Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lessee, Assets and Liabilities

Leases recorded on the balance sheet consist of the following (excluding the Macao and Singapore leasehold interests in land assets; see "Note 8 — Leasehold Interests in Land, Net"):

		December 31,
Leases	Classification on the Balance Sheet	2022		2021
		(In millions)
Assets
Operating lease ROU assets	Other assets, net	$	23	$	24
Finance lease ROU assets	Property and equipment, net(1)	$	10	$	16
Liabilities
Current
Operating	Other accrued liabilities	$	13	$	14
Finance	Current maturities of long-term debt	$	8	$	10
Noncurrent
Operating	Other long-term liabilities	$	157	$	154
Finance	Long-term debt	$	13	$	15

____________________

(1)Finance lease ROU assets are recorded net of accumulated depreciation of $26 million and $21 million as of December 31, 2022 and 2021, respectively.

Lessee, Other Lease Information

Other information related to lease term and discount rate is as follows:

	December 31,
	2022		2021
Weighted Average Remaining Lease Term
Operating leases	32.0 years		32.8 years
Finance leases	2.5 years		2.9 years
Weighted Average Discount Rate
Operating leases	4.9	%	4.9	%
Finance leases	4.9	%	2.6	%

Lessee, Lease Expense Components

The components of lease expense are as follows:

	December 31,
	2022		2021		2020
	(In millions)
Operating lease cost:
Amortization of leasehold interests in land	$	55	$	56	$	55
Operating lease cost	21		14		12
Short-term lease cost	4		1		1
Variable lease cost	2		2		2
Finance lease cost:
Amortization of ROU assets	5		8		9
Interest on lease liabilities	1		1		1
Total lease cost	$	88	$	82	$	80

Lessee, Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows:

	December 31,
	2022		2021		2020
	(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	14	$	16	$	19
Financing cash flows for finance leases	$	4	$	5	$	3
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	8	$	10	$	10
Finance leases	$	1	$	9	$	22

Lessee, Finance Lease Liability, Maturity

Maturities of lease liabilities are summarized as follows:

	Operating Leases		Finance Leases
	(In millions)
Year ending December 31,
2023	$	14	$	9
2024	11		9
2025	8		3
2026	7		1
2027	7		—
Thereafter	304		—
Total future minimum lease payments	351		22
Less — amount representing interest	(181)		(1)
Present value of future minimum lease payments	170		21
Less — current lease obligations	(13)		(8)
Long-term lease obligations	$	157	$	13

Lessee, Operating Lease Liability, Maturity

Maturities of lease liabilities are summarized as follows:

	Operating Leases		Finance Leases
	(In millions)
Year ending December 31,
2023	$	14	$	9
2024	11		9
2025	8		3
2026	7		1
2027	7		—
Thereafter	304		—
Total future minimum lease payments	351		22
Less — amount representing interest	(181)		(1)
Present value of future minimum lease payments	170		21
Less — current lease obligations	(13)		(8)
Long-term lease obligations	$	157	$	13

Lessor, Lease Revenue Components

Lease revenue consists of the following:

	Year Ended December 31,
	2022				2021				2020
	Mall		Other		Mall		Other		Mall		Other
	(In millions)
Minimum rents	$	484	$	1	$	505	$	1	$	523	$	1
Overage rents	78		—		115		—		39		—
Rent concessions(1)	(70)		—		(65)		—		(272)		—
Other(2)	—		—		6		—		—		—
Total overage rents and rent concessions	8		—		56		—		(233)		—
	$	492	$	1	$	561	$	1	$	290	$	1

___________________

(1)Rent concessions were provided to tenants during the years ended December 31, 2022, 2021 and 2020 as a result of the COVID-19 Pandemic and the impact on mall and other operations.

(2)Amount related to a grant provided by the Singapore government to lessors to support small and medium enterprises impacted by the COVID-19 Pandemic in connection with their rent obligations.

Lessor, Future Minimum Rentals

Future minimum rentals (excluding the escalated contingent rent clauses) on non-cancelable leases are as follows:

	Mall		Other
	(In millions)
Year ending December 31,
2023	$	442	$	1
2024	386		1
2025	289		—
2026	225		—
2027	188		—
Thereafter	340		—
Total minimum future rentals	$	1,870	$	2

Lessor, Leased Property and Equipment

The cost and accumulated depreciation of property and equipment the Company is leasing to third parties is as follows:

	December 31,
	2022		2021
	(In millions)
Property and equipment, at cost	$	1,554	$	1,536
Accumulated depreciation	(711)		(639)
Property and equipment, net	$	843	$	897