Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Additional information regarding real estate operating leases [Table Text Block]

Lease expense is included in general and administrative expenses in the consolidated statement of income. Additional information regarding the Company’s real estate operating leases is as follows:

(for the year ended December 31, in millions)	2024			2023			2022
Lease cost
Operating leases	$	73		$	76		$	81
Short-term leases (1)	3			3			2
Lease expense	76			79			83
Less: sublease income (2)	—			—			—
Net lease cost	$	76		$	79		$	83
Other information on operating leases
Cash payments to settle a lease liability reported in cash flows	$	79		$	87		$	93
Right-of-use assets obtained in exchange for new lease liabilities	$	95		$	37		$	30
Weighted average discount rate	3.82		%	2.79		%
Weighted average remaining lease term	5.7 years			4.1 years

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(1) Leases with a term of twelve months or less are not recorded on the consolidated balance sheet.

(2) Sublease income consists of rent from third parties of office space and is recognized as part of other revenues in the consolidated statement of income.

Contractual maturities of lease liabilities [Table Text Block]

The following table presents the contractual maturities of the Company’s lease liabilities:

(in millions)	Real Estate Lease Liability
2025	$	71
2026	64
2027	54
2028	45
2029	32
Thereafter	67
Total undiscounted lease payments	333
Less: present value adjustment	58
Operating lease liability	$	275