v3.24.0.1
Leases
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
The Company leases its facilities under non-cancelable lease agreements which expire between 2024 and 2035. Certain of these arrangements have free rent, escalating rent payment provisions, lease renewal options, and tenant allowances. Under such arrangements, the Company recognizes a ROU asset and lease liability on the consolidated balance sheets. Lease costs are recognized on a straight-line basis over the non-cancelable lease term.
The components of lease costs related to the Company’s operating leases included in the consolidated statements of operations for the periods presented were as follows (in millions):
Year Ended December 31,
202120222023
Operating lease costs$52 $81 $108 
Short-term lease costs17 9 12 
Sublease income(3)(4)(3)
Total lease costs$66 $86 $117 
Lease terms and discount rates for operating leases were as follows:
December 31, 2022December 31, 2023
Weighted-average remaining lease term (in years)8.087.76
Weighted-average discount rate6.39%6.60%
Supplemental cash flow and non-cash information was as follows (in millions):
Year Ended December 31,
20222023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$75 $113 
ROU assets obtained in exchange for new lease liabilities
Operating leases$154 $85 
As of December 31, 2022 and 2023, the Company had entered into long term non-cancelable real estate lease contracts of $21 million and $66 million, respectively, for which leases have not yet commenced. Such leases are not included in the operating lease ROU assets and operating lease liabilities on the consolidated balance sheets.
As of December 31, 2023, the future minimum lease payments required under operating leases were as follows (in millions):
Year Ending December 31,Amount
2024$100 
202598 
202695 
202778 
202871 
Thereafter308 
Total future minimum lease payments750 
Less: Lease not commenced(66)
Less: Imputed interest(160)
Less: Tenant improvement receivable(2)
Present value of future minimum lease payments$522 
Future minimum sublease income as of December 31, 2023 is $6 million.