{
  "schema": "aic.lease-cash-comparison-results/1",
  "reviewed_on": "2026-10-26",
  "actual": {
    "issuer": "Microsoft",
    "period": {
      "start": "2025-07-01",
      "end": "2026-06-30",
      "basis": "fiscal_year"
    },
    "units": "millions",
    "common_capex_gap": 66987,
    "selected_residual_after_finance_lease_principal": 63886,
    "scope": "Before all other investing and financing cash flows; not ending cash or unrestricted liquidity"
  },
  "illustration": {
    "assumptions": {
      "units": "normalized cash units, not Microsoft dollars",
      "cash_before_selected_lease_payment": 180,
      "cash_ppe": 100,
      "total_lease_payment": 20,
      "finance_interest_component": 5,
      "scope": "Single-period U.S. GAAP cash-classification illustration; cash amounts, timing and taxes held fixed",
      "not_a_claim": "The same legal lease can be freely relabeled, or Microsoft's existing leases were retroactively reclassified"
    },
    "cases": [
      {
        "classification": "Operating",
        "lease_cash_in_operating": 20,
        "operating_cash_flow": 160,
        "finance_lease_principal": 0,
        "cash_ppe": 100,
        "total_lease_payment": 20,
        "common_capex_gap": 60,
        "selected_residual_after_finance_lease_principal": 60,
        "scope": "Before all other investing and financing cash flows; not ending cash or unrestricted liquidity"
      },
      {
        "classification": "Finance",
        "lease_cash_in_operating": 5,
        "operating_cash_flow": 175,
        "finance_lease_principal": 15,
        "cash_ppe": 100,
        "total_lease_payment": 20,
        "common_capex_gap": 75,
        "selected_residual_after_finance_lease_principal": 60,
        "scope": "Before all other investing and financing cash flows; not ending cash or unrestricted liquidity"
      }
    ]
  },
  "commenced_future_payments": 114392,
  "no_cross_ledger_total": true
}