v3.26.1
LEASES
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
LEASES LEASES
The Company leases certain fulfillment, cross-docking and service centers, office space, aircraft, aircraft hangars, machines, and vehicles in the various countries in which it operates. The lease agreements do not contain any residual value guarantees or material restrictive covenants.
Supplemental balance sheet information related to leases was as follows:
June 30, 2026December 31, 2025
(In millions)
Operating Leases
Operating lease right-of-use assets$2,560 $2,201 
Operating lease liabilities$2,550 $2,199 
Finance Leases
Property and equipment, at cost$274 $257 
Accumulated depreciation(159)(126)
Property and equipment, net$115 $131 
Loans payable and other financial liabilities$115 $130 
The following table summarizes the weighted average remaining lease term and the weighted average incremental borrowing rate for operating leases and the weighted average discount rate for finance leases as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
Weighted average remaining lease term
Operating leases8 Years8 Years
Finance leases2 Years3 Years
Weighted average discount rate (1)
Operating leases10 %10 %
Finance leases14 %14 %
(1) Includes discount rates of leases in local currency and U.S. dollar.
The components of lease expense were as follows:
Six Months Ended
June 30,
20262025
(In millions)
Operating lease cost$285 $209 
Finance lease cost:
Depreciation of property and equipment$27 $21 
Interest on lease liabilities7 6 
Total finance lease cost $34 $27 
The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates and internal rates of return to calculate the lease liabilities for the operating and finance leases, respectively:
Period EndingOperating LeasesFinance Leases
(In millions)
One year or less$538 $60 
One year to two years521 46 
Two years to three years486 26 
Three years to four years435 4 
Four years to five years369 — 
Thereafter1,344 — 
Total lease payments3,693 136 
Less imputed interest(1,143)(21)
Total$2,550 $115 
LEASES LEASES
The Company leases certain fulfillment, cross-docking and service centers, office space, aircraft, aircraft hangars, machines, and vehicles in the various countries in which it operates. The lease agreements do not contain any residual value guarantees or material restrictive covenants.
Supplemental balance sheet information related to leases was as follows:
June 30, 2026December 31, 2025
(In millions)
Operating Leases
Operating lease right-of-use assets$2,560 $2,201 
Operating lease liabilities$2,550 $2,199 
Finance Leases
Property and equipment, at cost$274 $257 
Accumulated depreciation(159)(126)
Property and equipment, net$115 $131 
Loans payable and other financial liabilities$115 $130 
The following table summarizes the weighted average remaining lease term and the weighted average incremental borrowing rate for operating leases and the weighted average discount rate for finance leases as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
Weighted average remaining lease term
Operating leases8 Years8 Years
Finance leases2 Years3 Years
Weighted average discount rate (1)
Operating leases10 %10 %
Finance leases14 %14 %
(1) Includes discount rates of leases in local currency and U.S. dollar.
The components of lease expense were as follows:
Six Months Ended
June 30,
20262025
(In millions)
Operating lease cost$285 $209 
Finance lease cost:
Depreciation of property and equipment$27 $21 
Interest on lease liabilities7 6 
Total finance lease cost $34 $27 
The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates and internal rates of return to calculate the lease liabilities for the operating and finance leases, respectively:
Period EndingOperating LeasesFinance Leases
(In millions)
One year or less$538 $60 
One year to two years521 46 
Two years to three years486 26 
Three years to four years435 4 
Four years to five years369 — 
Thereafter1,344 — 
Total lease payments3,693 136 
Less imputed interest(1,143)(21)
Total$2,550 $115