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LEASES
 6 Months Ended
Jun. 30, 2024
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:
June 30, 2024December 31, 2023
(In millions)
Operating Leases
Operating lease right-of-use assets$775 $899 
Operating lease liabilities$761 $838 
Finance Leases
Property and equipment, at cost$180 $183 
Accumulated depreciation(69)(50)
Property and equipment, net$111 $133 
Loans payable and other financial liabilities$111 $131 
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 June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
Weighted average remaining lease term
Operating leases7 Years8 Years
Finance leases3 Years3 Years
Weighted average discount rate (1)
Operating leases9 %9 %
Finance leases14 %34 %
(1) Includes discount rates of leases in local currency and U.S. dollar.
The components of lease expense were as follows:
Six Months Ended
June 30,
20242023
(In millions)
Operating lease cost$101 $88 
Finance lease cost:
Depreciation of property and equipment$19 $10 
Interest on lease liabilities9 5 
Total finance lease cost $28 $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 Operating LeasesFinance Leases
(In millions)
One year or less$180 $47 
One year to two years161 42 
Two years to three years131 34 
Three years to four years120 18 
Four years to five years110 5 
Thereafter333 — 
Total lease payments1,035 146 
Less imputed interest(274)(35)
Total$761 $111 
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:
June 30, 2024December 31, 2023
(In millions)
Operating Leases
Operating lease right-of-use assets$775 $899 
Operating lease liabilities$761 $838 
Finance Leases
Property and equipment, at cost$180 $183 
Accumulated depreciation(69)(50)
Property and equipment, net$111 $133 
Loans payable and other financial liabilities$111 $131 
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 June 30, 2024 and December 31, 2023:
June 30, 2024December 31, 2023
Weighted average remaining lease term
Operating leases7 Years8 Years
Finance leases3 Years3 Years
Weighted average discount rate (1)
Operating leases9 %9 %
Finance leases14 %34 %
(1) Includes discount rates of leases in local currency and U.S. dollar.
The components of lease expense were as follows:
Six Months Ended
June 30,
20242023
(In millions)
Operating lease cost$101 $88 
Finance lease cost:
Depreciation of property and equipment$19 $10 
Interest on lease liabilities9 5 
Total finance lease cost $28 $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 Operating LeasesFinance Leases
(In millions)
One year or less$180 $47 
One year to two years161 42 
Two years to three years131 34 
Three years to four years120 18 
Four years to five years110 5 
Thereafter333 — 
Total lease payments1,035 146 
Less imputed interest(274)(35)
Total$761 $111