v3.26.1
LEASES
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
LEASES LEASES
The Company has operating leases, substantially all of which relate to the lease of office space. The Company’s leases which are classified as finance leases are not material to the consolidated financial statements. Certain of the Company’s leases include options to renew, with renewal terms that can extend the lease term from one year to 20 years at the Company’s discretion.
The following table presents the components of the Company’s lease cost:
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Operating lease cost$24 $22 $47 $44 
Sublease income(1)(2)(3)(4)
Variable lease cost5 6 11 10 
Total lease cost$28 $26 $55 $50 

The following tables present other information related to the Company’s operating leases:
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Cash paid for amounts included in the measurement of operating lease liabilities$25 $31 $51 $61 
Right-of-use assets obtained in exchange for new operating lease liabilities
$249 $26 $268 $47 
June 30, 2026June 30, 2025
Weighted-average remaining lease term
11.7 Years4.0 Years
Weighted-average discount rate applied to operating leases
5.2 %3.5 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at June 30, 2026:
Year Ending December 31,Operating Leases
2026 (After June 30,)
$51 
202725 
202866 
202970 
203065 
After 2030561 
Total lease payments (undiscounted) (1)
838 
Less: Interest262 
Present value of lease liabilities:$576 
Lease liabilities - current$93 
Lease liabilities - noncurrent$483 
(1) Future minimum lease payments are presented net of tenant improvement allowance the Company expects to receive.
In the fourth quarter of 2025, the Company entered into an operating lease for a new headquarters in New York City. During the second quarter of 2026, the Company was granted access to approximately 80% of the leased floors, resulting in lease commencement for those floors. Accordingly, the related ROU assets and operating lease liabilities were recognized and are reflected in the consolidated balance sheet as of June 30, 2026.
The Company has not yet been granted access to the remaining leased floors. Accordingly, the ROU assets and operating lease liabilities at June 30, 2026 do not yet reflect the amounts for those floors. The future minimum lease payments for those floors are approximately $100 million.