Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Leases

Lessee

The following table presents our operating lease assets and liabilities:

	As of
(in millions, except years and percentages)	March 31, 2026			December 31, 2025
Operating lease assets	$	1,553.8		$	1,521.5
Short-term operating lease liabilities	179.5			172.9
Non-current operating lease liabilities	1,398.9			1,374.7
Weighted-average remaining lease term	10.9 years			10.8 years
Weighted-average discount rate	6.4		%	6.4		%

The components of our lease expenses were as follows:

	Three Months Ended
	March 31,
(in millions)	2026		2025
Operating expenses	$	111.4	$	109.4
Selling, general and administrative expenses	3.2		2.9
Variable costs	27.1		25.9
Cash paid for operating leases	122.2		133.0
Leased assets obtained in exchange for new operating lease liabilities	96.0		56.1

For each of the three months ended March 31, 2026 and 2025, sublease income related to office properties was immaterial.

Lessor

We recorded rental income of $296.2 million for the three months ended March 31, 2026, and $289.1 million for the three months ended March 31, 2025, in Revenues on our Consolidated Statement of Operations.