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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Summary of Lease Costs and Other Information | The following table presents lease cost and other information (in millions):
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
Lease cost |  |  |  |  |
Operating lease cost | $ | 43 |  |  | $ | 42 |  |  | $ | 41 |
Variable lease cost | 36 |  |  | 35 |  |  | 27 |
Sublease income | (1) |  |  | (1) |  |  | (1) |
Total lease cost | $ | 78 |  |  | $ | 76 |  |  | $ | 67 |
Other information |  |  |  |  |
Operating cash flows used for operating leases | $ | 43 |  |  | $ | 42 |  |  | $ | 41 |
Weighted-average remaining lease term - operating leases | 46 years |  | 46 years |  | 47 years
Weighted-average discount rate - operating leases | 5.3 | % |  | 5.3 | % |  | 5.3 | %
Summary of Reconciliation of Total Lease Payments, on Undiscounted Basis, to Lease Liability on Balance Sheet | The following table presents a reconciliation of the total amount of minimum lease payments, on an undiscounted basis, to the lease liability on the balance sheet as of December 31, 2024 (in millions):
| As of December 31, 2024
| Ground Leases |  | Office Leases and Other |  | Total
Weighted-average discount rate - operating leases | 5.4 | % |  | 3.7 | % |  | 5.3 | %
2025 | $ | 31 |  |  | $ | 7 |  |  | $ | 38 |
2026 | 31 |  |  | 6 |  |  | 37 |
2027 | 31 |  |  | 5 |  |  | 36 |
2028 | 31 |  |  | 5 |  |  | 36 |
2029 | 31 |  |  | 5 |  |  | 36 |
Thereafter | 1,325 |  |  | 33 |  |  | 1,358 |
Total undiscounted cash flows | $ | 1,480 |  |  | $ | 61 |  |  | $ | 1,541 |
Present values |  |  |  |  |
Long-term lease liabilities | $ | 511 |  |  | $ | 49 |  |  | $ | 560 |
Total lease liabilities | $ | 511 |  |  | $ | 49 |  |  | $ | 560 |
Difference between undiscounted cash flows and discounted cash flows | $ | 969 |  |  | $ | 12 |  |  | $ | 981 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- References No definition available. + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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