LEASES

12 Months Ended

Dec. 31, 2024

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:


	Year ended December 31,
	2024		2023		2022
Operating lease cost	$	88	$	93	$	102

Sublease income	(7)		(7)		(7)
Variable lease cost	22		22		20
Total lease cost	$	103	$	108	$	115

During 2023 and 2022, the Company recorded charges of $32 million and $23 million, respectively, related to the exit of certain real estate leases that resulted in ROU Asset impairment. The charges were recorded within restructuring expense in the consolidated statements of operations. Refer to Note 9 for further details.

The following tables present other information related to the Company’s operating leases:


	Year ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	120	$	119	$	118
Right-of-use assets obtained in exchange for new operating lease liabilities	$	21	$	40	$	35


	December 31,
	2024		2023		2022
Weighted-average remaining lease term (in years)	3.8		4.4		4.9
Weighted-average discount rate applied to operating leases	3.2	%	3.2	%	3.1	%

The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at December 31, 2024:


Year Ending December 31,	Operating Leases
2025	$	111
2026	91
2027	74
2028	23
2029	19
Thereafter	20
Total lease payments (undiscounted)	338
Less: Interest	20
Present value of lease liabilities:	$	318
Lease liabilities - current	$	102
Lease liabilities - noncurrent	$	216

As of December 31, 2024, the Company has entered into an additional operating lease that has not yet commenced, with a lease obligation of approximately $140 million related to the lease of office space. Accordingly, the ROU Assets and operating lease liabilities at December 31, 2024 do not reflect the amounts for this lease. This operating lease will commence in 2025 with a lease term of 15 years.