LEASES

3 Months Ended

Mar. 31, 2026

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:


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	23	$	22
Sublease income	(2)		(2)
Variable lease cost	6		4
Total lease cost	$	27	$	24

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


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	26	$	30
Right-of-use assets obtained in exchange for new operating lease liabilities	$	19	$	21


	March 31, 2026		March 31, 2025
Weighted-average remaining lease term	6.7 years		3.7 years
Weighted-average discount rate applied to operating leases	4.7	%	3.2	%

The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at March 31, 2026:


Year Ending December 31,	Operating Leases
2026 (After March 31,)	$	76
2027	90
2028	35
2029	39
2030	34
After 2030	147
Total lease payments (undiscounted)	421
Less: Interest	71
Present value of lease liabilities:	$	350
Lease liabilities - current	$	94
Lease liabilities - noncurrent	$	256

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 March 31, 2026 do not reflect the amounts for this lease. The future minimum lease payments for this lease are approximately $600 million and will commence in June 2026 with a lease term of 17 years.