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Leases
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Leases Leases

We have operating and finance leases for office space, data and fulfillment centers, and other corporate assets that we utilize under lease arrangements.

The following table provides a summary of leases by balance sheet location as of September 30, 2019 (in millions):

 
 
As of
 
Balance Sheet Location
September 30, 2019
Assets
 
 
Operating
Operating lease right-of-use assets
$
634

Finance
Property and equipment, net (1)
27

Total leased assets
 
$
661

 
 
 
Liabilities
 
 
Operating - current
Accrued expenses and other current liabilities
$
162

Finance - current
Short-term debt
9

Operating - noncurrent
Operating lease liabilities
497

Finance - noncurrent
Long-term debt
16

Total lease liabilities
 
$
684

 

(1)
Recorded net of accumulated amortization of $1 million as of September 30, 2019.

The components of lease expense for the three and nine months ended September 30, 2019 were as follows (in millions):
Lease Costs
Statement of Income Location
Three Months Ended
September 30, 2019
 
Nine Months Ended
September 30, 2019
Finance lease cost:
 
 
 
 
Amortization of right-of-use assets
Cost of net revenues
$

 
$
1

Interest on lease liabilities
Interest and other, net
$
1

 
1

Operating lease cost (2)
Cost of net revenues, Sales and marketing, Product development and General and administrative expenses
$
52

 
$
157

Total lease cost
 
$
53

 
$
159


(2)
Includes variable lease payments and sublease income that were immaterial during the three and nine months ended September 30, 2019.

Maturity of lease liabilities under our non-cancelable operating and financing leases as of September 30, 2019 are as follows (in millions):  
 
Operating
 
Finance
Remaining 2019
$
48

 
$
3

2020
172

 
10

2021
155

 
11

2022
136

 
3

2023
91

 

Thereafter
117

 

Total lease payments
719

 
27

Less interest
(60
)
 
(2
)
Present value of lease liabilities
$
659

 
$
25





Future minimum rental payments under our non-cancelable operating leases as of December 31, 2018 were as follows (in millions):  
 
Leases (3)
2019
$
136

2020
104

2021
91

2022
76

2023
51

Thereafter
119

Total minimum lease payments
$
577


(3)
Amounts are based on ASC 840, Leases that were superseded upon our adoption of ASC 842, Leases on January 1, 2019.

The following table provides a summary of our lease terms and discount rates for the nine months ended September 30, 2019:
 
Nine Months Ended
September 30, 2019
Weighted Average Remaining Lease Term
 
Operating leases
4.83 years

 
 
Weighted Average Discount Rate
 
Operating leases
3.38
%


Supplemental information related to our leases for the three and nine months ended September 30, 2019 is as follows (in millions):
 
Three Months Ended
September 30, 2019

Nine Months Ended
September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:





Operating cash flows from operating leases
$
53


$
151

Operating cash flows from finance leases
$
1


$
1

Financing cash flows from finance leases
$
2


$
4



 
Three Months Ended
September 30, 2019

Nine Months Ended
September 30, 2019
Right-of-use assets obtained in exchange for new lease obligations:





Operating leases
$
18


$
57

Finance leases
$


$
30


Leases Leases

We have operating and finance leases for office space, data and fulfillment centers, and other corporate assets that we utilize under lease arrangements.

The following table provides a summary of leases by balance sheet location as of September 30, 2019 (in millions):

 
 
As of
 
Balance Sheet Location
September 30, 2019
Assets
 
 
Operating
Operating lease right-of-use assets
$
634

Finance
Property and equipment, net (1)
27

Total leased assets
 
$
661

 
 
 
Liabilities
 
 
Operating - current
Accrued expenses and other current liabilities
$
162

Finance - current
Short-term debt
9

Operating - noncurrent
Operating lease liabilities
497

Finance - noncurrent
Long-term debt
16

Total lease liabilities
 
$
684

 

(1)
Recorded net of accumulated amortization of $1 million as of September 30, 2019.

The components of lease expense for the three and nine months ended September 30, 2019 were as follows (in millions):
Lease Costs
Statement of Income Location
Three Months Ended
September 30, 2019
 
Nine Months Ended
September 30, 2019
Finance lease cost:
 
 
 
 
Amortization of right-of-use assets
Cost of net revenues
$

 
$
1

Interest on lease liabilities
Interest and other, net
$
1

 
1

Operating lease cost (2)
Cost of net revenues, Sales and marketing, Product development and General and administrative expenses
$
52

 
$
157

Total lease cost
 
$
53

 
$
159


(2)
Includes variable lease payments and sublease income that were immaterial during the three and nine months ended September 30, 2019.

Maturity of lease liabilities under our non-cancelable operating and financing leases as of September 30, 2019 are as follows (in millions):  
 
Operating
 
Finance
Remaining 2019
$
48

 
$
3

2020
172

 
10

2021
155

 
11

2022
136

 
3

2023
91

 

Thereafter
117

 

Total lease payments
719

 
27

Less interest
(60
)
 
(2
)
Present value of lease liabilities
$
659

 
$
25





Future minimum rental payments under our non-cancelable operating leases as of December 31, 2018 were as follows (in millions):  
 
Leases (3)
2019
$
136

2020
104

2021
91

2022
76

2023
51

Thereafter
119

Total minimum lease payments
$
577


(3)
Amounts are based on ASC 840, Leases that were superseded upon our adoption of ASC 842, Leases on January 1, 2019.

The following table provides a summary of our lease terms and discount rates for the nine months ended September 30, 2019:
 
Nine Months Ended
September 30, 2019
Weighted Average Remaining Lease Term
 
Operating leases
4.83 years

 
 
Weighted Average Discount Rate
 
Operating leases
3.38
%


Supplemental information related to our leases for the three and nine months ended September 30, 2019 is as follows (in millions):
 
Three Months Ended
September 30, 2019

Nine Months Ended
September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:





Operating cash flows from operating leases
$
53


$
151

Operating cash flows from finance leases
$
1


$
1

Financing cash flows from finance leases
$
2


$
4



 
Three Months Ended
September 30, 2019

Nine Months Ended
September 30, 2019
Right-of-use assets obtained in exchange for new lease obligations:





Operating leases
$
18


$
57

Finance leases
$


$
30