v3.24.0.1
Variable Interest Entities
12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
On July 1, 2022, the Company formed a joint venture with a retail partner in Canada with the objective of providing on-demand delivery of grocery and convenience items to customers in Canada (the "JV"). The Company owns a majority interest in the JV.
In connection with the formation of the JV, the Company had committed to contribute cash and certain assets worth $98 million Canadian dollars (approximately $75 million US dollars) over three years. Upon the closing of the transaction,
the Company contributed cash and certain assets of $41 million Canadian dollars (approximately $32 million US dollars). Additional capital contributions will be made in a manner that preserves the ownership percentage of each shareholder.
The common units held by the Company in the JV were determined to be a variable interest. The Company is the primary beneficiary because the Company has the power to direct the activities that most significantly impact the performance of the JV. As a result, the Company consolidates the assets and liabilities of the JV.
Total assets of the JV included on the consolidated balance sheet as of December 31, 2022 and 2023 were $68 million and $39 million, respectively. Total liabilities of the JV included on the consolidated balance sheets as of December 31, 2022 and 2023 were $17 million and $11 million, respectively.
The JV’s assets may only be used to settle the JV’s obligations and may not be used for other consolidated entities. The JV’s liabilities are non-recourse to the general credit of the Company’s other consolidated entities.
As of December 31, 2022 and 2023, the minority shareholder’s ownership in the JV is classified as redeemable non-controlling interest, because it is redeemable on an event that is not solely in the Company’s control. The redeemable non-controlling interest is not accreted to redemption value because it is currently not probable that the non-controlling interest will become redeemable. Total redeemable non-controlling interest was $14 million and $7 million as of December 31, 2022 and 2023, respectively. Net loss attributable to redeemable non-controlling interest was $3 million and $7 million for the years ended December 31, 2022 and 2023.