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Leases (Tables)

12 Months Ended

Dec. 31, 2021

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


		December 31,
	Balance Sheet Location	2021		2020
Assets
Operating	Operating lease right-of-use (“ROU”) assets	$	289	$	430

Liabilities
Operating - current	Accrued expenses and other current liabilities	$	150	$	153
Operating - noncurrent	Operating lease liabilities	200		316
Total lease liabilities		$	350	$	469

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


		Year Ended December 31,
	Statement of Income Location	2021		2020		2019
Operating lease costs (1)	Cost of net revenues, Sales and marketing, Product development and General and administrative expenses	$	178	$	160	$	168

(1)Includes variable lease payments and sublease income that were immaterial for the years ended December 31, 2021, 2020 and 2019.

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


	December 31,
	2021		2020
Weighted average remaining lease term
Operating leases	3.11 years		3.74 years

Weighted average discount rate
Operating leases	2.06	%	2.04	%

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


	Year Ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	165	$	145	$	152

ROU assets obtained in exchange for new lease obligations:
Operating leases	$	38	$	84	$	87

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


	December 31, 2021
2022	$	156
2023	110
2024	38
2025	27
2026	14
Thereafter	21
Total lease payments	366
Less interest	(16)
Present value of lease liabilities	$	350