FULLTEXT DEL 4 AV 9
8-K – 2026-07-23 – 0001104659-26-086302.txt
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<TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 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="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD></TR>
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<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 STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Annual Interest<BR>
Rate</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">Carrying <BR>
Value</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">Fair Value</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">Carrying <BR>
Value</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">Fair Value</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </TD></TR>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes and debentures with maturities <SUP>(a)</SUP>:</FONT></TD><TD STYLE="font-size: 10pt"> </TD>
<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><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>
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<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: left">Five years or less	</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">1.80% to 6.95%</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">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,889</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,160</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">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,989</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3,959</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
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<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Between five and 10 years	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 2.65pt">2.60% to 5.70%</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">3,000</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">3,514</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">3,100</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">2,819</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
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<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Greater than 10 years	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 2.65pt">2.95% to 8.38%</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">4,960</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">3,957</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">5,610</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">4,717</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Total notes and debentures	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="text-align: left; padding-bottom: 2.5pt"> </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">11,849</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">10,631</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">12,699</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">11,495</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD></TR>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance lease obligations <SUP>(b)(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: center; padding-left: 2.65pt">0.37% to 8.24%</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">737</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: 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">584</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></TR>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Less unamortized discounts, premiums and issuance costs	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="text-align: left; padding-bottom: 1pt"> </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">(74</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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">(83</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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></TR>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total debt	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> </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">12,512</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: 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">13,200</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></TR>
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<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 current maturities <SUP>(b)</SUP>	</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="text-align: left; padding-bottom: 1pt"> </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">1,038</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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">877</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; 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></TR>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total long-term debt	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="text-align: left; padding-bottom: 2.5pt"> </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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">11,474</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">12,323</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; 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></TR>
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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">Require semi-annual cash interest payments based on their issuance
dates.</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(b)</SUP></TD><TD STYLE="text-align: justify">Current portion of finance lease obligations totaled $38 million
and $27 million as of December 31, 2025 and 2024, respectively.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(c)</SUP></TD><TD STYLE="text-align: justify">Cox leases certain office facilities, cable transmission and
distribution facilities, customer premise equipment and automobiles under finance leases.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes scheduled maturities
of Cox's debt, excluding finance lease obligations, for the years succeeding December 31, 2025:</P>
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<TD STYLE="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif">(in millions)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Debt Maturities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </TD></TR>
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<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left">2026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1,000</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">1,000</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">1,139</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">—</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">750</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">7,960</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">11,849</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"></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"><I>Revolving credit facility</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 is a party to an amended and restated credit
facility among Cox and CEI, as borrowers, and JP Morgan Chase Bank, N.A., as administrative agent, and certain other lenders and agents
(the "Credit Facility"). The Credit Facility provides Cox and CEI with a revolving credit facility in an aggregate amount of
$3.5 billion, plus uncommitted incremental facilities of up to $700 million, provided that the aggregate amount outstanding
under the Credit Facility can never exceed $3.5 billion. Any amount payable under the Credit Facility that is not directly attributable
solely to extensions of credit to Cox or CEI will be allocated equally between Cox and CEI. The Credit Facility provides that the commitments
of the lenders under the Credit Facility will expire in October 2029; however, the borrowers have the right, which may be exercised
no more than two times, to extend the commitments of any lenders willing to agree to such extension for a period of one additional year
so long as a majority of the lenders agree to such extension.</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">Conventional borrowings under the Credit Facility
bear interest at a rate selected by the relevant borrower (Cox or CEI) from three alternatives. The interest rate may be based on the
1) the Secured Overnight Financing Rate ("SOFR"), 2) the Federal Reserve Bank of New York rate, or 3) an alternate base rate.
The alternate base rate loans will be based on the highest of the prime rate, the federal funds rate plus 0.50% or the one-month Adjusted
Term SOFR Rate (SOFR plus 0.10%) for dollar denominated Loans plus 1.00%. In each case, the applicable interest rate will be increased
by a margin imposed by the Credit Facility, which will depend upon the ratings of the relevant borrower's senior, unsecured, long-term
indebtedness for borrowed money that is not guaranteed by any other individual or entity or subject to any other credit enhancement.</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 Credit Facility also establishes a mechanism
under which individual lenders may make discretionary loans in lieu of loans committed under the Credit Facility at rates agreed upon
from time to time with the relevant borrower. Each borrower also must pay a commitment fee to each lender on the daily average unused
amount of the commitment of such lender at a rate that varies from 0.075% to 0.225% depending on the ratings of the relevant borrower's
senior, unsecured, long-term indebtedness for borrowed money that is not guaranteed by any other individual or entity or subject to any
other credit enhancement. The commitment fee rate was 0.125% 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">The Credit Facility requires each borrower to
maintain a ratio of consolidated debt to pro forma consolidated operating cash flow (as defined in the Credit Facility, which is not
comparable to operating cash flow presented elsewhere in this document), or the leverage ratio, of not more than 5.0 to 1.0. The leverage
ratio may be increased to 5.5 to 1.0 as of the last day of the fiscal quarter during which a qualifying acquisition (as defined in the
Credit Facility) shall have been consummated and each of the following three consecutive fiscal quarters.</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 Credit Facility also contains a $500 million
letter of credit subfacility for CEI and Cox. Additionally, the Credit Facility contains a $300 million subfacility for loans or letters
of credit in certain designated alternate currencies. Outstanding letters of credit reduce availability under the Credit Facility.</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">As of December 31, 2025, Cox and CEI's availability
under the Credit Facility was reduced as a result of $52 million and $10 million in certain undrawn letters of credit outstanding for
Cox and CEI, respectively. Cox and CEI had no outstanding borrowings under the Credit Facility. Remaining capacity under the Credit Facility
is available to provide liquidity support for Cox and CEI’s commercial paper programs. As of December 31, 2025, Cox had no
outstanding issuances under its commercial paper program.</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">As of December 31, 2024, Cox and CEI's availability
under the Credit Facility was reduced as a result of $37 million and $10 million in certain undrawn letters of credit outstanding for
Cox and CEI, respectively. As of December 31, 2024, Cox had no outstanding issuances under its commercial paper program and no outstanding
borrowings under the Credit Facility.</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>Commercial Paper Program</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 a commercial paper program that it supports
by maintaining unused committed capacity under the Credit Facility. Cox's commercial paper program has an agreement with major financial
institutions to issue from time to time short-term notes with a maturity of 390 days or less. Short-term notes issued under the
commercial paper program are limited to available capacity under the Credit Facility, which is currently a maximum of $3.5 billion
outstanding at any time. The short-term notes are sold in private placements, can have a fixed or floating interest rate or be issued
at a discount and are issued in minimum denominations of $250,000. The notes are not rated by a nationally recognized statistical rating
organization and Cox does not plan to issue notes under its commercial paper program in the near term. As of December 31, 2025 and
2024, CEI had no outstanding commercial paper subject to Cox's guarantee.</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>Debt Issuances and Repayments</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 June and February 2025, Cox repaid
$150 million of 7.625% notes and $700 million of 3.85% notes, respectively, upon their maturity date. Cox repaid $539 million of 3.15%
notes upon their maturity date during the year ended December 31, 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">In August 2024, Cox issued $750 million
aggregate principal amount of 5.45% notes due September 2034 and $750 million aggregate principal amount of 5.95% notes due September 2054.
In January 2024, Cox also issued an additional $350 million aggregate principal amount of 5.45% notes due September 2028, an
additional $300 million aggregate principal amount of 5.70% notes due June 2033 and $850 million aggregate principal amount of 5.80%
notes due December 2053. Both issuances were in transactions exempt from registration under the Securities Act of 1933, as amended,
pursuant to Rule 144A and Regulation S thereunder. The proceeds will be used for general corporate purposes, which may include the
redemption, repayment or repurchase of other outstanding indebtedness, including repayment of debt with scheduled maturities.</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>Guarantee Arrangements</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 is a party to an amended and restated credit
agreement among Cox and CEI, as borrowers, and JP Morgan Chase Bank, N.A., as administrative agent, and certain other lenders and agents
(the "Credit Facility"). CEI designated Cox as a restricted subsidiary under the Credit Facility. At the same time, Cox provided
an unconditional guarantee of CEI’s obligations under the Credit Facility and CEI also provided an unconditional guarantee of Cox's
obligations under the Credit Facility, which will be automatically released upon the release of Cox's guarantee of CEI's obligations
under the Credit Facility. Cox will also guarantee CEI’s obligations under CEI’s commercial paper program. As of December 31,
2025 and 2024, CEI had no outstanding obligations under the Credit Facility and no outstanding commercial paper subject to Cox’s
guarantee.</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 addition, Cox and CEI provide unconditional
cross-guarantees of the other’s obligations under each company’s respective outstanding notes (except for Cox's 6.53% debentures
due 2028, of which no material amounts are outstanding). CEI and Cox may release their obligations under the cross-guarantee simultaneously
with the other party’s release or in other customary circumstances. As of December 31, 2025 and 2024, CEI had $175 million
of outstanding notes subject to Cox's guarantee.</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"><I>Debt Covenants</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's debt agreements contain various affirmative,
negative and financial agreements. As an example, Cox's Credit Facility requires Cox to maintain a maximum leverage ratio of not more
than 5.0 to 1.0 with some exceptions for consummation of qualifying acquisitions. Cox also has restrictions around the level of secured
debt and restricted subsidiary debt Cox can maintain. Each of these restrictions is subject to certain exceptions and qualifications
that are set forth in these debt agreements. Cox was in compliance with all covenants under both its Credit Facility and its other debt
instruments as of December 31, 2025 and 2024. As of December 31, 2025, Cox's leverage ratio, as defined above under "Revolving
Credit Facility," was 2.4x.</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"><FONT STYLE="font-size: 10pt"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><B>INCOME TAXES</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>Current and Deferred Income Tax</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="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; text-align: left">Current 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; width: 61%">Federal	</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">(217</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(415</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(429</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="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">State	</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><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">(39</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">(47</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-left: 0.25in; text-align: left; padding-bottom: 1pt">Total current expense	</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">(247</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">(454</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">(476</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">Deferred benefit (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">Federal	</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">907</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">(30</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: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">State	</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">112</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">34</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">(73</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-left: 0.25in; text-align: left; padding-bottom: 1pt">Total deferred benefit (expense)	</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">1,019</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">4</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">(150</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 income tax benefit (expense)	</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">772</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(450</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">(626</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"><I>Reconciliation of Income Tax at the Statutory Rate
to Income Tax Benefit (Expense)</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 differences between income tax benefit (expense)
and income taxes expected at the U.S. statutory federal income tax rate of 21% 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="22" 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="6" 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="6" 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="6" 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: 40%; text-align: left">Tax benefit (expense) at U.S. federal statutory rate	</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">718</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">21.0</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">(457</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">21.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right">(534</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">21.0</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">State and local income taxes — net of federal tax impact <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">63</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">1.9</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><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">0.3</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">(99</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">3.9</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">Research and development credits	</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</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">0.3</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">14</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">(0.7</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">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">(0.4</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">Changes in federal valuation allowances	</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">(0.6</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><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: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other 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">—</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">0.1</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">(4</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">0.1</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">Income tax benefit (expense)	</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">772</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(450</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">20.7</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">(626</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">24.6</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>
<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: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">State taxes in the following jurisdictions comprised greater
than 50% of the tax effect in this category for each year presented: California, Kansas, Louisiana and Virginia in 2025 and Louisiana
and California in 2024 and 2023.</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">The change in income tax benefit (expense) between
2025 and 2024 was primarily due to a loss before income taxes in the current year compared with income before income taxes in the prior
year, as well as, state and federal valuation allowance increases in 2025 and a decrease in state taxes due to a statutory tax rate reduction
in 2024. The change in income tax expense between 2024 and 2023 was primarily due to a decrease in income before income taxes, a decrease
in state taxes due to a statutory tax rate reduction in 2024 and a decrease in state taxes due to an audit settlement in 2023.</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"><I>Tax Payment Summary</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">Income taxes paid 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">U.S. Federal	</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">217</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">415</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">429</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"> </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">State:</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">Arizona	</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; vertical-align: super; text-align: left"><SUP>(a)</SUP></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; vertical-align: super; text-align: left"><SUP>(a)</SUP></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></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">California	</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</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; vertical-align: super; text-align: left"><SUP>(a)</SUP></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; vertical-align: super; text-align: left"><SUP>(a)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other	</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">26</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">61</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">34</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 income taxes paid — 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">258</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">476</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">490</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"><SUP>(a)</SUP> Jurisdiction below the threshold
for period presented.</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 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"><I>Deferred Income Taxes</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="padding-left: 0.125in; 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; padding-left: 0in; 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; padding-left: 0in; text-align: left">Net deferred tax (liabilities) 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">Property and equipment	</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">(2,095</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">(2,115</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="padding-left: 0.125in; 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">(2,571</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">(3,657</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">Investments	</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">(120</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">(86</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">Employee benefits and compensation	</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">99</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">106</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">Net operating losses and tax credits	</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">318</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">355</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">Finance 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">118</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">130</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">Operating lease ROU 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">(34</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">(45</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">Operating lease 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">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">46</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; padding-bottom: 1pt">Other — 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">110</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">69</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">Total	</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">(4,140</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">(5,197</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: 0in; text-align: left; padding-bottom: 1pt">Valuation allowance	</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">(306</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">(268</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-left: 0in; text-align: left; padding-bottom: 2.5pt">Total net deferred tax liability	</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">(4,446</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">(5,465</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">A majority of the gross deferred tax assets for
federal and state net operating loss and credit carryforwards will expire in varying amounts through 2045. As of December 31, 2025,
Cox's valuation allowance was primarily related to state net operating loss carryforwards and hypothetical federal and state capital
loss carryforwards under the separate return method. A portion of the valuation allowance reflects prior year adjustments associated
with state net operating losses. As of December 31, 2024, the valuation allowance related primarily to state net operating loss
carryforwards.</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">Under the separate return method, Cox generated
federal and state capital losses. However, these tax attributes have been used in the consolidated income tax return filings to offset
capital gains generated by other CEI subsidiaries. As of December 31, 2025, Cox has hypothetical deferred tax asset for capital
loss carryforwards of $100 million, as well as immaterial hypothetical state losses, both of which have a corresponding full valuation
allowance.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Uncertain Tax Positions</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cox's unrecognized tax benefits relate to a variety
of issues for which the ultimate tax determination is uncertain due to the interpretation and judgment necessary in applying complex
tax laws and regulations in various taxing jurisdictions. A reconciliation of the beginning and ending amounts of unrecognized tax benefits,
exclusive of interest and penalties, is as follows:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0in; font: 10pt Times New Roman, Times, Serif">(in millions)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font-size: 10pt"> </TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in; width: 87%">Balance—January 1, 2024	</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">53</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="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Activity on prior year tax positions	</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: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Additions on current year tax positions	</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></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: 1pt">Reductions on settlements with taxing authorities and expirations	</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">(25</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-left: 0in">Balance—December 31, 2024	</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">37</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">Activity on prior year tax positions	</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="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Additions on current year tax positions	</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</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; padding-bottom: 1pt">Reductions on settlements with taxing authorities and expirations	</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">(9</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-left: 0in; padding-bottom: 2.5pt">Balance—December 31, 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">30</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">Cox is under examination for the tax year 2025
and 2024 in the Internal Revenue Service's ("IRS") Compliance Assurance Program. This program accelerates the examination
of key transactions with the goal of resolving any issues before the tax return is filed with the IRS. As of the date of the financial
statement issuance, Cox federal tax returns have been examined and all issues have been settled through the 2023 tax year. Various states
are currently conducting examinations of Cox's income tax returns for tax years 2016 through 2022. The statute of limitations for Cox's
major tax jurisdictions remains open for examination for tax years 2016 to 2025.</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 classifies penalties and interest associated
with its unrecognized tax benefits as a component of income tax expense. For the years ended December 31, 2025, 2024 and 2023, penalties
and interest expense are immaterial. As of December 31, 2025 and 2024, Cox has immaterial accrued liabilities for potential interest
and penalties.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT></TD><TD><B>COMMITMENTS
AND CONTINGENCIES</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">At the time of divesting an ownership interest
in an entity, Cox sometimes agrees to indemnify the buyer for certain liability risks. Cox believes that any liability to the company
that may arise as a result of such indemnification agreements will not have a material adverse effect on the company taken as a whole.</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">At December 31, 2025, Cox had outstanding
purchase commitments primarily related to costs associated with telecommunication networks, infrastructure, cloud computing and engineering
totaling $1.0 billion, $332 million, $196 million, $141 million, $93 million and $254 million for the years ended December 31, 2026,
2027, 2028, 2029, 2030 and thereafter, respectively, as well as construction commitments of $289 million.</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>Legal Proceedings</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"><I>Sony Music et al. </I>— In July 2018,
Sony Music Entertainment Inc., Warner Bros. Records Inc., Universal Music Corp. and several other music publishers and recording companies
filed a copyright infringement lawsuit against Cox. The plaintiffs allege that Cox’s practices of handling Digital Millennium Copyright
Act notices resulted in willful copyright infringement with respect to thousands of songs. Plaintiffs are seeking monetary damages.</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">In December 2019, a jury returned a verdict
of $1.0 billion against Cox, and a finding of contributory infringement, vicarious infringement and willfulness. Following various post-trial
motions, Cox appealed to the United States Court of Appeals for the Fourth Circuit. In addition to the merits appeal, Cox filed two Rule 60
motions in the trial court seeking relief from the verdict; those Rule 60 motions were heard and denied by the trial court in March 2022.
Cox appealed the Rule 60 rulings to the Fourth Circuit, which held the Rule 60 appeal in abeyance until after the merits appeal.
In February 2024, the Fourth Circuit affirmed the jury's finding of willful contributory infringement but reversed the jury's finding
of vicarious liability and vacated the $1.0 billion judgment against Cox. Both parties' petitions for a rehearing en banc were denied
by the Fourth Circuit. Cox also filed motions in the Fourth Circuit seeking partial appellate costs and an update regarding the Rule 60
appeal. Briefing concluded in the Rule 60 appeal in September 2024. Cox filed an unopposed motion to release the appeal bond,
which was granted in May 2024. Cox’s motion for costs on the judgment bond was denied in August 2024. The trial proceeding
has been stayed by the Fourth Circuit until the resolution of the Rule 60 appeal. The Fourth Circuit has not yet requested or scheduled
oral argument on the Rule 60 appeal. In November 2024, in response to writs of certiorari filed by both parties, the United
States Supreme Court called for the view of the United States Solicitor General. In May 2025, the United States Solicitor General
submitted its brief amicus curiae recommending that Cox’s writ of certiorari be granted and Sony’s writ of certiorari be
denied. In June 2025, the United States Supreme Court granted Cox’s writ of certiorari and denied Sony’s writ of certiorari.
Cox’s opening brief was filed in August 2025. Oral argument was held in December 2025. The outcome of this matter cannot
be predicted at this time.</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>TQ Delta —</I> In July 2015, TQ
Delta filed an action against Cox alleging patent infringement of eight patents related to the Multimedia over Coax Alliance standard,
parts of which are alleged to be implemented in Whole Home DVR. The plaintiff voluntarily dropped two patents in response to the court’s
requirement that the number of claims be reduced. Inter Partes Reviews ("IPRs") were filed against the remaining six patents.
The Patent Trial and Appeal Board invalidated four of the patents during the IPR proceeding, but two patents survived on appeal to the
United States Court of Appeal for the Federal Circuit. The parties have engaged in expert discovery and are awaiting rulings on claim
construction and summary judgment. Trial is scheduled for October 2027. The outcome of this matter cannot be predicted at this time.</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>Entropic —</I> In February 2023,
Entropic Communications filed two separate actions against Cox alleging patent infringement. The first case was brought with twelve patents
and was related to the Multimedia over Coax Alliance standard. The second case was brought with ten patents with allegations related
to the DOCSIS ("Data Over Cable Service Interface Specification") and DOCSIS adjacent technologies. Through patent challenges
brought both with the Court and the Patent Trial and Appeals Board ("PTAB"), sixteen patents were effectively invalidated.
Entropic is in the process of appealing the rulings of invalidity issued by the U.S. Patent Office to the Federal Circuit. There has
been no activity in these cases beyond Claim Construction hearings and no schedule has been set in either case. The outcome of this matter
cannot be predicted at this time.</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>Other Patent Matters —</I> Cox is a
defendant or co-defendant in several lawsuits involving alleged infringement of various patents relating to various aspects of its businesses.
In the event that a court ultimately determines that Cox infringes on any intellectual property rights, Cox may be subject to substantial
damages and/or an injunction that could require Cox or its vendors to modify certain products and services Cox offers to its subscribers,
as well as negotiate royalty or license agreements with respect to the patents at issue. While Cox intends to vigorously defend the actions,
no assurance can be given that any adverse outcome would not be material to Cox's Consolidated Financial Statements. Cox cannot predict
the outcome of any of these matters nor can it reasonably estimate a range of possible loss at this time.</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>Other Legal Proceedings</I> — Cox and
its subsidiaries are parties to various other legal proceedings that are ordinary and incidental to their businesses.</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>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><B>EQUITY</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>Common Stock</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">As of December 31, 2025, 2024 and 2023,
there were 1,000 authorized shares of common stock, with a par value of one dollar, with 100 shares issued and outstanding. Holders of
common stock are entitled to one vote per share and dividends are payable when and as declared.</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">As of December 31, 2025 and 2024, CEI, through
wholly-owned subsidiaries, owned 100% of the outstanding shares of Cox's common stock. For the years ended December 31, 2025 and
2024, Cox paid dividends to its shareholder of <FONT STYLE="background-color: white">$1.0 billion.</FONT></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>Noncontrolling Interests ("NCI")</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 2023, Cox entered into a Securities Purchase
Agreement with the NCI in Fiber Platform, LLC ("Fiber Platform") to purchase from various entities affiliated with UPN, a wholly-owned
subsidiary of Fiber Platform, the common stock and Class A Units of Fiber Platform for $429 million. As a condition of closing,
Cox also made tender offers to each management investor to purchase all of the remaining outstanding Class A Units for $87 million.
Also as a condition of closing, tender offers were made to each holder of the Class B Units and Class B Participation Units,
which were issued under long-term incentive compensation plans. The $429 million specified in the Securities Purchase Agreement and the
payments made under the tender offers resulted in Cox purchasing all remaining interests in Fiber Platform for $608 million, effective
June 2023.</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 purchase of the NCI in Fiber Platform
did not result in a change in Cox’s existing control of Fiber Platform, which resulted in no gain or loss recognition. Instead,
the difference between the carrying value of the NCI and the consideration paid by Cox to acquire the NCI was recognized in additional
paid-in capital, net of $98 million for deferred income taxes, within the Consolidated Statements of Changes in Equity. A portion of
the tender offers described above that involved long-term incentive compensation plans resulted in accelerated vesting and compensation
costs of $37 million, of which $13 million was capitalized and $24 million was expensed in 2023.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><B>FAIR VALUE MEASUREMENTS</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">Cox measures certain financial assets and liabilities
at fair value on a recurring basis and also measures certain nonfinancial assets at fair value on a nonrecurring basis. Fair value is
defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market
participants would use in pricing an asset or liability as defined in the below fair value hierarchy:</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 0.5in; text-align: justify"><I>Level 1 </I>— Observable
inputs such as quoted prices in active markets;</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 1.25in; text-align: justify; text-indent: -0.75in"><I>Level 2
</I>— Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and</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 1.25in; text-align: justify; text-indent: -0.75in"><I>Level 3
</I>— Unobservable inputs in which there is little or no market data, which require an entity to develop its own assumptions.</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"><I>Recurring Fair Value Measurements</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"><I>Cash Equivalents — </I>Cox's cash equivalents
are measured at fair value on a recurring basis and generally consist of money market funds, time deposits and commercial paper. The
fair values of Cox's cash equivalents fall within Level 1 of the fair value hierarchy and are based on a market approach using quoted
prices and other relevant information generated by market transactions involving identical or comparable assets.</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>Debt — </I>Cox's notes and debentures
as of December 31, 2025 and 2024 is based on inputs other than quoted prices in active markets, that are observable either directly
or indirectly and is classified within Level 2.</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>Other Financial Instruments</I> — The
carrying amounts of the Cox’s accounts receivable, accounts payable and other current assets and liabilities approximate fair value
due to their short-term maturities and/or nature of these instruments.</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>Non-Recurring Fair Value Measurements</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's nonfinancial assets (such as property and
equipment, goodwill and intangible assets), equity method investments and nonmarketable equity securities are not measured at fair value
on a recurring basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence that
an impairment may exist. Inputs used in these fair value measurements are often unobservable and may require judgment, which could affect
the ascribed fair values.</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 performed a quantitative impairment test
of its cable franchise value and trade name as of December 31, 2025 and 2024. The fair value of cable franchise value was determined
using an excess earnings method. The excess earnings analysis incorporates estimates and forward-looking projections, including significant
inputs such as revenue growth rates, margins, return on debt-free working capital, contributory asset returns and the discount rate.
As a result, Cox recorded an impairment to intangible assets for the year ended December 31, 2025 of $5.6 billion. The fair value
of the intangible assets falls within Level 3 of the fair value hierarchy.</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="background-color: white">Cox identified
impairment indicators related to a debt security in 2025 and certain nonmarketable equity securities in 2024 and 2023. As a result, Cox
estimated the fair values of these investments and recorded impairments to investment expense — net of $43 million, $50 million
and $137 million for the years ended December 2025, 2024 and 2023, respectively. The fair value of the equity securities fall within
Level 3 of the fair value hierarchy.</FONT></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 acquired a controlling financial interest
in Logicworks during 2023. The acquisition value ascribed to the entity was based on arms-length negotiations, which were estimated using
discounted cash flow models. The fair value of assets acquired and liabilities assumed were determined using the cost, income and market
approaches, including market participant assumptions. In the case of trade name and developed technology acquired, Cox estimated fair
value using the relief-from-royalty method, which assumes that value is provided to the extent the acquirer is relieved of the obligations
to pay royalties for the benefits received from the technology and the trade name. This method required estimations of future revenues
for the technology and brand, the appropriate royalty rates and the weighted-average cost of capital. The fair value for customer relationships
was determined as of the acquisition date using the excess earnings method. Under this methodology, fair value is determined based on
the estimated future after-tax cash flows arising from the acquired customer relationships over the estimated useful lives after considering
customer attrition and contributory asset charges. Goodwill represents the difference between the acquisition value and fair values ascribed
to the entities’ net assets, inclusive of these identified assets. All of these fair value estimates fall within Level 3 of the
fair value hierarchy.</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>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"><B>13.</B></FONT></TD><TD STYLE="text-align: justify"><B>TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTIES</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">For all periods presented in the Consolidated
Financial Statements, related party transactions and activities between Cox and CEI, other CEI subsidiaries and other related parties
may not have been consummated on terms equivalent to those that would prevail in an arm’s-length transaction where conditions of
competitive, free-market dealing may exist.</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>Allocated Expenses from CEI</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">Allocated expenses as shown in the table below
are directly calculated or based on CEI's estimate of services provided to Cox in relation to those provided to other CEI subsidiaries.
Cox believes that these allocations were made on a reasonable basis. However, the allocations are not necessarily indicative of the level
of expenses that might have been incurred had Cox contracted directly with third parties.</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="padding-left: 0.125in; 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; padding-left: 0in; font: 10pt Times New Roman, Times, Serif">(in million)</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: italic 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left">Employee Benefits Plans</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; width: 61%; text-align: left">Healthcare and other employee benefits	</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">271</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"> </TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">244</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="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">Qualified and nonqualified pension <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">68</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">91</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">91</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">401(k) Plan	</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">80</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">91</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">80</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Postemployment and postretirement benefits <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">22</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">22</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">22</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">Long-term incentive compensation	</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><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">142</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">170</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: italic 10pt Times New Roman, Times, Serif; padding-left: 0in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other Allocated Expenses <SUP>(b)</SUP></I></FONT></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">Management services	</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">278</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">236</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: 0.125in; text-align: left">Occupancy-related services	</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">39</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"> </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: 0.25in; text-align: left"><SUP>(a)</SUP></TD><TD STYLE="text-align: justify">The service cost component related to Cox’s qualified
and nonqualified pension plans and postretirement benefits is recorded to operating costs and expenses on the Consolidated Statements
of Operations. The non-service cost component, which includes interest cost, expected return on plan assets, prior service cost amortization
and actuarial loss amortization, is recorded to miscellaneous <FONT STYLE="background-color: white">income </FONT>— net on the
Consolidated Statements of Operations <FONT STYLE="background-color: white">and totaled</FONT> $16 million, $2<FONT STYLE="background-color: white">6
million and $33 million for the years ended </FONT>December 31, 2025<FONT STYLE="background-color: white">, </FONT>2024 <FONT STYLE="background-color: white">and
</FONT>2023<FONT STYLE="background-color: white">.</FONT></TD>
</TR></TABLE>
<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: 0.25in; text-align: left"><FONT STYLE="background-color: white"><SUP>(b)</SUP></FONT></TD><TD STYLE="text-align: justify">Cox receives certain management (e.g., legal, corporate secretarial,
tax, cash management, treasury, internal audit, risk management, employee benefit administration and other support services) and occupancy-related
(e.g., repairs and maintenance, utilities, insurance and property taxes) services from CEI.</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"><I>Healthcare and Other Employee Benefits</I>
— Certain of Cox's employees participate in CEI and other company sponsored employee benefit plans, including medical, dental,
vision, life and long-term disability insurance plans. Eligibility requirements vary depending on the plan, but are generally available
to full-time employees and, depending on the plan, their dependents.</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>Qualified and Nonqualified Pension </I>—
Certain full-time employees of Cox are eligible to participate in CEI's funded, qualified, defined-benefit pension plan. Certain key
employees also participate in CEI's unfunded, nonqualified, supplemental pension plan. These plans call for benefits to be paid to eligible
employees at retirement based primarily upon years of service with CEI and Cox and compensation rates near retirement. Under the pension
plans, CEI allocates pension expense to Cox generally based on the actuarial determinations of the effects of Cox's employees' participation
in the plans. Annual expenses may be volatile, largely as a result of economic factors, including volatility in discount rates and investment
returns, as well as changes in laws, regulations and assumptions used to calculate pension 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"></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>401(k) Plan</I> — In February 2017,
CEI announced that it will no longer offer participation in both its pension or postretirement healthcare plans to Cox employees who
join or are rehired with Cox after March 2017. Such employees will instead be offered an enhanced match in the 401(k) Plan,
consisting of a 100% match of contributions up to 6% of eligible compensation, plus an annual contribution of 2% of eligible compensation,
which vests on the third anniversary of employment. Employees hired prior to April 1, 2017 will continue to participate and accrue
benefits under the existing pension and postretirement healthcare plans and will also continue to receive a 50% match on contributions
up to 6% of eligible compensation under the 401(k) Plan.</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>Postemployment and Postretirement Benefit
Plans </I>— Cox also provides certain postemployment benefits and postretirement healthcare and life insurance benefits to certain
employees through participation in CEI's postemployment and retiree healthcare plans. Under these plans, CEI allocates postemployment
and postretirement expense to Cox generally based on the actuarial determinations of the effects of Cox's employees' participation in
the plans.</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>Long-Term Incentive Compensation</I> —
Cox offers eligible executives and key employees the opportunity to participate in the CEI Long-Term Incentive Plan ("LTIP"),
which provides for the payment of benefits in the form of cash. CEI plan awards are typically granted annually. Awards granted under
the LTIP are three-year awards and vest 100% on the third anniversary of the grant date. Compensation expense for the plan awards is
allocated to Cox by CEI based on the accelerated vesting model and expectations about meeting CEI revenue, profitability and/or cash
flow targets.</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>Amounts due from Cox Enterprises, Inc.</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 receives day-to-day cash management services
from CEI, with settlements of outstanding balances between Cox and CEI occurring periodically. The amounts due from CEI are due on demand
and represent the net balance of the intercompany transactions. The interest rate is based on CEI's internal borrowing rate, generally
determined from CEI's rates under the Credit Facility, which ranged from 3.94% to 4.45% in 2025, 4.62% to 5.45% in 2024 and 5.18% to
6.44% in 2023. CEI adopted SOFR rates as of July 2023 and used LIBOR rates in prior periods. The associated interest income was
$188 million, $209 million and $97 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"><I>Other Related Party Transactions</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">CEI purchases insurance for a fixed premium cost
from several insurance companies, including an insurance company indirectly owned by descendants of Governor James M. Cox, the founder
of CEI, which was subsequently acquired by CEI in December 2024. These related party insurance companies are insurers and reinsurers
on various insurance policies purchased by CEI and employ a consulting actuary to calculate the annual premiums for general, auto and
workers' compensation and property liability insurance based on CEI's loss experience, consistent with insurance industry practice. Cox's
portion of these insurance costs totaled $64 million, $74 million and $76 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 pays fees to certain entities in which it
has a minority ownership interest in exchange for cable programming. Programming fees related to such affiliates were $34 million, $39
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 receives advertising revenue from, and pays
commissions to, National Cable Communications LLC (rebranded as Ampersand), an entity in which it has a minority ownership interest.
Revenues related to Ampersand were $54 million, $130 million and $68 million for the years ended December 31, 2025, 2024 and 2023,
respectively. Commissions expenses paid to Ampersand were $7 million, $17 million and $9 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"></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>CTech Lease </I>— In December 2010,
Cox entered into a finance lease agreement with CTech Holdings, LLC ("CTech") for two new buildings at the CEI headquarters
campus in Atlanta, Georgia. The properties serve as the primary operations of Cox's technology organization. The term of the finance
lease is from June 2012 through January 2038.</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>Cox Headquarters Lease </I>— In October 2013,
Cox entered into a 25-year financing agreement with JMC-T2, LLC ("T2") for an office tower on the CEI headquarters campus in
Atlanta, Georgia. The property serves as the corporate headquarters of Cox. Cox guaranteed the payments associated with the construction
debt. The term of the agreement is from February 2015 through February 2040.</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">Future related party commitments, included within
Cox's finance lease liabilities, as of December 31, 2025 are 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">CTech Lease</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </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">Cox Headquarters<BR>
Lease</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: 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">27</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">24</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">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">24</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">28</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></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><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></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">30</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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Thereafter	</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">232</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">275</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">There are various other related party activities
between Cox and related parties that individually, and in the aggregate, are not material to Cox's Consolidated Financial Statements.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2025 and October 2024, Cox
contributed $75 million and $45 million, respectively, to the James M. Cox Foundation for the benefit of biodiversity initiatives aimed
at protecting critical species and their habitats.</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: center">******</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>tm2621145d1_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.3</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COX COMMUNICATIONS, INC.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(A Wholly-Owned Subsidiary of Cox Enterprises, Inc.)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<TD STYLE="border-bottom: Black 1pt solid; width: 100%; font-size: 10pt"> </TD></TR>
</TABLE>
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<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 89%"> </TD>
<TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Financial Statements as of March 31,
2026 and December 31, 2025 and for the three months ended March 31, 2026 and 2025:</FONT></TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Balance
Sheets (Unaudited)	</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Statements
of Operations (Unaudited)	</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Statements
of Cash Flows (Unaudited)	</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed Consolidated Statements
of Changes in Equity (Unaudited)	</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Condensed Consolidated
Financial Statements (Unaudited)	</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
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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: center"><B>COX COMMUNICATIONS, INC.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(A Wholly-Owned Subsidiary of Cox Enterprises, Inc.)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONDENSED CONSOLIDATED BALANCE SHEETS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Unaudited)</B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; width: 100%"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>