BOOKING HOLDINGS INC., 10-K filed on 2/23/2023
Annual Report
v3.22.4
COVER PAGE - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2022
Feb. 16, 2023
Jun. 30, 2022
Document Information [Line Items]      
Document Type 10-K    
Document Fiscal Period Focus FY    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Document Transition Report false    
Amendment Flag false    
Document Fiscal Year Focus 2022    
Entity File Number 1-36691    
Entity Registrant Name Booking Holdings Inc.    
Entity Central Index Key 0001075531    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 06-1528493    
Entity Address, Address Line One 800 Connecticut Avenue    
Entity Address, City or Town Norwalk    
Entity Address, State or Province CT    
Entity Address, Postal Zip Code 06854    
City Area Code 203    
Local Phone Number 299-8000    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
ICFR Auditor Attestation Flag true    
Entity Public Float     $ 70.1
Entity Common Stock, Shares Outstanding   37,648,373  
Documents Incorporated by Reference The information required by Part III of this Annual Report on Form 10-K, to the extent not set forth in this Form 10-K, is incorporated herein by reference from Booking Holdings Inc.'s definitive proxy statement relating to its annual meeting of stockholders to be held on June 6, 2023, to be filed with the Securities and Exchange Commission within 120 days after the end of Booking Holdings Inc.'s fiscal year ended December 31, 2022.    
Current Fiscal Year End Date --12-31    
Common Stock par value $0.008 per share      
Document Information [Line Items]      
Title of 12(b) Security Common Stock par value $0.008 per share    
Trading Symbol BKNG    
Security Exchange Name NASDAQ    
2.375% Senior Notes Due 2024      
Document Information [Line Items]      
Title of 12(b) Security 2.375% Senior Notes Due 2024    
Trading Symbol BKNG 24    
Security Exchange Name NASDAQ    
0.100% Senior Notes Due 2025      
Document Information [Line Items]      
Title of 12(b) Security 0.100% Senior Notes Due 2025    
Trading Symbol BKNG 25    
Security Exchange Name NASDAQ    
4.000% Senior Notes Due 2026      
Document Information [Line Items]      
Title of 12(b) Security 4.000% Senior Notes Due 2026    
Trading Symbol BKNG 26    
Security Exchange Name NASDAQ    
1.800% Senior Notes Due 2027      
Document Information [Line Items]      
Title of 12(b) Security 1.800% Senior Notes Due 2027    
Trading Symbol BKNG 27    
Security Exchange Name NASDAQ    
0.500% Senior Notes Due 2028      
Document Information [Line Items]      
Title of 12(b) Security 0.500% Senior Notes Due 2028    
Trading Symbol BKNG 28    
Security Exchange Name NASDAQ    
4.250% Senior Notes Due 2029      
Document Information [Line Items]      
Title of 12(b) Security 4.250% Senior Notes Due 2029    
Trading Symbol BKNG 29    
Security Exchange Name NASDAQ    
4.500% Senior Notes Due 2031      
Document Information [Line Items]      
Title of 12(b) Security 4.500% Senior Notes Due 2031    
Trading Symbol BKNG 31    
Security Exchange Name NASDAQ    
4.750% Senior Notes Due 2034      
Document Information [Line Items]      
Title of 12(b) Security 4.750% Senior Notes Due 2034    
Trading Symbol BKNG 34    
Security Exchange Name NASDAQ    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location Stamford, Connecticut
Auditor Firm ID 34
v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 12,221 $ 11,127
Short-term investments (Available-for-sale debt securities: Amortized cost of $176 and $25, respectively) 175 25
Accounts receivable, net (Allowance for expected credit losses of $117 and $101, respectively) 2,229 1,358
Prepaid expenses, net (Allowance for expected credit losses of $18 and $29, respectively) 477 404
Other current assets 696 231
Total current assets 15,798 13,145
Property and equipment, net 669 822
Operating lease assets 645 496
Intangible assets, net 1,829 2,057
Goodwill [1] 2,807 2,887
Long-term investments (Includes available-for-sale debt securities: Amortized cost of $576 at December 31, 2022) 2,789 3,175
Other assets, net (Allowance for expected credit losses of $5 and $18, respectively) 824 1,059
Total assets 25,361 23,641
Current liabilities:    
Accounts payable 2,507 1,586
Accrued expenses and other current liabilities 3,244 1,765
Deferred merchant bookings 2,223 906
Short-term debt 500 1,989
Total current liabilities 8,474 6,246
Deferred income taxes 685 905
Operating lease liabilities 552 351
Long-term U.S. transition tax liability 711 825
Other long-term liabilities 172 199
Long-term debt 11,985 8,937
Total liabilities 22,579 17,463
Commitments and contingencies (see Note 16)
Stockholders' equity:    
Common stock, $0.008 par value, Authorized shares: 1,000,000,000 Issued shares: 63,780,528 and 63,584,444, respectively 0 0
Treasury stock: 25,917,558 and 22,518,391 shares, respectively (30,983) (24,290)
Additional paid-in capital 6,491 6,159
Retained earnings 27,541 24,453
Accumulated other comprehensive loss (267) (144)
Total stockholders' equity 2,782 6,178
Total liabilities and stockholders' equity $ 25,361 $ 23,641
[1] The balance of goodwill as of December 31, 2022 and 2021 is stated net of cumulative impairment charges of $2.0 billion.
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Amortized cost of available-for-sale debt securities, current $ 176 $ 25
Accounts receivable, net, allowance for expected credit losses, current 117 101
Prepaid expenses, net, allowance for expected credit losses, current 18 29
Available-for-sale debt securities, amortized cost 576  
Other assets, net, allowance for expected credit losses, noncurrent $ 5 $ 18
Common stock, par value (in dollars per share) $ 0.008 $ 0.008
Common stock, authorized shares (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 63,780,528 63,584,444
Treasury stock, shares (in shares) 25,917,558 22,518,391
v3.22.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues $ 17,090 $ 10,958 $ 6,796
Operating expenses:      
Marketing expenses 5,993 3,801 2,179
Sales and other expenses 1,818 881 755
Personnel, including stock-based compensation of $404, $370, and $233, respectively 2,465 2,314 1,944
General and administrative 934 620 581
Information technology 526 412 299
Depreciation and amortization 451 421 458
Restructuring, disposal, and other exit activities (199) 13 149
Impairment of goodwill 0 0 1,062
Total operating expenses 11,988 8,462 7,427
Operating income (loss) 5,102 2,496 (631)
Interest expense (391) (334) (356)
Other income (expense), net (788) (697) 1,554
Income before income taxes 3,923 1,465 567
Income tax expense 865 300 508
Net income $ 3,058 $ 1,165 $ 59
Net income applicable to common stockholders per basic common share (in dollars per share) $ 76.70 $ 28.39 $ 1.45
Weighted-average number of basic common shares outstanding (in shares) 39,872 41,042 40,974
Net income applicable to common stockholders per diluted common share (in dollars per share) $ 76.35 $ 28.17 $ 1.44
Weighted-average number of diluted common shares outstanding (in shares) 40,052 41,362 41,160
Agency revenues      
Revenues $ 9,003 $ 6,663 $ 4,314
Merchant revenues      
Revenues 7,193 3,696 2,117
Advertising and other revenues      
Revenues $ 894 $ 599 $ 365
v3.22.4
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
Stock-based compensation expense $ 404 $ 370 $ 233
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net income $ 3,058 $ 1,165 $ 59
Other comprehensive (loss) income, net of tax      
Foreign currency translation adjustments (111) (57) 50
Net unrealized (losses) gains on available-for-sale securities (12) 31 23
Total other comprehensive (loss) income, net of tax (123) (26) 73
Comprehensive income $ 2,935 $ 1,139 $ 132
v3.22.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Millions
Total
Cumulative effect of adoption of accounting standards update
Common Stock
Treasury Stock
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative effect of adoption of accounting standards update
Retained Earnings
Retained Earnings
Cumulative effect of adoption of accounting standards update
Total AOCI, net of tax
Balance (in shares) at Dec. 31, 2019     63,179 (21,762)          
Balance at Dec. 31, 2019 $ 5,933 $ (3) $ 0 $ (22,864) $ 5,756 $ 0 $ 23,232 $ (3) $ (191)
Increase (Decrease) in Stockholders' Equity                  
Net income 59           59    
Foreign currency translation adjustments, net of tax 50               50
Net unrealized gains on available-for-sale securities, net of tax 23               23
Issuance of convertible senior notes 96       96        
Conversion of debt (245)       (245)        
Exercise of stock options and vesting of restricted stock units and performance share units (in shares)     227            
Exercise of stock options and vesting of restricted stock units and performance share units $ 6       6        
Repurchase of common stock (in shares) (685)     (685)          
Repurchase of common stock $ (1,264)     $ (1,264)          
Stock-based compensation and other stock-based payments 238       238        
Balance (in shares) at Dec. 31, 2020     63,406 (22,447)          
Balance at Dec. 31, 2020 4,893   $ 0 $ (24,128) 5,851   23,288   (118)
Increase (Decrease) in Stockholders' Equity                  
Net income 1,165           1,165    
Foreign currency translation adjustments, net of tax (57)               (57)
Net unrealized gains on available-for-sale securities, net of tax 31               31
Conversion of debt (86)       (86)        
Exercise of stock options and vesting of restricted stock units and performance share units (in shares)     178            
Exercise of stock options and vesting of restricted stock units and performance share units $ 5       5        
Repurchase of common stock (in shares) (71)     (71)          
Repurchase of common stock $ (162)     $ (162)          
Stock-based compensation and other stock-based payments 389       389        
Balance (in shares) at Dec. 31, 2021     63,584 (22,518)          
Balance at Dec. 31, 2021 6,178 $ (66) $ 0 $ (24,290) 6,159 $ (96) 24,453 $ 30 (144)
Increase (Decrease) in Stockholders' Equity                  
Net income 3,058           3,058    
Foreign currency translation adjustments, net of tax (111)               (111)
Net unrealized gains on available-for-sale securities, net of tax (12)               (12)
Exercise of stock options and vesting of restricted stock units and performance share units (in shares)     197            
Exercise of stock options and vesting of restricted stock units and performance share units $ 7       7        
Repurchase of common stock (in shares) (3,400)     (3,400)          
Repurchase of common stock $ (6,693)     $ (6,693)          
Stock-based compensation and other stock-based payments 421       421        
Balance (in shares) at Dec. 31, 2022     63,781 (25,918)          
Balance at Dec. 31, 2022 $ 2,782   $ 0 $ (30,983) $ 6,491   $ 27,541   $ (267)
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
OPERATING ACTIVITIES:      
Net income $ 3,058 $ 1,165 $ 59
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 451 421 458
Provision for expected credit losses and chargebacks 232 109 319
Deferred income tax (benefit) expense (257) (445) 213
Net losses (gains) on equity securities [1] 963 569 (1,713)
Stock-based compensation expense and other stock-based payments 404 376 255
Operating lease amortization 156 178 184
Unrealized foreign currency transaction (gains) losses related to Euro-denominated debt (46) (135) 200
Impairment of goodwill 0 0 1,062
Loss on early extinguishment of debt [2] 0 242 0
Gain on sale and leaseback transaction (240) 0 0
Other Noncash Income (Expense) 38 71 68
Changes in assets and liabilities, net of effects of acquisitions:      
Accounts receivable (1,228) (1,002) 891
Prepaid expenses and other current assets (217) 6 161
Deferred merchant bookings and other current liabilities 3,718 1,539 (2,266)
Long-term assets and liabilities (478) (274) 194
Net cash provided by operating activities 6,554 2,820 85
INVESTING ACTIVITIES:      
Purchase of investments (768) (17) (74)
Proceeds from sale and maturity of investments 32 508 2,997
Additions to property and equipment (368) (304) (286)
Acquisitions, net of cash acquired 0 (1,185) 0
Proceeds from sale and leaseback transaction 601 0 0
Other investing activities (15) 0 0
Net cash (used in) provided by investing activities (518) (998) 2,637
FINANCING ACTIVITIES:      
Proceeds from the issuance of long-term debt 3,621 2,015 4,108
Payments on maturity and redemption of debt (1,880) (3,068) (1,244)
Payments for repurchase of common stock (6,621) (163) (1,303)
Other financing activities (17) (23) (33)
Net cash (used in) provided by financing activities (4,897) (1,239) 1,528
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (40) (13) 0
Net increase in cash and cash equivalents and restricted cash and cash equivalents 1,099 570 4,250
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period 11,152 10,582 6,332
Total cash and cash equivalents and restricted cash and cash equivalents, end of period 12,251 11,152 10,582
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid during the period for income taxes (see Note 15) 600 735 319
Cash paid during the period for interest $ 380 $ 318 $ 278
[1] See Note 5 for additional information related to the net (losses) gains on equity securities and Note 6 for additional information related to the impairment of an investment in equity securities.
[2] See Note 12 for additional information related to the loss on early extinguishment of debt.
v3.22.4
BUSINESS DESCRIPTION
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BUSINESS DESCRIPTION BUSINESS DESCRIPTION
 
Booking Holdings Inc. ("Booking Holdings" or the "Company") seeks to make it easier for everyone to experience the world by providing consumers, travel service providers, and restaurants with leading travel and restaurant online reservation and related services. The Company offers its services through six primary consumer-facing brands: Booking.com, Priceline, agoda, Rentalcars.com, KAYAK, and OpenTable, which allow consumers to: book a broad array of accommodations (including hotels, motels, resorts, homes, apartments, bed and breakfasts, hostels, and other alternative and traditional accommodations properties) and a flight to their destinations; make a car rental reservation or arrange for an airport taxi; make a dinner reservation; or book a vacation package, tour, activity, or cruise. Consumers can also use the Company's meta-search services to easily compare travel reservation information, such as flight, hotel, and rental car reservations from hundreds of online travel platforms at once. In addition, the Company offers other services to consumers, travel service providers and restaurants, such as travel-related insurance products and restaurant management services. The Company's portfolio of brands are organized into four operating segments which are aggregated into one reportable segment based on the similarity in economic
characteristics, other qualitative factors, and the objectives and principles of Accounting Standards Codification ("ASC") 280, Segment Reporting.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation 
The Company's Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, including acquired businesses from the dates of acquisition. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ significantly from those estimates. The estimates underlying the Company's Consolidated Financial Statements relate to, among other things, the valuation of goodwill and other long-lived tangible and intangible assets, the valuation of investments in private companies, income taxes, contingencies, stock-based compensation, the allowance for expected credit losses (also referred to as provision for bad debts or provision for uncollectible accounts), chargeback provisions, and the accrual of obligations for loyalty and other incentive programs.

Impact of COVID-19
The Company's financial results and prospects are almost entirely dependent on facilitating the sale of travel-related services. The COVID-19 pandemic and the resulting implementation of travel restrictions by governments around the world resulted in a significant decline in travel activities and consumer demand for travel related services, in 2020 in particular. During the year ended December 31, 2020, given the severe downturn in the global travel industry and the financial difficulties faced by many of the Company's travel service provider and restaurant customers and marketing affiliates, the Company increased its provision for expected credit losses (also referred to as provision for bad debts or provision for uncollectible accounts) on receivables from and prepayments to its travel service provider and restaurant customers and marketing affiliates (see Note 7). Moreover, due to the high level of cancellations of existing reservations, the Company incurred higher than normal cash outlays to refund consumers for prepaid reservations, including certain situations where the Company had already transferred the prepayment to the travel service provider. During the year ended December 31, 2021, based on its review of recent historical credit loss experience and stability in the economic conditions in certain markets, the Company revised its estimates of expected credit losses (see Note 7). Any significant increase in the Company’s provision for expected credit losses and any significant increase in cash outlays to refund consumers would have a corresponding adverse effect on the Company's results of operations and related cash flows.

As a result of the deterioration of the Company’s business due to the COVID-19 pandemic, the Company recorded significant goodwill impairment charges during the year ended December 31, 2020 (see Note 11). In addition, the Company recorded a significant impairment charge during the year ended December 31, 2020 for one of the Company's long-term investments (see Notes 5 and 6). It is possible that the Company may have to record additional significant impairment charges in future periods.
In response to the reduction in the Company's business volumes as a result of the impact of the COVID-19 pandemic, during the year ended December 31, 2020, the Company took actions to reduce the size of its workforce to optimize efficiency and reduce costs. See Note 19 for additional information. The Company also participated in certain governmental assistance programs and received certain grants and other assistance. In June 2021, the Company announced its intention to voluntarily return the government assistance received and completed the repayments by December 2021. The Company repaid $107 million during the year ended December 31, 2021. See Note 20 for additional information.

Even though there have been improvements in the economic and operating conditions for the Company's business since the outset of the COVID-19 pandemic, the Company cannot predict the long-term effects of the pandemic on its business or the travel and restaurant industries as a whole.

Reclassification
Certain amounts from prior periods have been reclassified to conform to the current year presentation.

Fair Value of Financial Instruments
Certain financial instruments, including cash, restricted cash, accounts payable, accrued expenses, and deferred merchant bookings, are carried at cost which approximates their fair value because of the short-term nature of these financial instruments. Accounts receivable and other financial assets measured at amortized cost are carried at cost less an allowance for expected credit losses to present the net amount expected to be collected (see Note 7). See Notes 5, 6, and 12 for information related to fair value for investments, derivatives, and the Company's outstanding senior notes.

There are three levels of inputs to valuation techniques used to measure fair value:
Level 1:    Quoted prices in active markets that are accessible by the Company at the measurement date for identical assets and liabilities.
Level 2:    Inputs that are observable, either directly or indirectly. Such prices may be based upon quoted prices for identical or comparable securities in active markets or inputs not quoted on active markets, but corroborated by market data.
Level 3:    Unobservable inputs are used when little or no market data is available.
 
Cash and Cash Equivalents
Cash and cash equivalents consists primarily of cash and highly liquid investment grade securities with an original maturity of three months or less. Cash equivalents are recognized based on settlement date.
 
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents are restricted through legal contracts or regulations. Restricted cash and cash equivalents at December 31, 2022 and 2021 principally relate to the minimum cash requirement for the Company's travel-related insurance business.

The following table reconciles cash and cash equivalents and restricted cash and cash equivalents reported in the Consolidated Balance Sheets to the total amount shown in the Consolidated Statements of Cash Flows (in millions):
December 31,
20222021
As included in the Consolidated Balance Sheets:
Cash and cash equivalents$12,221 $11,127 
Restricted cash and cash equivalents (1)
30 25 
Total cash and cash equivalents and restricted cash and cash equivalents as
  shown in the Consolidated Statements of Cash Flows		$12,251 $11,152 
(1)    Included in "Other current assets" in the Consolidated Balance Sheets.
Investments
Investments held by the Company include debt securities and equity securities. Investments in debt or equity securities that include embedded features, such as conversion or redemption features, are analyzed by the Company to determine if these features are embedded derivatives that require separate accounting treatment. Payments made for investments are reported in "Purchase of investments" and proceeds received from sales or maturities of investments are reported in "Proceeds from sale and maturity of investments" in the Consolidated Statements of Cash Flows.

Debt Securities
The Company has classified its investments in debt securities as available-for-sale securities. Preferred stock that is either mandatorily redeemable or redeemable at the option of the investor is considered a debt security for accounting purposes. These securities are reported at estimated fair value with the aggregate unrealized gains and losses, net of tax, reflected in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. The fair value of these investments is based on the specific quoted market price of the securities or comparable securities at the balance sheet dates. Unobservable inputs are also used when little or no market data is available. See Note 6 for information related to fair value measurements.

If the amortized cost basis of an available-for-sale security exceeds its fair value and if the Company has the intention to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, an impairment is recognized in the Consolidated Statements of Operations. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the decline in fair value below the amortized cost basis of an available-for-sale security is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance for expected credit losses along with the related expense in the Consolidated Statements of Operations. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Company’s best estimate of the present value of cash flows expected to be collected.

The Company's investments in marketable debt securities are recognized based on the trade date. The cost of marketable debt securities sold is determined using a first-in and first-out method. The Company's investments in debt securities are assessed for classification in the Consolidated Balance Sheets as short-term or long-term at the individual security level. Classification as short-term or long-term is based on the maturities of the securities, as applicable, and the Company's expectations regarding the timing of sales and redemptions. Investments of a strategic nature that have been made for the purpose of affiliation or potential business advantage or in connection with a commercial relationship are included in "Long-term investments" in the Consolidated Balance Sheets, except in situations where the Company expects the investment to be realized in cash, redeemed, or sold within one year.

Equity Securities
Equity securities are reported as "Long-term investments" in the Consolidated Balance Sheets and include equity investments with readily determinable fair values and equity investments without readily determinable fair values. Equity investments with readily determinable fair values are reported at estimated fair value with changes in fair value recognized in "Other income (expense), net" in the Consolidated Statements of Operations.

The Company holds investments in equity securities of private companies, over which the Company does not have the ability to exercise significant influence or control. These investments, which do not have readily determinable fair values, are measured at cost less impairment, if any. Such investments are also required to be measured at fair value as of the date of certain observable transactions for the identical or a similar investment of the same issuer.

Accounts Receivable from Customers and Allowance for Expected Credit Losses
Accounts receivable is reported net of expected credit losses. The Company estimates lifetime expected credit losses upon recognition of the financial assets. The Company has identified the relevant risk characteristics of its customers and the related receivables and prepayments, which include the following: size, type (alternative accommodations vs. hotels) or geographic location of the customer, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, the nature of competition, and industry-specific factors that could impact the Company's receivables. Additionally, external data and macroeconomic conditions are considered. This is assessed at each quarter based on the Company’s specific facts and circumstances.
Property and Equipment, Net
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets or, when applicable, the term of the lease related to leasehold improvements, whichever is shorter.

Website and Internal-use Software Capitalization
Acquisition costs and certain direct development costs associated with website and internal-use software are capitalized and include external direct costs of services and payroll costs for employees devoting time to the software projects principally related to platform development, including support systems, software coding, designing system interfaces, and installation and testing of the software. These costs are recorded as property and equipment and are generally amortized beginning when the asset is substantially ready for use. Costs incurred for enhancements that are expected to result in additional features or functionalities are capitalized and amortized over the estimated useful life of the enhancements. Costs incurred during the preliminary project stage, as well as maintenance and training costs, are expensed as incurred.

Cloud Computing Arrangements
The Company utilizes various third-party computer systems and third-party service providers, including global distribution systems ("GDSs") and computerized central reservation systems of the accommodation, rental car, and airline industries in connection with providing some of its services. The Company uses both internally-developed systems and third-party systems to operate its services, including transaction processing, order management, and financial and accounting systems. Implementation costs incurred in a hosting arrangement that is a service contract are capitalized and amortized over the term of the hosting arrangement. The capitalized implementation costs are reported as "Prepaid expenses, net" or "Other assets, net" in the Company's Consolidated Balance Sheets, as appropriate. The related amortization expenses are reported as "Information technology" in the Company's Consolidated Statements of Operations.

Leases
The Company determines if an arrangement is a lease, or contains a lease, when a contract is signed. The Company determines if a lease is an operating or finance lease and records a lease asset and a lease liability upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The Company has operating leases for office space, and data centers. For office space and data centers, the Company has elected to combine the fixed payments to lease the asset and any fixed non-lease payments (such as maintenance or utility charges) when determining its lease payments. The Company's finance leases are mainly for computer equipment.

The Company uses its incremental borrowing rate as its discount rate to determine the present value of its remaining lease payments to calculate its lease assets and lease liabilities because the rate implicit in the lease is not readily determinable. The incremental borrowing rate approximates the rate the Company would pay to borrow in the currency of the lease payments on a collateralized basis for the weighted-average life of the lease. Operating lease assets also include any prepaid lease payments and lease incentives received prior to lease commencement.

The Company recognizes operating lease costs and the amortization of finance lease assets on a straight-line basis over the lease term. The interest component of a finance lease is recognized using the effective interest method over the lease term. Certain of the Company's lease agreements include rent payments which are adjusted periodically based on an index or rate. Any change in payments due to such adjustments are recognized as variable lease expense as they are incurred. Variable lease expense also includes costs for property taxes, insurance, and services provided by the lessor which are charged based on usage or performance (such as maintenance or utility charges).

Most leases have one or more options to renew beyond their initial term. The exercise of renewal options, mainly for office space and data centers, is at the Company’s discretion and are included in the determination of the lease term for accounting purposes if they are reasonably certain to be exercised.

Business Combinations, Goodwill, and Intangible Assets
The Company accounts for acquired businesses using the acquisition method of accounting. The consideration transferred is allocated to the assets acquired and liabilities assumed based on their respective values at the acquisition date. The excess of the consideration transferred over the net of the amounts allocated to the identifiable assets acquired and liabilities assumed is recognized as goodwill.
In 2021, the Financial Accounting Standards Board ("FASB") issued a new accounting standards update that requires an acquirer to recognize and measure contract assets and contract liabilities in a business combination in accordance with ASC 606, Revenue from Contracts with Customers, rather than at fair value on the acquisition date as required under legacy U.S. GAAP. The Company adopted this update in 2021 and applied it to all business combinations occurring on or after January 1, 2021.

Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination. Goodwill is not subject to amortization and is tested for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company tests goodwill at a reporting unit level. The fair value of the reporting unit is compared to its carrying value, including goodwill. Fair values are determined using a combination of standard valuation techniques, including an income approach (discounted cash flows) and market approaches (e.g., earnings before interest, taxes, depreciation, and amortization ("EBITDA") multiples of comparable publicly traded companies) and based on market participant assumptions. A goodwill impairment loss is measured at the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. See Note 11 for additional information.

Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives.

Impairment of Long-lived Assets
The Company reviews long-lived assets, including intangible assets and operating lease assets, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The assessment of possible impairment is based upon the Company's ability to recover the carrying value of the assets from the estimated undiscounted future net cash flows, before interest and taxes, of the related asset group. The amount of impairment loss, if any, is measured as the excess of the carrying value of the asset over the present value of estimated future cash flows, using a discount rate commensurate with the risks involved and based on assumptions representative of market participants.

Foreign Currency Translation
The functional currency of the Company's subsidiaries is generally the respective local currency. For operations outside of the U.S., assets and liabilities are translated into U.S. Dollars at the rate of exchange existing at the balance sheet date. Income statement amounts are translated at monthly average exchange rates applicable for the period. Translation gains and losses are included as a component of "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets. Foreign currency transaction gains and losses are included in "Other income (expense), net" in the Company's Consolidated Statements of Operations.

Derivatives
Derivatives not Designated as Hedges
As a result of the Company's operations outside of the U.S., it is exposed to various market risks that may affect its consolidated results of operations, cash flows, and financial position. These market risks include, but are not limited to, fluctuations in foreign currency exchange rates. For the Company's operations outside of the U.S., the primary foreign currency exposures are in Euros and British Pounds Sterling, the currencies in which the Company conducts a significant portion of its business activities. As a result, the Company faces exposure to adverse movements in foreign currency exchange rates as the financial results of its operations outside of the U.S. are translated from local currencies into U.S. Dollars upon consolidation. Additionally, foreign currency exchange rate fluctuations on transactions denominated in currencies other than the functional currency of an entity result in gains and losses that are reflected in net income.
 
The Company may enter into derivative instruments to hedge certain net exposures of nonfunctional currency denominated assets and liabilities and the volatility associated with translating earnings for its operations outside of the U.S. into U.S. Dollars, even though it does not elect to apply hedge accounting or hedge accounting does not apply. These contracts are generally short-term in duration. Certain of the Company's derivative instruments have master netting arrangements, which reduce credit risk by permitting net settlement of transactions with the same counterparty. The Company is exposed to the risk that counterparties to derivative instruments may fail to meet their contractual obligations. The Company regularly reviews its credit exposure and assesses the creditworthiness of its counterparties. The Company reports the fair value of its derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets in "Other current assets" and "Accrued expenses and other current liabilities," respectively. Unless designated as hedges for accounting purposes, gains and losses resulting from changes in the fair value of derivative instruments are recognized in "Other income (expense), net" in the Consolidated Statements of Operations in the period that the changes occur and are classified within "Net cash provided by operating
activities" or "Net cash (used in) provided by financing activities," as appropriate, in the Consolidated Statements of Cash Flows. See Note 6 for additional information related to these derivative instruments.

Derivatives Designated as Cash Flow Hedges
See Note 6 for information related to derivatives designated as cash flow hedges.

Non-derivative Instrument Designated as Net Investment Hedge
The foreign currency transaction gains or losses on the Company's Euro-denominated debt are measured based upon changes in spot rates. The foreign currency transaction gains or losses on the Euro-denominated debt that is designated as a hedging instrument for accounting purposes are recorded in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. The foreign currency transaction gains or losses on the Euro-denominated debt that is not designated as a hedging instrument are recognized in "Other income (expense), net" in the Consolidated Statements of Operations. See Notes 12 and 14 for additional information related to the net investment hedge.

Revenue Recognition
Online travel reservation services
Substantially all of the Company's revenues are generated by providing online travel reservation services, which principally allows travelers to book travel reservations with travel service providers through the Company’s platforms. While the Company generally refers to a consumer that books travel reservation services on the Company's platforms as its customer, for accounting purposes, the Company's customers are the travel service providers and, in certain merchant transactions, the travelers. The Company's contracts with travel service providers give them the ability to market their reservation availability without transferring responsibility to deliver the travel service to the Company. Therefore, the Company's revenues are presented on a net basis in the Consolidated Statements of Operations. These contracts include payment terms and establish the consideration to which the Company is entitled, which includes either a commission or a margin on the travel transaction. Revenue is measured based on the expected consideration specified in the contract with the travel service provider, considering the effects of factors such as discounts and other sales incentives. Estimates for sales incentives are based on historical experience, current trends, and forecasts, as applicable. Coupons are recorded as a reduction of the transaction price, generally at the time they are redeemed. The local occupancy taxes, general excise taxes, value-added taxes, sales taxes, and other similar taxes ("travel transaction taxes"), if any, collected from travelers are reported on a net basis in revenues in the Consolidated Statements of Operations.

Revenues for online travel reservation services are recognized at a point in time when the Company has completed its post-booking services and the travelers begin using the arranged travel services. These services are classified into two categories:

•Agency revenues are derived from travel-related transactions where the Company does not facilitate payments from travelers for the services provided. The Company invoices the travel service providers for its commissions in the month that travel is completed. Agency revenues consist almost entirely of travel reservation commissions from the Company's accommodation, rental car, and airline reservation services.

•Merchant revenues are derived from travel-related transactions where the Company facilitates payments from travelers for the services provided, generally at the time of booking. Merchant revenues are derived from transactions where travelers book accommodation, rental car, airline reservations, and other travel related services. Merchant revenues include travel reservation commissions and transaction net revenues (i.e., the amount charged to travelers less the amount owed to travel service providers) in connection with the Company's merchant reservations services; credit card processing rebates and customer processing fees; and ancillary fees, including travel-related insurance revenues.

Advertising and Other Revenues
Advertising and other revenues are primarily recognized by KAYAK and OpenTable. KAYAK recognizes advertising revenue primarily by sending referrals to online travel companies ("OTCs") and travel service providers and from advertising placements on its platforms. Revenue related to referrals is recognized when a consumer clicks on a referral placement or upon completion of the travel. Revenue for advertising placements is recognized based upon when a consumer clicks on an advertisement or when KAYAK displays an advertisement. OpenTable recognizes revenues for reservation fees when diners are seated through its online restaurant reservation service and subscription fees for restaurant management services on a straight-line basis over the contractual period in accordance with how the service is provided.
Incentives and Loyalty Programs
The Company provides various incentive programs such as referral bonuses, rebates, credits, and discounts. In addition, the Company offers loyalty programs where participating consumers may be awarded loyalty points on current transactions that can be redeemed in the future. The estimated value of the incentives granted and the loyalty points expected to be redeemed is generally recognized as a reduction of revenue at the time they are granted.

Deferred Merchant Bookings
Cash payments received from travelers in advance of the Company completing its performance obligations are included in "Deferred merchant bookings" in the Company's Consolidated Balance Sheets and are comprised principally of amounts estimated to be payable to travel service providers as well as the Company's estimated future revenue for its commission or margin and fees. The amounts are mostly subject to refunds for cancellations. The Company expects to complete its performance obligations generally within one year from the reservation date. The increase in the Deferred Merchant Booking balance during the year ended December 31, 2022 was principally due to the increase in business volumes.

Marketing Expenses
The Company's advertising expenses are reported in "Marketing expenses" in the Consolidated Statements of Operations. Marketing expenses consist of performance marketing expenses and brand marketing expenses. Performance marketing expenses are expenses generally measured by return on investment or an increase in bookings over a specified time period. These expenses consist primarily of the costs of: (1) search engine keyword purchases; (2) referrals from meta-search and travel research websites; (3) affiliate programs; (4) offline and online brand marketing; and (5) other performance-based marketing and incentives. Performance marketing expenses are recognized as incurred. Included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets are accrued liabilities of $480 million and $306 million at December 31, 2022 and 2021, respectively, related to performance marketing. Brand marketing expenses are expenses incurred to build brand awareness over a specified time period. These expenses consist primarily of television advertising and online video and display advertising (including the airing of the Company's television advertising online), as well as other marketing expenses such as public relations and sponsorships. Brand marketing expenses are generally recognized as incurred with the exception of advertising production costs, which are deferred and expensed the first time the advertisement is displayed or broadcast.

Sales and Other Expenses
Sales and other expenses are generally variable in nature and consist primarily of: (1) credit cards and other payment processing fees associated with merchant transactions; (2) fees paid to third parties that provide call center, website content translations, and other services; (3) chargeback provisions and fraud prevention expenses associated with merchant transactions; (4) customer relations costs; and (5) provisions for expected credit losses, primarily related to accommodation commission receivables and prepayments to certain customers.

Personnel
Personnel expenses consist of compensation to the Company's personnel, including salaries, stock-based compensation, bonuses, payroll taxes and employee health and other benefits. Included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets are accrued liabilities of $518 million and $421 million at December 31, 2022 and 2021, respectively, related to personnel expenses.
 
Stock-Based Compensation
Stock-based compensation expense related to performance share units, restricted stock units and stock options is recognized based on fair value on a straight-line basis over the respective requisite service periods and forfeitures are accounted for when they occur. The fair value on the grant date of performance share units and restricted stock units is determined based on the number of units granted and the quoted price of the Company's common stock. For performance share units with market conditions, the effect of the market condition is also considered in the determination of fair value on the grant date using Monte Carlo simulations. The fair value of employee stock options is determined using the Black-Scholes model.

The Company records stock-based compensation expense for performance-based awards using its estimate of the probable outcome at the end of the performance period (i.e., the estimated performance against the performance targets or performance goals, as applicable). The Company periodically adjusts the cumulative stock-based compensation expense recorded when the probable outcome for these performance-based awards is updated based upon changes in actual and forecasted operating results or expected achievement of performance goals, as applicable.
 
The benefits of tax deductions in excess of recognized compensation costs are recognized in the Consolidated Statements of Operations as a discrete item when an option exercise or a vesting and release of shares occurs. Excess tax benefits are presented as operating cash flows and cash payments for employee statutory tax withholding related to vested stock awards are presented as financing cash flows in the Consolidated Statements of Cash Flows. 

Benefit Plans
The Company maintains a defined contribution 401(k) savings plan covering certain U.S. employees. The Company also maintains certain other defined contribution plans outside of the United States for which it provides contributions for participating employees. The Company's matching contributions during the years ended December 31, 2022, 2021, and 2020 were $40 million, $32 million, and $33 million, respectively.

Government Grants and Other Assistance
The Company recognizes government grants in the financial statements when it is probable that the grant will be received and the Company will comply with the conditions of the grant. Government grants are recorded as a reduction in the related operating expense or the cost of the asset that they are intended to defray. The government grants received by the Company have principally been granted to defray personnel costs. See Note 20 for information related to government grants and other assistance.

Information Technology 
Information technology expenses consist primarily of: (1) software license and system maintenance fees; (2) outsourced data center and cloud computing costs; (3) payments to contractors; and (4) data communications and other expenses associated with operating the Company's services.

Restructuring, Disposal and Other Exit Activities
The Company records employee severance and other termination costs that meet the requirements for recognition in accordance with the relevant guidance of ASC 420, Exit or Disposal Cost Obligations, or ASC 712, Compensation - Nonretirement Postemployment Benefits, as applicable. For involuntary termination benefits that are not provided under the terms of an ongoing benefit arrangement, the liability for the current fair value of expected future costs associated with a management-approved restructuring plan is recognized in the period in which the plan is communicated to the employees and the plan is not expected to change significantly. For ongoing benefit arrangements, inclusive of statutory requirements, employee termination costs are accrued when the existing situation or set of circumstances indicates that an obligation has been incurred, it is probable the benefits will be paid, and the amount can be reasonably estimated. Termination benefits associated with voluntary leaver schemes are recorded when the employee irrevocably accepts the offer and the amount can be reasonably estimated.

Long-lived assets to be sold are classified as held for sale in the period in which the requirements for such classification are met in accordance with ASC 360, Property, Plant, and Equipment. Assets that are classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell.

Income Taxes 
The Company accounts for income taxes under the asset and liability method. The Company records the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the Consolidated Balance Sheets, as well as operating loss and tax credit carryforwards. Deferred taxes are classified as non-current in the Consolidated Balance Sheets.
 
The Company records deferred tax assets to the extent it believes these assets will more likely than not be realized. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences, the carryforward periods available for tax reporting purposes, and tax planning strategies. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, significant judgments, estimates, and interpretation of statutes are required.
Deferred taxes are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date of such change.
 
The Company recognizes liabilities when it believes that uncertain positions may not be fully sustained upon audit by the tax authorities. Liabilities recognized for uncertain tax positions are based on a two-step approach for recognition and measurement. First, the Company evaluates the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit based on its technical merits. Second, the Company measures the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. Interest and penalties attributable to uncertain tax positions, if any, are recognized as a component of income tax expense. 

The Company accounts for taxes on global intangible low-taxed income ("GILTI") introduced by the U.S. Tax Cuts and Jobs Act (the "Tax Act") as period costs. See Note 15 for further details related to income taxes.

Contingencies
Loss contingencies (other than income tax-related contingencies) arise from actual or possible claims and assessments and pending or threatened litigation that may be brought against the Company by individuals, governments or other entities. Based on the Company's assessment of loss contingencies at each balance sheet date, a loss is recorded in the financial statements if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated.

Recent Accounting Pronouncements Adopted
    
Accounting for Convertible Instruments and Contracts in an Entity's Own Equity
On January 1, 2022, the Company adopted the new accounting standards update relating to convertible instruments and contracts in an entity's own equity. Compared to legacy U.S. GAAP, the accounting standards update reduces the number of accounting models for convertible debt instruments, requires fewer embedded conversion features to be separately recognized from the host contract, and amends certain guidance to reduce form-over-substance-based accounting conclusions. Under the updated guidance, upon the initial recognition of convertible debt, the Company presents the entire amount attributable to the debt as a liability. The initial carrying amount of the convertible debt liability is reduced by any direct and incremental issuance costs paid to third parties that are associated with the convertible debt issuance. No amount attributable to the debt is initially recognized within equity unless the instrument is issued at a substantial premium. In calculating diluted earnings per share, the accounting standards update also requires the use of the if-converted method for the Company's convertible debt.

The Company adopted the accounting standards update on a modified retrospective basis applied to the 0.75% convertible senior notes due May 2025 (see Note 12) resulting in an increase of $30 million to "Retained earnings" as of January 1, 2022. The significant corresponding balance sheet changes as of that date were an increase of $86 million to "Long-term debt" and decreases of $96 million to "Additional paid-in capital" and $21 million to "Deferred income taxes." For the Company’s convertible debt, interest expense for the periods beginning on January 1, 2022 is reflected in the financial statements using interest rates that are closer to the coupon interest rate of the debt rather than the higher imputed interest expense that resulted from the separation of conversion features required by legacy U.S. GAAP. See Note 8 for additional information on net income per share calculations.

Other Recent Accounting Pronouncements

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
In June 2022, the FASB issued an accounting standards update with guidance on the fair value measurement of equity securities subject to contractual sale restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Company beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company does not expect the adoption of the accounting standards update to have a material impact on its Consolidated Financial Statements.
v3.22.4
REVENUE
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue

Revenue by Type of Service

Approximately 89%, 87%, and 88% of the Company's revenues for the years ended December 31, 2022, 2021, and 2020, respectively, relates to online accommodation reservation services. Revenue from all other sources of online travel reservation services and advertising and other revenues each individually represent less than 10% of the Company's total revenues for each year. Substantially all of the Company's agency revenue is from Booking.com's accommodation reservations.

Revenue by Geographic Area

See Note 17 for the information related to revenue by geographic area.

Incentives and Loyalty Programs

At December 31, 2022 and 2021, liabilities of $143 million and $71 million, respectively, were included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets for incentives granted and loyalty programs.

During the year ended December 31, 2020, the Company recorded a decrease of $28 million to the liability for loyalty programs, primarily due to changes in estimates of the number of loyalty points expected to be redeemed prior to expiration under OpenTable's loyalty program, with a corresponding increase to revenue. In addition, during the year ended December 31, 2020, the Company offered additional rebates to customers meeting certain eligibility requirements under an incentive program at Booking.com, which resulted in a reduction of revenue of $100 million during the year ended December 31, 2020.

Refunds to Travelers

Due to the high level of cancellations of existing reservations as a result of the COVID-19 pandemic (see Note 2), in 2020, the Company incurred higher than normal cash outlays to refund travelers for prepaid reservations, including certain situations where the Company had already transferred the prepayment to the travel service provider. For the year ended December 31, 2020, the Company recorded a reduction in revenue of $44 million for refunds paid or estimated to be payable to travelers where the Company had agreed to provide free cancellation for certain non-refundable reservations without a corresponding estimated expected recovery from the travel service providers.
v3.22.4
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company's 1999 Omnibus Plan, as amended and restated effective June 3, 2021, (the "1999 Plan") is the primary stock compensation plan from which broad-based employee, non-employee director, and consultant equity awards may be made. At December 31, 2022, there were 1,226,245 shares of common stock available for future grant under the 1999 Plan. In addition, under plans assumed in connection with various acquisitions, there were 18,865 shares of common stock available for future grant at December 31, 2022.
 
Stock-based compensation issued under the plans generally consists of restricted stock units, performance share units, and stock options. Performance share units and restricted stock units are payable in shares of the Company's common stock upon vesting. The Company issues shares of its common stock upon the exercise of stock options. The tax benefit related to stock-based compensation was $40 million, $37 million, and $30 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Due to the impact of the COVID-19 pandemic (see Note 2), there was a significant decline, as of March 31, 2020, in the estimated performance over the performance periods against the performance targets and consequently, a significant reduction in the number of shares that were probable to be issued as compared to December 31, 2019. As a result, for the three months ended March 31, 2020, the Company recognized a reduction in stock-based compensation expense of $73 million, which is included in "Personnel" expense in the Consolidated Statement of Operations for the year ended December 31, 2020. During the three months ended June 30, 2020, considering pre-COVID-19 performance and the significant effect of the COVID-19 pandemic on Company performance and consequently on the number of shares that were probable to be issued to employees, the Company modified the performance-based awards granted in 2018 (other than the performance-based awards granted to executive officers and certain other employees) to adjust the number of shares to be issued, subject to other vesting conditions. As a result, the Company incurred additional stock-based compensation expense of $11 million, which was
recognized over the remaining requisite service period. In 2021, the Company modified the performance-based awards granted in 2018 and 2019 to its executive officers to adjust the number of shares to be issued, subject to other vesting conditions. The modification, in aggregate, resulted in additional stock-based compensation expense of $40 million, which was recognized over the remaining requisite service periods for the performance-based awards.

Restricted stock units and performance share units granted by the Company during the years ended December 31, 2022, 2021, and 2020 had an aggregate grant-date fair value of $490 million, $421 million, and $392 million, respectively. Restricted stock units and performance share units that vested during the years ended December 31, 2022, 2021, and 2020 had an aggregate fair value at vesting of $400 million, $395 million, and $358 million, respectively. At December 31, 2022, there was $519 million of estimated total future stock-based compensation expense related to unvested restricted stock units and performance share units to be recognized over a weighted-average period of 1.8 years.

Restricted Stock Units

The Company makes broad-based grants of restricted stock units that generally vest during a period of one- to three-years, subject to certain exceptions for terminations other than for "cause," for "good reason," or on account of death or disability.

The following table summarizes the activity of restricted stock units for employees and non-employee directors during the year ended December 31, 2022: 
Restricted Stock UnitsSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 2021281,924 $1,914 
Granted180,259 $2,098 
Vested(147,201)$1,809 
Forfeited(34,522)$2,058 
Unvested at December 31, 2022280,460 $2,070 
 
Performance Share Units

The Company grants performance share units to executives and certain other employees, which generally vest at the end of a three-year period (with the exception of certain shorter term performance share units granted in 2022 and 2021 that vest at the end of one and two years), subject to certain exceptions for terminations other than for "cause," for "good reason," or on account of death or disability. The number of shares that ultimately vest depends on achieving certain performance metrics, performance goals, stock price increase and/or relative total shareholder return, as applicable, by the end of the performance period, assuming there is no accelerated vesting for, among other things, a termination of employment under certain circumstances.

The following table summarizes the activity of performance share units for employees during the year ended December 31, 2022:
Performance Share UnitsSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 2021 (1)
108,323 $2,123 
Granted (2) (3)
50,443 $2,210 
Vested(44,276)$1,859 
Performance shares adjustment (4)
33,742 $2,390 
Forfeited(4,530)$2,244 
Unvested at December 31, 2022
143,702 $2,294 
(1)    Excludes 12,251 performance share units awarded during the year ended December 31, 2021 for which the grant date under ASC 718, Compensation - Stock Compensation, was not established as of December 31, 2021. Among other conditions, for the grant date to be established, a mutual understanding is required to be reached between the Company and the employee of the key terms and conditions of the award, including the performance targets. The performance targets for each of the annual performance periods under the award are set at the beginning of the respective year.
(2)     Excludes 9,692 performance share units awarded during the year ended December 31, 2022 for which the grant date under ASC 718 has not been established as of December 31, 2022.
(3)     Includes 7,856 performance share units awarded during the year ended December 31, 2021 for which the grant date under ASC 718 was established during the year ended December 31, 2022.
(4)    Probable outcome for performance-based awards is updated based upon changes in actual and forecasted operating results or expected achievement of performance goals, as applicable, and the impact of modifications.

Stock Options

In 2020, the Company granted stock options to certain employees that vest in March 2023, subject to certain exceptions for terminations other than for "cause," for "good reason," or on account of death or disability. No stock options were granted to the executive officers of the Company. Stock options granted or assumed in acquisitions generally have a term of 10 years from the grant date. The fair value of stock options granted is estimated on the grant date using the Black-Scholes option pricing model and is affected by assumptions regarding a number of complex and subjective variables. The use of an option pricing model requires the use of several assumptions including expected volatility, risk-free interest rate, expected dividends, and expected term. Expected volatility is based on the Company’s historical volatility over the expected term of the option and implied volatility of publicly traded options of the Company’s common stock. The expected term of the options represents the estimated period of time until option exercise. Since the Company has limited historical stock option exercise experience, the Company used the simplified method in estimating the expected term, which is calculated as the average of the sum of the vesting term and the original contractual term of the options. The risk-free interest rate is based on U.S. Treasury zero-coupon issues at the time of grant for the expected term of the option.

The following table summarizes the assumptions used to value options granted during the year ended December 31, 2020 using the Black-Scholes options pricing model:

Black-Scholes assumptions
Risk-free interest rate0.56 %
Expected term in years6.4
Expected stock price volatility33.8 %
Expected dividend yield0 %

Stock options granted by the Company during the year ended December 31, 2020 had an aggregate grant-date fair value of $79 million and a weighted-average grant-date fair value per option of $485.

The following table summarizes the activity for stock options during the year ended December 31, 2022:
Employee Stock Options Number of SharesWeighted-average
 Exercise Price		Aggregate
 Intrinsic Value (in millions)		Weighted-average Remaining Contractual Term
(in years)
Balance, December 31, 2021135,851 $1,407 $135 8.3
Exercised(5,306)$1,374 
Forfeited (9,732)$1,411 
Balance, December 31, 2022120,813 $1,408 $73 7.3
Exercisable at December 31, 2022624 $891 $1 1.2
v3.22.4
INVESTMENTS
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
The following table summarizes the Company's investments by major security type at December 31, 2022 (in millions):
 CostGross
Unrealized Gains /Upward Adjustments		Gross
Unrealized Losses /Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
International government securities$13 $— $— $13 
U.S. government securities (1)
131 — (1)130 
Corporate debt securities32 — — 32 
Total short-term investments$176 $— $(1)$175 
Long-term investments:
Debt securities:
International government securities$63 $— $(1)$62 
U.S. government securities (1)
147 — (3)144 
Corporate debt securities366 — (7)359 
Total debt securities576 — (11)565 
Equity securities:
Equity securities with readily determinable fair values1,165 1,352 (446)2,071 
Equity securities of private companies78 259 (184)153 
Total equity securities1,243 1,611 (630)2,224 
Total long-term investments$1,819 $1,611 $(641)$2,789 
(1)    Includes investments in U.S. municipal bonds.

The following table summarizes the Company's investments by major security type at December 31, 2021 (in millions): 
CostGross
Unrealized Gains /Upward Adjustments		Gross
Unrealized Losses /Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
Corporate debt securities$25 $— $— $25 
Long-term investments:
Equity securities:
Equity securities with readily determinable fair values$1,165 $1,990 $(305)$2,850 
Equity securities of private companies66 259 — 325 
Total equity securities1,231 2,249 (305)3,175 
Total long-term investments$1,231 $2,249 $(305)$3,175 
The Company has classified its investments in international government securities, U.S. government securities, and corporate debt securities as available-for-sale debt securities. The aggregate unrealized gains and losses, net of tax, are reflected in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. The Company's investment policy seeks to preserve capital and maintain sufficient liquidity to meet operational and other needs of the business. At December 31, 2022, the Company's investments in debt securities had an average credit quality of A+/A1/A+ and the Company’s long-term investments in available-for-sale debt securities had maturity dates between 1 and 2 years.

The Company invests in international government securities with high credit quality. At December 31, 2022, investments in international government securities principally included debt securities issued by the governments of Germany, France, Norway, Sweden, and Canada.

During the year ended December 31, 2020, the Company realized $2.2 billion in cash from sales and maturities of its investments in government and corporate debt securities.

Equity securities with readily determinable fair values include the Company's investments in Meituan, Grab Holdings Limited ("Grab"), and DiDi Global Inc. ("DiDi"), with fair values of $1.8 billion, $136 million, and $125 million, respectively, at December 31, 2022 and $2.3 billion, $301 million, and $195 million, respectively, at December 31, 2021, which are included in "Long-term investments" in the Consolidated Balance Sheets.

Net unrealized (losses) gains related to these investments included in "Other income (expense), net" in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 were as follows (in millions):
Year Ended December 31,
202220212020
Meituan
$(526)$(731)$2,006 
Grab
(165)101 — 
DiDi
(70)(205)(100)

The Company invested $200 million in preferred shares of Grab Holdings Inc. Prior to the business combination transaction involving Grab Holdings Inc., Grab and Altimeter Growth Corp. (the "Grab Transaction"), the Company's investment in Grab was classified as a debt security for accounting purposes with the aggregate unrealized gains and losses, net of tax reflected in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. In December 2021, the Company's investment in preferred shares were converted to Class A ordinary shares of Grab and such ordinary shares began publicly trading on the NASDAQ Stock Market. As a result, the Company's investment was classified as equity securities with readily determinable fair values and the aggregate unrealized gains of $265 million was reclassified from "Accumulated other comprehensive loss" in the Consolidated Balance Sheet to "Other income (expense), net" in the Consolidated Statement of Operations for the year ended December 31, 2021 (see Note 6).

The Company invested $500 million in preferred shares of DiDi Global Inc. ("DiDi"). The investment was classified as equity securities without readily determinable fair values and measured at cost less impairment, if any. The investment was also required to be measured at fair value as of the date of certain observable transactions for identical or a similar investment issued by DiDi. During the three months ended March 31, 2020, the Company recognized an impairment charge of $100 million to the investment due to the impact of COVID-19 pandemic (see Note 2). As a result of DiDi's initial public offering in 2021, the Company's investment was converted to Class A ordinary shares and classified as equity securities with readily determinable fair values. In June 2022, DiDi delisted its American Depository Shares ("ADSs") from the New York Stock Exchange. The shares are currently trading in the over-the-counter market with trade prices publicly reported by OTC Markets Group Inc.

In January 2023, the Board of Directors of the Company approved the sale of the Company's investment in equity
securities of Meituan. The Company completed the sale in February 2023 and received gross proceeds of $1.7 billion. The cost basis of the Company's investment in Meituan was $450 million.
The Company's investments in equity securities of private companies at December 31, 2022 and 2021, includes $51 million originally invested in Yanolja Co., Ltd. ("Yanolja"). A new round of funding and certain other transactions in the equity securities of Yanolja were completed in October 2021. As a result of these observable transactions, the Company recorded an unrealized gain of $255 million in "Other income (expense), net" in the Consolidated Statement of Operations for the year ended December 31, 2021 that resulted in an adjusted carrying value of $306 million as of December 31, 2021. During the three months ended June 30, 2022, considering the significant adverse changes in the market valuations of companies in the travel and technology industries in 2022, the Company evaluated its investment in Yanolja for impairment and recognized an impairment charge of $184 million, resulting in an adjusted carrying value of $122 million at June 30, 2022 and December 31, 2022 (see Note 6).
v3.22.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
 
Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and nonrecurring fair value measurements are categorized below based on the level of inputs to the valuation techniques used to measure fair value (see Note 2) (in millions):
 Level 1Level 2Level 3Total
Recurring fair value measurements
ASSETS:    
Cash equivalents and restricted cash equivalents:
Money market fund investments$11,483 $— $— $11,483 
Time deposits and certificates of deposit60 — — 60 
Short-term investments:
International government securities— 13 — 13 
U.S. government securities— 130 — 130 
Corporate debt securities— 32 — 32 
Long-term investments:
International government securities— 62 — 62 
U.S. government securities— 144 — 144 
Corporate debt securities— 359 — 359 
Equity securities2,071 — — 2,071 
Derivatives:
Foreign currency exchange derivatives— 65 — 65 
Total assets at fair value$13,614 $805 $— $14,419 
LIABILITIES:
Foreign currency exchange derivatives$— $26 $— $26 
Nonrecurring fair value measurements
Investment in equity securities of a private company (1)
$— $— $122 $122 
(1)    During the three months ended June 30, 2022, the Company's investment in Yanolja was written down to its estimated fair value (see Note 5).
Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and nonrecurring fair value measurements are categorized below based on the level of inputs to the valuation techniques used to measure fair value (see Note 2) (in millions):
 Level 1Level 2Total
Recurring fair value measurements (1)
ASSETS:   
Cash equivalents and restricted cash equivalents:
Money market fund investments$10,410 $— $10,410 
Time deposits and certificates of deposit25 — 25 
Short-term investments: 
Corporate debt securities— 25 25 
Long-term investments:
Equity securities2,850 — 2,850 
Derivatives:
Foreign currency exchange derivatives— 5 5 
Total assets at fair value$13,285 $30 $13,315 
LIABILITIES:
Foreign currency exchange derivatives$— $11 $11 
Nonrecurring fair value measurements
Investments in equity securities of private companies (2)
$— $325 $325 
(1)    The Company did not have any Level 3 fair value measurements at December 31, 2021.
(2)    During the year ended December 31, 2021, the Company recorded upward adjustments to its investments in equity securities of private companies, including Yanolja, based on observable price changes in orderly transactions for identical or similar investments of the same issuer (see Note 5).
 
Rollforward of Level 3 Recurring Fair Value Measurements

The following table summarizes the fair value adjustments for debt securities measured using significant unobservable inputs (Level 3) (in millions):
 Year Ended
December 31, 2021
Balance, beginning of year$200 
Unrealized gains (1)
265 
Transfers out of Level 3
(465)
Balance, end of year$— 
(1)    During the year ended December 31, 2021, as a result of the Grab Transaction, the Company’s investment in Grab was reclassified as equity securities with readily determinable fair values (see Note 5).

Investments

See Note 5 for additional information related to the Company's investments.

The valuation of the Company's investments in debt securities is considered a "Level 2" valuation because the Company has access to quoted prices for identical or comparable securities, but does not have visibility into the volume and frequency of trading for this investment. A market approach is used for recurring fair value measurements and the valuation techniques use inputs that are observable, or can be corroborated by observable data, in an active marketplace.
Investments in private companies measured using Level 3 inputs

The Company's investments measured using Level 3 inputs primarily consist of investments in privately-held companies. Fair values of privately-held securities are estimated using a variety of valuation methodologies, including both market and income approaches. The Company uses valuation techniques appropriate for the type of investment and the information available about the investee as of the valuation date to determine fair value. Recent financing transactions in the investee are generally considered the best indication of the enterprise value and therefore used as a basis to estimate fair value. However, based on a number of factors, such as the proximity in timing to the valuation date or the volume or other terms of these financing transactions, the Company may also use other valuation techniques to supplement this data, including the income approach. When a recent financing transaction occurs and represents fair value, the Company also uses the calibration process, as appropriate, when estimating fair value on subsequent measurement dates. Calibration is the process of using observed transactions in the investee company's own instruments to ensure that the valuation techniques that will be employed to value the investee company investment on subsequent measurement dates begin with assumptions that are consistent with the original observed transaction as well as any more recent observed transactions in the instruments issued by the investee company.

During the three months ended June 30, 2022, the investment in Yanolja was written-down to its estimated fair value. The Company used unobservable inputs to determine fair value. The Company used a combination of the market approach and the income approach in estimating the fair value of its investment in Yanolja as of June 30, 2022. The market approach estimates value using prices and other relevant information generated by market transactions involving identical or comparable companies. The income approach estimates value based on the expectation of future cash flows that a company will generate. These future cash flows are discounted to their present values using a discount rate based on a company’s weighted-average cost of capital and is adjusted to reflect the risks inherent in its cash flows. The key unobservable inputs and ranges used in estimating the fair value of our investment in Yanolja as of June 30, 2022 include, for the market approach, percentage decrease in the calibrated EBITDA multiple (36%) and for the income approach, the weighted average cost of capital (10%-14%) and terminal EBITDA multiple (14x-16x). Significant changes in any of these inputs in isolation would result in significantly different fair value measurements. Generally, a change in the assumption used for EBITDA multiples would result in a directionally similar change in the fair value and a change in the assumption used for weighted average cost of capital would result in a directionally opposite change in the fair value.

The determination of the fair values of investments, where the Company is a minority shareholder and has access to limited information from the investee, reflects numerous assumptions that are subject to various risks and uncertainties, including key assumptions regarding the investee’s expected growth rates and operating margin, as well as other key assumptions with respect to matters outside of the Company's control, such as discount rates and market comparables. It requires significant judgments and estimates and actual results could be materially different than those judgments and estimates utilized in the fair value estimate. Future events and changing market conditions may lead the Company to re-evaluate the assumptions reflected in the valuation which may result in a need to recognize an additional impairment charge that could have a material adverse effect on the Company's results of operations.

Derivatives

In the normal course of business, the Company is exposed to the impact of foreign currency fluctuations. The Company mitigates these risks by following established risk management policies and procedures, including the use of derivatives. The Company enters into foreign currency forward contracts to hedge its exposure to the impact of movements in foreign currency exchange rates on its transactional balances denominated in currencies other than the functional currency. The Company does not use derivatives for trading or speculative purposes.

The Company's derivative instruments are valued using pricing models. Pricing models take into account the contract terms as well as multiple inputs where applicable, such as interest rate yield curves, option volatility, and foreign currency exchange rates. The valuation of derivatives is considered "Level 2" fair value measurement. The Company's derivative instruments are typically short-term in nature. The Company reports the fair values of its derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets in "Other current assets" and "Accrued expenses and other current liabilities," respectively.

As of December 31, 2022 and 2021, the Company did not designate any derivatives as hedges for accounting purposes. Gains and losses resulting from changes in the fair values of derivative instruments are recognized in "Other income (expense), net" in the Consolidated Statements of Operations in the period that the changes occur and cash flow impacts, if any, are classified within "Net cash provided by operating activities" or "Net cash (used in) provided by financing activities," as appropriate, in the Consolidated Statements of Cash Flows.
The table below provides estimated fair values and notional amounts of foreign currency exchange derivatives outstanding at December 31, 2022 and 2021 (in millions). The notional amount of a foreign currency forward contract is the contracted amount of foreign currency to be exchanged and is not recorded in the balance sheet.
December 31,
 20222021
Estimated fair value of derivative assets$65 $5 
Estimated fair value of derivative liabilities26 11 
Notional amount:
 Foreign currency purchases$2,870 $840 
 Foreign currency sales2,682 1,857 

The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 is as follows (in millions):
Year Ended December 31,
202220212020
Losses on foreign currency exchange derivatives
$52 $30 $31 

Derivatives designated as cash flow hedges

In March 2021, the Company entered into reverse treasury lock agreements with certain financial institutions, with an aggregate notional amount of $1.8 billion and expiration date of March 31, 2021, to hedge the risk of changes in the cash flows related to the planned redemption, in April 2021, of the Senior Notes due April 2025 (the "April 2025 Notes") and the Senior Notes due April 2027 (the "April 2027 Notes") attributable to changes in the underlying U.S. treasury notes' interest rates. The Company designated the reverse treasury lock agreements as cash flow hedges. As of March 31, 2021, the Company recognized unrealized losses of $15 million in "Accumulated other comprehensive loss" in the Consolidated Balance Sheet. In April 2021, the Company settled the reverse treasury lock agreements for an aggregate amount of $15 million and also redeemed the April 2025 Notes and the April 2027 Notes. The cash flows related to the reverse treasury lock agreements are classified within "Net cash (used in) provided by financing activities" in the Consolidated Statement of Cash Flows. During the three months ended June 30, 2021, the Company reclassified the losses on the cash flow hedges from "Accumulated other comprehensive loss" in the Consolidated Balance Sheet to "Other income (expense), net" in the Consolidated Statement of Operations, concurrently with the recognition of the losses upon early extinguishment of the April 2025 Notes and the April 2027 Notes (see Note 12).

Other Financial Assets and Liabilities

At December 31, 2022 and 2021, the Company's cash consisted of bank deposits. Cash equivalents principally include money market fund investments, time deposits, and certificates of deposit and their carrying value generally approximates the fair value as they are readily convertible to known amounts of cash. Other financial assets and liabilities, including restricted cash, accounts payable, accrued expenses, and deferred merchant bookings, are carried at cost which approximates their fair values because of the short-term nature of these items. Accounts receivable and other financial assets measured at amortized cost are carried at cost less an allowance for expected credit losses to present the net amount expected to be collected (see Note 7). See Note 12 for the estimated fair value of the Company's outstanding senior notes, including the estimated fair value of the Company's convertible senior notes.

Goodwill

See Note 11 for nonrecurring fair value measurements related to the goodwill impairment test.
v3.22.4
ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS
 
Accounts receivable in the Consolidated Balance Sheets at December 31, 2022 and 2021 includes receivables from customers of $1.5 billion and $1.1 billion, respectively, and receivables from payment processors and networks of $730 million and $343 million, respectively. The remaining balance principally relates to receivables from marketing affiliates. The Company's receivables are short-term in nature. In addition, the Company had prepayments to certain customers of $29 million and $67 million, included in "Prepaid expenses, net," and $5 million and $18 million, included in "Other assets, net" in the Consolidated Balance Sheets at December 31, 2022 and 2021, respectively. The amounts mentioned above are stated on a gross basis, before deducting the allowance for expected credit losses.

In 2020, due to the impact of the COVID-19 pandemic (see Note 2), given the severe downturn in the global travel industry and the financial difficulties faced by many of the Company’s travel service provider and restaurant customers and marketing affiliates, the Company increased its provision for expected credit losses on receivables from and prepayments to its customers and marketing affiliates. Significant judgments and assumptions are required to estimate the allowance for expected credit losses and such assumptions may change in future periods, particularly the assumptions related to the business prospects and financial condition of customers and marketing affiliates, including the impact of the COVID-19 pandemic, macroeconomic conditions, inflationary pressures, potential recession, and the Company’s ability to collect the receivable or recover the prepayment.

The following table summarizes the activity of the allowance for expected credit losses on receivables (in millions): 
 Year Ended December 31,
 202220212020
Balance, beginning of year$101 $166 $49 
Provision charged to earnings130 48 216 
Write-offs and adjustments(110)(107)(116)
Foreign currency translation adjustments(4)(6)17 
Balance, end of year$117 $101 $166 

The allowance for expected credit losses on receivables includes a portion of the amounts related to refunds paid or payable to certain travelers without a corresponding estimated expected recovery from the travel service providers. For the years ended December 31, 2022, 2021, and 2020, the Company recorded a reduction in revenue of $37 million, $13 million, and $37 million, respectively, for such refunds, which is included in "Provision charged to earnings" in the table above.

In addition to the allowance for expected credit losses on receivables, the Company recorded an allowance for expected credit losses on prepayments to certain customers, which are included in "Prepaid expenses, net" and "Other assets, net" in the Consolidated Balance Sheets. The following table summarizes the activity of the allowance for expected credit losses on prepayments to customers (in millions):
 Year Ended December 31,
 202220212020
Balance, beginning of year$47 $55 $6 
Provision charged to expense(20)(4)51 
Write-offs and adjustments(4)(5)(2)
Currency translation adjustments— 1 — 
Balance, end of year$23 $47 $55 
v3.22.4
NET INCOME PER SHARE
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
NET INCOME PER SHARE NET INCOME PER SHARE
 
The Company computes basic net income per share by dividing net income applicable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is based upon the weighted-average number of common and common equivalent shares outstanding during the period. Only dilutive common equivalent shares that decrease the net income per share are included in the computation of diluted net income per share.
 
Common equivalent shares related to stock options, restricted stock units, and performance share units are calculated using the treasury stock method. Performance share units are included in the weighted-average common equivalent shares based on the number of shares that would be issued if the end of the reporting period were the end of the performance period, if the result would be dilutive.

 The Company's convertible senior notes have net share settlement features requiring the Company, upon conversion, to settle the principal amount of the debt for cash and the conversion premium for cash or shares of the Company's common stock, at the Company's option. If the conversion prices for the convertible senior notes exceed the Company's average stock price for the period, the convertible senior notes generally have no impact on diluted net income per share. For periods prior to January 1, 2022, the treasury stock method was used for convertible senior notes in the calculation of diluted net income per share. Following the adoption of the accounting standards update on January 1, 2022 (see Note 2), the if-converted method is used for all periods after that date.

A reconciliation of the weighted-average number of shares outstanding used in calculating diluted net income per share is as follows (in thousands): 
 Year Ended December 31,
 202220212020
Weighted-average number of basic common shares outstanding39,872 41,042 40,974 
Weighted-average dilutive stock options, restricted stock units and performance share units
151 209 158 
Assumed conversion of convertible senior notes29 111 28 
Weighted-average number of diluted common and common equivalent shares outstanding
40,052 41,362 41,160 

For the years ended December 31, 2022, 2021, and 2020, 10,270, 12,722, and 124,922 potential common shares, respectively, related to stock options, restricted stock units and performance share units, as applicable, were excluded from the calculation of diluted net income per share because their effect would have been anti-dilutive for the respective year.
v3.22.4
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
 
Property and equipment, net at December 31, 2022 and 2021 consist of the following (in millions):
December 31,Estimated
Useful Lives
(years)
 20222021
Computer equipment$758 $728 
2 to 6 years
Capitalized software900 742 
2 to 7 years
Leasehold improvements 277 268 
1 to 15 years
Office equipment, furniture and fixtures 58 61 
2 to 8 years
Building construction-in-progress (1)
— 328 
Total1,993 2,127  
Less: Accumulated depreciation (1,324)(1,305) 
Property and equipment, net$669 $822  
(1)    See Note 10 for additional information on the sale and leaseback transaction.

Depreciation expense was $227 million, $259 million, and $291 million for the years ended December 31, 2022, 2021, and 2020, respectively. Additions to capitalized software during the years ended December 31, 2022, 2021, and 2020 were $217 million, $191 million, and $144 million, respectively.

Additional information related to Consolidated Statements of Cash Flows

Noncash investing activity related to additions to property and equipment, including stock-based compensation and accrued liabilities, was $48 million, $51 million, and $4 million for the years ended December 31, 2022, 2021, and 2020, respectively.
v3.22.4
LEASES
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
LEASES LEASES
The Company has operating and finance leases for office space, data centers, and computer equipment.

The Company recognized the following related to its leases in its Consolidated Balance Sheets (in millions):
December 31,
Classification in Consolidated Balance Sheets20222021
Operating lease assetsOperating lease assets$645 $496 
Operating lease liabilities:
Current operating lease liabilities
Accrued expenses and other current liabilities$125 $143 
Non-current operating lease liabilitiesOperating lease liabilities552 351 
Total operating lease liabilities$677 $494 
December 31,
Classification in Consolidated Balance Sheets20222021
Finance lease assetsProperty and equipment, net$52 $10 
Finance lease liabilities:
Current finance lease liabilities
Accrued expenses and other current liabilities$21 $4 
Non-current finance lease liabilitiesOther long-term liabilities32 6 
Total finance lease liabilities$53 $10 

The Company recognized the following costs related to its leases in its Consolidated Statements of Operations (in millions):
Year Ended December 31,
Classification in Consolidated Statements of Operations202220212020
Finance lease cost Depreciation and amortization$9 $3 $1 
Operating lease costGeneral and administrative and Information technology160 185 194 
Variable lease cost
General and administrative and Information technology45 46 46 
Less: Sublease income
General and administrative(5)(3)(2)
Total lease cost, net of sublease income
$209 $231 $239 

As of December 31, 2022, the future lease payments for operating and finance leases are as follows (in millions):
Operating LeasesFinance Leases
2023$143 $21 
2024110 20 
202592 13 
202665 — 
202754 — 
Thereafter349 — 
Total remaining lease payments813 54 
Less: Imputed interest(136)(1)
Total lease liabilities$677 $53 

As of December 31, 2022, the Company has entered into leases that have not yet commenced with future lease payments of approximately $63 million which are not reflected in the table above. These leases will commence in 2023 with lease terms of up to ten years and will be recognized upon lease commencement.
Supplemental cash flow information related to operating and finance leases is as follows (in millions):
Year Ended December 31,
202220212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$175 $186 $200 
Financing cash flows from finance leases9 2 1 
Operating lease assets obtained in exchange for new operating lease liabilities392 162 67 
Finance lease assets obtained in exchange for new finance lease liabilities50 8 5 

"Operating lease amortization" presented in the operating activities section of the Consolidated Statements of Cash Flows reflects the portion of the operating lease cost from the amortization of the operating lease assets.

At December 31, 2022 and 2021 the weighted-average lease term and discount rate for operating and finance leases are as follows:
December 31,
20222021
Operating leases:
Weighted-average remaining lease term9.8 years8.4 years
Weighted-average discount rate3.2 %2.0 %
Finance leases:
Weighted-average remaining lease term2.7 years2.7 years
Weighted-average discount rate2.0 %0.7 %

In September 2016, the Company signed a turnkey agreement to construct a building for Booking.com's future headquarters in the Netherlands. Subsequent to that date, the Company had made several progress payments related to the construction of the building. As of December 31, 2021, such payments were included in "Property and equipment, net" in the Consolidated Balance Sheet. In addition, upon signing the turnkey agreement, the Company paid 43 million Euros ($48 million) for the acquired land lease, which was included, net of amortization, in "Operating lease assets" in the Consolidated Balance Sheet as of December 31, 2021. In addition to the turnkey agreement, the Company had a remaining obligation at December 31, 2021 to pay 68 million Euros ($77 million) over the remaining initial term of the acquired land lease, which expires in 2065.

During the year ended December 31, 2022, the construction of the building was completed and the Company entered into a sale and leaseback transaction whereby the Company transferred ownership of the building and the acquired lease rights to a subsidiary of Deka Immobilien Investment GmbH for an aggregate consideration of approximately 566 million Euros ($601 million). The Company concurrently entered into an agreement to lease the building from the purchaser for an initial term of 16.5 years, with up to five renewal options of five years each. The annual base rent under the lease is 24 million Euros ($26 million) and will increase annually based on the consumer price index, subject to a specified ceiling. The lease commenced in December 2022 and has been classified by the Company as an operating lease. The Company recognized a gain of $240 million on the sale and leaseback transaction, which was recorded in the "Restructuring, disposal, and other exit activities" in the Consolidated Statement of Operations.
v3.22.4
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
 
A substantial portion of the Company's intangible assets and goodwill relates to the acquisitions of OpenTable, KAYAK, and Getaroom. See Note 18 for additional information related to the acquisition of Getaroom in December 2021.

Goodwill

The changes in the balance of goodwill for the years ended December 31, 2022 and 2021 consist of the following (in millions): 
 Year Ended December 31,
 20222021
Balance, beginning of year $2,887 $1,895 
Acquisitions— 1,022 
Foreign currency translation adjustments and other adjustments(1)
(80)(30)
Balance, end of year (2)
$2,807 $2,887 
(1)    During the year ended December 31, 2022, measurement period adjustments relating to the acquisition of Getaroom resulted in a decrease to goodwill of $38 million.
(2)    The balance of goodwill as of December 31, 2022 and 2021 is stated net of cumulative impairment charges of $2.0 billion.

At September 30, 2022, the Company performed its annual goodwill impairment test and concluded that there was no impairment of goodwill.

2020 Interim Goodwill Impairment Test

Due to the significant and negative financial impact of the COVID-19 pandemic (see Note 2), the Company performed an interim period goodwill impairment test at March 31, 2020 and recognized a goodwill impairment charge of $489 million related to the OpenTable and KAYAK reporting unit for the three months ended March 31, 2020, which is not tax-deductible, resulting in an adjusted carrying value of goodwill for OpenTable and KAYAK of $1.5 billion at March 31, 2020. The goodwill impairment was primarily driven by a significant reduction in the forecasted near-term cash flows of OpenTable and KAYAK as well as the significant decline in comparable companies' market values as a result of the COVID-19 pandemic.

The estimated fair value of OpenTable and KAYAK was determined using a combination of standard valuation techniques, including an income approach (discounted cash flows) and a market approach (applying the recent decline in enterprise values of comparable publicly-traded companies to the recently calculated fair value for OpenTable and KAYAK, as well as applying comparable company multiples).

The income approach estimates fair value utilizing long-term growth rates and discount rates applied to the cash flow projections. In the cash flow projections, the Company assumed at the time that OpenTable and KAYAK would experience a significant decline in near-term cash flows with a recovery to 2019 levels of financial performance (including profitability) occurring in 2023. The shape and timing of the recovery was a key assumption in the fair value calculation (both in the income and market approaches).

2020 Annual Goodwill Impairment Test

As of September 30, 2020, the Company performed its annual goodwill impairment test and recognized a goodwill impairment charge of $573 million for the OpenTable and KAYAK reporting unit for the three months ended September 30, 2020, which is not tax-deductible, resulting in an adjusted carrying value of goodwill for OpenTable and KAYAK of $1.0 billion at September 30, 2020. The goodwill impairment was primarily driven by a significant reduction in the forecasted cash flows of OpenTable and KAYAK, reflecting a longer assumed recovery period to 2019 levels of profitability, mainly due to the continued material adverse impact of the COVID-19 pandemic, including its impact on the flight vertical at KAYAK, and the lowered outlook for monetization opportunities in restaurant reservation services.

The estimated fair value of OpenTable and KAYAK was determined using a combination of standard valuation techniques, including an income approach (discounted cash flows) and a market approach (applying comparable company multiples).
The income approach estimates fair value utilizing long-term growth rates and discount rates applied to the cash flow projections. The income approach, applied as of September 30, 2020, reflected a reduction in the forecasted cash flows of OpenTable and KAYAK and a longer assumed recovery period to 2019 levels of profitability, driven primarily by a lowered outlook for monetization opportunities in restaurant reservation services and slower than previously expected recovery trends for airline travel, which is a key vertical for KAYAK. For the interim goodwill impairment test at March 31, 2020, the Company expected a recovery to 2019 levels of financial performance occurring in 2023 for OpenTable and KAYAK. Based on the Company's evaluation of all relevant information available as of September 30, 2020 for the annual goodwill impairment test, the Company expected at the time that OpenTable and KAYAK would not return to the 2019 level of profitability within five years from that date, and that it was uncertain whether the shape of the recovery would ultimately match the Company’s expectations. An increase or decrease of one percentage point to the profitability growth rates used in the cash flow projections would have resulted in an increase or decrease of approximately $100 million to the estimated fair value of OpenTable and KAYAK as of September 30, 2020. The discount rate is determined based on the reporting unit’s estimated weighted-average cost of capital and adjusted to reflect the risks inherent in its cash flows, which requires significant judgments. The discount rate used for the annual goodwill impairment test as of September 30, 2020 was higher than the discount rate used for the interim goodwill impairment test as of March 31, 2020. If the discount rate used in the income approach increases or decreases by 0.5%, the impact to the estimated fair value of OpenTable and KAYAK determined using the income approach, at September 30, 2020, would have ranged from a decrease of approximately $65 million to an increase of approximately $70 million.

The estimation of fair value reflects numerous assumptions that are subject to various risks and uncertainties, including key assumptions regarding OpenTable and KAYAK’s expected growth rates and operating margin, expected length and severity of the impact from the COVID-19 pandemic, the shape and timing of the subsequent recovery, and the competitive environment, which were applied for the 2020 interim and annual goodwill impairment tests, as well as other key assumptions with respect to matters outside of the Company's control, such as discount rates and market comparables. Generally, changes in the assumptions used for comparable company multiples would result in directionally similar changes in the fair value and changes in the assumptions used for discount rates would result in directionally opposite changes in the fair value. The estimation of fair value requires significant judgments and estimates and actual results could be materially different than the judgments and estimates used. Future events and changing market conditions may lead the Company to re-evaluate the assumptions used to estimate the fair values of our reporting units, which may result in a need to recognize an additional goodwill impairment charge that could have a material adverse effect on the Company's results of operations.

Intangible Assets

The Company's intangible assets consist of the following (in millions):
 December 31, 2022December 31, 2021 
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount		Amortization Period
Supply and distribution agreements$1,386 $(658)$728 $1,407 $(591)$816 
3 - 20 years
Technology287 (185)102 297 (151)146 
2 - 7 years
Internet domain names38 (35)3 41 (36)5 
5 - 20 years
Trade names1,806 (812)994 1,814 (724)1,090 
3 - 20 years
Other intangible assets5 (3)2 2 (2)— 
Up to 15 years
Total intangible assets$3,522 $(1,693)$1,829 $3,561 $(1,504)$2,057 
 
Amortization expense for intangible assets was $224 million, $162 million, and $167 million for the years ended December 31, 2022, 2021, and 2020, respectively.
The estimated future annual amortization expense for the Company's intangible assets at December 31, 2022 is as follows (in millions):
2023$222 
2024221 
2025213 
2026180 
2027169 
Thereafter824 
$1,829 
v3.22.4
DEBT
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
Revolving Credit Facility

In August 2019, the Company entered into a $2.0 billion five-year unsecured revolving credit facility with a group of lenders. U.S. Dollar-denominated borrowings under the revolving credit facility will bear interest, at the Company’s option, at a rate per annum equal to either (i) the London Inter-bank Offered Rate, or if such London Inter-bank Offered Rate is no longer available, the agreed alternate rate of interest ("LIBOR") (but no less than 0%) for the interest period in effect for such borrowing plus an applicable margin ranging from 0.875% to 1.50%; or (ii) the sum of (x) the greatest of (a) JPMorgan Chase Bank, N.A.'s prime lending rate, (b) the U.S. federal funds rate plus 0.50% and (c) LIBOR (but no less than 0%) for an interest period of one month plus 1.00%, plus (y) an applicable margin ranging from 0% to 0.50%. Following an amendment to the revolving credit facility in December 2021, (i) Euro-denominated borrowings will bear interest at a rate per annum equal to the Euro Interbank Offered Rate ("EURIBOR"), or if EURIBOR is no longer available, the agreed alternate rate of interest (but no less than 0%) for the interest period in effect for such borrowing and (ii) Pounds Sterling-denominated borrowings will bear interest at a rate per annum equal to the Sterling Overnight Index Average ("SONIA"), or if SONIA is no longer available, the agreed alternate rate of interest (but no less than 0%), in each case, plus an applicable margin ranging from 0.875% to 1.50%. Undrawn balances available under the revolving credit facility are subject to commitment fees at the applicable rate ranging from 0.07% to 0.20%.

The revolving credit facility provides for the issuance of up to $80 million of letters of credit as well as borrowings of up to $100 million on same-day notice, referred to as swingline loans. Other than swingline loans, which are available only in U.S. Dollars, borrowings and letters of credit under the revolving credit facility may be made in U.S. Dollars, Euros, British Pounds Sterling, and any other foreign currency agreed to by the lenders. The proceeds of loans made under the facility can be used for working capital and general corporate purposes, including acquisitions, share repurchases, and debt repayments. At December 31, 2022 and 2021, there were no borrowings outstanding and $14 million and $4 million, respectively, of letters of credit issued under this revolving credit facility.

The revolving credit facility contains a maximum leverage ratio covenant, compliance with which is a condition to the
Company's ability to borrow thereunder. In 2020, the Company amended the revolving credit facility to (i) suspend the maximum leverage ratio covenant through and including the three months ended March 31, 2022, which was replaced with a $4.5 billion minimum liquidity covenant based on unrestricted cash, cash equivalents, short-term investments and unused capacity under the revolving credit facility and (ii) increase the permitted maximum leverage ratio from and including the three months ended June 30, 2022 through and including the three months ending March 31, 2023. The Company cannot declare or make any cash distribution and cannot repurchase any of its shares (with certain exceptions including in connection with tax withholding related to shares issued to employees) unless it is in compliance on a pro forma basis with the maximum leverage ratio covenant then in effect. Such restriction ends upon delivery of financial statements required for the three months ending June 30, 2023, or the Company has the ability to terminate this restriction earlier if it demonstrates compliance with the original maximum leverage ratio covenant in the revolving credit facility. Beginning with the three months ended June 30, 2022, the minimum liquidity covenant ceased to apply and the maximum leverage ratio covenant, as increased, was again in effect.
Outstanding Debt
 
Outstanding debt at December 31, 2022 consists of the following (in millions): 
December 31, 2022
Outstanding
 Principal 
Amount
Unamortized Debt
Discount and Debt
Issuance Cost
Carrying
 Value
Current liabilities:
2.75% Senior Notes due March 2023
$500 $— $500 
Total current liabilities$500 $— $500 
Long-term debt:
2.375% (€1 Billion) Senior Notes due September 2024
$1,067 $(3)$1,064 
3.65% Senior Notes due March 2025
500 (1)499 
0.1% (€950 Million) Senior Notes due March 2025
1,014 (3)1,011 
0.75% Convertible Senior Notes due May 2025
863 (9)854 
3.6% Senior Notes due June 2026
1,000 (3)997 
4.0% (€750 Million) Senior Notes due November 2026
800 (3)797 
1.8% (€1 Billion) Senior Notes due March 2027
1,067 (2)1,065 
3.55% Senior Notes due March 2028
500 (2)498 
0.5% (€750 Million) Senior Notes due March 2028
800 (3)797 
4.25% (€750 Million) Senior Notes due May 2029
800 (6)794 
4.625% Senior Notes due April 2030
1,500 (9)1,491 
4.5% (€1 Billion) Senior Notes due November 2031
1,067 (7)1,060 
4.75% (€1 Billion) Senior Notes due November 2034
1,067 (9)1,058 
Total long-term debt$12,045 $(60)$11,985 
 
Outstanding debt at December 31, 2021 consists of the following (in millions): 
December 31, 2021Outstanding
 Principal 
Amount		Unamortized Debt
Discount and Debt
Issuance Cost
Carrying
 Value
Current liabilities:
0.8% (€1 Billion) Senior Notes due March 2022
$1,137 $— $1,137 
2.15% (€750 Million) Senior Notes due November 2022
853 (1)852 
Total current liabilities$1,990 $(1)$1,989 
Long-term debt:
2.75% Senior Notes due March 2023
$500 $(1)$499 
2.375% (€1 Billion) Senior Notes due September 2024
1,137 (5)1,132 
3.65% Senior Notes due March 2025
500 (1)499 
0.1% (€950 Million) Senior Notes due March 2025
1,080 (4)1,076 
0.75% Convertible Senior Notes due May 2025
863 (99)764 
3.6% Senior Notes due June 2026
1,000 (4)996 
1.8% (€1 Billion) Senior Notes due March 2027
1,137 (3)1,134 
3.55% Senior Notes due March 2028
500 (2)498 
0.5% (€750 Million) Senior Notes due March 2028
853 (5)848 
4.625% Senior Notes due April 2030
1,500 (9)1,491 
Total long-term debt$9,070 $(133)$8,937 
Fair Value of Debt

At December 31, 2022 and 2021, the estimated fair value of the outstanding debt was approximately $12.4 billion and $12.1 billion, respectively, and was considered a "Level 2" fair value measurement (see Note 2). Fair value was estimated based upon actual trades at the end of the reporting period or the most recent trade available as well as the Company's stock price at the end of the reporting period. As of December 31, 2022, the outstanding principal amount of the Company's debt exceeds the fair value of debt mainly due to the increase in interest rates partially offset by the conversion premium on the convertible senior notes due in May 2025. The estimated fair value of the Company's debt in excess of the outstanding principal amount at December 31, 2021 primarily relates to the conversion premium on the convertible senior notes due in May 2025 and the outstanding senior notes due in April 2030.

Convertible Senior Notes

In April 2020, the Company issued $863 million aggregate principal amount of convertible senior notes due in May 2025 with an interest rate of 0.75% (the "May 2025 Notes"). The Company paid $19 million in debt issuance costs during the year ended December 31, 2020 related to the issuance. The May 2025 Notes are convertible, subject to certain conditions, into the Company's common stock at a conversion price of $1,886.44 per share. The May 2025 Notes are convertible, at the option of the holder, prior to November 1, 2024, upon the occurrence of specific events, including but not limited to a change in control, or if the closing sales price of the Company's common stock for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is more than 130% of the conversion price in effect for the notes on the last trading day of the immediately preceding quarter. In the event that all or substantially all of the Company's common stock is acquired on or prior to the maturity of the May 2025 Notes in a transaction in which the consideration paid to holders of the Company's common stock consists of all or substantially all cash, the Company would be required to make additional payments in the form of additional shares of common stock to the holders of the May 2025 Notes in an aggregate value ranging from $0 to $235 million depending upon the date of the transaction and the then current stock price of the Company. Starting on November 1, 2024, holders will have the right to convert all or any portion of the May 2025 Notes, regardless of the Company's stock price. The May 2025 Notes may not be redeemed by the Company prior to maturity. The holders may require the Company to repurchase the May 2025 Notes for cash in certain circumstances. Interest on the May 2025 Notes is payable on May 1 and November 1 of each year. If the note holders exercise their option to convert, the Company delivers cash to repay the principal amount of the notes and delivers shares of common stock or cash, at its option, to satisfy the conversion value in excess of the principal amount. Based on the closing price of the Company's common stock for the prescribed measurement periods for the three months ended December 31, 2022 and 2021, the contingent conversion thresholds on the May 2025 Notes were not exceeded and therefore the notes were not convertible. At December 31, 2022 and 2021, the estimated fair value of the May 2025 Notes was $1.2 billion and $1.3 billion, respectively, and was considered a "Level 2" fair value measurement (see Note 2).

In August 2014, the Company issued $1.0 billion aggregate principal amount of convertible senior notes due September 2021 with an interest rate of 0.9% (the "September 2021 Notes"). In September 2021, in connection with the maturity of the outstanding September 2021 Notes, the Company paid $1.0 billion to satisfy the aggregate principal amount due and paid an additional $86 million conversion premium in excess of the principal amount.

In May 2013, the Company issued $1.0 billion aggregate principal amount of convertible senior notes due June 2020, with an interest rate of 0.35% (the "June 2020 Notes"). In June 2020, in connection with the maturity of the outstanding June 2020 Notes, the Company paid $1.0 billion to satisfy the aggregate principal amount due and an additional $245 million conversion premium in excess of the principal amount.

Prior to January 1, 2022, cash-settled convertible debt, such as the Company's convertible senior notes, were separated into debt and equity components at issuance and each component was assigned a value. The value assigned to the debt component was the estimated fair value, at the issuance date, of a similar bond without the conversion feature. The difference between the bond cash proceeds and this estimated fair value, representing the value assigned to the equity component, was recorded as a debt discount. Debt discount was amortized using the effective interest rate method over the period from the origination date through the stated maturity date. The Company estimated the borrowing rates at debt origination to be 4.10% for the May 2025 Notes, considering its credit rating and similar debt of the Company or comparable corporate issuers without the conversion feature. The yield to maturity was estimated at an at-market coupon priced at par.
 
Debt discount after tax of $100 million ($130 million before tax) related to the May 2025 Notes and $83 million ($143 million before tax) related to the September 2021 Notes less debt issuance costs allocated to the equity component of the respective convertible notes was recorded in additional paid-in capital in the balance sheet at debt origination.
On January 1, 2022, the Company adopted the new accounting standards update relating to convertible instruments (see Note 2). The adoption of the new accounting standards update resulted in a decrease of $26 million in "Interest expense" and an increase in "Income before income taxes" in the Consolidated Statement of Operations for the year ended December 31, 2022. The following table summarizes the interest expense and weighted-average effective interest rates related to the convertible senior notes (in millions, except for interest rates). The remaining period for amortization of debt discount and debt issuance costs, as applicable, is the period until the stated maturity date for the respective debt.

 Year Ended December 31,
202220212020
Coupon interest expense$6 $13 $15 
Amortization of debt discount and debt issuance costs4 43 54 
Total interest expense$10 $56 $69 
Weighted-average effective interest rate1.2 %3.8 %3.5 %

Other Senior Notes

In November 2022, the Company issued (i) Senior Notes due November 2026 with an interest rate of 4.0% for an aggregate principal amount of 750 million Euros, (ii) Senior Notes due May 2029 with an interest rate of 4.25% for an aggregate principal amount of 750 million Euros, (iii) Senior Notes due November 2031 with an interest rate of 4.5% for an aggregate principal amount of 1.0 billion Euros, and (iv) Senior Notes due November 2034 with an interest rate of 4.75% for an aggregate principal amount of 1.0 billion Euros. The Company paid $19 million in debt issuance costs during the year ended December 31, 2022 related to the issuance of these senior notes. A portion of the proceeds from the issuance of these senior notes were used to repay the Senior Notes due November 2022 (the "November 2022 Notes"). In addition, the Company intends to repay the Senior Notes due March 2023 from these proceeds upon maturity. The remaining proceeds from the issuance of these senior notes are available to be used for general corporate purposes.

In November 2022, the Company repaid $778 million on the maturity of the November 2022 Notes. In March 2022, the Company repaid $1.1 billion on the maturity of Senior Notes due March 2022. In addition, the Company paid the applicable accrued and unpaid interest relating to these senior notes.

In March 2021, the Company issued Senior Notes due March 2025 with an interest rate of 0.1% for an aggregate principal amount of 950 million Euros and Senior Notes due March 2028 with an interest rate of 0.5% for an aggregate principal amount of 750 million Euros. The proceeds from the issuance of these senior notes were used to redeem the April 2025 Notes and the April 2027 Notes.

In April 2021, the Company paid $1.1 billion and $868 million to redeem the April 2025 Notes and the April 2027 Notes, respectively. In addition, the Company paid the applicable accrued and unpaid interest. The Company recorded a loss, before tax, of $242 million in the Consolidated Statement of Operations for the year ended December 31, 2021, on the early extinguishment of these senior notes.

In April 2020, the Company issued (i) Senior Notes due April 2025 with an interest rate of 4.1% for an aggregate principal amount of $1.0 billion, (ii) Senior Notes due April 2027 with an interest rate of 4.5% for an aggregate principal amount of $750 million, and (iii) Senior Notes due April 2030 with an interest rate of 4.625% for an aggregate principal amount of $1.5 billion. The Company paid $19 million in debt issuance costs during the year ended December 31, 2020 related to the issuance of these senior notes.

Each of our senior notes are unsecured and rank equally in right of payment with all of our other senior unsecured notes.

Other senior notes had a total carrying value of $11.6 billion and $10.2 billion at December 31, 2022 and 2021, respectively. The following table summarizes the information related to other senior notes outstanding at December 31, 2022:
Other Senior NotesDate of Issuance
Effective Interest Rate(1)
Timing of Interest Payments
2.75% Senior Notes due March 2023
August 20172.88 %Semi-annually in March and September
2.375% Senior Notes due September 2024
September 20142.54 %Annually in September
3.65% Senior Notes due March 2025
March 20153.76 %Semi-annually in March and September
0.1% Senior Notes due March 2025
March 20210.30 %Annually in March
3.6% Senior Notes due June 2026
May 20163.70 %Semi-annually in June and December
4.0% Senior Notes due November 2026
November 20224.08 %Annually in November
1.8% Senior Notes due March 2027
March 20151.86 %Annually in March
3.55% Senior Notes due March 2028
August 20173.63 %Semi-annually in March and September
0.5% Senior Notes due March 2028
March 20210.63 %Annually in March
4.25% Senior Notes due May 2029
November 20224.35 %Annually in May
4.625% Senior Notes due April 2030
April 20204.72 %
Semi-annually in April and October
4.5% Senior Notes due November 2031
November 20224.57 %Annually in November
4.75% Senior Notes due November 2034
November 20224.81 %Annually in November
(1)    Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt.

Debt discount and debt issuance costs are amortized using the effective interest rate method over the period from the origination date through the stated maturity date. The following table summarizes the interest expenses related to other senior notes (in millions):
Year Ended December 31,
202220212020
Coupon interest expense$241$257$264
Amortization of debt discount and debt issuance costs10109
Total interest expense$251 $267 $273 

The Company designates certain portions of the aggregate principal value of the Euro-denominated debt as a hedge of the foreign currency exposure of the net investment in certain Euro functional currency subsidiaries. For the years ended December 31, 2022 and 2021, the carrying value of the portion of Euro-denominated debt, designated as a net investment hedge, ranged from $4.2 billion to $6.2 billion and from $2.5 billion to $5.1 billion, respectively. The foreign currency transaction gains or losses on the Euro-denominated debt that is designated as a hedging instrument for accounting purposes are recorded in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. The foreign currency transaction gains or losses on the Euro-denominated debt that is not designated as a hedging instrument are recognized in "Other income (expense), net" in the Consolidated Statements of Operations.
v3.22.4
TREASURY STOCK
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
TREASURY STOCK TREASURY STOCK
 
At December 31, 2022 and 2021, the Company had a total remaining authorization of $3.9 billion and $10.4 billion, respectively, to repurchase its common stock under a program authorized by the Company's Board of Directors in 2019 to repurchase up to $15.0 billion of the Company's common stock. In February 2023, the Company's Board of Directors authorized a program to repurchase up to an additional $20.0 billion of the Company's common stock. The Company expects to complete repurchases under the two authorizations within the next four years, assuming the Company remains in compliance with the applicable maximum leverage ratio covenant under the credit facility amendment. See Note 12 for a description of the impact of the 2020 credit facility amendment on the Company's ability to repurchase shares. The Board of Directors has also given the Company the general authorization to repurchase shares of its common stock withheld to satisfy employee withholding tax obligations related to stock-based compensation. The Inflation Reduction Act of 2022 has mandated a 1% excise tax on stock repurchases effective from January 1, 2023.

The following table summarizes the Company's stock repurchase activities during the years ended December 31, 2022, 2021, and 2020 (in millions, except for shares, which are reflected in thousands):
Year Ended December 31,
202220212020
SharesAmountSharesAmountSharesAmount
Authorized stock repurchase programs3,320 $6,526 — $— 601 $1,122 
General authorization for shares withheld on stock award vesting80 167 71 162 84 142 
Total3,400$6,693 71$162 685 $1,264 

Stock repurchases of $70 million in December 2022 were settled in January 2023. In addition, stock repurchases subsequent to December 31, 2022 were approximately $542 million as of February 22, 2023.
For the years ended December 31, 2022, 2021, and 2020, the Company remitted employee withholding taxes of $165 million, $163 million, and $141 million, respectively, to the tax authorities, which is different from the aggregate cost of the shares withheld for taxes for each year due to the timing in remitting the taxes. The cash remitted to the tax authorities is included in financing activities in the Consolidated Statements of Cash Flows.
v3.22.4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT
 12 Months Ended
Dec. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT
 
The table below presents the changes in the balances of accumulated other comprehensive loss ("AOCI") by component for the years ended December 31, 2020, 2021, and 2022 (in millions):
Foreign currency translation adjustments
Unrealized losses on cash flow hedges (1)
Net unrealized gains (losses) on available-for-sale securitiesTotal AOCI, net of tax
Foreign currency translation
Net investment
hedges (2)
Total, net of taxBefore taxTaxTotal, net of taxBefore taxTaxTotal, net of tax
Before tax
Tax (3)
Before taxTax
Balance, December 31, 2019$(186)$54 $(2)$(5)$(139)$— $— $— $(7)$(45)$(52)$(191)
Other comprehensive income (loss) ("OCI") before reclassifications
197 (7)(182)42 50 — — — 6 (1)5 55 
Amounts reclassified to net income (4)
— — — — — — — — 4 14 18 18 
OCI for the period197 (7)(182)42 50 — — — 10 13 23 73 
Balance, December 31, 2020$11 $47 $(184)$37 $(89)$— $— $— $3 $(32)$(29)$(118)
OCI before reclassifications(287)20 275 (65)(57)(15)4 (11)265 (62)203 135 
Amounts reclassified to net income (4) (5)
— — — — — 15 (4)11 (265)93 (172)(161)
OCI for the period(287)20 275 (65)(57)— — — — 31 31 (26)
Balance, December 31, 2021$(276)$67 $91 $(28)$(146)$— $— $— $3 $(1)$2 $(144)
OCI before reclassifications(303)26 219 (53)(111)— — — (13)3 (10)(121)
Amounts reclassified to
net income (4)
— — — — — — — — (3)1 (2)(2)
OCI for the period(303)26 219 (53)(111)— — — (16)4 (12)(123)
Balance, December 31, 2022$(579)$93 $310 $(81)$(257)$— $— $— $(13)$3 $(10)$(267)
(1)    Relates to the reverse treasury lock agreements entered in March 2021 that were designated as cash flow hedges and settled in April 2021 (see Note 6).
(2)    Net investment hedges balance at December 31, 2022 and earlier dates presented above, includes accumulated net losses from fair value adjustments of $35 million ($53 million before tax) associated with previously settled derivatives that were designated as net investment hedges. The remaining balances relate to foreign currency transaction gains (losses) and related tax benefits (expenses) associated with the Company's Euro-denominated debt that is designated as a hedge of the foreign currency exposure of the net investment in certain Euro functional currency subsidiaries (see Notes 2 and 12).
(3)    The tax benefits relate to foreign currency translation adjustments to the Company's one-time deemed repatriation tax liability recorded at December 31, 2017 and foreign earnings for periods after December 31, 2017 that are subject to U.S. federal and state income tax, resulting from the enactment of the Tax Act.
(4)    The reclassified net gains (losses) on available-for-sale securities, before tax, are included in "Other income (expense), net" and the reclassified tax (expenses) benefits are included in "Income tax expense" in the Consolidated Statements of Operations. The cost of marketable debt securities sold is determined using a first-in and first-out method. For the years ended December 31, 2021 and 2020, the reclassified tax expenses include a tax expense of $31 million and $15 million, related to the redemption in December 2021 of the Company's investment of $500 million in Trip.com Group convertible senior notes and the maturity in May 2020 of the Company's investment of $250 million in Trip.com Group convertible senior notes, respectively.
(5)    For the year ended December 31, 2021, amounts reclassified to net income includes a gain of $203 million ($265 million before tax) related to the Company's investment in Grab, which was reclassified from available-for-sale debt securities to equity securities with readily determinable fair values (see Note 5).
v3.22.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
 
The composition of pre-tax income (loss) for the years ended December 31, 2022, 2021, and 2020 is as follows (in millions):
Year Ended December 31,
 202220212020
International$4,717 $1,937 $2,575 
U.S. (794)(472)(2,008)
Total$3,923 $1,465 $567 

Provision for Income Taxes

The composition of income tax expense for the years ended December 31, 2022, 2021, and 2020 is as follows (in millions): 
Year Ended December 31,
 202220212020
Current income tax expense (benefit):
International$1,145 $665 $320 
U.S. Federal(8)68 (9)
U.S. State(15)12 (16)
Current income tax expense (benefit):1,122 745 295 
Deferred income tax (benefit) expense:
International(61)(103)(62)
U.S. Federal(172)(323)296 
U.S. State(24)(19)(21)
Deferred income tax (benefit) expense(257)(445)213 
Income tax expense$865 $300 $508 
 
Income tax liabilities of $880 million and $181 million are included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets at December 31, 2022 and 2021, respectively. During the three months ended March 31, 2020, the Company made a prepayment of the Netherlands income taxes of 660 million Euros ($717 million) to earn prepayment discounts. The Company requested a refund of this amount from the Dutch tax authorities and it was received in April 2020. During the three months ended March 31, 2021, the Company prepaid Netherlands income taxes of 149 million Euros ($175 million). During the year ended December 31, 2022, the Company paid Netherlands income taxes of 348 million Euros ($363 million).

U.S. Tax Reform

In December 2017, the Tax Act was enacted into law in the United States. The Tax Act made significant changes to U.S. federal tax law, including a one-time deemed repatriation tax on accumulated unremitted international earnings, to be paid over eight years.

In 2020, the Company recorded an income tax benefit of $8 million to adjust its income tax expense that was recorded during the year ended December 31, 2017 relating to the federal one-time deemed repatriation liability. This benefit was primarily due to additional tax credits. The Company utilized $108 million of deferred tax assets related to U.S. federal net operating losses ("NOLs") and $115 million of other tax credit carryforwards to reduce its transition tax liability as of December 31, 2021.

Under the Tax Act, the Company's future cash generated by the Company's international operations can generally be repatriated without further U.S. federal income tax, but will be subject to U.S. state income taxes and international withholding taxes, which have been accrued by the Company.
The Tax Act also introduced in 2018 a tax on 50% of GILTI, which is income determined to be in excess of a specified routine rate of return, and a base erosion and anti-abuse tax ("BEAT") aimed at preventing the erosion of the U.S. tax base. The Company has adopted an accounting policy to treat taxes on GILTI as period costs.

Deferred Income Taxes

The Company utilized $309 million of its U.S. NOLs to reduce its U.S. federal tax liability for the deemed repatriation tax. After utilization of available NOLs, at December 31, 2022, the Company had U.S. federal NOLs of $315 million, the majority of which do not have an expiration date, and U.S. state NOLs of $465 million, which mainly begin to expire in years December 31, 2032 and forward. In addition, at December 31, 2022, the Company had $859 million of non-U.S. NOLs, the majority of which do not have an expiration date, and $42 million of U.S. research tax credit and foreign tax credit carryforwards available to reduce future tax liabilities.

The utilization of these NOLs and credits is dependent upon the Company's ability to generate sufficient future taxable income and the tax laws in the jurisdictions where the losses were generated. The Company periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of these deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. The Company considers many factors when assessing the likelihood of future realization of the deferred tax assets, including its recent cumulative earnings experience by taxing jurisdiction, expectations of future income, tax planning strategies, the carryforward periods available for tax reporting purposes and other relevant factors.

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2022 and 2021 are as follows (in millions):
December 31,
 20222021
Deferred tax assets:  
Net operating loss carryforward — U.S.$95 $88 
Net operating loss carryforward — International176 137 
Accrued expenses74 50 
Stock-based compensation and other stock based payments36 50 
Foreign currency translation adjustment83 48 
Tax credits35 19 
Operating lease liabilities29 38 
Property and equipment126 95 
Other7 11 
Total deferred tax assets661 536 
Valuation allowance on deferred tax assets(120)(37)
Deferred tax assets, net541 499 
Deferred tax liabilities:
Discount on convertible notes— (20)
Intangible assets and other(174)(192)
Euro-denominated debt(84)(20)
State income tax on accumulated unremitted international earnings(8)(8)
Unrealized gains on investments(202)(417)
Operating lease assets(26)(37)
Installment sale liability(119)(156)
Deferred tax liabilities(613)(850)
Net deferred tax liabilities (1)
$(72)$(351)
(1)    Includes deferred tax assets of $613 million and $554 million at December 31, 2022 and 2021, respectively, included in "Other assets, net" in the Consolidated Balance Sheets.

The valuation allowance on deferred tax assets at December 31, 2022 includes $29 million related to international operations and $91 million primarily related to certain unrealized losses on equity securities and Connecticut NOLs. The
valuation allowance on deferred tax assets at December 31, 2021 includes $26 million related to international operations and $11 million primarily related to certain U.S. federal capital loss carryforwards and Connecticut NOLs. The increase in the
valuation allowance is primarily related to deferred tax assets generated from certain unrealized losses on equity securities.

The Company does not intend to indefinitely reinvest its international earnings that were subject to U.S. taxation pursuant to the mandatory deemed repatriation or subject to U.S. taxation as GILTI.

Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

A significant portion of the Company's taxable earnings is generated in the Netherlands. According to Dutch corporate income tax law, income generated from qualifying innovative activities is taxed at a rate of 9% ("Innovation Box Tax") for periods beginning on or after January 1, 2021 rather than the Dutch statutory rate of 25%. Previously, the Innovation Box Tax rate was 7%. Effective January 1, 2022, the Netherlands corporate income tax rate increased from 25% to 25.8%. A portion of Booking.com's earnings during the years ended December 31, 2022, 2021, and 2020 qualified for Innovation Box Tax treatment, which had a significant beneficial impact on the Company's effective tax rate for those years.
 
The effective income tax rate of the Company is different from the amount computed using the expected U.S. statutory federal rate of 21% for the years ended December 31, 2022, 2021, and 2020 as a result of the following items (in millions):
Year Ended December 31,
 202220212020
Income tax expense at U.S. federal statutory rate$824 $308 $119 
Adjustment due to:   
Foreign rate differential264 137 55 
Innovation Box Tax benefit(452)(230)(79)
Goodwill impairment— — 228 
Stock-based compensation42 37 32 
Federal GILTI10 17 73 
State income tax benefit(31)(6)(31)
Valuation allowance87 (19)36 
Uncertain tax positions72 39 64 
Tax Act - U.S. transition tax benefit and other transition impacts— — (8)
Other49 17 19 
Income tax expense$865 $300 $508 
 
Uncertain Tax Positions

The following is a reconciliation of the total beginning and ending amount of unrecognized tax benefits (in millions): 
Year Ended December 31,
 202220212020
Unrecognized tax benefit — January 1$120 $84 $56 
Gross increases — tax positions in current period3 14 2 
Gross increases — tax positions in prior periods94 44 48 
Gross decreases — tax positions in prior periods(33)(19)(11)
Reduction due to settlements during the current period— (3)(11)
Unrecognized tax benefit — December 31$184 $120 $84 
 
The increase in unrecognized tax benefits is principally related Booking.com’s French tax matters (see Note 16), the majority of which is included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheet as of December 31, 2022. The remaining unrecognized tax benefits are primarily included in "Other assets, net" and "Accrued expenses and other current liabilities" in the Consolidated Balance Sheet as of December 31, 2022. The unrecognized tax benefits, if recognized, would affect the effective tax rate. Due to resolution of Booking.com’s French tax matters, the Company expects that a significant change to the balance of the gross unrecognized tax benefits will occur over the next 12 months. As
of December 31, 2022 and 2021, total gross interest and penalties accrued was $43 million and $30 million, respectively. See Note 16 for more information regarding tax contingencies. The Company's major taxing jurisdictions include: the Netherlands, United States, Singapore, and United Kingdom. The statutes of limitations that remain open related to these major tax jurisdictions are: the Company's Netherlands returns for 2016 and forward, U.S. federal returns for 2017 and forward, Singapore returns from 2018 and forward, and U.K. returns for 2019 and forward. The Company’s 2017 and 2018 U.S. federal income tax returns are currently under audit by the Internal Revenue Service.
v3.22.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
 
Competition and Consumer Protection Reviews

At times, online platforms, including online travel platforms, have been the subject of investigations or inquiries by various national competition authorities ("NCAs") or other governmental authorities regarding competition law matters, consumer protection issues, or other areas of concern. The Company is and has been involved in many such investigations. For example, the Company has been and continues to be involved in investigations related to whether Booking.com's contractual parity arrangements with accommodation providers, sometimes also referred to as "most favored nation" or "MFN" provisions, are anti-competitive because they require accommodation providers to provide Booking.com with room rates, conditions or availability that are at least as favorable as those offered to other OTCs or through the accommodation provider's website. To resolve and close certain of the investigations, the Company has from time to time made commitments to the investigating authorities regarding future business practices or activities, such as agreeing to narrow the scope of its parity clauses, in order to resolve parity-related investigations. These investigations have resulted in fines and the Company could incur additional fines in the future. In addition, in September 2017, the Swiss Price Surveillance Office opened an investigation into the level of commissions of Booking.com in Switzerland and the investigation is ongoing. If there is an adverse outcome and Booking.com is unsuccessful in any appeal, Booking.com could be required to reduce its commissions in Switzerland. Most recently, in October 2022, the Comisión Nacional de los Mercados y la Competencia in Spain opened an investigation into whether certain practices by Booking.com may produce adverse effects for hotels and other online travel agencies. If the investigation finds that certain Booking.com practices violated Spanish competition laws, Booking.com may face fines and/or be required to make other commitments. Some authorities are reviewing the online hotel booking sector more generally through market inquiries, and the Company cannot predict the outcome of such inquiries or any resulting impact on its business, results of operations, cash flows, or financial condition.

The Company is and has been involved in investigations or inquiries by NCAs or other governmental authorities involving consumer protection matters, including in the United Kingdom and the European Union. The Company has previously made certain voluntary commitments to competition authorities to resolve investigations or inquiries that have included showing prices inclusive of all mandatory taxes and charges, providing information about the effect of money earned on search result rankings on or before the search results page and making certain adjustments to how discounts and statements concerning popularity or availability are shown to consumers. In the future, it is possible new jurisdictions could engage the Company in discussions to implement changes to its business in those countries. The Company is unable to predict what, if any, effect any future similar commitments will have on its business, industry practices or online commerce more generally. To the extent that any other investigations or inquiries result in additional commitments, fines, damages or other remedies, the Company's business, financial condition, and results of operations could be harmed.

The Company is unable to predict how any current or future investigations or litigation may be resolved or the long-term impact of any such resolution on its business. For example, competition and consumer-law-related investigations, legislation, or issues could result in private litigation and the Company is currently involved in such litigation. More immediate results could include, among other things, the imposition of fines, payment of damages, commitments to change certain business practices, or reputational damage, any of which could harm the Company's business, results of operations, brands, or competitive position.

Tax Matters

In December 2015, the French tax authorities issued Booking.com assessments for unpaid income and value added taxes ("VAT") related to tax years 2006 through 2012 for approximately 356 million Euros ($379 million), the majority of which represents penalties and interest. The assessments assert that Booking.com had a permanent establishment in France. In December 2019, the French tax authorities issued an additional assessment of 70 million Euros ($75 million), including interest and penalties, for the 2013 tax year asserting that Booking.com had taxable income attributable to a permanent establishment in France. The French tax authorities also have issued assessments totaling 117 million Euros ($125 million), including interest
and penalties, for certain tax years between 2011 and 2018 on Booking.com's French subsidiary asserting that the subsidiary did not receive sufficient compensation for the services it rendered to Booking.com in the Netherlands. As a result of a formal demand from the French tax authorities for payment of the amounts assessed against Booking.com for the years 2006 through 2012, in January 2019, the Company paid the assessments of approximately 356 million Euros ($379 million) in order to preserve its right to contest those assessments in court. Although the Company believes that Booking.com has been, and continues to be, in compliance with French tax law, in December 2022 the Company entered into an agreement with the French tax authorities to settle all of the tax assessments for the periods 2006-2018 for a total amount of approximately 153 million Euros ($163 million). The settlement amount is reflected in unrecognized tax benefits, of which the majority is included in "Accrued expenses and other current liabilities" in the Company's Consolidated Balance Sheet as of December 31, 2022.

The Company expects that the excess of the payment previously made by the Company with respect to the reassessments for the tax periods 2006-2012 over the settlement amount for those tax periods will be refunded within the next twelve months. The prepayments made by the Company, net of a portion of unrecognized benefits relating to the settlement, are reflected in "Other current assets" in the Company's Consolidated Balance Sheet as of December 31, 2022. In December 2022, the French tax authorities issued assessments on Booking.com’s French subsidiary totaling 38 million Euros ($40 million) including interest, for the tax years 2019-2021 asserting that the subsidiary did not receive sufficient compensation for the services it rendered to Booking.com in the Netherlands. Pursuant to the terms of the settlement agreement with the French tax authorities, the Company intends to request that the 2019-2021 assessments be submitted to a Mutual Agreement Procedure ("MAP") between France and the Netherlands.

Between December 2018 and August 2021, the Italian tax authorities issued assessments on Booking.com's Italian subsidiary totaling approximately 251 million Euros ($268 million) for the tax years 2013-2018 asserting that its transfer pricing policies were inadequate. The Company believes Booking.com has been and continues to be in compliance with Italian tax law. In September 2020, the Italian tax authorities approved the opening of a MAP between Italy and the Netherlands for the 2013 tax year and the Italian tax authorities subsequently approved the inclusion of the tax years 2014-2018 in the MAP. Based on the Company's expectation that the Italian assessments for 2013-2018, and any transfer pricing assessments received for subsequent open years will be settled through the MAP process, and after considering potential resolution amounts, 18 million Euros ($19 million) have been reflected in unrecognized tax benefits, the majority of which are reflected in "Other assets, net" in the Company’s Consolidated Balance Sheet as of December 31, 2022.

In December 2019, the Company made a partial prepayment of 10 million Euros ($10 million) of the 2013 assessment to avoid any collection enforcement from the Italian tax authorities pending the appeal phase of the case. The payment, net of a partial reduction for unrecognized tax benefits, is included in "Other assets, net" in the Consolidated Balance Sheets at December 31, 2022 and 2021, and does not constitute an admission that the Company owes the taxes and will be refunded (with interest) to the Company to the extent that the Company prevails. Similarly, during the year ended December 31, 2022 the Company made deposits totaling 64 million Euros ($68 million) for the 2014 through 2018 assessments. The payments are included in "Other assets, net" in the Consolidated Balance Sheet at December 31, 2022.

In June 2021, the investigative arm of the Italian tax authorities issued a Tax Audit Report recommending that a formal tax assessment of 154 million Euros ($164 million), plus interest and penalties, be made on Booking.com BV for VAT related to commissions charged to certain Italian accommodation providers from 2013 to 2019. In connection with the Tax Audit Report, the Genoa Public Prosecutor has requested certain Booking.com tax information and related data. The Company is cooperating with that request. While the Company continues to believe that Booking.com has been compliant with applicable VAT laws, recently the Company had discussions with the Italian tax authorities regarding the potential to resolve these matters. As of December 31, 2022, the Company recorded a liability of 44 million Euros ($47 million), including interest and penalties, with respect to the potential settlement of the issues raised in the Tax Audit Report as applied to the periods 2013 to 2022, which is included in "Accrued expenses and other current liabilities" in the Company's Consolidated Balance Sheet.

In 2018 and 2019, Turkish tax authorities asserted that Booking.com has a permanent establishment in Turkey and issued tax assessments for the years 2012 through 2018 for approximately 832 million Turkish Lira ($44 million), which includes interest and penalties through December 31, 2022. The Company believes that Booking.com has been, and continues to be, in compliance with Turkish tax law, and the Company is contesting these assessments in court. Such lawsuits are in varying stages of litigation, and the Company has not recorded a liability in connection with these assessments. In December 2021, the Company paid approximately 118 million Turkish Lira ($6 million) of the assessments in order to preserve its right to contest a portion of the assessments in court. The payment, which is included in "Other assets, net" in the Consolidated Balance Sheets at December 31, 2022 and 2021, does not constitute an admission that the Company owes the taxes and will be refunded to the Company to the extent the Company prevails.
The Company is also involved in other tax-related audits, investigations, or litigation relating to income taxes, value-added taxes, travel transaction taxes (e.g., hotel occupancy taxes) and other taxes. Any taxes or assessments in excess of the Company's tax provisions, including the resolution of any tax proceedings or litigation, could have a material adverse impact on the Company's results of operations, cash flows, and financial condition.

Other Matters

Beginning in 2014, Booking.com received several letters from the Netherlands Pension Fund for the Travel Industry (Reiswerk) ("BPF") claiming that Booking.com is required to participate in the mandatory pension scheme of the BPF with retroactive effect to 1999, which has a higher contribution rate than the pension scheme in which Booking.com is currently participating. BPF instituted legal proceedings against Booking.com and in 2016 the District Court of Amsterdam rejected all of BPF's claims. BPF appealed the decision to the Court of Appeal, and, in May 2019, the Court of Appeal also rejected all of BPF's claims, in each case by ruling that Booking.com does not meet the definition of a travel intermediary for purposes of the mandatory pension scheme. BPF then appealed to the Netherlands Supreme Court. In April 2021, the Supreme Court overturned the previous decision of the Court of Appeal and held that Booking.com meets the definition of a travel intermediary for the purposes of the mandatory pension scheme. The Supreme Court ruled only on the qualification of Booking.com as a travel intermediary for the purposes of the mandatory pension scheme and did not rule on the various other defenses brought forward by the Company against BPF's claims. The Supreme Court referred the matter to another Court of Appeal that will have to assess the other defenses brought forward by the Company. The Company intends to pursue a number of defenses in the subsequent proceedings and may ultimately prevail in whole or in part. While the Company continues to believe that Booking.com is in compliance with its pension obligations and that the Court of Appeal could ultimately rule in favor of Booking.com, given the Supreme Court’s decision, the Company believes it is probable that it has incurred a loss related to this matter. The Company is not able to reasonably estimate a loss or a range of loss because there are significant factual and legal questions yet to be determined in the subsequent proceedings. As a result, as of December 31, 2022, the Company has not recorded a liability in connection with a potential adverse ultimate outcome to this litigation. However, if Booking.com were to ultimately lose and all of BPF's claims were to be accepted (including with retroactive effect to 1999), the Company estimates that as of December 31, 2022, the maximum loss, not including any potential interest or penalties, would be approximately 340 million Euros ($363 million). Such estimated potential loss increases as Booking.com continues not to contribute to the BPF and depends on Booking.com's applicable employee compensation after December 31, 2022.

From time to time, the Company notifies the competent data protection authority, such as the Dutch data protection authority in accordance with its obligations under the General Data Protection Regulation, of certain incidental and accidental personal data security incidents. Should, for example, the Dutch data protection authority decide these incidents were the result of inadequate technical and organizational security measures or practices, it could decide to impose a fine.

The Company has been, is currently, and expects to continue to be, subject to legal proceedings and claims in the ordinary course of business, including claims of alleged infringement of third-party intellectual property rights. Such claims, even if not meritorious, could result in the expenditure of significant financial and managerial resources, divert management's attention from the Company's business objectives and adversely affect the Company's business, results of operations, financial condition, and cash flows.

The Company accrues for certain legal contingencies where it is probable that a loss has been incurred and the amount can be reasonably estimated. Such accrued amounts are not material to the Company's balance sheets and provisions recorded have not been material to the Company's results of operations or cash flows.

Other Contractual Obligations and Contingencies

The Company had $452 million and $511 million of standby letters of credit and bank guarantees issued on behalf of the Company as of December 31, 2022 and 2021, respectively, including those issued under the revolving credit facility. These are obtained primarily for regulatory purposes. See Note 12 for information related to letters of credit issued under the revolving credit facility.

Booking.com offers partner liability insurance that protects accommodation partners ("home partners") in instances where a reservation has been made via Booking.com. The partner liability insurance may provide home partners (both owners and property managers) coverage up to $1.0 million equivalent per occurrence, subject to limitations and exclusions, against third-party lawsuits claims for bodily injury, or third party personal property damage that occurred during a stay booked through Booking.com. Booking.com retains certain limited financial risks related to this insurance offering, which is underwritten by third party insurance companies.
v3.22.4
GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
GEOGRAPHIC INFORMATION GEOGRAPHIC INFORMATION
 The Company's revenue from its businesses outside of the U.S. consists of the results of Booking.com, agoda, and Rentalcars.com in their entirety and the results of the KAYAK and OpenTable businesses located outside of the U.S. This classification is independent of where the consumer resides, where the consumer is physically located while using the Company's services, or the location of the travel service provider or restaurant. For example, a reservation made through Booking.com (which is domiciled in the Netherlands) at a hotel in New York by a consumer in the United States is part of the results of the Company's businesses outside of the U.S. The Company's geographic information on revenues is as follows (in millions): 
United
 States
Outside of the U.S.Total
Company
For the year ended:
The Netherlands
Other
December 31, 2022$2,205 $13,428 $1,457 $17,090 
December 31, 20211,434 8,678 846 10,958 
December 31, 2020783 5,264 749 6,796 

The following table presents information on the Company's property and equipment (excluding capitalized software) and operating lease assets based on location of the assets at December 31, 2022 and 2021 (in millions):
United
 States
Outside of the U.S.Total
Company
The NetherlandsUnited KingdomOther
December 31, 2022$143 $445 $125 $213 $926 
December 31, 2021175 506 115 213 1,009 
v3.22.4
ACQUISITIONS
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS ACQUISITIONS
In November 2021, the Company entered into an agreement to acquire global flight booking provider Etraveli Group for approximately 1.6 billion Euros ($1.7 billion). Completion of the acquisition is subject to certain closing conditions, including regulatory approvals.

In December 2021, the Company acquired all of the outstanding stock of Getaroom, a business-to-business distributor of hotel rooms, in a cash transaction for $1.3 billion ($1.2 billion, net of cash acquired).

The following table summarizes the allocation of the consideration transferred for the Getaroom acquisition.
(in millions)
Current assets (1)
$174 
Identifiable intangible assets (2)
437 
Goodwill (3)
982 
Other non-current assets11 
Current liabilities(199)
Deferred income taxes (65)
Other non-current liabilities (4)
(44)
Total consideration$1,296 
(1)    Includes cash and restricted cash acquired of $116 million.
(2)    Acquired definite-lived intangible assets consist of supply and distribution agreements with an estimated value of $311 million and weighted-average useful life of 10 years, technology assets with an estimated value of $118 million and weighted-average useful life of 4 years, trade names with an estimated value of $5 million and weighted-average useful life of 3 years and other intangible assets with an estimated value of $3 million and weighted-average useful life of 5 years.
(3)    Goodwill, which is not tax deductible, reflects the synergies expected from combining the technology and expertise of Getaroom and Priceline.
(4)    Includes liabilities of $39 million principally related to travel transaction taxes.
The allocation of the consideration transferred was completed and, compared to the preliminary allocation, resulted in a decrease to goodwill of $38 million, a decrease to deferred tax liabilities of $27 million, and increase to intangible assets of $14 million, and a net decrease to other assets and liabilities of $3 million. Supplemental pro forma information has not been presented as the results of Getaroom are not material to the Company's results of operations.
v3.22.4
RESTRUCTURING, DISPOSAL AND OTHER EXIT ACTIVITIES
 12 Months Ended
Dec. 31, 2022
Restructuring and Related Activities [Abstract]  
RESTRUCTURING, DISPOSAL, AND OTHER EXIT ACTIVITIES RESTRUCTURING, DISPOSAL, AND OTHER EXIT ACTIVITIES
During the year ended December 31, 2022, the Company entered into a sale and leaseback transaction related to Booking.com's future headquarters building and recognized a gain of $240 million on the transaction, which was recorded in the "Restructuring, disposal, and other exit activities" in the Consolidated Statement of Operations (see Note 10).

During the year ended December 31, 2022, the Company transferred certain customer service operations of Booking.com to Majorel Group Luxembourg S.A. resulting in a loss of $41 million included in "Restructuring, disposal, and other exit activities" in the Consolidated Statement of Operations.

In response to the reduction in the Company's business volumes as a result of the impact of the COVID-19 pandemic (see Note 2), during the year ended December 31, 2020, the Company took actions at all of its brands to reduce the size of its workforce across more than 60 countries to optimize efficiency and reduce costs. As part of these actions, the Company engaged in consultations with its employees, works councils, employee representatives, and other relevant organizations related to the reductions in force in certain countries (including the Netherlands and the United Kingdom). These consultations resulted in the Company executing either voluntary leaver schemes or involuntary reductions in force, or, in some countries, a combination of the two. The Company completed the vast majority of announcements to affected employees by December 2020. In 2021, the Company approved and communicated the final portion of workforce reductions in the Netherlands, France, and several other countries.
During the years ended December 31, 2021 and 2020, the Company recorded expenses of $13 million and $149 million, respectively, for the restructuring actions, which were included in "Restructuring, disposal, and other exit activities" in the Consolidated Statements of Operations. During 2021 and 2020, these expenses consist of employee severance and other termination benefits, and other cost reducing activities. During the years ended December 31, 2021 and 2020, the Company made payments of $38 million and $108 million, respectively. Noncash restructuring expenses and other adjustments to the restructuring liability during the years ended December 31, 2021 and 2020 were $9 million and $4 million, respectively.
v3.22.4
GOVERNMENT GRANTS AND OTHER ASSISTANCE
 12 Months Ended
Dec. 31, 2022
Unusual or Infrequent Items, or Both [Abstract]  
GOVERNMENT GRANTS AND OTHER ASSISTANCE GOVERNMENT GRANTS AND OTHER ASSISTANCE
Certain governments passed legislation to help businesses during the COVID-19 pandemic through loans, wage subsidies, tax relief, or other financial aid. During the year ended December 31, 2020 and the three months ended March 31, 2021, the Company participated in several of these programs and recognized, in the aggregate, government grants and other assistance benefits of $131 million, principally recorded as a reduction of "Personnel" expense in the Consolidated Statements of Operations for the respective periods. As of March 31, 2021, the Company had a receivable of $28 million for payments expected to be received for the programs where it had met the qualifying requirements.

In June 2021, in light of the improving booking trends in certain countries, the Company announced its intention to voluntarily return assistance received through various government aid programs and completed the repayments by December 31, 2021. For the year ended December 31, 2021, the Company recorded expenses of $137 million in the Consolidated Statement of Operations, principally in "Personnel" expense, to reflect the return of such assistance. The Company repaid $107 million during the year ended December 31, 2021. The previously recorded receivable for payments expected to be received was also written off in June 2021.

During the year ended December 31, 2020, the Company recognized government grants and other assistance benefits of $127 million.
v3.22.4
OTHER INCOME (EXPENSE), NET
 12 Months Ended
Dec. 31, 2022
Other Income and Expenses [Abstract]  
OTHER INCOME (EXPENSE), NET OTHER INCOME (EXPENSE), NET
The components of other income (expense), net included the following (in millions):
Year Ended December 31,
202220212020
Interest and dividend income
$219 $16 $54 
Net (losses) gains on equity securities (1)
(963)(569)1,713 
Foreign currency transaction (losses) gains (2)
(43)111 (207)
Loss on early extinguishment of debt (3)
— (242)— 
Other (4)
(1)(13)(6)
Other income (expense), net$(788)$(697)$1,554 
(1)    See Note 5 for additional information related to the net (losses) gains on equity securities and Note 6 for additional information related to the impairment of an investment in equity securities.
(2)    Foreign currency transaction (losses) gains include gains of $46 million and $135 million, and losses of $200 million, for the years ended December 31, 2022, 2021, and 2020, respectively, related to Euro-denominated debt and accrued interest that were not designated as net investment hedges (see Note 12).
(3)    See Note 12 for additional information related to the loss on early extinguishment of debt.
(4)    The amount for the year ended December 31, 2021 includes losses on reverse treasury lock agreements which were designated as cash flow hedges (see Note 6).
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Segment Reporting The Company's portfolio of brands are organized into four operating segments which are aggregated into one reportable segment based on the similarity in economiccharacteristics, other qualitative factors, and the objectives and principles of Accounting Standards Codification ("ASC") 280, Segment Reporting.
Basis of Presentation Basis of Presentation The Company's Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, including acquired businesses from the dates of acquisition. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ significantly from those estimates. The estimates underlying the Company's Consolidated Financial Statements relate to, among other things, the valuation of goodwill and other long-lived tangible and intangible assets, the valuation of investments in private companies, income taxes, contingencies, stock-based compensation, the allowance for expected credit losses (also referred to as provision for bad debts or provision for uncollectible accounts), chargeback provisions, and the accrual of obligations for loyalty and other incentive programs.
Impact of COVID-19
Impact of COVID-19
The Company's financial results and prospects are almost entirely dependent on facilitating the sale of travel-related services. The COVID-19 pandemic and the resulting implementation of travel restrictions by governments around the world resulted in a significant decline in travel activities and consumer demand for travel related services, in 2020 in particular. During the year ended December 31, 2020, given the severe downturn in the global travel industry and the financial difficulties faced by many of the Company's travel service provider and restaurant customers and marketing affiliates, the Company increased its provision for expected credit losses (also referred to as provision for bad debts or provision for uncollectible accounts) on receivables from and prepayments to its travel service provider and restaurant customers and marketing affiliates (see Note 7). Moreover, due to the high level of cancellations of existing reservations, the Company incurred higher than normal cash outlays to refund consumers for prepaid reservations, including certain situations where the Company had already transferred the prepayment to the travel service provider. During the year ended December 31, 2021, based on its review of recent historical credit loss experience and stability in the economic conditions in certain markets, the Company revised its estimates of expected credit losses (see Note 7). Any significant increase in the Company’s provision for expected credit losses and any significant increase in cash outlays to refund consumers would have a corresponding adverse effect on the Company's results of operations and related cash flows.

As a result of the deterioration of the Company’s business due to the COVID-19 pandemic, the Company recorded significant goodwill impairment charges during the year ended December 31, 2020 (see Note 11). In addition, the Company recorded a significant impairment charge during the year ended December 31, 2020 for one of the Company's long-term investments (see Notes 5 and 6). It is possible that the Company may have to record additional significant impairment charges in future periods.
In response to the reduction in the Company's business volumes as a result of the impact of the COVID-19 pandemic, during the year ended December 31, 2020, the Company took actions to reduce the size of its workforce to optimize efficiency and reduce costs. See Note 19 for additional information. The Company also participated in certain governmental assistance programs and received certain grants and other assistance. In June 2021, the Company announced its intention to voluntarily return the government assistance received and completed the repayments by December 2021. The Company repaid $107 million during the year ended December 31, 2021. See Note 20 for additional information.

Even though there have been improvements in the economic and operating conditions for the Company's business since the outset of the COVID-19 pandemic, the Company cannot predict the long-term effects of the pandemic on its business or the travel and restaurant industries as a whole.
Reclassification
Reclassification
Certain amounts from prior periods have been reclassified to conform to the current year presentation.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Certain financial instruments, including cash, restricted cash, accounts payable, accrued expenses, and deferred merchant bookings, are carried at cost which approximates their fair value because of the short-term nature of these financial instruments. Accounts receivable and other financial assets measured at amortized cost are carried at cost less an allowance for expected credit losses to present the net amount expected to be collected (see Note 7). See Notes 5, 6, and 12 for information related to fair value for investments, derivatives, and the Company's outstanding senior notes.

There are three levels of inputs to valuation techniques used to measure fair value:
Level 1:    Quoted prices in active markets that are accessible by the Company at the measurement date for identical assets and liabilities.
Level 2:    Inputs that are observable, either directly or indirectly. Such prices may be based upon quoted prices for identical or comparable securities in active markets or inputs not quoted on active markets, but corroborated by market data.
Level 3:    Unobservable inputs are used when little or no market data is available.
Cash and Cash Equivalents Cash and Cash EquivalentsCash and cash equivalents consists primarily of cash and highly liquid investment grade securities with an original maturity of three months or less. Cash equivalents are recognized based on settlement date.
Restricted Cash and Cash Equivalents
Restricted Cash and Cash Equivalents
Restricted cash and cash equivalents are restricted through legal contracts or regulations. Restricted cash and cash equivalents at December 31, 2022 and 2021 principally relate to the minimum cash requirement for the Company's travel-related insurance business.

The following table reconciles cash and cash equivalents and restricted cash and cash equivalents reported in the Consolidated Balance Sheets to the total amount shown in the Consolidated Statements of Cash Flows (in millions):
December 31,
20222021
As included in the Consolidated Balance Sheets:
Cash and cash equivalents$12,221 $11,127 
Restricted cash and cash equivalents (1)
30 25 
Total cash and cash equivalents and restricted cash and cash equivalents as
  shown in the Consolidated Statements of Cash Flows		$12,251 $11,152 
(1)    Included in "Other current assets" in the Consolidated Balance Sheets.
Investments
Investments
Investments held by the Company include debt securities and equity securities. Investments in debt or equity securities that include embedded features, such as conversion or redemption features, are analyzed by the Company to determine if these features are embedded derivatives that require separate accounting treatment. Payments made for investments are reported in "Purchase of investments" and proceeds received from sales or maturities of investments are reported in "Proceeds from sale and maturity of investments" in the Consolidated Statements of Cash Flows.

Debt Securities
The Company has classified its investments in debt securities as available-for-sale securities. Preferred stock that is either mandatorily redeemable or redeemable at the option of the investor is considered a debt security for accounting purposes. These securities are reported at estimated fair value with the aggregate unrealized gains and losses, net of tax, reflected in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. The fair value of these investments is based on the specific quoted market price of the securities or comparable securities at the balance sheet dates. Unobservable inputs are also used when little or no market data is available. See Note 6 for information related to fair value measurements.

If the amortized cost basis of an available-for-sale security exceeds its fair value and if the Company has the intention to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, an impairment is recognized in the Consolidated Statements of Operations. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the decline in fair value below the amortized cost basis of an available-for-sale security is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance for expected credit losses along with the related expense in the Consolidated Statements of Operations. The allowance is measured as the amount by which the debt security’s amortized cost basis exceeds the Company’s best estimate of the present value of cash flows expected to be collected.

The Company's investments in marketable debt securities are recognized based on the trade date. The cost of marketable debt securities sold is determined using a first-in and first-out method. The Company's investments in debt securities are assessed for classification in the Consolidated Balance Sheets as short-term or long-term at the individual security level. Classification as short-term or long-term is based on the maturities of the securities, as applicable, and the Company's expectations regarding the timing of sales and redemptions. Investments of a strategic nature that have been made for the purpose of affiliation or potential business advantage or in connection with a commercial relationship are included in "Long-term investments" in the Consolidated Balance Sheets, except in situations where the Company expects the investment to be realized in cash, redeemed, or sold within one year.

Equity Securities
Equity securities are reported as "Long-term investments" in the Consolidated Balance Sheets and include equity investments with readily determinable fair values and equity investments without readily determinable fair values. Equity investments with readily determinable fair values are reported at estimated fair value with changes in fair value recognized in "Other income (expense), net" in the Consolidated Statements of Operations.

The Company holds investments in equity securities of private companies, over which the Company does not have the ability to exercise significant influence or control. These investments, which do not have readily determinable fair values, are measured at cost less impairment, if any. Such investments are also required to be measured at fair value as of the date of certain observable transactions for the identical or a similar investment of the same issuer.
Accounts Receivable from Customers and Allowance for Expected Credit Losses Accounts Receivable from Customers and Allowance for Expected Credit Losses Accounts receivable is reported net of expected credit losses. The Company estimates lifetime expected credit losses upon recognition of the financial assets. The Company has identified the relevant risk characteristics of its customers and the related receivables and prepayments, which include the following: size, type (alternative accommodations vs. hotels) or geographic location of the customer, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, the nature of competition, and industry-specific factors that could impact the Company's receivables. Additionally, external data and macroeconomic conditions are considered. This is assessed at each quarter based on the Company’s specific facts and circumstances.
Property and Equipment, Net
Property and Equipment, Net
Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets or, when applicable, the term of the lease related to leasehold improvements, whichever is shorter.
Website and Internal-use Software Capitalization Website and Internal-use Software CapitalizationAcquisition costs and certain direct development costs associated with website and internal-use software are capitalized and include external direct costs of services and payroll costs for employees devoting time to the software projects principally related to platform development, including support systems, software coding, designing system interfaces, and installation and testing of the software. These costs are recorded as property and equipment and are generally amortized beginning when the asset is substantially ready for use. Costs incurred for enhancements that are expected to result in additional features or functionalities are capitalized and amortized over the estimated useful life of the enhancements. Costs incurred during the preliminary project stage, as well as maintenance and training costs, are expensed as incurred.
Cloud Computing Arrangements Cloud Computing ArrangementsThe Company utilizes various third-party computer systems and third-party service providers, including global distribution systems ("GDSs") and computerized central reservation systems of the accommodation, rental car, and airline industries in connection with providing some of its services. The Company uses both internally-developed systems and third-party systems to operate its services, including transaction processing, order management, and financial and accounting systems. Implementation costs incurred in a hosting arrangement that is a service contract are capitalized and amortized over the term of the hosting arrangement. The capitalized implementation costs are reported as "Prepaid expenses, net" or "Other assets, net" in the Company's Consolidated Balance Sheets, as appropriate. The related amortization expenses are reported as "Information technology" in the Company's Consolidated Statements of Operations.
Leases
Leases
The Company determines if an arrangement is a lease, or contains a lease, when a contract is signed. The Company determines if a lease is an operating or finance lease and records a lease asset and a lease liability upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The Company has operating leases for office space, and data centers. For office space and data centers, the Company has elected to combine the fixed payments to lease the asset and any fixed non-lease payments (such as maintenance or utility charges) when determining its lease payments. The Company's finance leases are mainly for computer equipment.

The Company uses its incremental borrowing rate as its discount rate to determine the present value of its remaining lease payments to calculate its lease assets and lease liabilities because the rate implicit in the lease is not readily determinable. The incremental borrowing rate approximates the rate the Company would pay to borrow in the currency of the lease payments on a collateralized basis for the weighted-average life of the lease. Operating lease assets also include any prepaid lease payments and lease incentives received prior to lease commencement.

The Company recognizes operating lease costs and the amortization of finance lease assets on a straight-line basis over the lease term. The interest component of a finance lease is recognized using the effective interest method over the lease term. Certain of the Company's lease agreements include rent payments which are adjusted periodically based on an index or rate. Any change in payments due to such adjustments are recognized as variable lease expense as they are incurred. Variable lease expense also includes costs for property taxes, insurance, and services provided by the lessor which are charged based on usage or performance (such as maintenance or utility charges).
Most leases have one or more options to renew beyond their initial term. The exercise of renewal options, mainly for office space and data centers, is at the Company’s discretion and are included in the determination of the lease term for accounting purposes if they are reasonably certain to be exercised
Business Combinations, Goodwill and Intangible Assets
Business Combinations, Goodwill, and Intangible Assets
The Company accounts for acquired businesses using the acquisition method of accounting. The consideration transferred is allocated to the assets acquired and liabilities assumed based on their respective values at the acquisition date. The excess of the consideration transferred over the net of the amounts allocated to the identifiable assets acquired and liabilities assumed is recognized as goodwill.
In 2021, the Financial Accounting Standards Board ("FASB") issued a new accounting standards update that requires an acquirer to recognize and measure contract assets and contract liabilities in a business combination in accordance with ASC 606, Revenue from Contracts with Customers, rather than at fair value on the acquisition date as required under legacy U.S. GAAP. The Company adopted this update in 2021 and applied it to all business combinations occurring on or after January 1, 2021.

Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination. Goodwill is not subject to amortization and is tested for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company tests goodwill at a reporting unit level. The fair value of the reporting unit is compared to its carrying value, including goodwill. Fair values are determined using a combination of standard valuation techniques, including an income approach (discounted cash flows) and market approaches (e.g., earnings before interest, taxes, depreciation, and amortization ("EBITDA") multiples of comparable publicly traded companies) and based on market participant assumptions. A goodwill impairment loss is measured at the amount by which a reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. See Note 11 for additional information.

Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives.
Impairment of Long-Lived Assets
Impairment of Long-lived Assets
The Company reviews long-lived assets, including intangible assets and operating lease assets, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The assessment of possible impairment is based upon the Company's ability to recover the carrying value of the assets from the estimated undiscounted future net cash flows, before interest and taxes, of the related asset group. The amount of impairment loss, if any, is measured as the excess of the carrying value of the asset over the present value of estimated future cash flows, using a discount rate commensurate with the risks involved and based on assumptions representative of market participants.
Foreign Currency Translation
Foreign Currency Translation
The functional currency of the Company's subsidiaries is generally the respective local currency. For operations outside of the U.S., assets and liabilities are translated into U.S. Dollars at the rate of exchange existing at the balance sheet date. Income statement amounts are translated at monthly average exchange rates applicable for the period. Translation gains and losses are included as a component of "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets. Foreign currency transaction gains and losses are included in "Other income (expense), net" in the Company's Consolidated Statements of Operations.
Derivatives
Derivatives
Derivatives not Designated as Hedges
As a result of the Company's operations outside of the U.S., it is exposed to various market risks that may affect its consolidated results of operations, cash flows, and financial position. These market risks include, but are not limited to, fluctuations in foreign currency exchange rates. For the Company's operations outside of the U.S., the primary foreign currency exposures are in Euros and British Pounds Sterling, the currencies in which the Company conducts a significant portion of its business activities. As a result, the Company faces exposure to adverse movements in foreign currency exchange rates as the financial results of its operations outside of the U.S. are translated from local currencies into U.S. Dollars upon consolidation. Additionally, foreign currency exchange rate fluctuations on transactions denominated in currencies other than the functional currency of an entity result in gains and losses that are reflected in net income.
 
The Company may enter into derivative instruments to hedge certain net exposures of nonfunctional currency denominated assets and liabilities and the volatility associated with translating earnings for its operations outside of the U.S. into U.S. Dollars, even though it does not elect to apply hedge accounting or hedge accounting does not apply. These contracts are generally short-term in duration. Certain of the Company's derivative instruments have master netting arrangements, which reduce credit risk by permitting net settlement of transactions with the same counterparty. The Company is exposed to the risk that counterparties to derivative instruments may fail to meet their contractual obligations. The Company regularly reviews its credit exposure and assesses the creditworthiness of its counterparties. The Company reports the fair value of its derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets in "Other current assets" and "Accrued expenses and other current liabilities," respectively. Unless designated as hedges for accounting purposes, gains and losses resulting from changes in the fair value of derivative instruments are recognized in "Other income (expense), net" in the Consolidated Statements of Operations in the period that the changes occur and are classified within "Net cash provided by operating
activities" or "Net cash (used in) provided by financing activities," as appropriate, in the Consolidated Statements of Cash Flows. See Note 6 for additional information related to these derivative instruments.

Derivatives Designated as Cash Flow Hedges
See Note 6 for information related to derivatives designated as cash flow hedges.
Non-derivative Instrument Designated as Net Investment Hedge Non-derivative Instrument Designated as Net Investment HedgeThe foreign currency transaction gains or losses on the Company's Euro-denominated debt are measured based upon changes in spot rates. The foreign currency transaction gains or losses on the Euro-denominated debt that is designated as a hedging instrument for accounting purposes are recorded in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. The foreign currency transaction gains or losses on the Euro-denominated debt that is not designated as a hedging instrument are recognized in "Other income (expense), net" in the Consolidated Statements of Operations. See Notes 12 and 14 for additional information related to the net investment hedge.
Revenue Recognition
Revenue Recognition
Online travel reservation services
Substantially all of the Company's revenues are generated by providing online travel reservation services, which principally allows travelers to book travel reservations with travel service providers through the Company’s platforms. While the Company generally refers to a consumer that books travel reservation services on the Company's platforms as its customer, for accounting purposes, the Company's customers are the travel service providers and, in certain merchant transactions, the travelers. The Company's contracts with travel service providers give them the ability to market their reservation availability without transferring responsibility to deliver the travel service to the Company. Therefore, the Company's revenues are presented on a net basis in the Consolidated Statements of Operations. These contracts include payment terms and establish the consideration to which the Company is entitled, which includes either a commission or a margin on the travel transaction. Revenue is measured based on the expected consideration specified in the contract with the travel service provider, considering the effects of factors such as discounts and other sales incentives. Estimates for sales incentives are based on historical experience, current trends, and forecasts, as applicable. Coupons are recorded as a reduction of the transaction price, generally at the time they are redeemed. The local occupancy taxes, general excise taxes, value-added taxes, sales taxes, and other similar taxes ("travel transaction taxes"), if any, collected from travelers are reported on a net basis in revenues in the Consolidated Statements of Operations.

Revenues for online travel reservation services are recognized at a point in time when the Company has completed its post-booking services and the travelers begin using the arranged travel services. These services are classified into two categories:

•Agency revenues are derived from travel-related transactions where the Company does not facilitate payments from travelers for the services provided. The Company invoices the travel service providers for its commissions in the month that travel is completed. Agency revenues consist almost entirely of travel reservation commissions from the Company's accommodation, rental car, and airline reservation services.

•Merchant revenues are derived from travel-related transactions where the Company facilitates payments from travelers for the services provided, generally at the time of booking. Merchant revenues are derived from transactions where travelers book accommodation, rental car, airline reservations, and other travel related services. Merchant revenues include travel reservation commissions and transaction net revenues (i.e., the amount charged to travelers less the amount owed to travel service providers) in connection with the Company's merchant reservations services; credit card processing rebates and customer processing fees; and ancillary fees, including travel-related insurance revenues.

Advertising and Other Revenues
Advertising and other revenues are primarily recognized by KAYAK and OpenTable. KAYAK recognizes advertising revenue primarily by sending referrals to online travel companies ("OTCs") and travel service providers and from advertising placements on its platforms. Revenue related to referrals is recognized when a consumer clicks on a referral placement or upon completion of the travel. Revenue for advertising placements is recognized based upon when a consumer clicks on an advertisement or when KAYAK displays an advertisement. OpenTable recognizes revenues for reservation fees when diners are seated through its online restaurant reservation service and subscription fees for restaurant management services on a straight-line basis over the contractual period in accordance with how the service is provided.
Incentives and Loyalty Programs
The Company provides various incentive programs such as referral bonuses, rebates, credits, and discounts. In addition, the Company offers loyalty programs where participating consumers may be awarded loyalty points on current transactions that can be redeemed in the future. The estimated value of the incentives granted and the loyalty points expected to be redeemed is generally recognized as a reduction of revenue at the time they are granted.

Deferred Merchant Bookings
Cash payments received from travelers in advance of the Company completing its performance obligations are included in "Deferred merchant bookings" in the Company's Consolidated Balance Sheets and are comprised principally of amounts estimated to be payable to travel service providers as well as the Company's estimated future revenue for its commission or margin and fees. The amounts are mostly subject to refunds for cancellations. The Company expects to complete its performance obligations generally within one year from the reservation date. The increase in the Deferred Merchant Booking balance during the year ended December 31, 2022 was principally due to the increase in business volumes.
Marketing Expenses Marketing ExpensesThe Company's advertising expenses are reported in "Marketing expenses" in the Consolidated Statements of Operations. Marketing expenses consist of performance marketing expenses and brand marketing expenses. Performance marketing expenses are expenses generally measured by return on investment or an increase in bookings over a specified time period. These expenses consist primarily of the costs of: (1) search engine keyword purchases; (2) referrals from meta-search and travel research websites; (3) affiliate programs; (4) offline and online brand marketing; and (5) other performance-based marketing and incentives. Performance marketing expenses are recognized as incurred. Included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets are accrued liabilities of $480 million and $306 million at December 31, 2022 and 2021, respectively, related to performance marketing. Brand marketing expenses are expenses incurred to build brand awareness over a specified time period. These expenses consist primarily of television advertising and online video and display advertising (including the airing of the Company's television advertising online), as well as other marketing expenses such as public relations and sponsorships. Brand marketing expenses are generally recognized as incurred with the exception of advertising production costs, which are deferred and expensed the first time the advertisement is displayed or broadcast.
Sales and Other Expenses
Sales and Other Expenses
Sales and other expenses are generally variable in nature and consist primarily of: (1) credit cards and other payment processing fees associated with merchant transactions; (2) fees paid to third parties that provide call center, website content translations, and other services; (3) chargeback provisions and fraud prevention expenses associated with merchant transactions; (4) customer relations costs; and (5) provisions for expected credit losses, primarily related to accommodation commission receivables and prepayments to certain customers.
Personnel
Personnel
Personnel expenses consist of compensation to the Company's personnel, including salaries, stock-based compensation, bonuses, payroll taxes and employee health and other benefits. Included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets are accrued liabilities of $518 million and $421 million at December 31, 2022 and 2021, respectively, related to personnel expenses.
Stock-Based Compensation
Stock-Based Compensation
Stock-based compensation expense related to performance share units, restricted stock units and stock options is recognized based on fair value on a straight-line basis over the respective requisite service periods and forfeitures are accounted for when they occur. The fair value on the grant date of performance share units and restricted stock units is determined based on the number of units granted and the quoted price of the Company's common stock. For performance share units with market conditions, the effect of the market condition is also considered in the determination of fair value on the grant date using Monte Carlo simulations. The fair value of employee stock options is determined using the Black-Scholes model.

The Company records stock-based compensation expense for performance-based awards using its estimate of the probable outcome at the end of the performance period (i.e., the estimated performance against the performance targets or performance goals, as applicable). The Company periodically adjusts the cumulative stock-based compensation expense recorded when the probable outcome for these performance-based awards is updated based upon changes in actual and forecasted operating results or expected achievement of performance goals, as applicable.
 The benefits of tax deductions in excess of recognized compensation costs are recognized in the Consolidated Statements of Operations as a discrete item when an option exercise or a vesting and release of shares occurs. Excess tax benefits are presented as operating cash flows and cash payments for employee statutory tax withholding related to vested stock awards are presented as financing cash flows in the Consolidated Statements of Cash Flows.
Postemployment Benefit Plans, Policy
Benefit Plans
The Company maintains a defined contribution 401(k) savings plan covering certain U.S. employees. The Company also maintains certain other defined contribution plans outside of the United States for which it provides contributions for participating employees. The Company's matching contributions during the years ended December 31, 2022, 2021, and 2020 were $40 million, $32 million, and $33 million, respectively.
Government Grants and Other Assistance Government Grants and Other AssistanceThe Company recognizes government grants in the financial statements when it is probable that the grant will be received and the Company will comply with the conditions of the grant. Government grants are recorded as a reduction in the related operating expense or the cost of the asset that they are intended to defray. The government grants received by the Company have principally been granted to defray personnel costs. See Note 20 for information related to government grants and other assistance.
Information Technology Information Technology Information technology expenses consist primarily of: (1) software license and system maintenance fees; (2) outsourced data center and cloud computing costs; (3) payments to contractors; and (4) data communications and other expenses associated with operating the Company's services.
Restructuring, Disposal and Other Exit Activities
Restructuring, Disposal and Other Exit Activities
The Company records employee severance and other termination costs that meet the requirements for recognition in accordance with the relevant guidance of ASC 420, Exit or Disposal Cost Obligations, or ASC 712, Compensation - Nonretirement Postemployment Benefits, as applicable. For involuntary termination benefits that are not provided under the terms of an ongoing benefit arrangement, the liability for the current fair value of expected future costs associated with a management-approved restructuring plan is recognized in the period in which the plan is communicated to the employees and the plan is not expected to change significantly. For ongoing benefit arrangements, inclusive of statutory requirements, employee termination costs are accrued when the existing situation or set of circumstances indicates that an obligation has been incurred, it is probable the benefits will be paid, and the amount can be reasonably estimated. Termination benefits associated with voluntary leaver schemes are recorded when the employee irrevocably accepts the offer and the amount can be reasonably estimated.

Long-lived assets to be sold are classified as held for sale in the period in which the requirements for such classification are met in accordance with ASC 360, Property, Plant, and Equipment. Assets that are classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell.
Income Taxes
Income Taxes 
The Company accounts for income taxes under the asset and liability method. The Company records the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the Consolidated Balance Sheets, as well as operating loss and tax credit carryforwards. Deferred taxes are classified as non-current in the Consolidated Balance Sheets.
 
The Company records deferred tax assets to the extent it believes these assets will more likely than not be realized. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences, the carryforward periods available for tax reporting purposes, and tax planning strategies. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, significant judgments, estimates, and interpretation of statutes are required.
Deferred taxes are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date of such change.
 
The Company recognizes liabilities when it believes that uncertain positions may not be fully sustained upon audit by the tax authorities. Liabilities recognized for uncertain tax positions are based on a two-step approach for recognition and measurement. First, the Company evaluates the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit based on its technical merits. Second, the Company measures the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. Interest and penalties attributable to uncertain tax positions, if any, are recognized as a component of income tax expense. 
The Company accounts for taxes on global intangible low-taxed income ("GILTI") introduced by the U.S. Tax Cuts and Jobs Act (the "Tax Act") as period costs. See Note 15 for further details related to income taxes.
Contingencies Contingencies Loss contingencies (other than income tax-related contingencies) arise from actual or possible claims and assessments and pending or threatened litigation that may be brought against the Company by individuals, governments or other entities. Based on the Company's assessment of loss contingencies at each balance sheet date, a loss is recorded in the financial statements if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated.
Recent Accounting Pronouncements Adopted and Other Recent Accounting Pronouncements
Recent Accounting Pronouncements Adopted
    
Accounting for Convertible Instruments and Contracts in an Entity's Own Equity
On January 1, 2022, the Company adopted the new accounting standards update relating to convertible instruments and contracts in an entity's own equity. Compared to legacy U.S. GAAP, the accounting standards update reduces the number of accounting models for convertible debt instruments, requires fewer embedded conversion features to be separately recognized from the host contract, and amends certain guidance to reduce form-over-substance-based accounting conclusions. Under the updated guidance, upon the initial recognition of convertible debt, the Company presents the entire amount attributable to the debt as a liability. The initial carrying amount of the convertible debt liability is reduced by any direct and incremental issuance costs paid to third parties that are associated with the convertible debt issuance. No amount attributable to the debt is initially recognized within equity unless the instrument is issued at a substantial premium. In calculating diluted earnings per share, the accounting standards update also requires the use of the if-converted method for the Company's convertible debt.

The Company adopted the accounting standards update on a modified retrospective basis applied to the 0.75% convertible senior notes due May 2025 (see Note 12) resulting in an increase of $30 million to "Retained earnings" as of January 1, 2022. The significant corresponding balance sheet changes as of that date were an increase of $86 million to "Long-term debt" and decreases of $96 million to "Additional paid-in capital" and $21 million to "Deferred income taxes." For the Company’s convertible debt, interest expense for the periods beginning on January 1, 2022 is reflected in the financial statements using interest rates that are closer to the coupon interest rate of the debt rather than the higher imputed interest expense that resulted from the separation of conversion features required by legacy U.S. GAAP. See Note 8 for additional information on net income per share calculations.

Other Recent Accounting Pronouncements

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
In June 2022, the FASB issued an accounting standards update with guidance on the fair value measurement of equity securities subject to contractual sale restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. The amendments in this update are effective for the Company beginning January 1, 2024 on a prospective basis. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company does not expect the adoption of the accounting standards update to have a material impact on its Consolidated Financial Statements.
Fair Value Measurements, Policy
Investments

See Note 5 for additional information related to the Company's investments.

The valuation of the Company's investments in debt securities is considered a "Level 2" valuation because the Company has access to quoted prices for identical or comparable securities, but does not have visibility into the volume and frequency of trading for this investment. A market approach is used for recurring fair value measurements and the valuation techniques use inputs that are observable, or can be corroborated by observable data, in an active marketplace.
Investments in private companies measured using Level 3 inputs

The Company's investments measured using Level 3 inputs primarily consist of investments in privately-held companies. Fair values of privately-held securities are estimated using a variety of valuation methodologies, including both market and income approaches. The Company uses valuation techniques appropriate for the type of investment and the information available about the investee as of the valuation date to determine fair value. Recent financing transactions in the investee are generally considered the best indication of the enterprise value and therefore used as a basis to estimate fair value. However, based on a number of factors, such as the proximity in timing to the valuation date or the volume or other terms of these financing transactions, the Company may also use other valuation techniques to supplement this data, including the income approach. When a recent financing transaction occurs and represents fair value, the Company also uses the calibration process, as appropriate, when estimating fair value on subsequent measurement dates. Calibration is the process of using observed transactions in the investee company's own instruments to ensure that the valuation techniques that will be employed to value the investee company investment on subsequent measurement dates begin with assumptions that are consistent with the original observed transaction as well as any more recent observed transactions in the instruments issued by the investee company.

During the three months ended June 30, 2022, the investment in Yanolja was written-down to its estimated fair value. The Company used unobservable inputs to determine fair value. The Company used a combination of the market approach and the income approach in estimating the fair value of its investment in Yanolja as of June 30, 2022. The market approach estimates value using prices and other relevant information generated by market transactions involving identical or comparable companies. The income approach estimates value based on the expectation of future cash flows that a company will generate. These future cash flows are discounted to their present values using a discount rate based on a company’s weighted-average cost of capital and is adjusted to reflect the risks inherent in its cash flows. The key unobservable inputs and ranges used in estimating the fair value of our investment in Yanolja as of June 30, 2022 include, for the market approach, percentage decrease in the calibrated EBITDA multiple (36%) and for the income approach, the weighted average cost of capital (10%-14%) and terminal EBITDA multiple (14x-16x). Significant changes in any of these inputs in isolation would result in significantly different fair value measurements. Generally, a change in the assumption used for EBITDA multiples would result in a directionally similar change in the fair value and a change in the assumption used for weighted average cost of capital would result in a directionally opposite change in the fair value.

The determination of the fair values of investments, where the Company is a minority shareholder and has access to limited information from the investee, reflects numerous assumptions that are subject to various risks and uncertainties, including key assumptions regarding the investee’s expected growth rates and operating margin, as well as other key assumptions with respect to matters outside of the Company's control, such as discount rates and market comparables. It requires significant judgments and estimates and actual results could be materially different than those judgments and estimates utilized in the fair value estimate. Future events and changing market conditions may lead the Company to re-evaluate the assumptions reflected in the valuation which may result in a need to recognize an additional impairment charge that could have a material adverse effect on the Company's results of operations.
Net Income Per Share, Policy
The Company computes basic net income per share by dividing net income applicable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is based upon the weighted-average number of common and common equivalent shares outstanding during the period. Only dilutive common equivalent shares that decrease the net income per share are included in the computation of diluted net income per share.
 
Common equivalent shares related to stock options, restricted stock units, and performance share units are calculated using the treasury stock method. Performance share units are included in the weighted-average common equivalent shares based on the number of shares that would be issued if the end of the reporting period were the end of the performance period, if the result would be dilutive.

 The Company's convertible senior notes have net share settlement features requiring the Company, upon conversion, to settle the principal amount of the debt for cash and the conversion premium for cash or shares of the Company's common stock, at the Company's option. If the conversion prices for the convertible senior notes exceed the Company's average stock price for the period, the convertible senior notes generally have no impact on diluted net income per share. For periods prior to January 1, 2022, the treasury stock method was used for convertible senior notes in the calculation of diluted net income per share. Following the adoption of the accounting standards update on January 1, 2022 (see Note 2), the if-converted method is used for all periods after that date.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
The following table reconciles cash and cash equivalents and restricted cash and cash equivalents reported in the Consolidated Balance Sheets to the total amount shown in the Consolidated Statements of Cash Flows (in millions):
December 31,
20222021
As included in the Consolidated Balance Sheets:
Cash and cash equivalents$12,221 $11,127 
Restricted cash and cash equivalents (1)
30 25 
Total cash and cash equivalents and restricted cash and cash equivalents as
  shown in the Consolidated Statements of Cash Flows		$12,251 $11,152 
(1)    Included in "Other current assets" in the Consolidated Balance Sheets.
v3.22.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Activity of restricted stock units
The following table summarizes the activity of restricted stock units for employees and non-employee directors during the year ended December 31, 2022: 
Restricted Stock UnitsSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 2021281,924 $1,914 
Granted180,259 $2,098 
Vested(147,201)$1,809 
Forfeited(34,522)$2,058 
Unvested at December 31, 2022280,460 $2,070 
Activity of performance share units
The following table summarizes the activity of performance share units for employees during the year ended December 31, 2022:
Performance Share UnitsSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 2021 (1)
108,323 $2,123 
Granted (2) (3)
50,443 $2,210 
Vested(44,276)$1,859 
Performance shares adjustment (4)
33,742 $2,390 
Forfeited(4,530)$2,244 
Unvested at December 31, 2022
143,702 $2,294 
(1)    Excludes 12,251 performance share units awarded during the year ended December 31, 2021 for which the grant date under ASC 718, Compensation - Stock Compensation, was not established as of December 31, 2021. Among other conditions, for the grant date to be established, a mutual understanding is required to be reached between the Company and the employee of the key terms and conditions of the award, including the performance targets. The performance targets for each of the annual performance periods under the award are set at the beginning of the respective year.
(2)     Excludes 9,692 performance share units awarded during the year ended December 31, 2022 for which the grant date under ASC 718 has not been established as of December 31, 2022.
(3)     Includes 7,856 performance share units awarded during the year ended December 31, 2021 for which the grant date under ASC 718 was established during the year ended December 31, 2022.
(4)    Probable outcome for performance-based awards is updated based upon changes in actual and forecasted operating results or expected achievement of performance goals, as applicable, and the impact of modifications.
Assumptions used to value option grants
The following table summarizes the assumptions used to value options granted during the year ended December 31, 2020 using the Black-Scholes options pricing model:

Black-Scholes assumptions
Risk-free interest rate0.56 %
Expected term in years6.4
Expected stock price volatility33.8 %
Expected dividend yield0 %
Activity for stock options
The following table summarizes the activity for stock options during the year ended December 31, 2022:
Employee Stock Options Number of SharesWeighted-average
 Exercise Price		Aggregate
 Intrinsic Value (in millions)		Weighted-average Remaining Contractual Term
(in years)
Balance, December 31, 2021135,851 $1,407 $135 8.3
Exercised(5,306)$1,374 
Forfeited (9,732)$1,411 
Balance, December 31, 2022120,813 $1,408 $73 7.3
Exercisable at December 31, 2022624 $891 $1 1.2
v3.22.4
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments
The following table summarizes the Company's investments by major security type at December 31, 2022 (in millions):
 CostGross
Unrealized Gains /Upward Adjustments		Gross
Unrealized Losses /Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
International government securities$13 $— $— $13 
U.S. government securities (1)
131 — (1)130 
Corporate debt securities32 — — 32 
Total short-term investments$176 $— $(1)$175 
Long-term investments:
Debt securities:
International government securities$63 $— $(1)$62 
U.S. government securities (1)
147 — (3)144 
Corporate debt securities366 — (7)359 
Total debt securities576 — (11)565 
Equity securities:
Equity securities with readily determinable fair values1,165 1,352 (446)2,071 
Equity securities of private companies78 259 (184)153 
Total equity securities1,243 1,611 (630)2,224 
Total long-term investments$1,819 $1,611 $(641)$2,789 
(1)    Includes investments in U.S. municipal bonds.

The following table summarizes the Company's investments by major security type at December 31, 2021 (in millions): 
CostGross
Unrealized Gains /Upward Adjustments		Gross
Unrealized Losses /Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
Corporate debt securities$25 $— $— $25 
Long-term investments:
Equity securities:
Equity securities with readily determinable fair values$1,165 $1,990 $(305)$2,850 
Equity securities of private companies66 259 — 325 
Total equity securities1,231 2,249 (305)3,175 
Total long-term investments$1,231 $2,249 $(305)$3,175 
Unrealized Gain (Loss) on Investments
Net unrealized (losses) gains related to these investments included in "Other income (expense), net" in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 were as follows (in millions):
Year Ended December 31,
202220212020
Meituan
$(526)$(731)$2,006 
Grab
(165)101 — 
DiDi
(70)(205)(100)
v3.22.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Financial assets and liabilities carried at fair value and nonrecurring fair value measurements
Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2022 and nonrecurring fair value measurements are categorized below based on the level of inputs to the valuation techniques used to measure fair value (see Note 2) (in millions):
 Level 1Level 2Level 3Total
Recurring fair value measurements
ASSETS:    
Cash equivalents and restricted cash equivalents:
Money market fund investments$11,483 $— $— $11,483 
Time deposits and certificates of deposit60 — — 60 
Short-term investments:
International government securities— 13 — 13 
U.S. government securities— 130 — 130 
Corporate debt securities— 32 — 32 
Long-term investments:
International government securities— 62 — 62 
U.S. government securities— 144 — 144 
Corporate debt securities— 359 — 359 
Equity securities2,071 — — 2,071 
Derivatives:
Foreign currency exchange derivatives— 65 — 65 
Total assets at fair value$13,614 $805 $— $14,419 
LIABILITIES:
Foreign currency exchange derivatives$— $26 $— $26 
Nonrecurring fair value measurements
Investment in equity securities of a private company (1)
$— $— $122 $122 
(1)    During the three months ended June 30, 2022, the Company's investment in Yanolja was written down to its estimated fair value (see Note 5).
Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and nonrecurring fair value measurements are categorized below based on the level of inputs to the valuation techniques used to measure fair value (see Note 2) (in millions):
 Level 1Level 2Total
Recurring fair value measurements (1)
ASSETS:   
Cash equivalents and restricted cash equivalents:
Money market fund investments$10,410 $— $10,410 
Time deposits and certificates of deposit25 — 25 
Short-term investments: 
Corporate debt securities— 25 25 
Long-term investments:
Equity securities2,850 — 2,850 
Derivatives:
Foreign currency exchange derivatives— 5 5 
Total assets at fair value$13,285 $30 $13,315 
LIABILITIES:
Foreign currency exchange derivatives$— $11 $11 
Nonrecurring fair value measurements
Investments in equity securities of private companies (2)
$— $325 $325 
(1)    The Company did not have any Level 3 fair value measurements at December 31, 2021.
(2)    During the year ended December 31, 2021, the Company recorded upward adjustments to its investments in equity securities of private companies, including Yanolja, based on observable price changes in orderly transactions for identical or similar investments of the same issuer (see Note 5).
Fair value, rollforward of level 3 recurring fair value measurements
The following table summarizes the fair value adjustments for debt securities measured using significant unobservable inputs (Level 3) (in millions):
 Year Ended
December 31, 2021
Balance, beginning of year$200 
Unrealized gains (1)
265 
Transfers out of Level 3
(465)
Balance, end of year$— 
(1)    During the year ended December 31, 2021, as a result of the Grab Transaction, the Company’s investment in Grab was reclassified as equity securities with readily determinable fair values (see Note 5).
Schedule of derivative instruments
The table below provides estimated fair values and notional amounts of foreign currency exchange derivatives outstanding at December 31, 2022 and 2021 (in millions). The notional amount of a foreign currency forward contract is the contracted amount of foreign currency to be exchanged and is not recorded in the balance sheet.
December 31,
 20222021
Estimated fair value of derivative assets$65 $5 
Estimated fair value of derivative liabilities26 11 
Notional amount:
 Foreign currency purchases$2,870 $840 
 Foreign currency sales2,682 1,857 

The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 is as follows (in millions):
Year Ended December 31,
202220212020
Losses on foreign currency exchange derivatives
$52 $30 $31 
v3.22.4
ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Changes in allowance for expected credit losses on receivables
The following table summarizes the activity of the allowance for expected credit losses on receivables (in millions): 
 Year Ended December 31,
 202220212020
Balance, beginning of year$101 $166 $49 
Provision charged to earnings130 48 216 
Write-offs and adjustments(110)(107)(116)
Foreign currency translation adjustments(4)(6)17 
Balance, end of year$117 $101 $166 
Changes in allowance for expected credit losses on prepayments to certain customers The following table summarizes the activity of the allowance for expected credit losses on prepayments to customers (in millions):
 Year Ended December 31,
 202220212020
Balance, beginning of year$47 $55 $6 
Provision charged to expense(20)(4)51 
Write-offs and adjustments(4)(5)(2)
Currency translation adjustments— 1 — 
Balance, end of year$23 $47 $55 
v3.22.4
NET INCOME PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Reconciliation of the weighted average number of shares outstanding used in calculating diluted earnings per share
A reconciliation of the weighted-average number of shares outstanding used in calculating diluted net income per share is as follows (in thousands): 
 Year Ended December 31,
 202220212020
Weighted-average number of basic common shares outstanding39,872 41,042 40,974 
Weighted-average dilutive stock options, restricted stock units and performance share units
151 209 158 
Assumed conversion of convertible senior notes29 111 28 
Weighted-average number of diluted common and common equivalent shares outstanding
40,052 41,362 41,160 
v3.22.4
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and equipment, net
Property and equipment, net at December 31, 2022 and 2021 consist of the following (in millions):
December 31,Estimated
Useful Lives
(years)
 20222021
Computer equipment$758 $728 
2 to 6 years
Capitalized software900 742 
2 to 7 years
Leasehold improvements 277 268 
1 to 15 years
Office equipment, furniture and fixtures 58 61 
2 to 8 years
Building construction-in-progress (1)
— 328 
Total1,993 2,127  
Less: Accumulated depreciation (1,324)(1,305) 
Property and equipment, net$669 $822  
(1)    See Note 10 for additional information on the sale and leaseback transaction.
v3.22.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Operating and finance leases
The Company recognized the following related to its leases in its Consolidated Balance Sheets (in millions):
December 31,
Classification in Consolidated Balance Sheets20222021
Operating lease assetsOperating lease assets$645 $496 
Operating lease liabilities:
Current operating lease liabilities
Accrued expenses and other current liabilities$125 $143 
Non-current operating lease liabilitiesOperating lease liabilities552 351 
Total operating lease liabilities$677 $494 
December 31,
Classification in Consolidated Balance Sheets20222021
Finance lease assetsProperty and equipment, net$52 $10 
Finance lease liabilities:
Current finance lease liabilities
Accrued expenses and other current liabilities$21 $4 
Non-current finance lease liabilitiesOther long-term liabilities32 6 
Total finance lease liabilities$53 $10 
Lease cost The Company recognized the following costs related to its leases in its Consolidated Statements of Operations (in millions):
Year Ended December 31,
Classification in Consolidated Statements of Operations202220212020
Finance lease cost Depreciation and amortization$9 $3 $1 
Operating lease costGeneral and administrative and Information technology160 185 194 
Variable lease cost
General and administrative and Information technology45 46 46 
Less: Sublease income
General and administrative(5)(3)(2)
Total lease cost, net of sublease income
$209 $231 $239 
Lease maturities
As of December 31, 2022, the future lease payments for operating and finance leases are as follows (in millions):
Operating LeasesFinance Leases
2023$143 $21 
2024110 20 
202592 13 
202665 — 
202754 — 
Thereafter349 — 
Total remaining lease payments813 54 
Less: Imputed interest(136)(1)
Total lease liabilities$677 $53 
Lease supplemental cash flow information
Supplemental cash flow information related to operating and finance leases is as follows (in millions):
Year Ended December 31,
202220212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$175 $186 $200 
Financing cash flows from finance leases9 2 1 
Operating lease assets obtained in exchange for new operating lease liabilities392 162 67 
Finance lease assets obtained in exchange for new finance lease liabilities50 8 5 
Lease term and discount rate
At December 31, 2022 and 2021 the weighted-average lease term and discount rate for operating and finance leases are as follows:
December 31,
20222021
Operating leases:
Weighted-average remaining lease term9.8 years8.4 years
Weighted-average discount rate3.2 %2.0 %
Finance leases:
Weighted-average remaining lease term2.7 years2.7 years
Weighted-average discount rate2.0 %0.7 %
v3.22.4
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
The changes in the balance of goodwill for the years ended December 31, 2022 and 2021 consist of the following (in millions): 
 Year Ended December 31,
 20222021
Balance, beginning of year $2,887 $1,895 
Acquisitions— 1,022 
Foreign currency translation adjustments and other adjustments(1)
(80)(30)
Balance, end of year (2)
$2,807 $2,887 
(1)    During the year ended December 31, 2022, measurement period adjustments relating to the acquisition of Getaroom resulted in a decrease to goodwill of $38 million.
(2)    The balance of goodwill as of December 31, 2022 and 2021 is stated net of cumulative impairment charges of $2.0 billion.
Intangible assets
The Company's intangible assets consist of the following (in millions):
 December 31, 2022December 31, 2021 
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount		Amortization Period
Supply and distribution agreements$1,386 $(658)$728 $1,407 $(591)$816 
3 - 20 years
Technology287 (185)102 297 (151)146 
2 - 7 years
Internet domain names38 (35)3 41 (36)5 
5 - 20 years
Trade names1,806 (812)994 1,814 (724)1,090 
3 - 20 years
Other intangible assets5 (3)2 2 (2)— 
Up to 15 years
Total intangible assets$3,522 $(1,693)$1,829 $3,561 $(1,504)$2,057 
Annual estimated amortization expense for intangible assets for the next five years and thereafter
The estimated future annual amortization expense for the Company's intangible assets at December 31, 2022 is as follows (in millions):
2023$222 
2024221 
2025213 
2026180 
2027169 
Thereafter824 
$1,829 
v3.22.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of outstanding debt
Outstanding debt at December 31, 2022 consists of the following (in millions): 
December 31, 2022
Outstanding
 Principal 
Amount
Unamortized Debt
Discount and Debt
Issuance Cost
Carrying
 Value
Current liabilities:
2.75% Senior Notes due March 2023
$500 $— $500 
Total current liabilities$500 $— $500 
Long-term debt:
2.375% (€1 Billion) Senior Notes due September 2024
$1,067 $(3)$1,064 
3.65% Senior Notes due March 2025
500 (1)499 
0.1% (€950 Million) Senior Notes due March 2025
1,014 (3)1,011 
0.75% Convertible Senior Notes due May 2025
863 (9)854 
3.6% Senior Notes due June 2026
1,000 (3)997 
4.0% (€750 Million) Senior Notes due November 2026
800 (3)797 
1.8% (€1 Billion) Senior Notes due March 2027
1,067 (2)1,065 
3.55% Senior Notes due March 2028
500 (2)498 
0.5% (€750 Million) Senior Notes due March 2028
800 (3)797 
4.25% (€750 Million) Senior Notes due May 2029
800 (6)794 
4.625% Senior Notes due April 2030
1,500 (9)1,491 
4.5% (€1 Billion) Senior Notes due November 2031
1,067 (7)1,060 
4.75% (€1 Billion) Senior Notes due November 2034
1,067 (9)1,058 
Total long-term debt$12,045 $(60)$11,985 
 
Outstanding debt at December 31, 2021 consists of the following (in millions): 
December 31, 2021Outstanding
 Principal 
Amount		Unamortized Debt
Discount and Debt
Issuance Cost
Carrying
 Value
Current liabilities:
0.8% (€1 Billion) Senior Notes due March 2022
$1,137 $— $1,137 
2.15% (€750 Million) Senior Notes due November 2022
853 (1)852 
Total current liabilities$1,990 $(1)$1,989 
Long-term debt:
2.75% Senior Notes due March 2023
$500 $(1)$499 
2.375% (€1 Billion) Senior Notes due September 2024
1,137 (5)1,132 
3.65% Senior Notes due March 2025
500 (1)499 
0.1% (€950 Million) Senior Notes due March 2025
1,080 (4)1,076 
0.75% Convertible Senior Notes due May 2025
863 (99)764 
3.6% Senior Notes due June 2026
1,000 (4)996 
1.8% (€1 Billion) Senior Notes due March 2027
1,137 (3)1,134 
3.55% Senior Notes due March 2028
500 (2)498 
0.5% (€750 Million) Senior Notes due March 2028
853 (5)848 
4.625% Senior Notes due April 2030
1,500 (9)1,491 
Total long-term debt$9,070 $(133)$8,937 
Summary of interest expenses and weighted-average effective interest rates The following table summarizes the interest expense and weighted-average effective interest rates related to the convertible senior notes (in millions, except for interest rates). The remaining period for amortization of debt discount and debt issuance costs, as applicable, is the period until the stated maturity date for the respective debt.
 Year Ended December 31,
202220212020
Coupon interest expense$6 $13 $15 
Amortization of debt discount and debt issuance costs4 43 54 
Total interest expense$10 $56 $69 
Weighted-average effective interest rate1.2 %3.8 %3.5 %
The following table summarizes the interest expenses related to other senior notes (in millions):
Year Ended December 31,
202220212020
Coupon interest expense$241$257$264
Amortization of debt discount and debt issuance costs10109
Total interest expense$251 $267 $273 
Summary of information related to other senior notes outstanding The following table summarizes the information related to other senior notes outstanding at December 31, 2022:
Other Senior NotesDate of Issuance
Effective Interest Rate(1)
Timing of Interest Payments
2.75% Senior Notes due March 2023
August 20172.88 %Semi-annually in March and September
2.375% Senior Notes due September 2024
September 20142.54 %Annually in September
3.65% Senior Notes due March 2025
March 20153.76 %Semi-annually in March and September
0.1% Senior Notes due March 2025
March 20210.30 %Annually in March
3.6% Senior Notes due June 2026
May 20163.70 %Semi-annually in June and December
4.0% Senior Notes due November 2026
November 20224.08 %Annually in November
1.8% Senior Notes due March 2027
March 20151.86 %Annually in March
3.55% Senior Notes due March 2028
August 20173.63 %Semi-annually in March and September
0.5% Senior Notes due March 2028
March 20210.63 %Annually in March
4.25% Senior Notes due May 2029
November 20224.35 %Annually in May
4.625% Senior Notes due April 2030
April 20204.72 %
Semi-annually in April and October
4.5% Senior Notes due November 2031
November 20224.57 %Annually in November
4.75% Senior Notes due November 2034
November 20224.81 %Annually in November
(1)    Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt.
v3.22.4
TREASURY STOCK (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Summary of stock repurchase activities
The following table summarizes the Company's stock repurchase activities during the years ended December 31, 2022, 2021, and 2020 (in millions, except for shares, which are reflected in thousands):
Year Ended December 31,
202220212020
SharesAmountSharesAmountSharesAmount
Authorized stock repurchase programs3,320 $6,526 — $— 601 $1,122 
General authorization for shares withheld on stock award vesting80 167 71 162 84 142 
Total3,400$6,693 71$162 685 $1,264 
v3.22.4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT (Tables)
 12 Months Ended
Dec. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Changes in balances of accumulated other comprehensive loss by component
The table below presents the changes in the balances of accumulated other comprehensive loss ("AOCI") by component for the years ended December 31, 2020, 2021, and 2022 (in millions):
Foreign currency translation adjustments
Unrealized losses on cash flow hedges (1)
Net unrealized gains (losses) on available-for-sale securitiesTotal AOCI, net of tax
Foreign currency translation
Net investment
hedges (2)
Total, net of taxBefore taxTaxTotal, net of taxBefore taxTaxTotal, net of tax
Before tax
Tax (3)
Before taxTax
Balance, December 31, 2019$(186)$54 $(2)$(5)$(139)$— $— $— $(7)$(45)$(52)$(191)
Other comprehensive income (loss) ("OCI") before reclassifications
197 (7)(182)42 50 — — — 6 (1)5 55 
Amounts reclassified to net income (4)
— — — — — — — — 4 14 18 18 
OCI for the period197 (7)(182)42 50 — — — 10 13 23 73 
Balance, December 31, 2020$11 $47 $(184)$37 $(89)$— $— $— $3 $(32)$(29)$(118)
OCI before reclassifications(287)20 275 (65)(57)(15)4 (11)265 (62)203 135 
Amounts reclassified to net income (4) (5)
— — — — — 15 (4)11 (265)93 (172)(161)
OCI for the period(287)20 275 (65)(57)— — — — 31 31 (26)
Balance, December 31, 2021$(276)$67 $91 $(28)$(146)$— $— $— $3 $(1)$2 $(144)
OCI before reclassifications(303)26 219 (53)(111)— — — (13)3 (10)(121)
Amounts reclassified to
net income (4)
— — — — — — — — (3)1 (2)(2)
OCI for the period(303)26 219 (53)(111)— — — (16)4 (12)(123)
Balance, December 31, 2022$(579)$93 $310 $(81)$(257)$— $— $— $(13)$3 $(10)$(267)
(1)    Relates to the reverse treasury lock agreements entered in March 2021 that were designated as cash flow hedges and settled in April 2021 (see Note 6).
(2)    Net investment hedges balance at December 31, 2022 and earlier dates presented above, includes accumulated net losses from fair value adjustments of $35 million ($53 million before tax) associated with previously settled derivatives that were designated as net investment hedges. The remaining balances relate to foreign currency transaction gains (losses) and related tax benefits (expenses) associated with the Company's Euro-denominated debt that is designated as a hedge of the foreign currency exposure of the net investment in certain Euro functional currency subsidiaries (see Notes 2 and 12).
(3)    The tax benefits relate to foreign currency translation adjustments to the Company's one-time deemed repatriation tax liability recorded at December 31, 2017 and foreign earnings for periods after December 31, 2017 that are subject to U.S. federal and state income tax, resulting from the enactment of the Tax Act.
(4)    The reclassified net gains (losses) on available-for-sale securities, before tax, are included in "Other income (expense), net" and the reclassified tax (expenses) benefits are included in "Income tax expense" in the Consolidated Statements of Operations. The cost of marketable debt securities sold is determined using a first-in and first-out method. For the years ended December 31, 2021 and 2020, the reclassified tax expenses include a tax expense of $31 million and $15 million, related to the redemption in December 2021 of the Company's investment of $500 million in Trip.com Group convertible senior notes and the maturity in May 2020 of the Company's investment of $250 million in Trip.com Group convertible senior notes, respectively.
(5)    For the year ended December 31, 2021, amounts reclassified to net income includes a gain of $203 million ($265 million before tax) related to the Company's investment in Grab, which was reclassified from available-for-sale debt securities to equity securities with readily determinable fair values (see Note 5).
v3.22.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of composition of pre-tax income (loss)
The composition of pre-tax income (loss) for the years ended December 31, 2022, 2021, and 2020 is as follows (in millions):
Year Ended December 31,
 202220212020
International$4,717 $1,937 $2,575 
U.S. (794)(472)(2,008)
Total$3,923 $1,465 $567 
Income tax expense (benefit)
The composition of income tax expense for the years ended December 31, 2022, 2021, and 2020 is as follows (in millions): 
Year Ended December 31,
 202220212020
Current income tax expense (benefit):
International$1,145 $665 $320 
U.S. Federal(8)68 (9)
U.S. State(15)12 (16)
Current income tax expense (benefit):1,122 745 295 
Deferred income tax (benefit) expense:
International(61)(103)(62)
U.S. Federal(172)(323)296 
U.S. State(24)(19)(21)
Deferred income tax (benefit) expense(257)(445)213 
Income tax expense$865 $300 $508 
Tax effects of temporary differences that give rise to significant portions of deterred tax assets and liabilities
The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2022 and 2021 are as follows (in millions):
December 31,
 20222021
Deferred tax assets:  
Net operating loss carryforward — U.S.$95 $88 
Net operating loss carryforward — International176 137 
Accrued expenses74 50 
Stock-based compensation and other stock based payments36 50 
Foreign currency translation adjustment83 48 
Tax credits35 19 
Operating lease liabilities29 38 
Property and equipment126 95 
Other7 11 
Total deferred tax assets661 536 
Valuation allowance on deferred tax assets(120)(37)
Deferred tax assets, net541 499 
Deferred tax liabilities:
Discount on convertible notes— (20)
Intangible assets and other(174)(192)
Euro-denominated debt(84)(20)
State income tax on accumulated unremitted international earnings(8)(8)
Unrealized gains on investments(202)(417)
Operating lease assets(26)(37)
Installment sale liability(119)(156)
Deferred tax liabilities(613)(850)
Net deferred tax liabilities (1)
$(72)$(351)
(1)    Includes deferred tax assets of $613 million and $554 million at December 31, 2022 and 2021, respectively, included in "Other assets, net" in the Consolidated Balance Sheets.
Schedule of effective income tax rate reconciliation
The effective income tax rate of the Company is different from the amount computed using the expected U.S. statutory federal rate of 21% for the years ended December 31, 2022, 2021, and 2020 as a result of the following items (in millions):
Year Ended December 31,
 202220212020
Income tax expense at U.S. federal statutory rate$824 $308 $119 
Adjustment due to:   
Foreign rate differential264 137 55 
Innovation Box Tax benefit(452)(230)(79)
Goodwill impairment— — 228 
Stock-based compensation42 37 32 
Federal GILTI10 17 73 
State income tax benefit(31)(6)(31)
Valuation allowance87 (19)36 
Uncertain tax positions72 39 64 
Tax Act - U.S. transition tax benefit and other transition impacts— — (8)
Other49 17 19 
Income tax expense$865 $300 $508 
Reconciliation of unrecognized tax benefits
The following is a reconciliation of the total beginning and ending amount of unrecognized tax benefits (in millions): 
Year Ended December 31,
 202220212020
Unrecognized tax benefit — January 1$120 $84 $56 
Gross increases — tax positions in current period3 14 2 
Gross increases — tax positions in prior periods94 44 48 
Gross decreases — tax positions in prior periods(33)(19)(11)
Reduction due to settlements during the current period— (3)(11)
Unrecognized tax benefit — December 31$184 $120 $84 
v3.22.4
GEOGRAPHIC INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Geographic information on revenues The Company's geographic information on revenues is as follows (in millions): 
United
 States
Outside of the U.S.Total
Company
For the year ended:
The Netherlands
Other
December 31, 2022$2,205 $13,428 $1,457 $17,090 
December 31, 20211,434 8,678 846 10,958 
December 31, 2020783 5,264 749 6,796 
Geographic information on property and equipment, excluding capitalized software, and operating lease assets
The following table presents information on the Company's property and equipment (excluding capitalized software) and operating lease assets based on location of the assets at December 31, 2022 and 2021 (in millions):
United
 States
Outside of the U.S.Total
Company
The NetherlandsUnited KingdomOther
December 31, 2022$143 $445 $125 $213 $926 
December 31, 2021175 506 115 213 1,009 
v3.22.4
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of the preliminary allocation of the consideration transferred
The following table summarizes the allocation of the consideration transferred for the Getaroom acquisition.
(in millions)
Current assets (1)
$174 
Identifiable intangible assets (2)
437 
Goodwill (3)
982 
Other non-current assets11 
Current liabilities(199)
Deferred income taxes (65)
Other non-current liabilities (4)
(44)
Total consideration$1,296 
(1)    Includes cash and restricted cash acquired of $116 million.
(2)    Acquired definite-lived intangible assets consist of supply and distribution agreements with an estimated value of $311 million and weighted-average useful life of 10 years, technology assets with an estimated value of $118 million and weighted-average useful life of 4 years, trade names with an estimated value of $5 million and weighted-average useful life of 3 years and other intangible assets with an estimated value of $3 million and weighted-average useful life of 5 years.
(3)    Goodwill, which is not tax deductible, reflects the synergies expected from combining the technology and expertise of Getaroom and Priceline.
(4)    Includes liabilities of $39 million principally related to travel transaction taxes.
v3.22.4
OTHER INCOME (EXPENSE), NET (Tables)
 12 Months Ended
Dec. 31, 2022
Other Income and Expenses [Abstract]  
Components of other income (expense), net
The components of other income (expense), net included the following (in millions):
Year Ended December 31,
202220212020
Interest and dividend income
$219 $16 $54 
Net (losses) gains on equity securities (1)
(963)(569)1,713 
Foreign currency transaction (losses) gains (2)
(43)111 (207)
Loss on early extinguishment of debt (3)
— (242)— 
Other (4)
(1)(13)(6)
Other income (expense), net$(788)$(697)$1,554 
(1)    See Note 5 for additional information related to the net (losses) gains on equity securities and Note 6 for additional information related to the impairment of an investment in equity securities.
(2)    Foreign currency transaction (losses) gains include gains of $46 million and $135 million, and losses of $200 million, for the years ended December 31, 2022, 2021, and 2020, respectively, related to Euro-denominated debt and accrued interest that were not designated as net investment hedges (see Note 12).
(3)    See Note 12 for additional information related to the loss on early extinguishment of debt.
(4)    The amount for the year ended December 31, 2021 includes losses on reverse treasury lock agreements which were designated as cash flow hedges (see Note 6)
v3.22.4
BUSINESS DESCRIPTION Narrative (Details)
 12 Months Ended
Dec. 31, 2022
segment
Accounting Policies [Abstract]  
Number of operating segments 4
Number of reportable segments 1
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Apr. 30, 2020
Accounting Policies [Line Items]        
Accrued performance marketing liabilities $ 480 $ 306    
Accrued compensation liabilities 518 421    
Matching contributions 40 32 $ 33  
Retained earnings 27,541 24,453    
Long-term debt 11,985 8,937    
Additional paid-in capital (6,491) (6,159)    
Deferred income taxes $ (685) (905)    
Online Travel Reservation Services        
Accounting Policies [Line Items]        
Time period from the reservation date that performance obligations are expected to be completed one year      
Accounting Standards Update 2020-06        
Accounting Policies [Line Items]        
Retained earnings   30    
Long-term debt   86    
Additional paid-in capital   96    
Deferred income taxes   21    
COVID-19        
Accounting Policies [Line Items]        
Government grant and other assistance benefit that was returned, cash paid   $ 107    
Convertible Senior Notes | 0.75% Convertible Senior Notes due May 2025        
Accounting Policies [Line Items]        
Stated interest rate 0.75% 0.75%   0.75%
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]        
Cash and cash equivalents $ 12,221 $ 11,127    
Restricted cash and cash equivalents [1] 30 25    
Total cash and cash equivalents and restricted cash and cash equivalents as shown in the Consolidated Statements of Cash Flows $ 12,251 $ 11,152 $ 10,582 $ 6,332
[1] Included in "Other current assets" in the Consolidated Balance Sheets.
v3.22.4
REVENUE - Disaggregation of Revenue (Details) - Product Concentration Risk - Revenue Benchmark
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Online accommodation reservation services      
Disaggregation of Revenue [Line Items]      
Concentration Risk, Percentage 89.00% 87.00% 88.00%
Other sources of online travel reservation services and advertising and other revenues | Maximum      
Disaggregation of Revenue [Line Items]      
Concentration Risk, Percentage 10.00% 10.00% 10.00%
v3.22.4
REVENUE - Incentives and Loyalty Programs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Revenues $ (17,090) $ (10,958) $ (6,796)
Incentives and Loyalty Programs | Accrued expenses and other current liabilities      
Disaggregation of Revenue [Line Items]      
Liabilities for incentives and loyalty programs $ 143 $ 71  
Loyalty incentive programs | OpenTable      
Disaggregation of Revenue [Line Items]      
Decrease in liability balance with a corresponding increase to revenue     28
Other incentive programs - additional rebates | Booking.com      
Disaggregation of Revenue [Line Items]      
Revenues     $ 100
v3.22.4
REVENUE - Refunds to Travelers (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
Revenue from Contract with Customer [Abstract]  
Reduction in revenue for refunds paid or estimated to be payable $ 44
v3.22.4
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Tax benefit related to stock-based compensation     $ 40 $ 37 $ 30
Restricted stock units and performance share units aggregate grant-date fair value     490 421 392
Aggregate fair value of performance share units and restricted stock units vested during the period     $ 400 395 358
Options aggregate grant-date fair value         $ 79
Weighted-average grant-date fair value per option (in dollars per share)         $ 485
Executive Officers          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of stock options granted (in shares)         0
Performance Share Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period     3 years    
Performance Share Units | Personnel Expenses          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Increase (decrease) in stock-based compensation expense due to significant decline in estimated performance due to the impact of COVID-19 pandemic   $ (73)      
Performance Share Units | Certain Performance Share Units 2022 and 2021 Grants          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period     2 years    
Performance Share Units | Certain Performance Share Units 2022 and 2021 Grants | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period     1 year    
Performance Share Units | 2018 Grants          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Additional stock-based compensation expense to be recognized over the remaining requisite service period $ 11        
Performance Share Units | 2018 and 2019 Grants | Executive Officers          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Additional stock-based compensation expense to be recognized over the remaining requisite service period       $ 40  
Restricted Stock Units and Performance Share Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total future compensation cost related to unvested share-based awards     $ 519    
Total future compensation cost related to unvested share-based awards, expected period of recognition     1 year 9 months 18 days    
Restricted Stock Units | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period     1 year    
Restricted Stock Units | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period     3 years    
Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Grant term (in years)         10 years
1999 Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares available to be issued under the plan (in shares)     1,226,245    
Other plans assumed in acquisitions          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Shares available to be issued under the plan (in shares)     18,865    
v3.22.4
STOCK-BASED COMPENSATION - Summary of the Activity of Restricted Stock Units for Employees and Non-Employee Directors (Details) - Restricted Stock Units
 12 Months Ended
Dec. 31, 2022
$ / shares
shares
Shares  
Unvested, beginning of period (in shares) | shares 281,924
Granted (in shares) | shares 180,259
Vested (in shares) | shares (147,201)
Forfeited (in shares) | shares (34,522)
Unvested, end of period (in shares) | shares 280,460
Weighted-average Grant-date Fair Value  
Unvested, beginning of period (in dollars per share) | $ / shares $ 1,914
Granted (in dollars per share) | $ / shares 2,098
Vested (in dollars per share) | $ / shares 1,809
Forfeited (in dollars per share) | $ / shares 2,058
Unvested, end of period (in dollars per share) | $ / shares $ 2,070
v3.22.4
STOCK-BASED COMPENSATION - Summary of the Activity of Performance Share Units for Employees (Details) - Performance Share Units - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Shares    
Unvested, beginning of period (in shares) [1] 108,323  
Granted (in shares) [2],[3] 50,443  
Vested (in shares) (44,276)  
Performance Shares Adjustment (in shares) [4] 33,742  
Forfeited (in shares) (4,530)  
Unvested, end of period (in shares) 143,702 108,323 [1]
Weighted-average Grant-date Fair Value    
Unvested, beginning of period (in dollars per share) [1] $ 2,123  
Granted (in dollars per share) [2],[3] 2,210  
Vested (in dollars per share) 1,859  
Performance Share Adjustment (in dollars per share) [4] 2,390  
Forfeited (in dollars per share) 2,244  
Unvested, end of period (in dollars per share) $ 2,294 $ 2,123 [1]
Performance Share Units 2021 Grants    
Weighted-average Grant-date Fair Value    
Performance share units awarded during the period where a grant date was not yet established. (in shares)   12,251
Performance share units awarded during the period where a grant date was established. (in shares) 7,856  
Performance Share Units 2022 Grants    
Weighted-average Grant-date Fair Value    
Performance share units awarded during the period where a grant date was not yet established. (in shares) 9,692  
[1] Excludes 12,251 performance share units awarded during the year ended December 31, 2021 for which the grant date under ASC 718, Compensation - Stock Compensation, was not established as of December 31, 2021. Among other conditions, for the grant date to be established, a mutual understanding is required to be reached between the Company and the employee of the key terms and conditions of the award, including the performance targets. The performance targets for each of the annual performance periods under the award are set at the beginning of the respective year.
[2] Excludes 9,692 performance share units awarded during the year ended December 31, 2022 for which the grant date under ASC 718 has not been established as of December 31, 2022.
[3] Includes 7,856 performance share units awarded during the year ended December 31, 2021 for which the grant date under ASC 718 was established during the year ended December 31, 2022.
[4] Probable outcome for performance-based awards is updated based upon changes in actual and forecasted operating results or expected achievement of performance goals, as applicable, and the impact of modifications.
v3.22.4
STOCK-BASED COMPENSATION - Weighted-Average Assumptions Used to Value Options Granted (Details) - Stock Options
 12 Months Ended
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk-free interest rate 0.56%
Expected term in years 6 years 4 months 24 days
Expected stock price volatility 33.80%
Expected dividend yield 0.00%
v3.22.4
STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - Stock Options - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Number of Shares    
Balance, beginning of period (in shares) 135,851  
Exercised (in shares) (5,306)  
Forfeited, (in shares) (9,732)  
Balance, end of period (in shares) 120,813 135,851
Exercisable, (in shares) 624  
Weighted-average Exercise Price    
Balance, beginning of period (in dollars per share) $ 1,407  
Exercised (in dollars per share) 1,374  
Forfeited (in dollars per share) 1,411  
Balance, end of period (in dollars per share) 1,408 $ 1,407
Exercisable (in dollars per share) $ 891  
Aggregate Intrinsic Value    
Balance $ 73 $ 135
Exercisable $ 1  
Weighted-average Remaining Contractual Term (in years)    
Balance 7 years 3 months 18 days 8 years 3 months 18 days
Exercisable 1 year 2 months 12 days  
v3.22.4
INVESTMENTS - Summary of Investments by Major Security Type (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]    
Cost $ 1,819 $ 1,231
Gross Unrealized Gains /Upward Adjustments 1,611 2,249
Gross Unrealized Losses /Downward Adjustments (641) (305)
Carrying Value 2,789 3,175
Short-term investments, cost 176  
Short-term investments, gross unrealized gain 0  
Short-term investments, gross unrealized loss (1)  
Short-Term Investments 175 25
Long-term Investments    
Debt securities:    
Cost 576  
Gross Unrealized Gains /Upward Adjustments 0  
Gross Unrealized Losses /Downward Adjustments (11)  
Carrying Value 565  
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]    
Equity securities, cost 1,243 1,231
Equity securities, unrealized gain 1,611 2,249
equity securities, unrealized loss (630) (305)
Equity securities 2,224 3,175
International government securities | Short-term Investments    
Debt securities:    
Cost 13  
Gross Unrealized Gains /Upward Adjustments 0  
Gross Unrealized Losses /Downward Adjustments 0  
Carrying Value 13  
International government securities | Long-term Investments    
Debt securities:    
Cost 63  
Gross Unrealized Gains /Upward Adjustments 0  
Gross Unrealized Losses /Downward Adjustments (1)  
Carrying Value 62  
U.S. government securities | Short-term Investments    
Debt securities:    
Cost [1] 131  
Gross Unrealized Gains /Upward Adjustments [1] 0  
Gross Unrealized Losses /Downward Adjustments [1] (1)  
Carrying Value [1] 130  
U.S. government securities | Long-term Investments    
Debt securities:    
Cost [1] 147  
Gross Unrealized Gains /Upward Adjustments [1] 0  
Gross Unrealized Losses /Downward Adjustments [1] (3)  
Carrying Value [1] 144  
Corporate debt securities | Short-term Investments    
Debt securities:    
Cost 32 25
Gross Unrealized Gains /Upward Adjustments 0 0
Gross Unrealized Losses /Downward Adjustments 0 0
Carrying Value 32 25
Corporate debt securities | Long-term Investments    
Debt securities:    
Cost 366  
Gross Unrealized Gains /Upward Adjustments 0  
Gross Unrealized Losses /Downward Adjustments (7)  
Carrying Value 359  
Equity securities with readily determinable fair values | Long-term Investments    
Equity securities with readily determinable fair values    
Cost 1,165 1,165
Gross Unrealized Gains /Upward Adjustments 1,352 1,990
Gross Unrealized Losses /Downward Adjustments (446) (305)
Carrying Value 2,071 2,850
Equity securities of private companies | Long-term Investments    
Equity securities of private companies    
Cost 78 66
Gross Unrealized Gains /Upward Adjustments 259 259
Gross Unrealized Losses /Downward Adjustments (184) 0
Carrying Value $ 153 $ 325
[1] Includes investments in U.S. municipal bonds.
v3.22.4
INVESTMENTS - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 23, 2023
Jun. 30, 2022
Mar. 31, 2020
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2018
Schedule of Investments [Line Items]              
Proceeds from sale and maturity of investments       $ 32 $ 508 $ 2,997  
Other income (expense), net       Other income (expense), net      
Net unrealized gains (losses) on available-for-sale securities              
Schedule of Investments [Line Items]              
Amounts reclassified to net income [2]       $ 3 [1] 265 (4)  
Minimum              
Schedule of Investments [Line Items]              
Term of available-for-sale debt securities       1 year      
Maximum              
Schedule of Investments [Line Items]              
Term of available-for-sale debt securities       2 years      
Meituan              
Schedule of Investments [Line Items]              
Equity securities, noncurrent       $ 1,800 2,300    
Unrealized gain (loss) equity securities       (526) (731) 2,006  
Meituan | Subsequent Event              
Schedule of Investments [Line Items]              
Proceeds from sale and maturity of investments $ 1,700            
Equity security at cost $ 450            
Grab Holdings Limited              
Schedule of Investments [Line Items]              
Equity securities, noncurrent       136 301    
Unrealized gain (loss) equity securities       (165) 101 0  
Grab Holdings Limited | Net unrealized gains (losses) on available-for-sale securities              
Schedule of Investments [Line Items]              
Amounts reclassified to net income         265    
Didi Chuxing              
Schedule of Investments [Line Items]              
Equity securities, noncurrent       125 195    
Unrealized gain (loss) equity securities       (70) (205) (100)  
Payments to acquire other investments             $ 500
Equity securities without readily determinable fair value, impairment loss, annual amount     $ 100        
Government and corporate debt securities              
Schedule of Investments [Line Items]              
Cash realized from the sales and maturities of investments in debt securities           $ 2,200  
Redeemable convertible preferred stock | Grab Holdings Limited              
Schedule of Investments [Line Items]              
Payments to acquire other investments             $ 200
Equity securities of private companies | Yanolja Co., Ltd              
Schedule of Investments [Line Items]              
Investment in equity securities of private companies       51 51    
Equity securities without readily determinable fair value, upward price adjustment, annual amount         255    
Fair value of investment in equity securities of private companies   $ 122   $ 122 $ 306    
Equity securities without readily determinable fair value, impairment loss, annual amount   $ 184          
[1] For the year ended December 31, 2021, amounts reclassified to net income includes a gain of $203 million ($265 million before tax) related to the Company's investment in Grab, which was reclassified from available-for-sale debt securities to equity securities with readily determinable fair values (see Note 5).
[2] The reclassified net gains (losses) on available-for-sale securities, before tax, are included in "Other income (expense), net" and the reclassified tax (expenses) benefits are included in "Income tax expense" in the Consolidated Statements of Operations. The cost of marketable debt securities sold is determined using a first-in and first-out method. For the years ended December 31, 2021 and 2020, the reclassified tax expenses include a tax expense of $31 million and $15 million, related to the redemption in December 2021 of the Company's investment of $500 million in Trip.com Group convertible senior notes and the maturity in May 2020 of the Company's investment of $250 million in Trip.com Group convertible senior notes, respectively.
v3.22.4
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Recurring fair value measurements    
ASSETS:    
Total assets at fair value $ 14,419 $ 13,315 [1]
Recurring fair value measurements | Foreign currency exchange derivatives | Not designated as hedging instrument    
ASSETS:    
Total assets at fair value 65 5 [1]
LIABILITIES:    
Total liabilities at fair value 26 11 [1]
Recurring fair value measurements | Money market fund investments | Cash equivalents and restricted cash equivalents    
ASSETS:    
Total assets at fair value 11,483 10,410 [1]
Recurring fair value measurements | Time deposits and certificates of deposit | Cash equivalents and restricted cash equivalents    
ASSETS:    
Total assets at fair value 60 25 [1]
Recurring fair value measurements | International government securities | Short-term Investments    
ASSETS:    
Total assets at fair value 13  
Recurring fair value measurements | International government securities | Long-term investments    
ASSETS:    
Total assets at fair value 62  
Recurring fair value measurements | U.S. government securities | Short-term Investments    
ASSETS:    
Total assets at fair value 130  
Recurring fair value measurements | U.S. government securities | Long-term investments    
ASSETS:    
Total assets at fair value 144  
Recurring fair value measurements | Corporate debt securities | Short-term Investments    
ASSETS:    
Total assets at fair value 32 25 [1]
Recurring fair value measurements | Corporate debt securities | Long-term investments    
ASSETS:    
Total assets at fair value 359  
Recurring fair value measurements | Equity securities | Long-term investments    
ASSETS:    
Total assets at fair value 2,071 2,850 [1]
Recurring fair value measurements | Level 1    
ASSETS:    
Total assets at fair value 13,614 13,285 [1]
Recurring fair value measurements | Level 1 | Foreign currency exchange derivatives | Not designated as hedging instrument    
ASSETS:    
Total assets at fair value 0 0 [1]
LIABILITIES:    
Total liabilities at fair value 0 0 [1]
Recurring fair value measurements | Level 1 | Money market fund investments | Cash equivalents and restricted cash equivalents    
ASSETS:    
Total assets at fair value 11,483 10,410 [1]
Recurring fair value measurements | Level 1 | Time deposits and certificates of deposit | Cash equivalents and restricted cash equivalents    
ASSETS:    
Total assets at fair value 60 25 [1]
Recurring fair value measurements | Level 1 | International government securities | Short-term Investments    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 1 | International government securities | Long-term investments    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 1 | U.S. government securities | Short-term Investments    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 1 | U.S. government securities | Long-term investments    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 1 | Corporate debt securities | Short-term Investments    
ASSETS:    
Total assets at fair value 0 0 [1]
Recurring fair value measurements | Level 1 | Corporate debt securities | Long-term investments    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 1 | Equity securities | Long-term investments    
ASSETS:    
Total assets at fair value 2,071 2,850 [1]
Recurring fair value measurements | Level 2    
ASSETS:    
Total assets at fair value 805 30 [1]
Recurring fair value measurements | Level 2 | Foreign currency exchange derivatives | Not designated as hedging instrument    
ASSETS:    
Total assets at fair value 65 5 [1]
LIABILITIES:    
Total liabilities at fair value 26 11 [1]
Recurring fair value measurements | Level 2 | Money market fund investments | Cash equivalents and restricted cash equivalents    
ASSETS:    
Total assets at fair value 0 0 [1]
Recurring fair value measurements | Level 2 | Time deposits and certificates of deposit | Cash equivalents and restricted cash equivalents    
ASSETS:    
Total assets at fair value 0 0 [1]
Recurring fair value measurements | Level 2 | International government securities | Short-term Investments    
ASSETS:    
Total assets at fair value 13  
Recurring fair value measurements | Level 2 | International government securities | Long-term investments    
ASSETS:    
Total assets at fair value 62  
Recurring fair value measurements | Level 2 | U.S. government securities | Short-term Investments    
ASSETS:    
Total assets at fair value 130  
Recurring fair value measurements | Level 2 | U.S. government securities | Long-term investments    
ASSETS:    
Total assets at fair value 144  
Recurring fair value measurements | Level 2 | Corporate debt securities | Short-term Investments    
ASSETS:    
Total assets at fair value 32 25 [1]
Recurring fair value measurements | Level 2 | Corporate debt securities | Long-term investments    
ASSETS:    
Total assets at fair value 359  
Recurring fair value measurements | Level 2 | Equity securities | Long-term investments    
ASSETS:    
Total assets at fair value 0 0 [1]
Recurring fair value measurements | Level 3    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 3 | Foreign currency exchange derivatives | Not designated as hedging instrument    
ASSETS:    
Total assets at fair value 0  
LIABILITIES:    
Total liabilities at fair value 0  
Recurring fair value measurements | Level 3 | Money market fund investments | Cash equivalents and restricted cash equivalents    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 3 | Time deposits and certificates of deposit | Cash equivalents and restricted cash equivalents    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 3 | International government securities | Short-term Investments    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 3 | International government securities | Long-term investments    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 3 | U.S. government securities | Short-term Investments    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 3 | U.S. government securities | Long-term investments    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 3 | Corporate debt securities | Short-term Investments    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 3 | Corporate debt securities | Long-term investments    
ASSETS:    
Total assets at fair value 0  
Recurring fair value measurements | Level 3 | Equity securities | Long-term investments    
ASSETS:    
Total assets at fair value 0  
Nonrecurring fair value measurements | Equity securities of private companies | Long-term investments    
ASSETS:    
Total assets at fair value 122 [2] 325 [3]
Nonrecurring fair value measurements | Level 1 | Equity securities of private companies | Long-term investments    
ASSETS:    
Total assets at fair value 0 [2] 0 [3]
Nonrecurring fair value measurements | Level 2 | Equity securities of private companies | Long-term investments    
ASSETS:    
Total assets at fair value 0 [2] $ 325 [3]
Nonrecurring fair value measurements | Level 3 | Equity securities of private companies | Long-term investments    
ASSETS:    
Total assets at fair value [2] $ 122  
[1] The Company did not have any Level 3 fair value measurements at December 31, 2021.
[2] During the three months ended June 30, 2022, the Company's investment in Yanolja was written down to its estimated fair value (see Note 5).
[3] During the year ended December 31, 2021, the Company recorded upward adjustments to its investments in equity securities of private companies, including Yanolja, based on observable price changes in orderly transactions for identical or similar investments of the same issuer (see Note 5).
v3.22.4
FAIR VALUE MEASUREMENTS - Fair Value Recurring Level 3 Rollforward (Details) - Debt Securities
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance, beginning of year $ 200
Unrealized gains 265 [1]
Transfers out of Level 3 (465)
Balance, end of year $ 0
[1] During the year ended December 31, 2021, as a result of the Grab Transaction, the Company’s investment in Grab was reclassified as equity securities with readily determinable fair values (see Note 5).
v3.22.4
FAIR VALUE MEASUREMENTS - Estimated Fair Values and Notional Amounts of Derivatives (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative [Line Items]      
Losses on foreign currency exchange derivatives $ 52 $ 30 $ 31
Recurring Basis      
Derivative [Line Items]      
Estimated fair value of derivative assets 14,419 13,315 [1]  
Not Designated as Hedging Instrument | Recurring Basis | Foreign currency exchange derivatives      
Derivative [Line Items]      
Estimated fair value of derivative assets 65 5 [1]  
Estimated fair value of derivative liabilities 26 11 [1]  
Level 2 | Recurring Basis      
Derivative [Line Items]      
Estimated fair value of derivative assets 805 30 [1]  
Level 2 | Not Designated as Hedging Instrument | Recurring Basis | Foreign currency exchange derivatives      
Derivative [Line Items]      
Estimated fair value of derivative assets 65 5 [1]  
Estimated fair value of derivative liabilities 26 11 [1]  
Foreign currency purchases | Not Designated as Hedging Instrument | Foreign currency exchange derivatives      
Derivative [Line Items]      
Notional amount: 2,870 840  
Foreign currency sales | Not Designated as Hedging Instrument | Foreign currency exchange derivatives      
Derivative [Line Items]      
Notional amount: $ 2,682 $ 1,857  
[1] The Company did not have any Level 3 fair value measurements at December 31, 2021.
v3.22.4
FAIR VALUE MEASUREMENTS - Investments Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Apr. 30, 2021
USD ($)
Mar. 31, 2022
USD ($)
Jun. 30, 2022
yr
Mar. 31, 2021
USD ($)
Treasury Lock | Cash Flow Hedging | Designated as Hedging Instrument        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Notional amount: | $       $ 1,800
Other comprehensive income (loss), cash flow hedge, gain (loss), before reclassification and tax | $   $ 15    
Payments for hedge, financing activities | $ $ 15      
Yanolja Co., Ltd | EBITDA Multiple Decrease | Valuation, Market Approach        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities measured at fair value     0.36  
Yanolja Co., Ltd | Discount Rate | Valuation, Income Approach | Minimum        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities measured at fair value     0.10  
Yanolja Co., Ltd | Discount Rate | Valuation, Income Approach | Maximum        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities measured at fair value     0.14  
Yanolja Co., Ltd | EBITDA Multiple | Valuation, Income Approach | Minimum        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities measured at fair value     14  
Yanolja Co., Ltd | EBITDA Multiple | Valuation, Income Approach | Maximum        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Equity securities measured at fair value     16  
v3.22.4
ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Receivables from customers, gross, current $ 1,500 $ 1,100  
Receivables from payment processors and networks, gross, current 730 343  
Accounts receivable, credit loss expense 130 48 $ 216
Prepaid expenses , net      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Prepayments to certain customers 29 67  
Other assets, net      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Prepayments to certain customers 5 18  
Revenue      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Accounts receivable, credit loss expense $ 37 $ 13 $ 37
v3.22.4
ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS - Summary of the Activity of the Allowance for Expected Credit Losses on Receivables (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of year $ 101 $ 166 $ 49
Provision charged to earnings 130 48 216
Write-offs and adjustments (110) (107) (116)
Foreign currency translation adjustments (4) (6) 17
Balance, end of year $ 117 $ 101 $ 166
v3.22.4
ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS - Summary of the Activity of the Allowance for Expected Credit Losses on Prepayments to Customers (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Contract With Customer, Asset, Prepayments To Customers, Allowance for Credit Loss [Abstract]      
Balance, beginning of year $ 47 $ 55 $ 6
Provision charged to expense (20) (4) 51
Write-offs and adjustments (4) (5) (2)
Currency translation adjustments 0 1 0
Balance, end of period $ 23 $ 47 $ 55
v3.22.4
NET INCOME PER SHARE (Details) - shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Earnings Per Share [Abstract]      
Weighted-average number of basic common shares outstanding (in shares) 39,872,000 41,042,000 40,974,000
Weighted-average dilutive stock options, restricted stock units and performance share units (in shares) 151,000 209,000 158,000
Assumed conversion of convertible senior notes (in shares) 29,000 111,000 28,000
Weighted-average number of diluted common and common equivalent shares outstanding (in shares) 40,052,000 41,362,000 41,160,000
Antidilutive securities excluded from computation of earnings per share (in shares) 10,270 12,722 124,922
v3.22.4
PROPERTY AND EQUIPMENT, NET (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,993 $ 2,127
Less: Accumulated depreciation (1,324) (1,305)
Property and equipment, net 669 822
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 758 728
Computer equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (years) 2 years  
Computer equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (years) 6 years  
Capitalized software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 900 742
Capitalized software | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (years) 2 years  
Capitalized software | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (years) 7 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 277 268
Leasehold improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (years) 1 year  
Leasehold improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (years) 15 years  
Office equipment, furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 58 61
Office equipment, furniture and fixtures | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (years) 2 years  
Office equipment, furniture and fixtures | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Lives (years) 8 years  
Building construction-in-progress (1)    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross [1] $ 0 $ 328
[1] See Note 10 for additional information on the sale and leaseback transaction.
v3.22.4
PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 227 $ 259 $ 291
Noncash investing activity related to additions to property and equipment, including stock-based compensation and accrued liabilities, amount 48 51 4
Capitalized software      
Property, Plant and Equipment [Line Items]      
Additions to property and equipment $ 217 $ 191 $ 144
v3.22.4
LEASES - Leases Recognized in the Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Operating lease assets $ 645 $ 496
Operating lease liabilities:    
Current operating lease liabilities $ 125 $ 143
Accrued expenses and other current liabilities Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Non-current operating lease liabilities $ 552 $ 351
Total operating lease liabilities 677 494
Finance lease assets $ 52 $ 10
Property and equipment, net Property and equipment, net Property and equipment, net
Finance lease liabilities:    
Current finance lease liabilities $ 21 $ 4
Accrued expenses and other current liabilities Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Non-current finance lease liabilities $ 32 $ 6
Other long-term liabilities Other long-term liabilities Other long-term liabilities
Total finance lease liabilities $ 53 $ 10
v3.22.4
LEASES - Lease Costs Recognized in the Statement of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]      
Finance lease cost $ 9 $ 3 $ 1
Operating lease cost 160 185 194
Variable lease cost 45 46 46
Less: Sublease income (5) (3) (2)
Total lease cost, net of sublease income $ 209 $ 231 $ 239
v3.22.4
LEASES - Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Operating Leases    
2023 $ 143  
2024 110  
2025 92  
2026 65  
2027 54  
Thereafter 349  
Total remaining lease payments 813  
Less: Imputed interest (136)  
Total lease liabilities 677 $ 494
Finance Leases    
2023 21  
2024 20  
2025 13  
2026 0  
2027 0  
Thereafter 0  
Total remaining lease payments 54  
Less: Imputed interest (1)  
Total lease liabilities $ 53 $ 10
v3.22.4
LEASES - Supplemental Cash Flow Information Related To Operating Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]      
Operating cash flows from operating leases $ 175 $ 186 $ 200
Financing cash flows from finance leases 9 2 1
Operating lease assets obtained in exchange for new operating lease liabilities 392 162 67
Finance lease assets obtained in exchange for new finance lease liabilities $ 50 $ 8 $ 5
v3.22.4
LEASES - Term and Discount Rate (Details)
Dec. 31, 2022
Dec. 31, 2021
Operating leases:    
Weighted average remaining lease term 9 years 9 months 18 days 8 years 4 months 24 days
Weighted-average discount rate 3.20% 2.00%
Finance leases:    
Weighted-average remaining lease term 2 years 8 months 12 days 2 years 8 months 12 days
Weighted-average discount rate 2.00% 0.70%
v3.22.4
LEASES - Narrative (Details)
€ in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2016
USD ($)
Sep. 30, 2016
EUR (€)
Dec. 31, 2022
USD ($)
renewal_terms
Dec. 31, 2022
EUR (€)
renewal_terms
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2021
EUR (€)
Lessee, Lease, Description [Line Items]              
Minimum lease payments related to leases which have not yet commenced     $ 63        
Remaining lease obligations     813        
Proceeds from sale and leaseback transaction     $ 601 € 566 $ 0 $ 0  
Initial lease term of sale leaseback operating lease     16.5 years 16.5 years      
Sale leaseback transaction, renewal terms | renewal_terms     5 5      
Sale leaseback transaction, renewal term     5 years 5 years      
Sale Leaseback Transaction, Annual Rental Payments     $ 26 € 24      
Gain on sale-leaseback transaction     $ 240   0 $ 0  
Headquarters | Booking.com              
Lessee, Lease, Description [Line Items]              
Acquisition of land use rights $ 48 € 43          
Headquarters | Booking.com | Ground Lease              
Lessee, Lease, Description [Line Items]              
Remaining lease obligations         $ 77   € 68
Maximum              
Lessee, Lease, Description [Line Items]              
Lessee, lease not yet commenced, term of contract     10 years        
v3.22.4
GOODWILL AND INTANGIBLE ASSETS - Changes in the Balance of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Roll Forward]    
Balance, beginning of year $ 2,887 [1] $ 1,895
Acquisitions 0 1,022
Foreign currency translation adjustments and other adjustments(1) [2] (80) (30)
Balance, end of year [1] 2,807 2,887
Cumulative impairment charges $ 2,000 $ 2,000
[1] The balance of goodwill as of December 31, 2022 and 2021 is stated net of cumulative impairment charges of $2.0 billion.
[2] During the year ended December 31, 2022, measurement period adjustments relating to the acquisition of Getaroom resulted in a decrease to goodwill of $38 million.
v3.22.4
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Finite-lived intangible assets    
Gross Carrying Amount $ 3,522 $ 3,561
Accumulated Amortization (1,693) (1,504)
Net Carrying Amount 1,829 2,057
Supply and distribution agreements    
Finite-lived intangible assets    
Gross Carrying Amount 1,386 1,407
Accumulated Amortization (658) (591)
Net Carrying Amount $ 728 816
Supply and distribution agreements | Minimum    
Finite-lived intangible assets    
Amortization Period 3 years  
Supply and distribution agreements | Maximum    
Finite-lived intangible assets    
Amortization Period 20 years  
Technology    
Finite-lived intangible assets    
Gross Carrying Amount $ 287 297
Accumulated Amortization (185) (151)
Net Carrying Amount $ 102 146
Technology | Minimum    
Finite-lived intangible assets    
Amortization Period 2 years  
Technology | Maximum    
Finite-lived intangible assets    
Amortization Period 7 years  
Internet domain names    
Finite-lived intangible assets    
Gross Carrying Amount $ 38 41
Accumulated Amortization (35) (36)
Net Carrying Amount $ 3 5
Internet domain names | Minimum    
Finite-lived intangible assets    
Amortization Period 5 years  
Internet domain names | Maximum    
Finite-lived intangible assets    
Amortization Period 20 years  
Trade names    
Finite-lived intangible assets    
Gross Carrying Amount $ 1,806 1,814
Accumulated Amortization (812) (724)
Net Carrying Amount $ 994 1,090
Trade names | Minimum    
Finite-lived intangible assets    
Amortization Period 3 years  
Trade names | Maximum    
Finite-lived intangible assets    
Amortization Period 20 years  
Other intangible assets    
Finite-lived intangible assets    
Gross Carrying Amount $ 5 2
Accumulated Amortization (3) (2)
Net Carrying Amount $ 2 $ 0
Other intangible assets | Maximum    
Finite-lived intangible assets    
Amortization Period 15 years  
v3.22.4
GOODWILL AND INTANGIBLE ASSETS - Annual Estimated Amortization Expense for Intangible Assets (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2023 $ 222
2024 221
2025 213
2026 180
2027 169
Thereafter 824
Total $ 1,829
v3.22.4
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Goodwill [Line Items]            
Impairment of goodwill     $ 0 $ 0 $ 0 $ 1,062
Goodwill       2,807 [1] 2,887 [1] 1,895
Intangible assets amortization expense       $ 224 $ 162 $ 167
OpenTable and KAYAK            
Goodwill [Line Items]            
Impairment of goodwill $ 573 $ 489        
Goodwill $ 1,000 $ 1,500        
Sensitivity analysis, reporting unit, change in growth rate 1.00%          
Potential increase in fair value from 1% point increase in profitability growth rate $ 100          
Potential decrease in fair value from 1% point decrease in profitability growth rate $ 100          
Sensitivity analysis, reporting unit, change in discount rate 0.50%          
Potential decrease in fair value due to 0.5% increase in discount rate $ 65          
Potential increase in fair value due to 0.5% decrease in discount rate $ 70          
[1] The balance of goodwill as of December 31, 2022 and 2021 is stated net of cumulative impairment charges of $2.0 billion.
v3.22.4
DEBT - Schedule of Outstanding Debt (Details)
€ in Millions, $ in Millions
Dec. 31, 2022
USD ($)
Dec. 31, 2022
EUR (€)
Nov. 30, 2022
EUR (€)
Dec. 31, 2021
USD ($)
Dec. 31, 2021
EUR (€)
Mar. 31, 2021
EUR (€)
Apr. 30, 2020
USD ($)
Debt Instrument [Line Items]              
Short-term debt, carrying value $ 500     $ 1,989      
Long-term debt, carrying value 11,985     8,937      
Senior Notes | Current liabilities:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount 500     1,990      
Unamortized Debt Discount and Debt Issuance Cost 0     (1)      
Short-term debt, carrying value 500     1,989      
Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount 12,045     9,070      
Unamortized Debt Discount and Debt Issuance Cost (60)     (133)      
Long-term debt, carrying value $ 11,985     $ 8,937      
0.8% (€1 Billion) Senior Notes due March 2022 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate       0.80% 0.80%    
Face amount of debt | €         € 1,000    
0.8% (€1 Billion) Senior Notes due March 2022 | Senior Notes | Current liabilities:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount       $ 1,137      
Unamortized Debt Discount and Debt Issuance Cost       0      
Short-term debt, carrying value       $ 1,137      
2.15% (€750 Million) Senior Notes due November 2022 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate       2.15% 2.15%    
Face amount of debt | €         € 750    
2.15% (€750 Million) Senior Notes due November 2022 | Senior Notes | Current liabilities:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount       $ 853      
Unamortized Debt Discount and Debt Issuance Cost       (1)      
Short-term debt, carrying value       $ 852      
2.75% Senior Notes due March 2023 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 2.75% 2.75%   2.75% 2.75%    
2.75% Senior Notes due March 2023 | Senior Notes | Current liabilities:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 500            
Unamortized Debt Discount and Debt Issuance Cost 0            
Short-term debt, carrying value $ 500            
2.75% Senior Notes due March 2023 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount       $ 500      
Unamortized Debt Discount and Debt Issuance Cost       (1)      
Long-term debt, carrying value       $ 499      
2.375% (€1 Billion) Senior Notes due September 2024 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 2.375% 2.375%   2.375% 2.375%    
Face amount of debt | €   € 1,000     € 1,000    
2.375% (€1 Billion) Senior Notes due September 2024 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 1,067     $ 1,137      
Unamortized Debt Discount and Debt Issuance Cost (3)     (5)      
Long-term debt, carrying value $ 1,064     $ 1,132      
3.65% Senior Notes due March 2025 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 3.65% 3.65%   3.65% 3.65%    
3.65% Senior Notes due March 2025 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 500     $ 500      
Unamortized Debt Discount and Debt Issuance Cost (1)     (1)      
Long-term debt, carrying value $ 499     $ 499      
0.1% (€950 Million) Senior Notes due March 2025 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 0.10% 0.10%   0.10% 0.10% 0.10%  
Face amount of debt | €   € 950     € 950 € 950  
0.1% (€950 Million) Senior Notes due March 2025 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 1,014     $ 1,080      
Unamortized Debt Discount and Debt Issuance Cost (3)     (4)      
Long-term debt, carrying value $ 1,011     $ 1,076      
0.75% Convertible Senior Notes due May 2025 | Convertible Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 0.75% 0.75%   0.75% 0.75%   0.75%
Face amount of debt             $ 863
0.75% Convertible Senior Notes due May 2025 | Convertible Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 863     $ 863      
Unamortized Debt Discount and Debt Issuance Cost (9)     (99)      
Long-term debt, carrying value $ 854     $ 764      
3.6% Senior Notes due June 2026 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 3.60% 3.60%   3.60% 3.60%    
3.6% Senior Notes due June 2026 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 1,000     $ 1,000      
Unamortized Debt Discount and Debt Issuance Cost (3)     (4)      
Long-term debt, carrying value $ 997     $ 996      
4.0% (€750 Million) Senior Notes due November 2026 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 4.00% 4.00% 4.00%        
Face amount of debt | €   € 750 € 750        
4.0% (€750 Million) Senior Notes due November 2026 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 800            
Unamortized Debt Discount and Debt Issuance Cost (3)            
Long-term debt, carrying value $ 797            
1.8% (€1 Billion) Senior Notes due March 2027 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 1.80% 1.80%   1.80% 1.80%    
Face amount of debt | €   € 1,000     € 1,000    
1.8% (€1 Billion) Senior Notes due March 2027 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 1,067     $ 1,137      
Unamortized Debt Discount and Debt Issuance Cost (2)     (3)      
Long-term debt, carrying value $ 1,065     $ 1,134      
3.55% Senior Notes due March 2028 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 3.55% 3.55%   3.55% 3.55%    
3.55% Senior Notes due March 2028 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 500     $ 500      
Unamortized Debt Discount and Debt Issuance Cost (2)     (2)      
Long-term debt, carrying value $ 498     $ 498      
0.5% (€750 Million) Senior Notes due March 2028 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 0.50% 0.50%   0.50% 0.50% 0.50%  
Face amount of debt | €   € 750     € 750 € 750  
0.5% (€750 Million) Senior Notes due March 2028 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 800     $ 853      
Unamortized Debt Discount and Debt Issuance Cost (3)     (5)      
Long-term debt, carrying value $ 797     $ 848      
4.25% (€750 Million) Senior Notes due May 2029 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 4.25% 4.25% 4.25%        
Face amount of debt | €   € 750 € 750        
4.25% (€750 Million) Senior Notes due May 2029 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 800            
Unamortized Debt Discount and Debt Issuance Cost (6)            
Long-term debt, carrying value $ 794            
4.625% Senior Notes due April 2030 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 4.625% 4.625%   4.625% 4.625%   4.625%
Outstanding Principal  Amount             $ 1,500
4.625% Senior Notes due April 2030 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 1,500     $ 1,500      
Unamortized Debt Discount and Debt Issuance Cost (9)     (9)      
Long-term debt, carrying value $ 1,491     $ 1,491      
4.5% (€1 Billion) Senior Notes due November 2031 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 4.50% 4.50% 4.50%        
Face amount of debt | €   € 1,000 € 1,000        
4.5% (€1 Billion) Senior Notes due November 2031 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 1,067            
Unamortized Debt Discount and Debt Issuance Cost (7)            
Long-term debt, carrying value $ 1,060            
4.75% (€1 Billion) Senior Notes due November 2034 | Senior Notes              
Debt Instrument [Line Items]              
Stated interest rate 4.75% 4.75% 4.75%        
Face amount of debt | €   € 1,000 € 1,000        
4.75% (€1 Billion) Senior Notes due November 2034 | Senior Notes | Long-term debt:              
Debt Instrument [Line Items]              
Outstanding Principal  Amount $ 1,067            
Unamortized Debt Discount and Debt Issuance Cost (9)            
Long-term debt, carrying value $ 1,058            
v3.22.4
DEBT - Summary of Interest Expenses and Weighted-Average Effective Interest Rates Related To Convertible Senior Notes and Other Senior Notes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Convertible Senior Notes      
Debt Instrument [Line Items]      
Coupon interest expense $ 6 $ 13 $ 15
Amortization of debt discount and debt issuance costs 4 43 54
Total interest expense $ 10 $ 56 $ 69
Weighted-average effective interest rate 1.20% 3.80% 3.50%
Senior Notes      
Debt Instrument [Line Items]      
Coupon interest expense $ 241 $ 257 $ 264
Amortization of debt discount and debt issuance costs 10 10 9
Total interest expense $ 251 $ 267 $ 273
v3.22.4
DEBT - Summary of Information Related to Other Senior Notes Outstanding (Details) - Senior Notes
Dec. 31, 2022
Nov. 30, 2022
Dec. 31, 2021
Mar. 31, 2021
Apr. 30, 2020
Aug. 31, 2017
May 31, 2016
Mar. 31, 2015
Sep. 30, 2014
2.75% Senior Notes due March 2023                  
Debt Instrument [Line Items]                  
Stated interest rate 2.75%   2.75%            
Effective interest rate [1]           2.88%      
2.375% (€1 Billion) Senior Notes due September 2024                  
Debt Instrument [Line Items]                  
Stated interest rate 2.375%   2.375%            
Effective interest rate [1]                 2.54%
3.65% Senior Notes due March 2025                  
Debt Instrument [Line Items]                  
Stated interest rate 3.65%   3.65%            
Effective interest rate [1]               3.76%  
0.1% (€950 Million) Senior Notes due March 2025                  
Debt Instrument [Line Items]                  
Stated interest rate 0.10%   0.10% 0.10%          
Effective interest rate [1]       0.30%          
3.6% Senior Notes due June 2026                  
Debt Instrument [Line Items]                  
Stated interest rate 3.60%   3.60%            
Effective interest rate [1]             3.70%    
4.0% (€750 Million) Senior Notes due November 2026                  
Debt Instrument [Line Items]                  
Stated interest rate 4.00% 4.00%              
Effective interest rate [1]   4.08%              
1.8% (€1 Billion) Senior Notes due March 2027                  
Debt Instrument [Line Items]                  
Stated interest rate 1.80%   1.80%            
Effective interest rate [1]               1.86%  
3.55% Senior Notes due March 2028                  
Debt Instrument [Line Items]                  
Stated interest rate 3.55%   3.55%            
Effective interest rate [1]           3.63%      
0.5% (€750 Million) Senior Notes due March 2028                  
Debt Instrument [Line Items]                  
Stated interest rate 0.50%   0.50% 0.50%          
Effective interest rate [1]       0.63%          
4.25% (€750 Million) Senior Notes due May 2029                  
Debt Instrument [Line Items]                  
Stated interest rate 4.25% 4.25%              
Effective interest rate [1]   4.35%              
4.625% Senior Notes due April 2030                  
Debt Instrument [Line Items]                  
Stated interest rate 4.625%   4.625%   4.625%        
Effective interest rate [1]         4.72%        
4.5% (€1 Billion) Senior Notes due November 2031                  
Debt Instrument [Line Items]                  
Stated interest rate 4.50% 4.50%              
Effective interest rate [1]   4.57%              
4.75% (€1 Billion) Senior Notes due November 2034                  
Debt Instrument [Line Items]                  
Stated interest rate 4.75% 4.75%              
Effective interest rate [1]   4.81%              
[1] Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt.
v3.22.4
DEBT - Narrative (Details)
$ / shares in Units, € in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2021
USD ($)
Apr. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
Apr. 30, 2020
USD ($)
day
$ / shares
Aug. 31, 2019
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2022
EUR (€)
Nov. 30, 2022
EUR (€)
Dec. 31, 2021
EUR (€)
Mar. 31, 2021
EUR (€)
Aug. 31, 2014
USD ($)
May 31, 2013
USD ($)
Debt Instrument [Line Items]                                  
Letters of credit outstanding     $ 511,000,000           $ 452,000,000 $ 511,000,000              
Loss on early extinguishment of debt [1]                 0 242,000,000 $ 0            
Accounting Standards Update 2020-06                                  
Debt Instrument [Line Items]                                  
Interest expense                 26,000,000                
Convertible Senior Notes                                  
Debt Instrument [Line Items]                                  
Interest expense                 (10,000,000) (56,000,000) (69,000,000)            
Senior Notes                                  
Debt Instrument [Line Items]                                  
Payments of debt issuance costs                 19,000,000   19,000,000            
Interest expense                 (251,000,000) (267,000,000) (273,000,000)            
Carrying value of long-term debt     $ 10,200,000,000           $ 11,600,000,000 $ 10,200,000,000              
0.75% Convertible Senior Notes due May 2025 | Convertible Senior Notes                                  
Debt Instrument [Line Items]                                  
Face amount of debt             $ 863,000,000                    
Stated interest rate     0.75%       0.75%   0.75% 0.75%   0.75%   0.75%      
Payments of debt issuance costs                     19,000,000            
Conversion price (in dollars per share) | $ / shares             $ 1,886.44                    
Ratio of closing share price to conversion price as a condition for conversion of the convertible notes             130.00%                    
Effective interest rate             4.10%                    
Debt discount related to convertible notes, net of tax             $ 100,000,000                    
Debt discount related to convertible notes, before tax             $ 130,000,000                    
0.9% Senior Convertible Notes Due September 2021 | Convertible Senior Notes                                  
Debt Instrument [Line Items]                                  
Face amount of debt                               $ 1,000,000,000  
Stated interest rate                               0.90%  
Payments related to principal amount       $ 1,000,000,000                          
Cash payment of the conversion value in excess of the principal amount       $ 86,000,000                          
Debt discount related to convertible notes, net of tax                               $ 83,000,000  
Debt discount related to convertible notes, before tax                               $ 143,000,000  
0.35% Convertible Senior Notes due June 2020 | Convertible Senior Notes                                  
Debt Instrument [Line Items]                                  
Face amount of debt                                 $ 1,000,000,000
Stated interest rate                                 0.35%
Payments related to principal amount           $ 1,000,000,000                      
Cash payment of the conversion value in excess of the principal amount           $ 245,000,000                      
4.0% (€750 Million) Senior Notes due November 2026 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Face amount of debt | €                       € 750 € 750        
Stated interest rate                 4.00%     4.00% 4.00%        
Effective interest rate [2]                         4.08%        
4.25% (€750 Million) Senior Notes due May 2029 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Face amount of debt | €                       € 750 € 750        
Stated interest rate                 4.25%     4.25% 4.25%        
Effective interest rate [2]                         4.35%        
4.5% (€1 Billion) Senior Notes due November 2031 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Face amount of debt | €                       € 1,000 € 1,000        
Stated interest rate                 4.50%     4.50% 4.50%        
Effective interest rate [2]                         4.57%        
4.75% (€1 Billion) Senior Notes due November 2034 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Face amount of debt | €                       € 1,000 € 1,000        
Stated interest rate                 4.75%     4.75% 4.75%        
Effective interest rate [2]                         4.81%        
2.15% (€750 Million) Senior Notes due November 2022 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Face amount of debt | €                           € 750      
Stated interest rate     2.15%             2.15%       2.15%      
Repayments of senior debt $ 778,000,000                                
0.8% (€1 Billion) Senior Notes due March 2022 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Face amount of debt | €                           € 1,000      
Stated interest rate     0.80%             0.80%       0.80%      
Repayments of senior debt   $ 1,100,000,000                              
0.1% (€950 Million) Senior Notes due March 2025 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Face amount of debt | €                       € 950   € 950 € 950    
Stated interest rate     0.10%           0.10% 0.10%   0.10%   0.10% 0.10%    
Effective interest rate [2]                             0.30%    
0.5% (€750 Million) Senior Notes due March 2028 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Face amount of debt | €                       € 750   € 750 € 750    
Stated interest rate     0.50%           0.50% 0.50%   0.50%   0.50% 0.50%    
Effective interest rate [2]                             0.63%    
4.1% Senior Notes due April 2025 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Stated interest rate             4.10%                    
Payment to redeem debt         $ 1,100,000,000                        
Outstanding Principal  Amount             $ 1,000,000,000                    
4.5% Senior Notes Due April 2027 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Stated interest rate             4.50%                    
Payment to redeem debt         $ 868,000,000                        
Outstanding Principal  Amount             $ 750,000,000                    
4.1% Senior Notes Due April 2025 And 4.5% Senior Notes Due April 2027 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Loss on early extinguishment of debt                   $ 242,000,000              
4.625% Senior Notes due April 2030 | Senior Notes                                  
Debt Instrument [Line Items]                                  
Stated interest rate     4.625%       4.625%   4.625% 4.625%   4.625%   4.625%      
Effective interest rate [2]             4.72%                    
Outstanding Principal  Amount             $ 1,500,000,000                    
Level 2                                  
Debt Instrument [Line Items]                                  
Estimated market value of outstanding senior notes     $ 12,100,000,000           $ 12,400,000,000 $ 12,100,000,000              
Level 2 | 0.75% Convertible Senior Notes due May 2025 | Convertible Senior Notes                                  
Debt Instrument [Line Items]                                  
Estimated market value of outstanding senior notes     1,300,000,000           1,200,000,000 1,300,000,000              
Minimum | 0.75% Convertible Senior Notes due May 2025 | Convertible Senior Notes                                  
Debt Instrument [Line Items]                                  
Consecutive days the closing sales price of common stock must exceed a specified percentage of conversion price to trigger conversion feature of note (in days) | day             20                    
Additional payment to debt holder, settled in shares, aggregate value of shares             $ 0                    
Minimum | Euro-Denominated Debt | Designated as Hedging Instrument                                  
Debt Instrument [Line Items]                                  
Carrying value of the portions of Euro-denominated debt, including accrued interest, designated as a net investment hedge                 4,200,000,000 2,500,000,000              
Maximum | 0.75% Convertible Senior Notes due May 2025 | Convertible Senior Notes                                  
Debt Instrument [Line Items]                                  
Consecutive days the closing sales price of common stock must exceed a specified percentage of conversion price to trigger conversion feature of note (in days) | day             30                    
Additional payment to debt holder, settled in shares, aggregate value of shares             $ 235,000,000                    
Maximum | Euro-Denominated Debt | Designated as Hedging Instrument                                  
Debt Instrument [Line Items]                                  
Carrying value of the portions of Euro-denominated debt, including accrued interest, designated as a net investment hedge                 6,200,000,000 5,100,000,000              
Revolving Credit Facility                                  
Debt Instrument [Line Items]                                  
Revolving credit facility maximum borrowing capacity               $ 2,000,000,000                  
Term of revolving credit facility               5 years                  
Long-Term Line of Credit     $ 0           0 0              
Debt instrument, minimum liquidity covenant, amount                     $ 4,500,000,000            
Revolving Credit Facility | Minimum                                  
Debt Instrument [Line Items]                                  
Revolving credit facility commitment fee percentage on undrawn balances               0.07%                  
Revolving Credit Facility | Minimum | Euro Interbank Offered Rate                                  
Debt Instrument [Line Items]                                  
Reference rate     0.00%                            
Revolving Credit Facility | Minimum | Sterling Overnight Index Average                                  
Debt Instrument [Line Items]                                  
Reference rate     0.00%                            
Revolving credit facility interest rate     0.875%                            
Revolving Credit Facility | Maximum                                  
Debt Instrument [Line Items]                                  
Revolving credit facility commitment fee percentage on undrawn balances               0.20%                  
Revolving Credit Facility | Maximum | Sterling Overnight Index Average                                  
Debt Instrument [Line Items]                                  
Revolving credit facility interest rate     1.50%                            
Revolving Credit Facility | Rate 1 | Minimum | London Interbank Offered Rate (LIBOR)                                  
Debt Instrument [Line Items]                                  
Reference rate               0.00%                  
Revolving credit facility interest rate               0.875%                  
Revolving Credit Facility | Rate 1 | Maximum | London Interbank Offered Rate (LIBOR)                                  
Debt Instrument [Line Items]                                  
Revolving credit facility interest rate               1.50%                  
Revolving Credit Facility | Rate 2B | U. S. Federal Funds Rate                                  
Debt Instrument [Line Items]                                  
Revolving credit facility interest rate               0.50%                  
Revolving Credit Facility | Rate 2C | One Month LIBOR                                  
Debt Instrument [Line Items]                                  
Revolving credit facility interest rate               1.00%                  
Revolving Credit Facility | Rate 2C | Minimum                                  
Debt Instrument [Line Items]                                  
Revolving credit facility interest rate               0.00%                  
Revolving Credit Facility | Rate 2C | Minimum | One Month LIBOR                                  
Debt Instrument [Line Items]                                  
Reference rate               0.00%                  
Revolving Credit Facility | Rate 2C | Maximum                                  
Debt Instrument [Line Items]                                  
Revolving credit facility interest rate               0.50%                  
Letter of Credit                                  
Debt Instrument [Line Items]                                  
Revolving credit facility maximum borrowing capacity               $ 80,000,000                  
Letters of credit outstanding     $ 4,000,000           $ 14,000,000 $ 4,000,000              
Swingline Loans                                  
Debt Instrument [Line Items]                                  
Revolving credit facility maximum borrowing capacity               $ 100,000,000                  
[1] See Note 12 for additional information related to the loss on early extinguishment of debt.
[2] Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt.
v3.22.4
TREASURY STOCK - Summary of Stock Repurchase Activities (Details) - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]      
Repurchases (in shares) 3,400 71 685
Total Repurchases $ 6,693 $ 162 $ 1,264
General authorization for shares withheld on stock award vesting (in shares) 80 71 84
General authorization for shares withheld on stock award vesting $ 167 $ 162 $ 142
Authorized stock repurchase programs      
Equity, Class of Treasury Stock [Line Items]      
Repurchases (in shares) 3,320 0 601
Total Repurchases $ 6,526 $ 0 $ 1,122
v3.22.4
TREASURY STOCK - Narrative (Details) - USD ($)
 1 Months Ended 2 Months Ended 12 Months Ended
Dec. 31, 2022
Feb. 22, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Feb. 23, 2023
Dec. 31, 2019
Equity, Class of Treasury Stock [Line Items]              
Stock repurchase program, expected time to complete     4 years        
Treasury stock repurchased but unsettled by period end amount $ 70,000,000            
Payments for repurchase of common stock     $ 6,621,000,000 $ 163,000,000 $ 1,303,000,000    
Remittances of employee withholding taxes     165,000,000 163,000,000 $ 141,000,000    
Subsequent Event              
Equity, Class of Treasury Stock [Line Items]              
Payments for repurchase of common stock   $ 542,000,000          
2019 Share Repurchase Program              
Equity, Class of Treasury Stock [Line Items]              
Remaining authorization to repurchase common stock $ 3,900,000,000   $ 3,900,000,000 $ 10,400,000,000      
Amount of common stock repurchases authorized             $ 15,000,000,000
2023 Share Repurchase Program | Subsequent Event              
Equity, Class of Treasury Stock [Line Items]              
Amount of common stock repurchases authorized           $ 20,000,000,000  
v3.22.4
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
May 31, 2020
Total, net of tax        
Balance $ 6,178 $ 4,893 $ 5,933  
OCI before reclassifications (121) 135 55  
Amounts reclassified to net income [2] (2) [1] (161) 18  
Total other comprehensive (loss) income, net of tax (123) (26) 73  
Balance 2,782 6,178 4,893  
Convertible debt securities | Trip.com Group        
Total, net of tax        
Investment in convertible notes   500   $ 250
Foreign currency translation adjustments        
Total, net of tax        
Balance (146) (89) (139)  
OCI before reclassifications (111) (57) 50  
Amounts reclassified to net income [2] 0 [1] 0 0  
Total other comprehensive (loss) income, net of tax (111) (57) 50  
Balance (257) (146) (89)  
Foreign currency translation adjustments | Foreign Exchange Forward | Net Investment Hedging        
Before tax        
Balance, beginning of period (53) (53) (53)  
Balance, end of period (53) (53) (53)  
Total, net of tax        
Balance (35) (35) (35)  
Balance (35) (35) (35)  
Foreign Currency Translation Adjustments - Foreign Currency Translation        
Before tax        
Balance, beginning of period (276) 11 (186)  
OCI before reclassifications (303) (287) 197  
Amounts reclassified to net income [2] 0 [1] 0 0  
OCI for the period (303) (287) 197  
Balance, end of period (579) (276) 11  
Tax        
Balance, beginning of period [3] 67 47 54  
OCI before reclassifications [3] 26 20 (7)  
Amounts reclassified to net income [2],[3] 0 [1] 0 0  
OCI for the period [3] 26 20 (7)  
Balance, end of period [3] 93 67 47  
Foreign Currency Translation Adjustments - Net Investment Hedges        
Before tax        
Balance, beginning of period [4] 91 (184) (2)  
OCI before reclassifications [4] 219 275 (182)  
Amounts reclassified to net income [2],[4] 0 [1] 0 0  
OCI for the period [4] 219 275 (182)  
Balance, end of period [4] 310 91 (184)  
Tax        
Balance, beginning of period [4] (28) 37 (5)  
OCI before reclassifications [4] (53) (65) 42  
Amounts reclassified to net income [2],[4] 0 [1] 0 0  
OCI for the period [4] (53) (65) 42  
Balance, end of period [4] (81) (28) 37  
Unrealized losses on cash flow hedges        
Before tax        
Balance, beginning of period [5] 0 0 0  
OCI before reclassifications [5] 0 (15) 0  
Amounts reclassified to net income [2],[5] 0 [1] 15 0  
OCI for the period [5] 0 0 0  
Balance, end of period [5] 0 0 0  
Tax        
Balance, beginning of period [5] 0 0 0  
OCI before reclassifications [5] 0 4 0  
Amounts reclassified to net income [2],[5] 0 [1] (4) 0  
OCI for the period [5] 0 0 0  
Balance, end of period [5] 0 0 0  
Total, net of tax        
Balance [5] 0 0 0  
OCI before reclassifications [5] 0 (11) 0  
Amounts reclassified to net income [2],[5] 0 [1] 11 0  
Total other comprehensive (loss) income, net of tax [5] 0 0 0  
Balance [5] 0 0 0  
Net unrealized gains (losses) on available-for-sale securities        
Before tax        
Balance, beginning of period 3 3 (7)  
OCI before reclassifications (13) 265 6  
Amounts reclassified to net income [2] (3) [1] (265) 4  
OCI for the period (16) 0 10  
Balance, end of period (13) 3 3  
Tax        
Balance, beginning of period (1) (32) (45)  
OCI before reclassifications 3 (62) (1)  
Amounts reclassified to net income [2] 1 [1] 93 14  
OCI for the period 4 31 13  
Balance, end of period 3 (1) (32)  
Total, net of tax        
Balance 2 (29) (52)  
OCI before reclassifications (10) 203 5  
Amounts reclassified to net income [2] (2) [1] (172) 18  
Total other comprehensive (loss) income, net of tax (12) 31 23  
Balance (10) 2 (29)  
Net unrealized gains (losses) on available-for-sale securities | Grab        
Before tax        
Amounts reclassified to net income   (265)    
Total, net of tax        
Amounts reclassified to net income   (203)    
Net unrealized gains (losses) on available-for-sale securities | Convertible debt securities | Trip.com Group        
Tax        
Amounts reclassified to net income   31 15  
Total AOCI, net of tax        
Total, net of tax        
Balance (144) (118) (191)  
Balance $ (267) $ (144) $ (118)  
[1] For the year ended December 31, 2021, amounts reclassified to net income includes a gain of $203 million ($265 million before tax) related to the Company's investment in Grab, which was reclassified from available-for-sale debt securities to equity securities with readily determinable fair values (see Note 5).
[2] The reclassified net gains (losses) on available-for-sale securities, before tax, are included in "Other income (expense), net" and the reclassified tax (expenses) benefits are included in "Income tax expense" in the Consolidated Statements of Operations. The cost of marketable debt securities sold is determined using a first-in and first-out method. For the years ended December 31, 2021 and 2020, the reclassified tax expenses include a tax expense of $31 million and $15 million, related to the redemption in December 2021 of the Company's investment of $500 million in Trip.com Group convertible senior notes and the maturity in May 2020 of the Company's investment of $250 million in Trip.com Group convertible senior notes, respectively.
[3] The tax benefits relate to foreign currency translation adjustments to the Company's one-time deemed repatriation tax liability recorded at December 31, 2017 and foreign earnings for periods after December 31, 2017 that are subject to U.S. federal and state income tax, resulting from the enactment of the Tax Act.
[4] Net investment hedges balance at December 31, 2022 and earlier dates presented above, includes accumulated net losses from fair value adjustments of $35 million ($53 million before tax) associated with previously settled derivatives that were designated as net investment hedges. The remaining balances relate to foreign currency transaction gains (losses) and related tax benefits (expenses) associated with the Company's Euro-denominated debt that is designated as a hedge of the foreign currency exposure of the net investment in certain Euro functional currency subsidiaries (see Notes 2 and 12).
[5] Relates to the reverse treasury lock agreements entered in March 2021 that were designated as cash flow hedges and settled in April 2021 (see Note 6).
v3.22.4
INCOME TAXES - Pre-tax income (loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
International $ 4,717 $ 1,937 $ 2,575
U.S. (794) (472) (2,008)
Income before income taxes $ 3,923 $ 1,465 $ 567
v3.22.4
INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current income tax expense (benefit):      
International $ 1,145 $ 665 $ 320
U.S. Federal (8) 68 (9)
U.S. State (15) 12 (16)
Current income tax expense (benefit): 1,122 745 295
Deferred income tax (benefit) expense:      
International (61) (103) (62)
U.S. Federal (172) (323) 296
U.S. State (24) (19) (21)
Current income tax expense (benefit): (257) (445) 213
Income tax expense $ 865 $ 300 $ 508
v3.22.4
INCOME TAXES - Net Deferred Tax Assets/(Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:    
Net operating loss carryforward — U.S. $ 95 $ 88
Net operating loss carryforward — International 176 137
Accrued expenses 74 50
Stock-based compensation and other stock based payments 36 50
Foreign currency translation adjustment 83 48
Tax credits 35 19
Operating lease liabilities 29 38
Property and equipment 126 95
Other 7 11
Total deferred tax assets 661 536
Valuation allowance on deferred tax assets (120) (37)
Deferred tax assets, net 541 499
Deferred tax liabilities:    
Discount on convertible notes 0 (20)
Intangible assets and other (174) (192)
Euro-denominated debt (84) (20)
State income tax on accumulated unremitted international earnings (8) (8)
Unrealized gains on investments (202) (417)
Operating lease assets (26) (37)
Installment sale liability (119) (156)
Deferred tax liabilities (613) (850)
Net deferred tax liabilities (1) [1] (72) (351)
Other assets, net    
Deferred tax liabilities:    
Deferred tax assets $ 613 $ 554
[1] Includes deferred tax assets of $613 million and $554 million at December 31, 2022 and 2021, respectively, included in "Other assets, net" in the Consolidated Balance Sheets.
v3.22.4
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of effective income tax rate and amount computed using expected U.S. statutory federal rate      
Income tax expense at U.S. federal statutory rate $ 824 $ 308 $ 119
Adjustment due to:      
Foreign rate differential 264 137 55
Innovation Box Tax benefit (452) (230) (79)
Goodwill impairment 0 0 228
Stock-based compensation 42 37 32
Federal GILTI 10 17 73
State income tax benefit (31) (6) (31)
Valuation allowance 87 (19) 36
Uncertain tax positions 72 39 64
Tax Act - U.S. transition tax benefit and other transition impacts 0 0 (8)
Other 49 17 19
Income tax expense $ 865 $ 300 $ 508
Statutory rate (as a percent) 21.00% 21.00% 21.00%
v3.22.4
INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Unrecognized tax benefits      
Unrecognized tax benefit — January 1 $ 120 $ 84 $ 56
Gross increases — tax positions in current period 3 14 2
Gross increases — tax positions in prior periods 94 44 48
Gross decreases — tax positions in prior periods (33) (19) (11)
Reduction due to settlements during the current period 0 (3) (11)
Unrecognized tax benefit — December 31 $ 184 $ 120 $ 84
v3.22.4
INCOME TAXES - Narrative (Details)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2022
EUR (€)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Mar. 31, 2021
USD ($)
Mar. 31, 2021
EUR (€)
Mar. 31, 2020
USD ($)
Mar. 31, 2020
EUR (€)
Income Tax Contingency [Line Items]                
Tax Adjustments, Settlements, and Unusual Provisions       $ 8        
Tax credit carryforward, used in period     $ 115          
Valuation allowance on deferred tax assets $ 120   $ 37          
Statutory rate (as a percent) 21.00% 21.00% 21.00% 21.00%        
Gross interest and penalties accrued $ 43   $ 30          
The Netherlands                
Income Tax Contingency [Line Items]                
Prepaid taxes         $ 175 € 149 $ 717 € 660
Income Taxes Paid $ 363 € 348            
Innovation box tax rate 9.00% 9.00% 9.00% 7.00%        
Statutory rate (as a percent) 25.80% 25.80% 25.00%          
Domestic Tax Authority                
Income Tax Contingency [Line Items]                
Deferred tax assets, operating loss carryforwards, used in period     $ 108          
NOLs utilized in period $ 309              
Operating loss carryforwards 315              
Valuation allowance on deferred tax assets 91   11          
State and Local Jurisdiction                
Income Tax Contingency [Line Items]                
Operating loss carryforwards 465              
Foreign Tax Authority                
Income Tax Contingency [Line Items]                
Operating loss carryforwards 859              
Valuation allowance on deferred tax assets 29   26          
Research Tax Credit and Foreign Tax Credit Carryforwards | Domestic Tax Authority                
Income Tax Contingency [Line Items]                
Tax credit carryforward 42              
Accrued expenses and other current liabilities                
Income Tax Contingency [Line Items]                
Income taxes liability $ 880   $ 181          
v3.22.4
COMMITMENTS AND CONTINGENCIES - Tax Matters (Details)
₺ in Millions, € in Millions, $ in Millions
 1 Months Ended 12 Months Ended 24 Months Ended 33 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2022
EUR (€)
Dec. 31, 2021
USD ($)
Dec. 31, 2021
TRY (₺)
Jun. 30, 2021
USD ($)
Jun. 30, 2021
EUR (€)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
EUR (€)
Jan. 31, 2019
USD ($)
Jan. 31, 2019
EUR (€)
Dec. 31, 2015
USD ($)
Dec. 31, 2015
EUR (€)
Dec. 31, 2022
USD ($)
Dec. 31, 2022
EUR (€)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
TRY (₺)
Aug. 31, 2021
USD ($)
Aug. 31, 2021
EUR (€)
Dec. 31, 2022
EUR (€)
Commitments and Contingencies                                          
Unrecognized tax benefits $ 184   $ 120       $ 56           $ 184   $ 120 $ 84 $ 56        
Gross increases — tax positions in prior periods                         94   $ 44 $ 48          
French Tax Audit | Tax Years 2006 Through 2012                                          
Commitments and Contingencies                                          
Tax assessment                     $ 379 € 356                  
Payment required to appeal a litigation matter                 $ 379 € 356                      
French Tax Audit | Tax Year 2013                                          
Commitments and Contingencies                                          
Tax assessment             75 € 70                          
French Tax Audit | Tax years 2011 through 2018                                          
Commitments and Contingencies                                          
Tax assessment                         125 € 117              
French Tax Audit | Tax Years 2006 Through 2018                                          
Commitments and Contingencies                                          
Unrecognized tax benefits 163                       163               € 153
French Tax Audit | Tax Years 2019 Through 2021                                          
Commitments and Contingencies                                          
Tax assessment 40 € 38                                      
Italian Tax Audit                                          
Commitments and Contingencies                                          
Unrecognized tax benefits 19                       19               18
Italian Tax Audit | Tax Year 2013                                          
Commitments and Contingencies                                          
Payment required to appeal a litigation matter             $ 10 € 10                          
Italian Tax Audit | Tax Years 2014 Through 2018                                          
Commitments and Contingencies                                          
Payment required to appeal a litigation matter                         68 € 64              
Italian Tax Audit | Tax Years 2013 through 2019                                          
Commitments and Contingencies                                          
Loss contingency, tax, recommended assessment         $ 164 € 154                              
Italian Tax Audit | Tax Years 2013 Through 2022                                          
Commitments and Contingencies                                          
Loss contingency, accrual, current $ 47                       $ 47               € 44
Italian Tax Audit | Tax Year 2013 through 2018                                          
Commitments and Contingencies                                          
Tax assessment                                     $ 268 € 251  
Turkish Tax Audit                                          
Commitments and Contingencies                                          
Tax assessment                                 $ 44 ₺ 832      
Payment required to appeal a litigation matter     $ 6 ₺ 118                                  
v3.22.4
COMMITMENTS AND CONTINGENCIES - Other Matters (Details) - Dec. 31, 2022
€ in Millions, $ in Millions
EUR (€)
USD ($)
Pension-Related Litigation    
Commitments and Contingencies    
Potential loss related to loss contingencies in excess of the accrued amount € 340 $ 363
v3.22.4
COMMITMENTS AND CONTINGENCIES - Other Contractual Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Other Commitments [Line Items]    
Letters of credit outstanding $ 452 $ 511
Partner liability insurance maximum $ 1  
v3.22.4
GEOGRAPHIC INFORMATION - Geographic Information on Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Geographic Information      
Revenues $ 17,090 $ 10,958 $ 6,796
United States      
Geographic Information      
Revenues 2,205 1,434 783
The Netherlands      
Geographic Information      
Revenues 13,428 8,678 5,264
Other      
Geographic Information      
Revenues $ 1,457 $ 846 $ 749
v3.22.4
GEOGRAPHIC INFORMATION - Geographic Information on Property and Equipment, Excluding Capitalized Software, and Operating Lease Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]    
Property and equipment (excluding capitalized software) and operating lease assets $ 926 $ 1,009
United States    
Property, Plant and Equipment [Line Items]    
Property and equipment (excluding capitalized software) and operating lease assets 143 175
The Netherlands    
Property, Plant and Equipment [Line Items]    
Property and equipment (excluding capitalized software) and operating lease assets 445 506
United Kingdom    
Property, Plant and Equipment [Line Items]    
Property and equipment (excluding capitalized software) and operating lease assets 125 115
Other    
Property, Plant and Equipment [Line Items]    
Property and equipment (excluding capitalized software) and operating lease assets $ 213 $ 213
v3.22.4
ACQUISITIONS - Allocation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
 [1]
Dec. 31, 2020
Business Acquisition [Line Items]      
Goodwill $ 2,807 [1] $ 2,887 $ 1,895
Getaroom      
Business Acquisition [Line Items]      
Current assets [2] 174    
Identifiable intangible assets [3] 437    
Goodwill [4] 982    
Other non-current assets 11    
Current liabilities (199)    
Deferred income taxes (65)    
Other non-current liabilities [5] (44)    
Total consideration 1,296    
Cash acquired 116    
Getaroom | Travel Transaction Related Taxes      
Business Acquisition [Line Items]      
Other non-current liabilities (39)    
Getaroom | Supply and distribution agreements      
Business Acquisition [Line Items]      
Identifiable intangible assets $ 311    
Weighted average useful life 10 years    
Getaroom | Technology      
Business Acquisition [Line Items]      
Identifiable intangible assets $ 118    
Weighted average useful life 4 years    
Getaroom | Trade names      
Business Acquisition [Line Items]      
Identifiable intangible assets $ 5    
Weighted average useful life 3 years    
Getaroom | Other intangible assets      
Business Acquisition [Line Items]      
Identifiable intangible assets $ 3    
Weighted average useful life 5 years    
[1] The balance of goodwill as of December 31, 2022 and 2021 is stated net of cumulative impairment charges of $2.0 billion.
[2] Includes cash and restricted cash acquired of $116 million.
[3] Acquired definite-lived intangible assets consist of supply and distribution agreements with an estimated value of $311 million and weighted-average useful life of 10 years, technology assets with an estimated value of $118 million and weighted-average useful life of 4 years, trade names with an estimated value of $5 million and weighted-average useful life of 3 years and other intangible assets with an estimated value of $3 million and weighted-average useful life of 5 years.
[4] Goodwill, which is not tax deductible, reflects the synergies expected from combining the technology and expertise of Getaroom and Priceline.
[5] Includes liabilities of $39 million principally related to travel transaction taxes.
v3.22.4
ACQUISITIONS Narrative (Details)
€ in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2021
USD ($)
Nov. 30, 2021
USD ($)
Nov. 30, 2021
EUR (€)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Business Acquisition [Line Items]            
Payments to acquire businesses, net of cash acquired       $ 0 $ 1,185 $ 0
Etraveli Group            
Business Acquisition [Line Items]            
Business combination, pending not yet completed, acquisition amount   $ 1,700 € 1,600      
Getaroom            
Business Acquisition [Line Items]            
Business combination, consideration transferred $ 1,300          
Payments to acquire businesses, net of cash acquired $ 1,200          
Goodwill measurement period adjustment       38    
Deferred Tax Liabilities, Purchase Accounting Adjustments       27    
Finite-Lived Intangible Assets, Purchase Accounting Adjustments       14    
Other Noncurrent Liabilities, Purchase Accounting Adjustments       $ 3    
v3.22.4
RESTRUCTURING, DISPOSAL AND OTHER EXIT ACTIVITIES (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
segment
Restructuring Cost and Reserve [Line Items]      
Gain on sale-leaseback transaction $ 240 $ 0 $ 0
Restructuring, disposal, and other exit activities $ (41)    
Restructuring and other exit costs   13 149
Payments for restructuring   38 108
Noncash restructuring expenses and other adjustments   $ 9 $ 4
Restructuring, disposal, and other exit activities Restructuring, disposal, and other exit activities    
Minimum      
Restructuring Cost and Reserve [Line Items]      
Number of countries in which restructuring actions have taken place | segment     60
v3.22.4
GOVERNMENT GRANTS AND OTHER ASSISTANCE (Details) - USD ($)
$ in Millions
 12 Months Ended 15 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Mar. 31, 2021
Unusual or Infrequent Item, or Both [Line Items]      
Government grants and other assistance benefits, recognized amount   $ 127  
COVID-19      
Unusual or Infrequent Item, or Both [Line Items]      
Government grants and other assistance benefits, recognized amount     $ 131
Grants receivable     $ 28
Expense related to the return of government assistance $ 137    
Government grant and other assistance benefit that was returned, cash paid $ 107    
v3.22.4
OTHER INCOME (EXPENSE), NET (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other Income and Expenses [Abstract]      
Interest and dividend income $ 219 $ 16 $ 54
Net (losses) gains on equity securities [1] (963) (569) 1,713
Foreign currency transaction (losses) gains [2] (43) 111 (207)
Loss on early extinguishment of debt [3] 0 (242) 0
Other [4] (1) (13) (6)
Other income (expense), net (788) (697) 1,554
Foreign currency transaction gains (losses) related to Euro-denominated debt $ 46 $ 135 $ (200)
[1] See Note 5 for additional information related to the net (losses) gains on equity securities and Note 6 for additional information related to the impairment of an investment in equity securities.
[2] Foreign currency transaction (losses) gains include gains of $46 million and $135 million, and losses of $200 million, for the years ended December 31, 2022, 2021, and 2020, respectively, related to Euro-denominated debt and accrued interest that were not designated as net investment hedges (see Note 12).
[3] See Note 12 for additional information related to the loss on early extinguishment of debt.
[4] The amount for the year ended December 31, 2021 includes losses on reverse treasury lock agreements which were designated as cash flow hedges (see Note 6).