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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ____________________________________
FORM 10-Q
____________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to             .
Commission File No. 000-22513
____________________________________
AMAZON.COM, INC.
(Exact name of registrant as specified in its charter)
 ____________________________________
Delaware 91-1646860
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
410 Terry Avenue North, Seattle, Washington 98109-5210
(206) 266-1000
(Address and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $.01 per shareAMZNNasdaq Global Select Market
____________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
10,201,654,176 shares of common stock, par value $0.01 per share, outstanding as of October 19, 2022


AMAZON.COM, INC.
FORM 10-Q
For the Quarterly Period Ended September 30, 2022
INDEX
 
2

PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
  Three Months Ended
September 30,
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
202120222021202220212022
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD$40,667 $37,700 $42,377 $36,477 $30,202 $30,177 
OPERATING ACTIVITIES:
Net income (loss)3,156 2,872 19,041 (3,000)26,263 11,323 
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other8,948 10,204 24,494 28,776 32,112 38,578 
Stock-based compensation3,180 5,556 9,077 14,015 11,639 17,695 
Other operating expense (income), net24 123 72 460 (415)525 
Other expense (income), net340 (1,272)(2,374)13,521 (3,701)1,589 
Deferred income taxes909 (825)3,313 (4,781)1,677 (8,404)
Changes in operating assets and liabilities:
Inventories(7,059)732 (7,572)(5,772)(7,242)(7,687)
Accounts receivable, net and other(4,890)(4,794)(11,607)(13,109)(16,168)(19,665)
Accounts payable3,832 (1,226)(4,387)(6,907)8,863 1,082 
Accrued expenses and other(1,465)(20)(7,210)(7,335)(84)1,998 
Unearned revenue338 54 1,394 1,711 1,727 2,631 
Net cash provided by (used in) operating activities7,313 11,404 24,241 17,579 54,671 39,665 
INVESTING ACTIVITIES:
Purchases of property and equipment(15,748)(16,378)(42,118)(47,053)(56,941)(65,988)
Proceeds from property and equipment sales and incentives997 1,337 3,192 4,172 4,822 6,637 
Acquisitions, net of cash acquired, and other(654)(885)(1,604)(7,485)(1,985)(7,866)
Sales and maturities of marketable securities15,808 557 46,847 25,918 64,185 38,455 
Purchases of marketable securities(15,231)(239)(51,891)(2,332)(72,692)(10,598)
Net cash provided by (used in) investing activities(14,828)(15,608)(45,574)(26,780)(62,611)(39,360)
FINANCING ACTIVITIES:
Common stock repurchased   (6,000) (6,000)
Proceeds from short-term debt, and other2,187 12,338 5,289 30,946 7,724 33,613 
Repayments of short-term debt, and other(1,917)(7,916)(5,094)(21,757)(7,385)(24,416)
Proceeds from long-term debt176 107 18,803 12,931 19,334 13,131 
Repayments of long-term debt(509) (589)(1)(703)(1,002)
Principal repayments of finance leases(2,693)(1,465)(8,903)(6,301)(11,271)(8,561)
Principal repayments of financing obligations(20)(48)(115)(186)(124)(233)
Net cash provided by (used in) financing activities(2,776)3,016 9,391 9,632 7,575 6,532 
Foreign currency effect on cash, cash equivalents, and restricted cash(199)(1,334)(258)(1,730)340 (1,836)
Net increase (decrease) in cash, cash equivalents, and restricted cash(10,490)(2,522)(12,200)(1,299)(25)5,001 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD$30,177 $35,178 $30,177 $35,178 $30,177 $35,178 
See accompanying notes to consolidated financial statements.
3

AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
  
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202220212022
Net product sales$54,876 $59,340 $170,371 $172,370 
Net service sales55,936 67,761 162,039 192,409 
Total net sales110,812 127,101 332,410 364,779 
Operating expenses:
Cost of sales62,930 70,268 189,509 203,191 
Fulfillment18,498 20,583 52,666 61,196 
Technology and content14,380 19,485 40,739 52,399 
Sales and marketing8,010 11,014 21,741 29,420 
General and administrative2,153 3,061 6,298 8,558 
Other operating expense (income), net(11)165 38 504 
Total operating expenses105,960 124,576 310,991 355,268 
Operating income4,852 2,525 21,419 9,511 
Interest income119 277 330 544 
Interest expense(493)(617)(1,327)(1,673)
Other income (expense), net(163)759 2,795 (13,356)
Total non-operating income (expense)(537)419 1,798 (14,485)
Income (loss) before income taxes4,315 2,944 23,217 (4,974)
Benefit (provision) for income taxes(1,155)(69)(4,179)1,990 
Equity-method investment activity, net of tax(4)(3)3 (16)
Net income (loss)$3,156 $2,872 $19,041 $(3,000)
Basic earnings per share$0.31 $0.28 $1.88 $(0.29)
Diluted earnings per share$0.31 $0.28 $1.85 $(0.29)
Weighted-average shares used in computation of earnings per share:
Basic10,132 10,191 10,103 10,178 
Diluted10,309 10,331 10,287 10,178 
See accompanying notes to consolidated financial statements.
4

AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(unaudited) 
  
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202220212022
Net income (loss)$3,156 $2,872 $19,041 $(3,000)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $39, $76, $35, and $136
(537)(2,142)(752)(4,661)
Net change in unrealized gains (losses) on available-for-sale debt securities:
Unrealized gains (losses), net of tax of $3, $(4), $31, and $(3)
(5)(195)(109)(1,095)
Reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $5, $0, $13, and $0
(8)4 (34)17 
Net unrealized gains (losses) on available-for-sale debt securities(13)(191)(143)(1,078)
Total other comprehensive income (loss)(550)(2,333)(895)(5,739)
Comprehensive income (loss)$2,606 $539 $18,146 $(8,739)
See accompanying notes to consolidated financial statements.
5

AMAZON.COM, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data) 
December 31, 2021September 30, 2022
 (unaudited)
ASSETS
Current assets:
Cash and cash equivalents$36,220 $34,947 
Marketable securities59,829 23,715 
Inventories32,640 36,647 
Accounts receivable, net and other32,891 36,154 
Total current assets161,580 131,463 
Property and equipment, net160,281 177,195 
Operating leases56,082 62,033 
Goodwill15,371 20,168 
Other assets27,235 37,503 
Total assets$420,549 $428,362 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$78,664 $67,760 
Accrued expenses and other51,775 59,974 
Unearned revenue11,827 12,629 
Total current liabilities142,266 140,363 
Long-term lease liabilities67,651 69,332 
Long-term debt48,744 58,919 
Other long-term liabilities23,643 22,259 
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock ($0.01 par value; 500 shares authorized; no shares issued or outstanding)
  
Common stock ($0.01 par value; 100,000 shares authorized; 10,644 and 10,714 shares issued; 10,175 and 10,198 shares outstanding)
106 107 
Treasury stock, at cost(1,837)(7,837)
Additional paid-in capital55,437 69,419 
Accumulated other comprehensive income (loss)(1,376)(7,115)
Retained earnings85,915 82,915 
Total stockholders’ equity138,245 137,489 
Total liabilities and stockholders’ equity$420,549 $428,362 
See accompanying notes to consolidated financial statements.
6

AMAZON.COM, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1 — ACCOUNTING POLICIES AND SUPPLEMENTAL DISCLOSURES
Unaudited Interim Financial Information
We have prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in our opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of our consolidated cash flows, operating results, and balance sheets for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for 2022 due to seasonal and other factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of our 2021 Annual Report on Form 10-K.
Common Stock Split
On May 27, 2022, we effected a 20-for-1 stock split of our common stock and proportionately increased the number of authorized shares of common stock. All share, restricted stock unit (“RSU”), and per share or per RSU information throughout this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the stock split. The shares of common stock retain a par value of $0.01 per share. Accordingly, an amount equal to the par value of the increased shares resulting from the stock split was reclassified from “Additional paid-in capital” to “Common stock.”
Principles of Consolidation
The consolidated financial statements include the accounts of Amazon.com, Inc. and its consolidated entities (collectively, the “Company”), consisting of its wholly-owned subsidiaries and those entities in which we have a variable interest and of which we are the primary beneficiary, including certain entities in India and certain entities that support our seller lending financing activities. Intercompany balances and transactions between consolidated entities are eliminated.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, income taxes, useful lives of equipment, commitments and contingencies, valuation of acquired intangibles and goodwill, stock-based compensation forfeiture rates, vendor funding, inventory valuation, collectability of receivables, impairment of property and equipment and operating leases, and valuation and impairment of investments. Actual results could differ materially from these estimates.
We review the useful lives of equipment on an ongoing basis, and effective January 1, 2022 we changed our estimate of the useful lives for our servers from four to five years and for our networking equipment from five to six years. The longer useful lives are due to continuous improvements in our hardware, software, and data center designs. The effect of this change in estimate for Q3 2022, based on servers and networking equipment that were included in “Property and equipment, net” as of June 30, 2022 and those acquired during the three months ended September 30, 2022, was a reduction in depreciation and amortization expense of $882 million and a benefit to net income of $665 million, or $0.07 per basic share and $0.06 per diluted share. The effect of this change in estimate for the nine months ended September 30, 2022, based on servers and networking equipment that were included in “Property and equipment, net” as of December 31, 2021 and those acquired during the nine months ended September 30, 2022, was a reduction in depreciation and amortization expense of $2.8 billion and a benefit to net loss of $2.2 billion, or $0.21 per basic share and $0.21 per diluted share.
7

Supplemental Cash Flow Information
The following table shows supplemental cash flow information (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
Twelve Months Ended
September 30,
202120222021202220212022
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt$276 $304 $731 $932 $933 $1,299 
Cash paid for operating leases1,812 1,813 5,029 6,268 6,230 7,961 
Cash paid for interest on finance leases121 88 407 290 535 404 
Cash paid for interest on financing obligations48 39 116 152 147 189 
Cash paid for income taxes, net of refunds750 742 3,354 4,340 3,774 4,674 
Assets acquired under operating leases10,447 6,755 19,561 14,031 23,908 19,839 
Property and equipment acquired under finance leases, net of remeasurements and modifications1,744 131 5,453 358 8,149 1,966 
Property and equipment recognized during the construction period of build-to-suit lease arrangements1,797 526 3,877 2,877 4,916 4,847 
Property and equipment derecognized after the construction period of build-to-suit lease arrangements, with the associated leases recognized as operating
76 2,195 174 3,307 174 3,363 
Earnings Per Share
Basic earnings per share is calculated using our weighted-average outstanding common shares. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. In periods when we have a net loss, stock awards are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect.
The following table shows the calculation of diluted shares (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202220212022
Shares used in computation of basic earnings per share10,132 10,191 10,103 10,178 
Total dilutive effect of outstanding stock awards177 140 184  
Shares used in computation of diluted earnings per share10,309 10,331 10,287 10,178 
Other Income (Expense), Net
Other income (expense), net, is as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202220212022
Marketable equity securities valuation gains (losses)$(129)$1,039 $(48)$(11,528)
Equity warrant valuation gains (losses)(50)(170)1,194 (1,606)
Upward adjustments relating to equity investments in private companies155 11 1,661 76 
Foreign currency gains (losses)(107)(103)(28)(206)
Other, net(32)(18)16 (92)
Total other income (expense), net(163)759 2,795 (13,356)
Included in other income (expense), net is a marketable equity securities valuation gain (loss) of $1.1 billion in Q3 2022, and $(10.4) billion for the nine months ended September 30, 2022, from our equity investment in Rivian Automotive, Inc. (“Rivian”). Our investment in Rivian’s preferred stock was accounted for at cost, with adjustments for observable changes in prices or impairments, prior to Rivian’s initial public offering in November 2021, which resulted in the conversion of our preferred stock to Class A common stock. As of September 30, 2022, we held 158 million shares of Rivian’s Class A common stock, representing an approximate 17% ownership interest, and an approximate 16% voting interest. We determined that we have the ability to exercise significant influence over Rivian through our equity investment, our commercial arrangement for the purchase of electric vehicles, and one of our employees serving on Rivian’s board of directors. We elected the fair value
8

option to account for our equity investment in Rivian, which is included in “Marketable securities” on our consolidated balance sheets.
Required summarized financial information of Rivian as disclosed in its most recent SEC filings is as follows (in millions):
Six Months Ended June 30,
20212022
Revenues$ $459 
Gross profit (1,206)
Loss from operations(990)(3,287)
Net loss(994)(3,305)
Inventories
Inventories, consisting of products available for sale, are primarily accounted for using the first-in, first-out method, and are valued at the lower of cost and net realizable value. This valuation requires us to make judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category. The inventory valuation allowance, representing a write-down of inventory, was $2.6 billion and $2.3 billion as of December 31, 2021 and September 30, 2022.
Accounts Receivable, Net and Other
Included in “Accounts receivable, net and other” on our consolidated balance sheets are amounts primarily related to customers, vendors, and sellers. As of December 31, 2021 and September 30, 2022, customer receivables, net, were $20.2 billion and $22.8 billion, vendor receivables, net, were $5.3 billion and $4.9 billion, and seller receivables, net, were $1.0 billion and $1.4 billion. Seller receivables are amounts due from sellers related to our seller lending program, which provides funding to sellers primarily to procure inventory.
We estimate losses on receivables based on expected losses, including our historical experience of actual losses. The allowance for doubtful accounts was $1.1 billion and $1.3 billion as of December 31, 2021 and September 30, 2022.
Digital Video and Music Content
The total capitalized costs of video, which is primarily released content, and music as of December 31, 2021 and September 30, 2022 were $10.7 billion and $16.3 billion. Total video and music expense was $3.3 billion and $4.2 billion in Q3 2021 and Q3 2022, and $9.4 billion and $11.4 billion for the nine months ended September 30, 2021 and 2022.
Unearned Revenue
Unearned revenue is recorded when payments are received or due in advance of performing our service obligations and is recognized over the service period. Unearned revenue primarily relates to prepayments of AWS services and Amazon Prime memberships. Our total unearned revenue as of December 31, 2021 was $14.0 billion, of which $10.1 billion was recognized as revenue during the nine months ended September 30, 2022. Included in “Other long-term liabilities” on our consolidated balance sheets was $2.2 billion and $2.7 billion of unearned revenue as of December 31, 2021 and September 30, 2022.
Additionally, we have performance obligations, primarily related to AWS, associated with commitments in customer contracts for future services that have not yet been recognized in our consolidated financial statements. For contracts with original terms that exceed one year, those commitments not yet recognized were $104.3 billion as of September 30, 2022. The weighted-average remaining life of our long-term contracts is 3.8 years. However, the amount and timing of revenue recognition is largely driven by customer usage, which can extend beyond the original contractual term.
Acquisition Activity
On March 17, 2022, we acquired MGM Holdings Inc. (“MGM”), for cash consideration of approximately $6.1 billion, net of cash acquired, to provide more digital media content options for customers. We also assumed $2.5 billion of debt, which we repaid immediately after closing. The acquired assets primarily consist of $3.4 billion of video content and $4.9 billion of goodwill, the majority of which is allocated to our North America segment.
Pro forma results of operations have not been presented because the effects of the MGM acquisition were not material to our consolidated results of operations. Acquisition-related costs were expensed as incurred and were not significant.
9

Note 2 — FINANCIAL INSTRUMENTS
Cash, Cash Equivalents, Restricted Cash, and Marketable Securities
As of December 31, 2021 and September 30, 2022, our cash, cash equivalents, restricted cash, and marketable securities primarily consisted of cash, AAA-rated money market funds, U.S. and foreign government and agency securities, other investment grade securities, and marketable equity securities. Cash equivalents and marketable securities are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
Level 1—Valuations based on quoted prices for identical assets and liabilities in active markets.
Level 2—Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.
Level 3—Valuations based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.
We measure the fair value of money market funds and certain marketable equity securities based on quoted prices in active markets for identical assets or liabilities. Other marketable securities were valued either based on recent trades of securities in inactive markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. We did not hold significant amounts of marketable securities categorized as Level 3 assets as of December 31, 2021 and September 30, 2022.
The following table summarizes, by major security type, our cash, cash equivalents, restricted cash, and marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in millions):
 December 31, 2021September 30, 2022
  
Total
Estimated
Fair Value
Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total
Estimated
Fair Value
Cash$10,942 $10,720 $— $— $10,720 
Level 1 securities:
Money market funds20,312 16,697 — — 16,697 
Equity securities (1)(3)1,646 5,988 
Level 2 securities:
Foreign government and agency securities181 141  (2)139 
U.S. government and agency securities4,300 2,301  (169)2,132 
Corporate debt securities35,764 20,229  (799)19,430 
Asset-backed securities6,738 3,578  (191)3,387 
Other fixed income securities686 403  (22)381 
Equity securities (1)(3)15,740 19 
$96,309 $54,069 $ $(1,183)$58,893 
Less: Restricted cash, cash equivalents, and marketable securities (2)(260)(231)
Total cash, cash equivalents, and marketable securities$96,049 $58,662 
___________________
(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $(116) million and $1.0 billion in Q3 2021 and Q3 2022, and $6 million and $(11.3) billion for the nine months ended September 30, 2021 and 2022.
(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable fixed income securities primarily as collateral for real estate, amounts due to third-party sellers in certain jurisdictions, debt, and standby and trade letters of credit. We classify cash, cash equivalents, and marketable fixed income securities with use restrictions of less than twelve months as “Accounts receivable, net and other” and of twelve months or longer as non-current “Other assets” on our consolidated balance sheets. See “Note 4 — Commitments and Contingencies.”
(3)Our equity investment in Rivian had a fair value of $15.6 billion and $5.2 billion as of December 31, 2021 and September 30, 2022, respectively. The investment was subject to regulatory sales restrictions resulting in a discount for lack of marketability of approximately $800 million as of December 31, 2021, which expired in Q1 2022.
10

The following table summarizes the remaining contractual maturities of our cash equivalents and marketable fixed income securities as of September 30, 2022 (in millions):
Amortized
Cost
Estimated
Fair Value
Due within one year$26,797 $26,738 
Due after one year through five years13,757 12,807 
Due after five years through ten years772 728 
Due after ten years2,023 1,893 
Total$43,349 $42,166 
Actual maturities may differ from the contractual maturities because borrowers may have certain prepayment conditions.
Equity Warrants and Non-Marketable Equity Investments
We hold equity warrants giving us the right to acquire stock of other companies. As of December 31, 2021 and September 30, 2022, these warrants had a fair value of $3.4 billion and $2.5 billion, and are recorded within “Other assets” on our consolidated balance sheets with gains and losses recognized in “Other income (expense), net” on our consolidated statements of operations. These warrants are primarily classified as Level 2 assets.
As of December 31, 2021 and September 30, 2022, equity investments not accounted for under the equity-method and without readily determinable fair values had a carrying value of $603 million and $831 million, and are recorded within “Other assets” on our consolidated balance sheets with adjustments recognized in “Other income (expense), net” on our consolidated statements of operations.
Consolidated Statements of Cash Flows Reconciliation
The following table provides a reconciliation of the amount of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows (in millions):
December 31, 2021September 30, 2022
Cash and cash equivalents$36,220 $34,947 
Restricted cash included in accounts receivable, net and other242 224 
Restricted cash included in other assets15 7 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$36,477 $35,178 
Note 3 — LEASES
We have entered into non-cancellable operating and finance leases for fulfillment, delivery, office, physical store, data center, and sortation facilities as well as server and networking equipment, vehicles, and aircraft. Gross assets acquired under finance leases, inclusive of those where title transfers at the end of the lease, are recorded in “Property and equipment, net” and were $72.2 billion and $66.6 billion as of December 31, 2021 and September 30, 2022. Accumulated amortization associated with finance leases was $43.4 billion as of December 31, 2021 and September 30, 2022.
Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2021202220212022
Operating lease cost$1,911 $2,236 $5,129 $6,472 
Finance lease cost:
Amortization of lease assets2,497 1,496 7,442 4,586 
Interest on lease liabilities114 85 365 280 
Finance lease cost2,611 1,581 7,807 4,866 
Variable lease cost372 462 1,135 1,402 
Total lease cost$4,894 $4,279 $14,071 $12,740 
11

Other information about lease amounts recognized in our consolidated financial statements is as follows:
 December 31, 2021September 30, 2022
Weighted-average remaining lease term – operating leases11.3 years11.4 years
Weighted-average remaining lease term – finance leases8.1 years9.8 years
Weighted-average discount rate – operating leases2.2 %2.6 %
Weighted-average discount rate – finance leases2.0 %2.3 %
Our lease liabilities were as follows (in millions):
December 31, 2021
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$66,269 $25,866 $92,135 
Less: imputed interest(7,939)(2,113)(10,052)
Present value of lease liabilities58,330 23,753 82,083 
Less: current portion of lease liabilities(6,349)(8,083)(14,432)
Total long-term lease liabilities$51,981 $15,670 $67,651 
September 30, 2022
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$75,495 $18,838 $94,333 
Less: imputed interest(10,712)(2,207)(12,919)
Present value of lease liabilities64,783 16,631 81,414 
Less: current portion of lease liabilities(7,046)(5,036)(12,082)
Total long-term lease liabilities$57,737 $11,595 $69,332 
12

Note 4 — COMMITMENTS AND CONTINGENCIES
Commitments
The following summarizes our principal contractual commitments, excluding open orders for purchases that support normal operations and are generally cancellable, as of September 30, 2022 (in millions): 
 Three Months Ended December 31,Year Ended December 31,  
 20222023202420252026ThereafterTotal
Long-term debt principal and interest$1,886 $4,789 $8,993 $5,995 $4,563 $67,529 $93,755 
Operating lease liabilities2,664 8,380 7,918 7,327 6,747 42,459 75,495 
Finance lease liabilities, including interest1,616 4,523 2,137 1,345 1,188 8,029 18,838 
Financing obligations, including interest (1)115 462 462 456 463 7,177 9,135 
Leases not yet commenced213 1,562 2,158 2,126 2,153 19,497 27,709 
Unconditional purchase obligations (2)1,721 7,102 6,296 4,984 4,335