v3.26.3
Leases
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Leases Leases
General

We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases.

Lease Balances

A summary of our ROU assets and lease liabilities is set forth below:
September 30,
2026		December 31,
2025
in millions
ROU assets:
Operating leases (a)$1,022.2 $773.6 
Finance leases (b)72.0 37.1 
Total ROU assets
$1,094.2 $810.7 
Lease liabilities:
Operating leases (c)$1,067.3 $828.5 
Finance leases (d)65.1 33.1 
Total lease liabilities$1,132.4 $861.6 
_______________

(a)Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheets. At September 30, 2026, the weighted average remaining lease term for operating leases was 9.3 years and the weighted average discount rate was 4.0%. During the nine months ended September 30, 2026 and 2025, we recorded non-cash additions to our operating lease ROU assets of $81.7 million and $29.6 million, respectively. The increase in our operating lease ROU assets is primarily related to the VodafoneZiggo Acquisition. For additional information, see note 4.
(b)Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At September 30, 2026, the weighted average remaining lease term for finance leases was 5.3 years and the weighted average discount rate was 3.8%. During the nine months ended September 30, 2026 and 2025, we recorded non-cash additions to our finance lease ROU assets of $1.0 million and nil, respectively.

(c)The current portions of our operating lease liabilities are included in other accrued and current liabilities on our condensed consolidated balance sheets. The increase in our operating lease liabilities is primarily related to the VodafoneZiggo Acquisition. For additional information, see note 4.

(d)The current portions of our finance lease liabilities are included in current portion of debt and finance lease obligations on our condensed consolidated balance sheets.

A summary of our aggregate lease expense is set forth below: 
Three months ended
September 30,		Nine months ended
September 30,
2026202520262025
in millions
Finance lease expense:
Depreciation and amortization$4.3 $1.9 $7.7 $5.3 
Interest expense0.7 0.9 2.0 2.3 
Total finance lease expense
5.0 2.8 9.7 7.6 
Operating lease expense (a)48.0 32.1 110.5 88.4 
Short-term lease expense (a)— 0.1 0.1 0.3 
Variable lease expense (b)1.3 0.3 2.1 1.1 
Total lease expense$54.3 $35.3 $122.4 $97.4 
_______________

(a)Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items, net, in our condensed consolidated statements of operations.

(b)Variable lease expense represents payments made to a lessor during the lease term that vary due to changes in circumstances that occur after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations.

A summary of our cash outflows from operating and finance leases is set forth below: 
Nine months ended
September 30,
20262025
in millions
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$87.8 $68.1 
Operating cash outflows from finance leases (interest component)2.0 2.3 
Financing cash outflows from finance leases (principal component)8.9 4.4 
Total cash outflows from operating and finance leases$98.7 $74.8 
Maturities of our operating and finance lease liabilities as of September 30, 2026 are presented below. Amounts represent U.S. dollar equivalents based on September 30, 2026 exchange rates.
Operating leases (a)Finance
leases
in millions
Year ending December 31:
2026 (remainder of year)$51.0 $9.2 
2027184.8 24.2 
2028161.2 13.2 
2029143.9 9.2 
2030131.5 4.9 
2031114.5 1.7 
Thereafter582.0 12.6 
Total payments
1,368.9 75.0 
Less: present value discount
(301.6)(9.9)
Present value of lease payments
$1,067.3 $65.1 
Current portion$164.8 $22.6 
Long-term portion$902.5 $42.5 
______________

(a)Operating lease payments exclude $220.2 million of estimated future payments for lease commitments not yet commenced at Ziggo Group. These payments relate to (i) the lease of the new corporate headquarters commencing in 2031 and (ii) the lease back of build-to-suit sites on certain passive infrastructure and tower assets sold to DigitalBridge Investments LLC in 2022, the majority of which are not anticipated to commence until after 2028. Telenet will act as an agent over the construction of future towers on the build-to-suit sites.
Leases Leases
General

We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases.

Lease Balances

A summary of our ROU assets and lease liabilities is set forth below:
September 30,
2026		December 31,
2025
in millions
ROU assets:
Operating leases (a)$1,022.2 $773.6 
Finance leases (b)72.0 37.1 
Total ROU assets
$1,094.2 $810.7 
Lease liabilities:
Operating leases (c)$1,067.3 $828.5 
Finance leases (d)65.1 33.1 
Total lease liabilities$1,132.4 $861.6 
_______________

(a)Our operating lease ROU assets are included in other assets, net, on our condensed consolidated balance sheets. At September 30, 2026, the weighted average remaining lease term for operating leases was 9.3 years and the weighted average discount rate was 4.0%. During the nine months ended September 30, 2026 and 2025, we recorded non-cash additions to our operating lease ROU assets of $81.7 million and $29.6 million, respectively. The increase in our operating lease ROU assets is primarily related to the VodafoneZiggo Acquisition. For additional information, see note 4.
(b)Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At September 30, 2026, the weighted average remaining lease term for finance leases was 5.3 years and the weighted average discount rate was 3.8%. During the nine months ended September 30, 2026 and 2025, we recorded non-cash additions to our finance lease ROU assets of $1.0 million and nil, respectively.

(c)The current portions of our operating lease liabilities are included in other accrued and current liabilities on our condensed consolidated balance sheets. The increase in our operating lease liabilities is primarily related to the VodafoneZiggo Acquisition. For additional information, see note 4.

(d)The current portions of our finance lease liabilities are included in current portion of debt and finance lease obligations on our condensed consolidated balance sheets.

A summary of our aggregate lease expense is set forth below: 
Three months ended
September 30,		Nine months ended
September 30,
2026202520262025
in millions
Finance lease expense:
Depreciation and amortization$4.3 $1.9 $7.7 $5.3 
Interest expense0.7 0.9 2.0 2.3 
Total finance lease expense
5.0 2.8 9.7 7.6 
Operating lease expense (a)48.0 32.1 110.5 88.4 
Short-term lease expense (a)— 0.1 0.1 0.3 
Variable lease expense (b)1.3 0.3 2.1 1.1 
Total lease expense$54.3 $35.3 $122.4 $97.4 
_______________

(a)Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items, net, in our condensed consolidated statements of operations.

(b)Variable lease expense represents payments made to a lessor during the lease term that vary due to changes in circumstances that occur after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations.

A summary of our cash outflows from operating and finance leases is set forth below: 
Nine months ended
September 30,
20262025
in millions
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$87.8 $68.1 
Operating cash outflows from finance leases (interest component)2.0 2.3 
Financing cash outflows from finance leases (principal component)8.9 4.4 
Total cash outflows from operating and finance leases$98.7 $74.8 
Maturities of our operating and finance lease liabilities as of September 30, 2026 are presented below. Amounts represent U.S. dollar equivalents based on September 30, 2026 exchange rates.
Operating leases (a)Finance
leases
in millions
Year ending December 31:
2026 (remainder of year)$51.0 $9.2 
2027184.8 24.2 
2028161.2 13.2 
2029143.9 9.2 
2030131.5 4.9 
2031114.5 1.7 
Thereafter582.0 12.6 
Total payments
1,368.9 75.0 
Less: present value discount
(301.6)(9.9)
Present value of lease payments
$1,067.3 $65.1 
Current portion$164.8 $22.6 
Long-term portion$902.5 $42.5 
______________

(a)Operating lease payments exclude $220.2 million of estimated future payments for lease commitments not yet commenced at Ziggo Group. These payments relate to (i) the lease of the new corporate headquarters commencing in 2031 and (ii) the lease back of build-to-suit sites on certain passive infrastructure and tower assets sold to DigitalBridge Investments LLC in 2022, the majority of which are not anticipated to commence until after 2028. Telenet will act as an agent over the construction of future towers on the build-to-suit sites.