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. See Note 5 for further information relating to impacts on leases due to the August 2022 Restructuring.

During the second quarter of 2022, we executed an agreement to assign one of our operating leases to a third-party assignee who assumed all of our obligations, liabilities, covenants, and conditions under the assigned lease. As a result of this agreement, we derecognized the related right-of-use assets of $23 million and lease liability of $22 million and recognized an immaterial amount of loss.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2021		2022		2021		2022
Fixed operating lease costs	$	7	$	9	$	16	$	27
Variable operating lease costs	1		2		4		5
Short-term lease costs	1		—		1		—
Total lease costs	$	9	$	11	$	21	$	32

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.


	December 31,		September 30,
	2021		2022
Weighted-average remaining lease term	7.29 years		7.45 years
Weighted-average discount rate	6.27	%	6.41	%


	Nine Months Ended September 30,
(in millions)	2021		2022
Operating cash flows:
Payments for operating lease liabilities	$	—	$	18
Supplemental cash flow data:
Lease liabilities arising from obtaining right-of-use assets	$	97	$	32

Future minimum lease payments under non-cancellable operating leases (with initial lease terms in excess of one year) as of September 30, 2022 are as follows:


(in millions)
Remainder of 2022	$	8
2023	33
2024	31
2025	30
2026	22
Thereafter	85
Total undiscounted lease payments	209
Less: imputed interest	(44)
Less: lease incentives	(5)

Total lease liabilities	$	160