v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Supplemental Balance Sheet Disclosures
Lease assets and liabilities recognized on our consolidated balance sheets were as follows:
December 31,
(in millions)Classification20242025
Lease right-of-use assets:
Operating lease assetsOther non-current assets$94 $182 
Lease liabilities:
Current operating lease liabilitiesOther current liabilities21 22 
Non-current operating lease liabilitiesOther non-current liabilities110 199 
Total lease liabilities$131 $221 
Schedule of Components of Lease Expense
Fixed operating lease costs primarily consist of monthly base rent amounts due. Variable operating lease costs primarily relate to common area maintenance, property taxes, insurance, and other operating expenses. The components of lease expense were as follows:
Year Ended December 31,
(in millions)202320242025
Fixed operating lease costs$21 $22 $29 
Variable operating lease costs7 8 9 
Short-term lease costs1 1 3 
Sublease income(3)(6)(4)
Total lease costs$26 $25 $37 
Other information related to our operating leases was as follows:
December 31,
20242025
Weighted-average remaining lease term6.86 years7.56 years
Weighted-average discount rate6.92 %6.62 %
Cash flows related to leases were as follows:
Year Ended December 31,
(in millions)202320242025
Operating cash flows:
Payments for operating lease liabilities$39 $28 $30 
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets(1)
$(8)$42 $106 
_______________
(1) For the year ended December 31, 2023, lease liabilities arising from obtaining right-of-use assets primarily related to a lease modification, partially offset by remeasurements resulting from reassessments of existing lease terms. For the year ended December 31, 2024, lease liabilities arising from obtaining right-of-use assets primarily related to initial recognition of new leases and lease extensions. For the year ended December 31, 2025, lease liabilities arising from obtaining right-of-use assets primarily related to initial recognition of new leases and amendments to existing leases.
Schedule of Future Minimum Lease Payments
Future minimum lease payments under non-cancellable operating leases (with initial lease terms in excess of one year) as of December 31, 2025 are as follows:
(in millions)
2026$35 
202746 
202844 
202943 
203040 
Thereafter126 
Total undiscounted lease payments334 
Less: imputed interest(72)
Less: lease incentives(38)
Less: leases executed but not yet commenced(3)
Total lease liabilities$221