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Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Leases | Leases The Company leases real estate, most significantly warehouses for use in operations, as well as equipment for use within owned and leased warehouses. The Company also leases vehicles, trailers and other equipment. The Company has not pledged any assets as collateral related to the Company’s existing leases as of June 30, 2024 and December 31, 2023. Right-of-use asset balances are as follows:
(in millions) | June 30, 2024 |  | December 31, 2023
Finance lease right-of-use assets | $ | 1,622 |  |  | $ | 1,608 |
Less: accumulated amortization | (403) |  |  | (365) |
Finance lease right-of-use assets, net | $ | 1,219 |  |  | $ | 1,243 |
Operating lease right-of-use assets | $ | 894 |  |  | $ | 892 |
Less: accumulated amortization | (189) |  |  | (168) |
Operating lease right-of-use assets, net | $ | 705 |  |  | $ | 724 |
Lease liabilities are presented in the following line items in the condensed consolidated balance sheets:
| June 30, 2024 |  | December 31, 2023
(in millions) | Finance Leases |  | Operating Leases |  | Finance Leases |  | Operating Leases
Accounts payable and accrued liabilities | $ | 72 |  | $ | 53 |  | $ | 76 |  | $ | 60
Long-term finance lease obligations | 1,291 |  | — |  | 1,305 |  | —
Long-term operating lease obligations | — |  | 677 |  | — |  | 692
Total lease obligations | $ | 1,363 |  | $ | 730 |  | $ | 1,381 |  | $ | 752
Maturities of lease liabilities for each of the next five years and thereafter as of June 30, 2024 are as follows (in millions):
Years Ending December 31: | Finance Leases |  | Operating Leases
2024 (six months remaining) | $ | 82 |  | $ | 50
2025 | 159 |  | 97
2026 | 157 |  | 95
2027 | 151 |  | 93
2028 | 142 |  | 85
2029 and thereafter | 1,687 |  | 779
Total lease payments | 2,378 |  | 1,199
Less imputed interest | (1,015) |  | (469)
Total | $ | 1,363 |  | $ | 730
Supplemental condensed consolidated balance sheet information related to leases is as follows:
| June 30, |  | December 31,
| 2024 |  | 2023
Weighted average remaining lease term (in years): |  |  |
Finance | 15.9 |  | 16.5
Operating | 15.5 |  | 15.9
Weighted average discount rate: |  |  |
Finance | 6.8 | % |  | 6.8 | %
Operating | 6.5 | % |  | 6.5 | %
The components of lease expense are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Finance lease cost: |  |  |  |  |  |  |
Amortization of ROU assets | $ | 24 |  |  | $ | 23 |  |  | $ | 48 |  |  | $ | 46 |
Interest on lease liabilities | 23 |  |  | 23 |  |  | 46 |  |  | 46 |
Operating lease cost | 29 |  |  | 29 |  |  | 58 |  |  | 57 |
Variable & short-term lease cost | 10 |  |  | 6 |  |  | 19 |  |  | 12 |
Sublease income | (7) |  |  | (3) |  |  | (11) |  |  | (5) |
Total lease cost | $ | 79 |  |  | $ | 78 |  |  | $ | 160 |  |  | $ | 156 |
Supplemental cash flow information related to leases is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liability |  |  |  |  |  |  |
Operating cash flows from finance leases | $ | 24 |  |  | $ | 23 |  |  | $ | 46 |  |  | $ | 45 |
Finance cash flows from finance leases | 18 |  |  | 15 |  |  | 32 |  |  | 25 |
Operating cash flows from operating leases | 27 |  |  | 24 |  |  | 50 |  |  | 48 |
ROU assets obtained in exchange for lease obligations (excluding the effect of acquisitions) |  |  |  |  |  |  |
Finance leases | $ | 22 |  |  | $ | — |  |  | $ | 37 |  |  | $ | 3 |
Operating leases | 8 |  |  | 55 |  |  | 12 |  |  | 73 |
Leases | Leases The Company leases real estate, most significantly warehouses for use in operations, as well as equipment for use within owned and leased warehouses. The Company also leases vehicles, trailers and other equipment. The Company has not pledged any assets as collateral related to the Company’s existing leases as of June 30, 2024 and December 31, 2023. Right-of-use asset balances are as follows:
(in millions) | June 30, 2024 |  | December 31, 2023
Finance lease right-of-use assets | $ | 1,622 |  |  | $ | 1,608 |
Less: accumulated amortization | (403) |  |  | (365) |
Finance lease right-of-use assets, net | $ | 1,219 |  |  | $ | 1,243 |
Operating lease right-of-use assets | $ | 894 |  |  | $ | 892 |
Less: accumulated amortization | (189) |  |  | (168) |
Operating lease right-of-use assets, net | $ | 705 |  |  | $ | 724 |
Lease liabilities are presented in the following line items in the condensed consolidated balance sheets:
| June 30, 2024 |  | December 31, 2023
(in millions) | Finance Leases |  | Operating Leases |  | Finance Leases |  | Operating Leases
Accounts payable and accrued liabilities | $ | 72 |  | $ | 53 |  | $ | 76 |  | $ | 60
Long-term finance lease obligations | 1,291 |  | — |  | 1,305 |  | —
Long-term operating lease obligations | — |  | 677 |  | — |  | 692
Total lease obligations | $ | 1,363 |  | $ | 730 |  | $ | 1,381 |  | $ | 752
Maturities of lease liabilities for each of the next five years and thereafter as of June 30, 2024 are as follows (in millions):
Years Ending December 31: | Finance Leases |  | Operating Leases
2024 (six months remaining) | $ | 82 |  | $ | 50
2025 | 159 |  | 97
2026 | 157 |  | 95
2027 | 151 |  | 93
2028 | 142 |  | 85
2029 and thereafter | 1,687 |  | 779
Total lease payments | 2,378 |  | 1,199
Less imputed interest | (1,015) |  | (469)
Total | $ | 1,363 |  | $ | 730
Supplemental condensed consolidated balance sheet information related to leases is as follows:
| June 30, |  | December 31,
| 2024 |  | 2023
Weighted average remaining lease term (in years): |  |  |
Finance | 15.9 |  | 16.5
Operating | 15.5 |  | 15.9
Weighted average discount rate: |  |  |
Finance | 6.8 | % |  | 6.8 | %
Operating | 6.5 | % |  | 6.5 | %
The components of lease expense are as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Finance lease cost: |  |  |  |  |  |  |
Amortization of ROU assets | $ | 24 |  |  | $ | 23 |  |  | $ | 48 |  |  | $ | 46 |
Interest on lease liabilities | 23 |  |  | 23 |  |  | 46 |  |  | 46 |
Operating lease cost | 29 |  |  | 29 |  |  | 58 |  |  | 57 |
Variable & short-term lease cost | 10 |  |  | 6 |  |  | 19 |  |  | 12 |
Sublease income | (7) |  |  | (3) |  |  | (11) |  |  | (5) |
Total lease cost | $ | 79 |  |  | $ | 78 |  |  | $ | 160 |  |  | $ | 156 |
Supplemental cash flow information related to leases is as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liability |  |  |  |  |  |  |
Operating cash flows from finance leases | $ | 24 |  |  | $ | 23 |  |  | $ | 46 |  |  | $ | 45 |
Finance cash flows from finance leases | 18 |  |  | 15 |  |  | 32 |  |  | 25 |
Operating cash flows from operating leases | 27 |  |  | 24 |  |  | 50 |  |  | 48 |
ROU assets obtained in exchange for lease obligations (excluding the effect of acquisitions) |  |  |  |  |  |  |
Finance leases | $ | 22 |  |  | $ | — |  |  | $ | 37 |  |  | $ | 3 |
Operating leases | 8 |  |  | 55 |  |  | 12 |  |  | 73 |

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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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