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BALANCE SHEET COMPONENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Balance Sheet Components [Abstract] |
Schedule of Accounts Receivable, Net |
| December 31,
| 2023 |  | 2022
| (In millions)
Accounts receivable | $ | 177 |  |  | $ | 144 |
Allowance for doubtful accounts | (21) |  |  | (14) |
Accounts receivable, net | $ | 156 |  |  | $ | 130 |
The following tables summarize the allowance for doubtful accounts activity during the years ended December 31, 2023, 2022 and 2021:
| December 31, 2023
| On-line merchant |  | Consumer |  | In-store merchant |  | Credit cards |  | Total
| (In millions)
Balance at beginning of year | $ | 120 |  |  | $ | 614 |  |  | $ | 145 |  |  | $ | 225 |  |  | $ | 1,104 |
Net charged to Net Income | 104 |  |  | 572 |  |  | 129 |  |  | 211 |  |  | 1,016 |
Currency translation adjustments | 6 |  |  | 6 |  |  | 3 |  |  | 18 |  |  | 33 |
Write-offs | (111) |  |  | (600) |  |  | (140) |  |  | (218) |  |  | (1,069) |
Balance at end of year | $ | 119 |  |  | $ | 592 |  |  | $ | 137 |  |  | $ | 236 |  |  | $ | 1,084 |
| December 31, 2022
| On-line merchant |  | Consumer |  | In-store merchant |  | Credit cards |  | Total
| (In millions)
Balance at beginning of year | $ | 79 |  |  | $ | 232 |  |  | $ | 76 |  |  | $ | 48 |  |  | $ | 435 |
Net charged to Net Income | 109 |  |  | 600 |  |  | 139 |  |  | 210 |  |  | 1,058 |
Currency translation adjustments | 1 |  |  | (9) |  |  | (1) |  |  | (1) |  |  | (10) |
Write-offs | (69) |  |  | (209) |  |  | (69) |  |  | (32) |  |  | (379) |
Balance at end of year | $ | 120 |  |  | $ | 614 |  |  | $ | 145 |  |  | $ | 225 |  |  | $ | 1,104 |
The increase in write-offs, for the year ended December 31, 2023 compared to the same period in 2022, is mainly generated by higher originations of loans receivable in 2022, compared to the same period in 2021, generating a higher write-offs effect in the year ended December 31, 2023.
| December 31, 2021
| On-line merchant |  | Consumer |  | In-store merchant |  | Credit cards |  | Total
| (In millions)
Balance at beginning of year | $ | 20 |  |  | $ | 45 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 78 |
Net charged to Net Income | 75 |  |  | 234 |  |  | 74 |  |  | 51 |  |  | 434 |
Currency translation adjustments | (3) |  |  | (7) |  |  | (3) |  |  | — |  |  | (13) |
Write-offs | (13) |  |  | (40) |  |  | (8) |  |  | (3) |  |  | (64) |
Balance at end of year | $ | 79 |  |  | $ | 232 |  |  | $ | 76 |  |  | $ | 48 |  |  | $ | 435 |
Schedule of Allowance for Doubtful Accounts | The following table summarizes the allowance for doubtful accounts activity during the years ended December 31, 2023, 2022 and 2021:
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Balance at beginning of year | $ | 14 |  |  | $ | 8 |  |  | $ | 7 |
Net charged to Net income | 22 |  |  | 9 |  |  | 4 |
Charges utilized/ Currency translation adjustments/ Write-offs and other adjustments | (15) |  |  | (3) |  |  | (3) |
Balance at end of year | $ | 21 |  |  | $ | 14 |  |  | $ | 8 |
Schedule of Credit Card Receivables and Other Means of Payments, Net |
| December 31,
| 2023 |  | 2022
| (In millions)
Credit card receivables and other means of payments | $ | 3,653 |  |  | $ | 2,957 |
Allowance for chargebacks | (17) |  |  | (11) |
Allowance for doubtful accounts | (4) |  |  | — |
Credit card receivables and other means of payments, net | $ | 3,632 |  |  | $ | 2,946 |
Schedule of Allowance for Doubtful Accounts and Allowance for Chargebacks | The following tables summarize the allowance for chargebacks and the allowance for doubtful accounts activity during the years ended December 31, 2023, 2022 and 2021:
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
Allowance for chargebacks | (In millions)
Balance at beginning of year | $ | 11 |  |  | $ | 14 |  |  | $ | 18 |
Net charged to Net income | 35 |  |  | 13 |  |  | 24 |
Charges utilized/ Currency translation adjustments/ Write-offs and other adjustments | (29) |  |  | (16) |  |  | (28) |
Balance at end of year | $ | 17 |  |  | $ | 11 |  |  | $ | 14 |
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
Allowance for doubtful accounts | (In millions)
Balance at beginning of year | $ | — |  |  | $ | 17 |  |  | $ | 24 |
Net charged (credited) to Net income | 4 |  |  | (2) |  |  | (3) |
Charges utilized/ Currency translation adjustments/ Write-offs and other adjustments | — |  |  | (15) |  |  | (4) |
Balance at end of year | $ | 4 |  |  | $ | — |  |  | $ | 17 |
Schedule of Current Other Assets |
| December 31,
| 2023 |  | 2022
| (In millions)
VAT credits | $ | 25 |  |  | $ | 17 |
Income tax credits | 26 |  |  | 65 |
Sales tax credits | 54 |  |  | 30 |
Advance to ATM providers | 14 |  |  | 38 |
Advance to suppliers | 46 |  |  | 17 |
Derivative instruments | 1 |  |  | 1 |
Tax credit from promotional regime in Argentina | 15 |  |  | 15 |
Incentives to be collected | 35 |  |  | 59 |
Receivables with suppliers | 3 |  |  | 9 |
Prepaid expenses | 27 |  |  | 38 |
Other | 31 |  |  | 15 |
Current other assets | $ | 277 |  |  | $ | 304 |
Schedule of Noncurrent Other Assets |
| December 31,
| 2023 |  | 2022
| (In millions)
Judicial deposits | $ | 8 |  |  | $ | 205 |
VAT credits | 2 |  |  | 12 |
Income tax credits | 4 |  |  | 22 |
Derivative instruments | 22 |  |  | — |
Other | 32 |  |  | 17 |
Non current other assets | $ | 68 |  |  | $ | 256 |
Schedule of Property and Equipment, Net |
| Estimated useful life (years) |  | December 31,
|  | 2023 |  | 2022
|  |  | (In millions)
Equipment | 3-5 |  | $ | 248 |  |  | $ | 254 |
Land and building | 50 (1) |  | 145 |  |  | 118 |
Furniture and fixtures | 3-10 |  | 835 |  |  | 598 |
Software | 3 |  | 694 |  |  | 647 |
Vehicles | 4 |  | 151 |  |  | 59 |
Subtotal |  |  | 2,073 |  |  | 1,676 |
Accumulated depreciation |  |  | (823) |  |  | (683) |
Property and equipment, net |  |  | $ | 1,250 |  |  | $ | 993 |
(1) Estimated useful life attributable to “building”.
Schedule of Depreciation and Amortization |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Cost of net revenues | $ | 149 |  |  | $ | 101 |  |  | $ | 50 |
Product and technology development | 232 |  |  | 182 |  |  | 83 |
Sales and marketing | 7 |  |  | 5 |  |  | 2 |
General and administrative | 16 |  |  | 21 |  |  | 10 |
Depreciation and amortization | $ | 404 |  |  | $ | 309 |  |  | $ | 145 |
Schedule of Current Other Liabilities |
| December 31,
| 2023 |  | 2022
| (In millions)
Deferred revenue | $ | 29 |  |  | $ | 44 |
Contingent considerations and escrows from acquisitions | 1 |  |  | 11 |
Customer advances | 36 |  |  | 37 |
Derivative instruments | 21 |  |  | 17 |
Other | 32 |  |  | 20 |
Current other liabilities | $ | 119 |  |  | $ | 129 |
Schedule of Noncurrent Other Liabilities |
| December 31,
| 2023 |  | 2022
| (In millions)
Provisions and contingencies | $ | 124 |  |  | $ | 53 |
Contingent considerations and escrows from acquisitions | 8 |  |  | 7 |
Joint venture | — |  |  | 3 |
Incentives collected in advance | 9 |  |  | 13 |
Derivative instruments | 10 |  |  | 7 |
Salaries and social security payable | — |  |  | 6 |
Other | 49 |  |  | 6 |
Non current other liabilities | $ | 200 |  |  | $ | 95 |

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