“As a result of the permanent bonus depreciation and interest deductibility rules, I would expect more projects to meet that positive ROI hurdle.”

In context

“billion dollars in the next 5 years. And if you look at what piece of that is in 2026, I think it's reasonable to assume that there's savings that's similar to or slightly larger than what we saw in this year. I mean I think the big story is around sort of what it does to overall free cash flow. And in our modeling, the new rules can drive $10 or so of free cash flow per year for each of the next 6 years. So I think the impact is pretty dramatic. Christopher L. Winfrey: $10 free cash flow per share. Jessica M. Fischer: Yes, sorry. I said free cash flow per share. Sorry, there you go. In terms of how we deploy the savings, our capital allocation strategy hasn't changed. We have and we will continue to prioritize investments in organic investments in the business that generate positive ROI. As a result of the permanent bonus depreciation and interest deductibility rules, I would expect more projects to meet that positive ROI hurdle. That being said, we're not updating our multiyear outlook, except for the sort of timing items that I discussed in my remarks. We already invest a significant amount in our network. We plan to invest in our network in rural builds. And in our proxy disclosures, we did the same for Cox, assuming that the transaction closes. And ultimately, our expectations around making those investments included expectations that we would continue to get favorable rules, and we're happy to see that, that that's played out well. Christopher L. Winfrey: Just to tag on that. We had -- going into the Cox transaction, we had a good sense and maybe it was hope, maybe it was a well- placed bet that the tax rules would be extended in a way that was helpful to our infrastructure investors. And that enabled us to b”