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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, 2021
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  
507,147,620 shares of common stock, par value $0.01 per share, outstanding as of October 20, 2021


AMAZON.COM, INC.
FORM 10-Q
For the Quarterly Period Ended September 30, 2021
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,
 202020212020202120202021
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD$37,842 $40,667 $36,410 $42,377 $23,554 $30,202 
OPERATING ACTIVITIES:
Net income6,331 3,156 14,109 19,041 17,377 26,263 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization of property and equipment and capitalized content costs, operating lease assets, and other6,523 8,948 17,633 24,494 23,803 32,112 
Stock-based compensation2,288 3,180 6,646 9,077 8,486 11,639 
Other operating expense (income), net67 24 416 72 466 (415)
Other expense (income), net(1,051)340 (1,255)(2,374)(1,749)(3,701)
Deferred income taxes295 909 1,082 3,313 1,267 1,677 
Changes in operating assets and liabilities:
Inventories(3,899)(7,059)(3,178)(7,572)(4,694)(7,242)
Accounts receivable, net and other(2,016)(4,890)(3,608)(11,607)(7,515)(16,168)
Accounts payable3,658 3,832 4,231 (4,387)14,914 8,863 
Accrued expenses and other(310)(1,465)(1,375)(7,210)1,520 (84)
Unearned revenue78 338 932 1,394 1,417 1,727 
Net cash provided by (used in) operating activities11,964 7,313 35,633 24,241 55,292 54,671 
INVESTING ACTIVITIES:
Purchases of property and equipment(11,063)(15,748)(25,317)(42,118)(30,629)(56,941)
Proceeds from property and equipment sales and incentives1,255 997 3,467 3,192 4,838 4,822 
Acquisitions, net of cash acquired, and other(1,735)(654)(1,945)(1,604)(2,722)(1,985)
Sales and maturities of marketable securities13,135 15,808 32,899 46,847 40,525 64,185 
Purchases of marketable securities(17,468)(15,231)(51,678)(51,891)(58,122)(72,692)
Net cash provided by (used in) investing activities(15,876)(14,828)(42,574)(45,574)(46,110)(62,611)
FINANCING ACTIVITIES:
Proceeds from short-term debt, and other1,311 2,187 4,361 5,289 5,042 7,724 
Repayments of short-term debt, and other(1,349)(1,917)(3,886)(5,094)(4,701)(7,385)
Proceeds from long-term debt 176 9,994 18,803 10,412 19,334 
Repayments of long-term debt(1,198)(509)(1,439)(589)(2,490)(703)
Principal repayments of finance leases(2,857)(2,693)(8,274)(8,903)(11,054)(11,271)
Principal repayments of financing obligations(12)(20)(44)(115)(68)(124)
Net cash provided by (used in) financing activities(4,105)(2,776)712 9,391 (2,859)7,575 
Foreign currency effect on cash, cash equivalents, and restricted cash377 (199)21 (258)325 340 
Net increase (decrease) in cash, cash equivalents, and restricted cash(7,640)(10,490)(6,208)(12,200)6,648 (25)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD$30,202 $30,177 $30,202 $30,177 $30,202 $30,177 
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,
2020202120202021
Net product sales$52,774 $54,876 $144,859 $170,371 
Net service sales43,371 55,936 115,650 162,039 
Total net sales96,145 110,812 260,509 332,410 
Operating expenses:
Cost of sales57,106 62,930 154,023 189,509 
Fulfillment14,705 18,498 40,043 52,666 
Technology and content10,976 14,380 30,691 40,739 
Marketing5,434 8,010 14,605 21,741 
General and administrative1,668 2,153 4,700 6,298 
Other operating expense (income), net62 (11)421 38 
Total operating expenses89,951 105,960 244,483 310,991 
Operating income6,194 4,852 16,026 21,419 
Interest income118 119 455 330 
Interest expense(428)(493)(1,233)(1,327)
Other income (expense), net925 (163)1,165 2,795 
Total non-operating income (expense)615 (537)387 1,798 
Income before income taxes6,809 4,315 16,413 23,217 
Provision for income taxes(569)(1,155)(2,298)(4,179)
Equity-method investment activity, net of tax91 (4)(6)3 
Net income$6,331 $3,156 $14,109 $19,041 
Basic earnings per share$12.63 $6.23 $28.24 $37.69 
Diluted earnings per share$12.37 $6.12 $27.72 $37.02 
Weighted-average shares used in computation of earnings per share:
Basic501 507 500 505 
Diluted512 515 509 514 
See accompanying notes to consolidated financial statements.

4

AMAZON.COM, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)
 
  
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020202120202021
Net income$6,331 $3,156 $14,109 $19,041 
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax of $(15), $39, $(2) and $35
408 (537)(260)(752)
Net change in unrealized gains (losses) on available-for-sale debt securities:
Unrealized gains (losses), net of tax of $(10), $3, $(73) and $31
35 (5)239 (109)
Reclassification adjustment for losses (gains) included in “Other income (expense), net,” net of tax of $5, $5, $7 and $13
(17)(8)(22)(34)
Net unrealized gains (losses) on available-for-sale debt securities18 (13)217 (143)
Total other comprehensive income (loss)426 (550)(43)(895)
Comprehensive income$6,757 $2,606 $14,066 $18,146 
See accompanying notes to consolidated financial statements.

5

AMAZON.COM, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share data)
 
December 31, 2020September 30, 2021
 (unaudited)
ASSETS
Current assets:
Cash and cash equivalents$42,122 $29,944 
Marketable securities42,274 49,044 
Inventories23,795 30,933 
Accounts receivable, net and other24,542 28,610 
Total current assets132,733 138,531 
Property and equipment, net113,114 147,152 
Operating leases37,553 52,151 
Goodwill15,017 15,345 
Other assets22,778 29,227 
Total assets$321,195 $382,406 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$72,539 $71,474 
Accrued expenses and other44,138 41,546 
Unearned revenue9,708 10,974 
Total current liabilities126,385 123,994 
Long-term lease liabilities52,573 63,848 
Long-term debt31,816 50,055 
Other long-term liabilities17,017 23,945 
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock, $0.01 par value:
Authorized shares — 500
Issued and outstanding shares — none
  
Common stock, $0.01 par value:
Authorized shares — 5,000
Issued shares — 527 and 530
Outstanding shares — 503 and 507
5 5 
Treasury stock, at cost(1,837)(1,837)
Additional paid-in capital42,865 51,879 
Accumulated other comprehensive income (loss)(180)(1,075)
Retained earnings52,551 71,592 
Total stockholders’ equity93,404 120,564 
Total liabilities and stockholders’ equity$321,195 $382,406 
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 2021 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 2020 Annual Report on Form 10-K.
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, and valuation and impairment of investments. Actual results could differ materially from these estimates.
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,
202020212020202120202021
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest on debt$285 $276 $715 $731 $869 $933 
Cash paid for operating leases1,159 1,812 3,275 5,029 4,215 6,230 
Cash paid for interest on finance leases155 121 484 407 650 535 
Cash paid for interest on financing obligations28 48 71 116 90 147 
Cash paid for income taxes, net of refunds502 750 1,293 3,354 1,481 3,774 
Assets acquired under operating leases6,115 10,447 11,870 19,561 14,346 23,908 
Property and equipment acquired under finance leases3,571 1,744 8,892 5,453 13,075 8,149 
Property and equipment acquired under build-to-suit arrangements366 1,721 1,228 3,702 1,480 4,742 

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.
7

The following table shows the calculation of diluted shares (in millions):
  
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020202120202021
Shares used in computation of basic earnings per share501 507 500 505 
Total dilutive effect of outstanding stock awards11 8 9 9 
Shares used in computation of diluted earnings per share512 515 509 514 
Other Income (Expense), Net
Other income (expense), net, is as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020202120202021
Marketable equity securities valuation gains (losses)$200 $(129)$404 $(48)
Equity warrant valuation gains (losses)300 (50)566 1,194 
Upward adjustments relating to equity investments in private companies320 155 320 1,661 
Foreign currency gains (losses)112 (107)(97)(28)
Other, net(7)(32)(28)16 
Total other income (expense), net925 (163)1,165 2,795 
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 $2.3 billion and $2.4 billion as of December 31, 2020 and September 30, 2021.
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, 2020 and September 30, 2021, customer receivables, net, were $14.8 billion and $17.7 billion, vendor receivables, net, were $4.8 billion and $4.0 billion, and seller receivables, net, were $381 million and $858 million. 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 $951 million as of December 31, 2020 and September 30, 2021.
Digital Video and Music Content
The total capitalized costs of video, which is primarily released content, and music as of December 31, 2020 and September 30, 2021 were $6.8 billion and $10.1 billion. Total video and music expense was $2.8 billion and $3.3 billion in Q3 2020 and Q3 2021, and $8.0 billion and $9.4 billion for the nine months ended September 30, 2020 and 2021.
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, 2020 was $11.6 billion, of which $8.4 billion was recognized as revenue during the nine months ended September 30, 2021. Included in “Other long-term liabilities” on our consolidated balance sheets was $1.9 billion and $2.0 billion of unearned revenue as of December 31, 2020 and September 30, 2021.
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 $66.3 billion as of September 30, 2021. The weighted-average remaining life of our long-term contracts is 3.7 years. However, the amount and timing of revenue recognition is largely driven by customer usage, which can extend beyond the original contractual term.
8

Note 2 — FINANCIAL INSTRUMENTS
Cash, Cash Equivalents, Restricted Cash, and Marketable Securities
As of December 31, 2020 and September 30, 2021, 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, 2020 and September 30, 2021.
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, 2020September 30, 2021
  
Total
Estimated
Fair Value
Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Total
Estimated
Fair Value
Cash$10,063 $10,083 $— — $10,083 
Level 1 securities:
Money market funds27,430 18,000 — — 18,000 
Equity securities (1)617 1,633 
Level 2 securities:
Foreign government and agency securities5,131 178 1  179 
U.S. government and agency securities7,439 5,385 15 (7)5,393 
Corporate debt securities29,988 36,775 152 (17)36,910 
Asset-backed securities3,235 5,936 17 (5)5,948 
Other fixed income securities710 714 4 (1)717 
Equity securities (1)40 361 
$84,653 $77,071 $189 $(30)$79,224 
Less: Restricted cash, cash equivalents, and marketable securities (2)(257)(236)
Total cash, cash equivalents, and marketable securities$84,396 $78,988 
___________________
(1)The related unrealized gain (loss) recorded in “Other income (expense), net” was $150 million and $(116) million in Q3 2020 and Q3 2021, and $351 million and $6 million for the nine months ended September 30, 2020 and 2021.
(2)We are required to pledge or otherwise restrict a portion of our cash, cash equivalents, and marketable 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 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.”
9

The following table summarizes the remaining contractual maturities of our cash equivalents and marketable fixed income securities as of September 30, 2021 (in millions):
Amortized
Cost
Estimated
Fair Value
Due within one year$38,618 $38,628 
Due after one year through five years22,603 22,735 
Due after five years through ten years1,809 1,814 
Due after ten years3,958 3,970 
Total$66,988 $67,147 
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, 2020 and September 30, 2021, these warrants had a fair value of $3.0 billion and $3.4 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, 2020 and September 30, 2021, equity investments not accounted for under the equity-method and without readily determinable fair values, including preferred stock of Rivian Automotive, Inc. representing an approximately 20% ownership interest, had a carrying value of $2.7 billion and $3.8 billion, 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, 2020September 30, 2021
Cash and cash equivalents$42,122 $29,944 
Restricted cash included in accounts receivable, net and other233 218 
Restricted cash included in other assets22 15 
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows$42,377 $30,177 
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 $68.1 billion and $71.3 billion as of December 31, 2020 and September 30, 2021. Accumulated amortization associated with finance leases was $36.5 billion and $41.7 billion as of December 31, 2020 and September 30, 2021.
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,
2020202120202021
Operating lease cost$1,334 $1,911 $3,551 $5,129 
Finance lease cost:
Amortization of lease assets2,200 2,497 6,123 7,442 
Interest on lease liabilities154 114 474 365 
Finance lease cost2,354 2,611 6,597 7,807 
Variable lease cost308 372 866 1,135 
Total lease cost$3,996 $4,894 $11,014 $14,071 
10

Other information about lease amounts recognized in our consolidated financial statements is as follows:
 December 31, 2020September 30, 2021
Weighted-average remaining lease term – operating leases10.7 years11.3 years
Weighted-average remaining lease term – finance leases6.2 years7.4 years
Weighted-average discount rate – operating leases2.5 %2.3 %
Weighted-average discount rate – finance leases2.1 %2.1 %
Our lease liabilities were as follows (in millions):
December 31, 2020
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$44,833 $30,437 $75,270 
Less: imputed interest(5,734)(2,003)(7,737)
Present value of lease liabilities39,099 28,434 67,533 
Less: current portion of lease liabilities(4,586)(10,374)(14,960)
Total long-term lease liabilities$34,513 $18,060 $52,573 
September 30, 2021
 Operating LeasesFinance LeasesTotal
Gross lease liabilities$61,591 $26,618 $88,209 
Less: imputed interest(7,637)(2,099)(9,736)
Present value of lease liabilities53,954 24,519 78,473 
Less: current portion of lease liabilities(5,913)(8,712)(14,625)
Total long-term lease liabilities$48,041 $15,807 $63,848 
11

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, 2021 (in millions): 
 Three Months Ended December 31,Year Ended December 31,  
 20212022202320242025ThereafterTotal
Long-term debt principal and interest$1,418 $2,872 $4,636 $7,014 $3,400 $56,612 $75,952 
Operating lease liabilities1,761 7,026 6,608 6,074 5,576 34,546 61,591 
Finance lease liabilities, including interest2,087 8,331 4,620 2,105 1,202 8,273 26,618 
Financing obligations, including interest (1)98 393 399 397 387 6,427 8,101 
Leases not yet commenced266 1,448 1,878 2,094 2,096 23,973 31,755 
Unconditional purchase obligations (2)423 5,819 5,525 5,009 4,188 13,626 34,590 
Other commitments (3)(4)1,785 3,235 1,524 1,164 957 11,629 20,294 
Total commitments$7,838 $29,124 $25,190 $23,857 $17,806 $155,086 $258,901 
___________________
(1)Includes non-cancellable financing obligations for fulfillment, sortation, and data center facilities. Excluding interest, current financing obligations of $111 million and $185 million are recorded within “Accrued expenses and other” and $3.4 billion and $5.8 billion are recorded within “Other long-term liabilities” as of December 31, 2020 and September 30, 2021. The weighted-average remaining term of the financing obligations was 19.0 and 19.1 years and the weighted-average imputed interest rate was 3.8% and 3.4% as of December 31, 2020 and September 30, 2021.
(2)Includes unconditional purchase obligations related to certain products offered in our Whole Foods Market stores and long-term agreements to acquire and license digital media content that are not reflected on the consolidated balance sheets. For those digital media content agreements with variable terms, we do not estimate the total obligation beyond any minimum quantities and/or pricing as of the reporting date. Purchase obligations associated with renewal provisions solely at the option of the content provider are included to the extent such commitments are fixed or a minimum amount is specified.
(3)Includes the estimated timing and amounts of payments for rent and tenant improvements associated with build-to-suit lease arrangements that are under construction, asset retirement obligations, and liabilities associated with digital media content agreements with initial terms greater than one year.
(4)Excludes approximately $2.9 billion of accrued tax contingencies for which we cannot make a reasonably reliable estimate of the amount and period of payment, if any.
In addition, in May 2021, we entered into an agreement to acquire MGM Holdings Inc. (“MGM”) for approximately $8.5 billion, including MGM’s debt, subject to customary closing conditions. We expect to fund this acquisition with cash on hand.
Other Contingencies
We are disputing claims and denials of refunds or credits related to various indirect taxes (such as sales, value added, consumption, service, and similar taxes), including in jurisdictions in which we already collect and remit these taxes. If the relevant taxing authorities were to prevail, we could be subject to significant additional tax costs. For example, in June 2017, the State of South Carolina issued an assessment for uncollected sales and use taxes for the period from January 2016 to March 2016, including interest and penalties. South Carolina is alleging that we should have collected sales and use taxes on transactions by our third-party sellers. In September 2019, the South Carolina Administrative Law Court ruled in favor of the Department of Revenue and we have appealed the decision to the state Court of Appeals. We believe the assessment is without merit and intend to defend ourselves vigorously in this matter.
12

Legal Proceedings
The Company is involved from time to time in claims, proceedings, and litigation, including the matters described in Item 8 of Part II, “Financial Statements and Supplementary Data — Note 7 — Commitments and Contingencies — Legal Proceedings” of our 2020 Annual Report on Form 10-K and in Item 1 of Part I, “Financial Statements — Note 4 — Commitments and Contingencies — Legal Proceedings” of our Quarterly Report on Form 10-Q for the period ended June 30, 2021, as supplemented by the following:
Following an investigation that included an initial Statement of Objections, in September 2021 the Italian Competition Authority issued a subsequent Statement of Objections against Amazon Services Europe S.à r.l., Amazon Europe Core S.à r.l., Amazon EU S.à r.l., Amazon Italia Services S.r.l., and Amazon Italia Logistica S.r.l. alleging that certain of our marketplace and logistics practices in Italy infringe EU competition rules. The subsequent Statement of Objections seeks to impose unspecified fines and remedial actions that could materially impact our operations in Italy. We disagree with the allegations and intend to defend ourselves vigorously in this matter.
In addition, we are regularly subject to claims, litigation, and other proceedings, including potential regulatory proceedings, involving patent and other intellectual property matters, taxes, labor and employment, competition and antitrust, privacy and data protection, consumer protection, commercial disputes, goods and services offered by us and by third parties, and other matters.
The outcomes of our legal proceedings and other contingencies are inherently unpredictable, subject to significant uncertainties, and could be material to our operating results and cash flows for a particular period. We evaluate, on a regular basis, developments in our legal proceedings and other contingencies that could affect the amount of liability, including amounts in excess of any previous accruals and reasonably possible losses disclosed, and make adjustments and changes to our accruals and disclosures as appropriate. For the matters we disclose that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial, and we may be unable to estimate the possible loss or range of losses that could potentially result from the application of non-monetary remedies. Until the final resolution of such matters, if any of our estimates and assumptions change or prove to have been incorrect, we may experience losses in excess of the amounts recorded, which could have a material effect on our business, consolidated financial position, results of operations, or cash flows.
See also “Note 7 — Income Taxes.”
Note 5 — DEBT
As of September 30, 2021, we had $50.7 billion of unsecured senior notes outstanding (the “Notes”). We issued $18.5 billion of Notes in May 2021, of which $1.0 billion was issued for green or social projects, such as projects related to clean transportation, renewable energy, sustainable buildings, affordable housing, or socioeconomic advancement and empowerment, and the remainder for general corporate purposes. We also had other long-term debt and borrowings under our credit facility of $924 million and $626 million as of December 31, 2020 and September 30, 2021. Our total long-term debt obligations are as follows (in millions):
Maturities (1)Stated Interest RatesEffective Interest RatesDecember 31, 2020September 30, 2021
2012 Notes issuance of $3.0 billion
20222.50%2.66%1,250 1,250 
2014 Notes issuance of $6.0 billion
2021 - 2044
3.30% - 4.95%
3.43% - 5.11%
5,000 5,000 
2017 Notes issuance of $17.0 billion
2023 - 2057
2.40% - 5.20%
2.56% - 4.33%
16,000 16,000 
2020 Notes issuance of $10.0 billion
2023 - 2060
0.40% - 2.70%
0.56% - 2.77%
10,000 10,000 
2021 Notes issuance of $18.5 billion
2023 - 2061
0.25% - 3.25%
0.35% - 3.31%
 18,500 
Credit Facility338