Leases

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases

Leases

We have operating leases for office space, data and fulfillment centers, and other corporate assets that we utilize under lease arrangements.

The following table provides a summary of leases by balance sheet location as of March 31, 2019 (in millions):

		As of
	Balance Sheet Location	March 31, 2019
Assets
Operating	Operating lease right-of-use assets	$	696
Total leased assets		$	696
Liabilities
Operating - current	Accrued expenses and other current liabilities	$	169
Operating - noncurrent	Operating lease liabilities	547
Total lease liabilities		$	716

 

The components of lease expense for the three months ended March 31, 2019 were as follows (in millions):

Lease Costs	Statement of Income Location	Three Months Ended March 31, 2019
Operating lease cost (1)	Cost of net revenues, Sales and marketing, Product development and General and administrative expenses	$	52
Total lease cost		$	52

(1) Includes variable lease payments and sublease income that were immaterial during the three months ended March 31, 2019.

Maturity of lease liabilities under our non-cancelable operating leases as of March 31, 2019 are as follows (in millions):  

	Operating
Remaining 2019	$	149
2020	157
2021	146
2022	131
2023	89
Thereafter	119
Total lease payments	791
Less interest	(75		)
Present value of lease liabilities	$	716

Future minimum rental payments under our non-cancelable operating leases as of December 31, 2018 were as follows (in millions):  

	Leases (1)
2019	$	136
2020	104
2021	91
2022	76
2023	51
Thereafter	119
Total minimum lease payments	$	577

(1) Amounts are based on ASC 840, Leases that was superseded upon our adoption of ASC 842, Leases on January 1, 2019.

Following table provides a summary of our lease terms and discount rates for the three months ended March 31, 2019:

	Three Months Ended March 31, 2019
Weighted Average Remaining Lease Term
Operating leases	5.14 years
Weighted Average Discount Rate
Operating leases	3.50	%

Supplemental information related to our leases for the three months ended March 31, 2019 is as follows (in millions):

	Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	50
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	18