Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) were as follows:

(in millions)	2024		2023		2022
Current taxes
United States	$	76	$	62	$	—
Foreign	106		46		39
Current taxes	182		108		39
Deferred taxes
United States	(15)		21		(40)
Foreign	240		(905)		—
Deferred taxes	225		(884)		(40)
Income tax expense (benefit)	$	407	$	(776)	$	(1)

Schedule of Income (Loss) Before Income Taxes

The components of income (loss) before income taxes are as follows:

(in millions)	2024		2023		2022
United States	$	(1,073)	$	(217)	$	(232)
Foreign	1,546		801		139
Income (loss) before income taxes	$	473	$	584	$	(93)

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)	2024		2023		2022
Taxes computed at the federal statutory rate	$	99	$	122	$	(20)
Differences resulting from:
Statutory rate difference	32		28		51
Change in valuation allowances	193		(1,031)		(144)
U.S. taxes on foreign earnings	153		108		103
Stock compensation	56		44		37
Tax credit	(133)		(47)		(35)
Other nondeductible expense	17		—		5
Other	(10)		—		2
Income tax expense (benefit)	$	407	$	(776)	$	(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)	December 31, 2024		December 31, 2023
Deferred tax assets
Provision and allowances	$	89	$	69
Stock compensation	22		13
Depreciation	13		8
Accrued expenses	104		69
Amortization	22		21
Defined severance benefits	118		84
Lease liabilities	500		409
Net operating loss carryforwards	989		643
Tax credits	89		33
Other	48		36
Total deferred tax assets	1,994		1,385
Less: valuation allowances	(903)		(82)
Total deferred tax assets net of valuation allowance	$	1,091	$	1,303
Deferred tax liabilities
Lease asset	(466)		(371)
Other	(3)		(7)
Total deferred tax liabilities	(469)		(378)
Net deferred tax assets	$	622	$	925

Summary of Valuation Allowance

Changes in the valuation allowances were as follows:

(in millions)	2024		2023		2022
Beginning balance, January 1	$	(82)	$	(1,085)	$	(1,284)
Changes to existing valuation allowances	(193)		140		103
Farfetch Acquisition	(633)		—		—
Derecognition of valuation allowances	—		905		41
Changes in foreign exchange rates, statutory rates and other	5		(42)		55
Ending balance, December 31	$	(903)	$	(82)	$	(1,085)