Leases

12 Months Ended

Dec. 31, 2025

We have lease agreements for office space and data center facilities. All of our leases are classified as operating leases, and we do not have any significant leases classified as finance leases.

As of December 31, 2025, the weighted-average remaining lease term was 11.5 years and the weighted average discount rate was 5.8%. As of December 31, 2024, the weighted-average remaining lease term was 9.4 years and the weighted average discount rate was 5.9%.

We recognized $46 million, $62 million and $58 million of rent expense for office space as rent and occupancy expense in 2025, 2024, and 2023, respectively, and $31 million, $27 million and $32 million for data center facilities as technology and communication expense in 2025, 2024, and 2023, respectively, within our consolidated income statements. We do not have any significant variable lease costs.

Our lease assets are included within property, plant and equipment and our lease liabilities are included in current and noncurrent liabilities within our consolidated balance sheets. Details of our lease asset and liability balances are as follows (in millions):


	As of December 31, 2025		As of December 31, 2024		As of December 31, 2023
Right-of-use lease assets	$	578	$	295	$	305

Current operating lease liability	37		37		60
Non-current operating lease liability	635		335		299
Total operating lease liability	$	672	$	372	$	359

As of December 31, 2025, we estimate that our operating lease liability will be recognized in the following years (in millions):


2026	$	71
2027	97
2028	90
2029	86
2030	84
Thereafter	537
Lease liability amounts repayable	$	965
Interest costs	(293)
Total operating lease liability	$	672