Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Costs and Other Information

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

	Year ended December 31,
	2020			2019
Lease cost
Operating lease cost	$	43		$	47
Variable lease cost		2			36
Sublease income		(1	)		(1	)
Total lease cost	$	44		$	82
Other information
Operating cash flows used for operating leases	$	43		$	47
Weighted-average remaining lease term - operating leases	49 years			50 years
Weighted-average discount rate - operating leases		5.3	%		5.3	%

Rent Expense

Rent expense in accordance with ASC 840, under which we report prior to January 1, 2019, consists of (in millions):

	Year ended December 31, 2018
Minimum rentals on operating leases	$	45
Additional rentals based on sales		38
Less: sublease rentals		(1	)
	$	82

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, 2020 (in millions): 

	As of December 31, 2020
	Ground Leases			Office Leases and Other			Total
Weighted-average discount rate - operating leases		5.4	%		3.5	%		5.3	%
2021	$	32		$	7		$	39
2022		32			7			39
2023		32			5			37
2024		33			4			37
2025		33			4			37
Thereafter		1,519			52			1,571
Total undiscounted cash flows	$	1,681		$	79		$	1,760
Present values
Long-term lease liabilities	$	550		$	60		$	610
Total lease liabilities	$	550		$	60		$	610
Difference between undiscounted cash flows and discounted cash flows	$	1,131		$	19		$	1,150