Leases (Tables)

3 Months Ended

Mar. 31, 2025

The following table presents components of lease cost included in general and administration expense on the condensed consolidated statements of income:


	Three Months Ended
	March 31,
(in millions)	2025		2024
Lease cost:
Operating lease cost(1)	$	50	$	45
Variable lease cost(2)		17		14
Total lease cost	$	67	$	59

(1)

Amounts include short-term leases, which are immaterial for the three months ended March 31, 2025 and 2024.

(2)

Amounts include operating lease payments, which may be adjusted based on usage, changes in an index or market rate, as well as common area maintenance charges and other variable costs not included in the measurement of right-of-use (“ROU”) assets and operating lease liabilities.

Schedule of Supplemental Information Related to Operating Lease

Supplemental information related to operating leases is summarized below:


	Three Months Ended
	March 31,
(in millions)	2025		2024
Supplemental cash flow information:
Operating cash flows from operating leases included in the measurement of operating lease liabilities	$	49	$	44

Supplemental noncash information:
ROU assets in exchange for operating lease liabilities	$	30	$	27


	March 31,			December 31,
	2025			2024
Lease term and discount rate:
Weighted-average remaining lease term		14	years		14	years
Weighted-average discount rate		3	%		3	%