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LEASES
12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES LEASES
The Company has operating and finance leases for office space, data centers, and computer equipment.

The Company recognized the following related to its leases in its Consolidated Balance Sheets (in millions):
December 31,
Classification in Consolidated Balance Sheets20232022
Operating lease assetsOperating lease assets$705 $645 
Operating lease liabilities:
Current operating lease liabilities
Accrued expenses and other current liabilities$152 $125 
Non-current operating lease liabilitiesOperating lease liabilities599 552 
Total operating lease liabilities$751 $677 
Finance lease assetsProperty and equipment, net$70 $52 
Finance lease liabilities:
Current finance lease liabilities
Accrued expenses and other current liabilities$34 $21 
Non-current finance lease liabilitiesOther long-term liabilities34 32 
Total finance lease liabilities$68 $53 

The Company recognized the following costs related to its leases in its Consolidated Statements of Operations (in millions):
Year Ended December 31,
Classification in Consolidated Statements of Operations202320222021
Finance lease cost Depreciation and amortization$28 $$
Operating lease costGeneral and administrative and Information technology180 160 185 
Variable lease cost
General and administrative and Information technology82 45 46 
Other
General and administrative and Interest expense(4)(5)(3)
Total lease cost
$286 $209 $231 
As of December 31, 2023, the future lease payments for operating and finance leases are as follows (in millions):
Operating LeasesFinance Leases
2024$176 $36 
2025156 30 
202696 
202781 — 
202861 — 
Thereafter320 — 
Total future lease payments890 71 
Less: Imputed interest(139)(3)
Total lease liabilities$751 $68 

Supplemental cash flow information related to operating and finance leases is as follows (in millions):
Year Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$172 $175 $186 
Financing cash flows from finance leases31 
Operating lease assets obtained in exchange for new operating lease liabilities200 392 162 
Finance lease assets obtained in exchange for new finance lease liabilities44 50 

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

At December 31, 2023 and 2022 the weighted-average lease term and discount rate for operating and finance leases are as follows:
December 31,
20232022
Operating leases:
Weighted-average remaining lease term8.7 years9.8 years
Weighted-average discount rate4.0 %3.2 %
Finance leases:
Weighted-average remaining lease term2.1 years2.7 years
Weighted-average discount rate3.1 %2.0 %

In September 2016, the Company signed a turnkey agreement to construct a building for Booking.com's headquarters in the Netherlands and acquired a land lease upon signing the turnkey agreement. During the year ended December 31, 2022, the construction of the building was completed and the Company entered into a sale and leaseback transaction whereby the Company transferred ownership of the building and the acquired lease rights to a subsidiary of Deka Immobilien Investment GmbH for an aggregate consideration of approximately $601 million. The Company concurrently entered into an agreement to lease the building from the purchaser for an initial term of 16.5 years, with up to five renewal options of five years each. The initial annual base rent under the lease was $26 million, which will increase annually based on the consumer price index, subject to a specified ceiling. The lease commenced in December 2022 and has been classified by the Company as an operating lease. The Company recognized a gain of $240 million on the sale and leaseback transaction, which was recorded in "Other operating expenses" in the Consolidated Statement of Operations for the year ended December 31, 2022.
LEASES LEASES
The Company has operating and finance leases for office space, data centers, and computer equipment.

The Company recognized the following related to its leases in its Consolidated Balance Sheets (in millions):
December 31,
Classification in Consolidated Balance Sheets20232022
Operating lease assetsOperating lease assets$705 $645 
Operating lease liabilities:
Current operating lease liabilities
Accrued expenses and other current liabilities$152 $125 
Non-current operating lease liabilitiesOperating lease liabilities599 552 
Total operating lease liabilities$751 $677 
Finance lease assetsProperty and equipment, net$70 $52 
Finance lease liabilities:
Current finance lease liabilities
Accrued expenses and other current liabilities$34 $21 
Non-current finance lease liabilitiesOther long-term liabilities34 32 
Total finance lease liabilities$68 $53 

The Company recognized the following costs related to its leases in its Consolidated Statements of Operations (in millions):
Year Ended December 31,
Classification in Consolidated Statements of Operations202320222021
Finance lease cost Depreciation and amortization$28 $$
Operating lease costGeneral and administrative and Information technology180 160 185 
Variable lease cost
General and administrative and Information technology82 45 46 
Other
General and administrative and Interest expense(4)(5)(3)
Total lease cost
$286 $209 $231 
As of December 31, 2023, the future lease payments for operating and finance leases are as follows (in millions):
Operating LeasesFinance Leases
2024$176 $36 
2025156 30 
202696 
202781 — 
202861 — 
Thereafter320 — 
Total future lease payments890 71 
Less: Imputed interest(139)(3)
Total lease liabilities$751 $68 

Supplemental cash flow information related to operating and finance leases is as follows (in millions):
Year Ended December 31,
202320222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$172 $175 $186 
Financing cash flows from finance leases31 
Operating lease assets obtained in exchange for new operating lease liabilities200 392 162 
Finance lease assets obtained in exchange for new finance lease liabilities44 50 

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

At December 31, 2023 and 2022 the weighted-average lease term and discount rate for operating and finance leases are as follows:
December 31,
20232022
Operating leases:
Weighted-average remaining lease term8.7 years9.8 years
Weighted-average discount rate4.0 %3.2 %
Finance leases:
Weighted-average remaining lease term2.1 years2.7 years
Weighted-average discount rate3.1 %2.0 %

In September 2016, the Company signed a turnkey agreement to construct a building for Booking.com's headquarters in the Netherlands and acquired a land lease upon signing the turnkey agreement. During the year ended December 31, 2022, the construction of the building was completed and the Company entered into a sale and leaseback transaction whereby the Company transferred ownership of the building and the acquired lease rights to a subsidiary of Deka Immobilien Investment GmbH for an aggregate consideration of approximately $601 million. The Company concurrently entered into an agreement to lease the building from the purchaser for an initial term of 16.5 years, with up to five renewal options of five years each. The initial annual base rent under the lease was $26 million, which will increase annually based on the consumer price index, subject to a specified ceiling. The lease commenced in December 2022 and has been classified by the Company as an operating lease. The Company recognized a gain of $240 million on the sale and leaseback transaction, which was recorded in "Other operating expenses" in the Consolidated Statement of Operations for the year ended December 31, 2022.