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Leases

12 Months Ended

Dec. 31, 2023

The Company’s material operating leases consist of office space. The Company’s leases generally have remaining terms of one to 15 years, some of which include one or more options to extend the leases up to 10 years. Additionally, some lease contracts include termination options. Generally, the lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal periods.

The components of lease cost were as follows (in millions):


	Year Ended December 31,
	2021		2022		2023
Operating lease cost(1)	$	83	$	77	$	58
Short-term lease cost(1)	3		2		6

Variable lease cost(1)	14		17		16

Lease cost, net(2)	$	100	$	96	$	80

(1)Classified within operations and support, product development, sales and marketing, and general and administrative expenses on the consolidated statements of operations.

(2)Lease costs do not include lease impairments due to restructuring. Refer to Note 18, Restructuring, for additional information.

Lease term and discount rate were as follows:


	December 31,
	2022		2023
Weighted-average remaining lease term (years)	6.0		5.3
Weighted-average discount rate	7.0	%	7.2	%

Maturities of lease liabilities (excluding short-term leases) were as follows as of December 31, 2023 (in millions):


Year Ending December 31,	Amount
2024	$	81
2025	75
2026	79
2027	31
2028	28
Thereafter	102
Total lease payments	396
Less: Imputed interest	(83)
Present value of lease liabilities	313
Less: Current portion of lease liabilities	(61)
Total long-term lease liabilities	$	252