XML 44 R31.htm IDEA: XBRL DOCUMENT
v3.22.4

Discontinued Operations (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | The following table presents the major classes of assets and liabilities of discontinued operations as of December 31, 2021 (in millions):
Assets |
Current assets: |
Cash and cash equivalents | $ | 296 |
Accounts receivable, net | 78 |
Inventory | 3,913 |
Prepaid expenses and other current assets | 13 |
Restricted cash | 226 |
Total current assets of discontinued operations | 4,526 |
Intangible assets, net | 4 |
Other assets | 78 |
Total assets of discontinued operations | $ | 4,608 |
Liabilities |
Current liabilities: |
Accounts payable | $ | 6 |
Accrued expenses and other current liabilities | 72 |
Accrued compensation and benefits | 47 |
Borrowings under credit facilities | 2,199 |
Securitization term loans | 1,209 |
Total current liabilities of discontinued operations | $ | 3,533 |
The following table presents the major classes of line items of the discontinued operations included in the consolidated statements of operations for the periods presented (in millions):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Revenue | $ | 4,249 |  |  | $ | 6,015 |  |  | $ | 1,716 |
Cost of revenue | 4,023 |  |  | 6,071 |  |  | 1,611 |
Gross profit (loss) | 226 |  |  | (56) |  |  | 105 |
Operating expenses: |  |  |  |  |
Sales and marketing | 153 |  |  | 361 |  |  | 156 |
Technology and development | 6 |  |  | 53 |  |  | 66 |
General and administrative | 10 |  |  | 35 |  |  | 33 |
Impairment and restructuring costs | 25 |  |  | 62 |  |  | — |
Total operating expenses | 194 |  |  | 511 |  |  | 255 |
Income (loss) from discontinued operations | 32 |  |  | (567) |  |  | (150) |
Loss on extinguishment of debt | (21) |  |  | — |  |  | — |
Other income, net | 13 |  |  | 3 |  |  | — |
Interest expense | (36) |  |  | (64) |  |  | (17) |
Loss from discontinued operations before income taxes | (12) |  |  | (628) |  |  | (167) |
Income tax benefit (expense) | (1) |  |  | (2) |  |  | — |
Net loss from discontinued operations | $ | (13) |  |  | $ | (630) |  |  | $ | (167) |
Net loss from discontinued operations per share: |  |  |  |  |
Basic | $ | (0.05) |  |  | $ | (2.52) |  |  | $ | (0.75) |
Diluted | $ | (0.05) |  |  | $ | (2.41) |  |  | $ | (0.72) |
The following table presents significant non-cash items and capital expenditures of the discontinued operations for the periods presented (in millions):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Amortization of debt discount and debt issuance costs | $ | 21 |  |  | $ | 11 |  |  | $ | — |
Loss on debt extinguishment | 21 |  |  | — |  |  | — |
Share-based compensation | 16 |  |  | 40 |  |  | 27 |
Inventory valuation adjustment | 9 |  |  | 408 |  |  | — |
Depreciation and amortization | 7 |  |  | 10 |  |  | 6 |
Capital expenditures | 1 |  |  | 6 |  |  | 8 |
Issuance (settlement) of beneficial interests in securitizations | (79) |  |  | 63 |  |  | — |
Restructuring and Related Costs | The following table presents a summary of restructuring charges attributable to discontinued operations for the periods presented (in millions):
|  |  | Year Ended December 31, |  |
| Line Item of Discontinued Operations |  | 2022 |  | 2021 |  | Cumulative Amount Recognized
Inventory write-down | Cost of revenue |  | $ | 9 |  |  | $ | 408 |  |  | N/A
Other charges: |  |  |  |  |  |  |
Employee termination costs | Impairment and restructuring costs |  | $ | 20 |  |  | $ | 52 |  |  | $ | 72 |
Financing-related charges | Interest expense and Loss on debt extinguishment |  | 37 |  |  | 6 |  |  | 43 |
Contract termination costs | Impairment and restructuring costs |  | 4 |  |  | 10 |  |  | 14 |
Accelerated depreciation and amortization | Cost of revenue |  | 14 |  |  | 5 |  |  | 19 |
Asset write-offs | Impairment and restructuring costs |  | — |  |  | 1 |  |  | 1 |
Other charges | Impairment and restructuring costs |  | 1 |  |  | — |  |  | 1 |
Total other charges |  |  | 76 |  |  | 74 |  |  | 150 |
Total |  |  | $ | 85 |  |  | $ | 482 |  |  | $ | 567 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI https://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 5.P.3) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140864-122747 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 + Details
Name: | us-gaap_ScheduleOfRestructuringAndRelatedCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration