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v3.22.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2022
Leases [Abstract] |
Leases | Leases The Company leases certain fulfillment, cross docking and service centers, office space, aircraft, machines and vehicles in the various countries in which it operates. The lease agreements do not contain any residual value guarantees or material restrictive covenants. Supplemental balance sheet information related to leases was as follows:
| December 31,
| 2022 |  | 2021
Operating Leases | (In millions)
Operating lease right-of-use assets | $ | 656 |  |  | $ | 461 |
Operating lease liabilities | $ | 656 |  |  | $ | 464 |
Finance Leases |  |  |
Property and equipment, at cost | 87 |  |  | 68 |
Accumulated depreciation | (31) |  |  | (14) |
Property and equipment, net | $ | 56 |  |  | $ | 54 |
Loans payable and other financial liabilities | $ | 51 |  |  | $ | 46 |
The following table summarizes the weighted average remaining lease term and the weighted average incremental borrowing rate for operating leases and the weighted average discount rate for finance leases as of December 31, 2022:
Weighted average remaining lease term |
Operating leases | 8 Years
Finance leases | 3 Years
Weighted average discount rate (*) |
Operating leases | 10 | %
Finance leases | 16 | %
(*)Includes discount rates of leases in local currency and U.S dollar. The components of lease expense were as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
| (In millions)
Operating lease cost | $ | 128 |  |  | $ | 80 |  |  | $ | 43 |
Finance lease cost: |  |  |  |  |
Depreciation of property and equipment | 18 |  |  | 9 |  |  | 2 |
Interest on lease liabilities | 8 |  |  | 5 |  |  | 3 |
Total finance lease cost | $ | 26 |  |  | $ | 14 |  |  | $ | 5 |
Variable lease cost (*) | $ | 17 |  |  | $ | 13 |  |  | $ | — |
(*) Variable lease payments are expensed as incurred and include charges such as flight hours above minimum, fuel, among others.
Supplemental cash flow information related to leases was as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Cash paid for amounts included in the measurement of lease liabilities: | (In millions)
Operating cash flows from operating leases | $ | 117 |  |  | $ | 71 |  |  | $ | 40 |
Financing cash flows from finance leases | 20 |  |  | 17 |  |  | 5 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 317 |  |  | $ | 229 |  |  | $ | 138 |
Finance leases | 18 |  |  | 37 |  |  | 17 |
The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates to calculate the lease liabilities for the operating and finance leases:
Period Ending December 31, 2022 | Operating Leases |  | Finance Leases
| (In millions)
One year or less | $ | 150 |  |  | $ | 22 |
One year to two years | 137 |  |  | 21 |
Two years to three years | 126 |  |  | 16 |
Three years to four years | 102 |  |  | 5 |
Four years to five years | 86 |  |  | 3 |
Thereafter | 328 |  |  | — |
Total lease payments | $ | 929 |  |  | $ | 67 |
Less imputed interest | (273) |  |  | (16) |
Total | $ | 656 |  |  | $ | 51 |

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