Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

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 $68.1 billion and $69.3 billion as of December 31, 2020 and March 31, 2021. Accumulated amortization associated with finance leases was $36.5 billion and $38.3 billion as of December 31, 2020 and March 31, 2021.

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

	Three Months Ended March 31,
	2020		2021
Operating lease cost	$	1,068	$	1,556
Finance lease cost:
Amortization of lease assets	1,894		2,456
Interest on lease liabilities	164		132
Finance lease cost	2,058		2,588
Variable lease cost	264		348
Total lease cost	$	3,390	$	4,492

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

	December 31, 2020		March 31, 2021
Weighted-average remaining lease term – operating leases	10.7 years		10.7 years
Weighted-average remaining lease term – finance leases	6.2 years		6.7 years
Weighted-average discount rate – operating leases	2.5	%	2.4	%
Weighted-average discount rate – finance leases	2.1	%	2.1	%

Our lease liabilities were as follows (in millions):

	December 31, 2020
	Operating Leases		Finance Leases		Total
Gross lease liabilities	$	44,833	$	30,437	$	75,270
Less: imputed interest	(5,734)		(2,003)		(7,737)
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

	March 31, 2021
	Operating Leases		Finance Leases		Total
Gross lease liabilities	$	46,762	$	28,687	$	75,449
Less: imputed interest	(5,784)		(1,895)		(7,679)
Present value of lease liabilities	40,978		26,792		67,770
Less: current portion of lease liabilities	(4,841)		(9,862)		(14,703)
Total long-term lease liabilities	$	36,137	$	16,930	$	53,067

Leases

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 $68.1 billion and $69.3 billion as of December 31, 2020 and March 31, 2021. Accumulated amortization associated with finance leases was $36.5 billion and $38.3 billion as of December 31, 2020 and March 31, 2021.

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

	Three Months Ended March 31,
	2020		2021
Operating lease cost	$	1,068	$	1,556
Finance lease cost:
Amortization of lease assets	1,894		2,456
Interest on lease liabilities	164		132
Finance lease cost	2,058		2,588
Variable lease cost	264		348
Total lease cost	$	3,390	$	4,492

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

	December 31, 2020		March 31, 2021
Weighted-average remaining lease term – operating leases	10.7 years		10.7 years
Weighted-average remaining lease term – finance leases	6.2 years		6.7 years
Weighted-average discount rate – operating leases	2.5	%	2.4	%
Weighted-average discount rate – finance leases	2.1	%	2.1	%

Our lease liabilities were as follows (in millions):

	December 31, 2020
	Operating Leases		Finance Leases		Total
Gross lease liabilities	$	44,833	$	30,437	$	75,270
Less: imputed interest	(5,734)		(2,003)		(7,737)
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

	March 31, 2021
	Operating Leases		Finance Leases		Total
Gross lease liabilities	$	46,762	$	28,687	$	75,449
Less: imputed interest	(5,784)		(1,895)		(7,679)
Present value of lease liabilities	40,978		26,792		67,770
Less: current portion of lease liabilities	(4,841)		(9,862)		(14,703)
Total long-term lease liabilities	$	36,137	$	16,930	$	53,067