Business Combinations - Farfetch (Tables)

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition

(in millions)	Estimated Fair Value
Farfetch Term Loan repayment	$	58
Bridge Loan contribution	150
Total purchase consideration	$	208

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The allocation of purchase consideration, inclusive of measurement period adjustments, was as follows:

(in millions)	Estimated Fair Value
Assets acquired
Cash and cash equivalents	$	126
Accounts receivable, net	286
Inventories	305
Prepaids and other current assets	221
Intangible assets	325
Operating lease right-of-use assets	209
Other assets	318
Liabilities assumed
Accounts payable	(529)
Long-term debt	(557)
Operating lease obligations	(214)
Other liabilities	(343)
Net assets assumed	147
Noncontrolling interests	(78)
Goodwill on acquisition	139
Total consideration	$	208

Finite-Lived Intangible Assets Acquired

The identifiable intangible assets acquired were as follows:

(in millions, except years)	Weighted Average Useful Life	Estimated Fair Value
Brand trademarks	5 years	$	130
Customer relationships	5 years	34
Supplier relationships	15 years	61
Developed technology	3 years	38
Brand licenses	8 years	62
Total intangible assets		$	325

Business Acquisition, Pro Forma Information

The results of Farfetch included in our condensed consolidated statement of operations since the closing of the acquisition were as follows:

	Three Months Ended March 31, 2024
(in millions)
Total net revenues	$	288
Net loss	$	(122)

The following financial information presents our results as if the acquisition of Farfetch had occurred on January 1, 2023:

	Three Months Ended March 31, 2024
(in millions)
Pro Forma Information
Total net revenues	$	7,301
Net loss	$	(120)