COUPANG, INC., 10-K filed on 2/28/2024
Annual Report
v3.24.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2023
Feb. 22, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 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, 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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 19,562,964,768
Documents incorporated by reference
Portions of the Registrant’s Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the Registrant’s fiscal year ended December 31, 2023.
    
Amendment Flag false    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001834584    
Common Class A      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   1,618,514,727  
Common Class B      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   174,802,990  
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name Samil PricewaterhouseCoopers
Auditor Location Seoul, Republic of Korea
Auditor Firm ID 1103
v3.24.0.1
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Total net revenues $ 24,383 $ 20,583 $ 18,406
Cost of sales 18,193 15,873 15,455
Operating, general and administrative 5,717 4,822 4,445
Total operating cost and expenses 23,910 20,695 19,900
Operating income (loss) 473 (112) (1,494)
Interest income 178 53 9
Interest expense (48) (27) (45)
Other expense, net (19) (7) (12)
Income (loss) before income taxes 584 (93) (1,542)
Income tax (benefit) expense (776) (1) 1
Net income (loss) $ 1,360 $ (92) $ (1,543)
Earnings per share      
Basic (in usd per share) $ 0.76 $ (0.05) $ (1.08)
Diluted (in usd per share) $ 0.75 $ (0.05) $ (1.08)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:      
Basic (in shares) 1,782 1,765 1,424
Diluted (in shares) 1,803 1,765 1,424
Net retail sales      
Total net revenues $ 21,223 $ 18,338 $ 16,488
Net other revenue      
Total net revenues $ 3,160 $ 2,245 $ 1,918
v3.24.0.1
Consolidated Statement of Comprehensive Income (Loss) (Statement) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 1,360 $ (92) $ (1,543)
Other comprehensive (loss) income:      
Foreign currency translation adjustments, net of tax (2) 9 41
Actuarial (loss) gain on defined severance benefits, net of tax (18) 41 (57)
Total other comprehensive (loss) income (20) 50 (16)
Comprehensive income (loss) $ 1,340 $ (42) $ (1,559)
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 5,243 $ 3,509
Restricted cash 353 176
Accounts receivable, net 314 184
Inventories 1,666 1,657
Prepaids and other current assets 316 304
Total current assets 7,892 5,830
Property and equipment, net 2,465 1,820
Operating lease right-of-use assets 1,601 1,405
Deferred tax assets 925 40
Long-term lease deposits and other 463 418
Total assets 13,346 9,513
Liabilities and stockholders' equity    
Accounts payable 5,099 3,622
Accrued expenses 352 299
Deferred revenue 97 92
Short-term borrowings 282 175
Current portion of long-term debt 203 129
Current portion of long-term operating lease obligations 386 326
Other current liabilities 526 420
Total current liabilities 6,945 5,063
Long-term debt 529 538
Long-term operating lease obligations 1,387 1,234
Defined severance benefits and other 381 264
Total liabilities 9,242 7,099
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest 15 0
Stockholders' equity    
Class A — shares authorized 10,000, outstanding 1,616 and 1,598 Class B — shares authorized 250, outstanding 175 and 175 0 0
Additional paid-in capital 8,489 8,154
Accumulated other comprehensive (loss) income (17) 3
Accumulated deficit (4,383) (5,743)
Total stockholders' equity 4,089 2,414
Total liabilities and stockholders' equity $ 13,346 $ 9,513
v3.24.0.1
Consolidated Balance Sheet (Parenthetical) - shares
Dec. 31, 2023
Dec. 31, 2022
Common Class A    
Common stock, shares authorized (in shares) 10,000,000,000 10,000,000,000
Common stock, shares outstanding (in shares) 1,616,000,000 1,598,000,000
Common Class B    
Common stock, shares authorized (in shares) 250,000,000 250,000,000
Common stock, shares outstanding (in shares) 175,000,000 175,000,000
v3.24.0.1
Consolidated Statements of Redeemable Convertible Preferred Units and Stockholders'/Members' Equity (Deficit) - USD ($)
shares in Millions, $ in Millions
Total
Common Units
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Redeemable Convertible Preferred Units
Beginning balance (in shares) at Dec. 31, 2020             1,329
Beginning balance at Dec. 31, 2020             $ 3,466
Increase (Decrease) in Temporary Equity [Roll Forward]              
Conversion of redeemable convertible preferred units into Class A and Class B common stock (in shares)             (1,329)
Conversion of redeemable convertible preferred units into Class A and Class B common stock             $ (3,466)
Ending balance (in shares) at Dec. 31, 2021             0
Ending balance at Dec. 31, 2021             $ 0
Beginning balance (in shares) at Dec. 31, 2020   106 0        
Common units, beginning balance at Dec. 31, 2020   $ 45          
Beginning balance at Dec. 31, 2020 $ (4,069)   $ 0 $ 25 $ (31) $ (4,108)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (1,543)         (1,543)  
Foreign currency translation adjustments, net of tax 41       41    
Actuarial (loss) gain on defined severance benefits, net of tax (57)       (57)    
Issuance of common units, equity-based compensation plan (in shares)   23          
Issuance of common units, equity-based compensation plans 39 $ 39          
Equity-based compensation 3 $ 3          
Conversion of common units into Class A and Class B common stock (in shares)   129 129        
Conversion of common units into Class A and Class B common stock 0 $ (87)   87      
Conversion of redeemable convertible preferred units into Class A and Class B common stock (in shares)     1,329        
Conversion of redeemable convertible preferred units into Class A and Class B common stock 3,466     3,466      
Issuance of Class A common stock, net of underwriting discounts and offering costs (in shares)     100        
Issuance of Class A common stock, net of underwriting discounts and offering costs 3,417     3,417      
Conversion of convertible notes into Class A common stock (in shares)     172        
Conversion of convertible notes into Class A common stock 610     610      
Net issuance of common stock upon exercise of stock options subsequent to Corporate Conversion and IPO (in shares)     12        
Net issuance of common stock upon exercise of stock options subsequent to Corporate Conversion and IPO 23     23      
Net issuance of common stock upon settlement of RSUs subsequent to Corporate Conversion and IPO (in shares)     12        
Net issuance of common stock upon settlement of RSUs subsequent to Corporate Conversion and IPO 0            
Equity-based compensation subsequent to Corporate Conversion and IPO 246     246      
Ending balance (in shares) at Dec. 31, 2021   0 1,754        
Common units, ending balance at Dec. 31, 2021   $ 0          
Ending balance at Dec. 31, 2021 2,176   $ 0 7,874 (47) (5,651)  
Ending balance (in shares) at Dec. 31, 2022             0
Ending balance at Dec. 31, 2022             $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (92)         (92)  
Foreign currency translation adjustments, net of tax 9       9    
Actuarial (loss) gain on defined severance benefits, net of tax 41       41    
Equity-based compensation 262     262      
Net issuance of common stock upon exercise of stock options subsequent to Corporate Conversion and IPO (in shares)     9        
Net issuance of common stock upon exercise of stock options subsequent to Corporate Conversion and IPO 18     18      
Net issuance of common stock upon settlement of RSUs subsequent to Corporate Conversion and IPO (in shares)     10        
Net issuance of common stock upon settlement of RSUs subsequent to Corporate Conversion and IPO 0            
Ending balance (in shares) at Dec. 31, 2022   0 1,773        
Common units, ending balance at Dec. 31, 2022   $ 0          
Ending balance at Dec. 31, 2022 2,414   $ 0 8,154 3 (5,743)  
Ending balance (in shares) at Dec. 31, 2023             0
Ending balance at Dec. 31, 2023             $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) 1,360         1,360  
Foreign currency translation adjustments, net of tax (2)       (2)    
Actuarial (loss) gain on defined severance benefits, net of tax (18)       (18)    
Equity-based compensation 326     326      
Net issuance of common stock upon exercise of stock options subsequent to Corporate Conversion and IPO (in shares)     4        
Net issuance of common stock upon exercise of stock options subsequent to Corporate Conversion and IPO 9     9      
Net issuance of common stock upon settlement of RSUs subsequent to Corporate Conversion and IPO (in shares)     14        
Net issuance of common stock upon settlement of RSUs subsequent to Corporate Conversion and IPO 0            
Ending balance (in shares) at Dec. 31, 2023   0 1,791        
Common units, ending balance at Dec. 31, 2023   $ 0          
Ending balance at Dec. 31, 2023 $ 4,089   $ 0 $ 8,489 $ (17) $ (4,383)  
v3.24.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income (loss) $ 1,360 $ (92) $ (1,543)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 275 231 201
Provision for severance benefits 159 161 128
Equity-based compensation 326 262 249
Inventory and fixed asset losses due to fulfillment center fire 0 0 285
Non-cash operating lease expense 338 310 259
Deferred income taxes (884) (41) 0
Non-cash others 140 112 78
Change in operating assets and liabilities:      
Accounts receivable, net (133) (34) (120)
Inventories (44) (367) (528)
Other assets (153) (249) (178)
Accounts payable 1,514 444 728
Accrued expenses 43 7 207
Other liabilities (289) (179) (177)
Net cash provided by (used in) operating activities 2,652 565 (411)
Investing activities      
Purchases of property and equipment (896) (824) (674)
Proceeds from sale of property and equipment 19 13 2
Other investing activities (50) (37) (4)
Net cash used in investing activities (927) (848) (676)
Financing activities      
Proceeds from issuance of Class A common stock upon initial public offering, net of underwriting discounts 0 0 3,431
Deferred offering costs paid 0 0 (12)
Proceeds from issuance of common stock/units, equity-based compensation plan 9 18 62
Proceeds from short-term borrowings and long-term debt 572 701 434
Repayment of short-term borrowings and long-term debt (392) (467) (336)
Net short-term borrowings and other financing activities 10 (5) (2)
Net cash provided by financing activities 199 247 3,577
Effect of exchange rate changes on cash and cash equivalents, and restricted cash (14) (87) (81)
Net increase (decrease) in cash and cash equivalents, and restricted cash 1,910 (123) 2,409
Cash and cash equivalents, and restricted cash, as of beginning of period 3,687 3,810 1,401
Cash and cash equivalents, and restricted cash, as of end of period $ 5,597 $ 3,687 $ 3,810
v3.24.0.1
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Summary of Significant Accounting Policies Description of Business and Summary of Significant Accounting Policies
Description of Business
Coupang, Inc. (“Coupang” or the “Parent”), together with its wholly-owned subsidiaries (collectively, “we,” “us,” or “our”), is a Delaware corporation, which owns and operates a retail business that primarily serves the Korean retail market. Through our mobile applications and Internet websites, we offer products and services that span a wide range of categories, including home goods and décor, apparel and beauty products, fresh food and grocery, sporting goods, electronics, everyday consumables, travel, restaurant order and delivery, content streaming, and advertising, which are offered through a fully integrated technology, fulfillment and logistics infrastructure. We are headquartered in the United States, with operations and support services performed in geographies including South Korea, Taiwan, Singapore, China, and India.
We completed our initial public offering (“IPO”) on March 15, 2021, in which we issued and sold 100 million shares of our Class A common stock at a price of $35.00 per share and received net proceeds of $3.4 billion. In connection with our IPO, Coupang, LLC, a Delaware limited liability company, converted into a Delaware corporation pursuant to a statutory conversion, which changed our name to Coupang, Inc. (“Corporate Conversion”).
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 15 — " Subsequent Event - Farfetch" for additional information.
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified or combined to conform to current year presentation. Our fiscal year is consistent with the calendar year and ends on December 31. References to years relate to the fiscal year ended December 31.
Use of Estimates
The preparation of 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 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.
Segment Information
We have two reportable segments: Product Commerce and Developing Offerings. Refer to Note 3 — "Segment Reporting" for additional information.
Foreign Currency
Our functional currency, including that of the Parent, is the United States dollar (“U.S. dollar”). The Korean Won is the local and functional currency for our Korean subsidiary, Coupang Corp., which is our primary operating subsidiary. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Assets and liabilities of each subsidiary are translated into U.S. dollars at the exchange rate in effect at the end of each period. Revenue and expenses for these subsidiaries are translated into U.S. dollars using average rates that approximate those in effect during the period. Translation adjustments are included in “Accumulated other comprehensive (loss) income,” a separate component of stockholders’ equity and in the “Effect of exchange rate changes on cash and cash equivalents, and restricted cash” in the consolidated statements of cash flows. Transaction gains and losses are included in “Other expense, net” in the consolidated statements of operations.
Revenue Recognition
We recognize revenues on the amount of expected consideration it will receive, which incorporates reductions for estimated returns, promotional discounts, and earned loyalty rewards. Revenue excludes amounts collected on behalf of third parties, such as value added taxes. Historical experience is used to estimate returns at the time of sale at a portfolio level using the expected value method. We include these amounts in the transaction price to the extent it is probable that a significant reversal of revenue will not occur and updates as additional information becomes available. For revenue contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. We primarily determine stand-alone selling prices based on the prices charged to customers.
Net Retail Sales
Retail sales are earned from our online product sales to consumers. Retail revenue is recognized when control of the goods is transferred to the customer, which occurs upon delivery to the customer.
Net Other Revenue
Net other revenue includes commissions and logistics and fulfillment fees earned from merchants that sell their products through our online business. We are not the seller of record in these transactions, nor do we take control of the related inventory. Although we process and collect the entire amount of these transactions, we record revenue on the net commission because we are acting as an agent. Commission revenue is recognized when the order is completed and transmitted to the third-party merchant. Logistics and fulfillment fees are recognized as the services are rendered.
Net other revenue also includes consideration from our online restaurant ordering and delivery services, performed by us, as well as advertising services provided on our website and mobile applications. Revenues from online restaurant ordering and delivery are recognized when we deliver the order. Advertising revenue is recognized as ads are delivered over a period of time or based on number of clicks and impressions.
We offer a subscription service to our Rocket WOW membership program, which provides customers with access to benefits such as access to Rocket Fresh, no minimum spend for Rocket Delivery, Dawn Delivery, product discounts, free shipping on returns, discounts on restaurant orders via Coupang Eats, and access to content streaming. Subscription benefits represent a single, stand-ready obligation and revenue from subscription fees are recognized over the subscription period.
Deferred Revenue
Deferred revenue primarily relates to retail sales and is recorded when payments are received in advance of delivery to customers. Deferred revenue is generally recognized as revenue in the following month when delivery is made to customers.
Discount Coupons and Loyalty Rewards
For discount coupons or loyalty rewards offered as part of revenue transactions, we defer a portion of the revenue based on the estimated standalone selling price of the discount coupons or loyalty rewards earned and recognize the revenue as they are redeemed in future transactions or when they expire. Discount coupons and loyalty rewards expire after six months and are generally redeemed within six months from issuance and therefore, breakage is not significant. We also issue discount coupons or loyalty rewards that are not earned in conjunction with the purchase of a product as part of our marketing activities. This is not a performance obligation and is recognized as a reduction of the transaction price when rendered by the customer.
Cost of Sales
Cost of sales are primarily comprised of the purchase price of products sold to customers where we record revenue gross, and includes logistics center costs. Inbound shipping and handling costs to receive products from suppliers are included in inventory and recognized in cost of sales as products are sold. Additionally, cost of sales includes outbound shipping and logistics related expenses, and delivery service costs from our restaurant delivery business, primarily where we are the delivery service provider, as well as depreciation and amortization.
Payments from Suppliers
We receive consideration from suppliers for various programs, including rebates, incentives, and discounts, as well as advertising services provided on our website and mobile applications. We generally record these amounts received from suppliers to be a reduction of the prices we pay for their goods, and a subsequent reduction in cost of sales as the inventory is sold.
Operating, General and Administrative Expenses
Operating, general and administrative expenses include all our operating costs, excluding cost of sales, as described above. More specifically, these expenses include costs incurred in operating and staffing our fulfillment centers (including costs attributable to
receiving, inspecting, picking, packaging, and preparing customer orders), customer service related costs, payment processing fees, costs related to the design, execution and maintenance of our technology infrastructure and online offerings, advertising costs, general corporate function costs, and depreciation and amortization. Advertising expenses, which are expensed as incurred, were $711 million, $605 million, and $433 million for 2023, 2022 and 2021, respectively.
Equity-Based Compensation
We account for equity-based employee compensation arrangements in accordance with U.S. GAAP, which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. We determine the fair value of equity-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.
Restricted Stock Units
We previously granted restricted equity units (“REUs”) under our 2011 Equity Incentive Plan (“2011 Plan”), which vest upon the satisfaction of both a service-based condition and a performance-based condition. The performance condition was satisfied at the time of the IPO, and we recorded cumulative equity-based compensation expense for the awards based on the service-based conditions. The fair value of the REUs were estimated based on the fair market value of our common units on the date of grant. In connection with our Corporate Conversion, the outstanding awards were converted into restricted stock units (“RSUs”). We have subsequently granted RSUs that generally vest upon the satisfaction of a service-based condition as defined in our 2021 Equity Incentive Plan (“2021 Plan”). The grant-date fair value of each RSU, net of estimated forfeitures, is recognized as expense over the requisite service period on a straight-line basis for RSUs with service only vesting conditions.
Stock Options
We previously granted unit options under the 2011 Plan, which vest over a service period of generally four years. In connection with our Corporate Conversion, the outstanding awards were converted into stock options. The grant-date fair value of each stock option award, net of estimated forfeitures, is recognized as expense over the requisite service period on a straight-line basis. We estimate the fair value of stock options granted using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including the expected stock price volatility over the expected term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate for the expected term of the award, and expected dividends. Expected volatility is based on historical volatility of the stock of industry peers. The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group.
Defined Severance Benefits
We accrue severance benefits for employees of our Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees with one or more years of service are entitled to severance payments upon the termination of their employment based on their length of service and pay rate.
We recognize the defined severance benefits obligation in the consolidated balance sheets with a corresponding adjustment to operating expenses and “Accumulated other comprehensive (loss) income”. The obligations are measured annually, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions and methodologies. We use certain assumptions including, but not limited to, the selection of the: (i) discount rates; (ii) salary growth rates; and (iii) certain employee-related factors, such as turnover, retirement age and mortality. We review our actuarial assumptions and make modifications to the assumptions based on current rates and trends when appropriate.
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.
Our deferred tax assets are recorded net of valuation allowances when, based on the weight of available evidence, it is more likely than not that all or some portion of the recorded deferred tax assets will not be realized in future periods. Realization of our deferred tax assets is dependent on the generation of future taxable income. In considering the need for a valuation allowance, we consider our historical, as well as future projected taxable income, along with other positive and negative evidence in assessing the realizability of our deferred tax assets. Decreases to valuation allowances are recorded as reductions to our income tax expense and increases to valuation allowances result in additional expense for income taxes. Global Intangible Low-taxed Income (“GILTI”)
provisions are applied, providing for incremental tax on foreign income. We have made the policy election to record any liability associated with GILTI in the period in which it is incurred.
We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step process. In the first step, recognition, we determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step addresses measurement of a tax position that meets the more-likely-than-not criteria. The tax position is measured at the largest amount of benefit that has a likelihood of greater than 50 percent of being realized upon ultimate settlement.
Earnings per Share
Basic earnings per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) 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 are therefore the same for Class A and Class B common stock, both on an individual and combined basis.
Cash and Cash Equivalents
Cash and cash equivalents are short-term, highly liquid investments with original maturities of three months or less from the date of purchase, or deposit accounts that can be withdrawn at any time without significant penalty.
Restricted Cash
Restricted cash primarily consists of certain cash pledged as collateral for loan facility agreements, cash on deposit designated for interest and principal debt repayments, as well as cash on deposit pledged as collateral for potential refunds on transactions with customers or future payments to suppliers. Restricted cash with remaining restrictions of one year or less are classified as current on the consolidated balance sheets.
Accounts Receivable, Net
Accounts receivable, net are stated at their carrying value, net of allowance for credit losses based on lifetime expected losses. Accounts receivable balances are primarily trade receivables due from payment gateway providers, customers, suppliers and sellers, net of estimated allowances for credit losses. Amounts included in accounts receivable, or collected from payment gateway providers, to be remitted to merchants are included in accounts payable. Receivables from suppliers and sellers primarily relate to advertising activities. We estimate the allowance for credit losses based upon historical experience, the age and delinquency rates of receivables and credit quality, as well as economic and regulatory conditions combined with reasonable and supportable management forecasts of collectability and other economic factors over the lifetime of the receivables. We write off accounts against the allowance for credit losses when they are deemed to be uncollectible. As of December 31, 2023 and 2022, net receivables from customers and sellers were $71 million and $64 million, respectively. The allowance amounts were immaterial for all periods presented.
Inventories
Our inventories, which consist of products available for sale, are accounted for using the weighted average cost method, and are stated at the lower of cost or net realizable value. This valuation requires management judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product suppliers, or liquidations, and expected recoverable values of separate inventory categories.
Property and Equipment, Net
Property and equipment, net are stated at historical cost, less accumulated depreciation and amortization. Property and equipment primarily includes buildings and structures, land, leasehold improvements, furniture, internal-use software, vehicles, information technology equipment, heavy equipment, and other fulfillment equipment. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the respective asset categories.
Depreciation and amortization expense is classified within the corresponding operating expense categories on the consolidated statements of operations. Maintenance and repairs are charged to operating expenses as incurred.
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. Inventory and property and equipment losses from the FC Fire of $158 million and $138 million were recognized in “Cost of sales” and “Operating, general and administrative”, respectively, in 2021.
While we are insured on property losses from the FC Fire, investigations surrounding the fire continue. In December 2022 and September 2023, we received refundable insurance cash advance payments of $79 million and $59 million, respectively, which are included within other current liabilities. We 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.
Leases
We determine if an arrangement is or contains a lease at contract inception. Leases are classified as either operating or finance.
Lease obligations and right-of-use (“ROU”) assets are recognized at the present value of the fixed lease payments. We only consider options to extend or terminate a lease if it is reasonably certain that we will exercise the option. We determine our discount rate at lease inception using our incremental borrowing rate. For operating leases, expense is recognized on a straight-line basis over the lease term.
Leases with an initial contractual term of twelve months or less are expensed on a straight-line basis over the lease term and we do not recognize lease liabilities and ROU assets.
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that may necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. Impairment losses are recorded if the asset’s carrying value is not recoverable through its undiscounted future cash flows. Impairment losses are measured based upon the difference between the carrying amount and estimated fair value of the related asset or asset group. No impairment losses were recorded for 2023, 2022, and 2021.
Fair Value of Financial Instruments
Our primary financial instruments include cash equivalents, restricted cash, accounts receivable, accounts payable, short-term borrowings, and long-term debt. The carrying amounts for cash and cash equivalents, restricted cash, accounts receivable, other assets, accounts payable, short-term borrowings, and accrued expenses approximate fair value due to their short maturities. Refer to Note 8 — "Fair Value Measurement" for further information.
Concentration of Credit Risk
Cash and cash equivalents, restricted cash and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents, and restricted cash are placed with several financial institutions and money market funds that management believes are of high credit quality, of which 47% and 70% were held at two and three financial institutions as of December 31, 2023 and 2022, respectively. Our gross accounts receivable includes amounts concentrated with three payment processing companies representing 51% and 41% of gross accounts receivable as of December 31, 2023 and 2022, respectively.
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 consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for fiscal years beginning after December 15, 2023.
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.
Basis of Presentation
These condensed Parent company-only financial statements have been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto of Coupang, Inc. and subsidiaries included in Part II, Item 8 of this Form 10-K. The Parent’s significant accounting policies are consistent with those described in Note 1 — "Description of Business and Summary of Significant Accounting Policies" in Part II, Item 8, except that all subsidiaries are accounted for as equity method investments.
Certain subsidiaries in Korea hold various licenses and/or are regulated by governmental requirements. As a result, the ability of these subsidiaries to pay dividends or loan money to our Parent company is restricted due to terms which require the subsidiaries to meet certain financial covenants, including maintaining a positive net equity balance; having a minimum percentage of its total assets in low-risk, cash-like assets; and maintaining a minimum current asset to current liability ratio. In addition, the Parent has certain regulatory restrictions that only allow dividend payments to be made while maintaining a positive net equity balance or if dividends are paid out of the current years' income, if any.
v3.24.0.1
Net Revenues
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Net Revenues Net Revenues
Details of total net revenues were as follows:
(in millions)
202320222021
Net retail sales$21,223 $18,338 $16,488 
Third-party merchant services2,576 1,870 1,695 
Other revenue584 375 223 
Total net revenues$24,383 $20,583 $18,406 
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, and delivery fees earned from merchants and restaurants that sell their products through our online business. 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 consolidated balance sheets. We recognized revenue of $89 million, $86 million, and $60 million for 2023, 2022, and 2021 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.
v3.24.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 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 our 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 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. 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 loss before income taxes is as follows:
(in millions)
202320222021
Net revenues
Product Commerce$23,594 $19,955 $17,838 
Developing Offerings789 628 568 
Total net revenues$24,383 $20,583 $18,406 
Segment adjusted EBITDA
Product Commerce$1,540 $606 $(361)
Developing Offerings(466)(225)(387)
Total segment adjusted EBITDA$1,074 $381 $(748)
Reconciling items:
Depreciation and amortization(275)(231)(201)
Equity-based compensation(326)(262)(249)
Interest expense(48)(27)(45)
Interest income178 53 9 
Other expense, net(19)(7)(12)
Fulfillment center fire losses— — (296)
Income (loss) before income taxes$584 $(93)$(1,542)
v3.24.0.1
Equity-based Compensation Plans
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Equity-based Compensation Plans Equity-based Compensation Plans
The 2021 Plan provides for the granting of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other equity-based awards. Prior to the IPO, awards were provided for under the 2011 Plan, and the vesting or exercise of those awards were issued and continue to be issued from the 2011 Plan. Upon formation of the 2021 Plan, no further awards are to be granted under the 2011 Plan, and any forfeitures of awards previously granted under the 2011 Plan will add to the amount available to grant under the 2021 Plan. The number of shares of our common stock reserved for issuance under the 2021 Plan will be increased on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 5% of the total number of shares of our capital stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by our board of directors. Following the increase, the maximum number of shares of our common stock that may be issued under the Plans is 391,444,232 shares. As of December 31, 2023, we have 262,172,909 shares of common stock available for future grants to employees.
Shares subject to stock awards granted under the 2021 Plan that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, do not reduce the number of shares available for issuance under the 2021 Plan. Additionally, shares become available for future grant under the 2021 Plan if they were issued under stock awards under the 2021 Plan and we repurchase them or they are forfeited.
RSUs
RSUs generally vest over 2 to 4 years from the vesting start date, subject to the recipient remaining an employee at each vesting date.
For the RSUs with the performance condition satisfied upon the completion of our IPO, we recorded $41 million in equity-based compensation expense for 2021, consisting primarily of a cumulative catch-up adjustment related to such awards based on the full or partial fulfillment of requisite service periods. Unrecognized equity-based compensation expense related to these awards are recognized over the remaining requisite service periods.
As of December 31, 2023, we had $601 million of unamortized compensation costs related to all unvested RSU awards. The unamortized compensation costs are expected to be recognized over a weighted-average period of approximately 2.4 years, net of estimated forfeitures.
The table below summarizes our RSU activity:
Outstanding RSUs
(in millions, except unit price)
Number of RSUsWeighted Average Grant-Date Fair Value
December 31, 202235 $19.29 
Granted30 16.31 
Vested(14)19.63 
Forfeited / cancelled(5)19.71 
December 31, 202346 $17.25 
The following information is provided for our RSUs:
(in millions, except unit price)
202320222021
Weighted average grant-date fair value of RSUs granted$16.31 $17.24 $32.17 
Fair value of RSUs at vesting$223 $181 $413 
Stock Options
Our stock options are granted with exercise prices equal to the estimated fair value of the common shares at the date of grant. Stock options generally expire ten years from the grant date.
The total unrecognized compensation expense related to unvested stock options was $1 million, which will be recognized over the weighted-average remaining service period of approximately 0.8 years, net of estimated forfeitures.
The table below summarizes our stock option activity:
Outstanding Options
(in millions, except unit price)
Number
of
Options		Weighted
Average Exercise
Price		Weighted-Average
Remaining Contractual
Term (in years)		Aggregate Intrinsic Value
December 31, 202222 $6.50 5.90$192 
Forfeited / cancelled(1)$2.38 
Exercised(4)$2.28 
Exercised Withheld— $2.12 
December 31, 202317 $7.60 4.90$152 
Exercisable as of December 31, 202315 $7.80 4.85$131 
Expected to vest as of December 31, 20232 $6.40 5.28$19 
The fair value of stock options is estimated on the grant date with the following assumptions:
2021
Weighted-average expected term (years)4.27
Weighted-average expected volatility70%
Expected dividend yield—
Risk-free interest rate0.62%
The following information is provided for our stock options:
(in millions, except unit price)
202320222021
Weighted average grant-date fair value of stock options granted$— $— $16.46 
Intrinsic fair value of stock options exercised$57 $131 $676 
Equity-based Compensation Expense
The following table presents the effects of equity-based compensation in the consolidated statements of operations:
(in millions)
202320222021
Cost of sales$14 $16 $11 
Operating, general and administrative312 246 238 
Total$326 $262 $249 
v3.24.0.1
Defined Severance Benefits
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Defined Severance Benefits Defined Severance Benefits
Changes in defined severance benefits obligation were as follows:
(in millions)
20232022
Beginning balance, January 1$304 $283 
Current service cost141 143 
Interest cost14 9 
Actuarial losses (gains)22 (32)
Payments from plans(84)(81)
Cumulative effects of foreign currency translation(1)(18)
Ending balance, December 31$396 $304 
Current$82 $78 
Noncurrent$314 $226 
The accumulated benefit obligation for all defined severance benefits was $288 million and $225 million as of December 31, 2023 and 2022, respectively.
Net periodic cost consists of the following:
(in millions)
202320222021
Current service costs$141 $143 $121 
Interest cost14 9 3 
Amortization of:
Prior service cost3 3 — 
Net actuarial loss1 6 4 
Net periodic benefit cost$159 $161 $128 
The principal actuarial assumptions used to determine defined severance benefits obligation were as follows:
December 31, 2023December 31, 2022
Discount rates4.30%–4.80%5.10%–5.30%
Salary growth rates5.00%–7.00%5.00%–8.00%
The principal actuarial assumptions used to determine the net periodic cost were as follows:
202320222021
Discount rates5.10 %–5.30 %2.70 %–3.00 %1.73 %–2.57 %
Salary growth rates5.00 %–8.00 %5.00 %–5.24 %1.48 %–5.00 %
The expected maturity analysis of undiscounted defined severance benefits as of December 31, 2023 was as follows:
(in millions)
Less than 1 yearBetween 1-2 yearsBetween 2-5 yearsOver 5 yearsTotal
Defined severance benefits$87 $90 $275 $437 $889 
s
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We are subject to income taxation through certain of our subsidiaries primarily in the United States, South Korea and other jurisdictions in Asia.
The components of income tax (benefit) expense were as follows:
(in millions of US dollars)
202320222021
Current taxes
United States$62 $— $— 
Foreign46 39 1 
Current taxes108 39 1 
Deferred taxes
United States21 (40)— 
Foreign(905)— — 
Deferred taxes(884)(40)— 
Income tax (benefit) expense$(776)$(1)$1 
The components of income (loss) before income taxes are as follows:
(in millions of US dollars)
202320222021
United States$(217)$(232)$(297)
Foreign801 139 (1,245)
Income (loss) before income taxes$584 $(93)$(1,542)
Differences between the provision at the federal statutory rate and the provision recorded at the consolidated level are as follows:
(in millions of US dollars)
202320222021
Taxes computed at the federal statutory rate$122 $(20)$(324)
Differences resulting from:
Statutory rate difference28 51 (44)
Change in valuation allowances(1,031)(144)393 
GILTI91 93 — 
Stock compensation44 37 (20)
Tax credit(47)(35)(5)
Other nondeductible expense17 15 — 
Other— 2 1 
Income tax (benefit) expense$(776)$(1)$1 
Our resulting effective tax rate differs from the applicable statutory rate primarily due to changes in the valuation allowance against our deferred tax assets, impacts from GILTI, tax credits and equity-based compensation.
The income tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities were as follows:
(in millions of US dollars)
December 31, 2023December 31, 2022
Deferred tax assets
Provision and allowances$69 $57 
Depreciation8 7 
Accrued expenses69 52 
Amortization21 32 
Defined severance benefits84 71 
Lease liabilities409 353 
Net operating loss carryforwards643 790 
Tax credits33 55 
Other49 28 
Total deferred tax assets1,385 1,445 
Less: valuation allowances(82)(1,085)
Total deferred tax assets net of valuation allowance$1,303 $360 
Deferred tax liabilities
Lease asset(371)(317)
Other(7)(3)
Total deferred tax liabilities(378)(320)
Net deferred tax assets$925 $40 
Our valuation allowances were $82 million and $1.1 billion as of December 31, 2023 and 2022, respectively. The valuation allowance at December 31, 2022 was primarily related to our Korea net operating loss carryforwards that, in our judgment, were not more likely than not to be realized. During 2023, we continued to see improved and sustained profitability in Korea, which represents objective positive evidence for the realizability of certain deferred tax assets. As such, based on our analysis of the positive and negative evidence in each tax jurisdiction, during 2023 we released the valuation allowance primarily related to the Korea net operating loss deferred tax assets. The release of the valuation allowance in 2023 resulted in an increase to the carrying value of deferred tax assets on the balance sheet and a benefit to our provision for income taxes of $905 million. Changes in the valuation allowances were as follows:
(in millions)
202320222021
Beginning balance, January 1$(1,085)$(1,284)$(975)
Changes to existing valuation allowances140 103 (393)
Derecognition of valuation allowances905 41 — 
Changes in foreign exchange rates, statutory rates and other(42)55 84 
Ending balance, December 31$(82)$(1,085)$(1,284)
As of December 31, 2023, we have net operating loss carryforwards for corporate income tax purposes of $2.6 billion which are available to offset future corporate taxable income, if any. The net operating loss carryforwards in Korea expire as follows:
(in millions)
Korea
202614 
2027506 
2028819 
2029128 
2035 - 2037899 
Total net operating loss carryforwards$2,366 
At December 31, 2023, we had $255 million of net operating loss carryforwards in other jurisdictions, including Taiwan, Japan and China which begin to expire in 2026.
We have corporate tax credit carryforwards of $67 million in the US which are available to reduce future corporate regular income taxes and $49 million of which expires between 2037 and 2043.
We did not have any material uncertain tax positions as of December 31, 2023 and 2022.
The open tax years for our major tax jurisdictions are 2019 - 2023 for the United States and 2018 - 2023 for Korea.
v3.24.0.1
Earnings per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
The following table presents the calculation of basic and diluted earnings per share:
(in millions, except per share amounts)
202320222021
Numerator
Net income (loss)$1,360 $(92)$(1,543)
Denominator
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic1,782 1,765 1,424 
Dilutive effect of equity compensation awards21 — — 
Diluted1,803 1,765 1,424 
Earnings per share:
Basic$0.76 $(0.05)$(1.08)
Diluted$0.75 $(0.05)$(1.08)
Anti-dilutive shares
3 24 46 
v3.24.0.1
Fair Value Measurement
 12 Months Ended
Dec. 31, 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. Fair value measurements are reported in one of three levels reflecting the significant inputs used to determine fair value.
The following summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:
(in millions of US dollars)
ClassificationMeasurement LevelDecember 31, 2023December 31, 2022
Financial assets
Money market trustCash and cash equivalentsLevel 1$1,582 $390 
Money market fundCash and cash equivalentsLevel 1$1,205 $— 
Money market trustRestricted cashLevel 1$86 $77 
Our long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rates for similar types of borrowing arrangements. The carrying amount of the long-term debt approximates its fair value as of December 31, 2023 and 2022, due primarily to the interest rates approximating market interest rates.
v3.24.0.1
Property and Equipment, net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, net
The following summarizes our property and equipment, net:
(in millions)
Useful LifeDecember 31, 2023December 31, 2022
Land$323 $296 
Buildings40 years751 302 
Equipment and furniture
1 - 8 years
914 648 
Leasehold improvements
(1)
662 525 
Vehicles
4 - 6 years
79 134 
Software4 years26 26 
Construction in progress347 428 
Property and equipment, gross$3,102 $2,359 
Less: Accumulated depreciation and amortization(637)(539)
Property and equipment, net$2,465 $1,820 
(1)Lesser of useful life or remaining lease term
For 2023, 2022, and 2021, depreciation and amortization expense on property and equipment was $271 million, $229 million, and $200 million, respectively.
Property and equipment under construction, which primarily consists of fulfillment centers and deposits for equipment, is recorded as construction in progress until it is ready for its intended use; thereafter, it is transferred to the related class of property and equipment and depreciated over its estimated useful life.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
We are obligated under operating leases primarily for vehicles, equipment, warehouses, and facilities that expire over the next ten years. These leases can contain renewal options. Because we are not reasonably certain to exercise these renewal options, or the renewal options are not solely within our discretion, the options are not considered in determining the lease term, and the associated potential option payments are excluded from expected minimum lease payments. Our leases generally do not include termination options for either party or restrictive financial or other covenants.
Our finance leases as of December 31, 2023 and 2022 were not material and are included in property and equipment, net, on our consolidated balance sheets.
The components of operating lease cost were as follows:
(in millions)
202320222021
Operating lease cost$457 $410 $341 
Variable and short-term lease cost42 40 38 
Total operating lease cost $499 $450 $379 
Supplemental disclosure of cash flow information related to operating leases were as follows:
(in millions)
202320222021
Cash paid for the amount used to measure the operating lease liabilities$445 $367 $288 
Operating lease assets obtained in exchange for lease obligations$428 $426 $599 
Net increase to operating lease ROU assets resulting from remeasurements of lease obligations$133 $8 $109 
Amounts disclosed for ROU assets obtained in exchange for lease obligations include amounts added to the carrying amount of ROU assets resulting from lease modifications and reassessments, and new leases.
The assumptions used to value operating leases for the periods presented were as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term5.7 years5.7 years
Weighted-average discount rate7.77 %6.76 %
As of December 31, 2023, we had entered into operating leases that have not commenced with future minimum lease payments of $355 million, that have not been recognized on our consolidated balance sheets. These leases have non-cancellable lease terms of 1 to 10 years.
v3.24.0.1
Supplemental Financial Information
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
Supplemental financial information Supplemental Financial Information
Supplemental Disclosure of Cash Flow Information
(in millions)
202320222021
Supplemental disclosure of cash-flow information
Cash paid for income taxes, net of refunds$110 $6 $3 
Cash paid for interest$31 $19 $21 
Non-cash investing and financing activities
Increase (decrease) in property and equipment-related accounts payable$23 $(68)$45 
Conversion of common units into Class A and Class B common stock$— $— $87 
Conversion of redeemable convertible preferred units into Class A and Class B common stock$— $— $3,466 
Conversion of convertible notes into Class A common stock$— $— $610 
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.
December 31,
(in millions)202320222021
Current assets
Cash and cash equivalents$5,243 $3,509 $3,488 
Restricted cash
353 176 320 
Noncurrent assets
Restricted cash included in long-term leasehold deposits and other1 2 2 
Total cash, cash equivalents and restricted cash$5,597 $3,687 $3,810 
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 $459 million and $337 million as of December 31, 2023 and 2022, respectively. Coupang or the financial institutions may terminate the agreement upon given notice.
v3.24.0.1
Short-Term Borrowings and Long-Term Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-Term Debt Short-Term Borrowings and Long-Term Debt
Short-Term Borrowings
Details of carrying amounts of short-term borrowings were as follows:
(in millions)
Borrowing LimitDecember 31, 2023December 31, 2022
Maturity DateInterest rate (%)
September 2024
(1)
$23 $— $— 
January 2024 - December 20242.10–5.70283 282 176 
Total principal short-term borrowings$306 $282 $176 
Less: unamortized discounts— (1)
Total short-term borrowings$282 $175 
Weighted-average interest rates3.49 %4.27 %
(1)The interest rate is based on an average of AAA rated financial bonds rate in Korea plus 1.35%.
Our short-term borrowings generally include lines of credit and loan facilities with financial institutions to be drawn upon for general operating purposes.
Long-Term Debt
Details of carrying amounts of long-term debt were as follows:
(in millions)
Maturity DateBorrowing LimitDecember 31, 2023December 31, 2022
Description
Interest rate (%)
Revolving Credit Facility
Feb 2024
(2)
$1,000 $— $— 
Revolving Credit Agreement
Nov 2024
CD interest rate (91 days) + 2.30
124 — — 
August 2021 Term Loan(1)
Aug 20243.16155 155 158 
April 2023 Term Loan(1)
Apr 20266.76178 178 — 
March 2022 Term Loan(1)
Mar 20274.26310 310 316 
Other Term Loan Facilities(1)
Aug 2024 - Nov 20263.68-6.0092 92 196 
Total principal long-term debt$1,859 $735 $670 
Less: current portion of long-term debt(203)(129)
Less: unamortized discounts(3)(3)
Total long-term debt$529 $538 
(1)At December 31, 2023, we had pledged up to $882 million of land and buildings as collateral against long-term loan facilities.
(2)Borrowings under the 2021 revolving credit facility 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 Secured Overnight Financing Rate (SOFR) for a one-month interest period plus 1.00% or (ii) an adjusted Term SOFR plus a margin equal to 1.00%.
Revolving Credit Agreement
In October 2022, we entered into a two-year Revolving Credit Agreement with a borrowing limit of $124 million that bears interest at the average of 91-day CD interest rate plus 2.30%. The Revolving Credit Agreement is secured by $508 million of inventories.
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.
The Revolving Credit Facility and Revolving Credit Agreement both contain financial covenants that require us to maintain certain maximum net leverage ratios and minimum liquidity amounts.
Term Loan Facility Agreements
In April 2023, we entered into a new three-year term loan facility agreement to borrow $178 million to finance the purchase of a fulfillment center and land. We pledged up to $214 million of certain land and buildings as collateral. The loan bears interest at a fixed rate of 6.76%.
We were in compliance with the covenants for each of our borrowings and debt agreements as of December 31, 2023 and 2022.
Future principal payments for long-term debt as of December 31, 2023 were as follows:
(in millions)
Long-term debt
2024$203 
2025— 
2026222 
2027310 
2028— 
Thereafter— 
Total$735 
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
The following summarizes our minimum contractual commitments as of December 31, 2023:
(in millions)
Unconditional purchase obligations (unrecognized)Long-term debt (including interest)Operating leasesTotal
2024$298 $239 $506 $1,043 
2025249 27 430 706 
2026197 243 329 769 
2027188 313 266 767 
2028101 — 215 316 
Thereafter97 — 499 596 
Total undiscounted payments$1,130 $822 $2,245 $4,197 
Less: lease imputed interest(472)
Total lease commitments$1,773 
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 the purchases of technology related services, 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.
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.
v3.24.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Our certificate of incorporation provides for two classes of common stock, and authorizes shares of undesignated preferred stock, the rights, preferences, and privileges of which may be designated from time to time by our board of directors. Our authorized capital stock consists of 10 billion shares of Class A common stock, par value $0.0001 per share; 250 million shares of Class B common stock, par value $0.0001 per share; and 2 billion shares of undesignated preferred stock, par value $0.0001 per share. No preferred stock was issued and outstanding as of December 31, 2023 and 2022.
The shares of Class A common stock and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to twenty-nine votes. In addition, each share of our Class B common stock will convert automatically into one share of our Class A common stock upon any transfer, whether or not for value, except certain transfers to entities, to the extent the transferor retains sole dispositive power and exclusive voting control with respect to the shares of Class B common stock.
In connection with our IPO in March 2021, the principal balance and accrued interest on our previously issued convertible notes were automatically converted into 171,750,446 shares of our Class A common stock.
Accumulated Other Comprehensive Income (Loss)
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 December 31, 2023 and 2022, the ending balance in accumulated other comprehensive income (loss) related to foreign currency translation adjustments was $43 million and $45 million, respectively, and the amount related to actuarial losses on defined severance benefits was $(61) million and $(43) million, respectively.
v3.24.0.1
Subsequent Event - Farfetch Acquisition
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Subsequent event - Farfetch acquisition Subsequent Event - Farfetch Acquisition
On December 18, 2023, we announced our pending acquisition of Farfetch, a leading global marketplace for the luxury fashion industry, which included a $500 million bridge loan to Farfetch and certain of its direct or indirect subsidiaries.
We established a limited partnership for the purposes of providing the bridge loan and acquiring all of the business and assets of Farfetch. The limited partnership is owned 80.1% by Coupang, Inc and 19.9% by certain funds advised or managed by Greenoaks
Capital Partners, LLC (“Greenoaks”), a related party. The limited partnership is included in the Company’s consolidated operating results as of December 31, 2023.
As of December 31, 2023, $75 million was outstanding under the bridge loan. In January 2024, an additional $75 million was advanced under the bridge loan. Financings under the bridge loan, as well as capital contributions, are provided by the partners in accordance with their ownership percentages.
On January 30, 2024, we completed our acquisition and at closing the limited partnership provided additional cash funding to Farfetch of $150 million. Additionally, the $150 million previously provided under the bridge loan was contributed towards the Farfetch Acquisition. The limited partnership is further obligated to fund up to $200 million within twelve months of the acquisition date.
As part of the Farfetch Acquisition, a subsidiary of the limited partnership assumed Farfetch’s then outstanding syndicated Term Loans of $633 million, inclusive of fees incurred, under their Credit Agreement with certain banks and financial institutions. The Term Loans are due and payable on October 20, 2027, with early repayment permitted. Repayment of the Term Loans is due in quarterly installments of 0.25%. The Term Loans bear interest at a rate equal to SOFR plus 6.25% per annum. The Term Loans are not guaranteed by Coupang, Inc or the limited partnership.
Mr. Neil Mehta, a member of the Company’s Board of Directors, has served as a Managing Partner of Greenoaks since April 2012. Greenoaks and certain funds and accounts to which Greenoaks serves as the investment adviser and related persons or entities, including Mr. Mehta, have ownership in our Class A common stock.
Due to the timing of the acquisition, the initial accounting for the business combination is incomplete. As such, we are not able to disclose certain information relating to the acquisition, including the preliminary fair value of assets acquired and liabilities assumed. We expect to complete the initial accounting for the acquisition during the first quarter of 2024.
Redeemable Noncontrolling Interests
Greenoaks’ 19.9% equity interest in the limited partnership is subject to a put/call option after the acquisition was completed, whereby their equity interest can be purchased at either parties’ option after seven years has elapsed and no initial public offering of the acquired Farfetch assets has taken place. The put/call option is to be calculated based on market value of the Farfetch business at the time of exercise. As of December 31, 2023, we recognized a redeemable noncontrolling interest of $15 million for Greenoaks’ equity interest in the limited partnership. In January 2024, Greenoaks contributed a further $45 million in connection with the bridge loan and acquisition of Farfetch, which we recognized as additional redeemable noncontrolling interest.
v3.24.0.1
Schedule I - Condensed Financial information of Parent (Coupang, Inc.)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial information of Parent (Coupang, Inc.)
COUPANG, INC.
Schedule I - Condensed Financial Information of Parent (COUPANG, INC.)
Condensed Statements of Operations and Comprehensive Income/(Loss)
(in millions)
202320222021
Management service fee revenues$18 $17 $17 
Operating cost and expenses(400)(324)(349)
Interest expense(2)(2)(22)
Other income, net84 28 2 
Loss before equity in earnings (losses) of subsidiaries(300)(281)(352)
Equity in earnings (losses) of subsidiaries1,783 189 (1,191)
Income (loss) before taxes1,483 (92)(1,543)
Income tax expense123 — — 
Net income (loss)$1,360 $(92)$(1,543)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax(2)9 41 
Actuarial (loss) gain on defined severance benefits, net of tax
(18)41 (57)
Total other comprehensive (loss) income
(20)50 (16)
Comprehensive income (loss)$1,340 $(42)$(1,559)
See accompanying notes to condensed financial statements.
COUPANG, INC.
Schedule I - Condensed Financial Information of Parent (COUPANG, INC.)
Condensed Balance Sheets
(in millions)
December 31, 2023December 31, 2022
Assets
Cash and cash equivalents$1,592 $1,595 
Restricted cash79 57 
Other current assets20 10 
Total current assets1,691 1,662 
Other assets12 1 
Investment in subsidiaries2,438 763 
Total assets$4,141 $2,426 
Liabilities and stockholders' equity
Other current liabilities$42 $12 
Total current liabilities42 12 
Other liabilities10 — 
Total liabilities52 12 
Stockholders' equity
Common stock— — 
Additional paid-in capital8,489 8,154 
Accumulated other comprehensive (loss) income
(17)3 
Accumulated deficit(4,383)(5,743)
Total stockholders' equity4,089 2,414 
Total liabilities and stockholders' equity$4,141 $2,426 
See accompanying notes to condensed financial statements.
COUPANG, INC.
Schedule I - Condensed Financial Information of Parent (COUPANG, INC.)
Condensed Statements of Cash Flows
(in millions)
202320222021
Operating activities
Net cash provided by (used in) operating activities
$95 $(79)$(58)
Investing activities
Capital contribution to subsidiaries(121)(725)(1,274)
Return of capital contribution from subsidiaries61 80 204 
Increase of short-term loans(25)— — 
Net cash used in investing activities
(85)(645)(1,070)
Financing activities
Proceeds from issuance of common units and preferred units, net of issuance costs— — 3,431 
Deferred offering costs paid— — (12)
Proceeds from issuance of common stock/units, equity-based compensation plan9 18 62 
Other, net— — (1)
Net cash provided by financing activities
9 18 3,480 
Cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
19 (706)2,352 
Cash and cash equivalents as of beginning of the period1,652 2,358 6 
Cash and cash equivalents as of end of the period$1,671 $1,652 $2,358 
See accompanying notes to condensed financial statements.
v3.24.0.1
Schedule I - Basis of Presentation
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Description of Business and Summary of Significant Accounting Policies
Description of Business
Coupang, Inc. (“Coupang” or the “Parent”), together with its wholly-owned subsidiaries (collectively, “we,” “us,” or “our”), is a Delaware corporation, which owns and operates a retail business that primarily serves the Korean retail market. Through our mobile applications and Internet websites, we offer products and services that span a wide range of categories, including home goods and décor, apparel and beauty products, fresh food and grocery, sporting goods, electronics, everyday consumables, travel, restaurant order and delivery, content streaming, and advertising, which are offered through a fully integrated technology, fulfillment and logistics infrastructure. We are headquartered in the United States, with operations and support services performed in geographies including South Korea, Taiwan, Singapore, China, and India.
We completed our initial public offering (“IPO”) on March 15, 2021, in which we issued and sold 100 million shares of our Class A common stock at a price of $35.00 per share and received net proceeds of $3.4 billion. In connection with our IPO, Coupang, LLC, a Delaware limited liability company, converted into a Delaware corporation pursuant to a statutory conversion, which changed our name to Coupang, Inc. (“Corporate Conversion”).
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 15 — " Subsequent Event - Farfetch" for additional information.
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified or combined to conform to current year presentation. Our fiscal year is consistent with the calendar year and ends on December 31. References to years relate to the fiscal year ended December 31.
Use of Estimates
The preparation of 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 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.
Segment Information
We have two reportable segments: Product Commerce and Developing Offerings. Refer to Note 3 — "Segment Reporting" for additional information.
Foreign Currency
Our functional currency, including that of the Parent, is the United States dollar (“U.S. dollar”). The Korean Won is the local and functional currency for our Korean subsidiary, Coupang Corp., which is our primary operating subsidiary. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Assets and liabilities of each subsidiary are translated into U.S. dollars at the exchange rate in effect at the end of each period. Revenue and expenses for these subsidiaries are translated into U.S. dollars using average rates that approximate those in effect during the period. Translation adjustments are included in “Accumulated other comprehensive (loss) income,” a separate component of stockholders’ equity and in the “Effect of exchange rate changes on cash and cash equivalents, and restricted cash” in the consolidated statements of cash flows. Transaction gains and losses are included in “Other expense, net” in the consolidated statements of operations.
Revenue Recognition
We recognize revenues on the amount of expected consideration it will receive, which incorporates reductions for estimated returns, promotional discounts, and earned loyalty rewards. Revenue excludes amounts collected on behalf of third parties, such as value added taxes. Historical experience is used to estimate returns at the time of sale at a portfolio level using the expected value method. We include these amounts in the transaction price to the extent it is probable that a significant reversal of revenue will not occur and updates as additional information becomes available. For revenue contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. We primarily determine stand-alone selling prices based on the prices charged to customers.
Net Retail Sales
Retail sales are earned from our online product sales to consumers. Retail revenue is recognized when control of the goods is transferred to the customer, which occurs upon delivery to the customer.
Net Other Revenue
Net other revenue includes commissions and logistics and fulfillment fees earned from merchants that sell their products through our online business. We are not the seller of record in these transactions, nor do we take control of the related inventory. Although we process and collect the entire amount of these transactions, we record revenue on the net commission because we are acting as an agent. Commission revenue is recognized when the order is completed and transmitted to the third-party merchant. Logistics and fulfillment fees are recognized as the services are rendered.
Net other revenue also includes consideration from our online restaurant ordering and delivery services, performed by us, as well as advertising services provided on our website and mobile applications. Revenues from online restaurant ordering and delivery are recognized when we deliver the order. Advertising revenue is recognized as ads are delivered over a period of time or based on number of clicks and impressions.
We offer a subscription service to our Rocket WOW membership program, which provides customers with access to benefits such as access to Rocket Fresh, no minimum spend for Rocket Delivery, Dawn Delivery, product discounts, free shipping on returns, discounts on restaurant orders via Coupang Eats, and access to content streaming. Subscription benefits represent a single, stand-ready obligation and revenue from subscription fees are recognized over the subscription period.
Deferred Revenue
Deferred revenue primarily relates to retail sales and is recorded when payments are received in advance of delivery to customers. Deferred revenue is generally recognized as revenue in the following month when delivery is made to customers.
Discount Coupons and Loyalty Rewards
For discount coupons or loyalty rewards offered as part of revenue transactions, we defer a portion of the revenue based on the estimated standalone selling price of the discount coupons or loyalty rewards earned and recognize the revenue as they are redeemed in future transactions or when they expire. Discount coupons and loyalty rewards expire after six months and are generally redeemed within six months from issuance and therefore, breakage is not significant. We also issue discount coupons or loyalty rewards that are not earned in conjunction with the purchase of a product as part of our marketing activities. This is not a performance obligation and is recognized as a reduction of the transaction price when rendered by the customer.
Cost of Sales
Cost of sales are primarily comprised of the purchase price of products sold to customers where we record revenue gross, and includes logistics center costs. Inbound shipping and handling costs to receive products from suppliers are included in inventory and recognized in cost of sales as products are sold. Additionally, cost of sales includes outbound shipping and logistics related expenses, and delivery service costs from our restaurant delivery business, primarily where we are the delivery service provider, as well as depreciation and amortization.
Payments from Suppliers
We receive consideration from suppliers for various programs, including rebates, incentives, and discounts, as well as advertising services provided on our website and mobile applications. We generally record these amounts received from suppliers to be a reduction of the prices we pay for their goods, and a subsequent reduction in cost of sales as the inventory is sold.
Operating, General and Administrative Expenses
Operating, general and administrative expenses include all our operating costs, excluding cost of sales, as described above. More specifically, these expenses include costs incurred in operating and staffing our fulfillment centers (including costs attributable to
receiving, inspecting, picking, packaging, and preparing customer orders), customer service related costs, payment processing fees, costs related to the design, execution and maintenance of our technology infrastructure and online offerings, advertising costs, general corporate function costs, and depreciation and amortization. Advertising expenses, which are expensed as incurred, were $711 million, $605 million, and $433 million for 2023, 2022 and 2021, respectively.
Equity-Based Compensation
We account for equity-based employee compensation arrangements in accordance with U.S. GAAP, which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. We determine the fair value of equity-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.
Restricted Stock Units
We previously granted restricted equity units (“REUs”) under our 2011 Equity Incentive Plan (“2011 Plan”), which vest upon the satisfaction of both a service-based condition and a performance-based condition. The performance condition was satisfied at the time of the IPO, and we recorded cumulative equity-based compensation expense for the awards based on the service-based conditions. The fair value of the REUs were estimated based on the fair market value of our common units on the date of grant. In connection with our Corporate Conversion, the outstanding awards were converted into restricted stock units (“RSUs”). We have subsequently granted RSUs that generally vest upon the satisfaction of a service-based condition as defined in our 2021 Equity Incentive Plan (“2021 Plan”). The grant-date fair value of each RSU, net of estimated forfeitures, is recognized as expense over the requisite service period on a straight-line basis for RSUs with service only vesting conditions.
Stock Options
We previously granted unit options under the 2011 Plan, which vest over a service period of generally four years. In connection with our Corporate Conversion, the outstanding awards were converted into stock options. The grant-date fair value of each stock option award, net of estimated forfeitures, is recognized as expense over the requisite service period on a straight-line basis. We estimate the fair value of stock options granted using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including the expected stock price volatility over the expected term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate for the expected term of the award, and expected dividends. Expected volatility is based on historical volatility of the stock of industry peers. The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group.
Defined Severance Benefits
We accrue severance benefits for employees of our Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees with one or more years of service are entitled to severance payments upon the termination of their employment based on their length of service and pay rate.
We recognize the defined severance benefits obligation in the consolidated balance sheets with a corresponding adjustment to operating expenses and “Accumulated other comprehensive (loss) income”. The obligations are measured annually, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions and methodologies. We use certain assumptions including, but not limited to, the selection of the: (i) discount rates; (ii) salary growth rates; and (iii) certain employee-related factors, such as turnover, retirement age and mortality. We review our actuarial assumptions and make modifications to the assumptions based on current rates and trends when appropriate.
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.
Our deferred tax assets are recorded net of valuation allowances when, based on the weight of available evidence, it is more likely than not that all or some portion of the recorded deferred tax assets will not be realized in future periods. Realization of our deferred tax assets is dependent on the generation of future taxable income. In considering the need for a valuation allowance, we consider our historical, as well as future projected taxable income, along with other positive and negative evidence in assessing the realizability of our deferred tax assets. Decreases to valuation allowances are recorded as reductions to our income tax expense and increases to valuation allowances result in additional expense for income taxes. Global Intangible Low-taxed Income (“GILTI”)
provisions are applied, providing for incremental tax on foreign income. We have made the policy election to record any liability associated with GILTI in the period in which it is incurred.
We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step process. In the first step, recognition, we determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step addresses measurement of a tax position that meets the more-likely-than-not criteria. The tax position is measured at the largest amount of benefit that has a likelihood of greater than 50 percent of being realized upon ultimate settlement.
Earnings per Share
Basic earnings per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) 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 are therefore the same for Class A and Class B common stock, both on an individual and combined basis.
Cash and Cash Equivalents
Cash and cash equivalents are short-term, highly liquid investments with original maturities of three months or less from the date of purchase, or deposit accounts that can be withdrawn at any time without significant penalty.
Restricted Cash
Restricted cash primarily consists of certain cash pledged as collateral for loan facility agreements, cash on deposit designated for interest and principal debt repayments, as well as cash on deposit pledged as collateral for potential refunds on transactions with customers or future payments to suppliers. Restricted cash with remaining restrictions of one year or less are classified as current on the consolidated balance sheets.
Accounts Receivable, Net
Accounts receivable, net are stated at their carrying value, net of allowance for credit losses based on lifetime expected losses. Accounts receivable balances are primarily trade receivables due from payment gateway providers, customers, suppliers and sellers, net of estimated allowances for credit losses. Amounts included in accounts receivable, or collected from payment gateway providers, to be remitted to merchants are included in accounts payable. Receivables from suppliers and sellers primarily relate to advertising activities. We estimate the allowance for credit losses based upon historical experience, the age and delinquency rates of receivables and credit quality, as well as economic and regulatory conditions combined with reasonable and supportable management forecasts of collectability and other economic factors over the lifetime of the receivables. We write off accounts against the allowance for credit losses when they are deemed to be uncollectible. As of December 31, 2023 and 2022, net receivables from customers and sellers were $71 million and $64 million, respectively. The allowance amounts were immaterial for all periods presented.
Inventories
Our inventories, which consist of products available for sale, are accounted for using the weighted average cost method, and are stated at the lower of cost or net realizable value. This valuation requires management judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product suppliers, or liquidations, and expected recoverable values of separate inventory categories.
Property and Equipment, Net
Property and equipment, net are stated at historical cost, less accumulated depreciation and amortization. Property and equipment primarily includes buildings and structures, land, leasehold improvements, furniture, internal-use software, vehicles, information technology equipment, heavy equipment, and other fulfillment equipment. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the respective asset categories.
Depreciation and amortization expense is classified within the corresponding operating expense categories on the consolidated statements of operations. Maintenance and repairs are charged to operating expenses as incurred.
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. Inventory and property and equipment losses from the FC Fire of $158 million and $138 million were recognized in “Cost of sales” and “Operating, general and administrative”, respectively, in 2021.
While we are insured on property losses from the FC Fire, investigations surrounding the fire continue. In December 2022 and September 2023, we received refundable insurance cash advance payments of $79 million and $59 million, respectively, which are included within other current liabilities. We 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.
Leases
We determine if an arrangement is or contains a lease at contract inception. Leases are classified as either operating or finance.
Lease obligations and right-of-use (“ROU”) assets are recognized at the present value of the fixed lease payments. We only consider options to extend or terminate a lease if it is reasonably certain that we will exercise the option. We determine our discount rate at lease inception using our incremental borrowing rate. For operating leases, expense is recognized on a straight-line basis over the lease term.
Leases with an initial contractual term of twelve months or less are expensed on a straight-line basis over the lease term and we do not recognize lease liabilities and ROU assets.
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that may necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. Impairment losses are recorded if the asset’s carrying value is not recoverable through its undiscounted future cash flows. Impairment losses are measured based upon the difference between the carrying amount and estimated fair value of the related asset or asset group. No impairment losses were recorded for 2023, 2022, and 2021.
Fair Value of Financial Instruments
Our primary financial instruments include cash equivalents, restricted cash, accounts receivable, accounts payable, short-term borrowings, and long-term debt. The carrying amounts for cash and cash equivalents, restricted cash, accounts receivable, other assets, accounts payable, short-term borrowings, and accrued expenses approximate fair value due to their short maturities. Refer to Note 8 — "Fair Value Measurement" for further information.
Concentration of Credit Risk
Cash and cash equivalents, restricted cash and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents, and restricted cash are placed with several financial institutions and money market funds that management believes are of high credit quality, of which 47% and 70% were held at two and three financial institutions as of December 31, 2023 and 2022, respectively. Our gross accounts receivable includes amounts concentrated with three payment processing companies representing 51% and 41% of gross accounts receivable as of December 31, 2023 and 2022, respectively.
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 consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for fiscal years beginning after December 15, 2023.
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.
Basis of Presentation
These condensed Parent company-only financial statements have been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements and notes thereto of Coupang, Inc. and subsidiaries included in Part II, Item 8 of this Form 10-K. The Parent’s significant accounting policies are consistent with those described in Note 1 — "Description of Business and Summary of Significant Accounting Policies" in Part II, Item 8, except that all subsidiaries are accounted for as equity method investments.
Certain subsidiaries in Korea hold various licenses and/or are regulated by governmental requirements. As a result, the ability of these subsidiaries to pay dividends or loan money to our Parent company is restricted due to terms which require the subsidiaries to meet certain financial covenants, including maintaining a positive net equity balance; having a minimum percentage of its total assets in low-risk, cash-like assets; and maintaining a minimum current asset to current liability ratio. In addition, the Parent has certain regulatory restrictions that only allow dividend payments to be made while maintaining a positive net equity balance or if dividends are paid out of the current years' income, if any.
v3.24.0.1
Schedule I - Debt
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Debt Debt
The Parent has a $875 million unsecured credit facility (the “Revolving Credit Facility”) as further described in Note 12 — "Short-Term Borrowings and Long-Term Debt" which was amended to extend the term to February 2026. As of December 31, 2023, there was no balance outstanding on the Revolving Credit Facility.
The Parent is the guarantor for certain debt issued by its subsidiaries and has pledged $79 million classified within restricted cash related to such debts.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net income (loss) $ 1,360 $ (92) $ (1,543)
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 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
v3.24.0.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified or combined to conform to current year presentation. Our fiscal year is consistent with the calendar year and ends on December 31. References to years relate to the fiscal year ended December 31.
Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified or combined to conform to current year presentation. Our fiscal year is consistent with the calendar year and ends on December 31. References to years relate to the fiscal year ended December 31.
Fiscal Year
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of our wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Certain prior period amounts have been reclassified or combined to conform to current year presentation. Our fiscal year is consistent with the calendar year and ends on December 31. References to years relate to the fiscal year ended December 31.
Use of Estimates
Use of Estimates
The preparation of 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 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.
Segment Information
Segment Information
We have two reportable segments: Product Commerce and Developing Offerings. Refer to Note 3 — "Segment Reporting" for additional information.
Foreign Currency
Foreign Currency
Our functional currency, including that of the Parent, is the United States dollar (“U.S. dollar”). The Korean Won is the local and functional currency for our Korean subsidiary, Coupang Corp., which is our primary operating subsidiary. The other subsidiaries predominantly utilize their local currencies as their functional currencies. Assets and liabilities of each subsidiary are translated into U.S. dollars at the exchange rate in effect at the end of each period. Revenue and expenses for these subsidiaries are translated into U.S. dollars using average rates that approximate those in effect during the period. Translation adjustments are included in “Accumulated other comprehensive (loss) income,” a separate component of stockholders’ equity and in the “Effect of exchange rate changes on cash and cash equivalents, and restricted cash” in the consolidated statements of cash flows. Transaction gains and losses are included in “Other expense, net” in the consolidated statements of operations.
Revenue Recognition
Revenue Recognition
We recognize revenues on the amount of expected consideration it will receive, which incorporates reductions for estimated returns, promotional discounts, and earned loyalty rewards. Revenue excludes amounts collected on behalf of third parties, such as value added taxes. Historical experience is used to estimate returns at the time of sale at a portfolio level using the expected value method. We include these amounts in the transaction price to the extent it is probable that a significant reversal of revenue will not occur and updates as additional information becomes available. For revenue contracts with multiple performance obligations, the transaction price is allocated to each performance obligation using the relative stand-alone selling price. We primarily determine stand-alone selling prices based on the prices charged to customers.
Net Retail Sales
Retail sales are earned from our online product sales to consumers. Retail revenue is recognized when control of the goods is transferred to the customer, which occurs upon delivery to the customer.
Net Other Revenue
Net other revenue includes commissions and logistics and fulfillment fees earned from merchants that sell their products through our online business. We are not the seller of record in these transactions, nor do we take control of the related inventory. Although we process and collect the entire amount of these transactions, we record revenue on the net commission because we are acting as an agent. Commission revenue is recognized when the order is completed and transmitted to the third-party merchant. Logistics and fulfillment fees are recognized as the services are rendered.
Net other revenue also includes consideration from our online restaurant ordering and delivery services, performed by us, as well as advertising services provided on our website and mobile applications. Revenues from online restaurant ordering and delivery are recognized when we deliver the order. Advertising revenue is recognized as ads are delivered over a period of time or based on number of clicks and impressions.
We offer a subscription service to our Rocket WOW membership program, which provides customers with access to benefits such as access to Rocket Fresh, no minimum spend for Rocket Delivery, Dawn Delivery, product discounts, free shipping on returns, discounts on restaurant orders via Coupang Eats, and access to content streaming. Subscription benefits represent a single, stand-ready obligation and revenue from subscription fees are recognized over the subscription period.
Deferred Revenue
Deferred revenue primarily relates to retail sales and is recorded when payments are received in advance of delivery to customers. Deferred revenue is generally recognized as revenue in the following month when delivery is made to customers.
Discount Coupons and Loyalty Rewards
For discount coupons or loyalty rewards offered as part of revenue transactions, we defer a portion of the revenue based on the estimated standalone selling price of the discount coupons or loyalty rewards earned and recognize the revenue as they are redeemed in future transactions or when they expire. Discount coupons and loyalty rewards expire after six months and are generally redeemed within six months from issuance and therefore, breakage is not significant. We also issue discount coupons or loyalty rewards that are not earned in conjunction with the purchase of a product as part of our marketing activities. This is not a performance obligation and is recognized as a reduction of the transaction price when rendered by the customer.
Cost of Sales
Cost of Sales
Cost of sales are primarily comprised of the purchase price of products sold to customers where we record revenue gross, and includes logistics center costs. Inbound shipping and handling costs to receive products from suppliers are included in inventory and recognized in cost of sales as products are sold. Additionally, cost of sales includes outbound shipping and logistics related expenses, and delivery service costs from our restaurant delivery business, primarily where we are the delivery service provider, as well as depreciation and amortization.
Payments from Suppliers
We receive consideration from suppliers for various programs, including rebates, incentives, and discounts, as well as advertising services provided on our website and mobile applications. We generally record these amounts received from suppliers to be a reduction of the prices we pay for their goods, and a subsequent reduction in cost of sales as the inventory is sold.
Operating, General and Administrative Expenses
Operating, General and Administrative Expenses
Operating, general and administrative expenses include all our operating costs, excluding cost of sales, as described above. More specifically, these expenses include costs incurred in operating and staffing our fulfillment centers (including costs attributable to
receiving, inspecting, picking, packaging, and preparing customer orders), customer service related costs, payment processing fees, costs related to the design, execution and maintenance of our technology infrastructure and online offerings, advertising costs, general corporate function costs, and depreciation and amortization. Advertising expenses, which are expensed as incurred, were $711 million, $605 million, and $433 million for 2023, 2022 and 2021, respectively.
Equity-Based Compensation
Equity-Based Compensation
We account for equity-based employee compensation arrangements in accordance with U.S. GAAP, which requires compensation expense for the grant-date fair value of equity-based awards to be recognized over the requisite service period. We determine the fair value of equity-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. Forfeitures are estimated using historical experience at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.
Restricted Stock Units
We previously granted restricted equity units (“REUs”) under our 2011 Equity Incentive Plan (“2011 Plan”), which vest upon the satisfaction of both a service-based condition and a performance-based condition. The performance condition was satisfied at the time of the IPO, and we recorded cumulative equity-based compensation expense for the awards based on the service-based conditions. The fair value of the REUs were estimated based on the fair market value of our common units on the date of grant. In connection with our Corporate Conversion, the outstanding awards were converted into restricted stock units (“RSUs”). We have subsequently granted RSUs that generally vest upon the satisfaction of a service-based condition as defined in our 2021 Equity Incentive Plan (“2021 Plan”). The grant-date fair value of each RSU, net of estimated forfeitures, is recognized as expense over the requisite service period on a straight-line basis for RSUs with service only vesting conditions.
Stock Options
We previously granted unit options under the 2011 Plan, which vest over a service period of generally four years. In connection with our Corporate Conversion, the outstanding awards were converted into stock options. The grant-date fair value of each stock option award, net of estimated forfeitures, is recognized as expense over the requisite service period on a straight-line basis. We estimate the fair value of stock options granted using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including the expected stock price volatility over the expected term of the award, actual and projected employee stock option exercise behaviors, the risk-free interest rate for the expected term of the award, and expected dividends. Expected volatility is based on historical volatility of the stock of industry peers. The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group.
Defined Severance Benefits
Defined Severance Benefits
We accrue severance benefits for employees of our Korean subsidiaries. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees with one or more years of service are entitled to severance payments upon the termination of their employment based on their length of service and pay rate.
We recognize the defined severance benefits obligation in the consolidated balance sheets with a corresponding adjustment to operating expenses and “Accumulated other comprehensive (loss) income”. The obligations are measured annually, or more frequently if there is a remeasurement event, based on our measurement date utilizing various actuarial assumptions and methodologies. We use certain assumptions including, but not limited to, the selection of the: (i) discount rates; (ii) salary growth rates; and (iii) certain employee-related factors, such as turnover, retirement age and mortality. We review our actuarial assumptions and make modifications to the assumptions based on current rates and trends when appropriate.
Income Taxes
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based upon the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse.
Our deferred tax assets are recorded net of valuation allowances when, based on the weight of available evidence, it is more likely than not that all or some portion of the recorded deferred tax assets will not be realized in future periods. Realization of our deferred tax assets is dependent on the generation of future taxable income. In considering the need for a valuation allowance, we consider our historical, as well as future projected taxable income, along with other positive and negative evidence in assessing the realizability of our deferred tax assets. Decreases to valuation allowances are recorded as reductions to our income tax expense and increases to valuation allowances result in additional expense for income taxes. Global Intangible Low-taxed Income (“GILTI”)
provisions are applied, providing for incremental tax on foreign income. We have made the policy election to record any liability associated with GILTI in the period in which it is incurred.
We recognize and measure uncertain tax positions taken or expected to be taken in a tax return utilizing a two-step process. In the first step, recognition, we determine whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The second step addresses measurement of a tax position that meets the more-likely-than-not criteria. The tax position is measured at the largest amount of benefit that has a likelihood of greater than 50 percent of being realized upon ultimate settlement.
Earnings per Share
Earnings per Share
Basic earnings per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) 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 are therefore the same for Class A and Class B common stock, both on an individual and combined basis.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents are short-term, highly liquid investments with original maturities of three months or less from the date of purchase, or deposit accounts that can be withdrawn at any time without significant penalty.
Restricted Cash
Restricted Cash
Restricted cash primarily consists of certain cash pledged as collateral for loan facility agreements, cash on deposit designated for interest and principal debt repayments, as well as cash on deposit pledged as collateral for potential refunds on transactions with customers or future payments to suppliers. Restricted cash with remaining restrictions of one year or less are classified as current on the consolidated balance sheets.
Accounts Receivable, Net
Accounts Receivable, Net
Accounts receivable, net are stated at their carrying value, net of allowance for credit losses based on lifetime expected losses. Accounts receivable balances are primarily trade receivables due from payment gateway providers, customers, suppliers and sellers, net of estimated allowances for credit losses. Amounts included in accounts receivable, or collected from payment gateway providers, to be remitted to merchants are included in accounts payable. Receivables from suppliers and sellers primarily relate to advertising activities. We estimate the allowance for credit losses based upon historical experience, the age and delinquency rates of receivables and credit quality, as well as economic and regulatory conditions combined with reasonable and supportable management forecasts of collectability and other economic factors over the lifetime of the receivables. We write off accounts against the allowance for credit losses when they are deemed to be uncollectible. As of December 31, 2023 and 2022, net receivables from customers and sellers were $71 million and $64 million, respectively. The allowance amounts were immaterial for all periods presented.
Inventories
Inventories
Our inventories, which consist of products available for sale, are accounted for using the weighted average cost method, and are stated at the lower of cost or net realizable value. This valuation requires management judgments, based on currently available information, about the likely method of disposition, such as through sales to individual customers, returns to product suppliers, or liquidations, and expected recoverable values of separate inventory categories.
Property and Equipment, Net
Property and Equipment, Net
Property and equipment, net are stated at historical cost, less accumulated depreciation and amortization. Property and equipment primarily includes buildings and structures, land, leasehold improvements, furniture, internal-use software, vehicles, information technology equipment, heavy equipment, and other fulfillment equipment. Depreciation and amortization is calculated on a straight-line basis over the estimated useful lives of the respective asset categories.
Depreciation and amortization expense is classified within the corresponding operating expense categories on the consolidated statements of operations. Maintenance and repairs are charged to operating expenses as incurred.
Leases
Leases
We determine if an arrangement is or contains a lease at contract inception. Leases are classified as either operating or finance.
Lease obligations and right-of-use (“ROU”) assets are recognized at the present value of the fixed lease payments. We only consider options to extend or terminate a lease if it is reasonably certain that we will exercise the option. We determine our discount rate at lease inception using our incremental borrowing rate. For operating leases, expense is recognized on a straight-line basis over the lease term.
Leases with an initial contractual term of twelve months or less are expensed on a straight-line basis over the lease term and we do not recognize lease liabilities and ROU assets.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that may necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. Impairment losses are recorded if the asset’s carrying value is not recoverable through its undiscounted future cash flows. Impairment losses are measured based upon the difference between the carrying amount and estimated fair value of the related asset or asset group. No impairment losses were recorded for 2023, 2022, and 2021.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Our primary financial instruments include cash equivalents, restricted cash, accounts receivable, accounts payable, short-term borrowings, and long-term debt. The carrying amounts for cash and cash equivalents, restricted cash, accounts receivable, other assets, accounts payable, short-term borrowings, and accrued expenses approximate fair value due to their short maturities. Refer to Note 8 — "Fair Value Measurement" for further information.
Concentration of Credit Risk
Concentration of Credit Risk
Cash and cash equivalents, restricted cash and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents, and restricted cash are placed with several financial institutions and money market funds that management believes are of high credit quality, of which 47% and 70% were held at two and three financial institutions as of December 31, 2023 and 2022, respectively. Our gross accounts receivable includes amounts concentrated with three payment processing companies representing 51% and 41% of gross accounts receivable as of December 31, 2023 and 2022, respectively.
Recent Accounting Pronouncements Adopted / Recent Accounting Pronouncements Yet To Be 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 in the first quarter resulted in incremental disclosures in our consolidated financial statements, with the exception of the rollforward disclosure which will be effective prospectively for fiscal years beginning after December 15, 2023.
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.
v3.24.0.1
Net Revenues (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Details of total net revenues were as follows:
(in millions)
202320222021
Net retail sales$21,223 $18,338 $16,488 
Third-party merchant services2,576 1,870 1,695 
Other revenue584 375 223 
Total net revenues$24,383 $20,583 $18,406 
v3.24.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of segment reporting information by segment
Results of operations for the reportable segments and reconciliation to loss before income taxes is as follows:
(in millions)
202320222021
Net revenues
Product Commerce$23,594 $19,955 $17,838 
Developing Offerings789 628 568 
Total net revenues$24,383 $20,583 $18,406 
Segment adjusted EBITDA
Product Commerce$1,540 $606 $(361)
Developing Offerings(466)(225)(387)
Total segment adjusted EBITDA$1,074 $381 $(748)
Reconciling items:
Depreciation and amortization(275)(231)(201)
Equity-based compensation(326)(262)(249)
Interest expense(48)(27)(45)
Interest income178 53 9 
Other expense, net(19)(7)(12)
Fulfillment center fire losses— — (296)
Income (loss) before income taxes$584 $(93)$(1,542)
v3.24.0.1
Equity-based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Units Activity
The table below summarizes our RSU activity:
Outstanding RSUs
(in millions, except unit price)
Number of RSUsWeighted Average Grant-Date Fair Value
December 31, 202235 $19.29 
Granted30 16.31 
Vested(14)19.63 
Forfeited / cancelled(5)19.71 
December 31, 202346 $17.25 
Schedule of Restricted Stock Unit activity and related information
The following information is provided for our RSUs:
(in millions, except unit price)
202320222021
Weighted average grant-date fair value of RSUs granted$16.31 $17.24 $32.17 
Fair value of RSUs at vesting$223 $181 $413 
Schedule of Stock Options Activity
The table below summarizes our stock option activity:
Outstanding Options
(in millions, except unit price)
Number
of
Options		Weighted
Average Exercise
Price		Weighted-Average
Remaining Contractual
Term (in years)		Aggregate Intrinsic Value
December 31, 202222 $6.50 5.90$192 
Forfeited / cancelled(1)$2.38 
Exercised(4)$2.28 
Exercised Withheld— $2.12 
December 31, 202317 $7.60 4.90$152 
Exercisable as of December 31, 202315 $7.80 4.85$131 
Expected to vest as of December 31, 20232 $6.40 5.28$19 
Schedule of Valuation Assumptions for Stock Options
The fair value of stock options is estimated on the grant date with the following assumptions:
2021
Weighted-average expected term (years)4.27
Weighted-average expected volatility70%
Expected dividend yield—
Risk-free interest rate0.62%
The following information is provided for our stock options:
(in millions, except unit price)
202320222021
Weighted average grant-date fair value of stock options granted$— $— $16.46 
Intrinsic fair value of stock options exercised$57 $131 $676 
Schedule of Equity-Based Compensation
The following table presents the effects of equity-based compensation in the consolidated statements of operations:
(in millions)
202320222021
Cost of sales$14 $16 $11 
Operating, general and administrative312 246 238 
Total$326 $262 $249 
v3.24.0.1
Defined Severance Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Defined Benefits Liabilities
Changes in defined severance benefits obligation were as follows:
(in millions)
20232022
Beginning balance, January 1$304 $283 
Current service cost141 143 
Interest cost14 9 
Actuarial losses (gains)22 (32)
Payments from plans(84)(81)
Cumulative effects of foreign currency translation(1)(18)
Ending balance, December 31$396 $304 
Current$82 $78 
Noncurrent$314 $226 
Schedule of Components of Net Periodic Costs
Net periodic cost consists of the following:
(in millions)
202320222021
Current service costs$141 $143 $121 
Interest cost14 9 3 
Amortization of:
Prior service cost3 3 — 
Net actuarial loss1 6 4 
Net periodic benefit cost$159 $161 $128 
Schedule of Principal Actuarial Assumptions Used to Determine Defined Benefits Liabilities and Net Period Cost
The principal actuarial assumptions used to determine defined severance benefits obligation were as follows:
December 31, 2023December 31, 2022
Discount rates4.30%–4.80%5.10%–5.30%
Salary growth rates5.00%–7.00%5.00%–8.00%
The principal actuarial assumptions used to determine the net periodic cost were as follows:
202320222021
Discount rates5.10 %–5.30 %2.70 %–3.00 %1.73 %–2.57 %
Salary growth rates5.00 %–8.00 %5.00 %–5.24 %1.48 %–5.00 %
Schedule of Expected Maturity Analysis of Undiscounted Defined Severance Benefits
The expected maturity analysis of undiscounted defined severance benefits as of December 31, 2023 was as follows:
(in millions)
Less than 1 yearBetween 1-2 yearsBetween 2-5 yearsOver 5 yearsTotal
Defined severance benefits$87 $90 $275 $437 $889 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of income tax (benefit) expense were as follows:
(in millions of US dollars)
202320222021
Current taxes
United States$62 $— $— 
Foreign46 39 1 
Current taxes108 39 1 
Deferred taxes
United States21 (40)— 
Foreign(905)— — 
Deferred taxes(884)(40)— 
Income tax (benefit) expense$(776)$(1)$1 
Schedule of Income (Loss) Before Income Taxes
The components of income (loss) before income taxes are as follows:
(in millions of US dollars)
202320222021
United States$(217)$(232)$(297)
Foreign801 139 (1,245)
Income (loss) before income taxes$584 $(93)$(1,542)
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate
Differences between the provision at the federal statutory rate and the provision recorded at the consolidated level are as follows:
(in millions of US dollars)
202320222021
Taxes computed at the federal statutory rate$122 $(20)$(324)
Differences resulting from:
Statutory rate difference28 51 (44)
Change in valuation allowances(1,031)(144)393 
GILTI91 93 — 
Stock compensation44 37 (20)
Tax credit(47)(35)(5)
Other nondeductible expense17 15 — 
Other— 2 1 
Income tax (benefit) expense$(776)$(1)$1 
Schedule of Income Tax Effects of Temporary Differences that Give Rise to Deferred Income Tax Assets and Deferred Income Tax Liabilities
The income tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities were as follows:
(in millions of US dollars)
December 31, 2023December 31, 2022
Deferred tax assets
Provision and allowances$69 $57 
Depreciation8 7 
Accrued expenses69 52 
Amortization21 32 
Defined severance benefits84 71 
Lease liabilities409 353 
Net operating loss carryforwards643 790 
Tax credits33 55 
Other49 28 
Total deferred tax assets1,385 1,445 
Less: valuation allowances(82)(1,085)
Total deferred tax assets net of valuation allowance$1,303 $360 
Deferred tax liabilities
Lease asset(371)(317)
Other(7)(3)
Total deferred tax liabilities(378)(320)
Net deferred tax assets$925 $40 
Summary of Valuation Allowance Changes in the valuation allowances were as follows:
(in millions)
202320222021
Beginning balance, January 1$(1,085)$(1,284)$(975)
Changes to existing valuation allowances140 103 (393)
Derecognition of valuation allowances905 41 — 
Changes in foreign exchange rates, statutory rates and other(42)55 84 
Ending balance, December 31$(82)$(1,085)$(1,284)
Summary of Operating Loss Carryforwards The net operating loss carryforwards in Korea expire as follows:
(in millions)
Korea
202614 
2027506 
2028819 
2029128 
2035 - 2037899 
Total net operating loss carryforwards$2,366 
v3.24.0.1
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 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 earnings per share:
(in millions, except per share amounts)
202320222021
Numerator
Net income (loss)$1,360 $(92)$(1,543)
Denominator
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic1,782 1,765 1,424 
Dilutive effect of equity compensation awards21 — — 
Diluted1,803 1,765 1,424 
Earnings per share:
Basic$0.76 $(0.05)$(1.08)
Diluted$0.75 $(0.05)$(1.08)
Anti-dilutive shares
3 24 46 
v3.24.0.1
Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis
The following summarizes our financial assets and financial liabilities that are measured at fair value on a recurring basis:
(in millions of US dollars)
ClassificationMeasurement LevelDecember 31, 2023December 31, 2022
Financial assets
Money market trustCash and cash equivalentsLevel 1$1,582 $390 
Money market fundCash and cash equivalentsLevel 1$1,205 $— 
Money market trustRestricted cashLevel 1$86 $77 
v3.24.0.1
Property and Equipment, net (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment
The following summarizes our property and equipment, net:
(in millions)
Useful LifeDecember 31, 2023December 31, 2022
Land$323 $296 
Buildings40 years751 302 
Equipment and furniture
1 - 8 years
914 648 
Leasehold improvements
(1)
662 525 
Vehicles
4 - 6 years
79 134 
Software4 years26 26 
Construction in progress347 428 
Property and equipment, gross$3,102 $2,359 
Less: Accumulated depreciation and amortization(637)(539)
Property and equipment, net$2,465 $1,820 
(1)Lesser of useful life or remaining lease term
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Summary of Lease Impacts
The components of operating lease cost were as follows:
(in millions)
202320222021
Operating lease cost$457 $410 $341 
Variable and short-term lease cost42 40 38 
Total operating lease cost $499 $450 $379 
Supplemental disclosure of cash flow information related to operating leases were as follows:
(in millions)
202320222021
Cash paid for the amount used to measure the operating lease liabilities$445 $367 $288 
Operating lease assets obtained in exchange for lease obligations$428 $426 $599 
Net increase to operating lease ROU assets resulting from remeasurements of lease obligations$133 $8 $109 
Amounts disclosed for ROU assets obtained in exchange for lease obligations include amounts added to the carrying amount of ROU assets resulting from lease modifications and reassessments, and new leases.
The assumptions used to value operating leases for the periods presented were as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term5.7 years5.7 years
Weighted-average discount rate7.77 %6.76 %
v3.24.0.1
Supplemental Financial Information (Tables)
 12 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures
Supplemental Disclosure of Cash Flow Information
(in millions)
202320222021
Supplemental disclosure of cash-flow information
Cash paid for income taxes, net of refunds$110 $6 $3 
Cash paid for interest$31 $19 $21 
Non-cash investing and financing activities
Increase (decrease) in property and equipment-related accounts payable$23 $(68)$45 
Conversion of common units into Class A and Class B common stock$— $— $87 
Conversion of redeemable convertible preferred units into Class A and Class B common stock$— $— $3,466 
Conversion of convertible notes into Class A common stock$— $— $610 
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.
December 31,
(in millions)202320222021
Current assets
Cash and cash equivalents$5,243 $3,509 $3,488 
Restricted cash
353 176 320 
Noncurrent assets
Restricted cash included in long-term leasehold deposits and other1 2 2 
Total cash, cash equivalents and restricted cash$5,597 $3,687 $3,810 
v3.24.0.1
Short-Term Borrowings and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-Term Borrowings
Details of carrying amounts of short-term borrowings were as follows:
(in millions)
Borrowing LimitDecember 31, 2023December 31, 2022
Maturity DateInterest rate (%)
September 2024
(1)
$23 $— $— 
January 2024 - December 20242.10–5.70283 282 176 
Total principal short-term borrowings$306 $282 $176 
Less: unamortized discounts— (1)
Total short-term borrowings$282 $175 
Weighted-average interest rates3.49 %4.27 %
(1)The interest rate is based on an average of AAA rated financial bonds rate in Korea plus 1.35%.
Schedule of Long-Term Debt
Details of carrying amounts of long-term debt were as follows:
(in millions)
Maturity DateBorrowing LimitDecember 31, 2023December 31, 2022
Description
Interest rate (%)
Revolving Credit Facility
Feb 2024
(2)
$1,000 $— $— 
Revolving Credit Agreement
Nov 2024
CD interest rate (91 days) + 2.30
124 — — 
August 2021 Term Loan(1)
Aug 20243.16155 155 158 
April 2023 Term Loan(1)
Apr 20266.76178 178 — 
March 2022 Term Loan(1)
Mar 20274.26310 310 316 
Other Term Loan Facilities(1)
Aug 2024 - Nov 20263.68-6.0092 92 196 
Total principal long-term debt$1,859 $735 $670 
Less: current portion of long-term debt(203)(129)
Less: unamortized discounts(3)(3)
Total long-term debt$529 $538 
(1)At December 31, 2023, we had pledged up to $882 million of land and buildings as collateral against long-term loan facilities.
(2)Borrowings under the 2021 revolving credit facility 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 Secured Overnight Financing Rate (SOFR) for a one-month interest period plus 1.00% or (ii) an adjusted Term SOFR plus a margin equal to 1.00%.
Schedule of Long-Term Debt Maturities
Future principal payments for long-term debt as of December 31, 2023 were as follows:
(in millions)
Long-term debt
2024$203 
2025— 
2026222 
2027310 
2028— 
Thereafter— 
Total$735 
v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Minimum Contractual Commitments
The following summarizes our minimum contractual commitments as of December 31, 2023:
(in millions)
Unconditional purchase obligations (unrecognized)Long-term debt (including interest)Operating leasesTotal
2024$298 $239 $506 $1,043 
2025249 27 430 706 
2026197 243 329 769 
2027188 313 266 767 
2028101 — 215 316 
Thereafter97 — 499 596 
Total undiscounted payments$1,130 $822 $2,245 $4,197 
Less: lease imputed interest(472)
Total lease commitments$1,773 
v3.24.0.1
Description of Business and Summary of Significant Accounting Policies - Narrative (Details)
$ / shares in Units, shares in Millions
 1 Months Ended 12 Months Ended
Mar. 15, 2021
USD ($)
$ / shares
shares
Sep. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
numberOfOperatingSegment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]            
Number of operating segments | numberOfOperatingSegment       2    
Advertising expenses       $ 711,000,000 $ 605,000,000 $ 433,000,000
Accounts receivable, net     $ 64,000,000 71,000,000 64,000,000  
Inventory and fixed asset losses due to fulfillment center fire       0 0 285,000,000
Impairment losses of long-lived assets, including intangible assets       $ 0 $ 0 0
Fire            
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]            
Refundable insurance advance payment   $ 59,000,000 $ 79,000,000      
Cost of sales | Fire            
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]            
Inventory and fixed asset losses due to fulfillment center fire           158,000,000
Operating, general and administrative | Fire            
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]            
Inventory and fixed asset losses due to fulfillment center fire           $ 138,000,000
Cash and Cash Equivalents | Financial Institutions | Two Financial Institutions            
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]            
Concentration risk (in percentage)       47.00%    
Cash and Cash Equivalents | Financial Institutions | Three Financial Institutions            
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]            
Concentration risk (in percentage)         70.00%  
Accounts Receivable | Customer Concentration Risk | Three Payment Processing Companies            
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]            
Concentration risk (in percentage)       51.00% 41.00%  
Options            
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]            
Vesting period       4 years    
Common Class A            
Basis of Presentation of Summary of Significant Accounting Policies [Line Items]            
Sale of stock, number of shares issued in transaction (in shares) | shares 100          
Sale of stock, price per share (in usd per share) | $ / shares $ 35.00          
Proceeds from sale of stock, net $ 3,400,000,000          
v3.24.0.1
Net Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Total net revenues $ 24,383 $ 20,583 $ 18,406
Deferred revenue recognized in period 89 86 60
Net retail sales      
Disaggregation of Revenue [Line Items]      
Total net revenues 21,223 18,338 16,488
Third-party merchant services      
Disaggregation of Revenue [Line Items]      
Total net revenues 2,576 1,870 1,695
Other revenue      
Disaggregation of Revenue [Line Items]      
Total net revenues $ 584 $ 375 $ 223
v3.24.0.1
Segment Reporting - Narrative (Details)
 12 Months Ended
Dec. 31, 2023
numberOfOperatingSegment
Segment Reporting [Abstract]  
Total number of segments 2
Number of operating segments 2
Number of reportable segments 2
v3.24.0.1
Segment Reporting - Schedule of segment reporting information by segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total net revenues $ 24,383 $ 20,583 $ 18,406
Total segment adjusted EBITDA 1,074 381 (748)
Reconciling items:      
Equity-based compensation (326) (262) (249)
Interest expense (48) (27) (45)
Interest income 178 53 9
Other expense, net (19) (7) (12)
Income (loss) before income taxes 584 (93) (1,542)
Operating Segments | Product Commerce      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total net revenues 23,594 19,955 17,838
Total segment adjusted EBITDA 1,540 606 (361)
Operating Segments | Developing Offerings      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Total net revenues 789 628 568
Total segment adjusted EBITDA (466) (225) (387)
Segment Reconciling Items      
Reconciling items:      
Depreciation and amortization (275) (231) (201)
Equity-based compensation (326) (262) (249)
Interest expense (48) (27) (45)
Interest income 178 53 9
Other expense, net (19) (7) (12)
Fulfillment center fire losses $ 0 $ 0 $ (296)
v3.24.0.1
Equity-based Compensation Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended 108 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jan. 01, 2031
Feb. 28, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Equity-based compensation expense $ 326 $ 262 $ 249    
Forecast          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Percentage of outstanding stock       5.00%  
RSUs          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Equity-based compensation expense   $ 41      
Unamortized compensation expense $ 601        
Unamortized compensation expense, period for recognition 2 years 4 months 24 days        
RSUs | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period 2 years        
RSUs | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period 4 years        
Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period 4 years        
Unamortized compensation expense, period for recognition 9 months 18 days        
Unamortized compensation expense, options $ 1        
Options | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expiration period 10 years        
Common Class A          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum number of shares to be issued (in shares)         391,444,232
Number of shares available for grant (in shares) 262,172,909        
v3.24.0.1
Equity-based Compensation Plans - Schedule of Restricted Stock Units Activity (Details) - RSUs - $ / shares
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Number of RSUs      
RSUs outstanding, beginning balance (in shares) 35    
RSUs grants in period (in shares) 30    
RSUs vested in period (in shares) (14)    
RSUs forfeited / cancelled in period (in shares) (5)    
RSUs outstanding, ending balance (in shares) 46 35  
Weighted Average Grant-Date Fair Value      
Weighted average grant date fair value of RSU at beginning period (in usd per share) $ 19.29    
Weighted-average grant date fair value of grants during period (in usd per share) 16.31 $ 17.24 $ 32.17
RSUs vested in period, weighted average exercise price (in usd per share) 19.63    
RSUs forfeited / cancelled in period, weighted average exercise price (in usd per share) 19.71    
Weighted average grant date fair value of RSU at ending period (in usd per share) $ 17.25 $ 19.29  
v3.24.0.1
Equity-based Compensation Plans - Schedule of RSU Information (Details) - RSUs - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average grant date fair value of grants during period (in usd per share) $ 16.31 $ 17.24 $ 32.17
Fair value of RSUs at vesting $ 223 $ 181 $ 413
v3.24.0.1
Equity-based Compensation Plans - Schedule of Stock Options Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Number of Options    
Options outstanding at beginning of the period (in shares) 22,000,000  
Options forfeited/cancelled (in shares) (1,000,000)  
Options exercised (in shares) (4,000,000)  
Options exercised withheld (in shares) 0  
Options outstanding at ending of the period (in shares) 17,000,000 22,000,000
Options exercisable as of December 31, 2023 (in shares) 15,000,000  
Options expected to vest as of December 31, 2023 (in shares) 2,000,000  
Weighted Average Exercise Price    
Weighted average exercise price of options outstanding at beginning of the period (in USD per share) $ 6.50  
Weighted average exercise price of options forfeited/cancelled (in USD per share) 2.38  
Weighted average exercise price of options exercised (in USD per share) 2.28  
Weighted average exercise price of options withheld (in USD per share) 2.12  
Weighted average exercise price of options outstanding at ending of the period (in USD per share) 7.60 $ 6.50
Weighted average exercise price of options exercisable as of December 31, 2023 (in USD per share) 7.80  
Weighted average exercise price of options expected to vest as of December 31, 2023 (in USD per share) $ 6.40  
Weighted-Average Remaining Contractual Term (in years)    
Weighted average remaining contractual term of options outstanding (in years) 4 years 10 months 24 days 5 years 10 months 24 days
Weighted average remaining contractual term of options exercisable as of December 31, 2023 (in years) 4 years 10 months 6 days  
Weighted average remaining contractual term of options expected to vest as of December 31, 2023 (in years) 5 years 3 months 10 days  
Aggregate Intrinsic Value    
Intrinsic value of options outstanding at beginning of period $ 152 $ 192
Intrinsic value of options exercisable as of December 31, 2023 131  
Intrinsic value of options expected to vest as of December 31, 2023 $ 19  
v3.24.0.1
Equity-based Compensation Plans - Schedule of Valuation Assumptions for Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average grant date fair value of options granted during period (in usd per share) $ 0 $ 0 $ 16.46
Intrinsic fair value of stock options exercised $ 57 $ 131 $ 676
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average expected term (years)     4 years 3 months 7 days
Weighted-average expected volatility (in percentage)     70.00%
Expected dividend yield     0.00%
Stock option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Minimum risk-free interest rate (in percentage)     0.62%
v3.24.0.1
Equity-based Compensation Plans - Schedule of Equity Based Compensation Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-based compensation expense $ 326 $ 262 $ 249
Cost of sales      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-based compensation expense 14 16 11
Operating, general and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Equity-based compensation expense $ 312 $ 246 $ 238
v3.24.0.1
Defined Severance Benefits - Schedule of Defined Benefits Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Defined benefit obligation, beginning balance $ 304 $ 283  
Current service costs 141 143 $ 121
Interest cost 14 9 3
Actuarial losses (gains) 22 (32)  
Payments from plans (84) (81)  
Cumulative effects of foreign currency translation (1) (18)  
Defined benefit obligation, ending balance 396 304 $ 283
Current 82 78  
Noncurrent $ 314 $ 226  
v3.24.0.1
Defined Severance Benefits - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]    
Accumulated benefit obligation $ 288 $ 225
v3.24.0.1
Defined Severance Benefits - Schedule of Components of Net Periodic Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Current service costs $ 141 $ 143 $ 121
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense)    
Interest cost $ 14 9 3
Amortization of:      
Prior service cost 3 3 0
Net actuarial loss 1 6 4
Net periodic benefit cost $ 159 $ 161 $ 128
v3.24.0.1
Defined Severance Benefits - Schedule of Principal Actuarial Assumptions Used to Determine Defined Benefits Liabilities (Details)
Dec. 31, 2023
Dec. 31, 2022
Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate (in percentage) 4.30% 5.10%
Salary growth rate (in percentage) 5.00% 5.00%
Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Discount rate (in percentage) 4.80% 5.30%
Salary growth rate (in percentage) 7.00% 8.00%
v3.24.0.1
Defined Severance Benefits - Schedule of Principal Actuarial Assumptions Used to Determine the Net Period Cost (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate (in percentage) 5.10% 2.70% 1.73%
Salary growth rate (in percentage) 5.00% 5.00% 1.48%
Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate (in percentage) 5.30% 3.00% 2.57%
Salary growth rate (in percentage) 8.00% 5.24% 5.00%
v3.24.0.1
Defined Severance Benefits - Schedule of Expected Maturity Analysis of Undiscounted Defined Severance Benefits (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Retirement Benefits [Abstract]  
Defined severance benefits, less than 1 year $ 87
Defined severance benefits, between 1-2 years 90
Defined severance benefits, between 2-5 years 275
Defined severance benefits, over 5 years 437
Defined severance benefits $ 889
v3.24.0.1
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current taxes      
Current taxes $ 108 $ 39 $ 1
Deferred taxes      
Deferred income tax expense (benefit) (884) (40) 0
Income tax (benefit) expense (776) (1) 1
United States      
Current taxes      
Current taxes expense (benefit), United States 62 0 0
Deferred taxes      
Deferred tax expense (benefit), United States 21 (40) 0
Foreign      
Current taxes      
Current foreign tax expense (benefit) 46 39 1
Deferred taxes      
Deferred foreign income tax expense (benefit) $ (905) $ 0 $ 0
v3.24.0.1
Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments, Owned, Federal Income Tax Note [Line Items]      
Income (loss) before income taxes $ 584 $ (93) $ (1,542)
United States      
Investments, Owned, Federal Income Tax Note [Line Items]      
Income (loss) from continuing operations before income taxes, domestic (217) (232) (297)
Foreign      
Investments, Owned, Federal Income Tax Note [Line Items]      
Income (loss) from continuing operations before income taxes, foreign $ 801 $ 139 $ (1,245)
v3.24.0.1
Income Taxes - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Taxes computed at the federal statutory rate $ 122 $ (20) $ (324)
Statutory rate difference 28 51 (44)
Change in valuation allowances (1,031) (144) 393
GILTI 91 93 0
Stock compensation 44 37 (20)
Tax credit (47) (35) (5)
Other nondeductible expense 17 15 0
Other 0 2 1
Income tax (benefit) expense $ (776) $ (1) $ 1
v3.24.0.1
Income Taxes - Schedule of Income Tax Effects of Temporary Differences that Give Rise to Deferred Income Tax Assets and Deferred Income Tax Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets        
Provision and allowances $ 69 $ 57    
Depreciation 8 7    
Accrued expenses 69 52    
Amortization 21 32    
Defined severance benefits 84 71    
Lease liabilities 409 353    
Net operating loss carryforwards 643 790    
Tax credits 33 55    
Other 49 28    
Total deferred tax assets 1,385 1,445    
Less: valuation allowances (82) (1,085) $ (1,284) $ (975)
Total deferred tax assets net of valuation allowance 1,303 360    
Deferred tax liabilities        
Lease asset (371) (317)    
Other (7) (3)    
Total deferred tax liabilities (378) (320)    
Net deferred tax assets $ 925 $ 40    
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Investments, Owned, Federal Income Tax Note [Line Items]        
Valuation allowance $ 82 $ 1,085 $ 1,284 $ 975
Derecognition of valuation allowances 905 41 $ 0  
Operating loss carryforwards 2,600      
Unrecognized tax benefits 0 $ 0    
State and Local Jurisdiction        
Investments, Owned, Federal Income Tax Note [Line Items]        
Corporate tax credit carryforward 67      
State and Local Jurisdiction | Between 2037 and 2043        
Investments, Owned, Federal Income Tax Note [Line Items]        
Corporate tax credit carryforward 49      
Non-Korea        
Investments, Owned, Federal Income Tax Note [Line Items]        
Operating loss carryforwards $ 255      
v3.24.0.1
Income Taxes - Reconcilation of the Valuation Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Deferred tax assets, valuation allowance, beginning balance $ (1,085) $ (1,284) $ (975)
Changes to existing valuation allowances 140 103 (393)
Derecognition of valuation allowances 905 41 0
Changes in foreign exchange rates, statutory rates and other (42) 55 84
Deferred tax assets, valuation allowance, ending balance $ (82) $ (1,085) $ (1,284)
v3.24.0.1
Income Taxes - Summary of Operating Loss Carryforwards (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Investments, Owned, Federal Income Tax Note [Line Items]  
Operating loss carryforwards $ 2,600
Korea  
Investments, Owned, Federal Income Tax Note [Line Items]  
Operating loss carryforwards 2,366
Korea | 2026  
Investments, Owned, Federal Income Tax Note [Line Items]  
Operating loss carryforwards 14
Korea | 2027  
Investments, Owned, Federal Income Tax Note [Line Items]  
Operating loss carryforwards 506
Korea | 2028  
Investments, Owned, Federal Income Tax Note [Line Items]  
Operating loss carryforwards 819
Korea | 2029  
Investments, Owned, Federal Income Tax Note [Line Items]  
Operating loss carryforwards 128
Korea | 2035 - 2037  
Investments, Owned, Federal Income Tax Note [Line Items]  
Operating loss carryforwards $ 899
v3.24.0.1
Earnings per Share - Schedule of Basic and Diluted Loss Per Share/Common Unit (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Numerator      
Net income (loss) $ 1,360 $ (92) $ (1,543)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:      
Weighted Average Number of Shares Outstanding, Basic (in shares) 1,782 1,765 1,424
Dilutive effect of equity compensation awards (in shares) 21 0 0
Weighted-average number of Class A and Class B common shares outstanding used in computing per share amounts, diluted (in shares) 1,803 1,765 1,424
Earnings per share:      
Basic (in usd per share) $ 0.76 $ (0.05) $ (1.08)
Diluted (in usd per share) $ 0.75 $ (0.05) $ (1.08)
Antidilutive securities excluded from computation of net loss per share (in shares) 3 24 46
v3.24.0.1
Fair Value Measurement - Schedule of Financial Assets and Liabilities at Fair Value (Details) - Fair Value, Recurring - Level 1 - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Money market trust    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents $ 1,582 $ 390
Restricted cash 86 77
Money market account    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents $ 1,205 $ 0
v3.24.0.1
Property and Equipment, net -Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 3,102 $ 2,359
Less: Accumulated depreciation and amortization (637) (539)
Property and equipment, net 2,465 1,820
Land    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 323 296
Buildings    
Property, Plant and Equipment [Line Items]    
Property and Equipment, useful life 40 years  
Property and equipment, gross $ 751 302
Equipment and furniture    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 914 648
Equipment and furniture | Minimum    
Property, Plant and Equipment [Line Items]    
Property and Equipment, useful life 1 year  
Equipment and furniture | Maximum    
Property, Plant and Equipment [Line Items]    
Property and Equipment, useful life 8 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 662 525
Vehicles    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 79 134
Vehicles | Minimum    
Property, Plant and Equipment [Line Items]    
Property and Equipment, useful life 4 years  
Vehicles | Maximum    
Property, Plant and Equipment [Line Items]    
Property and Equipment, useful life 6 years  
Software    
Property, Plant and Equipment [Line Items]    
Property and Equipment, useful life 4 years  
Property and equipment, gross $ 26 26
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 347 $ 428
v3.24.0.1
Property and Equipment, net - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]      
Depreciation $ 271 $ 229 $ 200
v3.24.0.1
Leases - Narrative (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, remaining lease term 10 years
Lessee, operating lease, lease not yet commenced, undiscounted amount $ 355
Minimum  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, lease not yet commenced, term of contract 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, lease not yet commenced, term of contract 10 years
v3.24.0.1
Leases - Schedule of Lease Cost and Balance Sheet Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating lease cost $ 457 $ 410 $ 341
Variable and short-term lease cost 42 40 38
Total operating lease cost $ 499 $ 450 $ 379
v3.24.0.1
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Supplemental disclosure of cash-flow information      
Cash paid for the amount used to measure the operating lease liabilities $ 445 $ 367 $ 288
Operating lease assets obtained in exchange for lease obligations 428 426 599
Net increase to operating lease ROU assets resulting from remeasurements of lease obligations $ 133 $ 8 $ 109
Weighted Average Remaining Lease Term [Abstract]      
Weighted-average remaining lease term 5 years 8 months 12 days 5 years 8 months 12 days  
Weighted-average discount rate 7.77% 6.76%  
v3.24.0.1
Supplemental Financial Information - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Other Income and Expenses [Abstract]    
Supplier finance program, obligation, statement of financial position [extensible enumeration] Accounts payable Accounts payable
Supplier finance program, obligation $ 459 $ 337
v3.24.0.1
Supplemental Financial Information - Schedule of cash flow (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Other Income and Expenses [Abstract]      
Cash paid for income taxes, net of refunds $ 110 $ 6 $ 3
Cash paid for interest 31 19 21
Increase (decrease) in property and equipment-related accounts payable 23 (68) 45
Conversion of common units into Class A and Class B common stock 0 0 87
Conversion of redeemable convertible preferred units into Class A and Class B common stock 0 0 3,466
Conversion of convertible notes into Class A common stock $ 0 $ 0 $ 610
v3.24.0.1
Supplemental Financial Information - Schedule of cash and cash equilvalents (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other Income and Expenses [Abstract]        
Cash and cash equivalents $ 5,243 $ 3,509 $ 3,488  
Restricted cash 353 176 320  
Restricted cash included in long-term leasehold deposits and other 1 2 2  
Total cash, cash equivalents and restricted cash $ 5,597 $ 3,687 $ 3,810 $ 1,401
v3.24.0.1
Short-Term Borrowings and Long-Term Debt - Schedule of Short-term Borrowings (Details) - USD ($)
$ in Thousands
 1 Months Ended
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]      
Borrowing Limit   $ 1,859,000  
Total short-term borrowings   $ 282,000 $ 175,000
Weighted average interest rate (in percent)   3.49% 4.27%
Line of credit      
Line of Credit Facility [Line Items]      
Borrowing Limit   $ 306,000  
Total principal short-term borrowings   282,000 $ 176,000
Less: unamortized discounts   0 (1,000)
Total short-term borrowings   282,000 175,000
Line of credit | September 2024      
Line of Credit Facility [Line Items]      
Borrowing Limit   23,000  
Total principal short-term borrowings   0 0
Variable interest rate (in percent) 1.35%    
Line of credit | January 2024 - December 2024      
Line of Credit Facility [Line Items]      
Borrowing Limit   283,000  
Total principal short-term borrowings   $ 282,000 $ 176,000
Line of credit | January 2024 - December 2024 | Minimum      
Line of Credit Facility [Line Items]      
Interest rate (%)   2.10%  
Line of credit | January 2024 - December 2024 | Maximum      
Line of Credit Facility [Line Items]      
Interest rate (%)   5.70%  
v3.24.0.1
Short-Term Borrowings and Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2022
Debt Instrument [Line Items]        
Borrowing Limit $ 1,859 $ 1,859    
Total principal long-term debt 735 735 $ 670  
Current portion of long-term debt (203) (203) (129)  
Less: unamortized discounts (3) (3) (3)  
Total long-term debt 529 529 538  
Line of credit | February 2024        
Debt Instrument [Line Items]        
Borrowing Limit 1,000 1,000    
Total principal long-term debt $ 0 $ 0 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 | November 2024        
Debt Instrument [Line Items]        
Variable interest rate (in percent) 2.30%      
Borrowing Limit $ 124 $ 124    
Total principal long-term debt $ 0 $ 0 0  
Assets pledged as collateral       $ 508
Line of credit | August 2024        
Debt Instrument [Line Items]        
Interest rate (%) 3.16% 3.16%    
Borrowing Limit $ 155 $ 155    
Total principal long-term debt $ 155 $ 155 158  
Line of credit | April 2026        
Debt Instrument [Line Items]        
Interest rate (%) 6.76% 6.76%    
Borrowing Limit $ 178 $ 178    
Total principal long-term debt $ 178 $ 178 0  
Line of credit | March 2027        
Debt Instrument [Line Items]        
Interest rate (%) 4.26% 4.26%    
Borrowing Limit $ 310 $ 310    
Total principal long-term debt 310 310 316  
Line of credit | August 2024 - November 2026        
Debt Instrument [Line Items]        
Borrowing Limit 92 92    
Total principal long-term debt $ 92 $ 92 $ 196  
Line of credit | August 2024 - November 2026 | Minimum        
Debt Instrument [Line Items]        
Interest rate (%) 3.68% 3.68%    
Line of credit | August 2024 - November 2026 | Maximum        
Debt Instrument [Line Items]        
Interest rate (%) 6.00% 6.00%    
Line of credit | October 2023 - March 2027        
Debt Instrument [Line Items]        
Assets pledged as collateral $ 882 $ 882    
v3.24.0.1
Short-Term Borrowings and Long-Term Debt - Long-Term Debt - Narrative (Details) - Line of credit - USD ($)
$ in Millions
 1 Months Ended
Dec. 31, 2023
Apr. 30, 2023
Oct. 31, 2022
Feb. 29, 2024
USD 178 million, term loan credit facility        
Debt Instrument [Line Items]        
Debt instrument term   3 years    
Borrowing limit, total initial borrowings   $ 178    
Interest rate (%)   6.76%    
USD 178 million, term loan credit facility | Asset pledged as collateral | Land and Building        
Debt Instrument [Line Items]        
Pledged assets, collateral, real estate   $ 214    
November 2024        
Debt Instrument [Line Items]        
Debt instrument term     2 years  
Borrowing limit, total initial borrowings     $ 124  
Variable interest rate (in percent) 2.30%      
Assets pledged as collateral     $ 508  
February 2026 | Subsequent event        
Debt Instrument [Line Items]        
Borrowing limit, total initial borrowings       $ 875
Line of credit, additional incremental borrowings       $ 1,250
v3.24.0.1
Short-Term Borrowings and Long-Term Debt - Schedule of Long-term Debt Maturities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Maturities of Long-term Debt [Abstract]    
2024 $ 203  
2025 0  
2026 222  
2027 310  
2028 0  
Thereafter 0  
Total principal long-term debt $ 735 $ 670
v3.24.0.1
Commitments and Contingencies - Schedule of Minimum Contractual Commitments (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Unconditional purchase obligations (unrecognized)  
2024 $ 298
2025 249
2026 197
2027 188
2028 101
Thereafter 97
Total undiscounted payments 1,130
Long-term debt (including interest)  
2024 239
2025 27
2026 243
2027 313
2028 0
Thereafter 0
Total undiscounted payments 822
Operating leases  
2024 506
2025 430
2026 329
2027 266
2028 215
Thereafter 499
Total undiscounted payments 2,245
Less: lease imputed interest (472)
Total lease commitments 1,773
Total  
2024 1,043
2025 706
2026 769
2027 767
2028 316
Thereafter 596
Total undiscounted payments $ 4,197
v3.24.0.1
Commitment and Contingencies - Narrative (Details)
 5 Months Ended
Dec. 31, 2023
action
Other Commitments [Line Items]  
Number of legal actions filed against former and current directors and officers 3
v3.24.0.1
Stockholders' Equity - Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended
Mar. 31, 2021
shares
Dec. 31, 2023
USD ($)
votePerShare
$ / shares
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Class of Stock [Line Items]          
Preferred stock, shares authorized (in shares)   2,000,000,000      
Preferred stock, par value (in usd per share) | $ / shares   $ 0.0001      
Preferred stock, shares issued (in shares)   0 0    
Preferred stock, shares outstanding (in shares)   0 0    
Stockholders' equity attributable to parent | $   $ 4,089 $ 2,414 $ 2,176 $ (4,069)
Convertible notes          
Class of Stock [Line Items]          
Converted instrument, shares issued (in shares) 171,750,446        
Accumulated Foreign Currency Adjustment Attributable to Parent          
Class of Stock [Line Items]          
Stockholders' equity attributable to parent | $   43 45    
Accumulated Defined Benefit Plans Adjustment Attributable to Parent          
Class of Stock [Line Items]          
Stockholders' equity attributable to parent | $   $ (61) $ (43)    
Common Class A          
Class of Stock [Line Items]          
Common stock, shares authorized (in shares)   10,000,000,000 10,000,000,000    
Common stock, par value (in usd per share) | $ / shares   $ 0.0001      
Number of votes per share of common stock | votePerShare   1      
Common Class B          
Class of Stock [Line Items]          
Common stock, shares authorized (in shares)   250,000,000 250,000,000    
Common stock, par value (in usd per share) | $ / shares   $ 0.0001      
Number of votes per share of common stock | votePerShare   29      
Number of Class A shares granted in conversion (in shares)   1      
v3.24.0.1
Subsequent Event - Farfetch Acquisition (Details)
$ in Millions
 1 Months Ended
Jan. 30, 2024
USD ($)
Dec. 18, 2023
USD ($)
Jan. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]          
Principal amount - debt of subsidiary of limited partnership       $ 1,859  
Option period that equity interest can be purchased   7 years      
Redeemable noncontrolling interest       15 $ 0
Subsequent event          
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]          
Increase from subsidiary equity issuance     $ 45    
Subsequent event | Subsidiary of Limited Partnership          
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]          
Principal amount - debt of subsidiary of limited partnership $ 633        
Bridge loan | Subsequent event          
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]          
Payment for issuance of loans receivable     $ 75    
Farfetch Holdings          
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]          
Bridge loan receivable   $ 500   $ 75  
Farfetch Holdings | Limited Partnership          
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]          
General partner ownership interest (in percent)   80.10%      
Farfetch Holdings | Limited Partnership | Greenoaks Capital Partners, LLC          
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]          
Limited partnership ownership interest (in percent)   19.90%      
Farfetch Holdings | Subsequent event | Subsidiary of Limited Partnership          
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]          
Term loan acquired through credit agreement quarterly repayments (in percent) 0.0025        
Farfetch Holdings | Subsequent event | Limited Partnership          
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]          
Net of cash payment for acquisition $ 150        
Bridge loan facility 150        
Business combination, additional funding obligation $ 200        
Farfetch Holdings | Syndicated term loan | Subsequent event | Subsidiary of Limited Partnership | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate          
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]          
Variable interest rate (in percent) 6.25%        
v3.24.0.1
Schedule I - Condensed Financial information of Parent (Coupang, Inc.) - Condensed Statements of Operations and Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]      
Management service fee revenues $ 24,383 $ 20,583 $ 18,406
Operating cost and expenses (23,910) (20,695) (19,900)
Interest expense (48) (27) (45)
Other expense, net (19) (7) (12)
Income (loss) before income taxes 584 (93) (1,542)
Income tax (benefit) expense (776) (1) 1
Net income (loss) 1,360 (92) (1,543)
Other comprehensive (loss) income:      
Foreign currency translation adjustments, net of tax (2) 9 41
Actuarial (loss) gain on defined severance benefits, net of tax (18) 41 (57)
Total other comprehensive (loss) income (20) 50 (16)
Comprehensive income (loss) 1,340 (42) (1,559)
Parent company      
Condensed Income Statements, Captions [Line Items]      
Management service fee revenues 18 17 17
Operating cost and expenses (400) (324) (349)
Interest expense (2) (2) (22)
Other expense, net 84 28 2
Income (loss) before income taxes (300) (281) (352)
Equity in earnings (losses) of subsidiaries 1,783 189 (1,191)
Income (loss) before income taxes 1,483 (92) (1,543)
Income tax (benefit) expense 123 0 0
Net income (loss) 1,360 (92) (1,543)
Other comprehensive (loss) income:      
Foreign currency translation adjustments, net of tax (2) 9 41
Actuarial (loss) gain on defined severance benefits, net of tax (18) 41 (57)
Total other comprehensive (loss) income (20) 50 (16)
Comprehensive income (loss) $ 1,340 $ (42) $ (1,559)
v3.24.0.1
Schedule I - Condensed Financial information of Parent (Coupang, Inc.) - Condensed Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Assets        
Cash and cash equivalents $ 5,243 $ 3,509 $ 3,488  
Total current assets 7,892 5,830    
Total assets 13,346 9,513    
Liabilities and stockholders' equity        
Other current liabilities 526 420    
Total current liabilities 6,945 5,063    
Total liabilities 9,242 7,099    
Stockholders' equity        
Common stock 0 0    
Additional paid-in capital 8,489 8,154    
Accumulated other comprehensive (loss) income (17) 3    
Accumulated deficit (4,383) (5,743)    
Total stockholders' equity 4,089 2,414 $ 2,176 $ (4,069)
Total liabilities and stockholders' equity 13,346 9,513    
Parent company        
Assets        
Cash and cash equivalents 1,592 1,595    
Restricted cash 79 57    
Prepaids and other current assets 20 10    
Total current assets 1,691 1,662    
Other assets 12 1    
Investment in subsidiaries 2,438 763    
Total assets 4,141 2,426    
Liabilities and stockholders' equity        
Other current liabilities 42 12    
Total current liabilities 42 12    
Other liabilities 10 0    
Total liabilities 52 12    
Stockholders' equity        
Common stock 0 0    
Additional paid-in capital 8,489 8,154    
Accumulated other comprehensive (loss) income (17) 3    
Accumulated deficit (4,383) (5,743)    
Total stockholders' equity 4,089 2,414    
Total liabilities and stockholders' equity $ 4,141 $ 2,426    
v3.24.0.1
Schedule I - Condensed Financial information of Parent (Coupang, Inc.) - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net cash provided by (used in) operating activities $ 2,652 $ 565 $ (411)
Investing activities      
Increase of short-term loans (25) 0 0
Net cash used in investing activities (927) (848) (676)
Financing activities      
Deferred offering costs paid 0 0 (12)
Proceeds from issuance of common stock/units, equity-based compensation plan 9 18 62
Net cash provided by financing activities 199 247 3,577
Cash and cash equivalents      
Net increase (decrease) in cash and cash equivalents, and restricted cash 1,910 (123) 2,409
Cash and cash equivalents, and restricted cash, as of beginning of period 3,687 3,810 1,401
Cash and cash equivalents, and restricted cash, as of end of period 5,597 3,687 3,810
Parent company      
Operating activities      
Net cash provided by (used in) operating activities 95 (79) (58)
Investing activities      
Capital contribution to subsidiaries (121) (725) (1,274)
Return of capital contribution from subsidiaries 61 80 204
Net cash used in investing activities (85) (645) (1,070)
Financing activities      
Proceeds from issuance of common units and preferred units, net of issuance costs 0 0 3,431
Deferred offering costs paid 0 0 (12)
Proceeds from issuance of common stock/units, equity-based compensation plan 9 18 62
Other, net 0 0 (1)
Net cash provided by financing activities 9 18 3,480
Cash and cash equivalents      
Net increase (decrease) in cash and cash equivalents, and restricted cash 19 (706) 2,352
Cash and cash equivalents, and restricted cash, as of beginning of period 1,652 2,358 6
Cash and cash equivalents, and restricted cash, as of end of period $ 1,671 $ 1,652 $ 2,358
v3.24.0.1
Schedule I - Debt (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Feb. 28, 2021
Financial guarantee | Subsidiaries      
Debt Instrument [Line Items]      
Restricted cash $ 79,000,000    
Parent company      
Debt Instrument [Line Items]      
Restricted cash 79,000,000 $ 57,000,000  
February 2026 | Line of credit | Parent company      
Debt Instrument [Line Items]      
Borrowing limit, total initial borrowings     $ 875,000,000
Balance drawn $ 0