v3.25.0.1
Balance Sheet Components
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Cash, Cash Equivalents and Short-Term Investments
Cash and cash equivalents and short-term investments consisted of the following as of December 31 (in millions):
20242023
Cash$565 $492 
Cash equivalents:
Money market funds2,401 1,364 
Time deposits115 240 
Total cash and cash equivalents3,081 2,096 
Short-term investments:
Time deposits527 — 
Total short-term investments527 — 
Total cash, cash equivalents and short-term investments$3,608 $2,096 
As of December 31, 2024 and 2023, cash and cash equivalents included investments which were readily convertible to cash and generally had original maturities of 3 months or less. The maturities of time deposits classified as short-term investments were one year or less as of December 31, 2024.
Accounts Receivable
Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. Accounts receivable, net, consisted of the following as of December 31 (in millions):
20242023
Accounts receivable$968 $1,021 
Allowance for credit losses(19)(17)
Accounts receivable, net$949 $1,004 
The following table summarizes the activity of our allowance for credit losses (in millions):
Balance as of December 31, 2021$12 
Provision for credit losses7 
Net write-offs(7)
Balance as of December 31, 202212 
Provision for credit losses15 
Net write-offs(9)
Impact of foreign currency exchange(1)
Balance as of December 31, 202317 
Provision for credit losses21 
Net write-offs(20)
Impact of foreign currency exchange1 
Balance as of December 31, 2024$19 
Other Current Assets
Other current assets consisted of the following as of December 31 (in millions):
20242023
Derivative assets, current$296 $44 
Taxes receivable223 167 
Other receivables (1)
106 80 
Contract assets, current102 52 
Prepaid expenses, current91 100 
Other (2)
72 25 
Total other current assets$890 $468 
(1)Includes receivables due from our joint ventures. See Note 15.
(2)Includes an insignificant amount of restricted cash, current.
Property, Plant and Equipment, Net
Property, plant and equipment, net consisted of the following as of December 31 (in millions):
20242023
Core systems$12,890 $12,604 
Buildings9,475 8,972 
Construction in progress2,204 1,918 
Internal-use software2,149 1,936 
Leasehold improvements1,980 2,045 
Land1,652 1,407 
Personal property373 320 
30,723 29,202 
Less accumulated depreciation(11,474)(10,601)
Property, plant and equipment, net$19,249 $18,601 
Goodwill and Other Intangibles
The following table presents goodwill and other intangible assets, net, for the years ended December 31, 2024 and 2023 (in millions):
20242023
Goodwill:
Americas$2,559 $2,631 
EMEA2,349 2,467 
Asia-Pacific596 639 
$5,504 $5,737 
Intangible assets, net:
Intangible assets - customer relationships$2,745 $2,892 
Intangible assets - trade names16 13 
Intangible assets - in-place leases27 30 
Intangible assets - licenses10 10 
Intangible assets - at-the-money lease contracts
55 59 
Intangible assets - other8 8 
2,861 3,012 
Less accumulated depreciation(1,444)(1,307)
Total intangible assets, net$1,417 $1,705 
Changes in the carrying amount of goodwill by geographic regions are as follows (in millions):
AmericasEMEAAsia-PacificTotal
Balance as of December 31, 2021$2,210 $2,473 $689 $5,372 
Purchase of MainOne— 111 — 111 
Purchase of Entel Chile381 — — 381 
Purchase of Entel Peru46 — — 46 
Impact of foreign currency exchange(6)(206)(44)(256)
Balance as of December 31, 20222,631 2,378 645 5,654 
Impact of foreign currency exchange— 89 (6)83 
Balance as of December 31, 20232,631 2,467 639 5,737 
Impact of foreign currency exchange(72)(118)(43)(233)
Balance as of December 31, 2024$2,559 $2,349 $596 $5,504 
Changes in the net book value of intangible assets by geographic regions are as follows (in millions):
AmericasEMEAAsia-PacificTotal
Balance as of December 31, 2021$1,328 $432 $176 $1,936 
Entel Chile acquisition153 — — 153 
Entel Peru acquisition10 — — 10 
MainOne acquisition— 55 — 55 
Amortization of intangibles(138)(52)(15)(205)
Impact of foreign currency exchange(4)(33)(14)(51)
Balance as of December 31, 20221,349 402 147 1,898 
Other asset acquisitions7 — 1 8 
Amortization of intangibles(140)(54)(14)(208)
Impact of foreign currency exchange— 10 (3)7 
Balance as of December 31, 20231,216 358 131 1,705 
Impairment charges (1)
(29)— — (29)
Amortization of intangibles(140)(54)(14)(208)
Impact of foreign currency exchange(25)(16)(10)(51)
Balance as of December 31, 2024$1,022 $288 $107 $1,417 
(1)Refer to Note 17.
Goodwill and intangible assets which are denominated in currencies other than the U.S. Dollar are subject to foreign currency fluctuations. Our foreign currency translation gains and losses, including goodwill and intangibles, are a component of other comprehensive income (loss).
Estimated future amortization expense related to these intangibles is as follows (in millions):
Years ending:
2025$194 
2026193 
2027192 
2028190 
2029170 
Thereafter478 
Total$1,417 
Other Assets
Other assets consisted of the following as of December 31 (in millions):
20242023
Equity method investments$519 $468 
Contract costs436 423 
Derivative assets, non-current295 213 
Loan receivable258 — 
Prepaid expenses, non-current171 134 
Deferred CCA implementation costs115 105 
Contract assets, non-current113 86 
Deposits60 60 
Deferred tax assets, net48 62 
Debt issuance costs, net3 5 
Other (1)
31 35 
Total other assets$2,049 $1,591 
(1)Includes an insignificant amount of restricted cash, non-current.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following as of December 31 (in millions):
20242023
Accrued compensation and benefits$421 $438 
Accrued taxes (1)
196 161 
Accrued utilities and security164 178 
Accounts payable133 162 
Accrued interest96 90 
Other183 158 
Total accounts payable and accrued expenses$1,193 $1,187 
(1)Accrued taxes included income taxes payable of $109 million and $81 million as of December 31, 2024 and 2023, respectively.
Other Current Liabilities
Other current liabilities consisted of the following as of December 31 (in millions):
20242023
Deferred revenue, current$123 $125 
Derivative liabilities, current27 94 
Customer deposits16 16 
Dividends payable, current16 13 
Asset retirement obligations, current1 5 
Other49 49 
Total other current liabilities$232 $302 
Other Liabilities
Other liabilities consisted of the following as of December 31 (in millions):
20242023
Deferred tax liabilities, net$339 $394 
Deferred revenue, non-current150 154 
Asset retirement obligations, non-current108 108 
Derivative liabilities, non-current46 8 
Accrued taxes42 56 
Dividends payable, non-current13 12 
Other non-current liabilities62 64 
Total other liabilities$760 $796 
The following table summarizes the activities of our asset retirement obligations ("ARO") (in millions):
Asset retirement obligations as of December 31, 2021$118 
Additions3 
Adjustments (1)
(4)
Accretion expense5 
Impact of foreign currency exchange(4)
Asset retirement obligations as of December 31, 2022118 
Additions1 
Adjustments (1)
(13)
Accretion expense7 
Asset retirement obligations as of December 31, 2023113 
Additions 6 
Adjustments (1)
(12)
Accretion expense6 
Impact of foreign currency exchange(4)
Asset retirement obligations as of December 31, 2024$109 
(1)The ARO adjustments are primarily due to lease amendments and acquisition of real estate assets.