The Company leases office facilities under non-cancelable operating leases with terms generally ranging between 10 and 25 years. The Company utilizes these leased office facilities for use by its employees in countries in which the Company conducts its business. The Company’s leases have no restrictions on the payment of dividends, the acquisition of debt or additional lease obligations, or entering into additional lease obligations. The leases also do not contain significant purchase options.

Operating leases are recognized on the consolidated balance sheets as ROU assets and operating lease liabilities based on the present value of the remaining future minimum payments over the lease term at commencement date of the lease.

The Company determined that $1 million and $9 million of ROU assets were impaired for the three and nine months ended September 30, 2026, and $3 million and $8 million for the three and nine months ended September 30, 2025, respectively, and recorded a charge to the consolidated statements of income with an offsetting reduction to ROU assets.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except weighted average data)	2026		2025		2026			2025
Lease Cost:
Operating lease cost (a)	$	88	$	88	$	266		$	262
Short-term lease cost	1		1		3			4
Variable lease cost	37		35		105			101
Sublease income	(6)		(6)		(18)			(16)
Net lease cost	$	120	$	118	$	356		$	351
Other information:
Operating cash outflows from operating leases					$	304		$	300
ROU assets obtained in exchange for new operating lease liabilities					$	187		$	94
Weighted average remaining lease term – real estate leases					7.3 years			7.3 years

Weighted average discount rate – real estate leases					4.05		%	3.79		%


(In millions)	Real Estate Leases
2026 (excludes payments through September 30, 2026)	$	99
2027	383
2028	310
2029	262
2030	225
2031	200
Subsequent years	593
Total future lease payments	2,072
Less: Imputed interest	(273)
Total	$	1,799
Current lease liabilities	$	324
Long-term lease liabilities	1,475
Total lease liabilities	$	1,799

Note: The above table excludes obligations for leases with original terms of 12 months or less which have not been recognized as a ROU asset or liability in the consolidated balance sheets.

At September 30, 2026, the Company had additional operating real estate leases that had not yet commenced of $75 million. These operating leases will commence over the next 12 months.