Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Operating lease assets and liabilities, 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		%

Lease expenses, lessee

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