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LEASES | 3 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
LEASES | NOTE 13 — LEASES We have operating and finance leases for datacenters, corporate offices, research and development facilities, retail stores, and certain equipment. Our leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. The components of lease expense were as follows:
(In millions) |  |  |  |  |  |  |  |
Three Months Ended September 30, |  |  | 2020 |  |  |  | 2019 |
Operating lease cost |  | $ | 498 |  |  | $ | 465 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 206 |  |  | $ | 125 |
Interest on lease liabilities |  |  | 92 |  |  |  | 78 |
Total finance lease cost |  | $ | 298 |  |  | $ | 203 |
Supplemental cash flow information related to leases was as follows:
(In millions) |  |  |
Three Months Ended September 30, |  |  | 2020 |  |  |  | 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 491 |  |  | $ | 453 |
Operating cash flows from finance leases |  |  | 92 |  |  |  | 78 |
Financing cash flows from finance leases |  |  | 136 |  |  |  | 79 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  |  | 678 |  |  |  | 983 |
Finance leases |  |  | 635 |  |  |  | 1,489 |
Supplemental balance sheet information related to leases was as follows:
(In millions, except lease term and discount rate) |  |  |  |  |  |
|  | September 30, 2020 |  |  | June 30, 2020 |
Operating Leases |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 9,047 |  |  | $ | 8,753 |
Other current liabilities |  | $ | 1,744 |  |  | $ | 1,616 |
Operating lease liabilities |  |  | 7,753 |  |  |  | 7,671 |
Total operating lease liabilities |  | $ | 9,497 |  |  | $ | 9,287 |
Finance Leases |  |  |  |  |  |  |  |
Property and equipment, at cost |  | $ | 11,174 |  |  | $ | 10,371 |
Accumulated depreciation |  |  | (1,591 | ) |  |  | (1,385 | )
Property and equipment, net |  | $ | 9,583 |  |  | $ | 8,986 |
Other current liabilities |  | $ | 596 |  |  | $ | 540 |
Other long-term liabilities |  |  | 9,571 |  |  |  | 8,956 |
Total finance lease liabilities |  | $ | 10,167 |  |  | $ | 9,496 |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |
Operating leases |  |  | 7 years |  |  |  | 8 years |
Finance leases |  |  | 12 years |  |  |  | 13 years |
Weighted Average Discount Rate |  |  |  |  |  |  |  |
Operating leases |  |  | 2.6% |  |  |  | 2.7% |
Finance leases |  |  | 3.8% |  |  |  | 3.9% |
Maturities of lease liabilities were as follows:
(In millions) |  |  |  |  |  |
Year Ending June 30, |  | Operating Leases |  |  | Finance Leases |
2021 (excluding the three months ended September 30, 2020) |  | $ | 1,522 |  |  | $ | 709 |
2022 |  |  | 1,738 |  |  |  | 958 |
2023 |  |  | 1,566 |  |  |  | 968 |
2024 |  |  | 1,362 |  |  |  | 982 |
2025 |  |  | 1,090 |  |  |  | 1,304 |
Thereafter |  |  | 3,513 |  |  |  | 7,805 |
Total lease payments |  |  | 10,791 |  |  |  | 12,726 |
Less imputed interest |  |  | (1,294 | ) |  |  | (2,559 | )
Total |  | $ | 9,497 |  |  | $ | 10,167 |
As of September 30, 2020, we have additional operating and finance leases, primarily for datacenters, that have not yet commenced of $4.3 billion and $4.6 billion, respectively. These operating and finance leases will commence between fiscal year 2021 and fiscal year 2024 with lease terms of 1 year to 16 years.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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