v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Balances and Classification of Operating Lease Right-of-Use Assets and Operating Lease Liabilities within Condensed Consolidateds Balance Sheets

The balances and classification of operating lease right-of-use assets and operating lease liabilities within the Condensed Consolidated Balance Sheets is as follows:

 

(in millions)

 

 

June 30, 2026

 

 

December 31, 2025

 

Assets:

 

 

 

 

 

 

 

Operating lease right-of-use assets

Operating lease assets

 

$

274

 

 

$

269

 

Total assets

 

 

 

274

 

 

 

269

 

Liabilities:

 

 

 

 

 

 

 

Current operating lease liabilities

Accrued expenses and other liabilities

 

 

59

 

 

 

62

 

Non-current operating lease liabilities

Operating lease liabilities

 

 

248

 

 

 

243

 

Total liabilities

 

 

$

307

 

 

$

305

 

 
Schedule of Components of Lease Cost for Operating Leases

The components of lease cost for operating leases were as follows:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

(in millions)

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating leases:

 

 

 

 

 

 

 

 

 

 

 

Lease cost

$

20

 

 

$

16

 

 

$

41

 

 

$

30

 

Variable lease cost

 

4

 

 

 

2

 

 

 

5

 

 

 

2

 

Short-term lease cost

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

Operating lease cost

 

25

 

 

 

18

 

 

 

47

 

 

 

32

 

Sublease income

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

(1

)

Total lease cost net

$

24

 

 

$

17

 

 

$

46

 

 

$

31

 
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases

The weighted average remaining lease term and the weighted average discount rate for operating leases as of June 30, 2026 were:

Weighted average remaining lease term in years

 

 

6.0

 

Weighted average discount rate

 

 

4.2

%
Schedule of Maturities of Operating Lease Liabilities

Maturities of the operating lease liabilities by fiscal year at June 30, 2026 for the Company's operating leases are as follows:

(in millions)

 

Operating leases

 

2026 (Remainder)

 

$

33

 

2027

 

 

72

 

2028

 

 

61

 

2029

 

 

50

 

2030

 

 

42

 

Thereafter

 

 

92

 

Total undiscounted lease payments

 

 

350

 

Less: imputed interest

 

 

43

 

Present value of lease payments

 

$

307

 
Schedule of Supplemental Cash Flow Information

Supplemental cash flow information for operating leases is as follows:

 

Three months ended June 30,

 

 

Six months ended June 30,

 

(in millions)

2026

 

 

2025

 

 

2026

 

 

2025

 

Cash paid for amounts included in measurement of liabilities

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

$

20

 

 

$

17

 

 

$

41

 

 

$

33

 

Right-of-use assets obtained in exchange for new operating liabilities

$

24

 

 

$

9

 

 

$

31

 

 

$

15