Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

The following table summarizes our equity method investments, which were included in other assets on the consolidated balance sheets as of December 31 (in millions):


Investee	Ownership Percentage	2025		2024
EMEA 1 Joint Venture	20%	$	141	$	131
VIE Joint Ventures (1)	20%	395		374
Other	Various	15		14
Total		$	551	$	519

(1)Includes investments in the following xScale joint ventures in each of our three regions: "Asia-Pacific 1 Joint Venture", "Asia-Pacific 2 Joint Venture", "Asia-Pacific 3 Joint Venture", "EMEA 2 Joint Venture", "AMER 1 Joint Venture" and "AMER 2 Joint Venture". These investments share a similar purpose, design and nature of assets.

The following table summarizes our share of income (losses) related to equity method investments from the VIE Joint Ventures, which were included in other income (expense) on the consolidated statements of operations (in millions):


	Years Ended December 31,
	2025		2024		2023
Share of income (losses)	$	(17)	$	(24)	$	(12)

Schedule of The Maximum Exposure Losses of VIE Joint Ventures

The following table summarizes our maximum exposure to loss related to the VIE Joint Ventures as of December 31, 2025 (in millions):


	VIE Joint Ventures
Equity Investment	$	395
Outstanding Accounts Receivable	20
Other Receivables	23
Contract Assets	47
Loan Commitment (1)	392
Future Equity Contribution Commitments (2)	83
Maximum Future Payments under Debt Guarantees (3)	41
Total	$	1,001

(1)Concurrent with the closing of the AMER 2 Joint Venture, we entered into a loan agreement with the AMER 2 Joint Venture, as a lender, further discussed in Note 15.

(2)The joint ventures' partners are required to make additional equity contributions proportionately upon certain occurrences, such as a shortfall in capital necessary to complete construction or to make interest payments on their outstanding debt.

(3)In connection with our 20% equity investment in the EMEA 2 Joint Venture, we provided the lenders with our guarantees covering 20% of all payments of principal and interest due under one of the EMEA 2 Joint Venture's credit facility agreements. A portion of the guarantees relates to our AMER 1 Joint Venture. Refer to Note 14.

The following table presents the assets and liabilities of the Indonesian VIE, which were included in other assets and other liabilities on the consolidated balance sheets as of December 31 (in millions):


Balance Sheet	2025		2024
Cash and cash equivalents	$	12	$	16
Property, plant and equipment, net	65		25
Other	11		5
Total assets	$	88	$	46

Finance lease liabilities	$	24	$	—
Other	12		5
Total liabilities	$	36	$	5

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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