v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY - USD ($)
$ in Millions
Total
Common Stock
Additional paid-in capital
Retained earnings (accumulated deficit)
Accumulated other comprehensive income (loss)
Noncontrolling interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance, beginning of period $ 9,651 $ 2 $ 10,764 $ (1,855) $ (273) $ 1,013
Balance, beginning of period at Dec. 31, 2024 43          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Redeemable noncontrolling interest redemption value adjustment (2)          
Balance, end of period at Mar. 31, 2025 41          
Balance, beginning of period (in shares) at Dec. 31, 2024   228,000,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and other distributions (135)     (121)   (14)
Stock-based compensation 40   19     21
Other comprehensive income (loss) 47       42 5
Redeemable noncontrolling interest redemption value adjustment 2   2      
Net income (loss) 0          
Reallocation of noncontrolling interests 0   6     (6)
Balance, end of period (in shares) at Mar. 31, 2025   228,000,000        
Balance at end of period at Mar. 31, 2025 9,605 $ 2 10,791 (1,976) (231) 1,019
Balance, beginning of period at Dec. 31, 2024 43          
Balance, end of period at Jun. 30, 2025 7          
Balance, beginning of period (in shares) at Dec. 31, 2024   228,000,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (7)          
Balance, end of period (in shares) at Jun. 30, 2025   229,000,000        
Balance at end of period at Jun. 30, 2025 9,659 $ 2 10,817 (2,103) (79) 1,022
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance, beginning of period 9,605 $ 2 10,791 (1,976) (231) 1,019
Balance, beginning of period at Mar. 31, 2025 41          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Redemption of redeemable noncontrolling interests (28)          
Expiration of redemption option (6)          
Balance, end of period at Jun. 30, 2025 7          
Balance, beginning of period (in shares) at Mar. 31, 2025   228,000,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and other distributions (134)     (121)   (13)
Stock-based compensation (in shares)   1,000,000        
Stock-based compensation 29   22     7
Withholding of common stock for employee taxes (10)   (10)      
Other comprehensive income (loss) 170       152 18
Redemption of redeemable noncontrolling interests 0          
Expiration of redemption option 6         6
Net income (loss) (7)     (6)   (1)
Reallocation of noncontrolling interests 0   7     (7)
OP Units reclassification 0   7     (7)
Balance, end of period (in shares) at Jun. 30, 2025   229,000,000        
Balance at end of period at Jun. 30, 2025 9,659 $ 2 10,817 (2,103) (79) 1,022
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance, beginning of period 9,659 2 10,817 (2,103) (79) 1,022
Balance, beginning of period 9,236 $ 2 10,780 (2,439) (97) 990
Balance, beginning of period at Dec. 31, 2025 7          
Increase (Decrease) in Temporary Equity [Roll Forward]            
Redemption of redeemable noncontrolling interests (7)          
Balance, end of period at Mar. 31, 2026 $ 0          
Balance, beginning of period (in shares) at Dec. 31, 2025 226,967,652 227,000,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and other distributions $ (136)     (123)   (13)
Stock-based compensation 30   17     13
Withholding of common stock for employee taxes (1)   (1)      
Other comprehensive income (loss) (28)       (25) (3)
Redemption of redeemable noncontrolling interests 5   5      
Net income (loss) (51)     (46)   (5)
Reallocation of noncontrolling interests 0   10     (10)
OP Units reclassification 0   5     (5)
Balance, end of period (in shares) at Mar. 31, 2026   227,000,000        
Balance at end of period at Mar. 31, 2026 9,055 $ 2 10,816 (2,608) (122) 967
Balance, beginning of period at Dec. 31, 2025 7          
Balance, end of period at Jun. 30, 2026 $ 0          
Balance, beginning of period (in shares) at Dec. 31, 2025 226,967,652 227,000,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) $ (83)          
Balance, end of period (in shares) at Jun. 30, 2026 227,700,211 228,000,000        
Balance at end of period at Jun. 30, 2026 $ 8,874 $ 2 10,795 (2,760) (144) 981
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance, beginning of period 9,055 $ 2 10,816 (2,608) (122) 967
Balance, beginning of period at Mar. 31, 2026 0          
Balance, end of period at Jun. 30, 2026 0          
Balance, beginning of period (in shares) at Mar. 31, 2026   227,000,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and other distributions (136)     (123)   (13)
Stock-based compensation (in shares)   1,000,000        
Stock-based compensation 23   14     9
Withholding of common stock for employee taxes (11)   (11)      
Other comprehensive income (loss) (25)       (22) (3)
Net income (loss) (32)     (29)   (3)
Reallocation of noncontrolling interests $ 0   (24)     24
Balance, end of period (in shares) at Jun. 30, 2026 227,700,211 228,000,000        
Balance at end of period at Jun. 30, 2026 $ 8,874 $ 2 10,795 (2,760) (144) 981
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance, beginning of period $ 8,874 $ 2 $ 10,795 $ (2,760) $ (144) $ 981