization and SG&A, respectively, as follows:
| Years Ended December 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Depreciation of subscriber system assets | $ | 549,957 |  |  | $ | 557,226 |  |  | $ | 545,041 |
Amortization of deferred subscriber acquisition costs | $ | 252,553 |  |  | $ | 224,647 |  |  | $ | 188,222 |
Schedule of Accrued Liabilities |
| December 31,
(in thousands) | 2025 |  | 2024
Accrued interest | $ | 56,523 |  |  | $ | 107,116 |
Payroll-related accruals | 59,045 |  |  | 109,078 |
Opportunity Fund (see Note 10 “Equity”) | 240 |  |  | 84,516 |
Accrued dividends | 44,992 |  |  | 48,918 |
Forward share repurchase contract liability (see Note 10 “Equity”) | — |  |  | 104,175 |
Other accrued liabilities | 175,923 |  |  | 181,101 |
Accrued expenses and other current liabilities | $ | 336,723 |  |  | $ | 634,904 |
Schedule of Carrying Amount and Fair Value of Retail Installment Contract Receivables |
| December 31,
| 2025 |  | 2024
(in thousands) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Retail installment contract receivables, net | $ | 651,811 |  |  | $ | 513,325 |  |  | $ | 669,326 |  |  | $ | 495,259 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments and Securities |
|  | December 31,
|  | 2025 |  | 2024
(in thousands) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Long-term debt instruments(1) (see Note 7 “Debt”) |  | $ | 7,641,869 |  |  | $ | 7,746,284 |  |  | $ | 7,637,631 |  |  | $ | 7,589,677 |
________________ (1) Excludes finance leases.

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