Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

Leases

Lessee

The following table presents our operating lease assets and liabilities:

	As of
(in millions, except years and percentages)	September 30, 2025			December 31, 2024
Operating lease assets	$	1,513.0		$	1,503.8
Short-term operating lease liabilities	179.0			168.7
Non-current operating lease liabilities	1,361.0			1,351.8
Weighted-average remaining lease term	10.7 years			10.8 years
Weighted-average discount rate	6.5		%	6.4		%

The components of our lease expenses were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2025		2024		2025		2024
Operating expenses	$	110.3	$	119.3	$	331.0	$	362.3
Selling, general and administrative expenses	3.2		2.9		9.2		10.8
Variable costs	28.3		31.6		81.5		90.5
Cash paid for operating leases(a)	105.4		108.6		342.9		364.6
Leased assets obtained in exchange for new operating lease liabilities	90.2		40.8		203.5		146.4

(a)In the nine months ended September 30, 2024, includes amounts related to Canada. (See Note 13. Acquisitions and Dispositions: Dispositions.)

For each of the three and nine months ended September 30, 2025 and 2024, sublease income related to office properties was immaterial.

Lessor

We recorded rental income of $327.2 million for the three months ended September 30, 2025, $338.4 million for the three months ended September 30, 2024, $941.0 million for the nine months ended September 30, 2025, and $988.3 million for the nine months ended September 30, 2024, in Revenues on our Consolidated Statement of Operations.