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BALANCE SHEET COMPONENTS | 12 Months Ended
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Dec. 31, 2024
Balance Sheet Components [Abstract] |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS Accounts receivable, net
| December 31,
| 2024 |  | 2023
| (In millions)
Accounts receivable | $ | 270 |  |  | $ | 177 |
Allowance for doubtful accounts | (15) |  |  | (21) |
Accounts receivable, net | $ | 255 |  |  | $ | 156 |
The following table summarizes the allowance for doubtful accounts activity during the years ended December 31, 2024, 2023 and 2022:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| (In millions)
Balance at beginning of year | $ | 21 |  |  | $ | 14 |  |  | $ | 8 |
Net charged to Net income | 27 |  |  | 22 |  |  | 9 |
Charges utilized/ Currency translation adjustments/ Write-offs and other adjustments | (33) |  |  | (15) |  |  | (3) |
Balance at end of year | $ | 15 |  |  | $ | 21 |  |  | $ | 14 |
Credit card receivables and other means of payments, net
| December 31,
| 2024 |  | 2023
| (In millions)
Credit card receivables and other means of payments | $ | 5,315 |  |  | $ | 3,653 |
Allowance for chargebacks | (27) |  |  | (17) |
Allowance for doubtful accounts | — |  |  | (4) |
Credit card receivables and other means of payments, net | $ | 5,288 |  |  | $ | 3,632 |
The following tables summarize the allowance for chargebacks and the allowance for doubtful accounts activity during the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Allowance for chargebacks | (In millions)
Balance at beginning of year | $ | 17 |  |  | $ | 11 |  |  | $ | 14 |
Net charged to Net income | 25 |  |  | 35 |  |  | 13 |
Charges utilized/ Currency translation adjustments/ Write-offs and other adjustments | (15) |  |  | (29) |  |  | (16) |
Balance at end of year | $ | 27 |  |  | $ | 17 |  |  | $ | 11 |
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Allowance for doubtful accounts | (In millions)
Balance at beginning of year | $ | 4 |  |  | $ | — |  |  | $ | 17 |
Net (credited) charged to Net income | (2) |  |  | 4 |  |  | (2) |
Charges utilized/ Currency translation adjustments/ Write-offs and other adjustments | (2) |  |  | — |  |  | (15) |
Balance at end of year | $ | — |  |  | $ | 4 |  |  | $ | — |
Other assets
| December 31,
| 2024 |  | 2023
| (In millions)
VAT credits | $ | 67 |  |  | $ | 25 |
Income tax credits | 75 |  |  | 26 |
Sales tax credits | 8 |  |  | 54 |
Advance to ATM providers | 12 |  |  | 14 |
Advance to suppliers | 40 |  |  | 46 |
Derivative instruments | 38 |  |  | 1 |
Incentives to be collected | 66 |  |  | 35 |
Prepaid expenses | 46 |  |  | 27 |
Other | 51 |  |  | 49 |
Current other assets | $ | 403 |  |  | $ | 277 |
| December 31,
| 2024 |  | 2023
| (In millions)
Judicial deposits | $ | 10 |  |  | $ | 8 |
Sales tax credits | 107 |  |  | 2 |
Derivative instruments | 20 |  |  | 22 |
Other | 45 |  |  | 36 |
Non current other assets | $ | 182 |  |  | $ | 68 |
Property and equipment, net
| Estimated useful life (years) |  | December 31,
|  | 2024 |  | 2023
|  |  | (In millions)
Equipment | 3-5 |  | $ | 282 |  |  | $ | 248 |
Land and building | 50 (1) |  | 74 |  |  | 83 |
Furniture and fixtures | 3-10 |  | 992 |  |  | 835 |
Software | 3 |  | 755 |  |  | 694 |
Vehicles | 4 |  | 166 |  |  | 151 |
Work in progress |  |  | 144 |  |  | 62 |
Subtotal |  |  | 2,413 |  |  | 2,073 |
Accumulated depreciation |  |  | (1,033) |  |  | (823) |
Property and equipment, net |  |  | 1,380 |  |  | 1,250 |
(1) Estimated useful life attributable to “building”. Depreciation
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In millions)
Cost of net revenues | $ | 173 |  |  | $ | 149 |  |  | $ | 101 |
Product and technology development | 271 |  |  | 232 |  |  | 182 |
Sales and marketing | 5 |  |  | 7 |  |  | 5 |
General and administrative | 17 |  |  | 16 |  |  | 21 |
Depreciation | $ | 466 |  |  | $ | 404 |  |  | $ | 309 |
Other liabilities
| December 31,
| 2024 |  | 2023
| (In millions)
Contract liabilities from contracts with customers | $ | 77 |  |  | $ | 51 |
Contingent considerations and escrows from acquisitions | 3 |  |  | 1 |
Customer advances | 29 |  |  | 15 |
Derivative instruments | 17 |  |  | 21 |
Meli Dólar liability | 31 |  |  | — |
Other | 52 |  |  | 31 |
Current other liabilities | $ | 209 |  |  | $ | 119 |
| December 31,
| 2024 |  | 2023
| (In millions)
Provisions and contingencies | $ | 135 |  |  | $ | 124 |
Contingent considerations and escrows from acquisitions | 8 |  |  | 8 |
Incentives collected in advance | 9 |  |  | 9 |
Derivative instruments | 14 |  |  | 10 |
Other | 50 |  |  | 49 |
Non current other liabilities | $ | 216 |  |  | $ | 200 |
Supplier finance programs The Company and certain financial institutions participate in a supplier finance program (“SFP”) that enables certain of the Company’s suppliers, at their own election, to request the payment of their invoices to the financial institutions earlier than the terms stated in the Company’s payment policies. Suppliers’ voluntary inclusion of invoices in the SFP does not change the Company’s payment terms, the amounts paid or liquidity. The supplier invoices that have been confirmed as valid under the program require payment in full according to the terms established in the Company’s payment policies (a range of 60 and 90 days from the invoicing date). There are no assets pledged as security or other forms of guarantees provided for the committed payment to the financial institution. The Company has no economic interest in a supplier’s decision to participate in the SFP and has no financial impact in connection with the SFP. As of December 31, 2024 and 2023, the obligations outstanding that the Company has confirmed as valid to the financial institutions amounted to $425 million and $381 million, respectively, and are included in the consolidated balance sheets within accounts payable and accrued expenses line. The rollforward of the Company’s outstanding obligations confirmed as valid under its supplier finance program for the year ended December 31, 2024 is as follows:
| December 31, 2024 |
| (In millions) |
Confirmed obligations outstanding at the beginning of the year | $ | 381 |  |
Invoices confirmed during the year | 2,368 |  |
Confirmed invoices paid during the year | (2,297) |  |
Currency translation | (27) |  |
Confirmed obligations outstanding at the end of the year | $ | 425 |  |

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