“And we estimate, on average, roughly $1 billion in annual cash tax benefit for the next several years, with much of the benefit relating to infrastructure investments.”

In context

“So how does this impact us? We are a leader in U.S. infrastructure investment. We're a leader in domestic content production, and we're a leader in the domestic experiences category. In fact, we have the nation's largest broadband network and are extending our network by adding 1.2 million passings a year. We've just debuted the largest and most sophisticated theme park built in the U.S. in decades. We are leaders in entertainment programming and production with our film studio consistently ranked #1 or #2 in worldwide box office. And we are #2 in domestic sports programming and the home to many of the top sports in the U.S., like the NFL, the Olympics, the World Cup, golf, and will soon add the NBA. As a result of all of that, there are several things in the legislation that benefit us. And we estimate, on average, roughly $1 billion in annual cash tax benefit for the next several years, with much of the benefit relating to infrastructure investments. In broadband, we've said for some time now that we expect, in the vast majority of our domestic footprint, there will effectively be 2 multi-gig symmetrical wires running into the home. And that's exactly what we've been preparing for by further strengthening and extending our network and innovating to differentiate the in-home WiFi experience we deliver. The change in tax legislation provides a tailwind to that strategy and further supports our U.S. investment, benefiting the company, our customers and the communities we serve all across the country. So our expectation is that this legislation helps fuel the capital allocation formula that's been successful for us, which starts with reinvesting in our businesses, prioritizing a strong balance sheet and strong returns of capital to our sh”