PROPERTY, EQUIPMENT AND SOFTWARE

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT AND SOFTWARE

PROPERTY, EQUIPMENT AND SOFTWARE.

Property, equipment and software at December 31 consists of: 

(in millions)	2025		2024
Computer and communications software and equipment	$	1,847.9	$	1,680.3
Buildings and improvements	466.1		493.2
Leasehold improvements	407.1		414.0
Furniture and other equipment	252.4		225.3
Land	22.5		25.7
	2,996.0		2,838.5
Less accumulated depreciation and amortization	2,150.7		1,861.5
Total	$	845.3	$	977.0

Compensation and related costs attributable to the development of computer software for internal use, totaling $168.7 million in 2025, $182.0 million in 2024, and $156.1 million in 2023, have been capitalized.

In the fourth quarter of 2025, we executed several initiatives as part of our broad and ongoing plan to reduce expense growth and realign resources to invest in existing and future capabilities. These actions included a decision to exit two buildings, with plans to dispose of the properties in 2026, resulting in accelerated depreciation equal to their carrying value of $92.3 million as of December 31, 2025. We also recorded impairments on additional real estate holdings to align their carrying values with prevailing market conditions as a result of being held for sale as of December 31, 2025. In aggregate, these actions resulted in charges of $127 million in the fourth quarter of 2025, which were recognized in the restructuring charge of the consolidated statements of income.