Leases Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Gross assets acquired under finance leases, inclusive of those where title transfers at the end of the lease, are recorded in “Property and equipment, net” and were $36.1 billion and $57.4 billion as of December 31, 2018 and 2019. Accumulated amortization associated with finance leases was $19.8 billion and $30.0 billion as of December 31, 2018 and 2019.

Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions):

	Year Ended December 31, 2019
Operating lease cost (1)	$	3,669
Finance lease cost:
Amortization of lease assets	10,094
Interest on lease liabilities	695
Finance lease cost	10,789
Variable lease cost	966
Total lease cost	$	15,424

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(1) Rental expense under operating lease agreements was $2.2 billion and $3.4 billion for 2017 and 2018.

Other information about lease amounts recognized in our consolidated financial statements is summarized as follows:

	December 31, 2019
Weighted-average remaining lease term – operating leases	11.5
Weighted-average remaining lease term – finance leases	5.5
Weighted-average discount rate – operating leases	3.1	%
Weighted-average discount rate – finance leases	2.7	%

As of December 31, 2019, our lease liabilities were as follows (in millions):

	Operating Leases			Finance Leases			Total
Gross lease liabilities	$	31,963		$	28,875		$	60,838
Less: imputed interest	(6,128		)	(1,896		)	(8,024		)
Present value of lease liabilities	25,835			26,979			52,814
Less: current portion of lease liabilities	(3,139		)	(9,884		)	(13,023		)
Total long-term lease liabilities	$	22,696		$	17,095		$	39,791