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Leases

12 Months Ended

Dec. 31, 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 $68.1 billion as of December 31, 2019 and 2020. Accumulated amortization associated with finance leases was $30.0 billion and $36.5 billion as of December 31, 2019 and 2020.

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


	Year Ended December 31,
	2019		2020
Operating lease cost	$	3,669	$	5,019
Finance lease cost:
Amortization of lease assets	10,094		8,452
Interest on lease liabilities	695		617
Finance lease cost	10,789		9,069
Variable lease cost	966		1,238
Total lease cost	$	15,424	$	15,326

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


	December 31, 2019		December 31, 2020

Weighted-average remaining lease term – operating leases	11.5		11.3
Weighted-average remaining lease term – finance leases	5.5		6.2
Weighted-average discount rate – operating leases	3.1	%	2.5	%
Weighted-average discount rate – finance leases	2.7	%	2.1	%

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


	December 31, 2020
	Operating Leases		Finance Leases		Total

Gross lease liabilities	$	46,164	$	30,437	$	76,601
Less: imputed interest	(7,065)		(2,003)		(9,068)
Present value of lease liabilities	39,099		28,434		67,533
Less: current portion of lease liabilities	(4,586)		(10,374)		(14,960)
Total long-term lease liabilities	$	34,513	$	18,060	$	52,573