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Balance Sheet Components | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | Balance Sheet Components Cash, Cash Equivalents and Short-Term Investments Cash and cash equivalents and short-term investments consisted of the following as of December 31 (in millions):
| 2024 |  | 2023
Cash | $ | 565 |  |  | $ | 492 |
Cash equivalents: |  |  |
Money market funds | 2,401 |  |  | 1,364 |
Time deposits | 115 |  |  | 240 |
Total cash and cash equivalents | 3,081 |  |  | 2,096 |
Short-term investments: |  |  |
Time deposits | 527 |  |  | — |
Total short-term investments | 527 |  |  | — |
Total cash, cash equivalents and short-term investments | $ | 3,608 |  |  | $ | 2,096 |
As of December 31, 2024 and 2023, cash and cash equivalents included investments which were readily convertible to cash and generally had original maturities of 3 months or less. The maturities of time deposits classified as short-term investments were one year or less as of December 31, 2024. Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. Accounts receivable, net, consisted of the following as of December 31 (in millions):
| 2024 |  | 2023
Accounts receivable | $ | 968 |  |  | $ | 1,021 |
Allowance for credit losses | (19) |  |  | (17) |
Accounts receivable, net | $ | 949 |  |  | $ | 1,004 |
The following table summarizes the activity of our allowance for credit losses (in millions):
Balance as of December 31, 2021 | $ | 12 |
Provision for credit losses | 7 |
Net write-offs | (7) |
Balance as of December 31, 2022 | 12 |
Provision for credit losses | 15 |
Net write-offs | (9) |
Impact of foreign currency exchange | (1) |
Balance as of December 31, 2023 | 17 |
Provision for credit losses | 21 |
Net write-offs | (20) |
Impact of foreign currency exchange | 1 |
Balance as of December 31, 2024 | $ | 19 |
Other Current Assets Other current assets consisted of the following as of December 31 (in millions):
| 2024 |  | 2023
Derivative assets, current | $ | 296 |  |  | $ | 44 |
Taxes receivable | 223 |  |  | 167 |
Other receivables (1) | 106 |  |  | 80 |
Contract assets, current | 102 |  |  | 52 |
Prepaid expenses, current | 91 |  |  | 100 |
Other (2) | 72 |  |  | 25 |
Total other current assets | $ | 890 |  |  | $ | 468 |
(1)Includes receivables due from our joint ventures. See Note 15. (2)Includes an insignificant amount of restricted cash, current. Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following as of December 31 (in millions):
| 2024 |  | 2023
Core systems | $ | 12,890 |  |  | $ | 12,604 |
Buildings | 9,475 |  |  | 8,972 |
Construction in progress | 2,204 |  |  | 1,918 |
Internal-use software | 2,149 |  |  | 1,936 |
Leasehold improvements | 1,980 |  |  | 2,045 |
Land | 1,652 |  |  | 1,407 |
Personal property | 373 |  |  | 320 |
| 30,723 |  |  | 29,202 |
Less accumulated depreciation | (11,474) |  |  | (10,601) |
Property, plant and equipment, net | $ | 19,249 |  |  | $ | 18,601 |
Goodwill and Other Intangibles The following table presents goodwill and other intangible assets, net, for the years ended December 31, 2024 and 2023 (in millions):
| 2024 |  | 2023
Goodwill: |  |  |
Americas | $ | 2,559 |  |  | $ | 2,631 |
EMEA | 2,349 |  |  | 2,467 |
Asia-Pacific | 596 |  |  | 639 |
| $ | 5,504 |  |  | $ | 5,737 |
Intangible assets, net: |  |  |
Intangible assets - customer relationships | $ | 2,745 |  |  | $ | 2,892 |
Intangible assets - trade names | 16 |  |  | 13 |
Intangible assets - in-place leases | 27 |  |  | 30 |
Intangible assets - licenses | 10 |  |  | 10 |
Intangible assets - at-the-money lease contracts | 55 |  |  | 59 |
Intangible assets - other | 8 |  |  | 8 |
| 2,861 |  |  | 3,012 |
Less accumulated depreciation | (1,444) |  |  | (1,307) |
Total intangible assets, net | $ | 1,417 |  |  | $ | 1,705 |
Changes in the carrying amount of goodwill by geographic regions are as follows (in millions):
| Americas |  | EMEA |  | Asia-Pacific |  | Total
Balance as of December 31, 2021 | $ | 2,210 |  |  | $ | 2,473 |  |  | $ | 689 |  |  | $ | 5,372 |
Purchase of MainOne | — |  |  | 111 |  |  | — |  |  | 111 |
Purchase of Entel Chile | 381 |  |  | — |  |  | — |  |  | 381 |
Purchase of Entel Peru | 46 |  |  | — |  |  | — |  |  | 46 |
Impact of foreign currency exchange | (6) |  |  | (206) |  |  | (44) |  |  | (256) |
Balance as of December 31, 2022 | 2,631 |  |  | 2,378 |  |  | 645 |  |  | 5,654 |
Impact of foreign currency exchange | — |  |  | 89 |  |  | (6) |  |  | 83 |
Balance as of December 31, 2023 | 2,631 |  |  | 2,467 |  |  | 639 |  |  | 5,737 |
Impact of foreign currency exchange | (72) |  |  | (118) |  |  | (43) |  |  | (233) |
Balance as of December 31, 2024 | $ | 2,559 |  |  | $ | 2,349 |  |  | $ | 596 |  |  | $ | 5,504 |
Changes in the net book value of intangible assets by geographic regions are as follows (in millions):
| Americas |  | EMEA |  | Asia-Pacific |  | Total
Balance as of December 31, 2021 | $ | 1,328 |  |  | $ | 432 |  |  | $ | 176 |  |  | $ | 1,936 |
Entel Chile acquisition | 153 |  |  | — |  |  | — |  |  | 153 |
Entel Peru acquisition | 10 |  |  | — |  |  | — |  |  | 10 |
MainOne acquisition | — |  |  | 55 |  |  | — |  |  | 55 |
Amortization of intangibles | (138) |  |  | (52) |  |  | (15) |  |  | (205) |
Impact of foreign currency exchange | (4) |  |  | (33) |  |  | (14) |  |  | (51) |
Balance as of December 31, 2022 | 1,349 |  |  | 402 |  |  | 147 |  |  | 1,898 |
Other asset acquisitions | 7 |  |  | — |  |  | 1 |  |  | 8 |
Amortization of intangibles | (140) |  |  | (54) |  |  | (14) |  |  | (208) |
Impact of foreign currency exchange | — |  |  | 10 |  |  | (3) |  |  | 7 |
Balance as of December 31, 2023 | 1,216 |  |  | 358 |  |  | 131 |  |  | 1,705 |
Impairment charges (1) | (29) |  |  | — |  |  | — |  |  | (29) |
Amortization of intangibles | (140) |  |  | (54) |  |  | (14) |  |  | (208) |
Impact of foreign currency exchange | (25) |  |  | (16) |  |  | (10) |  |  | (51) |
Balance as of December 31, 2024 | $ | 1,022 |  |  | $ | 288 |  |  | $ | 107 |  |  | $ | 1,417 |
(1)Refer to Note 17. Goodwill and intangible assets which are denominated in currencies other than the U.S. Dollar are subject to foreign currency fluctuations. Our foreign currency translation gains and losses, including goodwill and intangibles, are a component of other comprehensive income (loss). Estimated future amortization expense related to these intangibles is as follows (in millions):
Years ending: |
2025 | $ | 194 |
2026 | 193 |
2027 | 192 |
2028 | 190 |
2029 | 170 |
Thereafter | 478 |
Total | $ | 1,417 |
Other Assets Other assets consisted of the following as of December 31 (in millions):
| 2024 |  | 2023
Equity method investments | $ | 519 |  |  | $ | 468 |
Contract costs | 436 |  |  | 423 |
Derivative assets, non-current | 295 |  |  | 213 |
Loan receivable | 258 |  |  | — |
Prepaid expenses, non-current | 171 |  |  | 134 |
Deferred CCA implementation costs | 115 |  |  | 105 |
Contract assets, non-current | 113 |  |  | 86 |
Deposits | 60 |  |  | 60 |
Deferred tax assets, net | 48 |  |  | 62 |
Debt issuance costs, net | 3 |  |  | 5 |
Other (1) | 31 |  |  | 35 |
Total other assets | $ | 2,049 |  |  | $ | 1,591 |
(1)Includes an insignificant amount of restricted cash, non-current. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following as of December 31 (in millions):
| 2024 |  | 2023
Accrued compensation and benefits | $ | 421 |  |  | $ | 438 |
Accrued taxes (1) | 196 |  |  | 161 |
Accrued utilities and security | 164 |  |  | 178 |
Accounts payable | 133 |  |  | 162 |
Accrued interest | 96 |  |  | 90 |
Other | 183 |  |  | 158 |
Total accounts payable and accrued expenses | $ | 1,193 |  |  | $ | 1,187 |
(1)Accrued taxes included income taxes payable of $109 million and $81 million as of December 31, 2024 and 2023, respectively. Other Current Liabilities Other current liabilities consisted of the following as of December 31 (in millions):
| 2024 |  | 2023
Deferred revenue, current | $ | 123 |  |  | $ | 125 |
Derivative liabilities, current | 27 |  |  | 94 |
Customer deposits | 16 |  |  | 16 |
Dividends payable, current | 16 |  |  | 13 |
Asset retirement obligations, current | 1 |  |  | 5 |
Other | 49 |  |  | 49 |
Total other current liabilities | $ | 232 |  |  | $ | 302 |
Other Liabilities Other liabilities consisted of the following as of December 31 (in millions):
| 2024 |  | 2023
Deferred tax liabilities, net | $ | 339 |  |  | $ | 394 |
Deferred revenue, non-current | 150 |  |  | 154 |
Asset retirement obligations, non-current | 108 |  |  | 108 |
Derivative liabilities, non-current | 46 |  |  | 8 |
Accrued taxes | 42 |  |  | 56 |
Dividends payable, non-current | 13 |  |  | 12 |
Other non-current liabilities | 62 |  |  | 64 |
Total other liabilities | $ | 760 |  |  | $ | 796 |
The following table summarizes the activities of our asset retirement obligations ("ARO") (in millions):
Asset retirement obligations as of December 31, 2021 | $ | 118 |
Additions | 3 |
Adjustments (1) | (4) |
Accretion expense | 5 |
Impact of foreign currency exchange | (4) |
Asset retirement obligations as of December 31, 2022 | 118 |
Additions | 1 |
Adjustments (1) | (13) |
Accretion expense | 7 |
Asset retirement obligations as of December 31, 2023 | 113 |
Additions | 6 |
Adjustments (1) | (12) |
Accretion expense | 6 |
Impact of foreign currency exchange | (4) |
Asset retirement obligations as of December 31, 2024 | $ | 109 |
(1)The ARO adjustments are primarily due to lease amendments and acquisition of real estate assets.

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