We have operating leases for office space, data centers and other corporate assets that we utilize under lease arrangements.

The following table presents a summary of leases by balance sheet location as of the dates indicated (in millions):


		December 31,
	Balance Sheet Location	2024		2023
Assets
Operating	Operating lease right-of-use (“ROU”) assets	$	427	$	493

Liabilities
Operating - current	Accrued expenses and other current liabilities	$	118	$	118
Operating - noncurrent	Operating lease liabilities	320		387
Total lease liabilities		$	438	$	505

The following table presents components of lease expense for the periods indicated (in millions):


		Year Ended December 31,
	Statement of Income Location	2024		2023		2022
Operating lease costs (1)	Cost of net revenues, Sales and marketing, Product development and General and administrative expenses	$	147	$	128	$	132

(1)Includes variable lease payments and sublease income that were immaterial for the years ended December 31, 2024, 2023 and 2022.

The following table presents the maturity of lease liabilities under our non-cancelable operating leases as of the date indicated (in millions):


	December 31, 2024
2025	$	137
2026	117
2027	97
2028	67
2029	18
Thereafter	57
Total lease payments	493
Less interest	(55)
Present value of lease liabilities	$	438

As of December 31, 2024, we have non-cancellable operating leases for offices and data centers that have not commenced with fixed lease payment obligations of $51 million, with $5 million payable within 12 months. We are not involved in the construction or design of underlying assets.

Rent expense for the years ended December 31, 2024, 2023 and 2022 totaled $153 million, $137 million and $144 million, respectively. Rent expense includes operating lease costs as well as expense for non-lease components such as common area maintenance.

The following table presents supplemental information related to our leases included in the consolidated balance sheet as of the dates indicated:


	December 31,
	2024		2023
Weighted average remaining lease term
Operating leases	4.40 years		4.80 years

Weighted average discount rate
Operating leases	4.91	%	4.00	%

The following table presents supplemental information related to our leases for the periods indicated (in millions):


	Year Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	147	$	154	$	159

ROU assets obtained in exchange for new lease obligations:
Operating leases	$	64	$	102	$	354