v3.26.3
LEASES
 4 Months Ended
Sep. 30, 2026
Leases [Abstract]  
LEASES LEASES
Supplemental cash flow information related to leases is as follows (in millions):
Four Months Ended
September 30,
2026		September 30,
2025
Right-of-use assets obtained in exchange for new operating lease liabilities
$67 $30 
Right-of-use assets obtained in exchange for new finance lease liabilities7 65 
A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year at September 30, 2026 is as follows (in millions):
Operating
Leases		Finance
Leases		Total
Leases
2026 (remainder)$66 $14 $80 
2027266 58 324 
2028254 58 312 
2029237 58 295 
2030233 48 281 
Thereafter 1,331 62 1,393 
Total lease payments 2,387 298 2,685 
Less imputed interest (546)(43)(589)
Present value of lease liability $1,841 $255 $2,096 
While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations. Certain of our lease agreements include guarantees from FedEx. We and FedEx are currently using commercially reasonable efforts to terminate all such guarantees. See Note 12, Related Party Transactions, for further discussion.
As of September 30, 2026, we have entered into additional leases which have not yet commenced and are therefore not part of the right-of-use asset and liability. These leases are generally for build-to-suit facilities and have undiscounted future payments of approximately $275 million and will commence when we gain beneficial access to the leased asset. Commencement dates are expected to be from 2026 to 2030.
LEASES LEASES
Supplemental cash flow information related to leases is as follows (in millions):
Four Months Ended
September 30,
2026		September 30,
2025
Right-of-use assets obtained in exchange for new operating lease liabilities
$67 $30 
Right-of-use assets obtained in exchange for new finance lease liabilities7 65 
A summary of future minimum lease payments under noncancelable operating and finance leases with an initial or remaining term in excess of one year at September 30, 2026 is as follows (in millions):
Operating
Leases		Finance
Leases		Total
Leases
2026 (remainder)$66 $14 $80 
2027266 58 324 
2028254 58 312 
2029237 58 295 
2030233 48 281 
Thereafter 1,331 62 1,393 
Total lease payments 2,387 298 2,685 
Less imputed interest (546)(43)(589)
Present value of lease liability $1,841 $255 $2,096 
While certain of our lease agreements contain covenants governing the use of the leased assets or require us to maintain certain levels of insurance, none of our lease agreements include material financial covenants or limitations. Certain of our lease agreements include guarantees from FedEx. We and FedEx are currently using commercially reasonable efforts to terminate all such guarantees. See Note 12, Related Party Transactions, for further discussion.
As of September 30, 2026, we have entered into additional leases which have not yet commenced and are therefore not part of the right-of-use asset and liability. These leases are generally for build-to-suit facilities and have undiscounted future payments of approximately $275 million and will commence when we gain beneficial access to the leased asset. Commencement dates are expected to be from 2026 to 2030.