LEASES

3 Months Ended

Mar. 31, 2022

NOTE 12: LEASES

Our operating leases are comprised of office facilities, with the most significant leases relating to our corporate headquarters in Menlo Park and our office in New York City. Our leases have remaining terms of 1 to 11 years, and many leases include one or more options to renew. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. We do not have any finance leases.

The components of lease expense were as follows:


	Three Months Ended March 31,
(in millions)		2021		2022
Fixed operating lease costs		$	4	$	9
Variable operating lease costs		1		2
Short-term lease costs		—		—
Total lease costs		$	5	$	11

Fixed operating lease costs primarily consist of monthly base rent amounts due. Variable operating lease expenses are primarily related to payments made to our landlords for common area maintenance, property taxes, insurance, and other operating expenses.

Other information related to our operating leases was as follows:


	December 31,		March 31,
	2021		2022
Weighted-average remaining lease term	7.29 years		7.74 years
Weighted-average discount rate	6.27	%	6.17	%

Cash flows related to leases were as follows:


	Three Months Ended March 31,
(in millions)	2021		2022
Operating cash flows:
Payments for operating lease liabilities	$	2	$	3
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets	$	9	$	32

Future minimum lease payments under non-cancellable operating leases (with initial lease terms in excess of one year) as of March 31, 2022 are as follows:


(in millions)
Remainder of 2022	$	26
2023	36
2024	35
2025	34
2026	25
Thereafter	106
Total undiscounted lease payments	262
Less: imputed interest	(56)
Less: lease incentives	(23)

Total lease liabilities	$	183