“and $0.03 impact from lower adjusted equity income from DIRECTV, which we expect to be about $2.6 billion versus $2.9 billion in 2023.”

In context

“years as prior year plan changes become fully amortized. We have provided the projected future annual amortization by year in the footnotes of our supplemental financial trends document on our Investor Relations website. Importantly, we have continued to lower our pension obligation, including our transfer of certain pension assets and liabilities to Athene last year and we don't expect any material required contributions to our pension plans for the balance of this decade. In addition to these non-cash items, the guidance also includes $0.08 of other headwinds. These include $0.05 impact from lower spectrum related interest capitalization as we near completion of our initial C-band spectrum deployment in 2024. We don't expect capitalized interest to be a significant headwind beyond 2024, and $0.03 impact from lower adjusted equity income from DIRECTV, which we expect to be about $2.6 billion versus $2.9 billion in 2023. Lastly, we expect an effective tax rate in 2024 consistent with the 2023 rate. Given these assumptions, adjusted EPS for 2024 is expected to be in the $2.15 to $2.25 range. Normalizing for these four items, our 2024 guides would imply adjusted EPS growth consistent with our expected growth in adjusted EBITDA. We expect to be in a position to begin to grow adjusted EPS again in 2025. Turning to free cash flow. Here's what to consider for 2024. First, we expect adjusted EBITDA growth in the 3% range. We also expect cash taxes to be up about $1.5 billion based on current tax law. As we look out to 2025, we would anticipate cash taxes to increase around $1 billion over 2024. Cash distributions from DIRECTV in 2023 were $3.7 billion, down about $750 million compared to the prior year. Looking”