Leases (ASC 842): disclosure examples

(dollars in millions)
Years Ended December 31,	2025	2024	2023
Cash Flows from Operating Activities
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	( 5,280 )	( 5,067 )	( 4,929 )
Operating cash flows for finance leases	( 116 )	( 98 )	( 69 )
Cash Flows from Financing Activities
Financing cash flows for finance leases	( 944 )	( 794 )	( 612 )
Supplemental lease cash flow disclosures
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	3,642	4,385	2,634
Right-of-use assets obtained in exchange for new finance lease liabilities	1,104	1,051	968

Supplemental disclosures for the balance sheet related to finance leases were as follows:

(dollars in millions)
At December 31,	2025	2024
Assets
Property, plant and equipment, net	2,048	1,692
Liabilities
Debt maturing within one year	943	894
Long-term debt	1,568	1,455
Total Finance lease liabilities	2,511	2,349

The weighted-average remaining lease term and the weighted-average discount rate of our leases were as follows:

Year ended December 31,
2025	2024	2023
(in millions)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 183.2	$ 113.5	$ 62.8
Operating cash flows from finance leases	$ 5.6	$ 25.7	$ 38.4
Financing cash flows from finance leases	$ 5.4	$ 33.6	$ 44.9
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$ 311.0	$ 1,120.9	$ 2.4

The majority of right-of-use assets obtained in exchange for lease obligations in 2025 and 2024 are described above.

M. Common Stock, Preferred Stock and Equity Plans

Common Stock and Preferred Stock

We are authorized to issue 500.0 million shares of common stock. Holders of common stock are entitled to one vote per

share. Holders of common stock are entitled to receive dividends, if and when declared by our Board of Directors, and to

share ratably in our assets legally available for distribution to our shareholders in the event of liquidation. Holders of common

stock have no preemptive, subscription, redemption or conversion rights. The holders of common stock do not have

cumulative voting rights.

We are authorized to issue 1.0 million shares of preferred stock in one or more series and to fix the powers, designations,

preferences and relative participating, option or other rights thereof, including dividend rights, conversion rights, voting

rights, redemption terms, liquidation preferences and the number of shares constituting any series, without any further vote or

action by our shareholders. As of December 31, 2025 and 2024 , we had no shares of preferred stock issued or outstanding.

Share Repurchase Programs

In February 2023, our Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”),

pursuant to which we were authorized to repurchase up to $ 3.0 billion of our common stock. As of December 31, 2025, we

had repurchased the full amount authorized under the 2023 Share Repurchase Program. In May 2025, our Board of Directors

approved an additional share repurchase program (the “2025 Share Repurchase Program”), pursuant to which we are

authorized to repurchase up to $ 4.0 billion of our common stock.

F-36

VERTEX PHARMACEUTICALS INCORPORATED

Notes to Consolidated Financial Statements (Continued)

In 2025 , 2024 and 2023 , we repurchased 4.8 million , 2.7 million and 1.3 million shares of our common stock,

For the years ended June 30,	2026	2025	2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows - payments on operating leases	65	64	65
Operating cash outflows - interest payments on finance leases	5	5	5
Financing cash outflows - payments on finance lease obligations	6	5	5
Right-of-use assets obtained in exchange for operating lease obligations	46	18	42
Right-of-use assets obtained in exchange for finance lease obligations	4	2	4

Supplemental balance sheet information related to operating leases is as follows:

June 30,	2026	2025
Operating leases
Operating lease right-of-use assets (included within other long-term assets)	201	192
Current operating lease liabilities (included within other current liabilities)	49	47
Long-term operating lease liabilities (included within other long-term liabilities)	164	154
Total operating lease liabilities	213	201
Finance leases
Property, plant and equipment	113	127
Accumulated depreciation	( 28 )	( 25 )
Property, plant and equipment, net	85	102
Notes payable and long-term debt payable within one year	6	6
Long-term debt	86	102
Total finance lease liabilities	92	108
Weighted-average remaining lease term
Operating leases	6.3 years	6.3 years
Finance leases	18.1 years	18.8 years
Weighted-average discount rate
Operating leases	4.4	4.3
Finance leases	5.2	5.2

Maturities of lease liabilities at June 30, 2026 are as follows:

The following table summarizes the cash paid for amounts included in the measurement of operating lease liabilities and right-of-use assets obtained in exchange for operating lease liabilities for fiscal years 2026, 2025, and 2024:

Fiscal Year
(in millions)	2026	2025	2024
Cash paid for amounts included in the measurement of operating lease liabilities	270	233	232
Right-of-use assets obtained in exchange for operating lease liabilities	290	281	220

The following table summarizes the maturities of the Company's operating leases at April 24, 2026:

(in millions) Fiscal Year	Operating Leases
2027	223
2028	196
2029	160
2030	133
2031	111
Thereafter	552
Total expected lease payments	1,376
Less: Imputed interest	( 188 )
Total lease liability	1,188

The Company makes certain products available to customers under lease arrangements, including arrangements whereby equipment is placed with customers who then purchase consumable products to accompany the use of the equipment. Income arising from arrangements where the Company is the lessor is recognized within net sales in the consolidated statements of income and the Company's net investments in sales-type leases are included in other current assets and other assets in the consolidated balance sheets. Lessor income for fiscal years

Medtronic plc

Notes to Consolidated Financial Statements (Continued)

2026, 2025, and 2024 and the related assets and lease maturities at April 24, 2026 and April 25, 2025 were not material to the consolidated financial statements.

17. Accumulated Other Comprehensive Loss

(In thousands)	2026	2025
Cash paid for amounts included in the measurement of operating lease liabilities	65,735	56,987
Operating lease right-of-use assets obtained in exchange for new and renewed operating lease liabilities	95,527	84,629
Operating lease right-of-use assets acquired in business combinations	—	3,077

Other information related to the operating lease right-of-use assets, net and operating lease liabilities was as follows at May 31:

2026	2025
Weighted-average remaining lease term - operating leases	5.68 years	5.66 years
Weighted-average discount rate - operating leases	4.34 %	4.08 %

The contractual future minimum lease payments of Cintas' operating lease liabilities by fiscal year are as follows as of May 31, 2026:

(In thousands)
2027	66,543
2028	62,762
2029	53,531
2030	41,724
2031	31,341
Thereafter	60,647
Total payments	316,548
Less interest	( 38,664 )
Total present value of lease payments	277,884

Note 8. Income Taxes

Income before income taxes consists of the following components for the fiscal years ended May 31:

2025	2024	2023
Cash paid during the year for:
Interest (net of amount capitalized) (1)	990	854	762
Income taxes (net of refunds)	1,912	1,347	1,976
Operating cash flows from operating leases	954	877	835
Financing cash flows from finance leases	133	136	126
Noncash transactions:
Accrued capital expenditures	524	227	309
Property, plant and equipment recognized during the construction period of build-to-suit financing arrangement	107	—	—
Right-of-use assets obtained in exchange for operating lease obligations	808	740	1,278
Right-of-use assets obtained in exchange for finance lease obligations (2)	731	120	209

(1) Includes $ 18 , $ 20 and $ 17 million of cash paid for interest on finance leases in 2025, 2024 and 2023, respectively.

(2) Includes $ 551 million related to new aircraft leases that commenced in 2025, which were accounted for as finance leases.

Marketable Securities and Non-Current Investments

Debt securities are classified as either trading or available-for-sale securities and are carried at fair value. Unrealized gains and losses on trading securities are reported as Investment income (expense) and other in our statements of consolidated income. Unrealized gains and losses on available-for-sale securities are reported within other comprehensive income, a separate component of shareowners’ equity. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in Investment income (expense) and other , together with interest and dividends. The cost of securities sold is based on the specific identification method; realized gains and losses resulting from such sales are included in Investment income (expense) and other .

We periodically review our available-for-sale investments for indications of other-than-temporary impairment considering many factors, including the extent and duration to which a security’s fair value has been less than its cost, overall economic and market conditions and the financial condition and specific prospects for the issuer. Impairment of available-for-sale securities results in a charge to income when a market decline below cost is other-than-temporary, which includes consideration of whether we have both the intent and ability to hold such securities for the time necessary to recover the cost basis. If a decline in fair value is determined to be the result of a credit loss, then the decrease is recognized in income through an allowance for credit losses.

Year Ended December 31,
2025	2024	2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	764	803	720
Operating cash flows from finance leases	52	35	35
Financing cash flows from finance leases	73	35	28
Right-of-use assets obtained in exchange for operating lease liabilities (1)	639	713	646
Right-of-use assets obtained in exchange for finance lease liabilities (2)	472	61	8

(1) Net of $ 33 million reclassified from operating leases to finance leases during the year ended December 31, 2024, as a result of modifications of the underlying tug vessel leases.

(2) Net of $ 15 million reclassified from finance leases to operating leases during the year ended December 31, 2024, as a result of modifications of the underlying tug vessel leases.

LNG Vessel Subleases

We sublease certain LNG vessels under charter to third parties while retaining our existing obligation to the original lessor. All of our sublease arrangements have been assessed as operating leases. The following table shows the sublease income recognized in other revenues on our Consolidated Statements of Operations (in millions):

Years Ended December 31,
2025	2024	2023
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	24,548	16,287	15,553
Cash paid for income taxes	854	269	769
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Unpaid purchases of property, equipment and software	18,544	8,321	2,796
Right-of-use assets obtained in exchange for new operating lease liabilities	39,286	2,871	30,396
Early termination of right-of-use assets	—	—	664
Issuance of common stock for payment of accrued bonus	1,798	1,795	—
Issuance of common stock warrants in connection with Loan Agreement	—	—	2,595
Issuance of common stock in connection with acquisition, at fair value	137,653	838	2,087
Contingent consideration assumed at acquisition	18,258	—	—
Accrued issuance costs in connection with Loan Agreement	—	—	641
Accrued issuance costs in connection with ATM Equity Offerings	214	—	—
Convertible senior notes, net and accrued interest settled by issuance of common stock	197,025	—	—
Payable to seller in connection with business combination	578	—	—

The accompanying notes are an integral part of these consolidated financial statements.

F-9

ROCKET LAB CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands, except share and per share data)

1. DESCRIPTION OF THE BUSINESS

Rocket Lab Corporation (“Rocket Lab” and, together with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”) is an end-to-end space company with an established track record of mission success headquartered in Long Beach, California and is the parent company for several wholly owned operating subsidiaries located in the United States, New Zealand, Canada and Australia. We deliver reliable launch services, spacecraft design services, spacecraft components, spacecraft manufacturing and other spacecraft and on-orbit management solutions that make it faster, easier and more affordable to access space. We operate one of the only private orbital launch ranges in the world, located in Mahia, New Zealand, enabling a unique degree of operational flexibility and control of customer launch manifests and mission assurance. While our business has historically been centered on the manufacture of small-class launch vehicles and related sale of launch services, we are currently innovating in the areas of medium-class launch vehicle and launch services, space systems design and manufacturing, on-orbit management solutions, and space data applications.

Merger and Consummation of Holding Company Reorganization

Year Ended December 31,
2025	2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	343	238
Operating cash outflows from finance leases	6	4
Financing cash outflows from finance leases	56	44
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	980	216
Right-of-use assets obtained in exchange for new finance lease liabilities	120	113
Other non-cash increases in operating lease right-of-use assets (2)	94	166
Other non-cash decreases in finance lease right-of-use assets (2)	( 9 )	( 12 )

________________________________________________________________________________________________________________________________________

(1) Increase in right-of-use assets obtained in exchange for new operating lease liabilities for the year ended December 31, 2025 primarily relates to leases acquired in conjunction with the Industrious acquisition.

(2) The non-cash activity in the right-of-use assets resulted from lease modifications/remeasurements and terminations.

CBRE GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

14. Commitments and Contingencies

We are a party to a number of pending or threatened lawsuits arising out of, or incident to, our ordinary course of business. We believe that any losses in excess of the amounts accrued as liabilities on our consolidated financial statements are unlikely to be significant, but litigation is inherently uncertain and there is the potential for a material adverse effect on our consolidated financial statements if one or more matters are resolved in a particular period in an amount materially in excess of what we anticipated.

years ended December 31
(in millions)	2025	2024	2023
Accrued liabilities for purchases of property, plant and equipment	140	143	128
Right-of-use assets obtained in exchange for new operating lease liabilities	75	68	63
Right-of-use assets obtained in exchange for new finance lease liabilities	67	17	22
Remeasurement of finance lease right-of-use assets	50	27	—
Remeasurement of operating lease right-of-use assets	( 1	7	10
Acquisition of assets through asset exchange	—	—	5

Supplemental disclosures of cash flow information are as follows:

years ended December 31
(in millions)	2025	2024	2023
Cash paid for interest, net of amount capitalized	229	158	159
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	82	77	77
Operating cash flows used for finance leases	10	6	5
Financing cash flows used for finance leases	23	20	17

Note R: Other Operating Income, Net

Other operating income, net, is comprised generally of gains and losses on divestitures and the sale of assets; asset and portfolio rationalization charges; recoveries and losses related to certain customer accounts receivable; recoveries and losses on the resolution of contingency accruals; rental, royalty and services income; and accretion expense, depreciation expense, and gains and losses related to asset retirement obligations. These net amounts represented income of $ 6 million , $ 1.3 billion and $ 25 million in 2025, 2024 and 2023, respectively.

In 2025, other operating income, net, included $ 18 million of gains on land sales, which were offset by a $ 21 million pretax asset and portfolio rationalization charge primarily related to the discontinuation of five operations in the West Group that are no longer commercially viable.

2025	2024	2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	321	267	202
Operating cash flows from finance leases	18	19	19
Financing cash flows from finance leases	36	36	33
Supplemental noncash information on lease liabilities arising from obtaining right-of-use assets:
Right-of-use assets obtained in exchange for new finance lease obligations	10	20	32
Right-of-use assets obtained in exchange for new operating lease obligations	307	253	168

As of December 31, 2025, future minimum lease receipts and commitments are as follows (in millions):

Lease Receipts	Lease Commitments (a)
Direct Financing and Sales-Type Leases	Operating Leases	Finance Leases	Operating Leases
2026	7	360	51	314
2027	7	334	46	310
2028	7	303	44	294
2029	6	271	36	275
2030	6	242	33	253
Thereafter	68	1,102	185	1,416
Total minimum receipts / payments	101	2,612	395	2,862
Less amount representing interest	( 98 )	( 762 )
Present value of minimum lease payments	297	2,100
Current portion of lease obligations (b)	( 36 )	( 200 )
Long-term portion of lease obligations	261	1,900

(a) Minimum lease payments have not been reduced by minimum sublease rentals of $ 1,656 million due in the future under non-cancelable subleases.

(b) Current portion of operating lease obligations included as a component of Other accrued liabilities in our consolidated balance sheets.

As of December 31, 2025, we have executed real estate leases that have not yet commenced with estimated future nominal lease payments of approximately $ 18 million, which are not included in the tables above. These leases are expected to commence in 2026 with lease terms of generally 8 to 20 years.

Note 17. Income Taxes

Income before income taxes, classified by source of income, is as follows (in millions):

2025	2024	2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	118,840	101,611	90,412
Operating cash flows used for finance leases	320	254	175
Financing cash flows used for finance leases	2,692	2,855	2,776
Right-of-use assets obtained in exchange for new operating lease liabilities	219,965	94,538	125,417
Right-of-use assets obtained in exchange for new finance lease liabilities	2,882	3,412	1,427

Maturity of Lease Liabilities

The following table reconciles our future minimum lease payments on an undiscounted cash flow basis to our lease liabilities reported in the Consolidated Balance Sheet as of December 31, 2025 (in thousands):

Operating Leases	Finance Leases
2026	119,602	2,654
2027	96,345	2,051
2028	79,533	1,221
2029	65,874	633
2030	50,498	255
Thereafter	151,835	37
Total minimum lease payments	563,687	6,851
Less: Amount of lease payments representing interest	( 95,478 )	( 503 )
Present value of future minimum lease payments	468,209	6,348
Current portion of lease liabilities	99,213	2,399
Noncurrent portion of lease liabilities	368,996	3,949
Present value of future minimum lease payments	468,209	6,348

EMCOR Group, Inc. and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 17 - ADDITIONAL CASH FLOW INFORMATION

The following table presents cash paid for interest for the years ended December 31, 2025, 2024, and 2023 (in thousands):