v3.26.3
Leases
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Leases Leases
We lease office space and certain equipment under various operating leases, with most of our lease portfolio consisting of operating leases for office space. Our leases have remaining lease terms of approximately 1 year to 10 years, which may include the option to extend the lease when it is reasonably certain we will exercise that option. We do not have lease agreements with residual value guarantees, sale leaseback terms, or material restrictive covenants.

The following table presents the components of lease cost:
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Operating lease cost$12.3 $11.0 $37.4 $33.2 
Variable lease cost$4.9 $4.7 $13.7 $12.5 

The following table presents other information related to operating leases:
Three months ended September 30,Nine months ended September 30,
(in millions)2026202520262025
Cash paid for amounts included in the measurement for operating lease liabilities $12.8 $12.0 $37.8 $32.8 
Right of use assets obtained in exchange for operating lease liability$0.5 $9.4 $27.4 $10.2 

The following table shows our minimum future lease commitments due in the remainder of 2026, each of the next four subsequent years, and thereafter, for operating leases:

(in millions)As of September 30, 2026
Remainder of 2026 (October 1 through December 31)$12.7 
202745.9 
202838.9 
202927.8 
203021.1 
Thereafter63.2 
Total minimum lease commitments209.6 
Adjustment for discount to present value28.9 
Present value of lease liabilities
$180.7 

As of September 30, 2026, the Company had executed operating lease agreements for office space in London, Frankfurt, and Chicago that had not yet commenced. These leases represent aggregate future lease obligations of approximately $178.0 million. The London lease is expected to commence in the fourth quarter of 2026 with an initial lease term of approximately 12 years, and the Frankfurt lease is expected to commence in the first quarter of 2028 with an initial lease term of approximately 10 years. The Chicago lease is subject to substantial completion of landlord construction and will commence when the premises are made available for the company's use. The company expects to obtain access to and take possession of the Chicago office space in the second quarter of 2027, resulting in an initial lease term of approximately 17 years. Accordingly, the operating lease assets and liabilities as of September 30, 2026 do not reflect the amounts for these leases.
The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases:
As of September 30, 2026
Weighted-average remaining lease term (in years)5.7
Weighted-average discount rate4.8 %