COUPANG, INC., 10-Q filed on 11/8/2023
Quarterly Report
v3.23.3
Cover - shares
 9 Months Ended
Sep. 30, 2023
Nov. 02, 2023
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
Document Transition Report false  
Entity File Number 001-40115  
Entity Registrant Name COUPANG, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 27-2810505  
Entity Address, Address Line One 720 Olive Way  
Entity Address, Address Line Two Suite 600  
Entity Address, City or Town Seattle  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 98101  
City Area Code 206  
Local Phone Number 333-3839  
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share  
Trading Symbol CPNG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001834584  
Common class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,612,984,509
Common class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   174,802,990
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Total net revenues $ 6,183,555 $ 5,101,334 $ 17,821,974 $ 15,255,841
Cost of sales 4,617,768 3,867,446 13,312,472 11,824,754
Operating, general and administrative 1,478,303 1,156,468 4,167,601 3,626,515
Total operating cost and expenses 6,096,071 5,023,914 17,480,073 15,451,269
Operating income (loss) 87,484 77,420 341,901 (195,428)
Interest income 50,237 15,403 123,728 26,301
Interest expense (13,295) (6,485) (34,386) (19,996)
Other (expense) income, net (7,776) 11,224 (19,556) 2,485
Income (loss) before income taxes 116,650 97,562 411,687 (186,638)
Income tax expense 25,350 6,883 84,340 7,468
Net income (loss) $ 91,300 $ 90,679 $ 327,347 $ (194,106)
Net income (loss) attributable to Class A and Class B common stockholders per share:        
Net income (loss) attributable to Class A and Class B common stockholders per share, basic (in dollars per share) $ 0.05 $ 0.05 $ 0.18 $ (0.11)
Net income (loss) attributable to Class A and Class B common stockholders per share, diluted (in dollars per share) $ 0.05 $ 0.05 $ 0.18 $ (0.11)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:        
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, basic (in shares) 1,784,363 1,767,275 1,779,606 1,762,465
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, diluted (in shares) 1,808,311 1,790,941 1,801,006 1,762,465
Net retail sales        
Total net revenues $ 5,314,683 $ 4,540,393 $ 15,659,829 $ 13,577,665
Net other revenue        
Total net revenues $ 868,872 $ 560,941 $ 2,162,145 $ 1,678,176
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 91,300 $ 90,679 $ 327,347 $ (194,106)
Other comprehensive (loss) income:        
Foreign currency translation adjustments, net of tax (25,552) (52,758) (53,232) (54,717)
Actuarial gain (loss) on defined severance benefits, net of tax 1,253 243 (7,575) 38,250
Total other comprehensive loss (24,299) (52,515) (60,807) (16,467)
Comprehensive income (loss) $ 67,001 $ 38,164 $ 266,540 $ (210,573)
v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 4,857,920 $ 3,509,334
Restricted cash 400,255 176,316
Accounts receivable, net 285,081 184,463
Inventories 1,640,567 1,656,851
Prepaids and other current assets 245,868 303,166
Total current assets 7,429,691 5,830,130
Long-term restricted cash 2,435 1,624
Property and equipment, net 2,200,638 1,819,945
Operating lease right-of-use assets 1,484,273 1,405,248
Long-term lease deposits and other 445,732 455,956
Total assets 11,562,769 9,512,903
Liabilities and stockholders' equity    
Accounts payable 4,616,045 3,622,332
Accrued expenses 311,886 298,869
Deferred revenue 85,529 92,361
Short-term borrowings 232,094 175,403
Current portion of long-term debt 382,430 128,936
Current portion of long-term operating lease obligations 351,025 325,924
Other current liabilities 526,765 418,681
Total current liabilities 6,505,774 5,062,506
Long-term debt 527,711 537,880
Long-term operating lease obligations 1,295,117 1,233,680
Defined severance benefits and other 305,790 264,924
Total liabilities 8,634,392 7,098,990
Contingencies (Note 11)
Stockholders' equity    
Class A common stock, $0.0001 par value, 10,000,000 shares authorized, 1,611,084 and 1,597,804 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively; Class B common stock, $0.0001 par value, 250,000 shares authorized, 174,803 shares issued and outstanding as of September 30, 2023 and December 31, 2022 179 177
Additional paid-in capital 8,401,998 8,154,076
Accumulated other comprehensive (loss) income (58,588) 2,219
Accumulated deficit (5,415,212) (5,742,559)
Total stockholders' equity 2,928,377 2,413,913
Total liabilities and stockholders' equity $ 11,562,769 $ 9,512,903
v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares
shares in Thousands
Sep. 30, 2023
Dec. 31, 2022
Common class A    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, shares issued (in shares) 1,611,084 1,597,804
Common stock, shares outstanding (in shares) 1,611,084 1,597,804
Common class B    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 250,000 250,000
Common stock, shares issued (in shares) 174,803 174,803
Common stock, shares outstanding (in shares) 174,803 174,803
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Class A and Class B common stock
Additional paid-in capital
Accumulated other comprehensive (loss) income
Accumulated deficit
Beginning balance at Dec. 31, 2021 $ 2,175,957 $ 175 $ 7,874,038 $ (47,739) $ (5,650,517)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options   2 14,996    
Equity-based compensation     191,584    
Foreign currency translation adjustments, net of tax (54,717)     (54,717)  
Actuarial gain (loss) on defined severance benefits, net of tax 38,250     38,250  
Net income (loss) (194,106)       (194,106)
Ending balance at Sep. 30, 2022 2,171,966 $ 177 8,080,618 (64,206) (5,844,623)
Beginning balance (in shares) at Dec. 31, 2021   1,754,203      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net issuance of common units, equity-based compensation plan (in shares)   7,382      
Issuance of common stock upon settlement of restricted stock units (in shares)   7,358      
Ending balance (in shares) at Sep. 30, 2022   1,768,943      
Beginning balance at Jun. 30, 2022 2,068,096 $ 177 8,014,912 (11,691) (5,935,302)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options     2,631    
Equity-based compensation     63,075    
Foreign currency translation adjustments, net of tax (52,758)     (52,758)  
Actuarial gain (loss) on defined severance benefits, net of tax 243     243  
Net income (loss) 90,679       90,679
Ending balance at Sep. 30, 2022 2,171,966 $ 177 8,080,618 (64,206) (5,844,623)
Beginning balance (in shares) at Jun. 30, 2022   1,765,117      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net issuance of common units, equity-based compensation plan (in shares)   1,204      
Issuance of common stock upon settlement of restricted stock units (in shares)   2,622      
Ending balance (in shares) at Sep. 30, 2022   1,768,943      
Beginning balance at Dec. 31, 2022 2,413,913 $ 177 8,154,076 2,219 (5,742,559)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options     7,825    
Issuance of common stock upon settlement of restricted stock units   2 (1)    
Equity-based compensation     240,098    
Foreign currency translation adjustments, net of tax (53,232)     (53,232)  
Actuarial gain (loss) on defined severance benefits, net of tax (7,575)     (7,575)  
Net income (loss) 327,347       327,347
Ending balance at Sep. 30, 2023 2,928,377 $ 179 8,401,998 (58,588) (5,415,212)
Beginning balance (in shares) at Dec. 31, 2022   1,772,607      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net issuance of common units, equity-based compensation plan (in shares)   3,511      
Issuance of common stock upon settlement of restricted stock units (in shares)   9,769      
Ending balance (in shares) at Sep. 30, 2023   1,785,887      
Beginning balance at Jun. 30, 2023 2,775,477 $ 178 8,316,100 (34,289) (5,506,512)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock upon exercise of stock options     2,104    
Issuance of common stock upon settlement of restricted stock units   1 (1)    
Equity-based compensation     83,795    
Foreign currency translation adjustments, net of tax (25,552)     (25,552)  
Actuarial gain (loss) on defined severance benefits, net of tax 1,253     1,253  
Net income (loss) 91,300       91,300
Ending balance at Sep. 30, 2023 $ 2,928,377 $ 179 $ 8,401,998 $ (58,588) $ (5,415,212)
Beginning balance (in shares) at Jun. 30, 2023   1,781,269      
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net issuance of common units, equity-based compensation plan (in shares)   914      
Issuance of common stock upon settlement of restricted stock units (in shares)   3,704      
Ending balance (in shares) at Sep. 30, 2023   1,785,887      
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income (loss) $ 327,347 $ (194,106)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 197,816 174,063
Provision for severance benefits 117,243 124,056
Equity-based compensation 240,098 191,584
Non-cash operating lease expense 247,938 231,333
Other 99,594 56,536
Change in operating assets and liabilities:    
Accounts receivable, net (114,032) (39,325)
Inventories (86,692) (288,761)
Other assets (65,268) (273,554)
Accounts payable 1,235,365 163,508
Accrued expenses 15,400 (6,359)
Other liabilities (172,116) (154,012)
Net cash provided by (used in) operating activities 2,042,693 (15,037)
Investing activities    
Purchases of property and equipment (662,273) (703,074)
Proceeds from sale of property and equipment 12,461 10,600
Other investing activities (13,898) (25,979)
Net cash used in investing activities (663,710) (718,453)
Financing activities    
Proceeds from issuance of common stock, equity-based compensation plan 7,826 14,998
Proceeds from short-term borrowings and long-term debt 416,508 543,185
Repayment of short-term borrowings and long-term debt (63,654) (337,071)
Net short-term borrowings and other financing activities 1,222 5,377
Net cash provided by financing activities 361,902 226,489
Effect of exchange rate changes on cash and cash equivalents, and restricted cash (167,549) (243,132)
Net increase (decrease) in cash and cash equivalents, and restricted cash 1,573,336 (750,133)
Cash and cash equivalents, and restricted cash, as of beginning of period 3,687,274 3,810,347
Cash and cash equivalents, and restricted cash, as of end of period $ 5,260,610 $ 3,060,214
v3.23.3
Basis of Presentation and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
The accompanying unaudited condensed consolidated financial statements of Coupang, Inc. (“Coupang”) together with its wholly-owned subsidiaries (collectively, “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates.
The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2022 Form 10-K.
Recent Accounting Pronouncements Adopted
In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations.” The standard requires entities that use supplier finance programs to make disclosures about the key terms of the program, the balance sheet presentation of the related amounts and disclose the amounts outstanding, including providing a rollforward of such amounts. The adoption of the ASU in the first quarter resulted in incremental disclosures in our condensed consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for fiscal years beginning after December 15, 2023.
v3.23.3
Net Revenues
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Net Revenues Net Revenues
Details of total net revenues were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Net retail sales$5,314,683 $4,540,393 $15,659,829 $13,577,665 
Third-party merchant services708,508 447,868 1,732,240 1,414,768 
Other revenue160,364 113,073 429,905 263,408 
Total net revenues$6,183,555 $5,101,334 $17,821,974 $15,255,841 
This level of revenue disaggregation takes into consideration how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Net retail sales are recognized from online product sales to consumers. Third-party merchant services represent commissions, advertising, logistics and fulfillment fees earned from merchants that sell their products through our online business, and delivery fees from restaurants. Other revenue includes revenue earned from our Rocket WOW membership program and various other offerings.
Contract liabilities consist of payments in advance of delivery and customer loyalty credits, which are included in deferred revenue on the condensed consolidated balance sheets. We recognized revenue of $89 million and $82 million for the nine months ended September 30, 2023 and 2022, respectively, primarily related to payments in advance of delivery which were included in deferred revenue on the consolidated balance sheets as of the beginning of the respective years.
v3.23.3
Segment Reporting
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We own and operate a retail business that primarily serves the Korean retail market. The Chief Operating Decision Maker (“CODM”) is our Chief Executive Officer. We have two operating and reportable segments: Product Commerce and Developing Offerings. These segments are based on how the CODM manages the business, allocates resources, makes operating decisions and evaluates operating performance.
Product Commerce primarily includes core Korean retail (owned inventory) and marketplace offerings (third-party merchants) and Rocket Fresh, our fresh grocery category offering, as well as advertising products associated with these offerings. Revenues from Product Commerce are derived primarily from online product sales of owned inventory to customers in Korea, commissions, and
logistics and fulfillment fees earned from merchants that sell products through our mobile application and website, and from Rocket WOW membership.
Developing Offerings primarily includes more nascent offerings and services, including Coupang Eats, our restaurant ordering and delivery service in Korea, Coupang Play, our online content streaming service in Korea, fintech, our retail operations in Taiwan, as well as advertising products associated with these offerings. Revenues from Developing Offerings are primarily generated from online restaurant ordering and delivery services in Korea and retail operations in Taiwan.
Our segment operating performance measure is segment adjusted EBITDA. Segment adjusted EBITDA is defined as income (loss) before income taxes for a period before depreciation and amortization, equity-based compensation expense, interest expense, interest income, and other income (expense), net. Segment adjusted EBITDA also excludes impairments and other items that we do not believe are reflective of our ongoing operations.
We generally allocate operating expenses to the respective segments based on usage. The CODM does not evaluate segments using asset information and, accordingly, we do not report asset information by segment.
Results of operations for the reportable segments and reconciliation to income (loss) before income taxes is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Net revenues
Product Commerce$5,966,027 $4,947,174 $17,305,966 $14,760,758 
Developing Offerings217,528 154,160 516,008 495,083 
Total net revenues$6,183,555 $5,101,334 $17,821,974 $15,255,841 
Segment adjusted EBITDA
Product Commerce$399,494 $239,222 $1,095,461 $339,939 
Developing Offerings(160,822)(44,303)(315,646)(169,720)
Total segment adjusted EBITDA$238,672 $194,919 $779,815 $170,219 
Reconciling items:
Depreciation and amortization$(67,393)$(54,424)$(197,816)$(174,063)
Equity-based compensation(83,795)(63,075)(240,098)(191,584)
Interest expense(13,295)(6,485)(34,386)(19,996)
Interest income50,237 15,403 123,728 26,301 
Other (expense) income, net(7,776)11,224 (19,556)2,485 
Income (loss) before income taxes$116,650 $97,562 $411,687 $(186,638)
v3.23.3
Equity-based Compensation Plans
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Equity-based Compensation Plans Equity-based Compensation Plans
Restricted Stock Units (“RSU”s)
RSU activity for the nine months ended September 30, 2023 is as follows:
Outstanding RSUs
(in thousands, except unit price)Number of RSUsWeighted Average Grant-
Date Fair Value
December 31, 202235,178 $19.29 
Granted23,760 $16.36 
Vested(9,769)$20.19 
Forfeited / cancelled(3,728)$20.41 
September 30, 202345,441 $17.47 
Equity-based Compensation Expense
The following table presents the effects of equity-based compensation in the condensed consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Cost of sales$3,567 $3,996 $10,482 $11,868 
Operating, general and administrative80,228 59,079 229,616 179,716 
Total$83,795 $63,075 $240,098 $191,584 
v3.23.3
Defined Severance Benefits
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Defined Severance Benefits Defined Severance Benefits
The following table provides the components of net periodic benefit costs and the portion of these costs charged to expense:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)
2023202220232022
Current service costs$36,183 $33,066 $103,935 $109,722 
Interest cost3,749 2,446 10,422 5,777 
Amortization of:
Prior service credit817 810 2,473 2,582 
Net actuarial loss392 298 413 5,975 
Net periodic benefit cost$41,141 $36,620 $117,243 $124,056 
v3.23.3
Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesOur tax provision from income taxes for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment. No income tax benefit was accrued for jurisdictions where we anticipate incurring a loss during the full fiscal year as the related deferred tax assets were fully offset by a valuation allowance. Our resulting effective tax rate differs from the applicable statutory rate, primarily due to the valuation allowance against its deferred tax assets, tax credits, the inclusion of the global intangible low-taxed income (GILTI) provisions and other permanent differences.
v3.23.3
Net Income (Loss) per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Net Income (Loss) per Share Net Income (Loss) per ShareWe compute net income (loss) per share using the two-class method required for multiple classes of common stock and participating securities. As the liquidation and dividend rights are identical, the undistributed earnings or loss are allocated on a proportionate basis to each class of common stock, and the resulting basic and diluted net income (loss) per share attributable to common stockholders are therefore the same for Class A and Class B common stock on both an individual and a combined basis. Basic net income (loss) per share is computed using the weighted-average number of shares of Class A and Class B common stock outstanding during the period. Diluted net income (loss) per share is computed using the weighted-average number of shares of Class A and Class B common stock and potentially dilutive Class A and Class B potential common shares outstanding during the period.
The following table presents the calculation of basic and diluted net income (loss) per share:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share amounts)
2023202220232022
Numerator:
Net income (loss)$91,300 $90,679 $327,347 $(194,106)
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic1,784,363 1,767,275 1,779,606 1,762,465 
Dilutive effect of equity compensation awards23,948 23,666 21,400 — 
Diluted1,808,311 1,790,941 1,801,006 1,762,465 
Net income (loss) attributable to Class A and Class B common stockholders per share:
Basic$0.05 $0.05 $0.18 $(0.11)
Diluted$0.05 $0.05 $0.18 $(0.11)
Anti-dilutive shares (rounded)2,000 6,000 4,000 25,000 
v3.23.3
Fair Value Measurement
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP established a hierarchy framework to classify the fair value measurement into one of the three levels based on the observability of significant inputs to the measurement.
The following table summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:
(in thousands)ClassificationMeasurement LevelSeptember 30, 2023December 31, 2022
Financial assets
Cash deposits(1)
Cash and cash equivalentsLevel 1$4,857,920 $3,509,334 
Cash and time depositsRestricted cashLevel 1$320,341 $99,730 
Money market trustRestricted cashLevel 1$79,914 $76,586 
Time depositsOther current assetsLevel 1$35,321 $17,754 
Cash and time depositsLong-term restricted cashLevel 1$2,435 $1,624 
(1)Cash deposits includes bank deposits, money market trusts and time deposits. The carrying value approximates fair value because maturities are less than three months.
v3.23.3
Supplemental Financial Information
 9 Months Ended
Sep. 30, 2023
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Financial Information Supplemental Financial Information
Supplemental Disclosure of Cash flow Information
Nine Months Ended September 30,
(in thousands)20232022
Supplemental disclosure of cash flow information
Cash paid for income taxes, net of refunds$49,191 $2,851 
Cash paid for interest$20,418 $17,142 
Cash paid for the amount used to measure the operating lease liabilities$325,381 $273,485 
Operating lease assets obtained in exchange for lease obligations$321,476 $355,149 
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations$76,823 $4,637 
Non-cash investing and financing activities
Increase (decrease) in property and equipment-related accounts payable$13,585 $(72,052)
Supplier Financing Arrangements
We have agreements with third-party financial institutions to facilitate participating vendors’ and suppliers’ ability to settle payment obligations from us to designated third-party financial institutions. Participating vendors and suppliers may, at their sole discretion, settle obligations prior to their scheduled due dates at a discounted price to the participating financial institutions. The invoices that have been confirmed as valid under the program require payment, in full, based on the original standard invoice terms. Confirmed invoices owed to financial institutions under these programs are included within accounts payable and were $431 million and $337 million as of September 30, 2023 and December 31, 2022, respectively. Coupang or the financial institutions may terminate the agreement upon given notice.
Fulfillment Center Fire
In June 2021, a fire extensively damaged our Deokpyeong fulfillment center (“FC Fire”) resulting in a loss of the inventory, building, equipment, and other assets at the site.
While we are insured on property losses from the FC Fire, investigations surrounding the fire continue. In September 2023 we received an additional refundable insurance cash advance payment of $59 million. We previously received a refundable cash advance payment in December 2022. We have recorded these refundable advances within other current liabilities when received and have not recognized any insurance benefit in our consolidated statements of operations to date. Whether and to what extent the advances will become non-refundable or additional proceeds will be received is currently unknown.
Accumulated Other Comprehensive (Loss) Income
Accumulated other comprehensive (loss) income includes all changes in equity during a period that have yet to be recognized in income. The major components are foreign currency translation adjustments and actuarial gains (losses) on our defined severance benefits. As of September 30, 2023 and December 31, 2022, the ending balance in accumulated other comprehensive (loss) income related to foreign currency translation adjustments was $(8) million and $45 million, respectively, and the amount related to actuarial losses on defined severance benefits was $(51) million and $(43) million, respectively.
v3.23.3
Supplemental Financial Information
 9 Months Ended
Sep. 30, 2023
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Financial Information Supplemental Financial Information
Supplemental Disclosure of Cash flow Information
Nine Months Ended September 30,
(in thousands)20232022
Supplemental disclosure of cash flow information
Cash paid for income taxes, net of refunds$49,191 $2,851 
Cash paid for interest$20,418 $17,142 
Cash paid for the amount used to measure the operating lease liabilities$325,381 $273,485 
Operating lease assets obtained in exchange for lease obligations$321,476 $355,149 
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations$76,823 $4,637 
Non-cash investing and financing activities
Increase (decrease) in property and equipment-related accounts payable$13,585 $(72,052)
Supplier Financing Arrangements
We have agreements with third-party financial institutions to facilitate participating vendors’ and suppliers’ ability to settle payment obligations from us to designated third-party financial institutions. Participating vendors and suppliers may, at their sole discretion, settle obligations prior to their scheduled due dates at a discounted price to the participating financial institutions. The invoices that have been confirmed as valid under the program require payment, in full, based on the original standard invoice terms. Confirmed invoices owed to financial institutions under these programs are included within accounts payable and were $431 million and $337 million as of September 30, 2023 and December 31, 2022, respectively. Coupang or the financial institutions may terminate the agreement upon given notice.
Fulfillment Center Fire
In June 2021, a fire extensively damaged our Deokpyeong fulfillment center (“FC Fire”) resulting in a loss of the inventory, building, equipment, and other assets at the site.
While we are insured on property losses from the FC Fire, investigations surrounding the fire continue. In September 2023 we received an additional refundable insurance cash advance payment of $59 million. We previously received a refundable cash advance payment in December 2022. We have recorded these refundable advances within other current liabilities when received and have not recognized any insurance benefit in our consolidated statements of operations to date. Whether and to what extent the advances will become non-refundable or additional proceeds will be received is currently unknown.
Accumulated Other Comprehensive (Loss) Income
Accumulated other comprehensive (loss) income includes all changes in equity during a period that have yet to be recognized in income. The major components are foreign currency translation adjustments and actuarial gains (losses) on our defined severance benefits. As of September 30, 2023 and December 31, 2022, the ending balance in accumulated other comprehensive (loss) income related to foreign currency translation adjustments was $(8) million and $45 million, respectively, and the amount related to actuarial losses on defined severance benefits was $(51) million and $(43) million, respectively.
v3.23.3
Short-term Borrowings and Long-term Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt
Our short-term borrowings generally include lines of credit and term loan facilities with financial institutions to be utilized for general operating purposes.
In April 2023, we entered into a new one-year $59 million credit loan facility for general operating purposes. The loan bears interest at the average of 91-day CD interest rate plus 4.40%.
In September 2023, we modified our existing one-year term syndicated loan agreement and extended the maturity date to September 2024. The remaining $67 million outstanding bears interest at a rate of 5.56%.
Our long-term debt generally includes revolving credit facilities and various loan agreements for general operating purposes, and term loan facilities. As of September 30, 2023 and December 31, 2022, there were $910 million and $667 million, respectively, of loans outstanding under these agreements, net of unamortized discounts.
In April 2023, we entered into a new three-year $171 million term loan facility agreement to finance the purchase of a fulfillment center and land. We pledged up to $205 million of certain land and buildings as collateral. The loan bears interest at a fixed rate of 6.76%.
Our 2021 revolving credit facility was amended in accordance with the agreement to provide for the replacement of the London Inter-bank offered rate (“LIBOR”) with an alternative benchmark rate. Effective July 1, 2023, the facility replaced the LIBOR rate with the Secured Overnight Funding Rate (“SOFR”). Borrowings under the 2021 revolving credit facility will bear interest, at our option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted Term SOFR rate for a one-month interest period plus 1.00% or (ii) an adjusted Term SOFR plus a margin equal to 1.00%. No borrowings have been made under the facility.
Our debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rate for similar types of borrowing arrangements. The carrying amount of debt approximates its fair value as of September 30, 2023 and December 31, 2022 due primarily to the interest rates approximating market interest rates.
We were in compliance with the covenants for each of our borrowings and debt agreements as of September 30, 2023.
v3.23.3
Contingencies
 9 Months Ended
Sep. 30, 2023
Loss Contingency [Abstract]  
Contingencies Contingencies
Legal Matters
From time to time, we may become party to claims, investigations, proceedings, and other litigation, in the ordinary course of business. We assess the likelihood of any adverse judgments or outcomes with respect to these matters and determine loss contingency assessments on a gross basis after assessing the probability of incurrence of a loss and whether a loss is reasonably estimable. In addition, we consider other relevant factors that could impact our ability to reasonably estimate a loss. A determination of the amount of reserves required, if any, for these contingencies is made after analyzing each matter. Our reserves may change in the future due to new developments or changes in strategy in handling these matters. Although the results of these matters cannot be predicted with certainty, we currently believe that the final outcome of currently pending legal matters will not have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
Litigation
On August 26, 2022, a putative class action was filed on behalf of all purchasers of Coupang Class A common stock pursuant and/or traceable to Coupang’s registration statement issued in connection with our initial public offering. Choi v. Coupang, Inc et al was brought against Coupang, Inc., and certain of its former and current directors, current officers, and certain underwriters of the offering. The action was filed in the United States District Court for the Southern District of New York alleging inaccurate and misleading or omitted statements of material fact in Coupang's Registration Statement in violation of Sections 11, 12 and 15 of the Securities Act of 1933. The action was amended on May 22, 2023, and added allegations of securities fraud under Sections 10 and 20 of the Securities Exchange Act of 1934. The action seeks unspecified compensatory damages, attorneys’ fees, and reasonable costs and expenses. In August 2023, two separate stockholders’ derivative actions related to the securities class action were filed in the United States District Court for the Southern District of New York against certain of Coupang’s former and current directors and current officers. Coupang was named as a nominal defendant in the actions. These derivative actions purport to assert claims on behalf of Coupang and make substantially similar factual allegations to Choi v. Coupang, Inc. et al, bringing claims for, among other things, breach of fiduciary duty, unjust enrichment, and violations of securities laws. The actions seek compensatory damages, governance reforms, and other relief. We believe all the aforementioned actions are without merit and intend to vigorously defend against them. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time. Accordingly, we can provide no assurance as to the scope and outcome of this matter and no assurance as to whether our business, financial position, results of operations or cash flows will not be materially adversely affected.
Korean Fair Trade Commission Investigations
On June 28, 2021, the Korean Fair Trade Commission (“KFTC”) initiated an investigation into a potential violation of the Monopoly Regulation and Fair Trade Act (the “Fair Trade Act”), including alleged preferential treatments of private labelled products provided by our subsidiary, Coupang Private Label Business. The KFTC is also investigating us on other matters related to the alleged violations of certain KFTC regulations. We are diligently cooperating with these investigations, and actively defending our practices as appropriate.
Under Korean law, the issues addressed in the investigations can be resolved through civil, administrative, or criminal proceedings. The ultimate case resolution could include fines, orders to alter our processes or procedures, and criminal investigations or charges against individuals or us. We cannot reasonably estimate any penalties, loss or range of loss that may arise from the various KFTC Investigations. Accordingly, we can provide no assurance as to the scope and outcome of these matters and no assurance as to whether our business, financial position, results of operations or cash flows will not be materially adversely affected.
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure        
Net income (loss) $ 91,300 $ 90,679 $ 327,347 $ (194,106)
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.3
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Coupang, Inc. (“Coupang”) together with its wholly-owned subsidiaries (collectively, “we,” “us,” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting.
Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We based our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates.
Principles of Consolidation The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our 2022 Form 10-K.
Recent Accounting Pronouncements Adopted Recent Accounting Pronouncements AdoptedIn September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations.” The standard requires entities that use supplier finance programs to make disclosures about the key terms of the program, the balance sheet presentation of the related amounts and disclose the amounts outstanding, including providing a rollforward of such amounts. The adoption of the ASU in the first quarter resulted in incremental disclosures in our condensed consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for fiscal years beginning after December 15, 2023.
v3.23.3
Net Revenues (Tables)
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of Revenue
Details of total net revenues were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Net retail sales$5,314,683 $4,540,393 $15,659,829 $13,577,665 
Third-party merchant services708,508 447,868 1,732,240 1,414,768 
Other revenue160,364 113,073 429,905 263,408 
Total net revenues$6,183,555 $5,101,334 $17,821,974 $15,255,841 
v3.23.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Results of operations for the reportable segments and reconciliation to income (loss) before income taxes is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Net revenues
Product Commerce$5,966,027 $4,947,174 $17,305,966 $14,760,758 
Developing Offerings217,528 154,160 516,008 495,083 
Total net revenues$6,183,555 $5,101,334 $17,821,974 $15,255,841 
Segment adjusted EBITDA
Product Commerce$399,494 $239,222 $1,095,461 $339,939 
Developing Offerings(160,822)(44,303)(315,646)(169,720)
Total segment adjusted EBITDA$238,672 $194,919 $779,815 $170,219 
Reconciling items:
Depreciation and amortization$(67,393)$(54,424)$(197,816)$(174,063)
Equity-based compensation(83,795)(63,075)(240,098)(191,584)
Interest expense(13,295)(6,485)(34,386)(19,996)
Interest income50,237 15,403 123,728 26,301 
Other (expense) income, net(7,776)11,224 (19,556)2,485 
Income (loss) before income taxes$116,650 $97,562 $411,687 $(186,638)
v3.23.3
Equity-based Compensation Plans (Tables)
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of RSU Activity
RSU activity for the nine months ended September 30, 2023 is as follows:
Outstanding RSUs
(in thousands, except unit price)Number of RSUsWeighted Average Grant-
Date Fair Value
December 31, 202235,178 $19.29 
Granted23,760 $16.36 
Vested(9,769)$20.19 
Forfeited / cancelled(3,728)$20.41 
September 30, 202345,441 $17.47 
Schedule of Equity-Based Compensation
The following table presents the effects of equity-based compensation in the condensed consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Cost of sales$3,567 $3,996 $10,482 $11,868 
Operating, general and administrative80,228 59,079 229,616 179,716 
Total$83,795 $63,075 $240,098 $191,584 
v3.23.3
Defined Severance Benefits (Tables)
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Schedule of components of net periodic benefit costs
The following table provides the components of net periodic benefit costs and the portion of these costs charged to expense:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)
2023202220232022
Current service costs$36,183 $33,066 $103,935 $109,722 
Interest cost3,749 2,446 10,422 5,777 
Amortization of:
Prior service credit817 810 2,473 2,582 
Net actuarial loss392 298 413 5,975 
Net periodic benefit cost$41,141 $36,620 $117,243 $124,056 
v3.23.3
Net Income (Loss) per Share (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Loss Per Share/Common Unit
The following table presents the calculation of basic and diluted net income (loss) per share:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share amounts)
2023202220232022
Numerator:
Net income (loss)$91,300 $90,679 $327,347 $(194,106)
Denominator:
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic1,784,363 1,767,275 1,779,606 1,762,465 
Dilutive effect of equity compensation awards23,948 23,666 21,400 — 
Diluted1,808,311 1,790,941 1,801,006 1,762,465 
Net income (loss) attributable to Class A and Class B common stockholders per share:
Basic$0.05 $0.05 $0.18 $(0.11)
Diluted$0.05 $0.05 $0.18 $(0.11)
Anti-dilutive shares (rounded)2,000 6,000 4,000 25,000 
v3.23.3
Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of financial assets and financial liabilities measured at fair value on a recurring basis
The following table summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:
(in thousands)ClassificationMeasurement LevelSeptember 30, 2023December 31, 2022
Financial assets
Cash deposits(1)
Cash and cash equivalentsLevel 1$4,857,920 $3,509,334 
Cash and time depositsRestricted cashLevel 1$320,341 $99,730 
Money market trustRestricted cashLevel 1$79,914 $76,586 
Time depositsOther current assetsLevel 1$35,321 $17,754 
Cash and time depositsLong-term restricted cashLevel 1$2,435 $1,624 
(1)Cash deposits includes bank deposits, money market trusts and time deposits. The carrying value approximates fair value because maturities are less than three months.
v3.23.3
Supplemental Financial Information (Tables)
 9 Months Ended
Sep. 30, 2023
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Disclosure of Cash-flow Information
Supplemental Disclosure of Cash flow Information
Nine Months Ended September 30,
(in thousands)20232022
Supplemental disclosure of cash flow information
Cash paid for income taxes, net of refunds$49,191 $2,851 
Cash paid for interest$20,418 $17,142 
Cash paid for the amount used to measure the operating lease liabilities$325,381 $273,485 
Operating lease assets obtained in exchange for lease obligations$321,476 $355,149 
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations$76,823 $4,637 
Non-cash investing and financing activities
Increase (decrease) in property and equipment-related accounts payable$13,585 $(72,052)
v3.23.3
Supplemental Financial Information (Tables)
 9 Months Ended
Sep. 30, 2023
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Disclosure of Cash-flow Information
Supplemental Disclosure of Cash flow Information
Nine Months Ended September 30,
(in thousands)20232022
Supplemental disclosure of cash flow information
Cash paid for income taxes, net of refunds$49,191 $2,851 
Cash paid for interest$20,418 $17,142 
Cash paid for the amount used to measure the operating lease liabilities$325,381 $273,485 
Operating lease assets obtained in exchange for lease obligations$321,476 $355,149 
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations$76,823 $4,637 
Non-cash investing and financing activities
Increase (decrease) in property and equipment-related accounts payable$13,585 $(72,052)
v3.23.3
Net Revenues - Schedule of disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
Total net revenues $ 6,183,555 $ 5,101,334 $ 17,821,974 $ 15,255,841
Net retail sales        
Disaggregation of Revenue [Line Items]        
Total net revenues 5,314,683 4,540,393 15,659,829 13,577,665
Third-party merchant services        
Disaggregation of Revenue [Line Items]        
Total net revenues 708,508 447,868 1,732,240 1,414,768
Other revenue        
Disaggregation of Revenue [Line Items]        
Total net revenues $ 160,364 $ 113,073 $ 429,905 $ 263,408
v3.23.3
Net Revenues - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]    
Deferred revenue recognized in period $ 89 $ 82
v3.23.3
Segment Reporting - Narrative (Details)
 9 Months Ended
Sep. 30, 2023
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.23.3
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues $ 6,183,555 $ 5,101,334 $ 17,821,974 $ 15,255,841
Total segment adjusted EBITDA 238,672 194,919 779,815 170,219
Reconciling items:        
Equity-based compensation (83,795) (63,075) (240,098) (191,584)
Interest expense (13,295) (6,485) (34,386) (19,996)
Interest income 50,237 15,403 123,728 26,301
Other (expense) income, net (7,776) 11,224 (19,556) 2,485
Income (loss) before income taxes 116,650 97,562 411,687 (186,638)
Operating segments | Product Commerce        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues 5,966,027 4,947,174 17,305,966 14,760,758
Total segment adjusted EBITDA 399,494 239,222 1,095,461 339,939
Operating segments | Developing Offerings        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Total net revenues 217,528 154,160 516,008 495,083
Total segment adjusted EBITDA (160,822) (44,303) (315,646) (169,720)
Segment reconciling items        
Reconciling items:        
Depreciation and amortization (67,393) (54,424) (197,816) (174,063)
Equity-based compensation (83,795) (63,075) (240,098) (191,584)
Interest expense (13,295) (6,485) (34,386) (19,996)
Interest income 50,237 15,403 123,728 26,301
Other (expense) income, net $ (7,776) $ 11,224 $ (19,556) $ 2,485
v3.23.3
Equity-based Compensation Plans - RSU Activity (Details) - RSUs
 9 Months Ended
Sep. 30, 2023
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
RSU outstanding, beginning balance (in shares) | shares 35,178,000
Granted (in shares) | shares 23,760,000
Vested (in shares) | shares (9,769,000)
Forfeited / cancelled (in shares) | shares (3,728,000)
RSU outstanding, ending balance (in shares) | shares 45,441,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Weighted average grant date fair value of RSU at beginning period (in usd per share) | $ / shares $ 19.29
Weighted-average grant date fair value, granted (in usd per share) | $ / shares 16.36
Weighted-average grant date fair value, vested (in usd per share) | $ / shares 20.19
Weighted-average grant date fair value, forfeited/cancelled (in usd per share) | $ / shares 20.41
Weighted average grant date fair value of RSU at ending period (in usd per share) | $ / shares $ 17.47
v3.23.3
Equity-based Compensation Plans - Schedule of Equity Based Compensation Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity-based compensation expense $ 83,795 $ 63,075 $ 240,098 $ 191,584
Cost of sales        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity-based compensation expense 3,567 3,996 10,482 11,868
Operating, general and administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Equity-based compensation expense $ 80,228 $ 59,079 $ 229,616 $ 179,716
v3.23.3
Defined Severance Benefits (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Retirement Benefits [Abstract]        
Current service costs $ 36,183 $ 33,066 $ 103,935 $ 109,722
Interest cost 3,749 2,446 10,422 5,777
Amortization of:        
Prior service credit 817 810 2,473 2,582
Net actuarial loss 392 298 413 5,975
Net periodic benefit cost $ 41,141 $ 36,620 $ 117,243 $ 124,056
v3.23.3
Net Income (Loss) per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Numerator:        
Net income (loss) $ 91,300 $ 90,679 $ 327,347 $ (194,106)
Denominator:        
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, basic (in shares) 1,784,363 1,767,275 1,779,606 1,762,465
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) 23,948 23,666 21,400 0
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) 1,808,311 1,790,941 1,801,006 1,762,465
Net income (loss) attributable to Class A and Class B common stockholders per share, basic (in dollars per share) $ 0.05 $ 0.05 $ 0.18 $ (0.11)
Net income (loss) attributable to Class A and Class B common stockholders per share, diluted (in dollars per share) $ 0.05 $ 0.05 $ 0.18 $ (0.11)
Share-based Payment Arrangement        
Denominator:        
Anti-dilutive securities excluded from computation of net loss per share (in shares) 2,000 6,000 4,000 25,000
v3.23.3
Fair Value Measurement (Details) - Level 1 - Fair Value, Recurring - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Deposits    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Cash and cash equivalents $ 4,857,920 $ 3,509,334
Cash and time deposits    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Restricted cash 320,341 99,730
Long-term restricted cash 2,435 1,624
Money market trust    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Restricted cash 79,914 76,586
Time deposits    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Other current assets $ 35,321 $ 17,754
v3.23.3
Supplemental Financial Information - Supplemental Disclosure of Cash-flow Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Supplemental disclosure of cash flow information    
Cash paid for income taxes, net of refunds $ 49,191 $ 2,851
Cash paid for interest 20,418 17,142
Cash paid for the amount used to measure the operating lease liabilities 325,381 273,485
Operating lease assets obtained in exchange for lease obligations 321,476 355,149
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations 76,823 4,637
Non-cash investing and financing activities    
Increase (decrease) in property and equipment-related accounts payable $ 13,585 $ (72,052)
v3.23.3
Supplemental Financial Information - Supplier Financing Arrangements (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]    
Supplier finance program, obligation $ 431 $ 337
v3.23.3
Supplemental Financial Information - Fulfillment Center Fire (Details)
$ in Millions
 1 Months Ended
Sep. 30, 2023
USD ($)
Quarterly Financial Information Disclosure [Abstract]  
Proceeds from insurance settlement, operating activities $ 59
v3.23.3
Supplemental Financial Information - Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Stockholders' equity attributable to parent $ 2,928,377 $ 2,775,477 $ 2,413,913 $ 2,171,966 $ 2,068,096 $ 2,175,957
Accumulated foreign currency adjustment attributable to parent            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Stockholders' equity attributable to parent (8,000)   45,000      
Accumulated defined benefit plans adjustment attributable to parent            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Stockholders' equity attributable to parent $ (51,000)   $ (43,000)      
v3.23.3
Supplemental Financial Information - Supplemental Disclosure of Cash-flow Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Supplemental disclosure of cash flow information    
Cash paid for income taxes, net of refunds $ 49,191 $ 2,851
Cash paid for interest 20,418 17,142
Cash paid for the amount used to measure the operating lease liabilities 325,381 273,485
Operating lease assets obtained in exchange for lease obligations 321,476 355,149
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations 76,823 4,637
Non-cash investing and financing activities    
Increase (decrease) in property and equipment-related accounts payable $ 13,585 $ (72,052)
v3.23.3
Supplemental Financial Information - Supplier Financing Arrangements (Details) - USD ($)
$ in Millions
 1 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Quarterly Financial Information Disclosure [Abstract]    
Supplier finance program, obligation $ 431 $ 337
Proceeds from insurance settlement, operating activities $ 59  
v3.23.3
Supplemental Financial Information - Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Stockholders' equity attributable to parent $ 2,928,377 $ 2,775,477 $ 2,413,913 $ 2,171,966 $ 2,068,096 $ 2,175,957
Accumulated foreign currency adjustment attributable to parent            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Stockholders' equity attributable to parent (8,000)   45,000      
Accumulated defined benefit plans adjustment attributable to parent            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Stockholders' equity attributable to parent $ (51,000)   $ (43,000)      
v3.23.3
Short-Term Borrowings and Long-term Debt (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Jul. 01, 2023
Apr. 30, 2023
Sep. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]        
Long-term debt     $ 910,000 $ 667,000
Property and equipment, net     $ 2,200,638 $ 1,819,945
Line of credit        
Debt Instrument [Line Items]        
Debt instrument term   3 years    
Borrowing limit, total initial borrowings   $ 171,000    
Fixed interest rate (in percent)   6.76%    
Line of credit | February 2024        
Debt Instrument [Line Items]        
Balance drawn $ 0      
Line of credit | February 2024 | Federal funds rate or composite overnight bank borrowings rate        
Debt Instrument [Line Items]        
Variable interest rate (in percent) 0.50%      
Line of credit | February 2024 | Adjusted One Month SOFR        
Debt Instrument [Line Items]        
Variable interest rate (in percent) 1.00%      
Line of credit | February 2024 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate        
Debt Instrument [Line Items]        
Variable interest rate (in percent) 1.00%      
Line of credit | Asset pledged as collateral | Land and building        
Debt Instrument [Line Items]        
Property and equipment, net   $ 205,000    
Line of credit        
Debt Instrument [Line Items]        
Debt instrument term   1 year 1 year  
Borrowing limit, total initial borrowings   $ 59,000    
Variable interest rate (in percent)   4.40%    
Short-term debt, percentage bearing fixed interest rate (in percent)     5.56%  
Line of credit facility, remaining borrowing capacity     $ 67,000