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LEASES | 3 Months Ended
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Mar. 31, 2025
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 March 31,
|  |  |  |  | 2025 |  | 2024
Operating lease cost |  |  |  |  | $ | 22 |  |  | $ | 22 |
Sublease income |  |  |  |  | (2) |  |  | (2) |
Variable lease cost |  |  |  |  | 4 |  |  | 5 |
Total lease cost |  |  |  |  | $ | 24 |  |  | $ | 25 |
The following tables present other information related to the Company’s operating leases:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Cash paid for amounts included in the measurement of operating lease liabilities |  |  |  |  | $ | 30 |  |  | $ | 30 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  |  |  |  | $ | 21 |  |  | $ | 4 |
| March 31, 2025 |  | March 31, 2024 |
Weighted-average remaining lease term | 3.7 years |  | 4.2 years |
Weighted-average discount rate applied to operating leases | 3.2 | % |  | 3.2 | % |
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at March 31, 2025:
Year Ending December 31, |  | Operating Leases
2025 (After March 31,) |  | $ | 87 |
2026 |  | 97 |
2027 |  | 80 |
2028 |  | 25 |
2029 |  | 20 |
After 2029 |  | 23 |
Total lease payments (undiscounted) |  | 332 |
Less: Interest |  | 19 |
Present value of lease liabilities: |  | $ | 313 |
Lease liabilities - current |  | $ | 103 |
Lease liabilities - noncurrent |  | $ | 210 |
As of March 31, 2025, the Company has entered into additional operating leases that have not yet commenced, with lease obligations of approximately $155 million related to the lease of office space. Accordingly, the ROU Assets and operating lease liabilities at March 31, 2025 do not reflect the amounts for these leases. The operating leases will commence in 2025 and have lease terms between 11 and 15 years.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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