v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Components of Lease Cost
The following table presents the components of lease cost (in millions):
Year ended December 31,
202520242023
Operating lease cost$165 $170 $171 
Variable lease cost55 55 57 
Short-term lease cost4 3 2 
Finance lease cost
   Amortization of right-of-use assets45 34 35 
   Interest on lease liabilities21 7 8 
Total lease cost$290 $269 $273 
The following table presents the supplemental cash flow information for amounts included in the measurement of lease liabilities (in millions):
December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash outflows from operating leases$147 $139 $153 
Operating cash outflows from interest on finance leases$8 $7 $8 
Financing cash outflows from finance leases$346 $30 $36 
Right-of-use assets obtained in exchange for lease liabilities
Operating leases$140 $11 $156 
Finance leases$1,389 $21 $30 
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate
The following table presents the weighted-average remaining lease term and weighted-average discount rate:
December 31,
20252024
Weighted-average remaining lease term (in years)
   Operating leases12.613.2
   Finance leases6.111.6
Weighted-average discount rate
   Operating leases4.5%4.5%
   Finance leases5.9%4.5%
Schedule of Consolidated Balance Sheet Information
The following table presents supplemental consolidated balance sheet information (in millions):
December 31,
20252024
Operating leases
Other assets$860 $796 
Other accrued liabilities$97 $95 
Other liabilities$846 $785 
Total operating lease liabilities$943 $880 
Finance leases
Property, plant and equipment (1)
$1,279 $265 
Accumulated depreciation$(147)$(118)
Property, plant and equipment, net$1,132 $147 
Current portion of long-term debt and short-term borrowings
$84 $30 
Long-term debt$1,148 $144 
Total finance lease liabilities (1)
$1,232 $174 
(1)During the year ended December 31, 2025, the Company recognized $1.4 billion in right-of-use assets and lease liabilities primarily associated with recently commenced leases, as discussed below. In addition, the Company recognized $318 million in 48D credits, which reduced the right-of-use asset, and repaid $346 million in principal payments, primarily driven by a $315 million payment made in December 2025 on the Facility Lease as discussed below, which reduced the lease liability.
Schedule of Maturities of Operating Lease Liabilities
As of December 31, 2025, future minimum lease payments are as follows (in millions) (1):
 Operating LeasesFinance
Leases
2026$129 $126 
2027$115 $213 
2028$102 $176 
2029$99 $168 
2030$91 $166 
After 2030$711 $718 
Total payments$1,247 $1,567 
Less: imputed discount$304 $335 
Present value of lease payments$943 $1,232 
(1)Amounts exclude estimated lease payments for various leases commencing in future periods, as described below.
Schedule of Maturities of Finance Lease Liabilities
As of December 31, 2025, future minimum lease payments are as follows (in millions) (1):
 Operating LeasesFinance
Leases
2026$129 $126 
2027$115 $213 
2028$102 $176 
2029$99 $168 
2030$91 $166 
After 2030$711 $718 
Total payments$1,247 $1,567 
Less: imputed discount$304 $335 
Present value of lease payments$943 $1,232 
(1)Amounts exclude estimated lease payments for various leases commencing in future periods, as described below.