v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
Our operating leases consist primarily of properties and equipment for our administrative, manufacturing and R&D activities. Some of our leases contain options to extend the lease term, allowing for extensions of up to 15 additional years for certain leases, and some contain options to terminate the lease early with a sufficient number of months’ notice and/or if a given number of years have passed after the lease commencement date. We determine the lease term by assuming the exercise of any renewal and/or early-termination options that are reasonably certain. As of December 31, 2025 and 2024, we did not have material finance leases.
The following table summarizes balance sheet and other information related to our operating leases:
December 31,
(in millions, except weighted average amounts)Classification20252024
Right-of-use assets, netOther long-term assets$532 $515 
Lease liabilities – current
Other current liabilities$102 $113 
Lease liabilities – noncurrent
Other long-term obligations$503 $498 
Weighted average remaining lease term8.1 years8.0 years
Weighted average discount rate3.53 %3.37 %
The following table summarizes cost and other activity related to our operating leases:
Year Ended December 31,
(in millions)202520242023
Operating lease cost, including variable lease and short-term lease cost$169 $163 $165 
Cash paid for amounts included in the measurement of lease liabilities$127 $141 $88 
Right-of-use assets obtained in exchange for lease liabilities(1)
$106 $86 $214 
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(1)     These represent noncash activities and were therefore not included on our Consolidated Statements of Cash Flows.
The following table is a maturity analysis of our operating lease liabilities as of December 31, 2025:
(in millions)Amount
2026$121 
202799 
202887 
202975 
203073 
Thereafter243 
Total undiscounted lease payments699 
Less: imputed interest94 
Total discounted lease payments$605