Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lease Costs and Other Information

The following table presents lease cost and other information for the quarter and year-to-date ended September 30, 2019 (in millions): 

	Quarter ended September 30, 2019			Year-to-date ended September 30, 2019
Lease cost
Operating lease cost	$	11		$	34
Variable lease cost		10			29
Sublease income		(1	)		(1	)
Total lease cost	$	20		$	62
Other information
Operating cash flows used for operating leases for the year-to-date ended September 30, 2019				$	34
Weighted-average remaining lease term - operating leases				53 years
Weighted-average discount rate - operating leases					5.4	%

Reconciliation of Total Lease Payments, on Undiscounted Basis, to Lease Liability in Statement of Financial Position

The following table presents a reconciliation of the total amount of lease payments, on an undiscounted basis, to the lease liability in the statement of financial position as of September 30, 2019 (in millions): 

	As of September 30, 2019
	Ground Leases			Office Leases and Other			Total
Weighted-average discount rate - operating leases		5.4	%		4.0	%		5.4	%
October 1, 2019 - December 31, 2019	$	8		$	2		$	10
2020		32			7			39
2021		32			6			38
2022		32			3			35
2023		32			—			32
Thereafter		1,551			—			1,551
Total undiscounted cash flows	$	1,687		$	18		$	1,705
Present values
Long-term lease liabilities	$	541		$	17		$	558
Total lease liabilities	$	541		$	17		$	558
Difference between undiscounted cash flows and discounted cash flows	$	1,146		$	1		$	1,147

Future Minimum Annual Rental Commitments, Excluding Renewal Period, Required Under Non-Cancelable Operating Leases in Accordance with ASC 840

The following table presents the future minimum annual rental commitments, excluding renewal periods, as of December 31, 2018, for which we are the lessee, required under non-cancelable operating leases in accordance with ASC 840, under which we report prior to January 1, 2019 (in millions):

	As of December 31, 2018
2019	$	46
2020		44
2021		43
2022		40
2023		37
Thereafter		1,309
Total minimum lease payments	$	1,519