10-K – 2026-01-30 – R15.htm

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Leases (Notes)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]
 

Operating Leases
Leases The primary leased asset classes of the Company include real estate, dark fiber, colocation facilities and other equipment. The lease agreements include both lease and non-lease components, which the Company accounts for separately depending on the election made for each leased asset class. For real estate and dark fiber leased asset classes, the Company accounts for lease and non-lease components as a single lease component and includes all fixed payments in the measurement of lease liabilities and lease assets. For colocation facilities leased asset class, the Company accounts for lease and non-lease components separately including only the fixed lease payment component in the measurement of lease liabilities and lease assets.

Lease assets and lease liabilities are initially recognized based on the present value of the future lease payments over the expected lease term. As for most leases the implicit rate is not readily determinable, the Company uses a discount rate in determining the present value of future payments based on the yield-to-maturity of the Company’s secured publicly traded United States dollars denominated debt instruments interpolating the duration of the debt to the term of the executed lease.

The Company’s leases have base rent periods and some with optional renewal periods. Leases with base rent periods of less than 12 months are not recorded on the balance sheet. For purposes of measurement of lease liabilities, the expected lease terms may include renewal options when it is reasonably certain that the Company will exercise such options.

Operating lease expenses were $538 million, $516 million and $506 million for the years ended December 31, 2025, 2024 and 2023, respectively, inclusive of both short-term lease costs and variable lease costs that were not included in the measurement of operating lease liabilities.

Cash paid for amounts included in the measurement of operating lease liabilities, recorded as operating cash flows in the statements of cash flows, were $376 million, $378 million and $369 million for the years ended December 31, 2025, 2024 and
2023, respectively. Operating lease right-of-use assets obtained in exchange for operating lease obligations were $344 million, $274 million and $335 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Supplemental balance sheet information related to leases is as follows.

December 31,
2025 2024
Operating lease right-of-use assets:
Included within other noncurrent assets
$ 1,281  $ 1,244 

Operating lease liabilities:
Current portion included within accounts payable, accrued and other current liabilities
$ 275  $ 278 
Long-term portion included within other long-term liabilities
1,167  1,135 
$ 1,442  $ 1,413 

Weighted average remaining lease term for operating leases 5.6 years 5.6 years
Weighted average discount rate for operating leases 5.4  % 5.1  %

Maturities of operating lease liabilities as of December 31, 2025 are as follows.

2026 $ 371 
2027 347 
2028 297 
2029 228 
2030 163 
Thereafter 316 
Undiscounted lease cash flow commitments
1,722 
Reconciling impact from discounting (280)
Lease liabilities on consolidated balance sheet as of December 31, 2025
$ 1,442 

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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