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Its still a short/long term liability on their balance sheet... until they have substantial enough assets (eg 5-18B worth of future revenue) they are working out of a massive negative equity hole.



Leases haven't been on the balance sheet historically, although a 2016 change (which comes into effect next year) will see them move onto the balance sheet, however offset by a corresponding right to use asset.

The right to use asset is depreciated over the course of the lease whilst the liability is decreased as payments are made.

So it isn't a huge negative equity hole (particularly at present since lease obligations are off balance sheet), but with these changes gross debt will increase substantially, which may trigger covenants with regards to debt ratios (equity will be offset by right to use asset however, so no bit equity hole even with new accounting rules).




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