FULLTEXT DEL 3 AV 9
8-K – 2026-07-23 – 0001104659-26-086302.txt
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assumptions about the economy, future cash flows,
growth rates, discount rates and other inputs used in developing fair value estimates are subjective. Cox considers the assumptions it
uses in fair value estimates to be reasonable. Cox maximizes the use of relevant observable inputs and minimizes the use of unobservable
inputs. Cox's use of unobservable inputs reflects the assumptions that market participants would use and may include Cox's own data adjusted
based on reasonably available information. Changes in key estimates in future quantitative assessments, such as projected cash flows,
competitive factors, discount rates and value of market transactions, may adversely impact the results of future impairment testing and
could necessitate the recognition of an impairment charge.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox evaluates the unit of accounting periodically
to ensure its impairment testing is performed at an appropriate level. For the year ended December 31, 2025, Cox evaluated its cable
franchise value assets and the Cox trade name asset as one unit of accounting, and the CBRS Spectrum licenses were evaluated as three
units of accounting, to align with the way the Company anticipates the assets to be utilized.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Valuation of Long-Lived Assets</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox evaluates long-lived assets as an asset group
at the entity level. Cox evaluates long-lived assets (including property and equipment and finite-lived intangible assets) for impairment
when events or circumstances indicate that the carrying amount of an asset group may not be recoverable. Conditions that would necessitate
an impairment assessment include a significant decline in the observable market value of an asset group, a significant change in the
extent or manner in which an asset group is used, or a significant adverse change that would indicate that the carrying amount of an
asset group is not recoverable. For long-lived assets to be held and used, Cox recognizes an impairment loss only if an asset group's
carrying amount is not recoverable through the sum of the undiscounted cash flows expected to result from the use and eventual disposition
of the asset group. The impairment loss of the asset group is measured based on the excess of the carrying amount over fair value. Fair
value is generally determined using quoted market values or discounted cash flow analyses, as applicable. Long-lived assets or asset
groups held for sale are reported at the lower of cost or fair value less costs to sell.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Leases</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox determines if an arrangement is a lease at
inception. Cox’s main categories of leased asset classes include real estate, dark fiber, colocation facilities and other equipment.
Some of the leases contain escalation clauses and may also contain renewal provisions upon the expiration of the initial lease term.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating lease right-of-use ("ROU")
assets represent Cox’s right to use an underlying asset for the lease term and operating lease liabilities represent Cox’s
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date
based on the present value of lease payments over the lease term, including any lease payments made and excluding lease incentives. The
lease terms may include options to extend or terminate when it is reasonably certain that Cox will exercise that option. As most of Cox’s
leases do not provide an implicit rate, Cox generally uses its incremental borrowing rate based on the estimated rate of interest for
collateralized borrowing over a similar term of the lease payments at commencement date. Rent expense for operating leases is recognized
on a straight-line basis over the lease term. Cox elected to account for the lease components and non-lease components as a single lease
component and therefore, includes all fixed payments in the calculation of the operating lease ROU assets and liabilities. In addition
to fixed lease payments, certain of Cox’s lease agreements include variable lease payments, which are tied to an index or rate
such as the Consumer Price Index. Variable lease payments are not included in the calculation of the operating lease ROU assets and liabilities,
but are disclosed. For certain equipment leases, Cox applies a portfolio approach to effectively account for the operating lease ROU
assets and liabilities. Leases with a base rental period of less than 12 months are not recorded on Cox’s Consolidated Balance
Sheet.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox’s primary source of lease income is
related to leases of dark fiber through its subsidiaries Unite Private Networks ("UPN") and Segra and the carrier services
division of Cox Business. Cox accounts for dark fiber leases by recognizing revenue on a straight-line basis ratably over the lease term.
Cox also has lease income through the sublease of certain real estate properties. Cox's lease revenue was $133 million, $128 million
and $129 million for the years ended December 31, 2025, 2024 and 2023, respectively.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Revenue Recognition</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cox's revenues by service line are as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">(in millions)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Residential</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; width: 61%; font: 10pt Times New Roman, Times, Serif">Data	</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">5,706</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,026</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">6,079</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Video	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,397</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,530</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,749</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Telephony	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">197</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">235</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">294</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other <SUP>(a)</SUP>	</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">551</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">549</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">560</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total residential	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,851</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,340</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,682</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Commercial	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,472</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,417</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,365</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Advertising	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">208</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">316</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">279</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Total revenues	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">12,531</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">13,073</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">13,326</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><SUP>(a) </SUP>Other residential
revenue includes franchise, regulatory and customer late fees, service protection fees, Cox Mobile and other miscellaneous revenues.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Residential</I> — Cox generates revenues
from subscription services to residential customers including internet, mobile, video, telephone and automation services. Cox considers
each subscription service a distinct performance obligation and recognizes revenues on a monthly basis as the subscription service is
provided. Residential contracts are generally month-to-month and customers can cancel at any time. Cox generally accounts for non-subscription
services as distinct performance obligations and recognizes the revenue when the service is provided.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Residential internet offerings include several
packages of high-speed internet with varying upload and download speeds, in-home WiFi service, out-of-home WiFi service and an internet
security suite. Residential internet revenues primarily consist of subscription service tier revenue, equipment rental and installation
revenue.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mobile revenue consists of device sales and subscription
revenues for unlimited talk and text and two packages to pay for gig usage. Revenue for the sale of devices is recognized upon sale.
Subscription revenues for mobile are consistent with Cox's other month-to-month services described above, where customers are billed
monthly for access to and usage of Cox's mobile services.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Residential video revenues primarily consist
of subscription revenues for programming tiers, video on demand, pay per view, regulatory fees, equipment rental and installation revenue.
Residential video subscribers may add additional video services offerings such as programming tiers, premium channels and streaming apps,
in addition to non-subscription services such as video on demand programming and pay per view programming on per event pricing.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Residential telephony and automation services
are also included in the service offerings with various options for each. Residential telephony revenues primarily consist of subscription
service tier revenue, usage charges and regulatory fees. Cox offers residential smart home lighting and home automation. Automation revenues
consist of subscription services or home automation, equipment sales and installation revenues.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For all residential subscription services, Cox
determined upfront installation fees represent a material right, which provides the residential customer with the right to renew its
service at a discount. Cox is amortizing the related revenue over the expected period of benefit of six months, which Cox determined
on a portfolio basis.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Commercial </I>— The commercial division
of Cox, Cox Business, provides a broad commercial solutions portfolio, including advanced managed IT and cloud services and fiber-based
network solutions that support connected environments, unique hospitality experiences and diverse applications.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commercial revenues primarily consist of subscription
revenue, equipment rental, regulatory fees, usage charges and installation revenue. Cox recognizes revenues from commercial subscription
services as the services are provided on a monthly basis and each service is accounted for as a distinct performance obligation. Commercial
services are offered primarily as a subscription initially under contract. Commercial customers typically have an initial stated non-cancelable
contract term with a substantive early termination clause. Subscription rates and related charges vary according to the services and
features commercial customers receive. Commercial subscription revenue is recognized on a monthly basis as the related service is performed.
Cox recognizes commercial non-subscription services such as pay per view and video on demand and usage charges when the service is provided.
Cox determined that commercial upfront installation services are not a separate performance obligation but rather a component of the
related subscription service. Therefore, upfront installation fees are deferred and recognized as revenue over the related average contract
period.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Advertising </I>— Cox Media, Cox’s
advertising sales division, generates revenues from the sale of advertising inventory on cable television networks and digital media
platforms, such as online, video-on-demand and mobile to local, regional and national businesses. Each advertisement placed is considered
a distinct performance obligation and revenue is recognized in the period that the advertisement is broadcast. In addition to representing
Cox, Cox Media has entered into contracts to represent other multi-video programming distributors in their advertising sales efforts.
Cox has analyzed the representation contracts and determined that the company coordinating the sales efforts is the principal in the
revenue contract because it controls the specified service before that good or service is transferred to a customer. When Cox is controlling
the advertising sales effort for other distributors, it is acting as the principal in these arrangements and recognizes the revenue earned
from the advertising customer on a gross basis and the amounts remitted to such distributor as cost of services. In some cases, another
distributor controls the advertising sales efforts on behalf of Cox in certain markets. Cox is acting as an agent in these scenarios
and records the revenue net of any fees retained by the distributor.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Timing of revenue </I>— Substantially
all revenue is recognized over time, rather than at a point in time, with the exception of advertising and mobile device revenues, which
totaled $247 million, $347 million and $279 million for the years ended December 31, 2025, 2024 and 2023, respectively.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Taxes and Fees </I>— Fees imposed on
Cox by various governmental authorities are passed through on a monthly basis to Cox's customers and are periodically remitted to authorities.
Fees of $241 million, $311 million and $274 million for the years ended December 31, 2025, 2024 and 2023, respectively, were reported
in revenues on a gross basis with a corresponding operating expense because Cox is acting as a principal. Certain taxes, such as sales
taxes imposed on Cox's customers, collected and remitted to state and local authorities, are recorded on a net basis because Cox is acting
as an agent in such situations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Significant Judgments in Evaluating Revenue
Recognition </I>— For both residential and commercial offerings, Cox often provides more than one service to a customer. Cox markets
these services individually and as bundled services. Cox’s residential and commercial services generally involve customer premise
equipment, such as set-top boxes, cable modems or wireless gateways. The provisioning of equipment and installation service is interrelated;
therefore, Cox must use judgment to determine what the distinct performance obligations are within the customer contract. Significant
judgment is used to determine which performance obligations are distinct and should be accounted for separately and which performance
obligations are not distinct and should be combined with the subscription service.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For residential revenues, allocation of the transaction
price to the distinct performance obligations requires judgment. Revenue from residential customers that purchase bundled services at
a discounted rate is allocated among the separate services based on the respective standalone selling prices. The standalone selling
prices for residential services are readily available and observable based on the current prices at which Cox separately sells the services.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The determination of the period of benefit for
deferral of residential installation revenue as a material right requires judgment. The residential upfront installation revenue is deferred
over the period the charge remains material to the customer, which Cox determined to be six months. Cox considered both quantitative
and qualitative factors (including average installation fee, average monthly recurring revenue per customer, churn rates and other factors)
in its calculation of the period the fee remains material to the customer.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Deferred Revenue Contract Liabilities </I>—
Timing of revenue recognition may differ from the timing of invoicing to customers. Residential and commercial customers are invoiced
for subscription services in advance of the service period. Deferred revenue contract liabilities ("Contract Liabilities")
are recorded when Cox invoices customers upfront for installation services that are recognized as revenue over time, as discussed above
under Residential Services and Commercial Services. Current Contract Liabilities, <FONT STYLE="background-color: white">included in accrued
expenses and other current liabilities </FONT>in the Consolidated Balance Sheets, consist of residential and commercial upfront installation
fees<FONT STYLE="background-color: white">; long-term Contract Liabilities, included in other noncurrent liabilitie</FONT>s in the Consolidated
Balance Sheets, <FONT STYLE="background-color: white">consist of commercial upfront installation fees</FONT>. Both are immaterial as
of December 31, 2025 and 2024.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Contract costs </I>— Cox recognizes
an asset for incremental costs of obtaining a contract with a customer if the amortization period of those costs is expected to be longer
than one year and the costs are expected to be recovered. Commissions related to commercial cable services contracts are deferred and
recognized over the average commercial contract term, which was determined on a portfolio basis. Deferred commercial commission costs
are included in prepaid expenses and other current assets and other noncurrent assets in the Consolidated Balance Sheets and totaled
$54 million and $40 million<FONT STYLE="background-color: white">, </FONT>respectively, as of December 31, 2025 and $64 million
and $40 million, respectively, as of December 31, 2024. As the amortization period of residential commission costs is less than
one year, Cox applied the practical expedient that allows such costs to be expensed as incurred. Cox has determined that the amortization
period associated with residential commission costs is less than one year based on qualitative and quantitative factors. There were no
impairment losses on contract costs for the years ended December 31, 2025 and 2024.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Operating Costs and Expenses</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">(in millions)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Programming costs <SUP>(a)</SUP>	</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,878</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,064</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,220</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other costs of revenue <SUP>(b)</SUP>	</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,161</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,190</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,091</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Field and technology operations <SUP>(c)</SUP>	</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,014</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">918</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">976</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer operations <SUP>(d)</SUP>	</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">203</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">188</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">164</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sales and marketing	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,064</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,246</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">General and administrative	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,223</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,528</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,555</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total operating costs and expenses	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,543</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,134</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,261</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><SUP>(a)</SUP> Programming
costs are amounts paid to programmers for cable content and to television stations for retransmission consent and are generally paid
on a per-subscriber basis.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><SUP>(b)</SUP> Other
costs of revenues include expenses that Cox incurs in conjunction with providing its residential, commercial and advertising services.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><SUP>(c)</SUP> Field
and technology operations are costs associated with providing and maintaining Cox's nationwide Internet Protocol network and outside
cable network.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><SUP>(d) </SUP>Customer
operations are care costs necessary to maintain Cox's customer base in addition to sales and marketing.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Advertising Costs</I> — Advertising
costs associated with marketing Cox's products and services are generally expensed as costs are incurred. Advertising costs were $386
million, $477 million and $476 million for the years ended December 31, 2025, 2024 and 2023, respectively and are included in operating
costs and expenses.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Income Taxes</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox and its subsidiaries join with CEI in filing
a consolidated U.S. federal income tax return and certain state income tax returns. Other subsidiaries file their own U.S. federal income
tax returns based on the ownership structure and relevant tax laws. Current federal and state income tax expenses and benefits have been
allocated on a separate-return basis to Cox based on the current year tax effects of the inclusion of its income, expenses and credits
in the consolidated income tax returns of CEI or based on separate state income tax returns.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox provides for income taxes using the asset
and liability method, which requires an asset and liability based approach in accounting for income taxes. Deferred income taxes reflect
the net tax effect on future years of temporary differences between the carrying value of assets and liabilities for financial statement
and income tax purposes. Valuation allowances are established when Cox determines that it is more-likely-than-not that some portion or
the entire deferred tax asset will not be realized. Cox evaluates its effective tax rates regularly and adjusts them when appropriate
based on currently available information relative to statutory rates, apportionment factors and the applicable taxable income in the
jurisdictions in which Cox operates, among other factors.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox applies additional tax provisions, where
applicable, related to accounting for uncertainty in income taxes, which prescribe a recognition threshold and measurement attribute
for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits
to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized
is measured as the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Cox adjusts its estimates
of uncertain tax positions periodically because of ongoing examinations by, and settlements with, various taxing authorities, as well
as changes in tax laws, regulations, and interpretations. Cox classifies interest and penalties associated with its unrecognized tax
benefits as a component of income tax expense.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Accounting Pronouncements Adopted</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2023, the FASB issued Accounting
Standards Update (“ASU”) No. 2023-09, <I>Income Taxes (Topic 740), Improvements to Income Tax Disclosures.
</I>This ASU requires disaggregated information about an entity's effective tax rate reconciliation and income taxes paid information.
Cox adopted ASU 2023-09 as of December 31, 2025, retrospectively, and the adoption did not have a material impact to the Consolidated
Financial Statements.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Accounting Pronouncements
Not Yet Adopted</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2025, the FASB issued ASU No. 2025-06, Intangibles
– Goodwill and Other – Internal-Use Software (Subtopic 350-40): <I>Targeted Improvements to the Accounting for Internal-Use
Software</I>. This ASU removes all references to prescriptive and sequential software development project stages. Rather, an entity is
required to start capitalizing software costs when 1) management has authorized and committed to funding the software project and 2)
it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the
“probable-to-complete recognition threshold”). The guidance is effective for Cox on January 1, 2028, with early adoption
permitted. Cox is currently evaluating the potential effects of this standard on its Consolidated Financial Statements, as well as its
policies, procedures and systems.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2024, the FASB issued ASU No. 2024-03, Income
Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): <I>Disaggregation of Income
Statement Expenses. </I>This ASU requires new financial statement disclosures in tabular format, disaggregating information about prescribed
categories underlying any relevant income statement expense caption. Qualitative disclosures about any remaining amounts in relevant
expense line items must be provided. Separate disclosures of total selling expenses and an entity’s definition of those expenses
are also required. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, with early adoption permitted.
Cox expects the adoption of the standard to result in additional disaggregation of expense captions within its footnote disclosures.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Subsequent Events</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox has evaluated events that occurred subsequent
to December 31, 2025 for potential recognition and disclosure. Any applicable subsequent events have been evaluated through February 27,
2026, the date the Consolidated Financial Statements were issued.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT><B>
ACQUISITIONS AND DIVESTITURES</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Pending Disposition
of Cox — </I></FONT>In May 2025, Charter Communications, Inc. (“Charter”) and Charter Communications Holdings,
LLC (“Charter Holdings”) entered into a transaction agreement (“Transaction Agreement”) with CEI. Pursuant to
the Transaction Agreement, at the closing of the transactions, (i) CEI will sell and transfer to Charter 100% of the equity interests
of certain subsidiaries of Cox that conduct Cox’s commercial fiber and managed IT and cloud services businesses, (ii) CEI
will contribute the equity interests of Cox and certain other assets (other than certain excluded assets) primarily relating to Cox’s
residential cable business to Charter Holdings, and (iii) CEI will pay $1.00 to Charter (collectively the "Cox Transactions").
The combined entity will assume Cox's approximately $12.6 billion in outstanding net debt and finance leases (assumed debt is on a proforma
basis contemplating Cox's refinancing of debt maturities occurring between signing and closing of the transactions).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 31, 2025, Charter’s shareholders
approved the Transaction Agreement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Logicworks Acquisition
— </I></FONT>In January 2023, Cox acquired 100% of Logicworks Systems Corporation ("Logicworks"), a privately-held
managed services and public cloud automation provider, through a merger agreement with Lancer Systems Holdco LLC, for consideration transferred
of $246 million. Logicworks offers managed services, professional services and a proprietary user interface to its customer base, which
are focused in the mid-market segment. Based on the estimated fair value of the assets acquired and liabilities assumed, Cox recognized
$172 million in goodwill and $54 million in intangible assets associated with Logicworks' customer relationships, developed technology
and trade name. Goodwill arising from the acquisition was primarily attributable to expected growth opportunities and a specialized workforce.
The goodwill is not deductible for tax purposes. The developed technology and trade name will amortize over five years and customer relationships
over 20 years, using a straight-line methodology.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox's accounting for the Logicworks acquisition
has provided for estimates of the fair values of the assets acquired and liabilities assumed as of the acquisition date. The following
table represents the final purchase price allocation.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">(in millions)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font-size: 10pt"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Fair value of consideration transferred	</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">246</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total fair value to be allocated	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">246</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Cash and cash equivalents	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Other current and noncurrent assets	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Property and equipment	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Goodwill	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">172</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Intangible assets	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">54</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax assets	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Current and other noncurrent liabilities	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(22</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total fair value of net assets acquired	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">246</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>4. </B></FONT><B>SUPPLEMENTAL
CASH FLOW INFORMATION</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox's significant non-cash investing and financing
transactions and other supplemental cash flow information are as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">(in millions)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Significant non-cash transactions:</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; width: 61%; font: 10pt Times New Roman, Times, Serif; text-align: left">Property and equipment acquired under finance leases and other financing arrangements	</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">265</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">23</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">7</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease ROU assets obtained in exchange for operating lease obligations	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">39</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Contribution to capital from Cox Enterprises, Inc.	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">111</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">—</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">—</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Supplemental cash flow information:</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Cash paid for interest	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">617</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">555</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">432</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash paid for income taxes <SUP>(a)</SUP>	</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">258</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">476</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">490</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Operating cash flows for operating leases	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">69</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Operating cash flows for finance leases	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">43</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">44</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Financing cash flows for finance leases	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">37</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">34</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">26</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><SUP>(a) </SUP>The
amounts disclosed as income taxes paid include both cash tax payments made directly to taxing authorities and payments made by Cox to
its parent in settlement of its share of consolidated income tax obligations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><B>GOODWILL AND INTANGIBLE ASSETS</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Goodwill</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The changes in the carrying value of goodwill are as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">(in millions)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Gross<BR>
Carrying<BR>
Amount</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Accumulated<BR>
Impairment <BR>
Loss</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Goodwill — <BR>
net</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%">Balance—January 1, 2024	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">2,735</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(1,477</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1,258</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Measurement period adjustments	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Balance—December 31, 2024 and 2025	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,737</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,477</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,260</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For additional information regarding changes
in goodwill, see Note 2 — Summary of Significant Accounting Policies and Note 3 — Acquisitions and Divestitures. For additional
information regarding the determination of fair value, see Note 12 — Fair Value Measurements.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Intangible Assets</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amounts of Cox's intangible assets
are as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font-size: 10pt"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2025</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">(in millions, except for WARUL)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">WARUL<BR>
(in <BR>
years)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gross</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Carrying</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Value</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Accumulated</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amortization</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Net</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Carrying</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Value</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gross</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Carrying</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Value</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Accumulated</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amortization</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Net</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Carrying</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Value</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left">Finite-lived intangible assets:</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: center"> </TD><TD STYLE="text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: left">Customer relationships	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: center">23</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">622</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">(131</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">491</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">622</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">(108</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">514</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Amortizable trade names	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Franchise renewal and contribution costs	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">—</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">—</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(26</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other agreements and rights	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total finite-lived intangible assets	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: center"> </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">774</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(239</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">535</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">771</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(205</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">566</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: center"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left">Indefinite-lived intangible assets:</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: center"> </TD><TD STYLE="text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Cable franchise value	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: center"> </TD><TD STYLE="text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,275</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15,879</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Trade names and other	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: center"> </TD><TD STYLE="text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">351</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">351</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">CBRS spectrum licenses	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: center"> </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">213</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">213</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total indefinite-lived intangible assets	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: center"> </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,839</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16,443</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: center"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total intangible assets — net	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: center"> </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="text-align: left"> </TD><TD STYLE="text-align: right"> </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">11,374</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">17,009</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amortization expense related to finite-lived
intangible assets totaled $34 million, $35 million and $37 million for the years ended December 31, 2025, 2024 and 2023, respectively.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox recorded an impairment charge of $5.6 billion
related to cable franchise value for the year ended December 31, 2025, which is reflected as impairment of intangible assets on
the Consolidated Statements of Operations. The decline in the estimated fair value is attributable to updated long-term financial projections
that reflect a reduction in estimated future cash flows due to increased competition and changes in the macroeconomic outlook based on
currently available data as well as recent declines in industry market multiples.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future amortization expense for finite-lived
intangible assets as of December 31, 2025, is estimated to be as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">(in millions)</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Finite-Lived<BR>
Intangible Assets</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left">2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">36</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2029</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2030</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Thereafter	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">377</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">535</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The actual amortization expense reported in future
periods could differ from these estimates as a result of new intangible asset acquisitions, changes in useful lives and other relevant
factors.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: justify"><B>RESTRUCTURING ACTIVITIES</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2024, Cox announced a new organizational structure,
which allocates needed resources to growth areas of the business. As a result, certain restructuring initiatives were implemented, which
include severance costs.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following represents the changes in the balances
of the restructuring-related liabilities, which are reflected within accrued labor and benefits in the Consolidated Balance Sheets:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">(in millions)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%">Balance at beginning of period	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">—</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expense<SUP>(a)</SUP>	</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">—</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Payments	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(176</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Balance at end of period	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><SUP>(a) </SUP>Restructuring-related
charges were recorded to other — net on the Consolidated Statement of Operations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><B>LEASES</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The components of lease related expenses — net are as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years Ended December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">(in millions)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease expense (included within operating costs and expenses) <SUP>(a)</SUP>	</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">68</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Finance lease expense:</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Amortization of ROU assets (included within depreciation and amortization)	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">45</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">39</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">39</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest on lease liabilities (included within interest expense — net)	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">43</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">44</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total finance lease cost	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">83</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Variable lease expense (included within operating costs and expenses)	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Sublease income (included within operating costs and expenses)	</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(12</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(11</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(11</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total lease related expenses — net	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">188</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">184</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">183</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>(a)</SUP> Includes short-term leases, which are immaterial
for the years ended Decembe<FONT STYLE="background-color: white">r 31, 2025, 2024 and 2023</FONT>, respectively.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Supplemental information related to leases is as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease right-of-use assets:</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">Other noncurrent assets	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">155</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">199</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease liabilities:</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Accrued expenses and other current liabilities	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">49</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other noncurrent liabilities	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">106</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">137</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total operating lease liabilities	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">155</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">199</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Weighted Average Remaining Lease Term:</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating leases	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4 years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Finance leases	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15 years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13 years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">Weighted Average Discount Rate:</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Operating leases	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Finance leases	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
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<DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table reconciles the undiscounted
cash flows for each of the first five years and total of the remaining years to the finance lease liabilities and operating lease liabilities
recorded within the Consolidated Balance Sheet as of December 31, 2025.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif">(in millions)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Operating<BR>
Leases</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Finance<BR>
Leases</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">93</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2027</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">82</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2028</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2029</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">2030</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">77</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Thereafter	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">819</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Total lease payments	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">174</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,222</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less amounts representing interest <SUP>(a)</SUP>	</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">485</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </TD></TR>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Present value of lease payments	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">155</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">737</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><SUP>(a)</SUP> Represents amount
necessary to reduce lease payments to present value calculated at Cox’s incremental borrowing rate at inception.</P>
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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><B>DEBT</B></TD>
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