Lineage, Inc.
For the period ended Mar 31, 2025. Filed Apr 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 30, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Leases
(12)Leases
The Company leases real estate, most significantly warehouses for use in operations, as well as equipment for use within owned and leased warehouses. The Company also leases vehicles, trailers, and other equipment. The Company has not pledged any assets as collateral related to the Company’s existing leases as of March 31, 2025 and December 31, 2024.
Right-of-use asset balances are as follows:
| (in millions) | March 31, 2025 | December 31, 2024 |
|---|---|---|
| Finance lease right-of-use assets | $1,708 | $1,706 |
| Less: accumulated amortization | (477) | (452) |
| Finance lease right-of-use assets, net | $1,231 | $1,254 |
| Operating lease right-of-use assets | $830 | $828 |
| Less: accumulated amortization | (212) | (201) |
| Operating lease right-of-use assets, net | $618 | $627 |
Lease liabilities are presented in the following line items in the condensed consolidated balance sheets:
| March 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| (in millions) | Finance Leases | Operating Leases | Finance Leases | Operating Leases |
| Accounts payable and accrued liabilities | $165 | $51 | $165 | $50 |
| Long-term finance lease obligations | 1,240 | — | 1,249 | — |
| Long-term operating lease obligations | — | 598 | — | 605 |
| Total lease obligations | $1,405 | $649 | $1,414 | $655 |
Future minimum lease payments for each of the next five years and thereafter as of March 31, 2025 are as follows (in millions):
| Years Ending December 31: | Finance Leases | Operating Leases |
|---|---|---|
| 2025 (nine months remaining) | $212 | $70 |
| 2026 | 161 | 90 |
| 2027 | 155 | 88 |
| 2028 | 146 | 79 |
| 2029 | 145 | 70 |
| 2030 and thereafter | 1,521 | 681 |
| Total lease payments | 2,340 | 1,078 |
| Less imputed interest | (935) | (429) |
| Total lease obligations | $1,405 | $649 |
Supplemental condensed consolidated balance sheets information related to leases is as follows:
| March 31, | December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Weighted average remaining lease term (in years): | ||
| Finance | 14.4 | 14.5 |
| Operating | 15.9 | 15.9 |
| Weighted average discount rate: | ||
| Finance | 6.8% | 6.8% |
| Operating | 6.5% | 6.5% |
The components of lease expense are as follows:
| Three Months Ended March 31, | ||
|---|---|---|
| (in millions) | 2025 | 2024 |
| Finance lease cost: | ||
| Amortization of ROU assets | $26 | $24 |
| Interest on lease liabilities | 24 | 23 |
| Operating lease cost | 26 | 29 |
| Variable & short-term lease cost | 11 | 9 |
| Sublease income | (4) | (4) |
| Total lease cost | $83 | $81 |
Supplemental cash flow information related to leases is as follows:
| Three Months Ended March 31, | ||
|---|---|---|
| (in millions) | 2025 | 2024 |
| Cash paid for amounts included in the measurement of lease liability | ||
| Operating cash flows from finance leases | $24 | $22 |
| Finance cash flows from finance leases | $21 | $14 |
| Operating cash flows from operating leases | $24 | $23 |
| ROU assets obtained in exchange for lease obligations (excluding the effect of acquisitions) | ||
| Finance leases | $6 | $15 |
| Operating leases | $5 | $4 |
Houston, Texas purchase option
On September 27, 2024, the Company provided notice to the lessor of its intention to exercise a purchase option contained in the lease agreement. The purchase option was executed in April 2025 for $90 million.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.