Leases (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental balance sheet information related to leases was as follows:


	December 31,
	2025			2024
	(dollars in millions)
Operating leases:
Operating lease right-of-use assets(1)	$	577		$	567
Accounts payable, accrued expenses and other	121			117
Operating lease liabilities	730			735

Finance leases:
Property and equipment, net(2)	$	271		$	37
Current maturities of long-term debt	25			35
Long-term debt(2)	315			82

Weighted average remaining lease term:
Operating leases	9.4 years			10.0 years
Finance leases	28.7 years			4.3 years

Weighted average discount rate:
Operating leases	4.59		%	4.49		%
Finance leases	4.65		%	6.03		%

____________

(1)Includes $86 million and $77 million attributable to U.S. operations as of December 31, 2025 and 2024, respectively, and $491 million and $490 million to operations outside the U.S., respectively, most significantly in the U.K. and Germany for both years.

(2)Includes finance leases of our consolidated VIEs. Refer to Note 5: "Consolidated Variable Interest Entities" for an explanation of the increases in property and equipment, net and long-term debt as of December 31, 2025, when compared to December 31, 2024.

Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31,
	2025		2024		2023
	(in millions)
Operating lease expense for fixed payments	$	106	$	109	$	118
Finance lease expense:
Amortization of ROU assets	24		22		21
Fixed interest on lease liabilities	8		8		9
Variable lease expense(1)	191		189		179

____________

(1)Includes amounts related to both operating leases and finance leases.

Supplemental Cash Flow Information

Supplemental cash flow information related to leases was as follows:


	Year Ended December 31,
	2025		2024		2023
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	145	$	138	$	137
Financing cash flows from finance leases	41		38		40
ROU assets obtained in exchange for lease liabilities in non-cash transactions:
Operating leases	50		44		39
Finance leases(1)	258		24		24

____________

(1)Includes finance leases of our consolidated VIEs. Refer to Note 5: "Consolidated Variable Interest Entities" for an explanation of the increase in the total finance lease liabilities as of December 31, 2025, when compared to December 31, 2024.

Schedule of Future Minimum Lease Payments

Our future minimum lease payments as of December 31, 2025 were as follows:


	Operating Leases		Finance Leases
Year	(in millions)
2026	$	156	$	40
2027	136		33
2028	131		26
2029	125		22
2030	122		17
Thereafter	392		474
Total minimum lease payments	1,062		612
Less: imputed interest	(211)		(272)
Total lease liabilities	$	851	$	340