v3.25.4
Operating Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating Leases Operating Leases
The following table provides details of our operating lease expense:
Year ended December 31,
202520242023
in millions
Operating lease expense:
Operating lease cost
$135.1 $122.8 $128.0 
Short-term lease cost
24.1 27.5 29.0 
Total operating lease expense
$159.2 $150.3 $157.0 
Certain other details of our operating leases are set forth in the tables below.
December 31,
20252024
in millions
Operating lease right-of-use assets (a)$470.4 $481.2 
Operating lease liabilities:
Current$95.0 $87.5 
Long-term423.6 450.2 
Total operating lease liabilities$518.6 $537.7 
Weighted-average remaining lease term
6.6 years7.3 years
Weighted-average discount rate
8.6 %8.1 %
Year ended December 31,
202520242023
in millions
Operating cash outflows from operating leases$146.9 $131.4 $131.9 
Right-of-use assets obtained in exchange for new operating lease liabilities (a)$75.0 $95.6 $53.8 
(a)Represents non-cash transactions associated with operating leases entered into during the year, including amounts related to acquisitions, as further described in note 5.
Maturities of Operating Leases
Maturities of our operating lease liabilities as of December 31, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on December 31, 2025 exchange rates.
Years ending December 31:
2026$132.0 
2027115.6 
2028105.7 
202991.2 
203073.0 
Thereafter178.5 
Total operating lease liabilities on an undiscounted basis
696.0 
Present value discount(177.4)
Present value of operating lease liabilities
$518.6