Leases

6 Months Ended

Jun. 30, 2020

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 $57.4 billion and $60.8 billion as of December 31, 2019 and June 30, 2020. Accumulated amortization associated with finance leases was $30.0 billion and $32.1 billion as of December 31, 2019 and June 30, 2020.

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2019		2020		2019		2020
Operating lease cost	$	874	$	1,149	$	1,710	$	2,217
Finance lease cost:
Amortization of lease assets	2,402		2,029		4,709		3,923
Interest on lease liabilities	160		156		316		320
Finance lease cost	2,562		2,185		5,025		4,243

Variable lease cost	281		294		531		558
Total lease cost	$	3,717	$	3,628	$	7,266	$	7,018

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


	December 31, 2019		June 30, 2020
Weighted-average remaining lease term – operating leases	11.5 years		11.2 years
Weighted-average remaining lease term – finance leases	5.5 years		5.7 years
Weighted-average discount rate – operating leases	3.1	%	2.9	%
Weighted-average discount rate – finance leases	2.7	%	2.5	%

Our lease liabilities were as follows (in millions):


	December 31, 2019
	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


	June 30, 2020
	Operating Leases		Finance Leases		Total
Gross lease liabilities	$	36,048	$	28,787	$	64,835
Less: imputed interest	(6,449)		(1,997)		(8,446)
Present value of lease liabilities	29,599		26,790		56,389
Less: current portion of lease liabilities	(3,530)		(10,061)		(13,591)
Total long-term lease liabilities	$	26,069	$	16,729	$	42,798