v3.25.4
Balance Sheet Components
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Cash, Cash Equivalents and Short-Term Investments
Cash and cash equivalents and short-term investments consisted of the following as of December 31 (in millions):
20252024
Cash$368 $565 
Cash equivalents:
Money market funds1,333 2,401 
Time deposits26 115 
Total cash and cash equivalents1,727 3,081 
Short-term investments:
Time deposits1,245 527 
U.S. government securities255 — 
Total short-term investments1,500 527 
Total cash, cash equivalents and short-term investments$3,227 $3,608 
As of December 31, 2025 and 2024, cash and cash equivalents included investments which were readily convertible to cash and generally had original maturities of 3 months or less. The maturities of time deposits and U.S. government securities classified as short-term investments were one year or less as of December 31, 2025.
Accounts Receivable
Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. Accounts receivable, net, consisted of the following as of December 31 (in millions):
20252024
Accounts receivable$1,017 $968 
Allowance for credit losses(16)(19)
Accounts receivable, net$1,001 $949 
The following table summarizes the activity of our allowance for credit losses (in millions):
Balance as of December 31, 2022$12 
Provision for credit losses15 
Net write-offs(9)
Impact of foreign currency exchange(1)
Balance as of December 31, 202317 
Provision for credit losses21 
Net write-offs(20)
Impact of foreign currency exchange1 
Balance as of December 31, 202419 
Provision for credit losses10 
Net write-offs(13)
Balance as of December 31, 2025$16 
Other Current Assets
Other current assets consisted of the following as of December 31 (in millions):
20252024
Taxes receivable$284 $223 
Derivative assets, current235 296 
Prepaid expenses, current134 91 
Other receivables (1)
82 106 
Contract assets, current56 102 
Other (2)
106 72 
Total other current assets$897 $890 
(1)Includes receivables due from our joint ventures. See Note 15.
(2)The balance as of December 31, 2025 included $60 million of restricted cash, current, primarily comprised of temporary cash collateral.
Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following as of December 31 (in millions):
20252024
Core systems$15,100 $12,890 
Buildings11,170 9,475 
Construction in progress2,827 2,204 
Land2,757 1,652 
Internal-use software2,472 2,149 
Leasehold improvements2,210 1,980 
Personal property436 373 
36,972 30,723 
Less accumulated depreciation(13,388)(11,474)
Property, plant and equipment, net$23,584 $19,249 
Goodwill and Other Intangibles
The following table presents goodwill and other intangible assets, net, for the years ended December 31, 2025 and 2024 (in millions):
20252024
Goodwill:
Americas$2,615 $2,559 
EMEA2,629 2,349 
Asia-Pacific740 596 
$5,984 $5,504 
Intangible assets:
Customer relationships$2,906 $2,745 
Other117 116 
3,023 2,861 
Less accumulated amortization(1,707)(1,444)
Total intangible assets, net$1,316 $1,417 
Changes in the carrying amount of goodwill by geographic regions are as follows (in millions):
AmericasEMEAAsia-PacificTotal
Balance as of December 31, 2022$2,631 $2,378 $645 $5,654 
Impact of foreign currency exchange— 89 (6)83 
Balance as of December 31, 20232,631 2,467 639 5,737 
Impact of foreign currency exchange(72)(118)(43)(233)
Balance as of December 31, 20242,559 2,349 596 5,504 
Additions— 11 127 138 
Impact of foreign currency exchange56 269 17 342 
Balance as of December 31, 2025$2,615 $2,629 $740 $5,984 
Changes in the net book value of intangible assets by geographic regions are as follows (in millions):
AmericasEMEAAsia-PacificTotal
Balance as of December 31, 2022$1,349 $402 $147 $1,898 
Additions7 — 1 8 
Amortization of intangibles(140)(54)(14)(208)
Impact of foreign currency exchange— 10 (3)7 
Balance as of December 31, 20231,216 358 131 1,705 
Impairment charges (1)
(29)— — (29)
Amortization of intangibles(140)(54)(14)(208)
Impact of foreign currency exchange(25)(16)(10)(51)
Balance as of December 31, 20241,022 288 107 1,417 
Additions— 29 21 50 
Amortization of intangibles(130)(56)(14)(200)
Impact of foreign currency exchange15 30 4 49 
Balance as of December 31, 2025$907 $291 $118 $1,316 
(1)Refer to Note 17.
Goodwill and intangible assets which are denominated in currencies other than the U.S. dollar are subject to foreign currency fluctuations. Our foreign currency translation gains and losses are a component of other comprehensive income (loss).
Estimated future amortization expense related to these intangibles is as follows (in millions):
Years ending:
2026$204 
2027202 
2028200 
2029179 
2030157 
Thereafter374 
Total$1,316 
Other Assets
Other assets consisted of the following as of December 31 (in millions):
20252024
Prepaid assets, non-current$726 $109 
Equity method investments551 519 
Contract costs503 436 
Loan receivable328 258 
Deferred CCA implementation costs142 115 
Contract assets, non-current126 113 
Prepaid expenses, non-current107 62 
Deferred tax assets, net100 48 
Deposits62 60 
Derivative assets, non-current20 295 
Debt issuance costs, net2 3 
Other (1)
73 31 
Total other assets$2,740 $2,049 
(1)The balance as of December 31, 2025 included $37 million restricted cash, non-current, primarily comprised of security deposits.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following as of December 31 (in millions):
20252024
Accrued compensation and benefits$473 $421 
Accrued taxes (1)
235 196 
Accrued interest176 96 
Accrued utilities and security154 164 
Accounts payable127 133 
Other185 183 
Total accounts payable and accrued expenses$1,350 $1,193 
(1)Accrued taxes included income taxes payable of $114 million and $109 million as of December 31, 2025 and 2024, respectively.
Other Current Liabilities
Other current liabilities consisted of the following as of December 31 (in millions):
20252024
Deferred revenue, current$133 $123 
Derivative liabilities, current116 27 
Dividends payable, current18 16 
Customer deposits16 16 
Asset retirement obligations, current3 1 
Other54 49 
Total other current liabilities$340 $232 
Other Liabilities
Other liabilities consisted of the following as of December 31 (in millions):
20252024
Deferred tax liabilities, net$367 $339 
Asset retirement obligations, non-current225 108 
Deferred revenue, non-current170 150 
Derivative liabilities, non-current113 46 
Accrued taxes47 42 
Dividends payable, non-current14 13 
Other non-current liabilities47 62 
Total other liabilities$983 $760 
The following table summarizes the activities of our asset retirement obligations ("ARO") (in millions):
Asset retirement obligations as of December 31, 2022$118 
Additions and adjustments(12)
Accretion expense7 
Asset retirement obligations as of December 31, 2023113 
Additions and adjustments(6)
Accretion expense6 
Impact of foreign currency exchange(4)
Asset retirement obligations as of December 31, 2024109 
Additions and adjustments108 
Accretion expense7 
Impact of foreign currency exchange4 
Asset retirement obligations as of December 31, 2025$228