Leases

6 Months Ended

Jun. 30, 2026

Lessee

The following table presents our operating lease assets and liabilities:


	As of
(in millions, except years and percentages)	June 30, 2026			December 31, 2025
Operating lease assets	$	1,573.5		$	1,521.5
Short-term operating lease liabilities	178.7			172.9
Non-current operating lease liabilities	1,424.4			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				Six Months Ended
	June 30,				June 30,
(in millions)	2026		2025		2026		2025
Operating expenses	$	117.0	$	111.3	$	228.4	$	220.7
Selling, general and administrative expenses	3.2		3.1		6.4		6.0
Variable costs	32.6		27.3		59.7		53.2

Cash paid for operating leases	108.5		104.5		230.7		237.5
Leased assets obtained in exchange for new operating lease liabilities	84.7		57.2		180.7		113.3

For each of the three and six months ended June 30, 2026 and 2025, sublease income related to office properties was immaterial.

Lessor

We recorded rental income of $349.8 million for the three months ended June 30, 2026, $324.7 million for the three months ended June 30, 2025, $646.0 million for the six months ended June 30, 2026, and $613.8 million for the six months ended June 30, 2025, in Revenues on our Consolidated Statement of Operations.