v3.25.4

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following table provides details of our outstanding debt:

												Interest Rate at December 31, 2025						December 31, 2025												December 31, 2024
Date Issued						Maturity Date												Principal Amount						Carrying Amount (a)						Principal Amount						Carrying Amount (a)
CSC Holdings Senior Notes:
October 18, 2018						April 1, 2028						7.500%						$	4,118					$	4,116					$	4,118					$	4,115
November 27, 2018						April 1, 2028						7.500%						1,045,882						1,045,342						1,045,882						1,045,130
July 10 and October 7, 2019						January 15, 2030						5.750%						2,250,000						2,268,198						2,250,000						2,272,150
June 16 and August 17. 2020						December 1, 2030						4.625%						2,325,000						2,350,423						2,325,000						2,354,856
May 13, 2021						November 15, 2031						5.000%						500,000						498,846						500,000						498,681
																		6,125,000						6,166,925						6,125,000						6,174,932
CSC Holdings Senior Guaranteed Notes:
September 23, 2016						April 15, 2027						5.500%						1,310,000						1,309,053						1,310,000						1,308,363
January 29, 2018						February 1, 2028						5.375%						1,000,000						997,814						1,000,000						996,853
January 31, 2019						February 1, 2029						6.500%						1,750,000						1,748,770						1,750,000						1,748,423
June 16, 2020						December 1, 2030						4.125%						1,100,000						1,097,399						1,100,000						1,096,940
August 17, 2020						February 15, 2031						3.375%						1,000,000						998,183						1,000,000						997,864
May 13, 2021						November 15, 2031						4.500%						1,500,000						1,496,573						1,500,000						1,496,075
April 25, 2023						May 15, 2028						11.250%						1,000,000						996,406						1,000,000						995,174
January 25, 2024						January 31, 2029						11.750%						2,050,000						2,037,054						2,050,000						2,033,786
																		10,710,000						10,681,252						10,710,000						10,673,478
CSC Holdings Restricted Group Credit Facility:
Revolving Credit Facility (b)						July 13, 2027						6.100%						2,125,000						2,123,506						1,700,000						1,697,559
Incremental Term Loan B-5 (c)						April 15, 2027						8.250%						2,827,500						2,822,895						2,857,500						2,849,460
Incremental Term Loan B-6 (d)						January 15, 2028												—						—						1,966,908						1,936,863
Incremental Term Loan B-7 (d)																		—						—						—						—
																		4,952,500						4,946,401						6,524,408						6,483,882
UnSub Group Credit Facility:
November 25, 2025						November 25, 2028						9.000%						2,000,000						1,898,893						—						—
Receivables Facility Loan:
July 16, 2025						January 16, 2031						8.875%						980,091						881,175						—						—
Lightpath Senior Notes:
September 29, 2020						September 15, 2028						5.625%						415,000						411,428						415,000						410,249
Lightpath Senior Secured Notes:
September 29, 2020						September 15, 2027						3.875%						450,000						447,320						450,000						445,836
Lightpath Credit Agreement:
Lightpath Term Loan Facility(e)						November 30, 2027						6.750%						669,183						667,201						676,000						673,107
Lightpath Revolving Credit Facility (f)																		—						—						—						—
																		1,534,183						1,525,949						1,541,000						1,529,192
Finance Lease Obligations (see Note 9)																		105,619						105,619						145,362						145,362
Supply Chain Financing																		—						—						50,642						50,642
																		26,407,393						26,206,214						25,096,412						25,057,488
Less: current maturities																		(60,842)						(60,842)						(185,473)						(185,473)
Long-term debt																		$	26,346,551					$	26,145,372					$	24,910,939					$	24,872,015

(a)The carrying amount is net of the unamortized deferred financing costs and discounts/premiums, as applicable.

(b)At December 31, 2025, $183,514 of the revolving credit facility was restricted for certain letters of credit issued on our behalf and $166,486 of the $2,475,000 facility was undrawn and available, subject to covenant limitations. The revolving credit facility bears interest at a rate of Secured Overnight Financing Rate ("SOFR") (plus a credit adjustment spread of 0.10%) plus 2.25% per annum.

(c)Incremental Term Loan B-5 requires quarterly installments of $7,500 and bore interest at a rate equal to Synthetic USD London Interbank Offered Rate ("LIBOR") plus 2.50% per annum through March 31, 2025. Thereafter, we are required to pay interest at a rate equal to the alternate base rate (“ABR”), plus the applicable margin, where the ABR is the greater of (x) prime rate or (y) the federal funds effective rate plus 50 basis points and the applicable margin for any ABR loan is 1.50% per annum.

(d)Incremental Term Loan B-6 required quarterly installments of $5,005 and bore interest at a rate equal to SOFR plus 4.50% per annum. In November 2025 the Incremental Term Loan B-6 was repaid in full with the proceeds of the Incremental Term Loan B-7 and the Incremental Term Loan B-7 was repaid in full with the proceeds of the Initial UnSub Group Facility ("Term Loan B-8").

(e)See discussion below under "Lightpath Credit Facility" regarding the Refinancing Amendment.

(f)At December 31, 2025, $18,588 of the revolving credit facility was restricted for certain letters of credit issued on Lightpath's behalf and $76,412 of the $95,000 in revolving loan commitments were undrawn and available, subject to covenant limitations.

Supply Chain Financing Arrangement

We had a supply chain financing arrangement with a financial institution with credit availability of $175,000 that was used to finance certain of our property and equipment purchases. This arrangement extended our repayment terms beyond a vendor’s original invoice due dates (for up to one year) and as such were classified as debt on our consolidated balance sheet at December 31, 2024. This arrangement ended during 2025.

The following is a rollforward of the outstanding balances that were related to our supply chain financing arrangement:

Balance as of December 31, 2023			$	174,454
Invoices financed			50,642
Repayments			(174,454)
Balance as of December 31, 2024			50,642
Repayments			(50,642)
Balance as of December 31, 2025			$	—

Schedule of Extinguishment of Debt

The following table provides a summary of the gain (loss) on extinguishment of debt and the write-off of deferred financing costs recorded:

			For the Year Ended December 31,
			2025						2024						2023
Settlement of collateralized debt (see Note 12)			$	—					$	—					$	4,393
Incremental borrowing under the Lightpath Term Loan Facility			—						(5,866)						—
Repayment of CSC Holdings Term Loan B and Incremental Term Loan B-3			—						(2,598)						—
Redemption of 5.250% Senior Notes and 5.250% Series B Senior Notes due June 2024			—						(4,437)						—
Repayment of CSC Holdings Term Loan B-6			(21,809)						—						—
Early termination of certain finance leases			(1,693)						—						—
			$	(23,502)					$	(12,901)					$	4,393

Schedule of Maturities of Long-term Debt

The future principal payments under our various debt obligations outstanding as of December 31, 2025, excluding finance lease obligations (see Note 9), are as follows:

Years Ending December 31,
2026																		$	56,742
2027																		7,364,940
2028																		5,513,277
2029																		3,850,000
2030																		5,725,000
Thereafter																		3,791,815

The amounts in the table above do not include the effects of the January 2026 debt transactions discussed above.

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