LEASES

12 Months Ended

Dec. 31, 2021

The Company has operating leases for office space, data centers, and the land for Booking.com's future headquarters (see Note 16). The Company’s weighted-average discount rate for leases was approximately 2.0% and 2.2% as of December 31, 2021 and 2020, respectively. The weighted-average remaining lease terms were approximately 8.4 years and 8.1 years as of December 31, 2021 and 2020, respectively.

The Company recognized the following related to operating leases in its Consolidated Balance Sheets at December 31, 2021 and 2020 (in millions):


		December 31,
	Classification in Consolidated Balance Sheets	2021		2020
Operating lease assets	Operating lease assets	$	496	$	529
Lease Liabilities:
Current operating lease liabilities	Accrued expenses and other current liabilities	$	143	$	159
Non-current operating lease liabilities	Operating lease liabilities	351		366
Total operating lease liabilities		$	494	$	525

The Company recognized the following related to operating leases in its Consolidated Statements of Operations (in millions):


		Year Ended December 31,
	Classification in Consolidated Statements of Operations	2021		2020		2019
Lease expense	General and administrative and Information technology	$	185	$	194	$	183
Variable lease expense	General and administrative and Information technology	46		46		56
Less: Sublease income	General and administrative	(3)		(2)		(2)
Total lease expense, net of sublease income		$	228	$	238	$	237

As of December 31, 2021, the future lease payments for operating leases are as follows (in millions):


2022	$	151
2023	100
2024	59
2025	49
2026	39
Thereafter	152
Total remaining lease payments	$	550
Less: Imputed interest	(56)
Total operating lease liabilities	$	494

As of December 31, 2021, the Company has entered into leases that have not yet commenced with future lease payments of approximately $33 million which are not reflected in the table above. These leases will commence in 2022 with lease terms of up to six years and will be recognized upon lease commencement.

Supplemental cash flow information related to operating leases is as follows (in millions):


	Year Ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities	$	186	$	200	$	189
Operating lease assets obtained in exchange for lease liabilities	162		67		155

"Operating lease amortization" presented in the operating activities section of the Consolidated Statements of Cash Flows reflects the portion of the operating lease expense from the amortization of the operating lease assets.