Lessees are required to recognize a right-of-use asset and a lease liability for leases with terms of more than 12 months on the balance sheet. All leases disclosed within this footnote are classified as operating leases. Recognized right-of-use asset and lease liability are reported within other assets and other liabilities, respectively, in the consolidated balance sheet. Lease expense is reported in other operating costs and expenses in the consolidated statement of income and accounted for on a straight-line basis over the lease term.

To determine the discount rate used to calculate the present value of future minimum lease payments, the Company uses its incremental borrowing rate during the lease commencement period in line with the respective lease duration. In certain cases, the Company has the option to renew the lease. Lease renewal future payments are included in the present value of the future minimum lease payments when the Company determines it is reasonably certain to renew.

The main leases entered into by the Company are for office space used by the Company’s businesses across the world. Additionally, the Company, to a lesser extent, has equipment leases mainly for office equipment. Further information relating to operating lease expense and other operating lease information are as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,

(In thousands)	2026		2025		2026		2025
Leases:
Lease cost	$	14,277	$	13,220	$	28,192	$	25,998
Cash paid for amounts included in the measurement of lease liabilities reported in operating cash flows	12,228		11,832		24,325		25,314
Right-of-use assets obtained in exchange for new lease liabilities	13,977		31,224		17,737		44,434


	As of June 30,
($ in thousands)	2026			2025
Right-of-use assets	$	221,864		$	210,884
Lease liabilities	$	262,848		$	249,189
Weighted-average remaining lease term	7.0 years			7.3 years
Weighted-average discount rate	5.99		%	5.82		%


(In thousands)	June 30, 2026
Contractual Maturities:
2026	$	28,459
2027	50,951
2028	49,361
2029	44,804
2030	39,718
Thereafter	110,353
Total undiscounted future minimum lease payments	323,646
Less: Discount impact	60,798
Total lease liability	$	262,848