Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Costs and Other Information

The following table presents lease cost and other information (in millions):

	Year ended December 31,
	2023			2022			2021
Lease cost
Operating lease cost	$	42		$	41		$	43
Variable lease cost	35			27			7
Sublease income	(1)			(1)			(1)
Total lease cost	$	76		$	67		$	49
Other information
Operating cash flows used for operating leases	$	42		$	41		$	43
Weighted-average remaining lease term - operating leases	46 years			47 years			48 years
Weighted-average discount rate - operating leases	5.3		%	5.3		%	5.3		%

Reconciliation of Total Lease Payments, on Undiscounted Basis, to Lease Liability on Balance Sheet

The following table presents a reconciliation of the total amount of lease payments, on an undiscounted basis, to the lease liability on the balance sheet as of December 31, 2023 (in millions):

	As of December 31, 2023
	Ground Leases			Office Leases and Other			Total
Weighted-average discount rate - operating leases	5.4		%	3.7		%	5.3		%
2024	$	31		$	7		$	38
2025	31			6			37
2026	31			6			37
2027	31			5			36
2028	31			5			36
Thereafter	1,343			38			1,381
Total undiscounted cash flows	$	1,498		$	67		$	1,565
Present values
Long-term lease liabilities	$	511		$	52		$	563
Total lease liabilities	$	511		$	52		$	563
Difference between undiscounted cash flows and discounted cash flows	$	987		$	15		$	1,002