Business Combinations - Farfetch (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Business Combination

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

Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed

The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective estimated fair values. 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

Schedule of 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

Schedule of Business Combination, Pro Forma Information

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

(in millions)	2024
Total net revenues	$	1,658
Net loss	$	(352)

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

(in millions)	2024		2023
Pro Forma Information
Total net revenues	$	30,455	$	26,712
Net (loss) income	$	(20)	$	965