Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2025

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Components of Operating Expenses

The components of operating expenses include the following:


			Year ended December 31,
(millions of U.S. dollars)			2025		2024
Salaries, commissions and allowances			2,426		2,415
Share-based payments			111		87
Post-employment benefits			133		121
Total staff costs			2,670		2,623
Goods and services(1)			1,514		1,502
Content			295		289
Telecommunications			47		39
Facilities			34		35
Fair value adjustments(2)			18		(17)
Total operating expenses			4,578		4,471

(1)

Goods and services include technology-related expenses, professional fees, consulting, contractors, marketing and other general and administrative costs.

(2)

Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business.