Notes and Other Debt, Net (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Notes and Other Debt

Notes and other debt, net consisted of the following:

	September 30, 2025				December 31, 2024
(Millions)	Principal		Unamortized Premium (Discount) and Deferred Financing Costs		Principal		Unamortized Premium (Discount) and Deferred Financing Costs
Credit Agreements:
Senior secured revolving credit facility - variable rate,    due September 24, 2027	$	281.0	$	(3.3)	$	—	$	(4.3)
Senior secured revolving credit facility - variable rate,    due January 23, 2027	130.0		—		—		—
Senior secured Windstream term loan - variable rate,    due October 1, 2031 (premium is based on imputed    interest rate of 9.15%)	500.0		1.2		—		—
Notes:
Senior secured notes - 10.50%, due February 15, 2028    (discount is based on imputed interest rate of    10.99%)	2,275.0		(23.2)		2,900.0		(37.5)
Senior secured notes - 4.75%, due April 15, 2028    (discount is based on imputed interest rate of 5.04%)	570.0		(3.9)		570.0		(5.0)
Senior secured notes - 8.250%, due October 1, 2031    (premium is based on imputed interest rate of 7.29%)	2,200.0		102.7		—		—
Senior unsecured notes - 6.50%, due February 15, 2029    (discount is based on imputed interest rate of 6.83%)	1,110.0		(11.0)		1,110.0		(13.1)
Senior unsecured notes - 6.00% due January 15, 2030    (discount is based on imputed interest rate of 6.27%)	700.0		(6.9)		700.0		(8.0)
Senior unsecured notes - 8.625% due June 15, 2032    (discount is based on imputed interest rate of 9.16%)	600.0		(16.1)		—		—
Convertible senior notes - 7.50%, due December 1,    2027 (discount is based on imputed interest rate    of 8.29%)	306.5		(4.8)		306.5		(6.3)
ABS Notes and Bridge Loan Facility:
ABS Bridge Loan Facility - variable rate, due    September 1, 2025 (discount is based on imputed    interest rate of 10.33%)	—		—		275.0		(3.7)
ABS Notes (Class A-2) - 5.877%, due April 1, 2030    (discount is based on imputed interest rate of 6.36%)	426.0		(8.0)		—		—
ABS Notes (Class B) - 6.369%, due April 1, 2030    (discount is based on imputed interest rate of 6.86%)	65.0		(1.2)		—		—
ABS Notes (Class C) - 9.018%, due April 1, 2030    (discount is based on imputed interest rate of 9.54%)	98.0		(1.9)		—		—
Notes and other debt, net	$	9,261.5	$	23.6	$	5,861.5	$	(77.9)

Notes and other debt, net are as follows:

(Millions)	September 30, 2025		December 31, 2024
Total principal amount	$	9,261.5	$	5,861.5
Unamortized premium (discount) and deferred financing costs	23.6		(77.9)
Notes and other debt, net	$	9,285.1	$	5,783.6

Schedule of Interest Expense

Interest expense, net was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions)	2025		2024		2025		2024
Senior secured notes	$	105.2	$	84.4	$	265.1	$	238.2
Senior unsecured notes	47.2		34.3		116.8		105.1
Senior secured revolving credit facility    - variable rate	5.5		0.7		7.0		6.6
ABS Notes and Bridge Loan Facility	9.5		5.7		27.2		13.2
Interest rate cap	0.2		0.4		0.7		1.1
Interest rate swaps	(0.3)		—		(0.3)		—
Amortization of deferred financing costs    and debt premium/discount	3.0		5.8		13.9		16.8
Loss on extinguishment of debt	—		—		40.5		—
Accretion of settlement payable	0.3		1.4		1.7		5.1
Capitalized interest	(3.5)		(0.7)		(4.8)		(2.2)
Other	1.1		(1.0)		(0.8)		(2.2)
Total interest expense, net	$	168.2	$	131.0	$	467.0	$	381.7