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Leases | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Leases | Note 5 – Leases The components of our lease expense were as follows (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2021 |  | 2020 |  | 2021
Lease cost |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of assets |  | $ | 53 |  |  | $ | 53 |  |  | $ | 146 |  |  | $ | 166 |
Interest on lease liabilities |  | 4 |  |  | 2 |  |  | 12 |  |  | 9 |
Operating lease cost |  | 170 |  |  | 70 |  |  | 381 |  |  | 220 |
Short-term lease cost |  | 4 |  |  | 2 |  |  | 14 |  |  | 6 |
Variable lease cost |  | 21 |  |  | 24 |  |  | 83 |  |  | 66 |
Sublease income |  | (1) |  |  | (3) |  |  | (2) |  |  | (4) |
Total lease cost |  | $ | 251 |  |  | $ | 148 |  |  | $ | 634 |  |  | $ | 463 |
We did not enter into nor commence any new material operating or finance leases during the three and nine months ended September 30, 2021. The assumptions used to value leases for the periods presented were as follows:
|  | As of
|  | December 31, 2020 |  | September 30, 2021
Weighted-average remaining lease term |  |  |  |
Operating leases |  | 16 years |  | 16 years
Finance leases |  | 2 years |  | 2 years
Weighted-average discount rate |  |  |  |
Operating leases |  | 7.0 | % |  | 7.1 | %
Finance leases |  | 5.4 | % |  | 4.5 | %
Maturities of lease liabilities were as follows (in millions):
|  | As of September 30, 2021
|  | Operating Leases |  | Finance Leases
Remainder of 2021 |  | $ | 29 |  |  | $ | 47 |
2022 |  | 310 |  |  | 145 |
2023 |  | 284 |  |  | 44 |
2024 |  | 238 |  |  | 17 |
2025 |  | 189 |  |  | 1 |
Thereafter |  | 2,109 |  |  | — |
Total undiscounted lease payments |  | 3,159 |  |  | 254 |
Less: imputed interest |  | (1,503) |  |  | (11) |
Total lease liabilities |  | $ | 1,656 |  |  | $ | 243 |
As of September 30, 2021, we had additional operating leases and finance leases, primarily for corporate offices and servers, that have not yet commenced of $568 million and $15 million, respectively. These operating and finance leases will commence between fiscal years 2021 and 2023 with lease terms ranging from 1 year to 11 years.
Leases | Note 5 – Leases The components of our lease expense were as follows (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2020 |  | 2021 |  | 2020 |  | 2021
Lease cost |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of assets |  | $ | 53 |  |  | $ | 53 |  |  | $ | 146 |  |  | $ | 166 |
Interest on lease liabilities |  | 4 |  |  | 2 |  |  | 12 |  |  | 9 |
Operating lease cost |  | 170 |  |  | 70 |  |  | 381 |  |  | 220 |
Short-term lease cost |  | 4 |  |  | 2 |  |  | 14 |  |  | 6 |
Variable lease cost |  | 21 |  |  | 24 |  |  | 83 |  |  | 66 |
Sublease income |  | (1) |  |  | (3) |  |  | (2) |  |  | (4) |
Total lease cost |  | $ | 251 |  |  | $ | 148 |  |  | $ | 634 |  |  | $ | 463 |
We did not enter into nor commence any new material operating or finance leases during the three and nine months ended September 30, 2021. The assumptions used to value leases for the periods presented were as follows:
|  | As of
|  | December 31, 2020 |  | September 30, 2021
Weighted-average remaining lease term |  |  |  |
Operating leases |  | 16 years |  | 16 years
Finance leases |  | 2 years |  | 2 years
Weighted-average discount rate |  |  |  |
Operating leases |  | 7.0 | % |  | 7.1 | %
Finance leases |  | 5.4 | % |  | 4.5 | %
Maturities of lease liabilities were as follows (in millions):
|  | As of September 30, 2021
|  | Operating Leases |  | Finance Leases
Remainder of 2021 |  | $ | 29 |  |  | $ | 47 |
2022 |  | 310 |  |  | 145 |
2023 |  | 284 |  |  | 44 |
2024 |  | 238 |  |  | 17 |
2025 |  | 189 |  |  | 1 |
Thereafter |  | 2,109 |  |  | — |
Total undiscounted lease payments |  | 3,159 |  |  | 254 |
Less: imputed interest |  | (1,503) |  |  | (11) |
Total lease liabilities |  | $ | 1,656 |  |  | $ | 243 |
As of September 30, 2021, we had additional operating leases and finance leases, primarily for corporate offices and servers, that have not yet commenced of $568 million and $15 million, respectively. These operating and finance leases will commence between fiscal years 2021 and 2023 with lease terms ranging from 1 year to 11 years.

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