v3.26.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Stockholders' Equity Rollforward
The following tables provide a rollforward of our stockholders' equity for the three and nine months ended September 30, 2026 and 2025 ($ in millions except per share data; share data in thousands):
Common StockTreasury StockAdditional
Paid-in Capital		Accumulated
Dividends		AOCI (Loss)Retained
Earnings		Common
Stockholders'
Equity		Non-controlling InterestsTotal Stockholders' Equity
SharesAmountSharesAmount
Balance as of December 31, 202598,288 $— (62)$(24)$21,642 $(12,202)$(1,359)$6,099 $14,156 $(3)$14,153 
Net income— — — — — — — 415 415 — 415 
Other comprehensive income— — — — — — 16 — 16 — 16 
Issuance of common stock and release of treasury stock for employee equity awards397 — — — 49 — — — 49 — 49 
Dividend distribution on common stock, $5.16 per share
— — — — — (508)— — (508)— (508)
Settlement of accrued dividends on vested equity awards— — — — — (1)— — (1)— (1)
Accrued dividends on unvested equity awards— — — — — 4 — — 4 — 4 
Stock-based compensation, net of estimated forfeitures— — — — 167 — — — 167 — 167 
Balance as of March 31, 202698,685 — (62)(24)21,858 (12,707)(1,343)6,514 14,298 (3)14,295 
Net income (loss)— — — — — — — 479 479 (2)477 
Other comprehensive loss— — — — — — (31)— (31)(2)(33)
Change in ownership interest— — — — — — — 2 2 (2)— 
Issuance of common stock and release of treasury stock for employee equity awards46 — 2 1 2 — — — 3 — 3 
Dividend distribution on common stock, $5.16 per share
— — — — — (508)— — (508)— (508)
Common StockTreasury StockAdditional
Paid-in Capital		Accumulated
Dividends		AOCI (Loss)Retained
Earnings		Common
Stockholders'
Equity		Non-controlling InterestsTotal Stockholders' Equity
SharesAmountSharesAmount
Accrued dividends on unvested equity awards— — — — — (16)— — (16)— (16)
Stock-based compensation, net of estimated forfeitures— — — — 155 — — — 155 — 155 
Balance as of June 30, 202698,731 — (60)(23)22,015 (13,231)(1,374)6,995 14,382 (9)14,373 
Net income— — — — — — — 489 489 — 489 
Other comprehensive loss— — — — — — (11)— (11)— (11)
Issuance of common stock and release of treasury stock for employee equity awards317 — — — 41 — — — 41 — 41 
Dividend distribution on common stock, $5.16 per share
— — — — — (509)— — (509)— (509)
Settlement of accrued dividends on vested equity awards— — — — — (1)— — (1)— (1)
Accrued dividends on unvested equity awards— — — — — (7)— — (7)— (7)
Stock-based compensation, net of estimated forfeitures— — — — 153 — — — 153 — 153 
Balance as of September 30, 202699,048 $— (60)$(23)$22,209 $(13,748)$(1,385)$7,484 $14,537 $(9)$14,528 
Common StockTreasury StockAdditional
Paid-in Capital		Accumulated
Dividends		AOCI (Loss)Retained
Earnings		Common
Stockholders'
Equity		Non-controlling interestsTotal Stockholders' Equity
SharesAmountSharesAmount
Balance as of December 31, 202497,390 $— (103)$(39)$20,895 $(10,342)$(1,735)$4,749 $13,528 $(1)$13,527 
Net income— — — — — — — 343 343 — 343 
Other comprehensive income— — — — — — 176 — 176 — 176 
Issuance of common stock and release of treasury stock for employee equity awards406 — 19 7 42 — — — 49 — 49 
Issuance of common stock under ATM program107 — — — 99 — — — 99 — 99 
Dividend distribution on common stock, $4.69 per share
— — — — — (457)— — (457)— (457)
Settlement of accrued dividends on vested equity awards— — — — — (1)— — (1)— (1)
Accrued dividends on unvested equity awards— — — — — 2 — — 2 — 2 
Stock-based compensation, net of estimated forfeitures— — — — 150 — — — 150 — 150 
Balance as of March 31, 202597,903 — (84)(32)21,186 (10,798)(1,559)5,092 13,889 (1)13,888 
Net income (loss)— — — — — — — 368 368 (1)367 
Other comprehensive income— — — — — — 160 — 160 — 160 
Issuance of common stock and release of treasury stock for employee equity awards41 — 5 2 — — — — 2 — 2 
Dividend distribution on common stock, $4.69 per share
— — — — — (459)— — (459)— (459)
Accrued dividends on unvested equity awards— — — — — (14)— — (14)— (14)
Stock-based compensation, net of estimated forfeitures— — — — 138 — — — 138 — 138 
Balance as of June 30, 202597,944 — (79)(30)21,324 (11,271)(1,399)5,460 14,084 (2)14,082 
Common StockTreasury StockAdditional
Paid-in Capital		Accumulated
Dividends		AOCI (Loss)Retained
Earnings		Common
Stockholders'
Equity		Non-controlling interestsTotal Stockholders' Equity
SharesAmountSharesAmount
Net income— — — — — — — 374 374 — 374 
Other comprehensive loss— — — — — — (20)— (20)— (20)
Issuance of common stock and release of treasury stock for employee equity awards306 — 16 6 38 — — — 44 — 44 
Dividend distribution on common stock, $4.69 per share
— — — — — (459)— — (459)— (459)
Settlement of accrued dividends on vested equity awards— — — — — (1)— — (1)— (1)
Accrued dividends on unvested equity awards— — — — — (6)— — (6)— (6)
Stock-based compensation, net of estimated forfeitures— — — — 139 — — — 139 — 139 
Contribution from non-controlling interest— — — — 2 — — — 2 — 2 
Balance as of September 30, 202598,250 $— (63)$(24)$21,503 $(11,737)$(1,419)$5,834 $14,157 $(2)$14,155 
Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss, net of tax, by component were as follows (in millions):
Balance as of December 31, 2025Net
Change		Balance as of September 30,
2026
Foreign CTA gain (loss)$(1,607)$(58)$(1,665)
Net investment hedge CTA gain (loss) (1)
257 11 268 
Unrealized gain (loss) on cash flow hedges (1)
(8)19 11 
Net actuarial gain (loss) on defined benefit plans (2)
(1)— (1)
$(1,359)$(28)$(1,387)
Accumulated other comprehensive (income) loss attributable to non-controlling interests— 2 2 
Total accumulated other comprehensive loss attributable to common stockholders$(1,359)$(26)$(1,385)
(1)Refer to Note 5 for a discussion of the amounts reclassified from accumulated other comprehensive loss to net income.
(2)We have two defined benefit pension plans covering all employees in two countries where such plans are mandated by law. We do not have any defined benefit plans in any other countries.
Common Stock
In October 2024, we established a program under which we may, from time to time, offer and sell on a spot or forward basis up to an aggregate of $2.0 billion of our common stock to or through sales agents in "at the market" transactions (the "2024 ATM Program"). The forward sale agreements provide three settlement alternatives to us: physical settlement, cash settlement or net share settlement. The maximum number of shares that could be required to be issued under a net share settlement is two times the number of shares issuable upon physical settlement. In accordance with ASC 815, the forward sale agreements are classified as equity for balance sheet purposes.
Forward sale activity under the 2024 ATM Program is summarized as follows ($ in millions except per share data; shares in thousands):
Contractual Maturity DatesExecution Date
Number of Shares (1)
Weighted Average Price per Share (2)
Settlement Value (2)
Outstanding, December 31, 2024— $— $— 
Outstanding, December 31, 2025— — — 
Forward Sale Agreements ExecutedJanuary 2027May 2026 to June 2026465 
Outstanding, September 30, 2026465 $1,073.58 $500 
(1)For agreements settled, the amount represents the actual number of shares issued. For agreements executed and outstanding, the amount represents the number of shares that we would issue upon physical settlement.
(2)For agreements settled, the value represents the actual weighted average settlement value, net of commissions and other offering expenses. For agreements outstanding, the value represents the forward amount that we would receive upon physical settlement as of that date and will be subject to adjustments for a discount rate factor equal to a specified benchmark rate less a spread minus scheduled dividends during the terms of the agreements.
We did not sell any shares on a spot basis under the 2024 ATM Program during the three and nine months ended September 30, 2026, or during the three months ended September 30, 2025. During the nine months ended September 30, 2025, we sold 107,493 shares on a spot basis under the 2024 ATM Program for approximately $99 million, net of commissions and other offering expenses.
As of September 30, 2026, we had approximately $700 million of common stock available for sale under the 2024 ATM Program.
Stock-Based Compensation
For the nine months ended September 30, 2026, the Talent, Culture and Compensation Committee and/or the Stock Awards Committee of our Board of Directors, as the case may be, granted an aggregate of 914,336 restricted stock units ("RSUs") to certain employees, including executive officers. These equity awards are subject to vesting provisions and have a weighted-average grant date fair value of $966.75 per share and a weighted-average requisite service period of 3.67 years. The valuation of RSUs with only a service condition or a service and performance condition require no significant assumptions as the fair value for these types of equity awards is based solely on the fair value of our stock price on the date of grant. We use revenues and adjusted funds from operations ("AFFO") per share as the performance measurements in the RSUs with both service and performance conditions that were granted in the nine months ended September 30, 2026.
We use a Monte Carlo simulation option-pricing model to determine the fair value of RSUs with a service and market condition. We used total shareholder return ("TSR") as the performance measurement in the RSUs with a service and market condition that were granted in the nine months ended September 30, 2026. There were no significant changes in the assumptions used to determine the fair value of RSUs with a service and market condition that were granted in 2026 compared to the prior year.
The following table presents, by operating expense category, our stock-based compensation expense recognized in our condensed consolidated statements of operations (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Cost of revenues$18 $15 $53 $45 
Sales and marketing25 25 78 72 
General and administrative98 90 283 253 
Total$141 $130 $414 $370 
Redeemable Non-controlling Interest
On April 3, 2023, we issued additional shares in our Indonesian operating entity to a third party investor for $25 million, which resulted in the third party investor owning a 25% interest in the entity. In June 2026, the third party investor's ownership interest was diluted from 25% to 14%.
Under the terms of the stockholders’ agreement, the investor may put its ownership stake in the entity to us for a maximum exercise price of $25 million, subject to certain contingent conditions. Accordingly, we present the investor’s contingently redeemable non-controlling interest ("NCI") outside of permanent equity at the higher of its maximum redemption amount of $25 million and its balance after attribution of gains and losses in our condensed consolidated balance sheets. There were no changes in the carrying value of the redeemable NCI for the three and nine months ended September 30, 2026.