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v3.25.1

LEASES | 3 Months Ended
--- | ---
Mar. 31, 2025
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:
| March 31, 2025 |  | December 31, 2024
| (In millions)
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 1,262 |  |  | $ | 1,098 |
Operating lease liabilities | $ | 1,293 |  |  | $ | 1,135 |
Finance Leases |  |  |
Property and equipment, at cost | $ | 205 |  |  | $ | 200 |
Accumulated depreciation | (87) |  |  | (77) |
Property and equipment, net | $ | 118 |  |  | $ | 123 |
Loans payable and other financial liabilities | $ | 115 |  |  | $ | 122 |
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 March 31, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024
Weighted average remaining lease term |  |  |
Operating leases | 8 Years |  | 8 Years
Finance leases | 3 Years |  | 3 Years
Weighted average discount rate (1) |  |  |
Operating leases | 10 | % |  | 10 | %
Finance leases | 10 | % |  | 10 | %
(1) Includes discount rates of leases in local currency and U.S. dollar. The components of lease expense were as follows:
| Three Months Ended March 31,
| 2025 |  | 2024
| (In millions)
Operating lease cost | $ | 84 |  |  | $ | 48 |
Finance lease cost: |  |  |
Depreciation of property and equipment | $ | 10 |  |  | $ | 10 |
Interest on lease liabilities | 3 |  |  | 4 |
Total finance lease cost | $ | 13 |  |  | $ | 14 |
The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates and internal rates of return to calculate the lease liabilities for the operating and finance leases, respectively:
Period Ending | Operating Leases |  | Finance Leases
| (In millions)
One year or less | $ | 299 |  |  | $ | 49 |
One year to two years | 268 |  |  | 42 |
Two years to three years | 247 |  |  | 31 |
Three years to four years | 226 |  |  | 11 |
Four years to five years | 186 |  |  | — |
Thereafter | 687 |  |  | — |
Total lease payments | 1,913 |  |  | 133 |
Less imputed interest | (620) |  |  | (18) |
Total | $ | 1,293 |  |  | $ | 115 |
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:
| March 31, 2025 |  | December 31, 2024
| (In millions)
Operating Leases |  |  |
Operating lease right-of-use assets | $ | 1,262 |  |  | $ | 1,098 |
Operating lease liabilities | $ | 1,293 |  |  | $ | 1,135 |
Finance Leases |  |  |
Property and equipment, at cost | $ | 205 |  |  | $ | 200 |
Accumulated depreciation | (87) |  |  | (77) |
Property and equipment, net | $ | 118 |  |  | $ | 123 |
Loans payable and other financial liabilities | $ | 115 |  |  | $ | 122 |
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 March 31, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024
Weighted average remaining lease term |  |  |
Operating leases | 8 Years |  | 8 Years
Finance leases | 3 Years |  | 3 Years
Weighted average discount rate (1) |  |  |
Operating leases | 10 | % |  | 10 | %
Finance leases | 10 | % |  | 10 | %
(1) Includes discount rates of leases in local currency and U.S. dollar. The components of lease expense were as follows:
| Three Months Ended March 31,
| 2025 |  | 2024
| (In millions)
Operating lease cost | $ | 84 |  |  | $ | 48 |
Finance lease cost: |  |  |
Depreciation of property and equipment | $ | 10 |  |  | $ | 10 |
Interest on lease liabilities | 3 |  |  | 4 |
Total finance lease cost | $ | 13 |  |  | $ | 14 |
The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted by the Company’s incremental borrowing rates and internal rates of return to calculate the lease liabilities for the operating and finance leases, respectively:
Period Ending | Operating Leases |  | Finance Leases
| (In millions)
One year or less | $ | 299 |  |  | $ | 49 |
One year to two years | 268 |  |  | 42 |
Two years to three years | 247 |  |  | 31 |
Three years to four years | 226 |  |  | 11 |
Four years to five years | 186 |  |  | — |
Thereafter | 687 |  |  | — |
Total lease payments | 1,913 |  |  | 133 |
Less imputed interest | (620) |  |  | (18) |
Total | $ | 1,293 |  |  | $ | 115 |

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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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