employees critical customer-centric company. December 2023 1,525,000 full part-time. independent contractors temporary. Competition intense scientists constrained labor markets competition.


strive best employer focus investment innovation inclusion diversity safety engagement talent. rely initiatives competitive pay benefits flexible work skills training programs Amazon Career Choice Technical Academy. 175,000 employees participated Career Choice. refine mechanisms hire develop evaluate retain equity. safety integral safety improvements technology solutions. safety team science safety best practices. provide mentorship resources programs engagement communication feedback.


investor website amazon. com encourage investors information. reports Securities Exchange Commission corporate governance Code Business Conduct press releases.


tables Officers Directors January 24 2024 Jeffrey. Bezos Chair Andrew. Jassy Douglas. Herrington Brian. Olsavsky Vice Shelley. Reynolds President Adam. Selipsky David. Zapolsky Vice President


. Bezos. founded Amazon. 1994 Executive Chair July. 1994 Chief Officer 1996 2021 President 1994 1999 2000.


. Jassy. President July 2021 CEO 2016 Senior Vice President April 2006.


. Herrington. CEO Amazon Stores July 2022 Senior Vice President Consumer 2022 Consumables 2005 April.


. Olsavsky. Senior Vice President Financial Officer Global Consumer Business 2011 Amazon April 2002.


. Vice President Worldwide Controller Accounting.


. Selipsky. CEO 2021 Senior Vice President President CEO Tableau Software 2016 Vice President Marketing Sales May 2005.


. Zapolsky. Senior Vice President Public Policy General Counsel May 2023 Secretary September 2012. 2012 Counsel Litigation Regulatory April 2002 September 2012.


Jeffrey. Bezos Chair. Jassy. Alexander IronNet. Cooper Goldman Sachs. Gorelick. Huttenlocher MIT. McGrath MTV Networks. Nooyi PepsiCo. Rubinstein Bridgewater Brad. Smith Marshall University. Stonesifer Martha’s Table Wendell. Weeks CEO Corning


consider discussion factors events uncertainties investment securities risky. events consequences business growth reputation prospects financial condition operating results cash flows liquidity stock price. factors identify all risks operations affected by factors uncertainties not known. Item 7 Part II Discussion Analysis Financial Condition Results Operations global economic geopolitical conditions unforeseen circumstances may amplify risks. risks impact customers third-party sellers.


businesses evolving competitors cross-border industries omnichannel retail web digital content advertising grocery transportation logistics. potential competitors resources histories customers brand recognition-launched products regions. terms pricing technology infrastructure fulfillment marketing.


Competition new business models well-funded competitors competitors established companies expand. new technologies search web services artificial machine learning digital content electronic devices increase competition. internet facilitates competitive entry comparison shopping new businesses compete. product service fail lose business increase spending lower prices reduce sales profits.


Expansion Technologies Regions Risks


limited experience in newer market segments customers not adopt product service offerings. technology challenges claims if service disruptions delays setbacks quality issues. profitability benefits may not meet expectations recoup investments. Failure realize benefits new technologies could


investments written. sustainability initiatives unsuccessful realize benefits new technologies plan new strategies harm business reputation.


international activities significant revenues profits plan expand. segments little experience first-to-market advantages. costly establish maintain operations promote brand. operations profitable.


international sales operations economic political conditions regulation restrictive actions trade protection export duties restrictions import export nationalization restrictions foreign ownership sales distribution uncertainty liability laws precedent varying rules intellectual property licensing requirements repatriation investment foreign currency exchange restrictions fulfillment technology infrastructure payable receivable cycles negative impact cash flow privacy data use protection security localization network security consumer protection payments advertising restrictions pricing discounts use internet consumer spending fewer opportunities growth. credit card usage increased payment risk staffing foreign operations distance language cultural differences employee relationships works councils labor unions. Foreign Corrupt Practices Act. laws corrupt payments. trade foreign investment loans taxes events war terrorism.


omnichannel retail grow competition evolving business models. Local companies advantage local customer brand names. inability hire train personnel limit international growth.


People’s Republic China India regulate Amazon’s foreign investment internet IT infrastructure data centers retail delivery internet content sale media products. provide technology services China PRC licenses. India government restricts ownership Indian companies foreign online retail trading. provide marketing tools logistics services third sellers hold indirect minority interest in. amazon. marketplace. comply laws involve risks PRC India may consider changes


regulatory licensing requirements impact structures activities. uncertainties interpretation PRC Indian laws regulations possible governments contrary. Chinese Indian businesses operations access funding enforce contractual relationships. Violation PRC Indian laws regulations changes businesses fines penalties licenses revoked restructure operations shut down.


China-based sellers services advertising revenues provide components goods trade restrictions data protection cybersecurity laws economic security issues affect results.


Variability Strain Operations


Demand products services fluctuate seasonality promotions launches unforeseeable events economic conditions recessionary fears inflation disasters extreme weather geopolitical events. disproportionate retail sales fourth quarter. failure stock products affect revenue future growth. overstock inventory markdowns-offs commitment costs reduce profitability. increases net shipping cost upgrades split-shipments long-zone shipments delivery holiday season. customers access websites increased demand interruptions reduce volume attractiveness. staff fulfillment network customer service centers peak periods meet seasonal demand. Risks fulfillment network optimization inventory magnified high demand.


holiday sales December 31 cash equivalents securities balances highest level consumers use credit cards receivables settle. increase accounts payable inventory purchases third-party sales. payable balance declines first three months vendors sellers paid cash securities balances.


law liability online providers unsettled. governmental agencies require changes business. seller programs maintain policies prevent sellers collecting payments products different descriptions prevent selling unlawful counterfeit pirated goods violating proprietary rights policies. policies circumvented harm business damage reputation civil criminal liability. A-to-z Guarantee reimburse customers payments limits third-party seller sales grow cost increase affect operating results.


Face Risks Protecting Intellectual Infringing Parties


trademarks service marks copyrights patents trade dress secrets proprietary technology property critical success rely patent law trade secret protection confidentiality license agreements. intellectual property protection. acquire domain names. regulations protect trademarks rights.


prevent parties acquiring names trademarks proprietary rights.


not always discover unauthorized use proprietary rights. Actions third parties diminish value. protection intellectual property requires financial managerial resources. steps always protect prevent. certain others develop acquire equivalent technology intellectual property rights.


subject to expect continue claims legal proceedings infringement intellectual property rights third parties. claims result expenditure resources injunctions payments damages indemnification obligations obtain licenses third parties. licenses available. risks amplified increase third parties claims. use artificial claims infringement unauthorized third-party technology content.


digital content depend on digital rights management technology. Breach claims content providers may include content.


intercompany balances international stores exposed exchange rate fluctuations. results differ gains losses balances. expanded operations exposure exchange increased. hold cash equivalents securities foreign currencies British Pounds Canadian Dollars Euros Japanese Yen. Dollar strengthens balances less.


Expansion Management Operational Financial Resources


global operations increasing product service infrastructure retail. complexity management personnel operations systems performance financial resources control reporting expansion increases. Failure growth reputation growth affect results.


Results Growth Rate


growth. base expense investment plans sales estimates. portion expenses investments fixed adjust spending sales less.


revenue growth percentage rates decrease. revenue profit depends on demand products affected by economic business geopolitical conditions. softening demand weakening. economies decreased revenue growth.


sales results fluctuate retain increase sales attract satisfy demands expand network offer manage inventory fulfill orders competitive stores websites price decreases improvements internet e-commerce electronic devices web services outside U. S.•timing effectiveness costs expansion upgrades systems infrastructure success geographic service product line expansions terms current operations future growth outcomes legal proceedings claims damages relief operating results products services merchandise vendor returns fast free delivery prices additional benefits affecting reputation brand image inability achieve goals commitments sustainability perceptions social ethical issues artificial machine learning technology infrastructure fulfillment expense categories prices transportation resources water energy commodities technology infrastructure inflationary pressures •constrained labor markets payroll costs operators charge fees access online ability collect amounts owed technologies trends online advertising by spyware viruses phishing spam emails denial of service attacks data theft computer intrusions outages culture innovation customer obsession long-term thinking critical growth •disruptionsdisasters health crises extreme weather climate geopolitical security issues terrorist attacks armed hostilities political conflicts labor trade disputes governmental actions sellers negative impacts climate change increased operating costs investment low-carbon economy decreased demand compliance costs regulations requirements reputational damage environmental impact.


Risks Network Data Centers


Failures predict demand spending optimize fulfillment network data centers result in excess capacity interruptions increased costs charges harm business. add capability businesses complex operating challenging. no assurance operate networks.


failure inventory management staffing increases shipping cost distance units per. co-sourcers staff network service centers. productivity affected by regional labor market constraints increase payroll costs difficult hire train deploy.


commercial agreements maintain inventory companies complexity tracking operating fulfillment network. failure predict seller demand storage handle inventory product demand storage optimize fulfillment network costs harm business reputation.


rely on limited shipping companies inventory orders. inability negotiate terms performance problems staffing limitations difficulties impact operating results customer experience. receive inventory ship orders by disasters extreme weather climate geopolitical events security issues labor trade disputes.


Data Loss Breaches


collect process store transmit large data confidential classified sensitive proprietary business personal failure prevent loss theft misuse unauthorized access security breaches vulnerabilities technology systems expose risk loss disclosure misuse affect operating results liability regulatory action deter harm business reputation. use third-party technology systems encryption authentication employee email content delivery back-office support functions. past security breaches no assurance future incidents. developed systems processes protect data prevent incidents reduce impact security breach absolute security may fail circumvented.


Interruption Lack


experience system interruptions delays websites services unavailable prevent accepting fulfilling orders services reduce sales attractiveness. add software hardware upgrade systems improve stability efficiency avoid interruptions results.


computer communications systems damaged due disasters extreme weather climate geopolitical events security issues terrorist attacks viruses break-ins operational failures energy. events cause interruption delays loss data prevent orders services attractive liability. systems not redundant disaster recovery planning sufficient. insurance coverage losses. events damage reputation expensive remedy.


Loss Management Failure Hire Retain Affect Business


depend senior management key personnel including President CEO. “key life insurance. rely skilled personnel. Competition intense.


competition technology industry software engineers computer scientists technical staff. changes work environments impact hire retain personnel. loss executive officers key employees failure roles inability hire train retain manage harm business.


rely on personnel stores fulfillment network data centers. Failure hire train manage retain personnel operations payroll costs harm business reputation. changes laws payroll costs operational flexibility impact workforce.


subject to labor union efforts. efforts decrease operational flexibility affect efficiency. response harm business reputation.


significant suppliers content technology licensors limited single-sources important to sourcing services manufacturing. long-term arrangements guarantee availability merchandise components payment terms credit limits. Decisions suppliers limit selling delay delivery bankruptcies economic disasters events may procure alternatives. rely on limited suppliers for semiconductor products artificial intelligence infrastructure. Constraints availability affect develop intelligence technologies products services. violations laws regulations contractual terms intellectual property rights Supply Chain Standards unethical unsafe hazardous expose claims damage reputation limit growth affect operating results.


Commercial Agreements Alliances Relationships


provide physical e-commerce omnichannel retail cloud through agreements strategic alliances relationships. agreements web services technology fulfillment computing digital storage enable offer stores. arrangements complex require infrastructure personnel resource commitments limit business. implement maintain develop web services fulfillment customer service inventory management tax collection payment processing hardware content third-party software third parties. compensation on other sales. compensation lower agreement. enter additional relationships alliances. claims unsuccessful.


agreements terminate renew replace comparable. enter amendments less encounter difficulty obligations affect operating results.


present future commercial agreements alliances business relationships create risks •disruption business loss management relationships revenue income terminating integrating.


Business Maintaining Acquisitions Investments


acquired invested companies may future joint ventures companies.transactions involve risks •disruption business loss management focus retaining personnel operating losses expenses potential impairment assets goodwill impairment customer relationships difficulty completing transactions obtaining regulatory approvals closing conditions achieving benefits timeframes difficulty incorporating acquired operations technology rights unanticipated expenses difficulty integrating new accounting financial reporting management information security human resource administrative systems lack of control if integration delayed •losses declines value investment incorporating investee’s financial performance on investee’s accounting financial reporting systems controls processes difficulty implementing controls procedures policies larger public company risks businesses unknown liabilities foreign transactions additional risks integration operations across cultures languages economic political regulatory risks specific countries.


future acquisitions mergers issue equity securities spend cash incur debt liabilities expenses intangible assets reduce profitability harm business unfavorable. valuations acquisitions change. impact financial results.


risks Item 1A fulfillment network inventory optimization exposed inventory risks operating results seasonality new product launches cycles pricing defective merchandise demand spending tastes spoilage. predict trends avoid overstocking understocking. Demand sale. new product difficult establish vendor relationships product selection forecast demand. acquisition inventory components requires lead-time prepayment not returnable. carry broad selection inventory consumer electronics sell meet demand seasons. inventory risk factors affect operating results.


accept payments credit debit accounts gift cards direct debit invoicing physical check


delivery. existing future payment options subject to additional regulations compliance requirements enhanced authentication costs ease use fraud. payment methods pay interchange fees increase raise costs lower profitability. rely on third parties Amazon-branded payment methods processing services credit electronic checks financing. disrupt business unwilling. offer co-branded credit card programs affect results. subject to payment card association rules data security certification electronic funds transfers change. Failure breach fraudulent activity costs fines transaction fees loss ability accept payments process electronic funds transfers online payments business operating results.


provide regulated services jurisdictions keep balances transfer money payments. licensing regulatory inspection bonding capital maintenance transferred funds consumer disclosures data authentication. laws regulations payments money laundering international transfers privacy data use protection security localization network security consumer protection electronic fund transfers. penalties cease services.


Evolving Business Stock Price


evolving business model. trading price common stock fluctuates Item 1A interest rates internet industry segments operating results stock market prices internet-related companies financial estimates future spending investment securities analysts capital structure issuance additional debt equity valuation e-commerce companies •transactions investors analyst reports news speculation.


Volatility stock price business financing increase cash compensation larger stock awards hurt results reduce ownership.


Evolving Harm Business


subject business internet e retail digital content services devices advertising artificial. taxation privacy protection localization consumer protection pricing content copyrights distribution transportation mobile communications waste energy consumption contracts competition employment trade protectionist measures web services online payment registration licensing reporting internet health safety sanitation standards characteristics legality quality labeling unmanned aircraft healthcare.


laws governing property ownership libel privacy data use protection security localization network security consumer protection apply to operations internet e-commerce digital content web services electronic devices advertising artificial technologies. jurisdictions regulate operations scope evolving. subject to reviews investigations proceedings by regulatory authorities under laws regulations new approaches. face investigations operations infringe competition rules Amazon’s operation acquisitions AWS’s cloud services. dispute claims intend to defend. face investigations under laws regulations governing collection use disclosure data uncertainty privacy practices. regulators operations technology companies online new increases compliance costs limits operation business. Unfavorable regulations laws decisions interpretations could costs expose liability penalties diminish demand increase cost change practices damage reputation impede growth operations.media regulatory scrutiny risks.


Claims Litigation Proceedings Affect Business


innovative company consumer business products services subject to claims litigation reviews investigations proceedings governments regulatory authorities patent intellectual property taxes labor employment competition antitrust privacy data use protection security localization network security consumer protection commercial disputes goods services artificial. proceedings increased businesses expanded products services operations complex. litigating price fixing monopolization consumer protection state attorneys general Federal Trade Commission. proceedings legal costs disruption diversion management resources negative publicity. outcomes unpredictable uncertainties. Determining legal reserves losses involves judgment not uncertainties. resolution exposed to losses recorded material. estimates business financial position results cash flows.possible resolution proceedings involve licenses sanctions consent decrees orders requiring future payments products services change business practices non-infringing altered products damaging reputation effect operations.


Subject Product Liability Claims Harmed Sell


products expose liability food safety claims environmental property damage recalls. Third parties expose liability claims. A-to-z Guarantee reimburse customers product liability claims third sales grow cost affect operating results. maintain liability insurance coverage adequate for liabilities incurred reasonable terms. impose contractual terms sales products detect enforce collect damages


breaches agreements. agreements indemnify liability.


subject taxes obligations U. S. foreign jurisdictions. additional tax expense liabilities changes laws regulations practices principles interpretations global tax framework competition accounting rules. economic political conditions. jurisdictions new tax measures-based taxes online commerce remote selling. obligations withhold sales taxes online marketplaces remote sellers. non-U. S. jurisdictions proposed taxes online advertising marketplace revenues. measures unless international tax reform. European Union countries global minimum taxes increase tax expense.


operations cash flows affected by additional taxes penalties failure comply collection obligations provide information customers suppliers tax reporting. notice systems processes comply new reporting obligations effective date.


tax expense liabilities affected by business operations acquisitions investments new businesses transactions foreign earnings losses tax benefits tax regimes foreign exchange rates stock price forecasts income loss jurisdictions tax assets liabilities valuation. tax determination uncertain. judgment evaluating tax expense assets liabilities.


subject to tax controversies tax assessments against us. audit tax controversy operating results cash flows. complexity uncertainty tax laws judicial regulatory processes final outcome may expectations. Indian tax authority tax applies to cloud services fees Amazon U. S. contesting if resolved may pay additional taxes could increase. assess likelihood adverse outcome tax accruals. tax estimates reasonable final outcome different from historical tax accruals.


Contracts Procurement Regulations


contracts with U. S. state foreign government entities subject procurement regulations requirements. audits investigations violations criminal penalties sanctions termination forfeiture profits fines suspension future business. contracts funding approval termination without cause.


processes assessing identifying managing risks unauthorized occurrences electronic systems confidentiality integrity availability. include


mechanisms controls technologies methods systems prevent loss theft misuse unauthorized access security incidents vulnerabilities. confidential proprietary business personal information collect. reduce impact security incident third-party vendor. risks cybersecurity third-party technology encryption authentication employee email content delivery back-office support.


conduct security assessments vulnerability management penetration testing audits. maintain incident response plans. require data protection cybersecurity training annually.


unified-coordinated team led by chief security officer cybersecurity data protection practices Amazon senior leadership teams. Reporting to experienced officers AWS supported by cybersecurity professionals. engage assessors consultants auditors third parties risks.


cybersecurity risks mitigations evaluated senior leadership enterprise risk assessments reviewed Audit Committee Board Directors. Security Committee. Additional Item 1A Part I Factors Data Loss Security Breaches.


Security Committee oversees policies cybersecurity infrastructure data protection security regulations risks. receives reports management Board annually. response cybersecurity incidents.


chief security officer cybersecurity knowledge 15 years Amazon federal heads team cybersecurity data protection practices Amazon reports Chief Executive Officer.


December 31, 2023 operated facilities Office space,655,222 America#1,802 stores#707 America Fulfillment data centers#25,630 America,765#14,802 Total,091#52,163


leased space excluding sub.


600 28 stores December 31, 2023. North America,145,438 International,329,434,770,139


corporate. Shared facilities allocated. Item 8 Part II Statements Data Note 10 Segment Information.


lease Puget Sound Arlington.


8 Statements 7 Commitments Legal Proceedings.


Stock Purchases Equity Securities


common stock traded Nasdaq.


January 24 2024 11,656 shareholders stock larger.


Discussion Financial Operations


Annual Report Form 10-K includes forward-looking statements Private Securities Litigation Reform Act 1995. statements guidance future results forward-looking. reflect expectations uncertain. results outcomes differ foreign exchange rates global economic conditions demand inflation interest rates labor market constraints world events growth internet online commerce cloud services technologies Amazon. business products services net sales taxes competition management growth operating results international growth expansion claims government investigations fulfillment sortation delivery data center optimization risks inventory management variability demand commercial agreements acquisitions strategic transactions payments risks fulfillment throughput productivity. global economic geopolitical conditions circumstances risks. described Item 1A Part I “Risk Factors.


primary revenue sale products services. products include merchandise resale third-party sellers manufacture electronic devices media content. revenue product service sales. increase sales product selection categories. offer services compute storage database fulfillment advertising publishing digital content subscriptions.


focus growth free cash flows. driven increasing operating income managing accounts receivable inventory payable cash capital expenditures property equipment. income from sales operating costs offset strategic initiatives improving customer experience. sales experience lowering prices availability faster delivery selection original content categories information ease use reliability trust. Operations Non-GAAP Financial.


reduce variable costs leverage fixed costs. include product content payment transportation customer service AWS marketing. fixed costs technology infrastructure online stores web services electronic devices digital offerings fulfillment network. Variable change sales volume fixed costs capacity geographic category expansion. decrease variable costs lower prices increase direct discounts reduce defects. improve process efficiencies lean culture.


seek inventory collect consumers before payments due. consumers use credit cards receivables settle quickly. expect variability inventory turnover affected product mix sales in-stock inventory supply chain disruptions lead times investment new geographies product lines third-party fulfillment. expect variability accounts payable days affected


suppliers seasonality changes payment terms pricing timing.


spending technology infrastructure computer scientists designers software engineers merchandising employees. technology support product service offerings geographic expansion cross-functionality. invest AWS product categories service customer experience process efficiencies. advances technology speed cost processing data storage analytics wireless connectivity artificial machine learning improve experience internet increase ubiquity. investing AWS on-demand services compute storage database analytics machine learning developers enterprises. investing software electronic devices satellite network broadband autonomous vehicles ride-hailing.


manage shareholder dilution strategic acquisitions compensation. restricted stock units equity compensation. vested unvested stock awards forfeitures. shares 10. 6 billion 10. 8 billion December 31, 2022 2023.


financial reporting currency U. S. Dollar foreign exchange rates affect results trends. Dollar weakens sales operating expenses higher. strengthens sales expenses lower. increasing diversification beyond U. economy international businesses benefits shareholders. evaluate operating results growth rates before currency changes.


remeasurement intercompany balances gains losses foreign exchange rates. Currency volatilities results trends comparisons.


8 Part II Statements Data Note 1 Business Accounting Policies Disclosures.


Annual Report Form 10-K December 2022 financial condition results December 2021 Item 7 Part II Financial.


financial statements accounting principles requires estimates assumptions assets liabilities revenues expenses contingent liabilities. Critical accounting estimates significant uncertainty financial condition. identified critical estimates. key accounting policies estimates judgments assumptions significant results. Item 8 Part II “Financial Statements Supplementary Data Note 1 Business Accounting Policies Supplemental Disclosures. estimates assumptions judgments based information. results differ assumptions.


Inventories products accounted first-in first-out method valued lower cost net value. valuation judgments disposition sales returns


vendors liquidations recoverable values category. assumptions future uncertain write-downs. 1% additional inventory valuation December 31, 2023 additional cost $355 million.


enter supplier commitments components products. based demand. reduce incur costs.


subject to income taxes U. S. foreign jurisdictions. Tax laws regulations practices principles interpretations economic political conditions judgment evaluating provision accruals. transactions tax determination uncertain. earnings change economic conditions judgment deferred tax assets.


tax rates affected by business operations acquisitions investments new businesses intercompany transactions foreign earnings losses tax benefits special tax regimes foreign exchange rates stock price forecasts income loss deferred tax assets liabilities valuation laws regulations administrative practices principles interpretations tax global tax framework competition accounting rules. countries pursuing changes tax laws corporate multinationals.


subject to tax controversies in jurisdictions assess tax liabilities against. audit tax controversy operating results cash flows. assess likelihood adverse outcome tax accruals. tax estimates final outcome different from historical income tax provisions accruals.


Cash flow Ended December 31, Cash Operating activities,752 Investing Financing activities


liquidity cash securities $70. billion $86. billion December 2022 2023. $18. 3 billion $23. 5 billion. Pounds Dollars Euros Rupees.


Cash activities $46. 8 billion $84. 9 billion 2022 2023. cash flows customers advertisers offset payments products services employee compensation processing costs leases interest payments. corresponds net sales. increase cash flow 2023 due net income non expenses working capital. subject variables inventory terms foreign exchange rates.


investing expenditures leasehold improvements incentives asset sales outlays


investments property purchases sales. $. billion $. billion 2022 2023 variability purchases sales. expenditures $58. 3 billion $48. billion technology infrastructure AWS growth capacity network 2024. payments $8. 3 billion $5. 8 billion 2022 2023. funded MGM Holdings. 1Life Healthcare. invested $1. 25 billion Anthropic convertible equity. agreement Q1 2024 $2. 75 billion convertible note.


$9. 7 billion $. billion 2022 2023. inflows long-term $62. billion $18. billion. outflows repurchases common stock leases obligations $53. billion $34. billion. Property equipment $675 million $642 million.


no borrowings unsecured commercial $682 million secured loan repaid December 31, 2023. Item 8 Part II Statements Data Note 6.


December 31, 2023 cash equivalents securities foreign subsidiaries $4. 7 billion. invest earnings capital outside U. costs.


U. taxable income reduced deductions capitalized research expenses. deductions property. 2023 2026. federal partial deduction 2021 full 2022 2023. January 1 2022 research development expenses capitalized amortized. delays deductibility. foreign taxes $6. billion $11. 2 billion 2022 2023.


December 2022 2023 restricted cash equivalents marketable securities $365 million $503 million. Item 8 Part II Statements 6 Commitments commitments pledged assets. purchase obligations orders inventory capital operations due next twelve months. cancellable.


cash flows securities borrowing arrangements needs twelve months. future cash uncertainty. Item 1A Part I Factors. evaluate sell equity obtain credit finance financing repurchase common stock pay dividends refinance restructure debt strengthen financial position.


sale equity convertible debt securities dilutive shareholders. consider acquisition complementary businesses services affect liquidity secure financing issue equity debt securities. no credit lines financing instruments. economic conditions interest rates capital market volatility future borrowing costs.


organized operations North America International AWS. Item 8 Part II Statements Data Note 10 Segment.


Macroeconomic inflation interest rates capital market supply chain volatility developments. fuel utility food costs interest rates economic impact demand spending. macroeconomic environment cost optimization AWS revenue growth. operations Q1 2024.


Net sales product service sales. shipping digital media content. Service third-party fees commissions fulfillment shipping fees AWS sales advertising Amazon Prime digital media content subscriptions. sales Ended December North America International,200,757 Consolidated,785 Year-over-year Percentage Growth North America International Year-over-year Percentage Growth North America International Net Sales Mix North America International Consolidated


Sales increased 12% 2023. foreign exchange rates reduced sales $71 million. rates.


North America increased 12% 2023. third-party advertising subscription services. driven price selection convenience shipping offers.


International sales increased 11% 2023. third-party advertising subscription services. driven price selection convenience shipping. exchange rates sales $88 million.


AWS sales 13% 2023. usage offset pricing long contracts.


Operating income segment Ended December 31, North America(2,847),877 International AWS Consolidated,248


income $12. 2 billion $36. 9 billion 2022 2023. profit services.


North America income 2023 due increased unit advertising offset shipping fulfillment technology infrastructure.


International loss 2023 due unit advertising offset fulfillment shipping technology infrastructure. foreign exchange rates loss $246 million.


increase AWS income 2023 due increased sales payroll expenses technology infrastructure investments. foreign exchange rates income $220 million 2023.


operating expenses Ended December Cost sales,739 Fulfillment,299,619 Technology infrastructure,213,622 Sales marketing,238,370 General administrative,891 expense Total#537,933 Year-over-year Percentage Growth Cost sales Fulfillment Technology infrastructure Sales marketing General administrative Other expense Percent Net Sales Cost. Fulfillment. Technology infrastructure. Sales marketing. General administrative. operating expense.


Cost sales purchase price shipping costs sortation delivery centers digital media content costs video music.


cost sales 2023 due product shipping costs offset transportation rates. foreign exchange rates reduced cost $254 million.


Shipping costs $83. 5 billion $89. 5 billion 2022 2023. included inventory sales. expect cost increase offers expensive methods additional services. mitigate costs higher sales volumes optimizing fulfillment network better terms operating efficiencies. low prices fundamental success shipping offers.


Costs operate AWS segment shared infrastructure internal external sales customers.


Fulfillment costs operating North International fulfillment centers stores customer service centers payment processing. AWS payment processing costs AWS “Technology infrastructure. vary payment processing productivity accuracy volume size weight


third-party sellers Amazon timing fulfillment network store expansion fulfillment services mix products services sold affect customer service contacts improvements self-service. sales higher payment processing transaction costs based gross purchase price.


fulfillment costs 2023 due sales investments offset efficiencies. foreign exchange rates costs $52 million.


expand fulfillment network greater selection-stock inventory meet shipment volumes third parties. evaluate facility requirements.


Technology infrastructure costs include payroll expenses research maintenance stores online infrastructure costs. Infrastructure costs servers networking equipment data center depreciation rent utilities expenses AWS Amazon businesses. reflect investments products services software devices satellite network broadband autonomous vehicles ride-hailing.


invest technology infrastructure enhance customer experience process efficiency increasing scale. infrastructure support product service offerings geographic expansion cross-functionality. expect spending technology infrastructure increase employees infrastructure. costs allocated usage. increase technology infrastructure costs 2023 due spending infrastructure payroll costs technical teams expanding products new.


Sales marketing costs include advertising payroll expenses sales commissions AWS. direct customers through marketing channels sponsored search social advertising referrals television advertising. costs variable based on growth sales rates. competition change costs.


increase sales marketing costs 2023 due increased payroll expenses marketing.


Amazon Prime shipping not included sales marketing marketing tools continue indefinitely.


administrative costs. 8 billion 2022 2023 payroll expenses.


operating expense $1. 3 billion $767 million 2022 2023 asset amortization intangible assets.


interest income $989 million $2. 9 billion 2022 2023 prevailing rates. excess cash AAA funds debt securities. income funds currencies.


Interest $2. $3. billion 2022 2023 leases. Item 8 Part II Statements Leases.


long lease liabilities $73. $77. billion December 2022 2023.-term debt $67. $58. billion. 8 Part II Statements.


$. billion $938 million 2022 2023. equity securities warrant foreign currency. equity securities valuation $(12. billion $797 million investment Rivian.


tax rate variability pre-tax taxable income loss jurisdictions transactions special tax regimes investments tax controversies stock price deferred tax assets liabilities foreign currency gains statutes regulations law administrative practices principles tax framework competition accounting rules expenses losses. pre-tax income loss. impact discrete items non expenses pre-tax income lower. record valuation allowances deferred tax assets uncertainty income.


provision taxes. billion 2022 2023. Item 8 Part II Statements 9 Income.


Regulation G Conditions Non-GAAP Measures SEC regulations non-GAAP information. free cash foreign exchange rates-GAAP.


provide free cash perspective acquiring property equipment cash leases obligations.


Free cash flow reduced property equipment net sales incentives. reconciliation GAAP cash operating activities 2022 2023 Ended December Net cash operating activities,752 Purchases property net proceeds sales incentives(58,321 Free cash flow cash investing activities financing activities,718


Cash Leases Obligations


Free cash flow less repayments leases obligations reduced repayments. payments. reconciliation free cash flow less repayments GAAP cash cash operating activities 2022 2023 December Net cash activities,752 Purchases property equipment proceeds sales incentives(58,321 Free cash flow Principal repayments finance leases,384) repayments financing obligations Free cash flow less repayments,758),158 Net cash investing activities financing activities,718


Cash Equipment Leases Repayments Obligations


cash flow less equipment leases principal repayments reduced equipment leases equipment remeasurements modifications principal repayments lease liabilities. liabilities financing obligations property. equipment finance leases purchased cash not leased. reconciliation free cash flow less equipment leases principal repayments obligations GAAP cash flow cash operating activities 2022 2023 Net cash,752 Purchases property equipment proceeds sales incentives,321 Free cash flow Equipment finance leases Principal repayments finance leases Principal repayments financing obligations Free cash flow less equipment finance leases principal repayments obligations,786,549 Net cash activities


December 2022 2023 equipment leases remeasurements $675 million $642 million.


2022 2023 repayments $7,941 million $4,384 million.


free cash flows measures omit components cash represent residual cash flow discretionary expenditures. incorporate principal reductions debt cash payments business acquisitions. property equipment acquisitions change. view consolidated statements cash.


effect foreign exchange rates U. Dollar net sales operating expenses income operating results. effect net sales expenses income changes foreign exchange rates. Dollar Ended December 31, Ended December 31, 2023 Net sales#513,983,495#529,478,785#574,856 Operating expenses,356,464 Operating income,248,387####36,852,392


change reported amounts foreign exchange rates operating results.


outcome foreign exchange rates reported period same prior operating results.


guidance February 1 2024 earnings release Form 8-K. Amazon. expectations uncertainty. results unpredictable affected foreign exchange rates demand spending inflation interest rates labor events growth internet online commerce cloud services technologies Item 1A Part I Factors.


sales $138. $143. billion 8% 13% 2023. 40 points foreign exchange rates. income $8. $12. billion $4. billion 2023. billion lower depreciation expense January 1 2024. no restructurings legal settlements.


exposed market risk interest rate foreign currency. disclosures Item 7 Part II Discussion Financial Condition Results Operations Liquidity Capital Resources.


exposure to risk interest rates investment portfolio debt. long-term debt amortized cost impact financial statements. fair value long-term debt fixed rate with interest rates.


invest excess cash in AAA-rated money market funds short intermediate-term marketable debt securities. fixed interest rates interest rates suffer losses interest. table cash equivalents debt securities cash flows maturity weighted-average interest rates as December 31, 2023 Fair Value December 31, 2023 Money market funds,160 Weighted average interest rate. Corporate debt securities,805 average interest rate. U. S. government agency securities Weighted average interest rate.89 Asset securities average interest rate. 34. 67. 66. 33. 51 Foreign government agency securities average interest rate. 28. Other debt securities average interest rate. 55. 78,144,123 Cash marketable debt securities,919


December 2023 long-term debt $67. 2 billion unsecured senior notes. 8 II Statements 6.


2023 net sales International segment 23% revenues. sales expenses stores Canada Mexico denominated Euros British Pounds Japanese Yen. operations intercompany balances exposed foreign exchange rate fluctuations. consolidation rates net sales results differ gains losses intercompany balances. fluctuations exchange rates International segment net sales increased $88 million.


exchange risk cash securities. $23. 5 billion 5% 10% 20% $1. 2 $2. 3 $4. 7 billion.


foreign exchange risk intercompany balances. 2023 5% 10% 20% losses $320 million $640 million $1. 3 billion.


Item 7 Part II Discussion Financial Condition Results Operations Foreign Exchange exchange rates.


December 31, 2023 equity convertible debt $9. 6 billion. equity investments Rivian represent $5. 7 billion recorded subject market price volatility. adjust price changes. Valuations private complex market data. economic conditions uncertainty. market practicable. See Item 8 Part II Statements Supplementary Data Business Accounting Policies Supplemental.


Report Ernst Young LLP Accounting Firm ID 42 Cash Flows Operations Income Balance Sheets Equity


. Inc


audited consolidated balance sheets Amazon. com. Company December 31, 2023 2022 statements operations income stockholders’ equity cash flows three years notes. statements present financial position December 31, 2023 2022 results operations cash flows U. accounting principles.


audited Public Company Accounting Oversight Board control financial reporting December 31, 2023 Internal Control Framework report February 1 2024 unqualified opinion.


consolidated financial statements responsibility management. opinion audits. public accounting firm registered PCAOB independent. federal securities laws Securities Exchange Commission PCAOB.


conducted audits standards PCAOB. standards require plan audit assurance consolidated financial statements free misstatement fraud. audits included risks misstatement. procedures included examining evidence amounts disclosures. accounting principles estimates management overall presentation. audits provide reasonable basis for opinion.


critical audit matter is from current period audit of consolidated financial statements communicated to audit committee relates to accounts disclosures material challenging complex judgments. communication alter our opinion on financial statements not providing separate opinion.


Notes 1 9 Company subject to income taxes U. S. foreign jurisdictions tax positions tax determination uncertain. judgment evaluating tax positions provision taxes. uses judgment tax merits measuring tax benefit. December 31, 2023 reported liabilities $5. 2 billion tax contingencies. Auditing tax contingencies challenging auditor judgment. evaluation based tax laws legal rulings impacted regulatory changes judicial activity.


Addressed Matter Audit tested controls over process merits tax contingencies tax position measurement benefit positions development disclosures. involved international tax transfer pricing research development tax professionals assessing merits tax positions. procedures included Company’s analysis correspondence tax evaluating facts tax positions. used knowledge international transfer pricing income tax laws evaluate accounting tax contingencies. evaluated developments regulatory environments effects positions decisions. analyzed assumptions accuracy calculations data tax benefits. evaluated income tax disclosures.


served auditor.


December EQUIVALENTS RESTRICTED PERIOD,377,477,253 OPERATING Net income,364,722,425 Adjustments Depreciation amortization property lease assets,433,663 Stock compensation,757,023 Non expense,306),966 Deferred income taxes Changes assets liabilities Inventories,487 Accounts receivable assets,275) Accounts payable,945 Accrued expenses Unearned revenue Net cash,327,752 INVESTING Purchases property equipment,645,729) Proceeds,324 Acquisitions cash non investments,316) Salesmaturities,384,601 Purchases,157)(2,565)(1,488) cash investing FINANCING Common stock repurchased short-term debt,553,129 Repayments(7,753),677 long,003,166 Repayments(1,590)(1,258),676 repayments leases,163)(7,941),384 repayments financing obligations cash,291,718 currency(1,093) cash,900),776,637 CASH EQUIVALENTS PERIOD,477,253,890


consolidated.


Ended December product sales,787,901,887 service sales,898,785 Operating expenses Cost sales,831,739 Fulfillment,111,299,619 Technology infrastructure,052,213,622 Sales marketing,551,238,370 General administrative,891 operating expenses Operating income,879,248 Interest income,949 expense income,633 non income,272,184) taxes,151,557 Benefit taxes,217 Equity-method investment net tax Net income,364,425 earnings share. earnings share.Weighted shares earnings,117 Diluted,296,492


December Net income,364,722,425 income Foreign currency adjustments tax $47 $100 $(55) debt securities gains tax $72 $159 $(110) reclassification adjustment income tax $13 $0 $(15) change tax $0 $0 $(1) income,196),111,168(5,833)


31, Cash,888,387 securities,393 Inventories,318 Accounts receivable,253 assets,351 Property equipment,177 leases Goodwill,789 assets,675 LIABILITIES EQUITY Accounts payable,600,981 Accrued expenses,709 Unearned revenue,227 liabilities lease,297-term debt,314,451 Commitments contingencies equity Preferred stock. 500 no Common stock.100,000 shares 10,757 10,898 issued 10,242,383 outstanding Treasury stock capital,025 income earnings,618 equity liabilities equity,675


Stock Stock Paid Capital Income Earnings Stockholders’ Equity Balance January 1 2021,765,551 Net income,364 income,196) Stock compensation employee benefit plan,672 Balance December 31, 2021,175(1,837),437,245 Net loss,722 income,111 compensation employee benefit plan Common stock repurchased Balance December 31, 2022,066,193 Net income,425 comprehensive income (loss Stock-based compensationemployee benefit plan,960 Balance December 31, 2023,383(7,837),025,618


customer-centric company. consumers sellers developers enterprises creators advertisers employees. consumers online stores selection price convenience. sellers authors publishers musicians filmmakers Twitch streamers publish. developers enterprises AWS on-demand compute storage database machine learning. manufacture sell electronic devices. advertising sellers publishers authors sponsored ads display video advertising.


organized operations North International AWS. 10.


May 27, 2022 20-for-1 stock split increased authorized shares. information Annual Report Form 10-K adjusted split. shares par value $0. 01 per share. equal value increased shares reclassified stock.


prior amounts reclassified current. reclassified receivable consolidated statements cash.


consolidated financial statements Amazon. entities-owned subsidiaries variable interest primary beneficiary India health care seller lending financing. Intercompany balances transactions eliminated.


financial statements GAAP estimates assumptions assets liabilities revenues expenses liabilities. Estimates income taxes lives commitments contingencies intangibles goodwill stock vendor funding inventory collectability receivables property equipment leases investments self-insurance liabilities capitalized video content. results differ. Q4 2023 study six years January 2024 2024 operating income $3. 1 billion. increased life four five January 2022.


year December 31, 2022 recorded $1. 1 billion $720 million fourth quarter impairments property equipment leases stores. operating expense impacted North America. expenses $480 million terminating contracts leases purchase commitments impacted North America.


December 31, 2022 recorded $720 million $640 million fourth quarter severance costs role eliminations. infrastructure impacted North America.


impairment terminating contracts severance costs results 2021 2023.


table shows supplemental cash flow Ended December CASH FLOW interest debt#1,098#2,608 operating leases,633,453 interest finance leases#521#374#308 interest financing obligations#207#196 income taxes refunds,688#6,035,179 Assets acquired leases,369,800,052 Property equipment finance leases remeasurements modifications#7,061#675#642 build-to-suit lease#5,846,187#357 leases operating,158,374


earnings share calculated shares. Diluted earnings calculated dilutive effect stock awards method. net loss stock awards excluded antidilutive.


table diluted shares Ended Shares earnings share,117,189,304 dilutive effect stock awards diluted earnings,296,189,492


Revenue measured consideration reduced return discounts rebates. excludes third parties sales taxes. multiple performance obligations price allocated stand-alone selling price. determine charged expected cost margin.


principal revenue activities


Retail sales offer consumer products online physical stores. Revenue control transferred customer delivery carrier.


Third-party seller services offer programs sellers sell products fulfill orders. not seller record. commissions fulfillment shipping fees recognized services rendered delivery-party carrier customer.


provide sellers vendors publishers authors sponsored ads display video advertising. Revenue clicks.


services sales include fees Prime memberships access video audiobooks music e-books non-AWS services. memberships benefits obligation. paid services. Revenue recognized period.


AWS arrangements global sales compute storage database services. Revenue allocated prices recognized when uses. services fixed quantity term revenue recognized. Sales commissions year capitalized amortized over contract term.


revenue licensing health care shipping co-branded credit card agreements. Revenue licensed distributed services performed.


Return allowances reduce revenue estimated. Liabilities $1. 3 billion. 4 billion December 2021 2022 2023. Additions $5. 5. 2 billion deductions $4. 9. 2. billion 2021 2022 2023. $882 million $948 million $992 million December 2021.


Cost sales purchase price shipping costs sortation delivery digital media content costs video music. Shipping costs included inventory recognized cost sales. Payment processing transaction costs classified “Fulfillment” consolidated statements.


agreements with vendors cooperative marketing promotions incentives volume rebates. amounts reduction prices for goods services cost inventory. Volume rebates depend on purchase thresholds. evaluate likelihood past experience forecasts. estimated record portion rebate threshold.


Fulfillment costs operating North International fulfillment centers stores service centers facilities equipment expenses depreciation rent buying inspecting warehousing inventories packaging preparing orders payment processing inquiries supply chain management electronic devices. third parties.


Technology infrastructure costs include payroll expenses research maintenance stores online infrastructure costs. costs servers networking equipment data center depreciation amortization rent utilities expenses AWS Amazon businesses. reflect investments products services software devices satellite network broadband autonomous vehicles ride-hailing. expensed as incurred.


costs advertising payroll expenses commissions. pay commissions third parties referrals sales. participate cooperative advertising vendors.


costs $16. $20. 6. 3 billion 2021 2022 2023.


expenses corporate functions payroll facilities equipment rent professional fees.


Compensation cost equity stock awards measured fair value grant recognized service period. value stock units determined shares granted quoted price common stock. recognized expense forfeitures accelerated method. 50% grant date fair value expense first year awards. complexity forfeitures. forfeited adjustment compensation expense greater. estimated stock awards judgment recorded cumulative adjustment. forfeitures forfeiture experience employee level. compensation appreciation rights settle cash. awards remeasured fair value until settlement expiration.


operating expense amortization impairments store closures 2022 fulfillment 2023.


income net Ended December 31, equity securities gains,870 Equity warrant gains,315,132 adjustments equity investments companies Foreign currency gains Other net(177) income,633


2022 2023 equity securities gain $(12. 7) billion $797 million investment Rivian Automotive. investment offering 2021 Class A. December 31, 2023 158 million shares stock 16% ownership 15% voting interest. influence Rivian equity investment electric vehicles intellectual property. fair value option equity investment fair value $2. 9 billion $3. 7 billion December 31, 2022 2023. sales restrictions discount marketability $800 million December 31, 2021 expired Q1 2022.


Rivian SEC filings Ended 2021 2022 Months September 30 2023 Revenues,119 profit(1,424) Loss Net loss(4,688) 31, 2022 30 2023 assets,130,086,456 liabilities,424 liabilities,077


Income tax includes U. foreign taxes. foreign subsidiary earnings losses subject. taxation repatriation not. invest foreign subsidiary earnings capital outside. jurisdictions additional costs repatriation.


Deferred income tax balances differences assets liabilities tax bases loss tax credit carryforwards stated tax rates.


Deferred tax assets income taxes future. evaluated for realization reduced by valuation allowance. consider factors recent loss experience future earnings capital gains investment carry-forward periods factors.


two-step approach recognizing uncertain income tax positions. first step tax position evidence sustained audit appeals. second step measure tax benefit largest amount 50% likely settlement. consider factors benefits require adjustments not forecast outcomes. include interest penalties expense.


Fair value price sell asset transfer liability transaction market participants measurement date. hierarchy prioritizes valuation methodologies


Valuations assets liabilities markets.


Level 2 Valuations observable inputs quoted prices Level 1 active markets active other inputs observable market data.


Level 3 Valuations unobservable inputs assumptions. judgment.


measure value funds equity securities prices active markets identical assets. securities valued recent trades inactive market prices data. hold Level 3 assets December 2022 2023.


hold equity warrants acquire. December 2022 2023 $2. 1 billion $2. 2 billion balance gains losses income. Level 2 3 assets.


liquid instruments three cash equivalents.


Inventories first-in first-out valued cost realizable value. valuation disposition returns liquidations recoverable values. inventory valuation allowance $2. 8 billion $3. 0 billion December 31, 2022 2023.


provide Fulfillment Amazon programs. Third-party sellers maintain ownership inventory products not included inventories.


purchase components use contract manufacturers. manage supply enter agreements with manufacturers. non-cancellable purchase commitments. based on forecasted customer demand. reduce incur additional costs. firm commitments products Whole Foods Market stores.


vendors sellers prepaid expenses assets. December 2023 customer $26. 6 billion $34. 1 billion vendor $6. 9 billion $8. 5 billion seller $1. 3. $3. 1. 3 billion. Seller program. Prepaid expenses assets $4. 5 billion $5. 4 billion.


estimate losses receivables. impaired payments collected. allowance doubtful accounts $1. 1. 4. 7 billion December 2021 2022 2023. Additions. 6. 9 billion deductions. 1. 3. 6 billion 2021 2022 2023.


incur software costs sold leased websites. capitalized significant years. costs design maintenance expensed incurred.


Property equipment cost less depreciation amortization. Incentives from costs. Property includes buildings land acquired build-to-suit lease. Equipment includes servers networking heavy equipment equipment. Depreciation amortization recorded estimated lives 40 years four five servers networking equipment ten years heavy equipment three to ten years fulfillment equipment. Depreciation amortization classified operating expense statements operations.


categorize leases twelve months operating or finance. Finance leases asset life. Assets recorded equipment. leases operating. one to ten years equipment twenty years property.


lease contracts include services operations maintenance. leases property account services lease. leases separately allocate payments based estimated prices.


Lease liabilities recognized present value payments reduced landlord incentives discount secured borrowings. assets recognized value reduced incentives costs. improvements capitalized cost amortized life lease term.


option extend terminate before purchase leased asset classification measurement lease. leases include variable payments price indices market interest rates sales physical store expensed as incurred.


Costs operating lease assets recognized operating expenses term lease. Finance lease assets amortized expenses estimated lives. interest finance lease included interest expense recognized method lease term.


establish assets liabilities future costs long-lived assets lease. assets amortized expense liabilities accreted future.


record assets liabilities construction costs build-to-suit lease control. after financing obligation lease. building depreciated life term obligation.


building construction assets liabilities costs derecognized classify lease.


evaluate goodwill indefinite assets impairment annually value. qualitative assessment fair value less carrying quantitative test. compare carrying value estimated fair value less recognize impairment loss. estimate fair value discounted cash flows. Forecasts future cash flows based net sales operating expenses category expansion pricing market segment share economic conditions.


completed units assets April 1, 2023 no impairments. fair value exceeded carrying value. no events. 5 Acquisitions Goodwill Assets.


video music deferred tax acquired intangible assets equity warrant investments satellite deposits affordable housing loans. recognize transactions governments assurance incentives cash tax credits conditions. incentives reductions cost assets expenses.


obtain video music licensing agreements fixed variable payment schedules. license fee available recognize asset liability owed. reduce liability payments made amortize asset to usage straight-line. fee not no liability recorded licensing costs expensed incurred. develop original video content production costs capitalized amortized estimated viewing patterns. life capitalized video content 3. 5 years. review usage viewing patterns amortization reflect changes.


licensed video content monetized film group Amazon Prime memberships. evaluated impairment. costs video music December 31, 2022 2023 $16. 7 billion $17. 4 billion. music $16. 6 billion $18. 9 billion 2023. licensing production digital subscriptions rented content.


invest excess cash AAA funds marketable debt securities. included consolidated balance sheets.


Marketable debt securities available-sale reported fair value unrealized gains losses income. declines value credit losses hold investment until recovery. credit losses recorded income statements.


Convertible notes sale equity investments companies accounted cost equity investments equity accounting balance sheets.


Q3 2023 invested $1. 25 billion Anthropic convertible equity. unrealized gains losses. Level 3 asset. agreement Q1 2024 $2. 75 billion second convertible note. AWS cloud services.


Equity investments in companies accounted at cost adjustments prices impairments income statements. assessment. operating results sales/acquisitions data. If impaired write down to estimated fair value. December 31, 2022 2023 investments $715 million $754 million.


Equity investments accounted fair value influence investee. earnings losses investees amortization gains losses impairments recognized-method investment activity net consolidated statements. evaluate declines fair value below write down investment estimated fair value.


Equity investments values fair value option included balance sheets measured fair value changes income statements operations.


Long-lived assets goodwill indefinite-lived reviewed for impairment carrying not recoverable. Conditions include significant decline in market value change in other adverse change carrying amount not recoverable.


long-lived assets impairment losses recorded recoverable future cash flows. loss difference carrying amount estimated fair value. sale criteria available probable one year reporting. reported cost fair value less costs sell. Assets not significant December 31, 2022 2023.


expenses leases tax current debt payroll unredeemed gift cards self customer marketing digital media operating expenses.


December 2022 2023 payroll $7. billion unredeemed gift cards $5. 4 billion. 3 billion. reduce gift redeemed.


maintain high-deductible third-party insurance self-insure workers’ compensation employee health care benefits general product liability automobile liability third-party transportation. estimate self-insurance liabilities experience frequency costs inflation actuarial assumptions. judgment settlement legal expenses results differ. 2022 increased reserves product automobile liabilities $1. 3 billion North America segment. Increases not material consolidated results December 2021


. self liabilities $4. $6. billion expenses consolidated balance sheets.


Unearned revenue service obligations recognized. prepayments AWS Amazon Prime. unearned revenue December 2022 $16. 1 billion $12. 4 billion 2023 $20. 6 billion. long-term $2. 9 billion $5. 7 billion.


performance obligations AWS future recognized statements. commitments $155. 7 billion December 31, 2023. long-term contracts 4. years. revenue recognition driven customer usage beyond term.


long-term financing unearned revenue asset retirement tax digital video deferred tax.


internationally-focused stores sales expenses denominated local currencies. subsidiaries same local. Assets liabilities translated into. Dollars-end rates revenues expenses translated average rates. Translation adjustments income equity. Transaction gains losses intercompany transactions “Other income consolidated statements. settlement gains $19 million $386 million $(329) million in 2021 2022 2023.


December 2023 Financial Accounting Standards Board issued tax detailed tax rate reconciliation. effective December 15 2024 early adoption prospective retroactive. evaluating tax disclosures.


December 2022 2023 cash equivalents marketable securities AAA money market funds. government securities investment equity securities. securities recorded fair value. table cash equivalents securities hierarchy 31, 2022 Losses Fair Value Level 1 securities Money market funds Equity securities Level 2 Foreign government agency securities.securities,146 Corporate Asset-backed securities debt securities,484,391 Restricted cash marketable securities cash equivalents securities 31, 2023 Unrealized Losses Cash,706 Level 1 securities Money market funds,160 Equity securities 2 Foreign. Corporate debt securities,805 Asset securities Other debt securities,971,283 Restricted cash equivalents marketable securities Total cash equivalents marketable securities,780


unrealized gain income $11.(13. $1. billion 2021 2022 2023.


restrict cash equivalents debt securities collateral real estate sellers debt letters credit. cash debt securities restrictions less twelve months receivable twelve longer non-current. 7 Commitments Contingencies.


table summarizes gains losses marketable debt securities Ended December gains losses


table summarizes maturities cash equivalents debt securities December 31, 2023 Cost Value year,224,159 five ten ten Total,265,919


differ borrowers prepayment conditions.


table cash equivalents restricted cash consolidated balance sheets cash flows 31, 2022 31, 2023 Cash equivalents,888,387 Restricted cash accounts receivable assets Total cash equivalents restricted cash,253,890


Property equipment 31, property equipment Land buildings,650,293 Equipment,039 assets,116 Construction,840 property equipment,288 depreciation amortization,111 property equipment net,177


cost depreciation assets.


Depreciation amortization $22. $24. $30. leases $9. $6. $5. 2021 2022 2023.


entered leases network data center office facilities equipment aircraft vehicles. assets $68. billion $62. 5 billion December 2022. amortization $45. 2 billion $44. 7 billion December 2022.


Lease cost December lease cost,199,847,550 Finance Amortization assets Interest lease liabilities Finance,330,203 Variable lease cost,165 Total lease cost,085,157


lease statements 31, 2022 2023 lease operating. 6 years. 3 years finance. 3 years. 9 years discount rate operating leases. finance.


lease liabilities 31, 2022,273,292 Less imputed interest,233,236),040,783 current(7,458),397 long lease liabilities,386,968 31, 2023 lease liabilities,777,106 Less imputed interest(15,138)(1,997),135),639,109 current,419)(2,032),451) long lease liabilities,220,297


2021 acquired $496 million cash.


MGM Holdings. $6. billion. assumed $2. 5 billion debt. $3. 4 billion video $4. 9 billion goodwill.


2022 acquired companies $141 million cash.


1Life Healthcare. $3. 5 billion health care. $1. 3 billion $2. 5 billion goodwill North America.


2023 acquired immaterial price cash.


results presented 2023 acquisitions not consolidated. Acquisition-related costs expensed not significant.


August 2022 acquire iRobot 2023 $1. 7 billion debt. January 2024 terminate transaction.


goodwill acquired companies related improvements technology functionality sales growth new customers intangible assets. goodwill not deductible tax. goodwill activity 2022 2023 America Goodwill January 1, 2022,758,327,371 New adjustments December 31, 2022,411,288 acquisitions,494,494 adjustments December 31, 2023,126,412,789


includes rates.


Acquired intangible assets valued discounted cash flows. included consolidated balance sheets 31, Intangibles Gross Amortization Average Life Finite-lived intangible assets (2) Marketing-related,407(738). Contract-based,661(813),800,129,671. Technology- content-based. Customer-related. Total finite intangible assets,135,185)(2,395). IPR&D other (3) Total acquired intangibles,282,185)#6,097,082(2,395)#7,687


cost-amortized intangibles.


-lived intangible assets video one twenty-five years amortized expenses.


assets acquired in-process used research development indefinite-lived until completion. determine useful life amortizing assets.


intangibles $512 $604 $706 million 2021 2022 2023. future December 2023 2024 2025 2026 2027 2028


December 31, 2023 $66. billion unsecured senior notes $682 million borrowings secured revolving credit. long-term debt obligations 31, 2022 2023 2014 $6. billion - 2044. 2017 $17. billion - 2057. 2020 $10. billion - 2060. 2021 $18. billion - 2061. 45%. 25%. 2022 $12. billion - 2062. 73%. 2022 $8. billion - 2032. 55%. 70%. 61%. 83% long-term debt Unamortized discount issuance costs


-average 2014, 2017 2020 2021 11. 14. 17. 13. 9 December 31, 2023. combined 12. 7.


Interest Notes payable semi-annually. redeem prices. financial covenants. estimated value $61. 4 billion $60. 6 billion December 2022 2023 quoted prices.


$1. 5 billion secured credit facility seller receivables. until August 2025 Financing Rate. 25% commitment fee. 45% undrawn portion. $1. billion $682 million borrowings December 31, 2022 2023 interest 5. 6% 6. 6%. pledged $1. 2 billion $806 million cash seller receivables collateral. estimated value Level 2.


December 2023 payments long debt 2024,500 2025,286 2026,146 2027,250,250,182


January 2023 $8. billion unsecured 364-day loan maturing January 2024 Secured Overnight Financing Rate. 75%. short-term debt expenses. December 31, 2023 repaid.


U. S. Dollar Euro commercial paper programs issue unsecured paper $20. billion €3. billion maturities days. $6. 8 billion


borrowings Commercial Paper Programs December 31, 2022 interest rate 4. 5%. no borrowings December 31, 2023. net proceeds corporate purposes.


November 2023 entered $15. billion unsecured revolving credit facility lenders replaced March 2022. extends November 2028 terms approved. interest rate benchmark plus 0. 45% commitment fee 0. 03% undrawn portion. no borrowings outstanding December 31, 2022 2023.


November 2023 entered $5. billion unsecured 364-day credit facility replaced November 2022. matures October 2024 364 days approved. interest rate Secured Overnight Financing Rate plus. 45% commitment fee. 03% undrawn portion. no borrowings December 31, 2022 2023.


short-term credit. $1. 2 billion $147 million borrowings December 2022 2023 balance. $6 8 billion unused letters 2023.


summarizes contractual commitments orders December 31, 2023 Ended December Long-term debt principal interest,616,175,404,643,176 lease liabilities,229,156,321,777 lease liabilities,292,369,123,106 Financing obligations,282,641 Leases commenced,979,181 Unconditional purchase obligations,432,484 Other commitments,273,390,125,121,348 Total commitments,345,863,398,266,409


-cancellable data center facilities. obligations $266 million $271 million expenses $6. 7 billion. billion long-term December 31, 2022 2023. term 17. interest rate 3. 1%.


unconditional purchase obligations agreements digital media balance sheets products Whole Foods Market stores. variable estimate obligation minimum quantities pricing reporting date. Purchase obligations renewal content provider. Renewable energy agreements volume not included. renewable energy certificates no.


retirement liabilities digital media agreements estimated rent tenant improvements build-to-suit lease construction. Excludes $5. 2 billion income tax contingencies.


2023 no vendor 10% purchases. long-term contracts payment terms credit limits.


disputing claims denials refunds credits monitoring claims non-income taxes sales value added consumption service jurisdictions. tax controversies include taxability services collection withholding transactions third parties compliance reporting obligations documentation requirements. complexity uncertainty judicial regulatory processes final outcome may different expectations.


involved claims proceedings litigation


November 2015, Eolas Technologies. complaint Amazon. Court Eastern District Texas. suggestions results infringes. Patent. 9,195,507


Hypermedia Method Application Objects. complaint infringement costs attorneys’ fees. 2016, Eolas amended complaint damages. 2017 Amazon $130 million $250 million damages. April 2017 case transferred District Court Northern California. May 2022 judgment patent invalid. June 2022 Eolas appeal. February 2024 Appeals affirmed judgment. dispute.


May 2018 Rensselaer Polytechnic Institute Dynamic Advances Amazon. Northern District New York. Software infringe. Patent. 7,177,798 Language Interface. seeks injunction enhanced royalty interest attorneys’ fees costs. March 2023 Amazon $140 million $267 million damages. dispute defend.


2018 Kove IO. complaint Amazon Web Services. Northern Illinois. Amazon S3 DynamoDB infringe. Patent. 7,814,170 7,103,640 Distributed Tracking,233,978 Location. seeks enhanced fees costs interest injunctive relief. March 2022 case stayed Patent Trademark Office. November 2022 stay lifted. July 2023 Amazon Web $517 million $1. 03 billion damages. dispute.


June 2019 Wilcosky. Amazon. Illinois. litigants filed. Hogan. Amazon. collection biometric Illinois Biometric Information Privacy Act. complaints residents biometric Amazon Photos Alexa AWS Ring Connect Flex driver app virtual try-on. complaints seek class actions damages injunctive relief attorneys’ fees costs interest. dispute defend.


March 2020 Frame-Wilson v. Amazon. litigants. Canada price fixing Amazon. monopolization consumer protection unjust enrichment. Attorneys District Columbia California suits May 2021 September 2022 California. cases. complaints seek billions damages punitive damages injunctive relief civil penalties attorneys’ fees costs. Federal Trade Commission state Attorneys lawsuit September 2023. violations federal antitrust state consumer protection laws. Amazon monopoly online superstores anticompetitive practices pricing advertising. complaint seeks injunctive relief damages costs. motions dismiss granted denied Frame-Wilson March 2022 2023 De Coster v. Amazon. January 2023 California Attorney General’s lawsuit March 2023.courts dismissed pricing policies denied restraint trade. March 2022 DC Superior Court dismissed Attorney General’s lawsuit appeal. dispute defend.


October 2020 Broadband iTV. complaint Amazon. District Court Western District Texas. Amazon Prime Video. Patent. 9,648,388 10,546,750 10,536,751-On System


10,028,026 On-Demand TV 9,973,825 Adjustment Program Guide Viewer Preferences Minimizing Navigation Selection. complaint unspecified damages. April 2022 Broadband iTV Amazon $166 million $986 million damages. September court summary judgment patents invalid. October 2022 appeal. dispute.


July 2021 Luxembourg Commission Data Protection Amazon Europe. personal data EU Data Protection Regulation. fine €746 million practice revisions. decision merit defend.


December 2021 Italian Competition Authority decision Amazon Services. Core EU Italia Services. Italia Logistica. marketplace logistics practices infringe EU competition rules. imposes remedial actions fine €1. 13 billion recover. decision merit defend.


2022 Acceleration Bay complaint Amazon Web Services. Delaware. EC2 CloudFront Lambda Lumberyard Prime Video Twitch GameLift GridMate EKS App Mesh VPC. Patent. 6,701,344 Game,966 Delivery,147,634,910,069 Channel. seeks injunctive relief damages enhanced interest fees costs. dispute defend.


November 2022 LightGuide. complaint Amazon. Eastern District Texas. Nike Intent Detection System infringes. Patent. 7,515,981 9,658,614 10,528,036. seeks damages enhanced attorneys’ fees costs interest injunctive relief. dispute defend.


May 2023 Dialect filed complaint Amazon. Web Services. District Court Eastern District Virginia. Alexa products Echo tablets Alexa infringe. Patent Nos. 7,693,720 9,031,845,006 8,140,327 Filtering Eliminating Noise 8,195,468 9,495,957 Language-Machine 9,263,039. complaint seeks damages enhanced damages attorneys’ fees costs interest injunctive relief. November 2023 court granted motion dismiss complaint dismissed patent. dispute allegations defend.


October 2023 Nokia Technologies filed complaints Amazon. Germany Brazil Unified Patent Court International Trade Commission. complaints Amazon Prime Video infringe patents Freevee Twitch Amazon voice assistants. seek injunctive relief damages enhanced damages attorneys’ fees costs interest declaratory relief. stages preliminary injunctions issued. dispute defend.


claims litigation regulatory patent intellectual property taxes labor employment competition antitrust privacy consumer commercial disputes goods services.


outcomes legal proceedings contingencies unpredictable subject uncertainties material to operating results cash flows. evaluate developments liability previous accruals possible losses make adjustments accruals disclosures appropriate. matters estimate loss immaterial unable estimate loss from non-monetary remedies. Until final resolution if estimates assumptions change incorrect may experience losses excess business financial position results cash flows.


authorized 500 million shares. outstanding year.


shares awards. 5. 6. 8 billion December 2021 2022 2023. vested unvested awards.


March 2022 $10. billion replaced $5. billion 2016. repurchased 46. million shares $6. billion. no repurchases 2021 2023. December 2023 $6. billion remaining.


Employees vest stock awards service two five years. majority granted hire Q2 semi-annually Q2 Q4 year.


Stock compensation expense Ended December 31, sales Fulfillment,745 Technology infrastructure,621,434 Sales marketing,875 General administrative compensation expense,757,023


tax benefits $2. $5. 2021 2023.


table restricted stock activity Units Average January 1 2021. granted. vested. forfeited. December 2021. Units granted. vested. forfeited. December 2022. Units granted. vested. forfeited. December 31, 2023.


vesting restricted stock units December 31, 2023 Ended vesting restricted stock units#218.#124. 7.#405.


2023 $18. 3 billion unrecognized compensation cost unvested stock. half expensed twelve months. years. estimated forfeiture rate December 2021 2022 2023. 1%.


2021 2023 units $18. $12. $17. 6.


December 31, 2023 stock. billion.


2021 2022 2023 net tax $4. $7. taxable income reduced depreciation deductions research expenses. taxes $3. 7 $6. $11. billion.


foreign subsidiary earnings losses. taxation repatriation. tax enhanced depreciation deductions property. 2023 2026. federal tax partial deduction 2021 full 2022 2023. January 1 2022 research development expenses capitalized amortized. tax.


income taxes Ended December 31,. Federal Current,129,175,652 Deferred(6,686) Total,284,147. State Current,158 Deferred,302) Total International Current,209,186 Deferred Total Provision income taxes net,217),120


. international income taxes Ended December 31,.,879(8,225) International,272,289,229 Income before taxes,151(5,936),557


items Ended December taxes rate(1,246) Tax impact foreign earnings losses,349) State taxes federal benefits,307 Tax credits,136(1,006),362) Stock-based compensation(1,094) Foreign income deduction(1,258)(1,429) net Total,217),120


non tax. $1. 9 billion benefits 2021 $33 million $519 million shortfalls 2022 2023.


. companies deduction tax foreign income. Foreign-Derived Intangible Income deduction. taxable income.


generated income tax benefit 2022 2021 pretax income foreign income deduction. offset tax benefits stock-based compensation tax impact foreign earnings losses corporate restructuring. foreign income deduction benefit 2022 tax regulations benefit $655 million.


provision income taxes 2023 2022 pretax income foreign earnings corporate restructuring tax shortfalls stock-based compensation. offset federal research development credits $600 million tax benefit expenditures 2022. federal R&D credit.


invest foreign subsidiary earnings capital indefinitely outside U. S. costs repatriation.


Deferred income tax liabilities. Federal Foreign,796 liabilities expenses,751 Stock compensation,279 Depreciation amortization,114 lease liabilities research development,800 items Tax credits deferred tax assets valuation allowances,374 Deferred tax,788 liabilities Depreciation amortization,454 Operating lease assets,140 Other items deferred tax,197


tax assets effects contingencies.


deferred tax assets income jurisdictions capital gains tax credits.


valuation allowances foreign deferred tax assets operating loss carryforwards December 31, 2023. $10. 2 billion before tax subject limitations. losses expire 2024.


subject to income taxes U. S. foreign jurisdictions. judgment tax positions provision. transactions calculations tax determination uncertain. establish reserves for tax uncertainties additional taxes. positions. adjust reserves changing facts tax audits. provision taxes includes impact reserve provisions changes reserves.


reconciliation income tax contingencies 31, January 1,242 increases decreases(172)(38) increases current Settlements tax authorities(60)(20) Lapse statute limitations(74)(28)(79) contingencies December 31,242,228


December 2023 $5. billion tax contingencies. billion tax.


December 2022 2023 accrued interest penalties $103 $194 million. 2021 2023 $28 million $ million $91 million.


under examination Internal Revenue Service 2016. examinations lead taxes net operating losses years subsequent periods.


subject taxation states jurisdictions China France Germany India Japan Luxembourg United Kingdom. under audit assessments 2011. disputing tax assessments allocation income.


September 2022 Luxembourg tax denied tax intangible assets distributed Luxembourg U. S. 2021. assessed remit taxes. defend recoup taxes.


Indian tax authority tax applies cloud services Amazon U. S. remit taxes until resolved. position merit defending expect recoup taxes. resolved recognize tax expense taxes paid.


October 2014, European Commission Luxembourg corporate income tax state aid. October 4, 2017. estimated recovery €250 million May 2006 June 2014, ordered calculate additional taxes. Luxembourg computed recovery deposited escrow March 2018 appeals. December 2017 Luxembourg appealed. May 2018. May 12, 2021 General Court annulled state aid decision. July 2021 Commission appealed Court Justice. December 2023 affirmed decision.


Changes in tax laws regulations practices principles impact tax contingencies. complexities uncertainties judicial timing resolution tax controversies uncertain amounts paid may differ from accrued. possible next twelve months receive additional assessments resolution controversies. assessments settlements contingencies tax filings. change vary timing. estimate possible outcomes.


organized operations three segments North America International AWS. allocate operating expenses infrastructure marketing based usage reflected. majority technology costs U. S. North America AWS segments. infrastructure costs allocated AWS. no internal revenue transactions between segments. chief reviews consolidated sales expenses income by segment. expenses include sales infrastructure marketing administrative. manages forecasts consolidated results quarterly.


North America segment retail sales advertising subscription services stores. includes export sales.


International segment from retail sales advertising subscription services online stores. includes export sales U. S. Mexico excludes North America stores.


AWS segment compute storage database start-ups enterprises institutions.


reportable segments net income Ended December North Net sales,880 expenses income,271,877 Net sales,787,007,200 expenses,856 loss(7,746)(2,656) Net sales,202,757 expenses,670,255,126 income,532 Net sales,785 expenses income,879,248 non-operating income,272,184) Benefit income taxes,217,120 Equity-method investment activity net tax Net income (loss,364,722,425


Net sales similar products Ended December Sales Online stores,004 Physical stores,075,963,030 Third-party services,366 Advertising services,160,739 Subscription services,768,218,209,202,757,176,247 Consolidated#469,822#513,983,785


product sales digital media content revenue. retail infrastructure consumable goods media products physical digital books videos software. digital products. subscriptions unlimited viewing services.


product sales select store. Sales online delivery pickup stores stores.


commissions shipping fees services.


services sellers vendors publishers authors sponsored ads.


fees Amazon Prime video music-book non-AWS services.


sales licensing health care shipping co-branded credit card agreements.


Net sales countries online physical stores selling entity. Ended December United States#314,006,113,637 Germany,326,598,588 United Kingdom Japan,396,002 Rest world,802,967 Consolidated#469,822#513,983,785


segment assets exclude corporate cash securities long investments facilities goodwill assets tax. Technology infrastructure allocated majority AWS segment. assets 31, North America,255,268 International,666,718 AWS,835,491 Corporate,476,250,574 Consolidated,549,675


America International property equipment leases inventory accounts digital.


assets property equipment accounts leases.


Property equipment 31, North America,640,632 International,347,357 AWS,245,701 Corporate,678,968,487 Consolidated,281,177


net additions property equipment segment Ended December 31, North America,397,682 International,259,144 AWS,755 Corporate,688 Consolidated,836,344


property leases. $422 $525 2021 2023 build-to-suit lease $5. billion $356 million.


leases. $253 million $117 million 2021 build-suit $51 million $20 $1 million.


. property leases $155. $180. $196. December 31, 2021 2022 2023 non. $61. $72. $80. 7 billion December 31, 2021 2022 2023. less 10% consolidated.


Depreciation amortization property allocated segments usage. Total expense segment Ended December 31, North America,234,565,678 International,016 AWS,653 Consolidated,909,225


Disagreements Financial Disclosure


carried evaluation Securities Exchange Act 1934 principal executive financial officer effectiveness disclosure controls procedures Rule 13a-15(e) 1934 Act December 31, 2023. concluded 2023 disclosure controls procedures effective information reports 1934 Act recorded processed summarized reported time periods SEC’s rules forms information accumulated communicated management timely decisions disclosure.


Management internal control financial reporting Rule 13a-15(f) 1934 Act. assessed December 31, 2023 Internal Control Integrated Framework (2013) Sponsoring Organizations Treadway Commission. concluded effective assurance reliability preparation financial statements accounting principles. Ernst & Young assessed report included.


no changes in control financial reporting quarter December 31, 2023.


disclosure controls internal control financial reporting provide assurance achieving objectives. Management expect prevent error fraud. control system assumptions reasonable not assurance objectives met. no evaluation absolute assurance misstatements error fraud control issues fraud detected.


. Inc


audited Amazon. control financial reporting December 31, 2023 Control-Integrated Framework Sponsoring Organizations Treadway Commission COSO. Amazon. maintained control reporting 2023.


audited Public Company Accounting Oversight balance sheets December 2023 2022 statements income stockholders’ equity cash flows three years 2023 report February 1 unqualified opinion.


management responsible internal control financial reporting Management’s Report. opinion control based audit. public accounting firm registered PCAOB independent U. S. federal securities laws rules Securities and Exchange Commission PCAOB.


conducted audit PCAOB. standards require plan assurance internal control financial reporting.


audit included understanding internal control financial reporting risk material weakness testing effectiveness procedures necessary. audit provides basis opinion.


internal control over financial reporting assurance reliability financial reporting preparation financial statements for accounting principles. includes policies procedures maintenance records transactions dispositions assets assurance transactions recorded necessary preparation financial statements receipts expenditures with authorizations management directors assurance prevention of unauthorized acquisition use disposition assets financial statements.


limitations internal control financial reporting prevent misstatements. projections effectiveness future risk controls compliance policies deteriorate.


November 2023 Jonathan Rubinstein plan Rule sell 22,953 shares Amazon. February 9 2026.


November 2023 Douglas Herrington CEO plan sell 130,162 shares Amazon. December 31, 2024.


November 8 2023 Jeffrey Bezos plan Rule sell 50,000,000 Amazon. January 31, 2025.


November Shelley Reynolds Vice President plan Rule sell 11,200 shares Amazon. November 2024.


November 2023 David Zapolsky Vice President plan Rule sell 48,480 shares Amazon. December 31, 2024.


November 16 2023 Andrew Jassy plan Rule sell 190,900 shares Amazon. December 31, 2024.


November 2023 Brian Olsavsky Vice plan Rule sell 31,400 shares Amazon. May 28, 2024.


November 2023 Judith McGrath plan Rule sell 5,760 shares Amazon. March 8 2024.


Executive Officers Item 10 Part III Item 1 Part I. Item 10 Part III changes security holders nominees Proxy Statement 2024 Annual Meeting incorporated. Code Business Conduct Ethics compliance Section 16(a 1934 Act Proxy Statement 2024 Annual Meeting incorporated. disclose amendments Code Business Conduct Ethics waivers investor relations website “Corporate.


11 Part III Proxy Statement 2024 Meeting incorporated.


Ownership Owners Shareholder


12 Part III Proxy Statement 2024 Meeting incorporated.


13 Part III Proxy Statement 2024 Meeting incorporated.


14 Part III Proxy Statement 2024 Meeting incorporated.


List Documents Filed Report


Index Statements


Ernst Young Accounting


Cash Flows three years December


Statements Operations three years December


Statements Comprehensive Income three years


Statements Equity three years December


Financial Statement


schedules omitted required information consolidated statements notes.


exhibits.


Exhibits. Certificate Incorporation Amazon. Form 8-K May 27, 2022. Bylaws Amazon. January 6 2023. November 29, 2012, Amazon. Wells Fargo Bank trustee. Indenture April 13, 2022 Amazon. Wells Fargo Bank Computershare Trust Company successor trustee 2. 730% 2024 3. 000% 2025. 300% 2027. 450% 2029. 600% 2032. 950% 2052 4. 100% 2062 April 13, 2022. Certificate Amazon. December 5 2014, 2. 600% 2019 3. 300% 2021. 800% 2024. 800% 2034. 950% 2044 December. Certificate Amazon. August 22, 2017 1. 900% 2020 2. 400% 2023. 800% 2024.150% 2027 3. 875% 2037 4. 050% 2047 4. 250% 2057 Form 8-K August 22,. Certificate Amazon. December 20 2017 5. 200% 2025. 6 Certificate Amazon. June 3 2020 0. 400% 2023. 800% 2025 1. 200% 2027. 500% 2030 2. 500% 2050 2. 700% 2060. 7 Certificate Amazon. May 12 2021 0. 250% 2023. 450% 2024 1. 000% 2026. 650% 2028 2. 100% 2031. 875% 2041 3. 100% 2051. 250% 2061. Certificate Amazon. December 1 2022 4. 700% 2024 4. 600% 2025 4. 550% 2027. 650% 2029. 700% 2032.Securities Annual Report Form 10-K December 31, 2019. Stock Incentive Plan Quarterly Report Form 10-Q June 30 2022. Nonofficer Employee Stock Option Plan 2022. Indemnification Agreement Amazon. Directors Exhibit 10. Registration Statement Form S-1. March 24 1997 April 21,. Restricted Stock Unit Agreement Officers Employees Annual Report 10-K 2002. Restricted Stock Agreement Directors. Restricted Stock Agreement Annual Report 10-K 2001. Global Restricted Stock Unit Agreement Executive Officers. Loan Agreement January 3 2023 Amazon. Toronto Dominion lenders Report Form 8-K 2023.-Year Revolving Credit Agreement November 1 2023 Amazon. Citibank.agent lenders party Current Report Form 8-K November 1 2023. Revolving Credit Agreement November 1 2023 Amazon. Citibank. lenders Form 8-K. Significant Subsidiaries. Independent Public Accounting Firm. Andrew R. Jassy President Chief Executive Amazon. Rule Securities Exchange Act 1934. Brian T. Olsavsky Senior Vice President Chief Financial Officer. Securities Exchange Act 1934. 18. 1350. Brian. Olsavsky. 18. Section 1350. Clawback Policy. financial statements Annual Report Form 10-K December 31, 2023 Consolidated Statements Cash Flows Operations Comprehensive Income Balance Sheets Stockholders’ Equity Notes Financial Statements.Item 601 Regulation S-K filed Annual 10-K instruments rights long-term debt securities exceed 10 percent assets. furnish agreements Commission. cover page Annual Report 10-K December 31, 2023 Inline XBRL Exhibit 101.


Compensation.


Section 13 Securities Exchange Act 1934 registrant Report signed undersigned February 1 2024. Andrew. Jassy. Chief Executive Officer


Securities Exchange Act 1934 Report signed February 1 2024. Andrew R. Jassy. Chief Executive Officer Brian T. Olsavsky. Vice President Shelley L. Reynolds. President Controller Jeffrey P. Bezos. Chair Keith. Alexander. Edith. Cooper. Jamie. Gorelick. Daniel P. Huttenlocher. Judith. McGrath. Indra. Nooyi. Jonathan. Rubinstein. Brad D. Smith. Patricia. Stonesifer. Wendell P. Weeks.


Berkshire Hathaway Inc. holding company subsidiaries activities. important insurance freight transportation utility energy generation distribution. owns operates businesses manufacturing services retailing. domiciled Delaware headquarters Omaha Nebraska.


Berkshire’s businesses. few centralized functions. senior management team capital investment activities selection Chief Executive.


senior management corporate governance practices. Board of Directors successor Chief Executive Officer. Berkshire Code of Business Conduct Ethics commitment ethics compliance laws standards ethical legal behavior.


Human capital resources Berkshire’s businesses. employed 396,500 people worldwide 2023 80% United States. 20% represented unions. Employees occupations. decentralized management businesses policies practices attraction retention personnel. policies vary among subsidiaries. safe work environment injuries competitive compensation health insurance retirement benefits incentives wellness programs training learning career advancement opportunities hiring practices diversity inclusion. workforce demographics. available website. sustainability.


Berkshire’s insurance reinsurance through domestic foreign subsidiaries. provide property casualty life health worldwide. employed 43,000 2023. insurance insurers.


direct insurance insurer assumes loss from subject. property casualty life accident health financial perils insurable event. reinsurance assumes risks assumed.


Insurance reinsurance regulatory oversight. no barriers. Competitors domestic foreign licensed unlicensed. reliability financial ratings service business ethics price performance capacity policy terms coverage.


Insurers U. S. states domicile. state regulation financial solvency policyholder interests. States establish capital guidelines business investment activities suspend revoke authority. regulate dividends transactions with affiliates.


Insurers market sell service admitted insurers. approval policy forms premium rates. Non-admitted insurance markets insurance unavailable insurers. insurance procured state-licensed brokers direct procurement insurers. insurance less regulation policy rates forms. Reinsurers approval premium rates reinsurance contracts.


insurance regulators National Association Insurance Commissioners. adopts forms accounting procedures. insurers statements. insurer’s authority. NAIC accounting principles laws regulations programs. solvency risk management financial capital reporting.