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Variable Interest Entities | 6 Months Ended
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Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | Note 13 – Variable Interest Entities Variable interest entities (“VIEs”) are legal entities that lack sufficient equity to finance their activities without future subordinated financial support. Consolidated VIEs We consolidate VIEs in which we hold a variable interest and are the primary beneficiary. We are the primary beneficiary because we have the power to direct the activities that most significantly impact the economic performance of these VIEs. As a result, we consolidate the assets and liabilities of these VIEs. Total assets included on the condensed consolidated balance sheets for our consolidated VIEs as of December 31, 2020 and June 30, 2021 were $1.2 billion and $681 million, respectively. Total liabilities included on the condensed consolidated balance sheets for these VIEs as of December 31, 2020 and June 30, 2021 were not material. Freight Holding As of June 30, 2021, we own the majority of the issued and outstanding capital stock of Uber Freight Holding Corporation, our majority-owned subsidiary (“Freight Holding”) and report non-controlling interest as further described in Note 14 – Non-Controlling Interests. Divestiture of ATG Business and Aurora Investments As of December 31, 2020, we consolidated the ATG Business’ assets and liabilities and reported non-controlling interests. The common units held by us in the ATG Business were determined to be a variable interest. We determined that the ATG Business was a VIE as it lacked sufficient equity to finance its activities without future subordinated financial support. We had the power to direct the activities that most significantly impacted the economic performance of the ATG Business, and, as a result, we were the primary beneficiary of the ATG Business. On January 19, 2021, we completed the sale of the ATG Business to Aurora. Refer to the section titled “Unconsolidated VIEs” below for additional information on Aurora. Refer to Note 16 – Divestiture for further information on the sale of the ATG Business. Careem Qatar and Morocco The assets and operations in Careem Qatar and Morocco (collectively “Non-Transferred Countries”), have not yet been transferred to us as of June 30, 2021. Transfer of the assets and operations of the Non-Transferred Countries will be subject to a delayed closing pending timing of regulatory approval. We have rights to all residual interests in the entities comprising the Non-Transferred Countries which is considered a variable interest. We are exposed to losses and residual returns of the entities comprising the Non-Transferred Countries through the right to all of the proceeds from either the divestiture or the eventual legal transfer upon regulatory approval of the entities comprising the Non-Transferred Countries. Unconsolidated VIEs We do not consolidate VIEs in which we hold a variable interest but are not the primary beneficiary because we lack the power to direct the activities that most significantly impact the entities’ economic performance. Our carrying amount of assets recognized on the condensed consolidated balance sheets related to unconsolidated VIEs was $308 million and $2.9 billion as of December 31, 2020 and June 30, 2021, respectively, and represents our maximum exposure to loss associated with the unconsolidated VIEs. Zomato Zomato is incorporated in India with the purposes of providing food delivery services. On January 21, 2020, we acquired compulsorily convertible cumulative preference shares of Zomato in exchange for Uber’s food delivery operations in India (“Uber Eats India”), and a note receivable for reimbursement of goods and services tax. During the second quarter of 2021, the outstanding note receivable was paid. As of June 30, 2021, we are exposed to Zomato’s economic risks and rewards through our investment which represent variable interests. Lime Neutron Holdings, Inc. (“Lime”) is incorporated in Delaware for the purpose of owning and operating a fleet of dockless e-bikes and e-scooters for short-term access use by consumers for personal transportation. On May 7, 2020, we entered into a series of transactions and agreements with Lime to divest our JUMP business and acquired ownership in Lime comprised of Lime Common Stock, Lime 1-C Preferred Stock, Lime 1-C Preferred Stock Warrants, and the Lime Convertible Note (collectively, the “2020 Lime Investments”). We are exposed to Lime’s economic risks and rewards through our ownership of the 2020 Lime Investments, which represent variable interests. Cornershop: CS-Mexico As of December 31, 2020, Cornershop Cayman’s (“Cornershop”) business operations in Mexico (“CS-Mexico”) were determined to be a variable interest. We were exposed to CS-Mexico’s economic risks and rewards however, we were not the primary beneficiary and we did not consolidate CS-Mexico. In December 2020, we received approval from Mexico’s antitrust regulator to complete the CS-Mexico transaction. On January 11, 2021, Cornershop Global (“CS-Global”), an entity which held all of Cornershop business operations, except for those in Mexico, exercised a call option and acquired 100% of the outstanding equity interest in CS-Mexico. Uber owns 57% of CS-Mexico through its ownership in CS-Global. The acquisition of CS-Mexico by CS-Global triggered a reconsideration event and we reevaluated if CS-Mexico still met the definition of a VIE. As of March 31, 2021, we determined that CS-Mexico was no longer a VIE when it was acquired by CS-Global, which has sufficient equity to operate without the need for subordinated financial support. Aurora In January 2021, we sold our ATG Business to Aurora. After the sale, we hold equity interests in Aurora through our Aurora Investments. As of June 30, 2021, the fair value of our Aurora Investments was $2.1 billion and is included in investments on the condensed consolidated balance sheet. Refer Note 3 – Investments and Fair Value Measurement for additional information regarding the accounting for our Aurora Investments and Note 16 – Divestiture for additional information regarding the sale of our ATG Business. Aurora is a VIE as it lacks sufficient equity to finance its activities without future subordinated financial support. We are exposed to Aurora’s economic risks and rewards through our equity interests, which represent variable interests. Moove On February 12, 2021 (the “Moove Closing Date”), we entered into and completed a series of agreements with Garment Investments S.L. dba Moove (“Moove”) including (i) an equity investment, through preferred shares, in which Uber acquired a 30% minority interest in Moove from its current shareholders at closing and up to approximately $185 million contingent on future performance of Moove and certain other conditions through the eighth anniversary of the agreement, (ii) a term loan of $213 million to Moove, due February 2026, and (iii) a commercial partnership agreement. Also included in the agreements is an option for us to purchase common stock of Moove at fair value, beginning two years after the Moove Close Date. Moove is a vehicle fleet operator in Spain. After this series of agreements, Moove is considered a related party. Our equity investment in Moove, through preferred shares, is accounted for as an investment in non-marketable equity securities included in investments on the condensed consolidated balance sheet. The term loan, of $218 million as of June 30, 2021, is accounted for as a loan receivable, carried at amortized cost, and included in other assets on the condensed consolidated balance sheet. Refer to Note 3 – Investments and Fair Value Measurement, Assets Measured at Fair Value on a Non-Recurring Basis, for additional information regarding our non-marketable equity securities. Moove is a VIE as it lacks sufficient equity to finance its activities without future subordinated financial support. We are exposed to Moove’s economic risks and rewards through our equity investment, the term loan and commercial partnership agreement, which represent variable interests.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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