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Leases | 6 Months Ended
--- | ---
Jun. 30, 2024
Leases [Abstract] |
Leases | LEASES We have entered into non-cancellable operating and finance leases for fulfillment network, data center, office, and physical store facilities as well as server and networking equipment, aircraft, and vehicles. Gross assets acquired under finance leases, including those where title transfers at the end of the lease, are recorded in “Property and equipment, net” and were $62.5 billion and $59.5 billion as of December 31, 2023 and June 30, 2024. Accumulated amortization associated with finance leases was $44.7 billion and $43.5 billion as of December 31, 2023 and June 30, 2024. 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,
| 2023 |  | 2024 |  | 2023 |  | 2024
Operating lease cost | $ | 2,608 |  |  | $ | 2,921 |  |  | $ | 5,120 |  |  | $ | 5,750 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of lease assets | 1,539 |  |  | 948 |  |  | 3,085 |  |  | 1,889 |
Interest on lease liabilities | 76 |  |  | 72 |  |  | 156 |  |  | 145 |
Finance lease cost | 1,615 |  |  | 1,020 |  |  | 3,241 |  |  | 2,034 |
Variable lease cost | 494 |  |  | 592 |  |  | 1,012 |  |  | 1,227 |
Total lease cost | $ | 4,717 |  |  | $ | 4,533 |  |  | $ | 9,373 |  |  | $ | 9,011 |
Other information about lease amounts recognized in our consolidated financial statements is as follows:
| December 31, 2023 |  | June 30, 2024
Weighted-average remaining lease term – operating leases | 11.3 years |  | 10.9 years
Weighted-average remaining lease term – finance leases | 11.9 years |  | 12.0 years
Weighted-average discount rate – operating leases | 3.3 | % |  | 3.4 | %
Weighted-average discount rate – finance leases | 2.7 | % |  | 2.9 | %
Our lease liabilities were as follows (in millions):
| December 31, 2023
| Operating Leases |  | Finance Leases |  | Total
Gross lease liabilities | $ | 90,777 |  |  | $ | 14,106 |  |  | $ | 104,883 |
Less: imputed interest | (15,138) |  |  | (1,997) |  |  | (17,135) |
Present value of lease liabilities | 75,639 |  |  | 12,109 |  |  | 87,748 |
Less: current portion of lease liabilities | (8,419) |  |  | (2,032) |  |  | (10,451) |
Total long-term lease liabilities | $ | 67,220 |  |  | $ | 10,077 |  |  | $ | 77,297 |
| June 30, 2024
| Operating Leases |  | Finance Leases |  | Total
Gross lease liabilities | $ | 93,266 |  |  | $ | 12,807 |  |  | $ | 106,073 |
Less: imputed interest | (15,834) |  |  | (1,980) |  |  | (17,814) |
Present value of lease liabilities | 77,432 |  |  | 10,827 |  |  | 88,259 |
Less: current portion of lease liabilities | (8,736) |  |  | (1,439) |  |  | (10,175) |
Total long-term lease liabilities | $ | 68,696 |  |  | $ | 9,388 |  |  | $ | 78,084 |
Leases | LEASES We have entered into non-cancellable operating and finance leases for fulfillment network, data center, office, and physical store facilities as well as server and networking equipment, aircraft, and vehicles. Gross assets acquired under finance leases, including those where title transfers at the end of the lease, are recorded in “Property and equipment, net” and were $62.5 billion and $59.5 billion as of December 31, 2023 and June 30, 2024. Accumulated amortization associated with finance leases was $44.7 billion and $43.5 billion as of December 31, 2023 and June 30, 2024. 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,
| 2023 |  | 2024 |  | 2023 |  | 2024
Operating lease cost | $ | 2,608 |  |  | $ | 2,921 |  |  | $ | 5,120 |  |  | $ | 5,750 |
Finance lease cost: |  |  |  |  |  |  |
Amortization of lease assets | 1,539 |  |  | 948 |  |  | 3,085 |  |  | 1,889 |
Interest on lease liabilities | 76 |  |  | 72 |  |  | 156 |  |  | 145 |
Finance lease cost | 1,615 |  |  | 1,020 |  |  | 3,241 |  |  | 2,034 |
Variable lease cost | 494 |  |  | 592 |  |  | 1,012 |  |  | 1,227 |
Total lease cost | $ | 4,717 |  |  | $ | 4,533 |  |  | $ | 9,373 |  |  | $ | 9,011 |
Other information about lease amounts recognized in our consolidated financial statements is as follows:
| December 31, 2023 |  | June 30, 2024
Weighted-average remaining lease term – operating leases | 11.3 years |  | 10.9 years
Weighted-average remaining lease term – finance leases | 11.9 years |  | 12.0 years
Weighted-average discount rate – operating leases | 3.3 | % |  | 3.4 | %
Weighted-average discount rate – finance leases | 2.7 | % |  | 2.9 | %
Our lease liabilities were as follows (in millions):
| December 31, 2023
| Operating Leases |  | Finance Leases |  | Total
Gross lease liabilities | $ | 90,777 |  |  | $ | 14,106 |  |  | $ | 104,883 |
Less: imputed interest | (15,138) |  |  | (1,997) |  |  | (17,135) |
Present value of lease liabilities | 75,639 |  |  | 12,109 |  |  | 87,748 |
Less: current portion of lease liabilities | (8,419) |  |  | (2,032) |  |  | (10,451) |
Total long-term lease liabilities | $ | 67,220 |  |  | $ | 10,077 |  |  | $ | 77,297 |
| June 30, 2024
| Operating Leases |  | Finance Leases |  | Total
Gross lease liabilities | $ | 93,266 |  |  | $ | 12,807 |  |  | $ | 106,073 |
Less: imputed interest | (15,834) |  |  | (1,980) |  |  | (17,814) |
Present value of lease liabilities | 77,432 |  |  | 10,827 |  |  | 88,259 |
Less: current portion of lease liabilities | (8,736) |  |  | (1,439) |  |  | (10,175) |
Total long-term lease liabilities | $ | 68,696 |  |  | $ | 9,388 |  |  | $ | 78,084 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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