Leases (Tables)

3 Months Ended

Mar. 31, 2026

Operating and financing lease right-of-use assets and lease liabilities as of March 31, 2026 and December 31, 2025 were as follows (in millions):


	March 31,		December 31,
	2026		2025
Assets:
Right-of-use assets, operating, net(1) (2)	$	706	$	719
Right-of-use assets, financing, net(3) (4)	36		42
Total	$	742	$	761

Liabilities:
Current:
Operating lease liabilities(5)	$	19	$	17
Financing lease liabilities(5)	31		25
Total current lease liabilities	50		42
Non-current:
Operating lease liabilities, non-current	645		653
Financing lease liabilities, non-current	13		20
Total non-current lease liabilities	658		673
Total	$	708	$	715

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(1)These assets are real estate related assets, which include land, office, manufacturing, and laboratory spaces.

(2)Net of accumulated amortization.

(3)These assets are related to contract manufacturing service agreements.

(4)Included in property, plant and equipment in the condensed consolidated balance sheets, net of accumulated depreciation.

(5)Included in other current liabilities in the condensed consolidated balance sheets.

Future minimum lease payments under our non-cancelable lease agreements as of March 31, 2026, were as follows (in millions):


Fiscal Year		Operating Leases		Financing Leases
2026	(remainder of the year)	$	47	$	26
2027		78		20
2028		81		—
2029		82		—
2030		80		—
Thereafter		679		—
Total minimum lease payments		1,047		46
Less amounts representing interest or imputed interest		(383)		(2)
Present value of lease liabilities		$	664	$	44

Future minimum lease payments under our non-cancelable lease agreements as of March 31, 2026, were as follows (in millions):


Fiscal Year		Operating Leases		Financing Leases
2026	(remainder of the year)	$	47	$	26
2027		78		20
2028		81		—
2029		82		—
2030		80		—
Thereafter		679		—
Total minimum lease payments		1,047		46
Less amounts representing interest or imputed interest		(383)		(2)
Present value of lease liabilities		$	664	$	44