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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash, cash equivalents, and restricted cash	$ 66.0	$ 175.0
Accounts receivable, net	896.0	826.0
Inventories	145.0	187.0
Prepaid expenses and other current assets	132.0	97.0
Total current assets	1,239.0	1,285.0
Non-current assets:
Property, plant, and equipment, net	11,338.0	10,627.0
Finance lease right-of-use assets, net	1,101.0	1,254.0
Operating lease right-of-use assets, net	616.0	627.0
Equity method investments	131.0	124.0
Goodwill	3,466.0	3,338.0
Other intangible assets, net	1,090.0	1,127.0
Other assets	204.0	279.0
Total assets	19,185.0	18,661.0
Current liabilities:
Accounts payable and accrued liabilities	1,331.0	1,220.0
Accrued dividends and distributions	134.0	134.0
Deferred revenue	81.0	83.0
Current portion of long-term debt, net	2.0	56.0
Total current liabilities	1,548.0	1,493.0
Non-current liabilities:
Long-term finance lease obligations	1,216.0	1,249.0
Long-term operating lease obligations	599.0	605.0
Deferred income tax liability	303.0	304.0
Long-term debt, net	6,107.0	4,906.0
Other long-term liabilities	169.0	410.0
Total liabilities	9,942.0	8,967.0
Commitments and contingencies (Note 20)
Redeemable noncontrolling interests	7.0	43.0
Stockholders’ equity:
Common stock, $0.01 par value per share – 500 authorized shares; 227 issued and outstanding at December 31, 2025 and 228 issued and outstanding at December 31, 2024	2.0	2.0
Additional paid-in capital - common stock	10,780.0	10,764.0
Retained earnings (accumulated deficit)	(2,439.0)	(1,855.0)
Accumulated other comprehensive income (loss)	(97.0)	(273.0)
Total stockholders’ equity	8,246.0	8,638.0
Noncontrolling interests	990.0	1,013.0
Total equity	9,236.0	9,651.0
Total liabilities, redeemable noncontrolling interests, and equity	$ 19,185.0	$ 18,661.0

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

Lineage, Inc. 10-K