LEASES

12 Months Ended

Dec. 31, 2025

The Company has operating leases, substantially all of which relate to the lease of office space. The Company's leases which are classified as finance leases are not material to the consolidated financial statements. Certain of the Company's leases include options to renew, with renewal terms that can extend the lease term from one year to 20 years at the Company's discretion.

The following table presents the components of the Company’s lease cost:


	Year ended December 31,
	2025		2024		2023
Operating lease cost	$	88	$	88	$	93

Sublease income	(7)		(7)		(7)
Variable lease cost	21		22		22
Total lease cost	$	102	$	103	$	108

During 2025, the Company recorded charges of $4 million related to the non-cash acceleration of amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods. During 2023, the Company recorded charges of $32 million related to the exit of certain real estate leases that resulted in ROU Asset impairment. These charges were recorded within restructuring expense in the consolidated statements of operations. Refer to Note 9 for further details.

The following tables present other information related to the Company’s operating leases:


	Year ended December 31,
	2025		2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	117	$	120	$	119
Right-of-use assets obtained in exchange for new operating lease liabilities	$	143	$	21	$	40


	December 31,
	2025		2024		2023
Weighted-average remaining lease term (in years)	6.6		3.8		4.4
Weighted-average discount rate applied to operating leases	4.7	%	3.2	%	3.2	%

The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at December 31, 2025:


Year Ending December 31,	Operating Leases
2026	$	100
2027	87
2028	31
2029	36
2030	30
Thereafter	147
Total lease payments (undiscounted)	431
Less: Interest	74
Present value of lease liabilities:	$	357
Lease liabilities - current	$	95
Lease liabilities - noncurrent	$	262

In the fourth quarter of 2025, the Company entered into an operating lease for a new headquarters in New York City, for which the Company has not yet been granted access to the leased floors. Accordingly, the ROU Assets and operating lease liabilities at December 31, 2025 do not reflect the amounts for this lease. The future minimum lease payments for this lease are approximately $600 million and will commence in 2026 with a lease term of 17 years.