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Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases
The Company leases certain fulfillment, cross-docking and services centers, office space, aircraft, aircraft hangars, 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:
September 30, 2023December 31, 2022
(In millions)
Operating Leases
Operating lease right-of-use assets$796 $656 
Operating lease liabilities$786 $656 
Finance Leases
Property and equipment, at cost106 87 
Accumulated depreciation(42)(31)
Property and equipment, net$64 $56 
Loans payable and other financial liabilities$60 $51 
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 September 30, 2023 and December 31, 2022:
September 30, 2023December 31, 2022
Weighted average remaining lease term
Operating leases7 Years8 Years
Finance leases3 Years3 Years
Weighted average discount rate (*)
Operating leases10 %10 %
Finance leases22 %16 %
(*)Includes discount rates of leases in local currency and U.S. dollar.
The components of lease expense were as follows:
Nine Months Ended
September 30,
20232022
(In millions)
Operating lease cost$130 $91 
Finance lease cost:
Depreciation of property and equipment15 13 
Interest on lease liabilities7 6 
Total finance lease cost $22 $19 
Supplemental cash flow information related to leases was as follows:
Nine Months Ended
September 30,
20232022
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$129 $85 
Financing cash flows from finance leases21 14 
Assets obtained in exchange for lease obligations:
Operating leases$188 $193 
Finance leases20 15 
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 September 30, 2023 Operating LeasesFinance Leases
(In millions)
One year or less$171 $32 
One year to two years171 27 
Two years to three years144 22 
Three years to four years118 8 
Four years to five years111 — 
Thereafter384 — 
Total lease payments$1,099 $89 
Less imputed interest(313)(29)
Total$786 $60 
Leases Leases
The Company leases certain fulfillment, cross-docking and services centers, office space, aircraft, aircraft hangars, 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:
September 30, 2023December 31, 2022
(In millions)
Operating Leases
Operating lease right-of-use assets$796 $656 
Operating lease liabilities$786 $656 
Finance Leases
Property and equipment, at cost106 87 
Accumulated depreciation(42)(31)
Property and equipment, net$64 $56 
Loans payable and other financial liabilities$60 $51 
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 September 30, 2023 and December 31, 2022:
September 30, 2023December 31, 2022
Weighted average remaining lease term
Operating leases7 Years8 Years
Finance leases3 Years3 Years
Weighted average discount rate (*)
Operating leases10 %10 %
Finance leases22 %16 %
(*)Includes discount rates of leases in local currency and U.S. dollar.
The components of lease expense were as follows:
Nine Months Ended
September 30,
20232022
(In millions)
Operating lease cost$130 $91 
Finance lease cost:
Depreciation of property and equipment15 13 
Interest on lease liabilities7 6 
Total finance lease cost $22 $19 
Supplemental cash flow information related to leases was as follows:
Nine Months Ended
September 30,
20232022
(In millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$129 $85 
Financing cash flows from finance leases21 14 
Assets obtained in exchange for lease obligations:
Operating leases$188 $193 
Finance leases20 15 
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 September 30, 2023 Operating LeasesFinance Leases
(In millions)
One year or less$171 $32 
One year to two years171 27 
Two years to three years144 22 
Three years to four years118 8 
Four years to five years111 — 
Thereafter384 — 
Total lease payments$1,099 $89 
Less imputed interest(313)(29)
Total$786 $60