COUPANG, INC., 10-Q filed on 5/8/2024
Quarterly Report
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Cover - shares
 3 Months Ended
Mar. 31, 2024
May 02, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
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 $0.0001 per share  
Trading Symbol CPNG  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Entity Central Index Key 0001834584  
Common class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,613,184,828
Common class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   174,802,990
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Total net revenues $ 7,114 $ 5,801
Cost of sales 5,185 4,381
Operating, general and administrative 1,889 1,313
Total operating cost and expenses 7,074 5,694
Operating income 40 107
Interest income 55 32
Interest expense (27) (8)
Other expense, net (9) (7)
Income before income taxes 59 124
Income tax expense 83 33
Net (loss) income (24) 91
Net loss attributable to noncontrolling interests (29) 0
Net income attributable to Coupang stockholders $ 5 $ 91
Earnings per share    
Net income (loss) attributable to Class A and Class B common stockholders per share, basic (in USD per share) $ 0 $ 0.05
Net income (loss) attributable to Class A and Class B common stockholders per share, diluted (in USD per share) $ 0 $ 0.05
Weighted-average shares outstanding    
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic (in shares) 1,794 1,775
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders, diluted (in shares) 1,815 1,794
Net retail sales    
Total net revenues $ 5,895 $ 5,205
Net other revenue    
Total net revenues $ 1,219 $ 596
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net (loss) income $ (24) $ 91
Other comprehensive loss:    
Foreign currency translation adjustments, net of tax (105) (19)
Actuarial gain on defined severance benefits, net of tax 1 1
Total other comprehensive loss (104) (18)
Comprehensive (loss) income (128) 73
Comprehensive (loss) income attributable to noncontrolling interests (29) 0
Comprehensive (loss) income attributable to Coupang stockholders $ (99) $ 73
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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Assets    
Cash and cash equivalents $ 5,226 $ 5,243
Restricted cash 347 353
Accounts receivable, net 601 314
Inventories 1,938 1,666
Prepaids and other current assets 457 316
Total current assets 8,569 7,892
Property and equipment, net 2,509 2,465
Operating lease right-of-use assets 1,912 1,601
Deferred tax assets 841 925
Intangible assets, net 349 37
Long-term lease deposits and other 769 426
Total assets 14,949 13,346
Liabilities, redeemable noncontrolling interests, and equity    
Accounts payable 5,370 5,099
Accrued expenses 388 352
Deferred revenue 135 97
Short-term borrowings 272 282
Current portion of long-term debt 196 203
Current portion of long-term operating lease obligations 419 386
Other current liabilities 655 526
Total current liabilities 7,435 6,945
Long-term debt 1,062 529
Long-term operating lease obligations 1,668 1,387
Defined severance benefits and other 585 381
Total liabilities 10,750 9,242
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests 114 15
Equity    
Class A — shares authorized 10,000, outstanding 1,620 and 1,616 Class B — shares authorized 250, outstanding 175 and $175 0 0
Additional paid-in capital 8,578 8,489
Accumulated other comprehensive loss (121) (17)
Accumulated deficit (4,378) (4,383)
Noncontrolling interests 6 0
Total equity 4,085 4,089
Total liabilities, redeemable noncontrolling interests and equity $ 14,949 $ 13,346
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CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - shares
shares in Millions
Mar. 31, 2024
Dec. 31, 2023
Common class A    
Common stock, shares authorized (in shares) 10,000 10,000
Common stock, shares outstanding (in shares) 1,620 1,616
Common class B    
Common stock, shares authorized (in shares) 250 250
Common stock, shares outstanding (in shares) 175 175
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CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY (unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Redeemable Noncontrolling Interests
Class A and Class B common stock
Additional paid-in capital
Accumulated other comprehensive (loss) income
Accumulated deficit
Noncontrolling interests
Equity, including portion attributable to noncontrolling interest, beginning balance at Dec. 31, 2022 $ 2,414 $ 0 $ 0 $ 8,154 $ 3 $ (5,743) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 91         91  
Foreign currency translation adjustments, net of tax (19)       (19)    
Actuarial gain (loss) on defined severance benefits, net of tax 1       1    
Issuance of common stock upon exercise of stock options 3     3      
Issuance of common stock upon settlement of restricted stock units 0            
Equity-based compensation 70     70      
Equity, including portion attributable to noncontrolling interest, ending balance at Mar. 31, 2023 2,560 0 $ 0 8,227 (15) (5,652) 0
Beginning balance (in shares) at Dec. 31, 2022     1,773        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net issuance of common stock upon exercise of stock options (in shares)     1        
Issuance of common stock upon settlement of restricted stock units (in shares)     3        
Ending balance (in shares) at Mar. 31, 2023     1,777        
Equity, including portion attributable to noncontrolling interest, beginning balance at Dec. 31, 2023 4,089 15 $ 0 8,489 (17) (4,383) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 1 (25)       5 (4)
Capital contributions from noncontrolling interest holders 0 55          
Recognition of non-controlling interest upon acquisition 10 69         10
Foreign currency translation adjustments, net of tax (105)       (105)    
Actuarial gain (loss) on defined severance benefits, net of tax 1       1    
Issuance of common stock upon exercise of stock options 1     1      
Issuance of common stock upon settlement of restricted stock units 0            
Equity-based compensation 88     88      
Equity, including portion attributable to noncontrolling interest, ending balance at Mar. 31, 2024 $ 4,085 $ 114 $ 0 $ 8,578 $ (121) $ (4,378) $ 6
Beginning balance (in shares) at Dec. 31, 2023     1,791        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock upon settlement of restricted stock units (in shares)     4        
Ending balance (in shares) at Mar. 31, 2024     1,795        
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net (loss) income $ (24) $ 91
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 95 64
Provision for severance benefits 45 39
Equity-based compensation 88 70
Non-cash operating lease expense 103 84
Deferred income taxes 47 0
Other 42 29
Change in operating assets and liabilities, net of acquisition:    
Accounts receivable, net (14) 56
Inventories (33) (61)
Other assets (55) 60
Accounts payable (31) 162
Accrued expenses (30) (47)
Other liabilities (21) (46)
Net cash provided by operating activities 212 501
Investing activities    
Purchases of property and equipment (107) (95)
Proceeds from sale of property and equipment 2 1
Net cash acquired in acquisition 68 0
Other investing activities (80) 11
Net cash used in investing activities (117) (83)
Financing activities    
Proceeds from issuance of common stock, equity-based compensation plan 1 3
Proceeds from short-term borrowings and long-term debt 14 32
Repayment of short-term borrowings and long-term debt (17) (1)
Other financing activities 54 44
Net cash provided by financing activities 52 78
Effect of exchange rate changes on cash and cash equivalents, and restricted cash (170) (59)
Net (decrease) increase in cash and cash equivalents, and restricted cash (23) 437
Cash and cash equivalents, and restricted cash, as of beginning of period 5,597 3,687
Cash and cash equivalents, and restricted cash, as of end of period $ 5,574 $ 4,124
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Basis of Presentation and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
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 2023 Form 10-K.
Farfetch Acquisition
In January 2024, we acquired the business and assets of Farfetch Holdings plc (“Farfetch”), a leading global marketplace for the luxury fashion industry (the “Farfetch Acquisition”). Refer to “Note 11 - Business Combinations – Farfetch” for additional information.
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 resulted in incremental disclosures in our condensed consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for the year ended December 31, 2024.
Recent Accounting Pronouncements Yet To Be Adopted
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” The standard requires additional disclosures about an entities segments, primarily about significant segment expenses that are reported to the Chief Operating Decision Maker. Early adoption is allowed under the standard. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ended December 31, 2024, and interim reporting beginning with the period ended March 31, 2025.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” The standard requires disclosure of specific categories of an entities income tax expenses and income taxes paid among other disclosures. Early adoption is allowed under the standard. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ended December 31, 2025.
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Net Revenues
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Net Revenues Net Revenues
Details of total net revenues were as follows:
Three Months Ended March 31,
(in millions)
20242023
Net retail sales$5,895 $5,205 
Third-party merchant services1,047 461 
Other revenue172 135 
Total net revenues$7,114 $5,801 
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 owned inventory product sales to consumers. Third-
party merchant services represent commissions, advertising, and delivery fees earned from merchants and restaurants that sell their products through our online businesses. 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 $92 million and $89 million for the three months ended March 31, 2024 and 2023, respectively, primarily related to payments in advance of products and services delivered which were included in deferred revenue on the consolidated balance sheets as of the beginning of the respective years.
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Segment Reporting
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We own and operate a retail business that primarily serves the Korean retail market along with other international markets. 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 includes our 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 and also includes Farfetch, our newly acquired global luxury fashion marketplace. Revenues from Developing Offerings are primarily generated from our luxury fashion marketplace through Farfetch, our 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 before income taxes is as follows:
Three Months Ended March 31,
(in millions)
20242023
Net revenues
Product Commerce$6,494 $5,658 
Developing Offerings620 142 
Total net revenues$7,114 $5,801 
Segment adjusted EBITDA
Product Commerce$467 $288 
Developing Offerings(186)(47)
Total segment adjusted EBITDA$281 $241 
Reconciling items:
Depreciation and amortization$(95)$(64)
Equity-based compensation(88)(70)
Acquisition and restructuring related costs(58)— 
Interest expense(27)(8)
Interest income55 32 
Other expense, net(9)(7)
Income before income taxes$59 $124 
Note: Amounts may not foot due to rounding.
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Defined Severance Benefits
 3 Months Ended
Mar. 31, 2024
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 March 31,
(in millions)
20242023
Current service costs$40 $35 
Interest cost4 3 
Amortization of:
Prior service credit— 1 
Net actuarial loss1 — 
Net periodic benefit cost$45 $39 
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Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our 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 tax credits, the inclusion of the global intangible low-taxed income (GILTI) provisions, the valuation allowance against deferred tax assets in loss making jurisdictions, and other permanent differences.
Our effective tax rate was 140.1% for the three months ended March 31, 2024, compared to 26.6% for the prior year period. The increase in our effective tax rate is primarily due to the loss before income taxes incurred by Farfetch, with no offsetting tax benefit, and the prospective impact of releasing the valuation allowance on our Korean deferred tax assets in the fourth quarter of 2023.
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Earnings per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
Basic earnings per share is computed by dividing net income attributable to Coupang stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to Coupang stockholders by the weighted-average number of shares of common stock and potentially dilutive common stock outstanding during the period.
We have two classes of common stock outstanding, Class A common stock and Class B common stock (collectively “common stock”), with equal rights to dividends and income. Earnings per share attributable to Coupang stockholders are therefore the same for Class A and Class B common stock, both on an individual and combined basis.
The following table presents the calculation of basic and diluted earnings per share attributable to Coupang stockholders:
Three Months Ended March 31,
(in millions, except per share amounts)
20242023
Numerator:
Net income attributable to Coupang stockholders
$5 $91 
Denominator:
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic1,794 1,775 
Dilutive effect of equity compensation awards21 20 
Diluted1,815 1,794 
Earnings per share:
Basic$— $0.05 
Diluted$— $0.05 
Anti-dilutive shares2 6 
Note: Amounts may not foot due to rounding.
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Fair Value Measurement
 3 Months Ended
Mar. 31, 2024
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 millions)
ClassificationMeasurement LevelMarch 31, 2024December 31, 2023
Financial assets
Money market trustCash and cash equivalentsLevel 1$1,616 $1,582 
Money market fundCash and cash equivalentsLevel 1$904 $1,205 
Money market trustRestricted cashLevel 1$89 $86 
We have an investment in a privately held company of $85 million that does not have a readily determinable fair value and is measured at cost less impairment. Any gains or losses on the investment is recognized in other income (expense), net on our consolidated statements of operations. No gains or losses were recognized for the three months ended March 31, 2024.
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Supplemental Financial Information
 3 Months Ended
Mar. 31, 2024
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Financial Information Supplemental Financial Information
Supplemental Disclosure of Cash flow Information
Three Months Ended March 31,
(in millions)
20242023
Supplemental disclosure of cash flow information
Cash paid for the amount used to measure the operating lease liabilities$134 $105 
Operating lease assets obtained in exchange for lease obligations$461 $28 
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations$17 $27 
Non-cash investing and financing activities
Increase in property and equipment-related accounts payable$9 $11 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown within the consolidated statements of cash flows.
(in millions)March 31, 2024December 31, 2023
Current assets
Cash and cash equivalents$5,226 $5,243 
Restricted cash
347 353 
Noncurrent assets
Restricted cash included in long-term leasehold deposits and other1 1 
Total cash, cash equivalents and restricted cash$5,574 $5,597 
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 $423 million and $459 million as of March 31, 2024 and December 31, 2023, respectively. Coupang or the financial institutions may terminate the agreement upon given notice.
Accumulated Other Comprehensive (Loss) Income
Accumulated other comprehensive loss 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 March 31, 2024 and December 31, 2023, the ending balance in accumulated other comprehensive (loss) income related to foreign currency translation adjustments was $(61) million and $44 million, respectively, and the amount related to actuarial losses on defined severance benefits was $(60) million and $(61) million, respectively.
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Short-term Borrowings and Long-term Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt
Revolving Credit Facility
In January 2024, our senior unsecured credit facility (“the Revolving Credit Facility”) was amended to extend the maturity date to February 2026 and to bring the aggregate principal amount to $875 million. The Revolving Credit Facility continues to provide us the right to request incremental commitments up to $1.25 billion, subject to customary conditions.
The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. The Revolving Credit Facility is guaranteed on a senior unsecured basis by all our material restricted subsidiaries, subject to customary exceptions.
Farfetch Term Loan
As part of the Farfetch Acquisition, our subsidiary assumed the then outstanding syndicated Term Loans (“Farfetch Term Loans”) under Farfetch’s existing Credit Agreement with certain banks and financial institutions of $575 million, inclusive of fees incurred and less $58 million we repurchased upon acquisition. Repayment of the Farfetch Term Loans is due in quarterly installments, of 0.25%, payable on the last business day of each fiscal quarter. The Farfetch Term Loans mature in October 2027, and early payment is permitted. The Term Loans bear interest at a rate equal to SOFR plus 6.25% per annum. As of March 31, 2024, $574 million was outstanding.
The Farfetch Term Loans contain customary affirmative covenants as well as customary negative covenants, including, but not limited to, restrictions on certain entities within Farfetch’s ability to incur additional debt, make investments, make distributions, dispose of assets, or enter into certain types of related party transactions. The loans are secured against specified assets of the Farfetch group and guaranteed by certain subsidiaries of Farfetch.
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 March 31, 2024 and December 31, 2023 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 March 31, 2024.
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Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
Unconditional purchase obligations include legally binding contracts with terms in excess of one year that are not reflected on the consolidated balance sheets. These contractual commitments primarily relate to technology related service contracts, fulfillment center construction contracts and software licenses. For contracts with variable terms, we do not estimate the total obligation beyond any minimum pricing as of the reporting date. As part of the acquisition of Farfetch, we have a technology related service contract with minimum future payments of $170 million covering services through 2027, and a license arrangement with minimum guarantees of approximately $290 million which are to be paid over 9 years related to a liability contract assumed with a fair value of $140 million at the acquisition date.
Legal Matters
From time to time, we may become party to litigation incidents and other legal proceedings, including regulatory proceedings, in the ordinary course of business. We assess the likelihood of any adverse judgments or outcomes with respect to these matters and determines 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 litigation and claims 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. Between August and December 2023, three separate stockholders’ derivative actions 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 the aforementioned actions. 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, 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.
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Business Combinations - Farfetch
 3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Business Combinations - Farfetch Business Combinations – Farfetch
Farfetch Acquisition
On January 30, 2024 we completed the acquisition of Farfetch. We believe the acquisition will allow us to expand into luxury retail. We have accounted for this acquisition as a business combination. Total purchase consideration consisted of amounts previously funded to Farfetch under a loan prior to acquisition (the “Bridge Loan”) and required partial repayment of the Farfetch Term Loans at the close of the transaction.
(in millions)
Estimated Fair Value
Farfetch Term Loan repayment
$58 
Bridge Loan contribution
150 
Total purchase consideration
$208 
Purchase Price Allocation
We have estimated the preliminary fair value of assets acquired and liabilities assumed based on information currently available and will continue to adjust those estimates as additional information becomes available during the measurement period. The measurement period will end no later than one year from the acquisition date.
The following table summarizes the preliminary allocation of purchase consideration and the fair value of the assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Estimated Fair Value
Assets acquired
Cash and cash equivalents
$126 
Accounts receivable, net
288 
Inventories
310 
Prepaids and other current assets
224 
Property and equipment, net
95 
Intangible assets
325 
Operating lease right-of-use assets
209 
Other non-current assets
227 
Liabilities assumed
Accounts payable
(505)
Other current liabilities
(169)
Long-term debt
(557)
Operating lease obligations
(214)
Other non-current liabilities
(177)
Net assets assumed
182 
Noncontrolling interests
(78)
Goodwill on acquisition
104 
Total consideration
$208 
The excess of purchase consideration over the fair value of net identifiable assets acquired and liabilities assumed was recorded as goodwill which is not deductible for tax purposes. Goodwill represents the future economic benefits we expect to achieve as a result of the acquisition, including the workforce of the acquired business as well as future operational and logistical cost efficiencies expected to be achieved. Goodwill was recorded in our Developing Offerings segment.
The identifiable intangible assets acquired were as follows:
(in millions, except years)
Weighted Average Useful Life
Estimated Fair Value
Brand trademarks
5 years$130 
Customer relationships
5 years34 
Supplier relationships
15 years61 
Developed technology
3 years38 
Brand licenses
8 years62 
Total intangible assets
$325 
The results of Farfetch included in our consolidated statement of operations since the closing of the acquisition were as follows:
(in millions)
2024
Total net revenues
$288 
Net loss
$(122)
Acquisition-related costs were recorded as operating expenses for the three months ended March 31, 2024 and were not material.
Supplemental Pro Forma Information (Unaudited)
The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:
Three Months Ended March 31,
(in millions)
20242023
Pro Forma Information
Total net revenues
$7,301 $6,358 
Net (loss) income
$(120)$31 
These pro forma results are based on estimates and assumptions, which we believe are reasonable. They are illustrative only and are not the results that would have been achieved had the acquisition actually occurred on January 1, 2023, nor are they indicative of future results. The pro forma results include adjustments related to the business combination, including amortization of acquired intangibles, stock-based compensation, lease expense, and income taxes.
v3.24.1.u1
Subsequent Events
 3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In April 2024, we repurchased 10 million shares of our Class A common stock for $178 million in a private transaction.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 5 $ 91
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
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
v3.24.1.u1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
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 2023 Form 10-K.
Recent Accounting Pronouncements Adopted
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 resulted in incremental disclosures in our condensed consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for the year ended December 31, 2024.
Recent Accounting Pronouncements Yet To Be Adopted
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures.” The standard requires additional disclosures about an entities segments, primarily about significant segment expenses that are reported to the Chief Operating Decision Maker. Early adoption is allowed under the standard. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ended December 31, 2024, and interim reporting beginning with the period ended March 31, 2025.
In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” The standard requires disclosure of specific categories of an entities income tax expenses and income taxes paid among other disclosures. Early adoption is allowed under the standard. We are evaluating the effect of adopting the ASU on our disclosures, which is effective beginning with the fiscal year ended December 31, 2025.
v3.24.1.u1
Net Revenues (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of disaggregation of Revenue
Details of total net revenues were as follows:
Three Months Ended March 31,
(in millions)
20242023
Net retail sales$5,895 $5,205 
Third-party merchant services1,047 461 
Other revenue172 135 
Total net revenues$7,114 $5,801 
v3.24.1.u1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Results of operations for the reportable segments and reconciliation to income before income taxes is as follows:
Three Months Ended March 31,
(in millions)
20242023
Net revenues
Product Commerce$6,494 $5,658 
Developing Offerings620 142 
Total net revenues$7,114 $5,801 
Segment adjusted EBITDA
Product Commerce$467 $288 
Developing Offerings(186)(47)
Total segment adjusted EBITDA$281 $241 
Reconciling items:
Depreciation and amortization$(95)$(64)
Equity-based compensation(88)(70)
Acquisition and restructuring related costs(58)— 
Interest expense(27)(8)
Interest income55 32 
Other expense, net(9)(7)
Income before income taxes$59 $124 
Note: Amounts may not foot due to rounding.
v3.24.1.u1
Defined Severance Benefits (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31,
(in millions)
20242023
Current service costs$40 $35 
Interest cost4 3 
Amortization of:
Prior service credit— 1 
Net actuarial loss1 — 
Net periodic benefit cost$45 $39 
v3.24.1.u1
Earnings per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Loss Per Share/Common Unit
The following table presents the calculation of basic and diluted earnings per share attributable to Coupang stockholders:
Three Months Ended March 31,
(in millions, except per share amounts)
20242023
Numerator:
Net income attributable to Coupang stockholders
$5 $91 
Denominator:
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic1,794 1,775 
Dilutive effect of equity compensation awards21 20 
Diluted1,815 1,794 
Earnings per share:
Basic$— $0.05 
Diluted$— $0.05 
Anti-dilutive shares2 6 
Note: Amounts may not foot due to rounding.
v3.24.1.u1
Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of financial assets 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 millions)
ClassificationMeasurement LevelMarch 31, 2024December 31, 2023
Financial assets
Money market trustCash and cash equivalentsLevel 1$1,616 $1,582 
Money market fundCash and cash equivalentsLevel 1$904 $1,205 
Money market trustRestricted cashLevel 1$89 $86 
v3.24.1.u1
Supplemental Financial Information (Tables)
 3 Months Ended
Mar. 31, 2024
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Disclosure of Cash-flow Information
Supplemental Disclosure of Cash flow Information
Three Months Ended March 31,
(in millions)
20242023
Supplemental disclosure of cash flow information
Cash paid for the amount used to measure the operating lease liabilities$134 $105 
Operating lease assets obtained in exchange for lease obligations$461 $28 
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations$17 $27 
Non-cash investing and financing activities
Increase in property and equipment-related accounts payable$9 $11 
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown within the consolidated statements of cash flows.
(in millions)March 31, 2024December 31, 2023
Current assets
Cash and cash equivalents$5,226 $5,243 
Restricted cash
347 353 
Noncurrent assets
Restricted cash included in long-term leasehold deposits and other1 1 
Total cash, cash equivalents and restricted cash$5,574 $5,597 
v3.24.1.u1
Business Combinations - Farfetch (Tables)
 3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions, by Acquisition
(in millions)
Estimated Fair Value
Farfetch Term Loan repayment
$58 
Bridge Loan contribution
150 
Total purchase consideration
$208 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary allocation of purchase consideration and the fair value of the assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Estimated Fair Value
Assets acquired
Cash and cash equivalents
$126 
Accounts receivable, net
288 
Inventories
310 
Prepaids and other current assets
224 
Property and equipment, net
95 
Intangible assets
325 
Operating lease right-of-use assets
209 
Other non-current assets
227 
Liabilities assumed
Accounts payable
(505)
Other current liabilities
(169)
Long-term debt
(557)
Operating lease obligations
(214)
Other non-current liabilities
(177)
Net assets assumed
182 
Noncontrolling interests
(78)
Goodwill on acquisition
104 
Total consideration
$208 
Finite-Lived Intangible Assets Acquired
The identifiable intangible assets acquired were as follows:
(in millions, except years)
Weighted Average Useful Life
Estimated Fair Value
Brand trademarks
5 years$130 
Customer relationships
5 years34 
Supplier relationships
15 years61 
Developed technology
3 years38 
Brand licenses
8 years62 
Total intangible assets
$325 
Business Acquisition, Pro Forma Information
The results of Farfetch included in our consolidated statement of operations since the closing of the acquisition were as follows:
(in millions)
2024
Total net revenues
$288 
Net loss
$(122)
The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:
Three Months Ended March 31,
(in millions)
20242023
Pro Forma Information
Total net revenues
$7,301 $6,358 
Net (loss) income
$(120)$31 
v3.24.1.u1
Net Revenues - Schedule of disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Total net revenues $ 7,114 $ 5,801
Net retail sales    
Disaggregation of Revenue [Line Items]    
Total net revenues 5,895 5,205
Third-party merchant services    
Disaggregation of Revenue [Line Items]    
Total net revenues 1,047 461
Other revenue    
Disaggregation of Revenue [Line Items]    
Total net revenues $ 172 $ 135
v3.24.1.u1
Net Revenues - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]    
Deferred revenue recognized in period $ 92 $ 89
v3.24.1.u1
Segment Reporting - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
segment
Segment Reporting [Abstract]  
Number of operating segments 2
Number of reportable segments 2
v3.24.1.u1
Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Total net revenues $ 7,114 $ 5,801
Total segment adjusted EBITDA 281 241
Reconciling items:    
Interest expense (27) (8)
Interest income 55 32
Other expense, net (9) (7)
Income before income taxes 59 124
Operating segments | Product Commerce    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Total net revenues 6,494 5,658
Total segment adjusted EBITDA 467 288
Operating segments | Developing Offerings    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Total net revenues 620 142
Total segment adjusted EBITDA (186) (47)
Segment reconciling items    
Reconciling items:    
Depreciation and amortization (95) (64)
Equity-based compensation (88) (70)
Acquisition and restructuring related costs (58) 0
Interest expense (27) (8)
Interest income 55 32
Other expense, net $ (9) $ (7)
v3.24.1.u1
Defined Severance Benefits - Schedule of components of net periodic benefit costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Retirement Benefits [Abstract]    
Current service costs $ 40 $ 35
Interest cost 4 3
Amortization of:    
Prior service credit 0 1
Net actuarial loss 1 0
Net periodic benefit cost $ 45 $ 39
v3.24.1.u1
Income Taxes (Details)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Effective income tax rate 140.10% 26.60%
v3.24.1.u1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Numerator:    
Net income attributable to Coupang stockholders $ 5 $ 91
Denominator:    
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders, basic (in shares) 1,794 1,775
Dilutive effect of equity compensation awards (in shares) 21 20
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) 1,815 1,794
Net income (loss) attributable to Class A and Class B common stockholders per share, basic (in USD per share) $ 0 $ 0.05
Net income (loss) attributable to Class A and Class B common stockholders per share, diluted (in USD per share) $ 0 $ 0.05
Share-based Payment Arrangement    
Denominator:    
Anti-dilutive shares (in shares) 2 6
v3.24.1.u1
Fair Value Measurement - Schedule of financial assets measured at fair value on a recurring basis (Details) - Level 1 - Fair Value, Recurring - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Money market trust    
Financial assets    
Cash and cash equivalents $ 1,616 $ 1,582
Restricted cash 89 86
Money market fund    
Financial assets    
Cash and cash equivalents $ 904 $ 1,205
v3.24.1.u1
Fair Value Measurement - Narrative (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Fair Value Disclosures [Abstract]  
Other investment not readily marketable, fair value $ 85
v3.24.1.u1
Supplemental Financial Information - Supplemental Disclosure of Cash-flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Supplemental disclosure of cash flow information    
Cash paid for the amount used to measure the operating lease liabilities $ 134 $ 105
Operating lease assets obtained in exchange for lease obligations 461 28
Net increase to operating lease right-of-use assets resulting from remeasurements of lease obligations 17 27
Non-cash investing and financing activities    
Increase in property and equipment-related accounts payable $ 9 $ 11
v3.24.1.u1
Supplemental Financial Information - Schedule of cash and cash equilvalents (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Current assets        
Cash and cash equivalents $ 5,226 $ 5,243    
Restricted cash 347 353    
Noncurrent assets        
Restricted cash included in long-term leasehold deposits and other 1 1    
Total cash, cash equivalents and restricted cash $ 5,574 $ 5,597 $ 4,124 $ 3,687
v3.24.1.u1
Supplemental Financial Information - Supplier Financing Arrangements (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]    
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable Accounts payable
Supplier finance program, obligation $ 423 $ 459
v3.24.1.u1
Supplemental Financial Information - Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Accumulated foreign currency adjustment attributable to parent    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Equity, attributable to parent $ (61) $ 44
Accumulated defined benefit plans adjustment attributable to parent    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Equity, attributable to parent $ (60) $ (61)
v3.24.1.u1
Short-Term Borrowings and Long-term Debt (Details)
$ in Millions
Jan. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jan. 31, 2024
USD ($)
Subsidiary of Limited Partnership | Farfetch Holdings | Syndicated Term Loan      
Debt Instrument [Line Items]      
Debt instrument, face amount $ 575    
Farfetch Term Loan repayment $ 58    
Term loan acquired through credit agreement quarterly repayments (in percent) 0.0025    
Long-term debt, outstanding   $ 574  
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subsidiary of Limited Partnership | Farfetch Holdings | Syndicated Term Loan      
Debt Instrument [Line Items]      
Variable interest rate (in percent) 6.25%    
Line of credit | February 2026      
Debt Instrument [Line Items]      
Borrowing limit, total initial borrowings     $ 875
Additional accordion feature, incremental increase limit     $ 1,250
v3.24.1.u1
Commitments and Contingencies (Details)
$ in Millions
 5 Months Ended
Jan. 30, 2024
USD ($)
Dec. 31, 2023
action
Mar. 31, 2024
USD ($)
Long-Term Purchase Commitment [Line Items]      
Number of legal actions filed against former and current directors and officers | action   3  
Farfetch Holdings      
Long-Term Purchase Commitment [Line Items]      
Servicing liability at fair value     $ 140
Farfetch Holdings | Technology Service      
Long-Term Purchase Commitment [Line Items]      
Purchase obligation $ 170    
Farfetch Holdings | License Arrangement      
Long-Term Purchase Commitment [Line Items]      
Purchase commitment, remaining minimum amount committed $ 290    
Purchase commitment, payment term 9 years    
v3.24.1.u1
Business Combinations - Farfetch - Farfetch Acquisition (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Business Combination, Separately Recognized Transactions [Line Items]  
Total consideration $ 208
Syndicated Term Loan | Subsidiary of Limited Partnership  
Business Combination, Separately Recognized Transactions [Line Items]  
Farfetch Term Loan repayment 58
Bridge Loan  
Business Combination, Separately Recognized Transactions [Line Items]  
Bridge Loan contribution $ 150
v3.24.1.u1
Business Combinations - Farfetch - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Assets acquired  
Cash and cash equivalents $ 126
Accounts receivable, net 288
Inventories 310
Prepaids and other current assets 224
Property and equipment, net 95
Intangible assets 325
Operating lease right-of-use assets 209
Other non-current assets 227
Liabilities assumed  
Accounts payable (505)
Other current liabilities (169)
Long-term debt (557)
Operating lease obligations (214)
Other non-current liabilities (177)
Net assets assumed 182
Noncontrolling interests (78)
Goodwill on acquisition 104
Total consideration $ 208
v3.24.1.u1
Business Combinations - Farfetch - Finite-Lived Intangible Assets Acquired (Details) - Farfetch Holdings
$ in Millions
Jan. 30, 2024
USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]  
Estimated Fair Value $ 325
Brand trademarks  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 5 years
Estimated Fair Value $ 130
Customer relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 5 years
Estimated Fair Value $ 34
Supplier relationships  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 15 years
Estimated Fair Value $ 61
Developed technology  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 3 years
Estimated Fair Value $ 38
Brand licenses  
Acquired Finite-Lived Intangible Assets [Line Items]  
Weighted Average Useful Life 8 years
Estimated Fair Value $ 62
v3.24.1.u1
Business Combinations - Farfetch - Proforma Information (Details) - Farfetch Holdings - USD ($)
$ in Millions
 2 Months Ended 3 Months Ended
Mar. 31, 2024
Mar. 31, 2024
Mar. 31, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]      
Total net revenues $ 288    
Operating loss $ (122)    
Total net revenues   $ 7,301 $ 6,358
Net (loss) income   $ (120) $ 31
v3.24.1.u1
Subsequent Events (Details) - Subsequent event - Common class A
shares in Millions, $ in Millions
 1 Months Ended
Apr. 30, 2024
USD ($)
shares
Subsequent Event [Line Items]  
Stock repurchased during period (in shares) | shares 10
Stock repurchased during period | $ $ 178