Leases

12 Months Ended

Dec. 31, 2025

The Company has operating leases for corporate offices, data centers, motor vehicles and certain equipment, many of which contain renewal and escalation clauses. These operating leases primarily expire at various dates through 2037 with options to cancel certain leases at various intervals. The Company also has finance leases for offices and lab spaces that expire at various dates through 2048.

The components of lease expense were as follows:


		Year Ended December 31,
(in millions)	Classification	2025		2024		2023
Operating lease cost (1)	Selling, general and administrative expenses	$	160	$	158	$	160
Finance lease cost (1)	Depreciation and amortization, and Interest expense	18		18		18
Total lease cost		$	178	$	176	$	178

(1) Includes short-term and variable lease costs, which are immaterial.

Other information related to leases was as follows:


	Year Ended December 31,
(in millions)	2025			2024			2023
Supplemental Cash Flow:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	157		$	160		$	175
Operating cash flows for finance leases	$	8		$	8		$	8
Financing cash flows for finance leases	$	5		$	5		$	3
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	133		$	58		$	59

Weighted Average Remaining Lease Term:
Operating leases	5.35 years			4.58 years			4.61 years
Finance leases	18.74 years			19.73 years			20.67 years
Weighted Average Discount Rate:
Operating leases	5.24		%	4.57		%	3.81		%
Finance leases	3.90		%	3.90		%	3.88		%

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


(in millions)	Operating Leases		Finance Leases
2026	$	107	$	13
2027	82		14
2028	59		14
2029	38		14
2030	26		15
Thereafter	51		256
Total future minimum lease payments	363		326
Less imputed interest	(45)		(108)
Total	$	318	$	218
Reported as of December 31, 2025:
Other current liabilities	$	93	$	6
Operating lease liabilities	225		—
Other liabilities	—		212
Total	$	318	$	218

Leases

The components of lease expense were as follows:


		Year Ended December 31,
(in millions)	Classification	2025		2024		2023
Operating lease cost (1)	Selling, general and administrative expenses	$	160	$	158	$	160
Finance lease cost (1)	Depreciation and amortization, and Interest expense	18		18		18
Total lease cost		$	178	$	176	$	178

(1) Includes short-term and variable lease costs, which are immaterial.

Other information related to leases was as follows:


	Year Ended December 31,
(in millions)	2025			2024			2023
Supplemental Cash Flow:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	157		$	160		$	175
Operating cash flows for finance leases	$	8		$	8		$	8
Financing cash flows for finance leases	$	5		$	5		$	3
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	133		$	58		$	59

Weighted Average Remaining Lease Term:
Operating leases	5.35 years			4.58 years			4.61 years
Finance leases	18.74 years			19.73 years			20.67 years
Weighted Average Discount Rate:
Operating leases	5.24		%	4.57		%	3.81		%
Finance leases	3.90		%	3.90		%	3.88		%

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


(in millions)	Operating Leases		Finance Leases
2026	$	107	$	13
2027	82		14
2028	59		14
2029	38		14
2030	26		15
Thereafter	51		256
Total future minimum lease payments	363		326
Less imputed interest	(45)		(108)
Total	$	318	$	218
Reported as of December 31, 2025:
Other current liabilities	$	93	$	6
Operating lease liabilities	225		—
Other liabilities	—		212
Total	$	318	$	218