Leases

12 Months Ended

Dec. 31, 2023

We have entered into operating lease agreements primarily for data centers, land, and offices throughout the world with lease periods expiring between 2024 and 2063.

Components of operating lease expense were as follows (in millions):


	Year Ended December 31,
	2021		2022		2023
Operating lease cost	$	2,699	$	2,900	$	3,362
Variable lease cost	726		838		1,182
Total operating lease cost	$	3,425	$	3,738	$	4,544

Supplemental information related to operating leases was as follows (in millions):


	Year Ended December 31,
	2021		2022		2023
Cash payments for operating leases	$	2,489	$	2,722	$	3,173
New operating lease assets obtained in exchange for operating lease liabilities	$	2,951	$	4,383	$	2,877

As of December 31, 2023, our operating leases had a weighted average remaining lease term of 8.1 years and a weighted average discount rate of 3.1%. Future lease payments under operating leases as of December 31, 2023 were as follows (in millions):


2024	$	3,179
2025	2,929
2026	2,450
2027	1,951
2028	1,488
Thereafter	5,685
Total future lease payments	17,682
Less imputed interest	(2,431)
Total lease liability balance	$	15,251

As of December 31, 2023, we have entered into leases that have not yet commenced with short-term and long-term future lease payments of $657 million and $3.3 billion that are not yet recorded on our Consolidated Balance Sheets. These leases will commence between 2024 and 2026 with non-cancelable lease terms between one and 25 years.