Short-Term Borrowings and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Short-Term Borrowings

Details of carrying amounts of short-term borrowings were as follows:

(in millions)				Borrowing Limit		December 31, 2024			December 31, 2023
Maturity Date	Interest rate (%)
January 2025 - December 2025	2.26	–	5.54	$	464	$	331		$	282
April 2025 - June 2025	TAIBOR + 1.25%			199		151			—
September 2025	(1)			10		—			—
Total principal short-term borrowings				$	673	$	482		$	282
Less: unamortized discounts						(3)			—
Total short-term borrowings						$	479		$	282
Weighted-average interest rates						3.07		%	3.49		%

(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)	Contractual				Borrowing Limit		December 31, 2024		December 31, 2023
Description	Maturity Date	Interest rate (%)
April 2023 Term Loan(1)	Apr 2026	6.76			$	156	$	156	$	178
Revolving Credit Facility	Feb 2026	(2)			875		—		—
March 2022 Term Loan(1)	Mar 2027	4.26			273		273		310
August 2021 Term Loan(1)	Aug 2027	4.90			111		111		—
Farfetch Term Loan	Oct 2027	SOFR	+	6.25	493		493		—
Other Term Loan Facilities(1)	Apr 2025 - Nov 2026	3.78	-	4.45	38		38		247
Total principal long-term debt					$	1,946	$	1,071	$	735
Less: current portion of long-term debt							(66)		(203)
Less: unamortized discounts							(17)		(3)
Total long-term debt							$	988	$	529

(1)At December 31, 2024, we had pledged up to $717 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 contractual principal payments for long-term debt as of December 31, 2024 were as follows:

(in millions)	Long-term debt
2025	$	71
2026	201
2027	799
2028	—
2029	—
Thereafter	—
Total	$	1,071