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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Loss before Income Taxes for Domestic and Foreign Locations
Years Ended December 31,
(in thousands)202520242023
United States$830,266 $808,476 $601,370 
Foreign3,546 6,694 3,013 
Income (loss) from continuing operations before income taxes and equity in net earnings (losses) of equity method investee$833,812 $815,170 $604,383 
Schedule of Components of Income Tax Expense (Benefit)
Components of Income Tax Benefit (Expense)(1)
Years Ended December 31,
(in thousands)202520242023
Current:
Federal$(52,668)$1,027 $(358)
State(35,746)(13,829)(57,024)
Foreign(1,156)(2,096)(923)
Current income tax benefit (expense)(89,570)(14,898)(58,305)
Deferred:
Federal(127,530)(105,711)(136,457)
State(14,505)(33,702)11,704 
Foreign(155)(170)(194)
Deferred income tax benefit (expense)(142,190)(139,583)(124,947)
Total income tax benefit (expense)
$(231,760)$(154,481)$(183,252)
___________________
(1)The components of tax benefit (expense) include both continuing and discontinued operations for all periods presented in accordance with Accounting Standards Codification (“ASC”) 740. This presentation is to reflect the Company’s tax structure and filings.
Income tax benefit (expense) is included in the Consolidated Statements of Operations as follows:
Years Ended December 31,
(in thousands)202520242023
Continuing Operations:
Federal
$(181,437)
State
(50,546)
Foreign
(1,311)
Continuing operations(1)
$(233,294)$(195,780)$(160,585)
Discontinued operations1,534 41,299 (22,667)
Total income tax benefit (expense)
$(231,760)$(154,481)$(183,252)
___________________
(1)The components of income tax benefit (expense) from continuing operations are only required for the year ended December 31, 2025 due to the Company’s adoption of ASU 2023-09 on a prospective basis.
Schedule of Effective Income Tax Rate Reconciliation
Year Ended December 31, 2025(1)
Amount ($)Percent (%)
U.S. federal statutory tax rate
$175,101 21.0 %
State and local income taxes, net of federal income tax effects(2)
39,993 4.8 %
Foreign tax effects
1,330 0.2 %
Tax Credits
(1,452)(0.2)%
Nontaxable or nondeductible items
10,673 1.3 %
Changes in unrecognized tax benefits
6,408 0.8 %
Other adjustments
1,241 0.1 %
Income tax expense (benefit) and effective tax rate
$233,294 28.0 %
___________________
(1)The Company adopted ASU 2023-09 effective January 1, 2025, on a prospective basis, which is reflected in the table above.
(2)The following state taxes made up the majority (greater than 50%) of the tax effect in this category: California, Florida, New York, New Jersey, Illinois.
Years Ended December 31,
20242023
Statutory federal tax rate21.0 %21.0 %
State income taxes, net of federal benefits5.4 %6.1 %
Non-U.S. tax0.3 %0.2 %
Non-deductible and non-taxable charges
0.8 %1.0 %
Unrecognized tax benefits(4.0)%(1.0)%
Share-based compensation0.1 %— %
Non-deductible goodwill on dispositions— %0.7 %
Federal credits0.1 %(0.6)%
Acquisitions and dispositions1.2 %(0.9)%
Legislative changes(0.4)%0.6 %
Prior year return adjustments(0.6)%(0.6)%
Other0.1 %0.1 %
Effective tax rate24.0 %26.6 %
Schedule of Income Taxes Paid
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)202520242023
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 
State35,259 
Foreign1,409 
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)
202520242023
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 Deferred Tax Assets and Liabilities
The components of the Company's net deferred tax assets (liabilities) were as follows:
December 31,
(in thousands)20252024
Deferred tax assets:
Accrued liabilities and reserves$94,183 $94,084 
Tax loss and credit carryforwards37,579 75,927 
Disallowed interest carryforward177,546 230,048 
Deferred revenue184,415 218,639 
Other64,051 91,892 
Total deferred tax assets557,774 710,590 
Valuation allowance(12,264)(12,264)
Deferred tax assets, net of valuation allowance$545,510 $698,326 
Deferred tax liabilities:
Subscriber system assets$(707,458)$(757,046)
Intangible assets(1,063,710)(1,051,499)
Other(41,095)(56,994)
Total deferred tax liabilities(1,812,263)(1,865,539)
Net deferred tax assets (liabilities)$(1,266,753)$(1,167,213)
Summary of Valuation Allowance
The changes in the valuation allowance for deferred tax assets were as follows:
Years Ended December 31,
(in thousands)202520242023
Beginning balance $(12,264)$(12,264)$(57,715)
Income tax benefit (expense)(1)
— — 43,277 
Write-offs and other
— — 2,174 
Ending balance$(12,264)$(12,264)$(12,264)
__________________
(1)During 2023, the change is primarily related to the utilization of capital loss carryforwards against which a valuation allowance was previously recorded. The utilization is attributable to capital gains generated in connection with the Commercial Divestiture.
Schedule of Unrecognized Tax Benefits Roll Forward
The following is a roll-forward of unrecognized tax benefits:
Years Ended December 31,
(in thousands)202520242023
Beginning balance$24,606 $48,823 $56,177 
Additions for tax positions of prior years17,715 9,933 517 
Reductions for tax positions of prior years— (5,108)— 
Additions for tax positions related to current year15,057 — — 
Reductions related to settlements(517)— — 
Reductions related to lapse of statute of limitation— (29,042)(7,871)
Ending balance$56,861 $24,606 $48,823 
Unrecognized tax benefits that would affect the effective tax rate$31,398 $24,606 $48,823 
Summary of Open Tax Years
JurisdictionYears Open to Audit
Federal
2022 - 2024
State
2019 - 2024
Canada
2021 - 2024