BOOKING HOLDINGS INC., 10-K filed on 2/23/2022
Annual Report
v3.22.0.1
COVER PAGE - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2021
Feb. 16, 2022
Jun. 30, 2021
Document Information [Line Items]      
Document Type 10-K    
Document Fiscal Period Focus FY    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
Document Transition Report false    
Amendment Flag false    
Document Fiscal Year Focus 2021    
Current Fiscal Year End Date --12-31    
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     $ 89.7
Entity Common Stock, Shares Outstanding   40,887,702  
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 9, 2022, 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, 2021.    
Common Stock par value $0.008 per share      
Document Information [Line Items]      
Title of 12(b) Security Common Stock par value $0.008 per share    
Trading Symbol BKNG    
Security Exchange Name NASDAQ    
0.800% Senior Notes Due 2022      
Document Information [Line Items]      
Title of 12(b) Security 0.800% Senior Notes Due 2022    
Trading Symbol BKNG 22A    
Security Exchange Name NASDAQ    
2.150% Senior Notes Due 2022      
Document Information [Line Items]      
Title of 12(b) Security 2.150% Senior Notes Due 2022    
Trading Symbol BKNG 22    
Security Exchange Name NASDAQ    
2.375% Senior Notes Due 2024      
Document Information [Line Items]      
Title of 12(b) Security 2.375% Senior Notes Due 2024    
Trading Symbol BKNG 24    
Security Exchange Name NASDAQ    
0.100% Senior Notes Due 2025      
Document Information [Line Items]      
Title of 12(b) Security 0.100% Senior Notes Due 2025    
Trading Symbol BKNG 25    
Security Exchange Name NASDAQ    
1.800% Senior Notes Due 2027      
Document Information [Line Items]      
Title of 12(b) Security 1.800% Senior Notes Due 2027    
Trading Symbol BKNG 27    
Security Exchange Name NASDAQ    
0.500% Senior Notes Due 2028      
Document Information [Line Items]      
Title of 12(b) Security 0.500% Senior Notes Due 2028    
Trading Symbol BKNG 28    
Security Exchange Name NASDAQ    
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Audit Information
 12 Months Ended
Dec. 31, 2021
Audit Information [Abstract]  
Auditor Name DELOITTE & TOUCHE LLP
Auditor Location Stamford, Connecticut
Auditor Firm ID 34
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 11,127 $ 10,562
Short-term investments (Available-for-sale debt securities: Amortized cost of $25 and $500, respectively) 25 501
Accounts receivable, net (Allowance for expected credit losses of $101 and $166, respectively) 1,358 529
Prepaid expenses, net (Allowance for expected credit losses of $29 and $22, respectively) 404 337
Other current assets 231 277
Total current assets 13,145 12,206
Property and equipment, net 822 756
Operating lease assets 496 529
Intangible assets, net 2,057 1,812
Goodwill [1] 2,887 1,895
Long-term investments (Includes available-for-sale debt securities: Amortized cost of $225 at December 31, 2020) 3,175 3,759
Other assets, net (Allowance for expected credit losses of $18 and $33, respectively) 1,059 917
Total assets 23,641 21,874
Current liabilities:    
Accounts payable 1,586 735
Accrued expenses and other current liabilities 1,765 1,382
Deferred merchant bookings 906 323
Short-term debt 1,989 985
Total current liabilities 6,246 3,425
Deferred income taxes 905 1,127
Operating lease liabilities 351 366
Long-term U.S. transition tax liability 825 923
Other long-term liabilities 199 111
Long-term debt 8,937 11,029
Total liabilities 17,463 16,981
Commitments and contingencies (see Note 16)
Stockholders' equity:    
Common stock, $0.008 par value, Authorized shares: 1,000,000,000 Issued shares: 63,584,444 and 63,406,451, respectively 0 0
Treasury stock, 22,518,391 and 22,446,897 shares, respectively (24,290) (24,128)
Additional paid-in capital 6,159 5,851
Retained earnings 24,453 23,288
Accumulated other comprehensive loss (144) (118)
Total stockholders' equity 6,178 4,893
Total liabilities and stockholders' equity $ 23,641 $ 21,874
[1] The balance of goodwill as of December 31, 2021 and 2020 is stated net of cumulative impairment charges of $2.0 billion.
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CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Amortized cost of available-for-sale debt securities, current $ 25 $ 500
Accounts receivable, net, allowance for expected credit losses, current 101 166
Prepaid expenses, net, allowance for expected credit losses, current 29 22
Amortized cost of available-for-sale debt securities, noncurrent   225
Other assets, net, allowance for expected credit losses, noncurrent $ 18 $ 33
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) 63,584,444 63,406,451
Treasury stock, shares (in shares) 22,518,391 22,446,897
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Total revenues $ 10,958 $ 6,796 $ 15,066
Operating expenses:      
Marketing expenses 3,801 2,179 4,967
Sales and other expenses 881 755 955
Personnel, including stock-based compensation of $370, $233, and $308, respectively 2,314 1,944 2,248
General and administrative 620 581 797
Information technology 412 299 285
Depreciation and amortization 421 458 469
Restructuring and other exit costs 13 149 0
Impairment of goodwill 0 1,062 0
Total operating expenses 8,462 7,427 9,721
Operating income (loss) 2,496 (631) 5,345
Interest expense (334) (356) (266)
Other income (expense), net (697) 1,554 879
Income before income taxes 1,465 567 5,958
Income tax expense 300 508 1,093
Net income $ 1,165 $ 59 $ 4,865
Net income applicable to common stockholders per basic common share $ 28.39 $ 1.45 $ 112.93
Weighted-average number of basic common shares outstanding (in shares) 41,042 40,974 43,082
Net income applicable to common stockholders per diluted common share $ 28.17 $ 1.44 $ 111.82
Weighted-average number of diluted common shares outstanding (in shares) 41,362 41,160 43,509
Agency revenues      
Total revenues $ 6,663 $ 4,314 $ 10,117
Merchant revenues      
Total revenues 3,696 2,117 3,830
Advertising and other revenues      
Total revenues $ 599 $ 365 $ 1,119
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CONSOLIDATED STATEMENTS OF OPERATIONS (PARENTHETICAL) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Personnel Expenses      
Stock-based compensation $ 370 $ 233 $ 308
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net income $ 1,165 $ 59 $ 4,865
Other comprehensive (loss) income, net of tax      
Foreign currency translation adjustments (57) 50 (10)
Net unrealized gains on available-for-sale securities 31 23 135
Total other comprehensive (loss) income, net of tax (26) 73 125
Comprehensive income $ 1,139 $ 132 $ 4,990
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Millions
Total
Cumulative effect of adoption of accounting standards updates
Common Stock
Treasury Stock
Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative effect of adoption of accounting standards updates
Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2018     62,949 (17,317)        
Balance, beginning of period at Dec. 31, 2018 $ 8,785   $ 0 $ (14,711) $ 5,445 $ 18,367   $ (316)
Increase (Decrease) in Stockholders' Equity                
Net income 4,865         4,865    
Foreign currency translation adjustments, net of tax (10)             (10)
Net unrealized gains on available-for-sale securities, net of tax 135             135
Exercise of stock options and vesting of restricted stock units and performance share units (in shares)     230          
Exercise of stock options and vesting of restricted stock units and performance share units $ 3   $ 0   3      
Repurchase of common stock (in shares) (4,445)     (4,445)        
Repurchase of common stock $ (8,153)     $ (8,153)        
Stock-based compensation and other stock-based payments 308       308      
Balance (in shares) at Dec. 31, 2019     63,179 (21,762)        
Balance, end of period at Dec. 31, 2019 5,933 $ (3) $ 0 $ (22,864) 5,756 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   $ 0   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, end of period 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   $ 0   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, end of period at Dec. 31, 2021 $ 6,178   $ 0 $ (24,290) $ 6,159 $ 24,453   $ (144)
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES:      
Net income $ 1,165 $ 59 $ 4,865
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 421 458 469
Provision for expected credit losses and chargebacks 109 319 138
Deferred income tax (benefit) expense (445) 213 122
Net losses (gains) on equity securities [1] 569 (1,813) (745)
Stock-based compensation expense and other stock-based payments 376 255 325
Operating lease amortization 178 184 172
Amortization of debt discount and debt issuance costs 54 64 58
Unrealized foreign currency transaction (gains) losses related to Euro-denominated debt (135) 200 (7)
Impairment of goodwill 0 1,062 0
Impairment of investment [1] 0 100 0
Loss on early extinguishment of debt [2] 242 0 0
Other 17 4 9
Changes in assets and liabilities, net of effects of acquisitions:      
Accounts receivable (1,002) 891 (323)
Prepaid expenses and other current assets 6 161 (263)
Deferred merchant bookings and other current liabilities 1,539 (2,266) 480
Long-term assets and liabilities (274) 194 (435)
Net cash provided by operating activities 2,820 85 4,865
INVESTING ACTIVITIES:      
Purchase of investments (17) (74) (672)
Proceeds from sale and maturity of investments 508 2,997 8,099
Additions to property and equipment (304) (286) (368)
Acquisitions and other investments, net of cash acquired (1,185) 0 (9)
Net cash (used in) provided by investing activities (998) 2,637 7,050
FINANCING ACTIVITIES:      
Proceeds from revolving credit facility and short-term borrowings 0 0 400
Repayments of revolving credit facility and short-term borrowings 0 0 (425)
Proceeds from the issuance of long-term debt 2,015 4,108 0
Payments for redemption and conversion of debt (3,068) (1,244) 0
Payments for repurchase of common stock (163) (1,303) (8,187)
Other financing activities (23) (33) (8)
Net cash (used in) provided by financing activities (1,239) 1,528 (8,220)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (13) 0 (8)
Net increase in cash and cash equivalents and restricted cash and cash equivalents 570 4,250 3,687
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period 10,582 6,332 2,645
Total cash and cash equivalents and restricted cash and cash equivalents, end of period 11,152 10,582 6,332
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid during the period for income taxes (see Note 15) 735 319 1,074
Cash paid during the period for interest $ 318 $ 278 $ 221
[1] See Note 5 for additional information related to the net (losses) gains on equity securities and impairment of investment.
[2] See Note 12 for additional information related to the loss on early extinguishment of debt.
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BUSINESS DESCRIPTION
 12 Months Ended
Dec. 31, 2021
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.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2021
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 ("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 allowance for doubtful accounts), chargeback provisions and the accrual of obligations for loyalty and other incentive programs.

Impact of COVID-19
In response to the outbreak of the novel strain of the coronavirus, COVID-19 (the "COVID-19 pandemic"), as well as subsequent outbreaks driven by new variants of COVID-19, governments and businesses around the world have implemented, and continue to implement, a variety of restricted measures to reduce the spread of COVID-19. These measures have had a significant adverse effect on many of the customers on whom the Company’s business relies, including hotels and other accommodation providers, airlines and restaurants, as well as the Company’s workforce, operations and consumers. The COVID-19 pandemic and the resulting implementation of restrictive measures resulted in a significant decline in travel activities and consumer demand for related services in 2020 in particular. The Company’s financial results and prospects are almost entirely dependent on the sale of travel-related services. The spread of new variants of COVID-19 has caused uncertainty as to when restrictions will be lifted, if additional restrictions may be initiated or reimposed, if there will be permanent changes to travel behavior patterns, and the timing of distribution and administration of COVID-19 vaccines and other medical interventions globally.

In 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 (see Note 3). In 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 in 2020 (see Note 11). In addition, the Company recorded a significant impairment charge in 2020 for one of the Company's long-term investments (see Notes 5 and 6). Even though no additional impairment indicators were identified as of December 31, 2021, it is possible that the Company may have to record additional significant impairment charges in future periods.

See Note 12 for additional information about the Company’s existing debt arrangements, including 1.7 billion Euros of debt issued in March 2021, payment of $2.0 billion in April 2021 to redeem certain Senior Notes issued in April 2020 and payment of $1.1 billion to satisfy the aggregate principal amount and the conversion premium in excess of the principal amount of the Convertible Senior Notes due September 2021. The Company’s continued access to sources of liquidity depends on multiple factors, including global economic conditions, the condition of global financial markets, the availability of sufficient amounts of financing, the Company’s ability to meet debt covenant requirements, the Company’s operating performance, and the Company's credit ratings. There is no guarantee that additional debt financing will be available in the future to fund the Company’s obligations, or that it will be available on commercially reasonable terms, in which case the Company may need to seek other sources of funding.

Even though there have been some 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. If the travel and restaurant industries are fundamentally changed by the COVID-19 pandemic in ways that are detrimental to the Company’s operating model, the Company’s business may continue to be adversely affected even as the broader global economy recovers.

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 20 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 21 for additional information.

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

Fair Value of Financial Instruments
The Company's 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.
 
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, 2021, 2020, and 2019 principally relates 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,
202120202019
As included in the Consolidated Balance Sheets:
Cash and cash equivalents$11,127 $10,562 $6,312 
Restricted cash and cash equivalents included in "Other current assets"25 20 20 
Total cash and cash equivalents and restricted cash and cash equivalents as
  shown in the Consolidated Statements of Cash Flows		$11,152 $10,582 $6,332 

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.

For periods prior to January 1, 2020, investments in debt securities were considered to be impaired when a decline in fair value was judged to be other than temporary because the Company either intended to sell or it was more-likely-than not that it would be required to sell the impaired security before recovery. Once a decline in fair value was determined to be other than temporary, an impairment charge was recorded and a new cost basis in the investment was established. If the Company did not intend to sell the debt security, but it was probable that the Company would not collect all amounts due, then only the impairment due to the credit risk would be recognized in net income and the remaining amount of the impairment would be recognized in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets.

On January 1, 2020, the Company adopted the accounting standards update on the measurement of credit losses on financial instruments. Under the current accounting standard, 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 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.

The Company's investments in marketable debt securities are recognized based on the trade date. The marketable debt securities generally have a term of less than five years and 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. The cost of marketable debt securities sold is determined using a first-in and first-out method.

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.

See Notes 5 and 6 for further information related to investments.

Accounts Receivable from Customers and Allowance for Expected Credit Losses
For periods prior to January 1, 2020, receivables from customers were recorded at the original invoiced amounts net of an allowance for doubtful accounts. The allowance for doubtful accounts was estimated based on historical experience, aging of the receivable, credit quality of the customers, economic trends, and other factors that may affect the Company's ability to collect from customers.

On January 1, 2020, the Company adopted the accounting standards update on the measurement of expected credit losses, which requires the Company to estimate 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 factors are considered. This is assessed at each quarter based on the Company’s specific facts and circumstances. See Note 7 for additional information.

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.

Building Construction-in-progress
Building construction-in-progress is associated with the construction of Booking.com's future headquarters in the Netherlands and is included in "Property and equipment, net" in the Consolidated Balance Sheets. Depreciation of the building and its related components will commence once it is ready for the Company’s use.

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, data centers, and land for Booking.com's future headquarters. For office space, data centers, and land, 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 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 lease expense on a straight-line basis over the lease term. Certain of the Company's lease agreements include rent payments which are adjusted periodically for inflation. Any change in payments due to changes in inflation rates 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, with renewal terms that can extend the initial lease term for various periods up to nine years. The exercise of renewal options for office space and data centers is at the Company’s discretion and are included if they are reasonably certain to be exercised. The land lease for Booking.com's future headquarters has an initial term which expires in 2065, at which time the lease payments will be adjusted based on the value of the land on the reassessment date. The Company considered the initial term of the land lease to be its expected period of use.
"Operating lease assets" in the Consolidated Balance Sheets includes the land-use rights related to payment in 2016 for the land lease for Booking.com's future headquarters as described above. The land-use rights are amortized on a straight-line basis over its expected period of use. This expense is recorded as lease expense in "General and administrative" expense in the Consolidated Statements of Operations. See Notes 16 for further information.

Goodwill
The Company accounts for acquired businesses using the acquisition method of accounting which requires that the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. 
 
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. For periods prior to January 1, 2020, an impairment was recorded to the extent that the implied fair value of goodwill was less than the carrying value of goodwill. The Company adopted the accounting standards update on goodwill impairment in the first quarter of 2020, under which 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 further information.
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, 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" in the Consolidated Statements of Cash Flows. See Note 6 for further 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.

Derivatives Designated as Net Investment Hedges
The Company, from time to time in the past, has utilized derivative instruments to hedge the impact of changes in foreign currency exchange rates on the net assets of its foreign subsidiaries. These derivative instruments were designated as net investment hedges. Hedge ineffectiveness was assessed and measured based on changes in forward exchange rates. The Company recorded gains and losses on these derivative instruments as foreign currency translation adjustments, which offset a portion of the foreign currency translation adjustments related to the foreign subsidiaries' net assets. Gains and losses on these derivative instruments were recognized in the Consolidated Balance Sheets in "Accumulated other comprehensive loss" and will be realized upon a partial sale or liquidation of the investment. 
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 further 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 sales incentives, "no show" cancellations (where the traveler has not cancelled the reservation but does not arrive on the scheduled reservation date) and "late" cancellations (where the travel service provider accepts a cancellation after its cancellation cut-off date). Estimates for cancellations and sales incentives are based on historical experience and current trends. 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. Substantially all of the Company's agency revenue is from Booking.com agency accommodation reservations.

•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, and airline reservations. The Company records cash collected from travelers, which includes the amounts owed to the travel service providers and the Company’s commission or margin and fees, as deferred merchant bookings until the arranged travel service begins. 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.
Accrued Liabilities for Loyalty and Other Incentive Programs
See Note 3 for information related to accrued liabilities for loyalty and other incentive programs.

Deferred Revenue
See Note 3 for information related to deferred revenue.

Advertising Expenses
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 performance marketing liabilities of $306 million and $156 million at December 31, 2021 and 2020, respectively. 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 compensation liabilities of $421 million and $333 million at December 31, 2021 and 2020, respectively.
 
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 income statement 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. 

See Note 4 for further information related to stock-based awards.
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 21 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 and Other Exit Costs
The Company records employee severance and other termination costs that meet the requirements for recognition in accordance with the relevant guidance of Accounting Standards Codification ("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.

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 noncurrent in the balance sheet.
 
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 adopted an accounting policy to treat 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.

Segment Reporting
The Company historically determined that its primary brands constituted its operating segments. In 2019, reflecting changes to the management structure, the Company reorganized its operating segments from six to four operating segments by combining Booking.com with Rentalcars.com and KAYAK with OpenTable. The Company's Booking.com and Rentalcars.com operating segment represents a substantial majority of the Company's total revenues and operating income. The Company's operating segments continue to be aggregated into one reportable segment based on the similarity in economic characteristics, other qualitative factors and the objectives and principles of ASC 280, Segment Reporting. For geographic information, see Note 18.
 
Recent Accounting Pronouncements Adopted
    
Simplifying the Accounting for Income Taxes
The Financial Accounting Standards Board ("FASB") issued a new accounting update relating to income taxes. This update provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 

The Company adopted this update on January 1, 2021 and applied the applicable amendments on a prospective basis. The adoption did not have a material impact on the Company's Consolidated Financial Statements. 

Accounting for Acquired Revenue Contracts with Customers in a Business Combination
In October 2021, the FASB issued a new accounting 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 current U.S. GAAP. The Company early adopted this update during the fourth quarter of 2021 and applied it retrospectively to all business combinations occurring on or after January 1, 2021.

Other Recent Accounting Pronouncements

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
In August 2020, the FASB issued a new accounting update relating to convertible instruments and contracts in an entity’s own equity. For convertible instruments, the accounting update reduces the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current U.S. GAAP. The accounting update amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.

The Company adopted this update on January 1, 2022 on a modified retrospective basis, which resulted in an increase of approximately $30 million to retained earnings. For the Company’s convertible debt instruments, interest expense for the periods beginning after January 1, 2022 will be reflected in the financial statements using interest rates that typically are closer to the coupon interest rate of such instruments rather than a generally higher imputed interest expense that resulted from the separation of conversion features required by previous U.S. GAAP. See Note 12 for additional information on the Company’s convertible debt instruments. The accounting update also requires changes in the diluted earnings per share calculation in certain areas, including the use of the if-converted method instead of the treasury stock method which was permitted in certain situations under current U.S. GAAP. See Note 8 for additional information on earnings per share.
Disclosures by Business Entities about Government Assistance
In November 2021, the FASB issued a new accounting update to increase the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. This update is effective for financial statements issued for annual periods beginning after December 15, 2021. The Company does not expect the adoption to have a material impact on the Consolidated Financial Statements. See Note 21 for additional information on government assistance.
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REVENUE
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue

Revenue by Type of Service

Approximately 87%, 88%, and 87% of the Company's revenues for each of the years ended December 31, 2021, 2020, and 2019, 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.

Revenue by Geographic Area

See Note 18 for the information related to revenue by geographic area.

Deferred Merchant Bookings and Deferred Revenue

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 the travel service providers as well as the Company's estimated deferred revenue for its commission or margin and fees. At December 31, 2021 and 2020, deferred merchant bookings included deferred revenue for online travel reservation services of $148 million and $50 million, respectively. The amounts are subject to refunds for cancellations. The Company expects to complete its performance obligations generally within one year from the reservation date. During the year ended December 31, 2021, the Company recognized revenues of $35 million from the deferred revenue balance as of December 31, 2020. The increase in the deferred revenue balance for the year ended December 31, 2021 is principally driven by payments received from travelers, net of amounts estimated to be payable to travel service providers, for online travel reservations in the current period.

Loyalty and Other Incentive Programs

The Company provides loyalty programs, such as OpenTable's loyalty program, where participating consumers are awarded loyalty points on current transactions that can be redeemed in the future. At December 31, 2021 and 2020, liabilities for loyalty program incentives of $13 million and $21 million, respectively, were included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets. The estimated fair value of the loyalty points that are expected to be redeemed is recognized as a reduction of revenue at the time the incentives are granted. In 2020, the Company recorded a decrease of $28 million to the liability, 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 to the loyalty programs, at December 31, 2021 and 2020, liabilities of $58 million and $60 million, respectively, for other incentive programs, such as referral bonuses, rebates, credits, and discounts, including for Booking.com's back-to-travel campaigns, were included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets. During 2020, the Company offered additional rebates to customers meeting certain eligibility requirements under an incentive program at Booking.com. The eligibility requirements include the customer's enrollment in Booking.com's Genius Program (program features include special discounts offered by customers to frequent travelers) and Preferred Partner Program (program features include greater visibility for customers in search results for payment of higher commission) and timely payment of invoices. The additional rebates resulted in a reduction of revenue of $100 million during the year ended December 31, 2020 and a liability of $25 million at December 31, 2020.
Refunds to TravelersDue 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.
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STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2021
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, 2021, there were 1,439,400 shares of common stock available for future grant under the 1999 Plan. In addition, under plans assumed in connection with various acquisitions, there were 40,933 shares of common stock available for future grant at December 31, 2021.
 
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 $37 million, $30 million, and $38 million for the years ended December 31, 2021, 2020, and 2019, 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 fix 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 fix the number of shares to be issued, subject to other vesting conditions. The modification, in the aggregate, resulted in additional stock-based compensation expense of $40 million, which is 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, 2021, 2020, and 2019 had an aggregate grant-date fair value of $421 million, $392 million, and $380 million, respectively. Restricted stock units and performance share units that vested during the years ended December 31, 2021, 2020, and 2019 had an aggregate fair value at vesting of $395 million, $358 million, and $373 million, respectively. At December 31, 2021, there was $440 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.

Stock options granted by the Company during the year ended December 31, 2020 had an aggregate grant-date fair value of $79 million. At December 31, 2021, there was $27 million of estimated total future stock-based compensation expense related to unvested stock options to be recognized over a weighted-average period of 1.2 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, 2021: 
Restricted Stock UnitsSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 2020305,959 $1,697 
Granted142,149 $2,282 
Vested(118,675)$1,801 
Forfeited(47,509)$1,902 
Unvested at December 31, 2021281,924 $1,914 
 
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 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, 2021:
Performance Share UnitsSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 202084,478 $1,930 
Granted(1)
42,173 $2,287 
Vested(55,426)$1,999 
Performance Shares Adjustment(2)
44,346 $2,125 
Forfeited(7,248)$1,792 
Unvested at December 31, 2021108,323 $2,123 
(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)    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.
The following table summarizes the estimated vesting, as of December 31, 2021, of performance share units granted in 2021, 2020, and 2019, net of forfeiture and vesting since the respective grant dates:
Performance Share Units, by grant year
2021(1)
20202019
Shares probable to be issued 63,523 11,752 33,048 
Shares not subject to the achievement of minimum performance thresholds28,198 — 33,048 
Shares that could be issued if maximum performance thresholds are met63,523 18,080 61,669 
(1)    Excludes performance share units awarded during the year ended December 31, 2021 for which the grant date under ASC 718 was not established as disclosed above.

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 %

The following table summarizes the activity for stock options during the year ended December 31, 2021:
Employee Stock OptionsNumber of SharesWeighted-average
 Exercise Price		Aggregate
 Intrinsic Value (in millions)		Weighted-average Remaining Contractual Term (in years)
Balance, December 31, 2020152,746 $1,401 $126 9.3
Exercised(3,768)$1,212 
Expired(281)$716 
Forfeited(12,846)$1,411 
Balance, December 31, 2021135,851 $1,407 $135 8.3
Exercisable at December 31, 2021836 $788 $1 1.8
Stock options granted by the Company during the year ended December 31, 2020 had a weighted-average grant-date fair value per option of $485. The aggregate intrinsic value of employee stock options exercised during the years ended December 31, 2021, 2020, and 2019 was $4 million, $15 million, and $20 million, respectively.
v3.22.0.1
INVESTMENTS
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
The following table summarizes, by major security type, the Company's investments at December 31, 2021 (in millions):
 CostGross
Unrealized
Gains
/Upward Adjustments		Gross
Unrealized
Losses
/Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
Trip.com Group convertible debt securities $25 $— $— $25 
Long-term investments:
Investments in private companies:
  Equity securities$66 $259 $— $325 
Other long-term investments:
  Equity securities1,165 1,990 (305)2,850 
Total$1,231 $2,249 $(305)$3,175 

The following table summarizes, by major security type, the Company's investments at December 31, 2020 (in millions): 
CostGross
Unrealized
Gains
/Upward Adjustments		Gross
Unrealized
Losses
/Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
Trip.com Group convertible debt securities$500 $1 $— $501 
Long-term investments:
Investments in private companies:
  Debt securities$200 $— $— $200 
  Equity securities552 3 (100)455 
Other long-term investments:
  Debt securities:
Trip.com Group convertible debt securities 25 — (1)24 
  Equity securities463 2,617 — 3,080 
Total$1,240 $2,620 $(101)$3,759 

Investments in Government and Corporate Debt Securities

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.

Investments in Trip.com Group

At December 31, 2020, the Company had $525 million invested in convertible senior notes issued at par value by Trip.com Group including $25 million six-year convertible senior notes issued in September 2016 and $500 million ten-year convertible senior notes issued in December 2015. The $500 million convertible senior notes included a put option allowing the Company, at its option, to require a prepayment in cash from Trip.com Group at the end of the sixth year of the note. In December 2021, the Company redeemed the investment of $500 million in Trip.com Group's convertible senior notes.
During the year ended December 31, 2020, the Company sold its entire investment in Trip.com Group American Depositary Shares ("ADSs"), with a cost basis of $655 million, for $525 million. "Other income (expense), net" in the Consolidated Statements of Operations includes a net realized loss of $201 million and a net unrealized gain of $141 million for the years ended December 31, 2020 and 2019, respectively, related to these ADSs. In May 2020, the Company's May 2015 investment of $250 million in Trip.com Group's convertible senior notes was repaid upon maturity.

Investment in Meituan

In 2017, the Company invested $450 million in Meituan, the leading e-commerce platform for local services in China. The investment is classified as equity securities with readily determinable fair value. The investment had a fair value of $2.3 billion and $3.1 billion at December 31, 2021 and 2020, respectively, which is included in "Long-term investments" in the Consolidated Balance Sheets. Net unrealized losses of $731 million for the year ended December 31, 2021 and net unrealized gains of $2.0 billion and $602 million for the years ended December 31, 2020 and 2019, respectively, related to this investment, are included in "Other income (expense), net" in the Consolidated Statements of Operations. As of February 22, 2022, the market prices of Meituan's shares decreased by 24% as compared to the market prices on December 31, 2021.

Investment in DiDi Global Inc.

In 2018, 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 the identical or a similar investment issued by DiDi. In June 2021, DiDi announced the pricing of its initial public offering of ADSs, with four ADSs representing one Class A ordinary share, and its ADSs began publicly trading on the New York Stock Exchange. As a result of DiDi's initial public offering, the Company's investment was converted to Class A ordinary shares and classified as equity securities with readily determinable fair values. The investment had a fair value of $195 million at December 31, 2021, which is included in "Long-term investments" in the Company's Consolidated Balance Sheet. The Company recorded unrealized losses of $205 million in "Other income (expense), net" in the Consolidated Statement of Operations for the year ended December 31, 2021. In December 2021, DiDi announced that its board of directors has authorized the initiation of certain corporate actions, including the delisting of its ADSs from the New York Stock Exchange, listing of its class A ordinary shares on the Main Board of the Hong Kong Stock Exchange and obtaining the approval of DiDi's shareholders, as required. As of February 22, 2022, the market prices of DiDi's ADSs decreased by 15% as compared to the market prices on December 31, 2021.

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 the COVID-19 pandemic (see Note 2) that resulted in an adjusted carrying value of $400 million at each of March 31, 2020 and December 31, 2020 (see Note 6).

Investment in Grab Holdings Limited

In 2018, the Company invested $200 million in preferred shares of Grab Holdings Inc. The investment was classified as debt securities for accounting purposes and categorized as available-for-sale, with the aggregate unrealized gains and losses, net of tax, reflected in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. In December 2021, pursuant to a business combination transaction involving Grab Holdings Inc., Grab Holdings Limited (“Grab”) and Altimeter Growth Corp. (the "Grab Transaction"), the 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. In connection with the Grab Transaction, the Company entered into a lock-up agreement, which restricts the sale or transfer of certain of the Company's shares in Grab for specified periods. The investment had a fair value of $301 million and $200 million at December 31, 2021 and 2020, respectively, which is included in "Long-term investments" in the Company's Consolidated Balance Sheets. The Company recorded unrealized gains of $101 million in "Other income (expense), net" in the Consolidated Statement of Operations for the year ended December 31, 2021. As of February 22, 2022, the market prices of Grab's shares decreased by 27% as compared to the market prices on December 31, 2021.

Investments in Private Companies

Equity Securities without Readily Determinable Fair Values

The Company had $66 million and $552 million invested in equity securities of private companies at December 31, 2021 and 2020, respectively, including $51 million invested in Yanolja Co., Ltd. ("Yanolja"), at each date. These investments
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. These investments are included in "Long-term investments" in the Company's Consolidated Balance Sheets. The investment balance at December 31, 2020 includes the Company's investment in DiDi, which was reclassified as equity securities with readily determinable fair values as disclosed above.

In July 2021, Yanolja announced a new round of funding into the company. The 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 at December 31, 2021.
v3.22.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
 
Financial assets and liabilities carried at fair value at December 31, 2021 and nonrecurring fair value measurements are classified in the categories described in the table below (in millions):
 Level 1Level 2Level 3Total
Recurring fair value measurements
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:
Trip.com Group convertible debt securities— 25 — 25 
Long-term investments:
Other 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 (1)
$— $325 $— $325 
(1)    During the year ended December 31, 2021, the Company recorded upward adjustments to its investments in equity securities of private companies based on observable price changes in orderly transactions for identical or similar investments of the same issuer (see Note 5).
Financial assets and liabilities carried at fair value at December 31, 2020 and nonrecurring fair value measurements are classified in the categories described in the table below (in millions):
 Level 1Level 2Level 3Total
Recurring fair value measurements
ASSETS:    
Cash equivalents and restricted cash equivalents:
Money market fund investments$10,208 $— $— $10,208 
Time deposits and certificates of deposit32 — — 32 
Short-term investments:    
Trip.com Group convertible debt securities— 501 — 501 
Long-term investments:
Investments in private companies:
Debt securities— — 200 200 
Other long-term investments:
Trip.com Group convertible debt securities — 24 — 24 
Equity securities3,080 — — 3,080 
Derivatives:
Foreign currency exchange derivatives— 9 — 9 
Total assets at fair value$13,320 $534 $200 $14,054 
LIABILITIES:
Foreign currency exchange derivatives$— $7 $— $7 
Nonrecurring fair value measurements
Investments in equity securities of private companies (1)
$— $— $404 $404 
Goodwill of the OpenTable and KAYAK reporting unit (2)
— — 1,000 1,000 
Total nonrecurring fair value measurements$— $— $1,404 $1,404 
(1)    At March 31, 2020, the investment in DiDi was written down to its estimated fair value of $400 million, resulting in an impairment charge of $100 million (see Note 5).
(2)    At March 31, 2020, the goodwill of the OpenTable and KAYAK reporting unit was written down to its estimated fair value of $1.5 billion, resulting in an impairment charge of $489 million. At September 30, 2020, the goodwill was further written down to its estimated fair value of $1.0 billion, resulting in an additional impairment charge of $573 million (see Note 11).

There are three levels of inputs to measure fair value. The definition of each input is described below:

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.
 
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):
For the Year Ended December 31,
 
2021(1)
2020(2)
Balance, beginning of year$200 $250 
Unrealized gains (losses)265 — 
Transfers out of Level 3(465)(50)
Balance, end of year$— $200 
(1)    In December 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) 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 Operation for the year ended December 31, 2021 (see Note 14)
(2)    The Company recognized an unrealized loss of $20 million during the three months ended March 31, 2020 and an unrealized gain of $20 million during the three months ended June 30, 2020 related to the investment in Grab Holdings Inc., which is recorded in "Accumulated other comprehensive loss" in the Consolidated Balance Sheet. During the year ended December 31, 2020, the Company's investment in Yanolja was reclassified as equity securities without readily determinable fair value due to changes in the redemption features of the preferred shares.

Investments

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

The valuation of investments in Trip.com Group convertible debt securities are considered "Level 2" valuations 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 these investments. 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. During the year ended December 31, 2021, the Company recorded an upward adjustment for its investment in Yanolja using Level 2 inputs (see Note 5).

Investments in private companies measured using Level 3 inputs
As of December 31, 2020, the Company’s investments measured using Level 3 inputs primarily consisted of preferred stock investments in privately-held companies that were classified as either debt securities or equity securities without readily determinable fair values. Fair values of privately held securities are estimated using a variety of valuation methodologies, including both market and income approaches. The Company has used 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, such as new investments in preferred stock, 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. In addition, an option-pricing model ("OPM") is utilized to allocate value to the various classes of securities of the investee, including the class owned by the Company. The model includes assumptions around the investees' expected time to liquidity and volatility.

The Company's investment in Grab Holdings Inc., which was classified as a debt security for accounting purposes at December 31, 2020, had an aggregate estimated fair value of $200 million at December 31, 2020. The Company measured this investment using Level 3 inputs and management's estimates that incorporated the current market participant expectations of future cash flows considered alongside recent financing transactions of the investee and other relevant information. As a result of the Grab Transaction in 2021, the Company’s investment was converted to Class A ordinary shares of Grab and classified as equity securities with readily determinable fair values (see Note 5). At December 31, 2021, the investment had a fair value of $301 million.

For the investment in the equity securities of DiDi, considering the impact of the COVID-19 pandemic (see Note 2), the Company performed an impairment analysis as of March 31, 2020 that resulted in an adjusted carrying value of $400 million at each of March 31, 2020 and December 31, 2020. 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 (see Note 5). At December 31, 2021, the investment had a fair value of $195 million.

The determination of the fair values of investments in private companies, 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, expected length and severity of the impact of the COVID-19 pandemic on the investee and the shape and timing of the subsequent recovery, 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, particularly the assumptions related to the length and severity of the COVID-19 pandemic and the shape and timing of the recovery and the overall impact on the investee’s business, 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

Derivatives not designated as hedges

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 are considered "Level 2" fair value measurements. 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, 2021 and 2020, 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" in the Consolidated Statements of Cash Flows.

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 table below provides estimated fair values and notional amounts of foreign currency exchange derivatives outstanding at December 31, 2021 and 2020 (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, 2021December 31, 2020
Estimated fair value of derivative assets$5 $9 
Estimated fair value of derivative liabilities$11 $7 
Notional amount:
 Foreign currency purchases$840 $898 
 Foreign currency sales$1,857 $839 

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, 2021, 2020, and 2019 is as follows (in millions):
For the Year Ended December 31,
202120202019
Losses on foreign currency exchange derivatives $30 $31 $19 
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, 2021 and 2020, the Company's cash consisted of bank deposits. Cash equivalents principally include money market fund investments, time deposits, and certificates of deposit. Other financial assets and liabilities, including 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 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.

Goodwill
See Note 11 for nonrecurring fair value measurements related to the goodwill impairment test.
v3.22.0.1
ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS
 
Accounts receivable in the Consolidated Balance Sheets at December 31, 2021 and 2020 includes receivables from customers of $1.1 billion and $510 million, respectively, and receivables from third-party payment processors of $310 million and $159 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 $67 million and $107 million at December 31, 2021 and 2020, respectively, which are included in "Prepaid expenses, net," and $18 million and $45 million at December 31, 2021 and 2020, respectively, which is included in "Other assets, net" in the Consolidated Balance Sheets. The amounts mentioned above are stated on a gross basis, before deducting the allowance for expected credit losses.

For periods prior to January 1, 2020, receivables from customers were recorded at the original invoiced amounts net of an allowance for doubtful accounts. On January 1, 2020, the Company adopted the accounting standards update on the measurement of expected credit losses, which requires the Company to estimate lifetime expected credit losses upon recognition of the financial assets.

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 impact of the COVID-19 pandemic on the business prospects and financial condition of customers and marketing affiliates and the Company’s ability to collect the receivable or recover the prepayment. In 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.

The following table summarizes the activity of the allowance for expected credit losses on receivables (in millions): 
 For the Year Ended December 31,
 202120202019
Balance, beginning of year$166 $49 $51 
Provision charged to earnings48 216 69 
Write-offs and adjustments(107)(116)(70)
Foreign currency translation adjustments(6)17 (1)
Balance, end of year$101 $166 $49 

The allowance for expected credit losses on receivables as of December 31, 2021 and 2020 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, 2021 and 2020, the Company recorded a reduction in revenue of $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):
 For the Year Ended December 31,
 202120202019
Balance, beginning of year$55 $6 $10 
Provision charged to expense(4)51 (4)
Write-offs and adjustments(5)(2)— 
Foreign currency translation adjustments1 — — 
Balance, end of year$47 $55 $6 
v3.22.0.1
NET INCOME PER SHARE
 12 Months Ended
Dec. 31, 2021
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.
 
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 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. Under the treasury stock method, if the conversion prices for the convertible notes exceed the Company's average stock price for the period, the convertible notes generally have no impact on diluted net income per share. The convertible notes are included in the calculation of diluted net income per share if their inclusion is dilutive under the treasury stock method.

A reconciliation of the weighted-average number of shares outstanding used in calculating diluted net income per share is as follows (in thousands): 
 For the Year Ended December 31,
 202120202019
Weighted-average number of basic common shares outstanding41,042 40,974 43,082 
Weighted-average dilutive stock options, restricted stock units and performance share units
209 158 203 
Assumed conversion of convertible senior notes111 28 224 
Weighted-average number of diluted common and common equivalent shares outstanding
41,362 41,160 43,509 

For the years ended December 31, 2021 and 2020, 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.
v3.22.0.1
PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
 
Property and equipment, net at December 31, 2021 and 2020 consist of the following (in millions):
 20212020Estimated
Useful Lives
(years)
Computer equipment$728 $746 
2 to 6 years
Capitalized software742 565 
2 to 5 years
Leasehold improvements 268 278 
1 to 15 years
Office equipment, furniture and fixtures 61 63 
2 to 8 years
Building construction-in-progress328 257 
Total2,127 1,909  
Less: Accumulated depreciation (1,305)(1,153) 
Property and equipment, net$822 $756  

Depreciation expense was $259 million, $291 million, and $294 million for the years ended December 31, 2021, 2020, and 2019, respectively. Additions to capitalized software during the years ended December 31, 2021, 2020, and 2019 were $191 million, $144 million, and $109 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 $51 million, $4 million, and $15 million for the years ended December 31, 2021, 2020, and 2019, respectively.
v3.22.0.1
LEASES
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
LEASES LEASES
The Company has operating leases for office space, data centers, and the land for Booking.com's future headquarters (see Note 16). The Company’s weighted-average discount rate for leases was approximately 2.0% and 2.2% as of December 31, 2021 and 2020, respectively. The weighted-average remaining lease terms were approximately 8.4 years and 8.1 years as of December 31, 2021 and 2020, respectively.

The Company recognized the following related to operating leases in its Consolidated Balance Sheets at December 31, 2021 and 2020 (in millions):
December 31,
Classification in Consolidated Balance Sheets20212020
Operating lease assetsOperating lease assets$496 $529 
Lease Liabilities:
Current operating lease liabilities
Accrued expenses and other current liabilities$143 $159 
Non-current operating lease liabilitiesOperating lease liabilities351 366 
Total operating lease liabilities$494 $525 

The Company recognized the following related to operating leases in its Consolidated Statements of Operations (in millions):
Year Ended December 31,
Classification in Consolidated Statements of Operations202120202019
Lease expense General and administrative and Information technology$185 $194 $183 
Variable lease expense
General and administrative and Information technology46 46 56 
Less: Sublease income
General and administrative(3)(2)(2)
Total lease expense, net of sublease income
$228 $238 $237 

As of December 31, 2021, the future lease payments for operating leases are as follows (in millions):
2022$151 
2023100 
202459 
202549 
202639 
Thereafter152 
Total remaining lease payments$550 
Less: Imputed interest(56)
Total operating lease liabilities$494 

As of December 31, 2021, the Company has entered into leases that have not yet commenced with future lease payments of approximately $33 million which are not reflected in the table above. These leases will commence in 2022 with lease terms of up to six years and will be recognized upon lease commencement.
Supplemental cash flow information related to operating leases is as follows (in millions):
Year Ended December 31,
202120202019
Cash paid for amounts included in the measurement of lease liabilities$186 $200 $189 
Operating lease assets obtained in exchange for lease liabilities162 67 155 

"Operating lease amortization" presented in the operating activities section of the Consolidated Statements of Cash Flows reflects the portion of the operating lease expense from the amortization of the operating lease assets.
v3.22.0.1
GOODWILL, INTANGIBLE ASSETS AND OTHER LONG-LIVED ASSETS
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL, INTANGIBLE ASSETS AND OTHER LONG-LIVED ASSETS GOODWILL, INTANGIBLE ASSETS AND OTHER LONG-LIVED ASSETS
 
A substantial portion of the Company's intangible assets and goodwill relates to the acquisitions of OpenTable, KAYAK, and Getaroom. See Note 19 for further information related to the acquisition of Getaroom in December 2021.

Goodwill

The changes in the balance of goodwill for the years ended December 31, 2021 and 2020 consist of the following (in millions): 
 20212020
Balance, beginning of year $1,895 $2,913 
Acquisitions1,022 — 
Impairments— (1,062)
Foreign currency translation adjustments(30)44 
Balance, end of year (1)
$2,887 $1,895 
 (1)    The balance of goodwill as of December 31, 2021 and 2020 is stated net of cumulative impairment charges of $2.0 billion.

At September 30, 2021, the Company performed its annual goodwill impairment test and concluded that there was no impairment of goodwill. No additional impairment indicators were identified as of December 31, 2021.

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, 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, 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 the judgments and estimates used to estimate fair value. Future events and changing market conditions may lead the Company to re-evaluate the assumptions reflected in the current forecast disclosed above, particularly the assumptions related to the length and severity of the COVID-19 pandemic and the shape and timing of the subsequent recovery, 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 and Other Long-lived Assets

The Company's intangible assets at December 31, 2021 and 2020 consist of the following (in millions):
 December 31, 2021December 31, 2020 
 Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount		Amortization
Period
Supply and distribution
  agreements		$1,407 $(591)$816 $1,136 $(552)$584 
3 - 20 years
Technology297 (151)146 174 (144)30 
2 - 7 years
Internet domain names41 (36)5 44 (37)7 
5 - 20 years
Trade names1,814 (724)1,090 1,824 (633)1,191 
4 -20 years
Other intangible assets2 (2)— 2 (2)— 
Up to 15 years
Total intangible assets$3,561 $(1,504)$2,057 $3,180 $(1,368)$1,812  
 
Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives. Amortization expense was $162 million, $167 million, and $175 million for the years ended December 31, 2021, 2020, and 2019, respectively.

The estimated future annual amortization expense for the Company's intangible assets at December 31, 2021 is as follows (in millions):
2022$224 
2023222 
2024221 
2025215 
2026180 
Thereafter995 
 $2,057 

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. Due to the significant and negative financial impact of the COVID-19 pandemic (see Note 2), at March 31, 2020, the Company performed the recoverability test of its long-lived assets and concluded that there was no impairment. At September 30, 2020, for OpenTable and KAYAK, the Company performed the recoverability test of its long-lived assets due to additional impairment indicators and concluded that there was no impairment. At December 31, 2021, no additional impairment indicators were identified for the Company's long-lived assets.
v3.22.0.1
DEBT
 12 Months Ended
Dec. 31, 2021
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 under the revolving credit facility 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 under the revolving credit facility 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, 2021 and 2020, there were no borrowings outstanding and $4 million of letters of credit issued under this revolving credit facility.

Upon entering into this revolving credit facility, the Company terminated its prior $2.0 billion five-year revolving credit facility entered into in June 2015. During the six months ended June 30, 2019, the Company made short-term borrowings under the prior revolving credit facility totaling $400 million with a weighted-average interest rate of 3.5%, which were repaid prior to June 30, 2019.

The current 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 ending 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 this revolving credit facility and (ii) increase the permitted maximum leverage ratio from and including the three months ending June 30, 2022 through and including the three months ending March 31, 2023. The Company agreed not to declare or make any cash distribution and not to repurchase any of its shares (with certain exceptions including in connection with tax withholding related to shares issued to employees) unless (i) prior to the delivery of financial statements for the three months ending June 30, 2022, it has at least $6.0 billion of liquidity on a pro forma basis, based on unrestricted cash, cash equivalents, short-term investments and unused capacity under this revolving credit facility and (ii) after the delivery of financial statements for the three months ending June 30, 2022, 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 ending June 30, 2022, the minimum liquidity covenant will cease to apply and the maximum leverage ratio covenant, as increased, will again be in effect.
Outstanding Debt
 
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 
 
Outstanding debt at December 31, 2020 consists of the following (in millions):
December 31, 2020Outstanding
Principal
Amount		Unamortized Debt
Discount and Debt
Issuance Cost		Carrying
Value
Current liabilities:
0.9% Convertible Senior Notes due September 2021
$1,000 $(15)$985 
Long-term debt:
0.8% (€1 Billion) Senior Notes due March 2022
$1,223 $(1)$1,222 
2.15% (€750 Million) Senior Notes due November 2022
919 (4)915 
2.75% Senior Notes due March 2023
500 (1)499 
2.375% (€1 Billion) Senior Notes due September 2024
1,223 (7)1,216 
3.65% Senior Notes due March 2025
500 (2)498 
4.1% Senior Notes due April 2025
1,000 (5)995 
0.75% Convertible Senior Notes due May 2025
863 (128)735 
3.6% Senior Notes due June 2026
1,000 (4)996 
1.8% (€1 Billion) Senior Notes due March 2027
1,223 (2)1,221 
4.5% Senior Notes due April 2027
750 (5)745 
3.55% Senior Notes due March 2028
500 (2)498 
4.625% Senior Notes due April 2030
1,500 (11)1,489 
Total long-term debt$11,201 $(172)$11,029 
Fair Value of Debt

At December 31, 2021 and 2020, the estimated fair value of the outstanding debt was approximately $12.1 billion and $14.0 billion, respectively, and was considered a "Level 2" fair value measurement (see Note 6). 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. The estimated fair value of the Company's debt in excess of the outstanding principal amount at December 31, 2021 and 2020 primarily relates to the conversion premium on the Convertible Senior Notes and the outstanding Senior Notes due April 2030.

Convertible Senior Notes

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. If the Company's convertible debt is redeemed or converted prior to maturity, a gain or loss on extinguishment is recognized. The gain or loss is the difference between the fair value of the debt component immediately prior to extinguishment and its carrying value. To estimate the fair value of the debt at the conversion date, the Company estimates the borrowing rate, considering the credit rating and similar debt of comparable corporate issuers without the conversion feature.
 
Description of Convertible Senior Notes

In April 2020, the Company issued $863 million aggregate principal amount of Convertible Senior Notes due 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 this offering. 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. At December 31, 2021, the if-converted value of the May 2025 Notes exceeded the aggregate principal amount by $166 million.

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 September 2021 Notes, the Company paid $1.0 billion to satisfy the aggregate principal amount due and 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.

Cash-settled convertible debt, such as the Company's convertible senior notes, is separated into debt and equity components at issuance and each component is assigned a value. The value assigned to the debt component is 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, is recorded as a debt discount. Debt discount is 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, 3.18% for the September 2021 Notes and 3.13% for the June 2020 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.

Based on the closing price of the Company's common stock for the prescribed measurement periods for the three months ended December 31, 2021 and 2020, the contingent conversion thresholds on the May 2025 Notes were not exceeded and therefore the notes were not convertible.

The following table summarizes the interest expenses 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 is the period until the stated maturity date for the respective debt.
For the Year Ended December 31,
202120202019
Coupon interest expense$13 $15 $12 
Amortization of debt discount and debt issuance costs43 54 50 
Total interest expense$56 $69 $62 
Weighted-average effective interest rate3.8 %3.5 %3.2 %

Other 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 March 2021, the Company delivered notices to the holders of the April 2025 Notes and the April 2027 Notes for the redemption, on April 3, 2021, of all the outstanding notes at the respective redemption prices determined as per the indenture governing the Notes, plus accrued and unpaid interest to, but not including the redemption date. 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. In the Consolidated Statement of Operations for the year ended December 31, 2021, the Company recorded a loss, before tax, of $242 million on the early extinguishment of these Senior Notes, being the difference between the carrying value of the Notes and the amount paid for their redemption.
Other senior notes, including the Senior Notes issued in March 2021, had a total carrying value of $10.2 billion and $10.3 billion at December 31, 2021 and 2020, respectively. 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 information related to other senior notes outstanding at December 31, 2021:
Other Senior NotesDate of Issuance
Effective Interest Rate(1)
Timing of Interest Payments
0.8% Senior Notes due March 2022
March 20170.94 %Annually in March
2.15% Senior Notes due November 2022
November 20152.27 %Annually in November
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
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
4.625% Senior Notes due April 2030
April 20204.72 %
Semi-annually in April and October
(1)    Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt.

The following table summarizes the interest expenses related to other senior notes (in millions):
For the Year Ended December 31,
202120202019
Coupon interest expense$257$264$160
Amortization of debt discount and debt issuance costs1096
Total interest expense$267$273$166
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, 2021 and 2020, the carrying value of the portion of Euro-denominated debt, designated as a net investment hedge, ranged from $2.5 billion to $5.1 billion and from $1.8 billion to $3.2 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.
v3.22.0.1
TREASURY STOCK
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
TREASURY STOCK TREASURY STOCK
 
At December 31, 2021 and 2020, the Company had a total remaining authorization of $10.4 billion 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. The Company resumed repurchases in early 2022 under this authorization and, as of February 22, 2022, has repurchased approximately $500 million of the Company's common stock in the first quarter of 2022. The Company expects to complete repurchases under the remaining authorization within the next three years assuming the travel recovery continues and the Company is able to meet its minimum liquidity covenant under the revolving credit facility. See Note 12 for a description of the impact of the 2020 credit facility amendment on the Company's ability to repurchase shares. Additionally, the Board of Directors has 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 following table summarizes the Company's stock repurchase activities during the years ended December 31, 2021, 2020, and 2019 (in millions, except for shares, which are reflected in thousands):
202120202019
SharesAmountSharesAmountSharesAmount
Authorized stock repurchase programs— $— 601 $1,122 4,358 $8,002 
General authorization for shares withheld on stock award vesting71 162 84 142 87 151 
Total71 $162 685 $1,264 4,445 $8,153 
Shares repurchased in December and settled in following January— $— — $— 19 $40 
For the years ended December 31, 2021, 2020, and 2019, the Company remitted employee withholding taxes of $163 million, $141 million, and $151 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.
v3.22.0.1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT
 12 Months Ended
Dec. 31, 2021
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, 2019, 2020, and 2021 (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, 2018$(109)$41 $(73)$12 $(129)$— $— $— $(157)$(30)$(187)$(316)
Other Comprehensive (Loss) Income ("OCI") before reclassifications(77)13 71 (17)(10)— — — 161 (37)124 114 
Amounts reclassified to net income (4)
— — — — — — — — (11)22 11 11 
OCI for the period(77)13 71 (17)(10)— — — 150 (15)135 125 
Balance, December 31, 2019$(186)$54 $(2)$(5)$(139)$— $— $— $(7)$(45)$(52)$(191)
OCI before reclassifications197 (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)
(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, 2021 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 year ended December 31, 2021, the reclassified tax expenses include a tax expense of $31 million related to the redemption in December 2021 of the Company's investment of $500 million in Trip.com Group convertible senior notes (see Note 5). For the years ended December 31, 2020 and 2019, the reclassified tax expenses include a tax expense of $15 million and $21 million, related to the maturity in May 2020 of the Company's investment of $250 million in Trip.com Group convertible senior notes and the maturity in August 2019 of the Company's investment of $500 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).
v3.22.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
 
International pre-tax income was $1.9 billion, $2.6 billion, and $5.7 billion for the years ended December 31, 2021, 2020, and 2019, respectively. U.S. pre-tax loss was $472 million and $2 billion for the years ended December 31, 2021 and 2020, respectively, and U.S. pre-tax income was $213 million for the year ended December 31, 2019.

Provision for Income Taxes

The income tax expense (benefit) for the year ended December 31, 2021 is as follows (in millions): 
 CurrentDeferredTotal
International$665 $(103)$562 
U.S. Federal68 (323)(255)
U.S. State12 (19)(7)
Total$745 $(445)$300 
 
The income tax expense (benefit) for the year ended December 31, 2020 is as follows (in millions): 
 CurrentDeferredTotal
International$320 $(62)$258 
U.S. Federal(9)296 287 
U.S. State(16)(21)(37)
Total$295 $213 $508 
 
The income tax expense (benefit) for the year ended December 31, 2019 is as follows (in millions): 
 CurrentDeferredTotal
International$915 $(12)$903 
U.S. Federal22 166 188 
U.S. State34 (32)2 
Total$971 $122 $1,093 

Income tax liabilities of $181 million and $174 million are included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets at December 31, 2021 and 2020, respectively. In the first quarter of 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. In the first quarter of 2021, the Company prepaid Netherlands income taxes of 149 million Euros ($175 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 2018, the Company recorded an income tax benefit of $46 million to adjust its provisional income tax expense that was recorded during the year ended December 31, 2017 relating to the federal one-time deemed repatriation liability, as well as U.S. state income taxes and international withholding taxes associated with the mandatory deemed repatriation. In addition, the Company recorded an income tax benefit of $2 million in 2018 to adjust the remeasurement of its U.S. deferred tax assets and liabilities due to the reduction of the U.S. federal statutory tax rate that resulted from the Tax Act.

In 2019, as a result of additional technical guidance issued by U.S. federal and state tax authorities with respect to the Tax Act, the Company recorded an income tax benefit of $17 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, as well as U.S. state income taxes associated with the mandatory deemed repatriation.

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, 2021, the Company had U.S. federal NOLs of $267 million, the majority of which do not have an expiration date, and U.S. state NOLs of $536 million, which mainly begin to expire in years December 31, 2032 and forward. In addition, at December 31, 2021, the Company had $700 million of non-U.S. NOLs, and $23 million of U.S. research tax credit and foreign tax credit carryforwards available to reduce future tax liabilities, the majority of which do not have an expiration date.

The utilization of these NOLs, allowances, 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, 2021 and 2020 are as follows (in millions):
 20212020
Deferred tax assets/(liabilities):  
Net operating loss carryforward — U.S.$88 $67 
Net operating loss carryforward — International137 81 
Accrued expenses50 47 
Stock-based compensation and other stock based payments50 40 
Foreign currency translation adjustment48 29 
Tax credits19 9 
Euro-denominated debt— 77 
Operating lease liabilities38 43 
Property and equipment95 11 
Other11 — 
Subtotal - deferred tax assets536 404 
Discount on convertible notes(20)(29)
Intangible assets and other(192)(119)
Euro-denominated debt(20)— 
State income tax on accumulated unremitted international earnings(8)(5)
Unrealized gains on investments(417)(550)
Operating lease assets(37)(38)
Installment sale liability(156)(263)
Other— (14)
Subtotal - deferred tax liabilities(850)(1,018)
Valuation allowance on deferred tax assets
(37)(58)
Net deferred tax liabilities (1)
$(351)$(672)
  
(1)    Includes deferred tax assets of $554 million and $455 million at December 31, 2021 and 2020, respectively, reported in "Other assets, net" in the Consolidated Balance Sheets.

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 valuation allowance on deferred tax assets at December 31, 2020 includes $18 million related to international operations and $40 million primarily related to U.S. research credits, capital loss carryforwards, and Connecticut NOLs. 

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%. A portion of Booking.com's earnings during the years ended December 31, 2021, 2020, and 2019 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, 2021, 2020, and 2019 as a result of the following items (in millions):  
 202120202019
Income tax expense at U.S. federal statutory rate$308 $119 $1,251 
Adjustment due to:   
Foreign rate differential137 55 210 
Innovation Box Tax benefit(230)(79)(443)
Goodwill impairment— 228 — 
Stock-based compensation37 32 23 
Federal GILTI17 73 36 
State income tax (benefit) expense(6)(31)9 
Valuation allowance(19)36 1 
Uncertain tax positions39 64 11 
Tax Act - U.S. transition tax benefit and other transition impacts— (8)(17)
Other17 19 12 
Income tax expense$300 $508 $1,093 
 
Uncertain Tax Positions

The following is a reconciliation of the total beginning and ending amount of unrecognized tax benefits (in millions): 
 202120202019
Unrecognized tax benefit — January 1$84 $56 $45 
Gross increases — tax positions in current period14 2 3 
Gross increases — tax positions in prior periods44 48 11 
Gross decreases — tax positions in prior periods(19)(11)(3)
Reduction due to settlements during the current period(3)(11)— 
Unrecognized tax benefit — December 31$120 $84 $56 
 
The increase in unrecognized tax benefits is principally related to transfer pricing, as well as Booking.com’s Italian tax disputes (see Note 16), the majority of which is included in “Other long-term liabilities” in the Consolidated Balance Sheets for the years ended December 31, 2021 and 2020. The remaining unrecognized tax benefits are primarily included in "Other long-term liabilities" and "Other assets, net" in the Consolidated Balance Sheets for the years ended December 31, 2021 and 2020. The unrecognized tax benefits, if recognized, would affect the effective tax rate. The Company does not expect further significant changes in the amount of unrecognized tax benefits during the next twelve months. As of December 31, 2021 and 2020, total gross interest and penalties accrued was $30 million and $31 million, respectively.
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 2014 and forward, U.S. federal returns for 2017 and forward, Singapore returns from 2017 and forward, and U.K. returns for 2018 and forward. The Company’s 2017 and 2018 U.S. federal income tax returns are currently under audit by the Internal Revenue Service. See Note 16 for more information regarding tax contingencies.
v3.22.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2021
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 online travel companies ("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 can also result in fines and the Company had accrued liabilities of 14 million Euros ($16 million) and 18 million Euros ($23 million), for potential fines associated with its contractual parity arrangements, included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets as of December 31, 2021 and 2020, respectively. 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. 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 similar 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

French tax authorities conducted audits of Booking.com for the years 2003 through 2012, 2013 through 2015, and 2016 through 2018. 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 ($403 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 ($80 million), including interest and penalties, for the 2013 year asserting that Booking.com had taxable income attributable to a permanent establishment in France. The French tax authorities also have issued assessments totaling 39 million Euros ($45 million), including interest and penalties, for certain tax years between 2011 and 2015 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. In December 2021, the French tax authorities issued assessments on Booking.com’s French subsidiary totaling 78 million Euros ($88 million), including interest and penalties, for the tax years 2016 through 2018 asserting that the subsidiary did not receive sufficient compensation for the services it rendered to Booking.com. 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 ($403 million) in order to preserve its right to contest those assessments in court. The payment, which is included in "Other assets, net" in the Consolidated Balance Sheets at December 31, 2021 and 2020, does not constitute an admission that the Company owes the taxes and will be refunded (with interest) to the
Company to the extent the Company prevails. In December 2019 and October 2020, the Company initiated court proceedings with respect to certain of the assessments. Although the Company believes that Booking.com has been, and continues to be, in compliance with French tax law, and the Company is contesting the assessments, during the three months ended September 30, 2020, the Company contacted the French tax authorities regarding the potential to achieve resolution of the matter through a settlement. After assessing several potential outcomes and potential settlement amounts and terms, an unrecognized tax benefit in the amount of 50 million Euros ($59 million) was recorded during the year ended December 31, 2020, of which the majority was included as a partial reduction to the tax payment recorded in "Other assets, net" in the Consolidated Balance Sheets at December 31, 2021 and 2020. In December 2020, the French Administrative Court (Conseil d’Etat) delivered a decision in the "ValueClick" case that could have an impact on the outcome in the Company's case. After considering the potential adverse impact of the new decision on the potential outcomes for the Booking.com assessments, the Company currently estimates that the reasonably possible loss related to VAT is approximately 20 million Euros ($22 million).

In December 2018 and December 2019, the Italian tax authorities issued assessments on Booking.com's Italian subsidiary for approximately 48 million Euros ($54 million) for the 2013 tax year and 58 million Euros ($66 million) for the 2014 tax year 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 Mutual Agreement Procedure ("MAP") between Italy and the Netherlands for the 2013 tax year and Booking.com has submitted a request that the 2014 tax year be added to the MAP. Based on the possibility of the 2013 and 2014 Italian assessments being settled through the MAP process, and, after considering potential resolution amounts, a net unrecognized tax benefit amount of 4 million Euros ($5 million) was recorded during the year ended December 31, 2020. In March 2021, the Italian authorities issued assessments on Booking.com’s Italian subsidiary for approximately 31 million Euros ($36 million) for the 2015 tax year, again asserting that its transfer pricing policies were inadequate. Based on the Company’s expectation that the Italian assessments for 2013, 2014, 2015 and any transfer pricing assessments received for subsequent open years will be settled through the MAP process, and after considering potential resolution amounts, an additional net unrecognized tax benefit of 13 million Euros ($16 million) was recorded during the three months ended March 31, 2021. In August 2021, the Italian tax authorities issued a transfer pricing assessment on Booking.com’s Italian subsidiary for approximately 114 million Euros ($130 million) for the periods 2016-2018. The Company intends to submit a request that the 2016-2018 assessment be added to the MAP. Because the unrecognized tax benefit recorded during the three months ended March 31, 2021 already reflected consideration of potential resolution amounts for Italian transfer pricing assessments for all open tax years, including 2016-2018, no additional unrecognized tax benefit has been recorded during the year ended December 31, 2021. In December 2019, the Company paid $10 million Euros ($11 million) as a partial prepayment of the 2013 assessment to avoid any collection enforcement from the Italian tax authorities pending the appeal phase of the case. The payment, which is included in "Other assets, net" in the Consolidated Balance Sheets at December 31, 2021 and December 31, 2020, 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. A total of 5 million Euros ($6 million) of the net unrecognized tax benefits recorded during the year ended December 31, 2021 and 2020 has been included as a partial reduction to the tax payment recorded in "Other assets, net" in the Consolidated Balance Sheets at December 31, 2021 and 2020. Similarly, the Company expects to be required to make prepayment deposits or provide bank guarantees of approximately 59 million Euros ($68 million), which is equal to one-third of the interest and taxes for the 2014, 2015, and 2016-2018 assessments to avoid any collection enforcement from the Italian tax authorities pending the MAP proceedings.

In June 2021, the investigative arm of the Italian tax authorities issued a Tax Audit Report for the 2013 through 2019 Italian VAT audit. While the Tax Audit Report does not constitute a formal tax assessment, it recommends that an assessment of 154 million Euros ($175 million), plus interest and penalties, should be made on Booking.com BV for VAT related to commissions charged to certain Italian accommodation providers. The Company believes that Booking.com has been, and continues to be, in compliance with Italian and EU VAT laws and the Company has not recorded any liability in connection with the Tax Audit Report. It is unclear what further actions, if any, the Italian authorities will take with respect to the VAT audit for the periods 2013 through 2019. Such actions could include closing the investigation, assessing Booking.com additional taxes and/or imposing interest, fines, penalties or criminal proceedings.

In 2018 and 2019, Turkish tax authorities asserted that Booking.com has a permanent establishment in Turkey and have issued tax assessments for the years 2012 through 2018 for approximately 813 million Turkish Lira ($61 million), which includes interest and penalties through December 31, 2021. 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. The Company has not recorded a liability in connection with these assessments. In December 2021, the Company paid approximately 118 million Turkish Lira ($9 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, 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.
From time to time, the Company is involved in other tax-related audits, investigations, or litigation, which relate to income taxes, value-added taxes, travel transaction taxes (e.g., hotel occupancy taxes), sales taxes, employment taxes, etc. Any taxes or other assessments in excess of the Company's current tax provisions, whether in connection with the foregoing or otherwise (including the resolution of any tax proceedings), could have a materially 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 if BPF were to proceed with the litigation. The Company intends to pursue a number of defenses in any 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 any subsequent proceedings. As a result, as of December 31, 2021, 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, 2021, the maximum loss, not including any potential interest or penalties, would be approximately 289 million Euros ($328 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, 2021.

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.

From time to time, the Company notifies the Dutch data protection authority in accordance with its obligations under the E.U. General Data Protection Regulation of certain incidental and accidental personal data security incidents. Although the Company believes it has fulfilled its data protection regulatory obligations, should the Dutch data protection authority decide these incidents were the result of inadequate technical and organizational security measures, 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.
 
Building Construction

In September 2016, the Company signed a turnkey agreement to construct an office building for Booking.com's future headquarters in the Netherlands for 270 million Euros ($307 million). Upon signing this agreement, the Company paid 43 million Euros ($48 million) for the acquired land-use rights, which was included, net of amortization, in "Operating lease assets" in the Consolidated Balance Sheets. In addition, since signing the turnkey agreement the Company has made several progress payments principally related to the construction of the building, which are included in "Property and equipment, net" in the Consolidated Balance Sheets. As of December 31, 2021, the Company had a remaining obligation of 15 million Euros ($17 million) related to the turnkey agreement, which will be paid through 2022, when the Company anticipates construction will be complete.

In addition to the turnkey agreement, the Company has 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. The Company has made
and will continue to make additional capital expenditures to fit out and furnish the office space. At December 31, 2021, the Company had 20 million Euros ($23 million) of outstanding commitments to vendors to fit out and furnish the office space.

Lease obligations

See Note 10 for information about the Company's lease obligations.

Other Contractual Obligations
The Company had $511 million and $138 million of standby letters of credit or bank guarantees issued on behalf of the Company as of December 31, 2021 and 2020, respectively, including those issued under the revolving credit facility. These are obtained primarily for regulatory purposes and payment guarantees to third-party payment processors. See Note 12 for information related to letters of credit issued under the revolving credit facility.
v3.22.0.1
BENEFIT PLANS
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
BENEFIT PLANS BENEFIT PLANS
 
The Company maintains a defined contribution 401(k) savings plan (the "Plan") covering certain U.S. employees. In connection with acquisitions, effective at the date of such acquisitions, the Company assumed defined contribution plans covering the U.S. employees of the acquired companies. 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, 2021, 2020, and 2019 were $32 million, $33 million, and $26 million, respectively.
v3.22.0.1
GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2021
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 parts 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 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, 2021$1,434 $8,678 $846 $10,958 
December 31, 2020783 5,264 749 6,796 
December 31, 20191,537 11,686 1,843 15,066 

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, 2021 and 2020 (in millions):
United
 States
Outside of the U.S.Total
Company
The NetherlandsUnited KingdomOther
    
December 31, 2021$175 $506 $115 $213 $1,009 
December 31, 2020186 499 85 278 1,048 
v3.22.0.1
ACQUISITIONS AND DISPOSALS
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DISPOSALS ACQUISITIONS AND DISPOSALS
In November 2021, the Company entered into an agreement to acquire global flight booking provider, Etraveli Group, for approximately 1.6 billion Euros ($1.9 billion). Completion of the acquisition is subject to certain closing conditions, including regulatory approvals.

In December 2021, the Company acquired all outstanding stock of Getaroom, a business-to-business ("B2B") distributor of hotel rooms, in a cash transaction. The purchase price of Getaroom was $1.3 billion ($1.2 billion, net of cash
acquired). The acquisition is expected to enhance the Company's B2B distribution capabilities for the Company's customers (hotels) and more effectively support the Company's marketing affiliates.

The accounting for the Getaroom acquisition is based on provisional amounts as the allocation of the consideration transferred was not complete as of December 31, 2021. The following table summarizes the preliminary allocation of the consideration transferred. The amounts allocated to goodwill, intangibles and certain assets and liabilities and the estimated useful lives of certain assets (and the related amortization expense) are subject to change as the Company continues to identify and measure the assets acquired, liabilities assumed and consideration transferred and evaluate the preliminary valuation and underlying inputs and assumptions.
(in millions)
Current assets(1)
$174 
Identifiable intangible assets(2)
423 
Goodwill(3)
1,020 
Other noncurrent assets10 
Current liabilities(198)
Deferred income taxes (92)
Other noncurrent liabilities(4)
(41)
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 $299 million and weighted-average useful life of 10 years and technology assets with an estimated value of $124 million and weighted-average useful life of 4 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 $38 million principally related to travel transaction taxes.

Supplemental pro forma information has not been presented as the results of Getaroom are not material to the Company's results of operations.

In 2019, the Company paid $37 million of contingent consideration for a business acquired in 2015. The contingent payment was dependent on the achievement of certain performance factors.
In February 2022, the Company entered into an agreement to transfer certain customer service operations of Booking.com to Majorel Group Luxembourg S.A. (“Majorel”). The transaction is subject to customary closing conditions, including regulatory approvals and completion of works council consultations. As of December 31, 2021, the carrying value of the assets anticipated to be transferred to Majorel under the agreement was not material.
v3.22.0.1
RESTRUCTURING AND OTHER EXIT COSTS
 12 Months Ended
Dec. 31, 2021
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND OTHER EXIT COSTS RESTRUCTURING AND OTHER EXIT COSTS
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 are included in "Restructuring and other exit costs" 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. At
December 31, 2021 and 2020, restructuring liabilities of $3 million and $37 million, respectively, are included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets.
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GOVERNMENT GRANTS AND OTHER ASSISTANCE
 12 Months Ended
Dec. 31, 2021
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 Statement 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, the Company announced its intention to voluntarily return assistance received through various government aid programs and completed the repayments by December 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.
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OTHER INCOME (EXPENSE), NET
 12 Months Ended
Dec. 31, 2021
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,
202120202019
Interest and dividend income
$16 $54 $152 
Net (losses) gains on equity securities (1)
(569)1,813 745 
Impairment of investment (1)
— (100)— 
Foreign currency transaction gains (losses) (2)
111 (207)(31)
Loss on early extinguishment of debt (3)
(242)— — 
Other (4)
(13)(6)13 
Other income (expense), net$(697)$1,554 $879 
(1)    See Note 5 for additional information related to the net (losses) gains on equity securities and impairment of investment.
(2)    Foreign currency transaction gains (losses) include gains of $135 million, losses of $200 million, and gains of $7 million, for the years ended December 31, 2021, 2020 and 2019, 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).
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
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 ("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 allowance for doubtful accounts), chargeback provisions and the accrual of obligations for loyalty and other incentive programs.
Impact of COVID-19
Impact of COVID-19
In response to the outbreak of the novel strain of the coronavirus, COVID-19 (the "COVID-19 pandemic"), as well as subsequent outbreaks driven by new variants of COVID-19, governments and businesses around the world have implemented, and continue to implement, a variety of restricted measures to reduce the spread of COVID-19. These measures have had a significant adverse effect on many of the customers on whom the Company’s business relies, including hotels and other accommodation providers, airlines and restaurants, as well as the Company’s workforce, operations and consumers. The COVID-19 pandemic and the resulting implementation of restrictive measures resulted in a significant decline in travel activities and consumer demand for related services in 2020 in particular. The Company’s financial results and prospects are almost entirely dependent on the sale of travel-related services. The spread of new variants of COVID-19 has caused uncertainty as to when restrictions will be lifted, if additional restrictions may be initiated or reimposed, if there will be permanent changes to travel behavior patterns, and the timing of distribution and administration of COVID-19 vaccines and other medical interventions globally.

In 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 (see Note 3). In 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 in 2020 (see Note 11). In addition, the Company recorded a significant impairment charge in 2020 for one of the Company's long-term investments (see Notes 5 and 6). Even though no additional impairment indicators were identified as of December 31, 2021, it is possible that the Company may have to record additional significant impairment charges in future periods.

See Note 12 for additional information about the Company’s existing debt arrangements, including 1.7 billion Euros of debt issued in March 2021, payment of $2.0 billion in April 2021 to redeem certain Senior Notes issued in April 2020 and payment of $1.1 billion to satisfy the aggregate principal amount and the conversion premium in excess of the principal amount of the Convertible Senior Notes due September 2021. The Company’s continued access to sources of liquidity depends on multiple factors, including global economic conditions, the condition of global financial markets, the availability of sufficient amounts of financing, the Company’s ability to meet debt covenant requirements, the Company’s operating performance, and the Company's credit ratings. There is no guarantee that additional debt financing will be available in the future to fund the Company’s obligations, or that it will be available on commercially reasonable terms, in which case the Company may need to seek other sources of funding.

Even though there have been some 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. If the travel and restaurant industries are fundamentally changed by the COVID-19 pandemic in ways that are detrimental to the Company’s operating model, the Company’s business may continue to be adversely affected even as the broader global economy recovers.

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 20 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 21 for additional information.
Reclassification ReclassificationCertain amounts from prior periods have been reclassified to conform to the current year presentation.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The Company's 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.
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, 2021, 2020, and 2019 principally relates 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,
202120202019
As included in the Consolidated Balance Sheets:
Cash and cash equivalents$11,127 $10,562 $6,312 
Restricted cash and cash equivalents included in "Other current assets"25 20 20 
Total cash and cash equivalents and restricted cash and cash equivalents as
  shown in the Consolidated Statements of Cash Flows		$11,152 $10,582 $6,332 
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.

For periods prior to January 1, 2020, investments in debt securities were considered to be impaired when a decline in fair value was judged to be other than temporary because the Company either intended to sell or it was more-likely-than not that it would be required to sell the impaired security before recovery. Once a decline in fair value was determined to be other than temporary, an impairment charge was recorded and a new cost basis in the investment was established. If the Company did not intend to sell the debt security, but it was probable that the Company would not collect all amounts due, then only the impairment due to the credit risk would be recognized in net income and the remaining amount of the impairment would be recognized in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets.

On January 1, 2020, the Company adopted the accounting standards update on the measurement of credit losses on financial instruments. Under the current accounting standard, 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 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.

The Company's investments in marketable debt securities are recognized based on the trade date. The marketable debt securities generally have a term of less than five years and 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. The cost of marketable debt securities sold is determined using a first-in and first-out method.

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.

See Notes 5 and 6 for further information related to investments.
Accounts Receivable from Customers and Allowance for Expected Credit Losses
Accounts Receivable from Customers and Allowance for Expected Credit Losses
For periods prior to January 1, 2020, receivables from customers were recorded at the original invoiced amounts net of an allowance for doubtful accounts. The allowance for doubtful accounts was estimated based on historical experience, aging of the receivable, credit quality of the customers, economic trends, and other factors that may affect the Company's ability to collect from customers.
On January 1, 2020, the Company adopted the accounting standards update on the measurement of expected credit losses, which requires the Company to estimate 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 factors are considered. This is assessed at each quarter based on the Company’s specific facts and circumstances. See Note 7 for additional information.
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.

Building Construction-in-progress
Building construction-in-progress is associated with the construction of Booking.com's future headquarters in the Netherlands and is included in "Property and equipment, net" in the Consolidated Balance Sheets. Depreciation of the building and its related components will commence once it is ready for the Company’s use.
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, data centers, and land for Booking.com's future headquarters. For office space, data centers, and land, 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 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 lease expense on a straight-line basis over the lease term. Certain of the Company's lease agreements include rent payments which are adjusted periodically for inflation. Any change in payments due to changes in inflation rates 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, with renewal terms that can extend the initial lease term for various periods up to nine years. The exercise of renewal options for office space and data centers is at the Company’s discretion and are included if they are reasonably certain to be exercised. The land lease for Booking.com's future headquarters has an initial term which expires in 2065, at which time the lease payments will be adjusted based on the value of the land on the reassessment date. The Company considered the initial term of the land lease to be its expected period of use.
Land-use rights "Operating lease assets" in the Consolidated Balance Sheets includes the land-use rights related to payment in 2016 for the land lease for Booking.com's future headquarters as described above. The land-use rights are amortized on a straight-line basis over its expected period of use. This expense is recorded as lease expense in "General and administrative" expense in the Consolidated Statements of Operations. See Notes 16 for further information.
Goodwill
Goodwill
The Company accounts for acquired businesses using the acquisition method of accounting which requires that the assets acquired and liabilities assumed be recorded at the date of acquisition at their respective fair values. Any excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. 
 
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. For periods prior to January 1, 2020, an impairment was recorded to the extent that the implied fair value of goodwill was less than the carrying value of goodwill. The Company adopted the accounting standards update on goodwill impairment in the first quarter of 2020, under which 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 further information.
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, 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" in the Consolidated Statements of Cash Flows. See Note 6 for further 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.

Derivatives Designated as Net Investment Hedges
The Company, from time to time in the past, has utilized derivative instruments to hedge the impact of changes in foreign currency exchange rates on the net assets of its foreign subsidiaries. These derivative instruments were designated as net investment hedges. Hedge ineffectiveness was assessed and measured based on changes in forward exchange rates. The Company recorded gains and losses on these derivative instruments as foreign currency translation adjustments, which offset a portion of the foreign currency translation adjustments related to the foreign subsidiaries' net assets. Gains and losses on these derivative instruments were recognized in the Consolidated Balance Sheets in "Accumulated other comprehensive loss" and will be realized upon a partial sale or liquidation of the investment.
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 further 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 sales incentives, "no show" cancellations (where the traveler has not cancelled the reservation but does not arrive on the scheduled reservation date) and "late" cancellations (where the travel service provider accepts a cancellation after its cancellation cut-off date). Estimates for cancellations and sales incentives are based on historical experience and current trends. 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. Substantially all of the Company's agency revenue is from Booking.com agency accommodation reservations.

•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, and airline reservations. The Company records cash collected from travelers, which includes the amounts owed to the travel service providers and the Company’s commission or margin and fees, as deferred merchant bookings until the arranged travel service begins. 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.
Accrued Liabilities for Loyalty and Other Incentive Programs
See Note 3 for information related to accrued liabilities for loyalty and other incentive programs.

Deferred Revenue
See Note 3 for information related to deferred revenue.
Advertising Expenses
Advertising Expenses
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 performance marketing liabilities of $306 million and $156 million at December 31, 2021 and 2020, respectively. 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 compensation liabilities of $421 million and $333 million at December 31, 2021 and 2020, respectively.
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 income statement 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. 
See Note 4 for further information related to stock-based awards.
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 21 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 and Other Exit Costs Restructuring and Other Exit CostsThe Company records employee severance and other termination costs that meet the requirements for recognition in accordance with the relevant guidance of Accounting Standards Codification ("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.
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 noncurrent in the balance sheet.
 
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 adopted an accounting policy to treat 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.
Segment Reporting
Segment Reporting
The Company historically determined that its primary brands constituted its operating segments. In 2019, reflecting changes to the management structure, the Company reorganized its operating segments from six to four operating segments by combining Booking.com with Rentalcars.com and KAYAK with OpenTable. The Company's Booking.com and Rentalcars.com operating segment represents a substantial majority of the Company's total revenues and operating income. The Company's operating segments continue to be aggregated into one reportable segment based on the similarity in economic characteristics, other qualitative factors and the objectives and principles of ASC 280, Segment Reporting. For geographic information, see Note 18.
Recent Accounting Pronouncements Adopted and Other Recent Accounting Pronouncements
Recent Accounting Pronouncements Adopted
    
Simplifying the Accounting for Income Taxes
The Financial Accounting Standards Board ("FASB") issued a new accounting update relating to income taxes. This update provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 

The Company adopted this update on January 1, 2021 and applied the applicable amendments on a prospective basis. The adoption did not have a material impact on the Company's Consolidated Financial Statements. 

Accounting for Acquired Revenue Contracts with Customers in a Business Combination
In October 2021, the FASB issued a new accounting 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 current U.S. GAAP. The Company early adopted this update during the fourth quarter of 2021 and applied it retrospectively to all business combinations occurring on or after January 1, 2021.

Other Recent Accounting Pronouncements

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
In August 2020, the FASB issued a new accounting update relating to convertible instruments and contracts in an entity’s own equity. For convertible instruments, the accounting update reduces the number of accounting models for convertible debt instruments and convertible preferred stock. Limiting the accounting models results in fewer embedded conversion features being separately recognized from the host contract as compared with current U.S. GAAP. The accounting update amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions.

The Company adopted this update on January 1, 2022 on a modified retrospective basis, which resulted in an increase of approximately $30 million to retained earnings. For the Company’s convertible debt instruments, interest expense for the periods beginning after January 1, 2022 will be reflected in the financial statements using interest rates that typically are closer to the coupon interest rate of such instruments rather than a generally higher imputed interest expense that resulted from the separation of conversion features required by previous U.S. GAAP. See Note 12 for additional information on the Company’s convertible debt instruments. The accounting update also requires changes in the diluted earnings per share calculation in certain areas, including the use of the if-converted method instead of the treasury stock method which was permitted in certain situations under current U.S. GAAP. See Note 8 for additional information on earnings per share.
Disclosures by Business Entities about Government Assistance
In November 2021, the FASB issued a new accounting update to increase the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. This update is effective for financial statements issued for annual periods beginning after December 15, 2021. The Company does not expect the adoption to have a material impact on the Consolidated Financial Statements. See Note 21 for additional information on government assistance.
v3.22.0.1
FAIR VALUE MESUREMENTS (Policies)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Policy
Investments

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

The valuation of investments in Trip.com Group convertible debt securities are considered "Level 2" valuations 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 these investments. 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. During the year ended December 31, 2021, the Company recorded an upward adjustment for its investment in Yanolja using Level 2 inputs (see Note 5).

Investments in private companies measured using Level 3 inputs
As of December 31, 2020, the Company’s investments measured using Level 3 inputs primarily consisted of preferred stock investments in privately-held companies that were classified as either debt securities or equity securities without readily determinable fair values. Fair values of privately held securities are estimated using a variety of valuation methodologies, including both market and income approaches. The Company has used 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, such as new investments in preferred stock, 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. In addition, an option-pricing model ("OPM") is utilized to allocate value to the various classes of securities of the investee, including the class owned by the Company. The model includes assumptions around the investees' expected time to liquidity and volatility.
v3.22.0.1
NET INCOME PER SHARE (Policies)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
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.
 
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 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. Under the treasury stock method, if the conversion prices for the convertible notes exceed the Company's average stock price for the period, the convertible notes generally have no impact on diluted net income per share. The convertible notes are included in the calculation of diluted net income per share if their inclusion is dilutive under the treasury stock method.
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2021
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,
202120202019
As included in the Consolidated Balance Sheets:
Cash and cash equivalents$11,127 $10,562 $6,312 
Restricted cash and cash equivalents included in "Other current assets"25 20 20 
Total cash and cash equivalents and restricted cash and cash equivalents as
  shown in the Consolidated Statements of Cash Flows		$11,152 $10,582 $6,332 
v3.22.0.1
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021: 
Restricted Stock UnitsSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 2020305,959 $1,697 
Granted142,149 $2,282 
Vested(118,675)$1,801 
Forfeited(47,509)$1,902 
Unvested at December 31, 2021281,924 $1,914 
Activity of performance share units
The following table summarizes the activity of performance share units for employees during the year ended December 31, 2021:
Performance Share UnitsSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 202084,478 $1,930 
Granted(1)
42,173 $2,287 
Vested(55,426)$1,999 
Performance Shares Adjustment(2)
44,346 $2,125 
Forfeited(7,248)$1,792 
Unvested at December 31, 2021108,323 $2,123 
(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)    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.
Estimated vesting of performance share units granted
The following table summarizes the estimated vesting, as of December 31, 2021, of performance share units granted in 2021, 2020, and 2019, net of forfeiture and vesting since the respective grant dates:
Performance Share Units, by grant year
2021(1)
20202019
Shares probable to be issued 63,523 11,752 33,048 
Shares not subject to the achievement of minimum performance thresholds28,198 — 33,048 
Shares that could be issued if maximum performance thresholds are met63,523 18,080 61,669 
(1)    Excludes performance share units awarded during the year ended December 31, 2021 for which the grant date under ASC 718 was not established as disclosed above.
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, 2021:
Employee Stock OptionsNumber of SharesWeighted-average
 Exercise Price		Aggregate
 Intrinsic Value (in millions)		Weighted-average Remaining Contractual Term (in years)
Balance, December 31, 2020152,746 $1,401 $126 9.3
Exercised(3,768)$1,212 
Expired(281)$716 
Forfeited(12,846)$1,411 
Balance, December 31, 2021135,851 $1,407 $135 8.3
Exercisable at December 31, 2021836 $788 $1 1.8
v3.22.0.1
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments
The following table summarizes, by major security type, the Company's investments at December 31, 2021 (in millions):
 CostGross
Unrealized
Gains
/Upward Adjustments		Gross
Unrealized
Losses
/Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
Trip.com Group convertible debt securities $25 $— $— $25 
Long-term investments:
Investments in private companies:
  Equity securities$66 $259 $— $325 
Other long-term investments:
  Equity securities1,165 1,990 (305)2,850 
Total$1,231 $2,249 $(305)$3,175 

The following table summarizes, by major security type, the Company's investments at December 31, 2020 (in millions): 
CostGross
Unrealized
Gains
/Upward Adjustments		Gross
Unrealized
Losses
/Downward Adjustments		Carrying Value
Short-term investments:
Debt securities:
Trip.com Group convertible debt securities$500 $1 $— $501 
Long-term investments:
Investments in private companies:
  Debt securities$200 $— $— $200 
  Equity securities552 3 (100)455 
Other long-term investments:
  Debt securities:
Trip.com Group convertible debt securities 25 — (1)24 
  Equity securities463 2,617 — 3,080 
Total$1,240 $2,620 $(101)$3,759 
v3.22.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Financial assets and liabilities carried at fair value and nonrecurring fair value measurements
Financial assets and liabilities carried at fair value at December 31, 2021 and nonrecurring fair value measurements are classified in the categories described in the table below (in millions):
 Level 1Level 2Level 3Total
Recurring fair value measurements
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:
Trip.com Group convertible debt securities— 25 — 25 
Long-term investments:
Other 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 (1)
$— $325 $— $325 
(1)    During the year ended December 31, 2021, the Company recorded upward adjustments to its investments in equity securities of private companies based on observable price changes in orderly transactions for identical or similar investments of the same issuer (see Note 5).
Financial assets and liabilities carried at fair value at December 31, 2020 and nonrecurring fair value measurements are classified in the categories described in the table below (in millions):
 Level 1Level 2Level 3Total
Recurring fair value measurements
ASSETS:    
Cash equivalents and restricted cash equivalents:
Money market fund investments$10,208 $— $— $10,208 
Time deposits and certificates of deposit32 — — 32 
Short-term investments:    
Trip.com Group convertible debt securities— 501 — 501 
Long-term investments:
Investments in private companies:
Debt securities— — 200 200 
Other long-term investments:
Trip.com Group convertible debt securities — 24 — 24 
Equity securities3,080 — — 3,080 
Derivatives:
Foreign currency exchange derivatives— 9 — 9 
Total assets at fair value$13,320 $534 $200 $14,054 
LIABILITIES:
Foreign currency exchange derivatives$— $7 $— $7 
Nonrecurring fair value measurements
Investments in equity securities of private companies (1)
$— $— $404 $404 
Goodwill of the OpenTable and KAYAK reporting unit (2)
— — 1,000 1,000 
Total nonrecurring fair value measurements$— $— $1,404 $1,404 
(1)    At March 31, 2020, the investment in DiDi was written down to its estimated fair value of $400 million, resulting in an impairment charge of $100 million (see Note 5).
(2)    At March 31, 2020, the goodwill of the OpenTable and KAYAK reporting unit was written down to its estimated fair value of $1.5 billion, resulting in an impairment charge of $489 million. At September 30, 2020, the goodwill was further written down to its estimated fair value of $1.0 billion, resulting in an additional impairment charge of $573 million (see Note 11).
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):
For the Year Ended December 31,
 
2021(1)
2020(2)
Balance, beginning of year$200 $250 
Unrealized gains (losses)265 — 
Transfers out of Level 3(465)(50)
Balance, end of year$— $200 
(1)    In December 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) 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 Operation for the year ended December 31, 2021 (see Note 14)
(2)    The Company recognized an unrealized loss of $20 million during the three months ended March 31, 2020 and an unrealized gain of $20 million during the three months ended June 30, 2020 related to the investment in Grab Holdings Inc., which is recorded in "Accumulated other comprehensive loss" in the Consolidated Balance Sheet. During the year ended December 31, 2020, the Company's investment in Yanolja was reclassified as equity securities without readily determinable fair value due to changes in the redemption features of the preferred shares.
Schedule of derivative instruments
The table below provides estimated fair values and notional amounts of foreign currency exchange derivatives outstanding at December 31, 2021 and 2020 (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, 2021December 31, 2020
Estimated fair value of derivative assets$5 $9 
Estimated fair value of derivative liabilities$11 $7 
Notional amount:
 Foreign currency purchases$840 $898 
 Foreign currency sales$1,857 $839 

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, 2021, 2020, and 2019 is as follows (in millions):
For the Year Ended December 31,
202120202019
Losses on foreign currency exchange derivatives $30 $31 $19 
v3.22.0.1
ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS (Tables)
 12 Months Ended
Dec. 31, 2021
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): 
 For the Year Ended December 31,
 202120202019
Balance, beginning of year$166 $49 $51 
Provision charged to earnings48 216 69 
Write-offs and adjustments(107)(116)(70)
Foreign currency translation adjustments(6)17 (1)
Balance, end of year$101 $166 $49 
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):
 For the Year Ended December 31,
 202120202019
Balance, beginning of year$55 $6 $10 
Provision charged to expense(4)51 (4)
Write-offs and adjustments(5)(2)— 
Foreign currency translation adjustments1 — — 
Balance, end of year$47 $55 $6 
v3.22.0.1
NET INCOME PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2021
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): 
 For the Year Ended December 31,
 202120202019
Weighted-average number of basic common shares outstanding41,042 40,974 43,082 
Weighted-average dilutive stock options, restricted stock units and performance share units
209 158 203 
Assumed conversion of convertible senior notes111 28 224 
Weighted-average number of diluted common and common equivalent shares outstanding
41,362 41,160 43,509 
v3.22.0.1
PROPERTY AND EQUIPMENT, NET (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property and equipment, net
Property and equipment, net at December 31, 2021 and 2020 consist of the following (in millions):
 20212020Estimated
Useful Lives
(years)
Computer equipment$728 $746 
2 to 6 years
Capitalized software742 565 
2 to 5 years
Leasehold improvements 268 278 
1 to 15 years
Office equipment, furniture and fixtures 61 63 
2 to 8 years
Building construction-in-progress328 257 
Total2,127 1,909  
Less: Accumulated depreciation (1,305)(1,153) 
Property and equipment, net$822 $756  
v3.22.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Operating leases
The Company recognized the following related to operating leases in its Consolidated Balance Sheets at December 31, 2021 and 2020 (in millions):
December 31,
Classification in Consolidated Balance Sheets20212020
Operating lease assetsOperating lease assets$496 $529 
Lease Liabilities:
Current operating lease liabilities
Accrued expenses and other current liabilities$143 $159 
Non-current operating lease liabilitiesOperating lease liabilities351 366 
Total operating lease liabilities$494 $525 
Operating lease cost The Company recognized the following related to operating leases in its Consolidated Statements of Operations (in millions):
Year Ended December 31,
Classification in Consolidated Statements of Operations202120202019
Lease expense General and administrative and Information technology$185 $194 $183 
Variable lease expense
General and administrative and Information technology46 46 56 
Less: Sublease income
General and administrative(3)(2)(2)
Total lease expense, net of sublease income
$228 $238 $237 
Future lease payments for operating leases
As of December 31, 2021, the future lease payments for operating leases are as follows (in millions):
2022$151 
2023100 
202459 
202549 
202639 
Thereafter152 
Total remaining lease payments$550 
Less: Imputed interest(56)
Total operating lease liabilities$494 
Operating lease supplemental cash flow information
Supplemental cash flow information related to operating leases is as follows (in millions):
Year Ended December 31,
202120202019
Cash paid for amounts included in the measurement of lease liabilities$186 $200 $189 
Operating lease assets obtained in exchange for lease liabilities162 67 155 

"Operating lease amortization" presented in the operating activities section of the Consolidated Statements of Cash Flows reflects the portion of the operating lease expense from the amortization of the operating lease assets.
v3.22.0.1
GOODWILL, INTANGIBLE ASSETS AND OTHER LONG-LIVED ASSETS (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
The changes in the balance of goodwill for the years ended December 31, 2021 and 2020 consist of the following (in millions): 
 20212020
Balance, beginning of year $1,895 $2,913 
Acquisitions1,022 — 
Impairments— (1,062)
Foreign currency translation adjustments(30)44 
Balance, end of year (1)
$2,887 $1,895 
 (1)    The balance of goodwill as of December 31, 2021 and 2020 is stated net of cumulative impairment charges of $2.0 billion.
Intangible assets
The Company's intangible assets at December 31, 2021 and 2020 consist of the following (in millions):
 December 31, 2021December 31, 2020 
 Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount		Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount		Amortization
Period
Supply and distribution
  agreements		$1,407 $(591)$816 $1,136 $(552)$584 
3 - 20 years
Technology297 (151)146 174 (144)30 
2 - 7 years
Internet domain names41 (36)5 44 (37)7 
5 - 20 years
Trade names1,814 (724)1,090 1,824 (633)1,191 
4 -20 years
Other intangible assets2 (2)— 2 (2)— 
Up to 15 years
Total intangible assets$3,561 $(1,504)$2,057 $3,180 $(1,368)$1,812  
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, 2021 is as follows (in millions):
2022$224 
2023222 
2024221 
2025215 
2026180 
Thereafter995 
 $2,057 
v3.22.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of outstanding debt
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 
 
Outstanding debt at December 31, 2020 consists of the following (in millions):
December 31, 2020Outstanding
Principal
Amount		Unamortized Debt
Discount and Debt
Issuance Cost		Carrying
Value
Current liabilities:
0.9% Convertible Senior Notes due September 2021
$1,000 $(15)$985 
Long-term debt:
0.8% (€1 Billion) Senior Notes due March 2022
$1,223 $(1)$1,222 
2.15% (€750 Million) Senior Notes due November 2022
919 (4)915 
2.75% Senior Notes due March 2023
500 (1)499 
2.375% (€1 Billion) Senior Notes due September 2024
1,223 (7)1,216 
3.65% Senior Notes due March 2025
500 (2)498 
4.1% Senior Notes due April 2025
1,000 (5)995 
0.75% Convertible Senior Notes due May 2025
863 (128)735 
3.6% Senior Notes due June 2026
1,000 (4)996 
1.8% (€1 Billion) Senior Notes due March 2027
1,223 (2)1,221 
4.5% Senior Notes due April 2027
750 (5)745 
3.55% Senior Notes due March 2028
500 (2)498 
4.625% Senior Notes due April 2030
1,500 (11)1,489 
Total long-term debt$11,201 $(172)$11,029 
Summary of interest expenses and weighted-average effective interest rates
The following table summarizes the interest expenses 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 is the period until the stated maturity date for the respective debt.
For the Year Ended December 31,
202120202019
Coupon interest expense$13 $15 $12 
Amortization of debt discount and debt issuance costs43 54 50 
Total interest expense$56 $69 $62 
Weighted-average effective interest rate3.8 %3.5 %3.2 %
The following table summarizes the interest expenses related to other senior notes (in millions):
For the Year Ended December 31,
202120202019
Coupon interest expense$257$264$160
Amortization of debt discount and debt issuance costs1096
Total interest expense$267$273$166
Summary of information related to other senior notes outstanding The following table summarizes the information related to other senior notes outstanding at December 31, 2021:
Other Senior NotesDate of Issuance
Effective Interest Rate(1)
Timing of Interest Payments
0.8% Senior Notes due March 2022
March 20170.94 %Annually in March
2.15% Senior Notes due November 2022
November 20152.27 %Annually in November
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
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
4.625% Senior Notes due April 2030
April 20204.72 %
Semi-annually in April and October
(1)    Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt.
v3.22.0.1
TREASURY STOCK (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Summary of stock repurchase activities
The following table summarizes the Company's stock repurchase activities during the years ended December 31, 2021, 2020, and 2019 (in millions, except for shares, which are reflected in thousands):
202120202019
SharesAmountSharesAmountSharesAmount
Authorized stock repurchase programs— $— 601 $1,122 4,358 $8,002 
General authorization for shares withheld on stock award vesting71 162 84 142 87 151 
Total71 $162 685 $1,264 4,445 $8,153 
Shares repurchased in December and settled in following January— $— — $— 19 $40 
v3.22.0.1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT (Tables)
 12 Months Ended
Dec. 31, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Changes in balances of accumulated other comprehensive loss by component
The table below presents the changes in the balances of accumulated other comprehensive loss ("AOCI") by component for the years ended December 31, 2019, 2020, and 2021 (in millions):
Foreign currency translation adjustments
Unrealized losses on cash flow hedges (1)
Net unrealized gains (losses) on available-for-sale securitiesTotal AOCI, net of tax
Foreign currency translation
Net investment
hedges (2)
Total, net of taxBefore taxTaxTotal, net of taxBefore taxTaxTotal, net of tax
Before tax
Tax (3)
Before taxTax
Balance, December 31, 2018$(109)$41 $(73)$12 $(129)$— $— $— $(157)$(30)$(187)$(316)
Other Comprehensive (Loss) Income ("OCI") before reclassifications(77)13 71 (17)(10)— — — 161 (37)124 114 
Amounts reclassified to net income (4)
— — — — — — — — (11)22 11 11 
OCI for the period(77)13 71 (17)(10)— — — 150 (15)135 125 
Balance, December 31, 2019$(186)$54 $(2)$(5)$(139)$— $— $— $(7)$(45)$(52)$(191)
OCI before reclassifications197 (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)
(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, 2021 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 year ended December 31, 2021, the reclassified tax expenses include a tax expense of $31 million related to the redemption in December 2021 of the Company's investment of $500 million in Trip.com Group convertible senior notes (see Note 5). For the years ended December 31, 2020 and 2019, the reclassified tax expenses include a tax expense of $15 million and $21 million, related to the maturity in May 2020 of the Company's investment of $250 million in Trip.com Group convertible senior notes and the maturity in August 2019 of the Company's investment of $500 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).
v3.22.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income tax expense (benefit)
The income tax expense (benefit) for the year ended December 31, 2021 is as follows (in millions): 
 CurrentDeferredTotal
International$665 $(103)$562 
U.S. Federal68 (323)(255)
U.S. State12 (19)(7)
Total$745 $(445)$300 
 
The income tax expense (benefit) for the year ended December 31, 2020 is as follows (in millions): 
 CurrentDeferredTotal
International$320 $(62)$258 
U.S. Federal(9)296 287 
U.S. State(16)(21)(37)
Total$295 $213 $508 
 
The income tax expense (benefit) for the year ended December 31, 2019 is as follows (in millions): 
 CurrentDeferredTotal
International$915 $(12)$903 
U.S. Federal22 166 188 
U.S. State34 (32)2 
Total$971 $122 $1,093 
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, 2021 and 2020 are as follows (in millions):
 20212020
Deferred tax assets/(liabilities):  
Net operating loss carryforward — U.S.$88 $67 
Net operating loss carryforward — International137 81 
Accrued expenses50 47 
Stock-based compensation and other stock based payments50 40 
Foreign currency translation adjustment48 29 
Tax credits19 9 
Euro-denominated debt— 77 
Operating lease liabilities38 43 
Property and equipment95 11 
Other11 — 
Subtotal - deferred tax assets536 404 
Discount on convertible notes(20)(29)
Intangible assets and other(192)(119)
Euro-denominated debt(20)— 
State income tax on accumulated unremitted international earnings(8)(5)
Unrealized gains on investments(417)(550)
Operating lease assets(37)(38)
Installment sale liability(156)(263)
Other— (14)
Subtotal - deferred tax liabilities(850)(1,018)
Valuation allowance on deferred tax assets
(37)(58)
Net deferred tax liabilities (1)
$(351)$(672)
  
(1)    Includes deferred tax assets of $554 million and $455 million at December 31, 2021 and 2020, respectively, reported 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, 2021, 2020, and 2019 as a result of the following items (in millions):  
 202120202019
Income tax expense at U.S. federal statutory rate$308 $119 $1,251 
Adjustment due to:   
Foreign rate differential137 55 210 
Innovation Box Tax benefit(230)(79)(443)
Goodwill impairment— 228 — 
Stock-based compensation37 32 23 
Federal GILTI17 73 36 
State income tax (benefit) expense(6)(31)9 
Valuation allowance(19)36 1 
Uncertain tax positions39 64 11 
Tax Act - U.S. transition tax benefit and other transition impacts— (8)(17)
Other17 19 12 
Income tax expense$300 $508 $1,093 
Reconciliation of unrecognized tax benefits
The following is a reconciliation of the total beginning and ending amount of unrecognized tax benefits (in millions): 
 202120202019
Unrecognized tax benefit — January 1$84 $56 $45 
Gross increases — tax positions in current period14 2 3 
Gross increases — tax positions in prior periods44 48 11 
Gross decreases — tax positions in prior periods(19)(11)(3)
Reduction due to settlements during the current period(3)(11)— 
Unrecognized tax benefit — December 31$120 $84 $56 
v3.22.0.1
GEOGRAPHIC INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021$1,434 $8,678 $846 $10,958 
December 31, 2020783 5,264 749 6,796 
December 31, 20191,537 11,686 1,843 15,066 
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, 2021 and 2020 (in millions):
United
 States
Outside of the U.S.Total
Company
The NetherlandsUnited KingdomOther
    
December 31, 2021$175 $506 $115 $213 $1,009 
December 31, 2020186 499 85 278 1,048 
v3.22.0.1
ACQUISITIONS AND DISPOSALS (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of the preliminary allocation of the consideration transferred The following table summarizes the preliminary allocation of the consideration transferred. The amounts allocated to goodwill, intangibles and certain assets and liabilities and the estimated useful lives of certain assets (and the related amortization expense) are subject to change as the Company continues to identify and measure the assets acquired, liabilities assumed and consideration transferred and evaluate the preliminary valuation and underlying inputs and assumptions.
(in millions)
Current assets(1)
$174 
Identifiable intangible assets(2)
423 
Goodwill(3)
1,020 
Other noncurrent assets10 
Current liabilities(198)
Deferred income taxes (92)
Other noncurrent liabilities(4)
(41)
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 $299 million and weighted-average useful life of 10 years and technology assets with an estimated value of $124 million and weighted-average useful life of 4 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 $38 million principally related to travel transaction taxes.
v3.22.0.1
OTHER INCOME (EXPENSE), NET (Tables)
 12 Months Ended
Dec. 31, 2021
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,
202120202019
Interest and dividend income
$16 $54 $152 
Net (losses) gains on equity securities (1)
(569)1,813 745 
Impairment of investment (1)
— (100)— 
Foreign currency transaction gains (losses) (2)
111 (207)(31)
Loss on early extinguishment of debt (3)
(242)— — 
Other (4)
(13)(6)13 
Other income (expense), net$(697)$1,554 $879 
(1)    See Note 5 for additional information related to the net (losses) gains on equity securities and impairment of investment.
(2)    Foreign currency transaction gains (losses) include gains of $135 million, losses of $200 million, and gains of $7 million, for the years ended December 31, 2021, 2020 and 2019, 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).
v3.22.0.1
BUSINESS DESCRIPTION (Details)
Dec. 31, 2021
brand
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of consumer-facing brands 6
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ in Millions, € in Billions
 1 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
Apr. 30, 2021
USD ($)
Mar. 31, 2021
EUR (€)
Dec. 31, 2021
USD ($)
segment
Dec. 31, 2020
USD ($)
segment
Dec. 31, 2019
USD ($)
segment
Jan. 01, 2022
USD ($)
Mar. 31, 2020
investment
Dec. 31, 2018
USD ($)
Accounting Policies [Line Items]                  
Number of investments impaired | investment               1  
Proceeds from the issuance of long-term debt       $ 2,015 $ 4,108 $ 0      
Accrued performance marketing liabilities       306 156        
Accrued compensation liabilities       $ 421 $ 333        
Number of operating segments | segment       4 4 6      
Number of reportable segments | segment       1          
Shareholders equity       $ 6,178 $ 4,893 $ 5,933     $ 8,785
Retained Earnings                  
Accounting Policies [Line Items]                  
Shareholders equity       24,453 $ 23,288 $ 23,232     $ 18,367
Accounting Standards Update 2020-06 | Retained Earnings | Subsequent Event                  
Accounting Policies [Line Items]                  
Shareholders equity             $ 30    
COVID-19                  
Accounting Policies [Line Items]                  
Government grant and other assistance benefit that was returned, cash paid       $ 107          
Senior Notes                  
Accounting Policies [Line Items]                  
Proceeds from the issuance of long-term debt | €     € 1.7            
Payment to redeem debt   $ 2,000              
Payment to satisfy the aggregate principal amount and the conversion premium in excess of the principal amount $ 1,100                
Maximum                  
Accounting Policies [Line Items]                  
Term of available-for-sale debt securities       5 years          
Lease renewal terms       9 years          
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accounting Policies [Abstract]        
Cash and cash equivalents $ 11,127 $ 10,562 $ 6,312  
Restricted cash and cash equivalents included in "Other current assets" 25 20 20  
Total cash and cash equivalents and restricted cash and cash equivalents as shown in the Consolidated Statements of Cash Flows $ 11,152 $ 10,582 $ 6,332 $ 2,645
v3.22.0.1
REVENUE - Disaggregation of Revenue (Details) - Product Concentration Risk - Revenue Benchmark
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Online accommodation reservation services      
Disaggregation of Revenue [Line Items]      
Concentration Risk, Percentage 87.00% 88.00% 87.00%
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%
v3.22.0.1
REVENUE - Deferred Merchant Bookings and Deferred Revenue (Details) - Online Travel Reservation Services - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]    
Time period from the reservation date that performance obligations are expected to be completed one year  
Revenues recognized from the beginning balance $ 35  
Deferred Merchant Bookings    
Disaggregation of Revenue [Line Items]    
Contract with customer, liability, current $ 148 $ 50
v3.22.0.1
REVENUE - Loyalty and Other Incentive Programs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Revenues $ 10,958 $ 6,796 $ 15,066
Loyalty incentive programs | OpenTable      
Disaggregation of Revenue [Line Items]      
Decrease in liability balance with a corresponding increase to revenue   28  
Loyalty incentive programs | Accrued expenses and other current liabilities      
Disaggregation of Revenue [Line Items]      
Liabilities for loyalty program incentives 13 21  
Other incentive programs | Accrued expenses and other current liabilities      
Disaggregation of Revenue [Line Items]      
Liabilities for loyalty program incentives $ 58 60  
Other incentive programs - additional rebates | Booking.com      
Disaggregation of Revenue [Line Items]      
Liabilities for loyalty program incentives   25  
Revenues   $ (100)  
v3.22.0.1
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
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Tax benefit related to stock-based compensation     $ 37 $ 30 $ 38
Restricted stock units and performance share units aggregate grant-date fair value     421 392 380
Aggregate fair value of performance share units and restricted stock units vested during the period     395 358 373
Options aggregate grant-date fair value       $ 79  
Weighted-average grant-date fair value per option (in dollars per share)       $ 485  
Aggregate intrinsic value of stock options exercised     4 $ 15 $ 20
Executive Officers          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of stock options granted (in shares)       0  
Performance Share Units | Personnel Expenses          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Reduction in stock-based compensation expense due to significant decline in estimated performance due to the impact of COVID-19 pandemic   $ 73      
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     $ 440    
Total future compensation cost related to unvested share-based awards, expected period of recognition     1 year 9 months 18 days    
Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Total future compensation cost related to unvested share-based awards     $ 27    
Total future compensation cost related to unvested share-based awards, expected period of recognition     1 year 2 months 12 days    
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)     1,439,400    
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)     40,933    
v3.22.0.1
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, 2021
$ / shares
shares
Shares  
Unvested, beginning of period (in shares) | shares 305,959
Granted (in shares) | shares 142,149
Vested (in shares) | shares (118,675)
Forfeited (in shares) | shares (47,509)
Unvested, end of period (in shares) | shares 281,924
Weighted-average Grant-date Fair Value  
Unvested, beginning of period (in dollars per share) | $ / shares $ 1,697
Granted (in dollars per share) | $ / shares 2,282
Vested (in dollars per share) | $ / shares 1,801
Forfeited (in dollars per share) | $ / shares 1,902
Unvested, end of period (in dollars per share) | $ / shares $ 1,914
Minimum  
Weighted-average Grant-date Fair Value  
Vesting period 1 year
Maximum  
Weighted-average Grant-date Fair Value  
Vesting period 3 years
v3.22.0.1
STOCK-BASED COMPENSATION - Summary of the Activity of Performance Share Units for Employees (Details)
 12 Months Ended
Dec. 31, 2021
$ / shares
shares
Weighted-average Grant-date Fair Value  
Performance share units awarded during the period where a grant date not yet established. 12,251
Performance Share Units  
Shares  
Unvested, beginning of period (in shares) 84,478
Granted (in shares) 42,173 [1]
Vested (in shares) (55,426)
Performance Shares Adjustment (in shares) 44,346 [2]
Forfeited (in shares) (7,248)
Unvested, end of period (in shares) 108,323
Weighted-average Grant-date Fair Value  
Unvested, beginning of period (in dollars per share) | $ / shares $ 1,930
Granted (in dollars per share) | $ / shares 2,287 [1]
Vested (in dollars per share) | $ / shares 1,999
Performance Share Adjustment (in dollars per share) | $ / shares 2,125 [2]
Forfeited (in dollars per share) | $ / shares 1,792
Unvested, end of period (in dollars per share) | $ / shares $ 2,123
Vesting period 3 years
Performance Share Units | Certain Performance Share Units 2021 Grants  
Weighted-average Grant-date Fair Value  
Vesting period 2 years
Performance Share Units | Minimum | Certain Performance Share Units 2021 Grants  
Weighted-average Grant-date Fair Value  
Vesting period 1 year
[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] 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.
v3.22.0.1
STOCK-BASED COMPENSATION - Summary of Estimated Vesting of Performance Share Units (Details) - Performance Share Units - shares
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested units (in shares) 108,323 84,478
2021 | Shares probable to be issued    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested units (in shares) [1] 63,523  
2021 | Shares not subject to the achievement of minimum performance thresholds    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested units (in shares) [1] 28,198  
2021 | Shares that could be issued if maximum performance thresholds are met    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested units (in shares) [1] 63,523  
2020 | Shares probable to be issued    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested units (in shares) 11,752  
2020 | Shares not subject to the achievement of minimum performance thresholds    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested units (in shares) 0  
2020 | Shares that could be issued if maximum performance thresholds are met    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested units (in shares) 18,080  
2019 | Shares probable to be issued    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested units (in shares) 33,048  
2019 | Shares not subject to the achievement of minimum performance thresholds    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested units (in shares) 33,048  
2019 | Shares that could be issued if maximum performance thresholds are met    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unvested units (in shares) 61,669  
[1] Excludes performance share units awarded during the year ended December 31, 2021 for which the grant date under ASC 718 was not established as disclosed above.
v3.22.0.1
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%
v3.22.0.1
STOCK-BASED COMPENSATION - Summary of Activity for Stock Options (Details) - Employee Stock Option - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Number of Shares    
Balance, beginning of period (in shares) 152,746  
Exercised (in shares) (3,768)  
Expired (in shares) (281)  
Forfeited, (in shares) (12,846)  
Balance, end of period (in shares) 135,851 152,746
Exercisable, (in shares) 836  
Weighted-average Exercise Price    
Balance, beginning of period (in dollars per share) $ 1,401  
Exercised (in dollars per share) 1,212  
Expired (in dollars per share) 716  
Forfeited (in dollars per share) 1,411  
Balance, end of period (in dollars per share) 1,407 $ 1,401
Exercisable (in dollars per share) $ 788  
Aggregate Intrinsic Value (in millions)    
Balance $ 135 $ 126
Exercisable $ 1  
Weighted-average Remaining Contractual Term (in years)    
Balance 8 years 3 months 18 days 9 years 3 months 18 days
Exercisable 1 year 9 months 18 days  
v3.22.0.1
INVESTMENTS - Summary of Investments by Major Security Type (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
May 31, 2020
Aug. 31, 2019
Total        
Carrying Value $ 3,175 $ 3,759    
Convertible debt securities | Trip.com Group        
Debt securities        
Cost 500 525 $ 250 $ 500
Short-term Investments | Convertible debt securities | Trip.com Group        
Debt securities        
Cost 25 500    
Gross Unrealized Gains /Upward Adjustments 0 1    
Gross Unrealized Losses /Downward Adjustments 0 0    
Carrying Value 25 501    
Long-term Investments        
Total        
Cost 1,231 1,240    
Gross Unrealized Gains /Upward Adjustments 2,249 2,620    
Gross Unrealized Losses /Downward Adjustments (305) (101)    
Carrying Value 3,175 3,759    
Long-term Investments | Trip.com Group        
Equity securities - other investments        
Cost   655    
Long-term Investments | Convertible debt securities | Trip.com Group        
Debt securities        
Cost   25    
Gross Unrealized Gains /Upward Adjustments   0    
Gross Unrealized Losses /Downward Adjustments   (1)    
Carrying Value   24    
Long-term Investments | Investments in private companies, debt securities        
Debt securities        
Cost   200    
Gross Unrealized Gains /Upward Adjustments   0    
Gross Unrealized Losses /Downward Adjustments   0    
Carrying Value   200    
Long-term Investments | Investments in private companies, equity securities        
Equity securities - investments in private companies        
Cost 66 552    
Gross Unrealized Gains /Upward Adjustments 259 3    
Gross Unrealized Losses /Downward Adjustments 0 (100)    
Carrying Value 325 455    
Long-term Investments | Equity securities        
Equity securities - other investments        
Cost 1,165 463    
Gross Unrealized Gains /Upward Adjustments 1,990 2,617    
Gross Unrealized Losses /Downward Adjustments (305) 0    
Carrying Value $ 2,850 $ 3,080    
v3.22.0.1
INVESTMENTS - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2021
USD ($)
May 31, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Feb. 22, 2022
Jun. 30, 2021
Aug. 31, 2019
USD ($)
Schedule of Investments [Line Items]                      
Impairment of investment [1]       $ 0 $ 100 $ 0          
Trip.com Group                      
Schedule of Investments [Line Items]                      
Proceeds from sale of equity securities         525            
Equity securities, net realized loss         201            
Equity securities, net unrealized gains           141          
Trip.com Group | Long-term Investments                      
Schedule of Investments [Line Items]                      
Investment in equity securities         655            
Meituan                      
Schedule of Investments [Line Items]                      
Equity securities, net unrealized gains         2,000 $ 602          
Payments to acquire other investments               $ 450      
Equity securities, net unrealized loss       731              
Meituan | Subsequent Event                      
Schedule of Investments [Line Items]                      
Market price, percent decrease                 24.00%    
Meituan | Long-term Investments                      
Schedule of Investments [Line Items]                      
Equity securities, noncurrent $ 2,300     2,300 3,100            
Didi Chuxing                      
Schedule of Investments [Line Items]                      
Payments to acquire other investments             $ 500        
ADS to common stock conversion ratio                   0.25  
Equity securities, net unrealized loss       205              
Didi Chuxing | Subsequent Event                      
Schedule of Investments [Line Items]                      
Market price, percent decrease                 15.00%    
Didi Chuxing | Long-term Investments                      
Schedule of Investments [Line Items]                      
Equity securities, noncurrent 195     195              
Grab                      
Schedule of Investments [Line Items]                      
Equity securities, net unrealized gains       101              
Grab | Subsequent Event                      
Schedule of Investments [Line Items]                      
Market price, percent decrease                 27.00%    
Grab | Long-term Investments                      
Schedule of Investments [Line Items]                      
Equity securities, noncurrent 301     301              
Investments in private companies accounted for as debt securities         200            
Yanolja Co., Ltd                      
Schedule of Investments [Line Items]                      
Equity securities without readily determinable fair value, upward price adjustment, annual amount       255              
Government and corporate debt securities                      
Schedule of Investments [Line Items]                      
Cash realized from the sales and maturities of investments in debt securities         2,200            
Convertible debt securities | Trip.com Group                      
Schedule of Investments [Line Items]                      
Investment in debt securities 500 $ 250   500 525           $ 500
Proceeds from maturities of debt securities 500 $ 250                  
Convertible debt securities | Trip.com Group | Long-term Investments                      
Schedule of Investments [Line Items]                      
Investment in debt securities         25            
Investments in private companies accounted for as debt securities         24            
Convertible debt securities | Trip.com Group | Short-term Investments                      
Schedule of Investments [Line Items]                      
Investment in debt securities 25     25 500            
Investments in private companies accounted for as debt securities 25     25 $ 501            
Convertible debt securities | Trip.com Group, Convertible Senior Note, September 2016 | Short-term Investments                      
Schedule of Investments [Line Items]                      
Term of available-for-sale debt securities         6 years            
Convertible debt securities | Trip.com Group, Convertible Senior Note, December 2015 | Short-term Investments                      
Schedule of Investments [Line Items]                      
Term of available-for-sale debt securities         10 years            
Investments in private companies, equity securities | Long-term Investments                      
Schedule of Investments [Line Items]                      
Fair value of investment in equity securities of private companies 325     325 $ 455            
Investment in equity securities of private companies 66     66 552            
Investments in private companies, equity securities | Didi Chuxing | Long-term Investments                      
Schedule of Investments [Line Items]                      
Fair value of investment in equity securities of private companies     $ 400   400            
Impairment of investment     $ 100                
Investments in private companies, equity securities | Yanolja Co., Ltd | Long-term Investments                      
Schedule of Investments [Line Items]                      
Fair value of investment in equity securities of private companies 306     306              
Investment in equity securities of private companies $ 51     $ 51 $ 51            
Redeemable convertible preferred stock | Grab                      
Schedule of Investments [Line Items]                      
Payments to acquire other investments             $ 200        
[1] See Note 5 for additional information related to the net (losses) gains on equity securities and impairment of investment.
v3.22.0.1
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
LIABILITIES:          
Impairment of investment [1]     $ 0 $ 100 $ 0
Goodwill     2,887 [2] 1,895 [2] 2,913
Impairment of goodwill     0 1,062 $ 0
OpenTable and KAYAK          
LIABILITIES:          
Goodwill $ 1,000 $ 1,500      
Impairment of goodwill $ 573 489 0 1,062  
Investments in private companies, equity securities | Long-term investments          
LIABILITIES:          
Carrying Value     325 455  
Investments in private companies, equity securities | Long-term investments | Didi Chuxing          
LIABILITIES:          
Carrying Value   400   400  
Impairment of investment   100      
Recurring fair value measurements          
ASSETS:          
Total assets at fair value     13,315 14,054  
Recurring fair value measurements | Foreign currency exchange derivatives | Not designated as hedging instrument          
ASSETS:          
Total assets at fair value     5 9  
LIABILITIES:          
Total liabilities at fair value     11 7  
Recurring fair value measurements | Money market fund investments | Cash equivalents and restricted cash equivalents          
ASSETS:          
Total assets at fair value     10,410 10,208  
Recurring fair value measurements | Time deposits and certificates of deposit | Cash equivalents and restricted cash equivalents          
ASSETS:          
Total assets at fair value     25 32  
Recurring fair value measurements | Convertible debt securities | Short-term Investments | Trip.com Group          
ASSETS:          
Total assets at fair value     25 501  
Recurring fair value measurements | Convertible debt securities | Long-term investments | Trip.com Group          
ASSETS:          
Total assets at fair value       24  
Recurring fair value measurements | Investments in private companies, debt securities | Long-term investments          
ASSETS:          
Total assets at fair value       200  
Recurring fair value measurements | Equity securities | Long-term investments          
ASSETS:          
Total assets at fair value     2,850 3,080  
Recurring fair value measurements | Level 1          
ASSETS:          
Total assets at fair value     13,285 13,320  
Recurring fair value measurements | Level 1 | Foreign currency exchange derivatives | Not designated as hedging instrument          
ASSETS:          
Total assets at fair value     0 0  
LIABILITIES:          
Total liabilities at fair value     0 0  
Recurring fair value measurements | Level 1 | Money market fund investments | Cash equivalents and restricted cash equivalents          
ASSETS:          
Total assets at fair value     10,410 10,208  
Recurring fair value measurements | Level 1 | Time deposits and certificates of deposit | Cash equivalents and restricted cash equivalents          
ASSETS:          
Total assets at fair value     25 32  
Recurring fair value measurements | Level 1 | Convertible debt securities | Short-term Investments | Trip.com Group          
ASSETS:          
Total assets at fair value     0 0  
Recurring fair value measurements | Level 1 | Convertible debt securities | Long-term investments | Trip.com Group          
ASSETS:          
Total assets at fair value       0  
Recurring fair value measurements | Level 1 | Investments in private companies, 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     2,850 3,080  
Recurring fair value measurements | Level 2          
ASSETS:          
Total assets at fair value     30 534  
Recurring fair value measurements | Level 2 | Foreign currency exchange derivatives | Not designated as hedging instrument          
ASSETS:          
Total assets at fair value     5 9  
LIABILITIES:          
Total liabilities at fair value     11 7  
Recurring fair value measurements | Level 2 | Money market fund investments | Cash equivalents and restricted cash equivalents          
ASSETS:          
Total assets at fair value     0 0  
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  
Recurring fair value measurements | Level 2 | Convertible debt securities | Short-term Investments | Trip.com Group          
ASSETS:          
Total assets at fair value     25 501  
Recurring fair value measurements | Level 2 | Convertible debt securities | Long-term investments | Trip.com Group          
ASSETS:          
Total assets at fair value       24  
Recurring fair value measurements | Level 2 | Investments in private companies, debt securities | Long-term investments          
ASSETS:          
Total assets at fair value       0  
Recurring fair value measurements | Level 2 | Equity securities | Long-term investments          
ASSETS:          
Total assets at fair value     0 0  
Recurring fair value measurements | Level 3          
ASSETS:          
Total assets at fair value     0 200  
Recurring fair value measurements | Level 3 | Foreign currency exchange derivatives | Not designated as hedging instrument          
ASSETS:          
Total assets at fair value     0 0  
LIABILITIES:          
Total liabilities at fair value     0 0  
Recurring fair value measurements | Level 3 | Money market fund investments | Cash equivalents and restricted cash equivalents          
ASSETS:          
Total assets at fair value     0 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 0  
Recurring fair value measurements | Level 3 | Convertible debt securities | Short-term Investments | Trip.com Group          
ASSETS:          
Total assets at fair value     0 0  
Recurring fair value measurements | Level 3 | Convertible debt securities | Long-term investments | Trip.com Group          
ASSETS:          
Total assets at fair value       0  
Recurring fair value measurements | Level 3 | Investments in private companies, debt securities | Long-term investments          
ASSETS:          
Total assets at fair value       200  
Recurring fair value measurements | Level 3 | Equity securities | Long-term investments          
ASSETS:          
Total assets at fair value     0 0  
Nonrecurring fair value measurements          
ASSETS:          
Total assets at fair value       1,404  
Nonrecurring fair value measurements | Investments in private companies, equity securities | Long-term investments          
ASSETS:          
Total assets at fair value     325 [3] 404 [4]  
Nonrecurring fair value measurements | Investments in private companies, equity securities | Long-term investments | Didi Chuxing          
LIABILITIES:          
Carrying Value   $ 400      
Nonrecurring fair value measurements | Goodwill | OpenTable and KAYAK          
ASSETS:          
Total assets at fair value [5]       1,000  
Nonrecurring fair value measurements | Level 1          
ASSETS:          
Total assets at fair value       0  
Nonrecurring fair value measurements | Level 1 | Investments in private companies, equity securities | Long-term investments          
ASSETS:          
Total assets at fair value     0 [3] 0 [4]  
Nonrecurring fair value measurements | Level 1 | Goodwill | OpenTable and KAYAK          
ASSETS:          
Total assets at fair value [5]       0  
Nonrecurring fair value measurements | Level 2          
ASSETS:          
Total assets at fair value       0  
Nonrecurring fair value measurements | Level 2 | Investments in private companies, equity securities | Long-term investments          
ASSETS:          
Total assets at fair value     325 [3] 0 [4]  
Nonrecurring fair value measurements | Level 2 | Goodwill | OpenTable and KAYAK          
ASSETS:          
Total assets at fair value [5]       0  
Nonrecurring fair value measurements | Level 3          
ASSETS:          
Total assets at fair value       1,404  
Nonrecurring fair value measurements | Level 3 | Investments in private companies, equity securities | Long-term investments          
ASSETS:          
Total assets at fair value     $ 0 [3] 404 [4]  
Nonrecurring fair value measurements | Level 3 | Goodwill | OpenTable and KAYAK          
ASSETS:          
Total assets at fair value [5]       $ 1,000  
[1] See Note 5 for additional information related to the net (losses) gains on equity securities and impairment of investment.
[2] The balance of goodwill as of December 31, 2021 and 2020 is stated net of cumulative impairment charges of $2.0 billion.
[3] During the year ended December 31, 2021, the Company recorded upward adjustments to its investments in equity securities of private companies based on observable price changes in orderly transactions for identical or similar investments of the same issuer (see Note 5).
[4] At March 31, 2020, the investment in DiDi was written down to its estimated fair value of $400 million, resulting in an impairment charge of $100 million (see Note 5).
[5] At March 31, 2020, the goodwill of the OpenTable and KAYAK reporting unit was written down to its estimated fair value of $1.5 billion, resulting in an impairment charge of $489 million. At September 30, 2020, the goodwill was further written down to its estimated fair value of $1.0 billion, resulting in an additional impairment charge of $573 million (see Note 11).
v3.22.0.1
FAIR VALUE MEASUREMENTS - Fair Value Recurring (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Debt Securities        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of year [1]   $ 250 $ 200 [2] $ 250
Unrealized gains (losses)     265 [2] 0 [1]
Transfers out of Level 3     (465) [2] (50) [1]
Balance, end of year [2]     0 $ 200 [1]
Debt Securities | Grab        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Debt securities, available-for-sale, unrealized gain (loss)     $ 265  
Long-term Investments | Grab | Redeemable convertible preferred stock        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Debt securities, available-for-sale, unrealized gain (loss) $ 20 $ (20)    
[1] The Company recognized an unrealized loss of $20 million during the three months ended March 31, 2020 and an unrealized gain of $20 million during the three months ended June 30, 2020 related to the investment in Grab Holdings Inc., which is recorded in "Accumulated other comprehensive loss" in the Consolidated Balance Sheet. During the year ended December 31, 2020, the Company's investment in Yanolja was reclassified as equity securities without readily determinable fair value due to changes in the redemption features of the preferred shares.
[2] In December 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) and the aggregate unrealized gains of $265 million was reclassified from "Accumulated other comprehensive loss" in the Consolidated Balance Sheet to "Other income (expense), net" in the Consolidated Statement of Operation for the year ended December 31, 2021 (see Note 14)
v3.22.0.1
FAIR VALUE MEASUREMENTS - Investments (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Recurring Basis        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Estimated fair value of derivative assets     $ 13,315 $ 14,054
Recurring Basis | Level 3        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Estimated fair value of derivative assets     0 200
Investments in private companies, equity securities | Long-term Investments        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value of investment in equity securities of private companies     325 455
Grab | Long-term Investments        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Equity securities, noncurrent     301  
Grab | Redeemable convertible preferred stock | Long-term Investments        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Debt securities, available-for-sale, unrealized gain (loss) $ 20 $ (20)    
Grab | Redeemable convertible preferred stock | Long-term Investments | Recurring Basis | Level 3        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Estimated fair value of derivative assets       200
Didi Chuxing | Long-term Investments        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Equity securities, noncurrent     $ 195  
Didi Chuxing | Investments in private companies, equity securities | Long-term Investments        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Fair value of investment in equity securities of private companies   $ 400   $ 400
v3.22.0.1
FAIR VALUE MEASUREMENTS - Estimated Fair Values and Notional Amounts of Derivatives (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2021
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative [Line Items]          
Losses on foreign currency exchange derivatives     $ 30 $ 31 $ 19
Recurring Basis          
Derivative [Line Items]          
Estimated fair value of derivative assets     13,315 14,054  
Not Designated as Hedging Instrument | Recurring Basis | Foreign currency exchange derivatives          
Derivative [Line Items]          
Estimated fair value of derivative assets     5 9  
Estimated fair value of derivative liabilities     11 7  
Designated as Hedging Instrument | Treasury Lock | Cash Flow Hedging          
Derivative [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        
Level 2 | Recurring Basis          
Derivative [Line Items]          
Estimated fair value of derivative assets     30 534  
Level 2 | Not Designated as Hedging Instrument | Recurring Basis | Foreign currency exchange derivatives          
Derivative [Line Items]          
Estimated fair value of derivative assets     5 9  
Estimated fair value of derivative liabilities     11 7  
Foreign currency purchases | Not Designated as Hedging Instrument | Foreign currency exchange derivatives          
Derivative [Line Items]          
Notional amount:     840 898  
Foreign currency sales | Not Designated as Hedging Instrument | Foreign currency exchange derivatives          
Derivative [Line Items]          
Notional amount:     $ 1,857 $ 839  
v3.22.0.1
ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Receivables from customers, gross, current $ 1,100 $ 510  
Receivables from third-party payment processors, gross, current 310 159  
Accounts receivable, credit loss expense 48 216 $ 69
Prepaid expenses, net      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Prepayments to certain customers 67 107  
Other assets, net      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Prepayments to certain customers 18 45  
Revenue      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Accounts receivable, credit loss expense $ 13 $ 37  
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of year $ 166 $ 49 $ 51
Provision charged to earnings 48 216 69
Write-offs and adjustments (107) (116) (70)
Foreign currency translation adjustments (6) 17 (1)
Balance, end of year $ 101 $ 166 $ 49
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Contract With Customer, Asset, Prepayments To Customers, Allowance for Credit Loss [Abstract]      
Balance, beginning of year $ 55 $ 6 $ 10
Provision charged to expense (4) 51 (4)
Write-offs and adjustments (5) (2) 0
Foreign currency translation adjustments 1 0 0
Balance, end of period $ 47 $ 55 $ 6
v3.22.0.1
NET INCOME PER SHARE (Details) - shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Earnings Per Share [Abstract]      
Weighted-average number of basic common shares outstanding 41,042,000 40,974,000 43,082,000
Weighted-average dilutive stock options, restricted stock units and performance share units 209,000 158,000 203,000
Assumed conversion of convertible senior notes 111,000 28,000 224,000
Weighted-average number of diluted common and common equivalent shares outstanding 41,362,000 41,160,000 43,509,000
Antidilutive securities excluded from computation of earnings per share, amount 12,722 124,922  
v3.22.0.1
PROPERTY AND EQUIPMENT, NET (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,127 $ 1,909
Less: Accumulated depreciation (1,305) (1,153)
Property and equipment, net 822 756
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 728 746
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 $ 742 565
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) 5 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 268 278
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 $ 61 63
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    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 328 $ 257
v3.22.0.1
PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 259 $ 291 $ 294
Noncash investing activity related to additions to property and equipment, including stock-based compensation and accrued liabilities, amount 51 4 15
Capitalized software      
Property, Plant and Equipment [Line Items]      
Additions to property and equipment $ 191 $ 144 $ 109
v3.22.0.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Lessee, Lease, Description [Line Items]    
Weighted-average discount rate 2.00% 2.20%
Weighted average remaining lease term 8 years 4 months 24 days 8 years 1 month 6 days
Minimum lease payments related to operating lease which have not yet commenced $ 33  
Maximum    
Lessee, Lease, Description [Line Items]    
Lease term of operating leases which have not yet commenced 6 years  
v3.22.0.1
LEASES - Operating Leases Recognized in the Balance Sheet (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Operating lease assets $ 496 $ 529
Lease Liabilities:    
Current operating lease liabilities 143 159
Non-current operating lease liabilities 351 366
Total operating lease liabilities $ 494 $ 525
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
v3.22.0.1
LEASES - Operating Leases Recognized in the Statement of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]      
Lease expense $ 185 $ 194 $ 183
Variable lease expense 46 46 56
Less: Sublease income (3) (2) (2)
Total lease expense, net of sublease income $ 228 $ 238 $ 237
v3.22.0.1
LEASES - Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
2022 $ 151  
2023 100  
2024 59  
2025 49  
2026 39  
Thereafter 152  
Total remaining lease payments 550  
Less: Imputed interest (56)  
Total operating lease liabilities $ 494 $ 525
v3.22.0.1
LEASES - Supplemental Cash Flow Information Related To Operating Leases (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]      
Cash paid for amounts included in the measurement of lease liabilities $ 186 $ 200 $ 189
Operating lease assets obtained in exchange for lease liabilities $ 162 $ 67 $ 155
v3.22.0.1
GOODWILL, INTANGIBLE ASSETS AND OTHER LONG-LIVED ASSETS - Changes in the Balance of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill [Roll Forward]      
Balance, beginning of year $ 1,895 [1] $ 2,913  
Acquisitions 1,022 0  
Impairments 0 (1,062) $ 0
Foreign currency translation adjustments (30) 44  
Balance, end of year 2,887 [1] 1,895 [1] $ 2,913
Goodwill, Impaired, Accumulated Impairment Loss [Abstract]      
Cumulative impairment charges $ 2,000 $ 2,000  
[1] The balance of goodwill as of December 31, 2021 and 2020 is stated net of cumulative impairment charges of $2.0 billion.
v3.22.0.1
GOODWILL, INTANGIBLE ASSETS AND OTHER LONG-LIVED ASSETS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2020
Mar. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill [Line Items]          
Impairment of goodwill     $ 0 $ 1,062 $ 0
Goodwill     2,887 [1] 1,895 [1] 2,913
Intangible assets amortization expense     162 167 $ 175
OpenTable and KAYAK          
Goodwill [Line Items]          
Impairment of goodwill $ 573 $ 489 $ 0 $ 1,062  
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, 2021 and 2020 is stated net of cumulative impairment charges of $2.0 billion.
v3.22.0.1
GOODWILL, INTANGIBLE ASSETS AND OTHER LONG-LIVED ASSETS - Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Finite-lived intangible assets    
Gross Carrying Amount $ 3,561 $ 3,180
Accumulated Amortization (1,504) (1,368)
Net Carrying Amount 2,057 1,812
Supply and distribution agreements    
Finite-lived intangible assets    
Gross Carrying Amount 1,407 1,136
Accumulated Amortization (591) (552)
Net Carrying Amount $ 816 584
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 $ 297 174
Accumulated Amortization (151) (144)
Net Carrying Amount $ 146 30
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 $ 41 44
Accumulated Amortization (36) (37)
Net Carrying Amount $ 5 7
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 $ 1,814 1,824
Accumulated Amortization (724) (633)
Net Carrying Amount $ 1,090 1,191
Trade names | Minimum    
Finite-lived intangible assets    
Amortization Period 4 years  
Trade names | Maximum    
Finite-lived intangible assets    
Amortization Period 20 years  
Other intangible assets    
Finite-lived intangible assets    
Gross Carrying Amount $ 2 2
Accumulated Amortization (2) (2)
Net Carrying Amount $ 0 $ 0
Other intangible assets | Maximum    
Finite-lived intangible assets    
Amortization Period 15 years  
v3.22.0.1
GOODWILL, INTANGIBLE ASSETS AND OTHER LONG-LIVED ASSETS - Annual Estimated Amortization Expense for Intangible Assets (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2022 $ 224
2023 222
2024 221
2025 215
2026 180
Thereafter 995
Total $ 2,057
v3.22.0.1
DEBT - Narrative (Details)
$ / shares in Units, € in Millions
 1 Months Ended 6 Months Ended 12 Months Ended
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 ($)
Jun. 30, 2015
USD ($)
Jun. 30, 2019
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2021
EUR (€)
Mar. 31, 2021
EUR (€)
Aug. 31, 2014
USD ($)
May 31, 2013
USD ($)
Debt Instrument [Line Items]                              
Loss on early extinguishment of debt [1]                 $ 242,000,000 $ 0 $ 0        
Senior Notes                              
Debt Instrument [Line Items]                              
Payment to redeem debt     $ 2,000,000,000                        
Carrying value of long-term debt $ 10,200,000,000               $ 10,200,000,000 $ 10,300,000,000          
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%      
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%                    
If-converted value over the aggregate principal amount                 $ 166,000,000            
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                    
Outstanding Principal Amount $ 863,000,000               $ 863,000,000 $ 863,000,000          
0.9% Convertible Senior 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                          
Effective interest rate                           3.18%  
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                      
Effective interest rate                             3.13%
0.1% (€950 Million) Senior Notes due March 2025 | Senior Notes                              
Debt Instrument [Line Items]                              
Face amount of debt | €                       € 950      
Stated interest rate 0.10%               0.10%     0.10% 0.10%    
Effective interest rate [2]                         0.30%    
Outstanding Principal Amount $ 1,080,000,000               $ 1,080,000,000       € 950    
0.5% (€750 Million) Senior Notes due March 2028 | Senior Notes                              
Debt Instrument [Line Items]                              
Face amount of debt | €                       € 750      
Stated interest rate 0.50%               0.50%     0.50% 0.50%    
Effective interest rate [2]                         0.63%    
Outstanding Principal Amount $ 853,000,000               $ 853,000,000       € 750    
4.1% Senior Notes due April 2025 | Senior Notes                              
Debt Instrument [Line Items]                              
Stated interest rate                   4.10%          
Outstanding Principal Amount                   $ 1,000,000,000          
Payment to redeem debt     1,100,000,000                        
4.5% Senior Notes due April 2027 | Senior Notes                              
Debt Instrument [Line Items]                              
Stated interest rate                   4.50%          
Outstanding Principal Amount                   $ 750,000,000          
Payment to redeem debt     $ 868,000,000                        
4.1% Senior Notes Due April 2025 And 4.1% Senior Notes Due April 2027 | Senior Notes                              
Debt Instrument [Line Items]                              
Loss on early extinguishment of debt                 242,000,000            
Level 2                              
Debt Instrument [Line Items]                              
Estimated market value of outstanding senior notes 12,100,000,000               12,100,000,000 14,000,000,000          
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                 2,500,000,000 1,800,000,000          
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                 5,100,000,000 3,200,000,000          
Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Revolving credit facility maximum borrowing capacity           $ 2,000,000,000 $ 2,000,000,000                
Term of revolving credit facility           5 years 5 years                
Line of credit, outstanding $ 0               0 0          
Repayments of borrowings under credit facility               $ 400,000,000              
Proceeds from borrowings under credit facility               $ 400,000,000              
Weighted-average interest rate               3.50%              
Debt instrument, minimum liquidity covenant, amount                   4,500,000,000          
Debt instrument, covenant, required minimum liquidity on a pro forma basis required for cash distribution and share repurchases                   6,000,000,000          
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               $ 4,000,000 $ 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.
v3.22.0.1
DEBT - Schedule of Outstanding Debt (Details)
€ in Millions, $ in Millions
Dec. 31, 2021
USD ($)
Dec. 31, 2021
EUR (€)
Mar. 31, 2021
EUR (€)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
EUR (€)
Apr. 30, 2020
USD ($)
Aug. 31, 2017
Mar. 31, 2017
May 31, 2016
Nov. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
Aug. 31, 2014
USD ($)
Debt Instrument [Line Items]                          
Carrying Value $ 1,989     $ 985                  
Long-term debt 8,937     11,029                  
Total long-term debt                          
Debt Instrument [Line Items]                          
Outstanding Principal Amount 9,070     11,201                  
Unamortized Debt Discount and Debt Issuance Cost (133)     (172)                  
Long-term debt 8,937     $ 11,029                  
Senior Notes                          
Debt Instrument [Line Items]                          
Outstanding Principal Amount 1,990                        
Unamortized Debt Discount and Debt Issuance Cost (1)                        
Carrying Value $ 1,989                        
0.8% (€1 Billion) Senior Notes due March 2022 | Senior Notes                          
Debt Instrument [Line Items]                          
Stated interest rate       0.80% 0.80%     0.80%          
Face amount of debt | €         € 1,000                
Outstanding Principal Amount       $ 1,223                  
Unamortized Debt Discount and Debt Issuance Cost       (1)                  
Long-term debt       $ 1,222                  
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                      
Outstanding Principal Amount $ 1,137                        
Unamortized Debt Discount and Debt Issuance Cost 0                        
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%         2.15%      
Face amount of debt | €         € 750                
Outstanding Principal Amount       $ 919                  
Unamortized Debt Discount and Debt Issuance Cost       (4)                  
Long-term debt       $ 915                  
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                      
Outstanding Principal Amount $ 853                        
Unamortized Debt Discount and Debt Issuance Cost (1)                        
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%            
Outstanding Principal Amount $ 500     $ 500                  
Unamortized Debt Discount and Debt Issuance Cost (1)     (1)                  
Long-term debt $ 499     $ 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%             2.375%  
Face amount of debt | €   € 1,000     € 1,000                
Outstanding Principal Amount $ 1,137     $ 1,223                  
Unamortized Debt Discount and Debt Issuance Cost (5)     (7)                  
Long-term debt $ 1,132     $ 1,216                  
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%    
Outstanding Principal Amount $ 500     $ 500                  
Unamortized Debt Discount and Debt Issuance Cost (1)     (2)                  
Long-term debt $ 499     $ 498                  
0.1% (€950 Million) Senior Notes due March 2025 | Senior Notes                          
Debt Instrument [Line Items]                          
Stated interest rate 0.10% 0.10% 0.10%                    
Face amount of debt | €   € 950                      
Outstanding Principal Amount $ 1,080   € 950                    
Unamortized Debt Discount and Debt Issuance Cost (4)                        
Long-term debt $ 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              
Outstanding Principal Amount $ 863     $ 863                  
Unamortized Debt Discount and Debt Issuance Cost (99)     (128)                  
Long-term debt $ 764     $ 735                  
3.6% Senior Notes due June 2026 | Senior Notes                          
Debt Instrument [Line Items]                          
Stated interest rate 3.60% 3.60%   3.60% 3.60%       3.60%        
Outstanding Principal Amount $ 1,000     $ 1,000                  
Unamortized Debt Discount and Debt Issuance Cost (4)     (4)                  
Long-term debt $ 996     $ 996                  
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%           1.80%    
Face amount of debt | €   € 1,000     € 1,000                
Outstanding Principal Amount $ 1,137     $ 1,223                  
Unamortized Debt Discount and Debt Issuance Cost (3)     (2)                  
Long-term debt $ 1,134     $ 1,221                  
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%            
Outstanding Principal Amount $ 500     $ 500                  
Unamortized Debt Discount and Debt Issuance Cost (2)     (2)                  
Long-term debt $ 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%                    
Face amount of debt | €   € 750                      
Outstanding Principal Amount $ 853   € 750                    
Unamortized Debt Discount and Debt Issuance Cost (5)                        
Long-term debt $ 848                        
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     $ 1,500                  
Unamortized Debt Discount and Debt Issuance Cost (9)     (11)                  
Long-term debt $ 1,491     $ 1,489                  
0.9% Convertible Senior Notes due September 2021 | Convertible Senior Notes                          
Debt Instrument [Line Items]                          
Stated interest rate                         0.90%
Face amount of debt                         $ 1,000
0.9% Convertible Senior Notes due September 2021 | Convertible Senior Notes                          
Debt Instrument [Line Items]                          
Stated interest rate       0.90% 0.90%                
Outstanding Principal Amount       $ 1,000                  
Unamortized Debt Discount and Debt Issuance Cost       (15)                  
Carrying Value       $ 985                  
4.1% Senior Notes due April 2025 | Senior Notes                          
Debt Instrument [Line Items]                          
Stated interest rate       4.10% 4.10%                
Outstanding Principal Amount       $ 1,000                  
Unamortized Debt Discount and Debt Issuance Cost       (5)                  
Long-term debt       $ 995                  
4.5% Senior Notes due April 2027 | Senior Notes                          
Debt Instrument [Line Items]                          
Stated interest rate       4.50% 4.50%                
Outstanding Principal Amount       $ 750                  
Unamortized Debt Discount and Debt Issuance Cost       (5)                  
Long-term debt       $ 745                  
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]      
Amortization of debt discount and debt issuance costs $ 54 $ 64 $ 58
Convertible Senior Notes      
Debt Instrument [Line Items]      
Coupon interest expense 13 15 12
Amortization of debt discount and debt issuance costs 43 54 50
Total interest expense $ 56 $ 69 $ 62
Weighted-average effective interest rate 3.80% 3.50% 3.20%
Senior Notes      
Debt Instrument [Line Items]      
Coupon interest expense $ 257 $ 264 $ 160
Amortization of debt discount and debt issuance costs 10 9 6
Total interest expense $ 267 $ 273 $ 166
v3.22.0.1
DEBT - Summary of Information Related to Other Senior Notes Outstanding (Details) - Senior Notes
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Apr. 30, 2020
Aug. 31, 2017
Mar. 31, 2017
May 31, 2016
Nov. 30, 2015
Mar. 31, 2015
Sep. 30, 2014
0.8% (€1 Billion) Senior Notes due March 2022                    
Debt Instrument [Line Items]                    
Stated interest rate     0.80%     0.80%        
Effective interest rate [1]           0.94%        
2.15% (€750 Million) Senior Notes due November 2022                    
Debt Instrument [Line Items]                    
Stated interest rate     2.15%         2.15%    
Effective interest rate [1]               2.27%    
2.75% Senior Notes due March 2023                    
Debt Instrument [Line Items]                    
Stated interest rate 2.75%   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%             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%           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%                
Effective interest rate [1]   0.30%                
3.6% Senior Notes due June 2026                    
Debt Instrument [Line Items]                    
Stated interest rate 3.60%   3.60%       3.60%      
Effective interest rate [1]             3.70%      
1.8% (€1 Billion) Senior Notes due March 2027                    
Debt Instrument [Line Items]                    
Stated interest rate 1.80%   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%   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%                
Effective interest rate [1]   0.63%                
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%            
[1] Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt.
v3.22.0.1
TREASURY STOCK - Narrative (Details) - USD ($)
 2 Months Ended 12 Months Ended
Feb. 22, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Equity, Class of Treasury Stock [Line Items]        
Payments for repurchase of common stock   $ 163,000,000 $ 1,303,000,000 $ 8,187,000,000
Stock repurchase program, expected time to complete   3 years    
Remittances of employee withholding taxes   $ 163,000,000 141,000,000 151,000,000
Subsequent Event        
Equity, Class of Treasury Stock [Line Items]        
Payments for repurchase of common stock $ 500,000,000      
2019 Share Repurchase Program        
Equity, Class of Treasury Stock [Line Items]        
Remaining authorization to repurchase common stock   $ 10,400,000,000 $ 10,400,000,000  
Amount of common stock repurchases authorized       $ 15,000,000,000
v3.22.0.1
TREASURY STOCK - Summary of Stock Repurchase Activities (Details) - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Equity, Class of Treasury Stock [Line Items]      
Repurchases (in shares) 71 685 4,445
Total Repurchases $ 162 $ 1,264 $ 8,153
General authorization for shares withheld on stock award vesting (in shares) 71 84 87
General authorization for shares withheld on stock award vesting $ 162 $ 142 $ 151
Shares repurchased in December and settled in following January (in shares) 0 0 19
Shares repurchased in December and settled in following January $ 0 $ 0 $ 40
Authorized stock repurchase programs      
Equity, Class of Treasury Stock [Line Items]      
Repurchases (in shares) 0 601 4,358
Total Repurchases $ 0 $ 1,122 $ 8,002
v3.22.0.1
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
May 31, 2020
Aug. 31, 2019
Total, net of tax          
Balance, beginning of period $ 4,893 $ 5,933 $ 8,785    
OCI before reclassifications 135 55 114    
Amounts reclassified to net income [2] (161) [1] 18 11    
Total other comprehensive (loss) income, net of tax (26) 73 125    
Balance, end of period 6,178 4,893 5,933    
Convertible debt securities | Trip.com Group          
Total, net of tax          
Investment in convertible notes 500 525   $ 250 $ 500
Foreign currency translation adjustments          
Total, net of tax          
Balance, beginning of period (89) (139) (129)    
OCI before reclassifications (57) 50 (10)    
Amounts reclassified to net income [2] 0 [1] 0 0    
Total other comprehensive (loss) income, net of tax (57) 50 (10)    
Balance, end of period (146) (89) (139)    
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, beginning of period (35) (35) (35)    
Balance, end of period (35) (35) (35)    
Foreign Currency Translation Adjustments - Foreign Currency Translation          
Before tax          
Balance, beginning of period 11 (186) (109)    
OCI before reclassifications (287) 197 (77)    
Amounts reclassified to net income [2] 0 [1] 0 0    
OCI for the period (287) 197 (77)    
Balance, end of period (276) 11 (186)    
Tax          
Balance, beginning of period [3] 47 54 41    
OCI before reclassifications [3] 20 (7) 13    
Amounts reclassified to net income [2],[3] 0 [1] 0 0    
OCI for the period [3] 20 (7) 13    
Balance, end of period [3] 67 47 54    
Foreign Currency Translation Adjustments - Net Investment Hedges          
Before tax          
Balance, beginning of period [4] (184) (2) (73)    
OCI before reclassifications [4] 275 (182) 71    
Amounts reclassified to net income [2],[4] 0 [1] 0 0    
OCI for the period [4] 275 (182) 71    
Balance, end of period [4] 91 (184) (2)    
Tax          
Balance, beginning of period [4] 37 (5) 12    
OCI before reclassifications [4] (65) 42 (17)    
Amounts reclassified to net income [2],[4] 0 [1] 0 0    
OCI for the period [4] (65) 42 (17)    
Balance, end of period [4] (28) 37 (5)    
Unrealized losses on cash flow hedges          
Before tax          
Balance, beginning of period [5] 0 0 0    
OCI before reclassifications [5] (15) 0 0    
Amounts reclassified to net income [2],[5] 15 [1] 0 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] 4 0 0    
Amounts reclassified to net income [2],[5] (4) [1] 0 0    
OCI for the period [5] 0 0 0    
Balance, end of period [5] 0 0 0    
Total, net of tax          
Balance, beginning of period [5] 0 0 0    
OCI before reclassifications [5] (11) 0 0    
Amounts reclassified to net income [2],[5] 11 [1] 0 0    
Total other comprehensive (loss) income, net of tax [5] 0 0 0    
Balance, end of period [5] 0 0 0    
Net unrealized gains (losses) on available-for-sale securities          
Before tax          
Balance, beginning of period 3 (7) (157)    
OCI before reclassifications 265 6 161    
Amounts reclassified to net income [2] (265) [1] 4 (11)    
OCI for the period 0 10 150    
Balance, end of period 3 3 (7)    
Tax          
Balance, beginning of period (32) (45) (30)    
OCI before reclassifications (62) (1) (37)    
Amounts reclassified to net income [2] 93 [1] 14 22    
OCI for the period 31 13 (15)    
Balance, end of period (1) (32) (45)    
Total, net of tax          
Balance, beginning of period (29) (52) (187)    
OCI before reclassifications 203 5 124    
Amounts reclassified to net income [2] (172) [1] 18 11    
Total other comprehensive (loss) income, net of tax 31 23 135    
Balance, end of period 2 (29) (52)    
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 21    
Total AOCI, net of tax          
Total, net of tax          
Balance, beginning of period (118) (191) (316)    
Balance, end of period $ (144) $ (118) $ (191)    
[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 year ended December 31, 2021, the reclassified tax expenses include a tax expense of $31 million related to the redemption in December 2021 of the Company's investment of $500 million in Trip.com Group convertible senior notes (see Note 5). For the years ended December 31, 2020 and 2019, the reclassified tax expenses include a tax expense of $15 million and $21 million, related to the maturity in May 2020 of the Company's investment of $250 million in Trip.com Group convertible senior notes and the maturity in August 2019 of the Company's investment of $500 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, 2021 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).
v3.22.0.1
INCOME TAXES - Narrative (Details)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Mar. 31, 2021
USD ($)
Mar. 31, 2021
EUR (€)
Mar. 31, 2020
USD ($)
Mar. 31, 2020
EUR (€)
Income Tax Contingency [Line Items]                
International pre-tax income $ 1,900 $ 2,600 $ 5,700          
Domestic pre-tax (loss) income (472) (2,000) 213          
Income tax benefit recorded to adjust the remeasurement of deferred tax balances due to the reduction of the U.S. federal statutory tax rate       $ 2        
Income tax benefit recorded to adjust the provisional income tax expense relating to the federal one-time deemed repatriation liability   8 $ 17 $ 46        
Tax credit carryforward, used in period 115              
Valuation allowance on deferred tax assets 37 58            
Gross interest and penalties accrued $ 30 $ 31            
The Netherlands                
Income Tax Contingency [Line Items]                
Prepaid Taxes         $ 175 € 149 $ 717 € 660
Innovation Box Tax rate 9.00% 7.00%            
Statutory rate (as a percent) 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 267              
Valuation allowance on deferred tax assets 11 $ 40            
State and Local Jurisdiction                
Income Tax Contingency [Line Items]                
Operating loss carryforwards 536              
Foreign Tax Authority                
Income Tax Contingency [Line Items]                
Operating loss carryforwards 700              
Valuation allowance on deferred tax assets 26 18            
Research Tax Credit and Foreign Tax Credit Carryforwards | Domestic Tax Authority                
Income Tax Contingency [Line Items]                
Tax credit carryforward 23              
Accrued expenses and other current liabilities                
Income Tax Contingency [Line Items]                
Income taxes liability $ 181 $ 174            
v3.22.0.1
INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Current      
International $ 665 $ 320 $ 915
U.S. Federal 68 (9) 22
U.S. State 12 (16) 34
Total 745 295 971
Deferred      
International (103) (62) (12)
U.S. Federal (323) 296 166
U.S. State (19) (21) (32)
Total (445) 213 122
Total      
International 562 258 903
U.S. Federal (255) 287 188
U.S. State (7) (37) 2
Income tax expense $ 300 $ 508 $ 1,093
v3.22.0.1
INCOME TAXES - Net Deferred Tax Assets/(Liabilities) (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets/(liabilities):    
Net operating loss carryforward — U.S. $ 88 $ 67
Net operating loss carryforward — International 137 81
Accrued expenses 50 47
Stock-based compensation and other stock based payments 50 40
Foreign currency translation adjustment 48 29
Tax credits 19 9
Euro-denominated debt 0 77
Operating lease liabilities 38 43
Property and equipment 95 11
Other 11 0
Subtotal - deferred tax assets 536 404
Discount on convertible notes (20) (29)
Intangible assets and other (192) (119)
Euro-denominated debt (20) 0
State income tax on accumulated unremitted international earnings (8) (5)
Unrealized gains on investments (417) (550)
Operating lease assets (37) (38)
Installment sale liability (156) (263)
Other 0 (14)
Subtotal - deferred tax liabilities (850) (1,018)
Valuation allowance on deferred tax assets (37) (58)
Net deferred tax liabilities [1] (351) (672)
Other assets, net    
Deferred tax assets/(liabilities):    
Deferred tax assets $ 554 $ 455
[1] Includes deferred tax assets of $554 million and $455 million at December 31, 2021 and 2020, respectively, reported in "Other assets, net" in the Consolidated Balance Sheets.
v3.22.0.1
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
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 $ 308 $ 119 $ 1,251
Adjustment due to:      
Foreign rate differential 137 55 210
Innovation Box Tax benefit (230) (79) (443)
Goodwill impairment 0 228 0
Stock-based compensation 37 32 23
Federal GILTI 17 73 36
State income tax (benefit) expense (6) (31) 9
Valuation allowance (19) 36 1
Uncertain tax positions 39 64 11
Tax Act - U.S. transition tax benefit and other transition impacts 0 (8) (17)
Other 17 19 12
Income tax expense $ 300 $ 508 $ 1,093
v3.22.0.1
INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Unrecognized tax benefits      
Unrecognized tax benefit — January 1 $ 84 $ 56 $ 45
Gross increases — tax positions in current period 14 2 3
Gross increases — tax positions in prior periods 44 48 11
Gross decreases — tax positions in prior periods (19) (11) (3)
Reduction due to settlements during the current period (3) (11) 0
Unrecognized tax benefit — December 31 $ 120 $ 84 $ 56
v3.22.0.1
COMMITMENTS AND CONTINGENCIES - Competition and Consumer Protection Reviews (Details)
€ in Millions, $ in Millions
Dec. 31, 2021
EUR (€)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
EUR (€)
Dec. 31, 2020
USD ($)
Potential Fine Under Contractual Parity Agreement | Accrued expenses and other current liabilities        
Commitments and Contingencies        
Accruals for loss contingencies € 14 $ 16 € 18 $ 23
v3.22.0.1
COMMITMENTS AND CONTINGENCIES - Tax Matters (Details)
₺ in Millions, € in Millions, $ in Millions
 1 Months Ended 12 Months Ended 24 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2021
EUR (€)
Dec. 31, 2021
TRY (₺)
Aug. 31, 2021
USD ($)
Aug. 31, 2021
EUR (€)
Jun. 30, 2021
USD ($)
Jun. 30, 2021
EUR (€)
Mar. 31, 2021
USD ($)
Mar. 31, 2021
EUR (€)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
EUR (€)
Jan. 31, 2019
USD ($)
Jan. 31, 2019
EUR (€)
Dec. 31, 2018
USD ($)
Dec. 31, 2018
EUR (€)
Dec. 31, 2015
USD ($)
Dec. 31, 2015
EUR (€)
Dec. 31, 2021
USD ($)
Dec. 31, 2021
EUR (€)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
TRY (₺)
Dec. 31, 2021
EUR (€)
Mar. 31, 2021
EUR (€)
Dec. 31, 2020
USD ($)
Dec. 31, 2020
EUR (€)
Commitments and Contingencies                                                  
Unrecognized tax benefits $ 120                 $ 56       $ 45       $ 120   $ 56       $ 84  
Tax and interest expected to be paid or bank guarantees provided for pending proceedings, percentage 33.00%                                 33.00%       33.00%      
French Tax Audit                                                  
Commitments and Contingencies                                                  
Unrecognized tax benefits                                               59 € 50
Potential loss related to loss contingencies in excess of the accrued amount $ 22                                 $ 22       € 20      
French Tax Audit | Tax Year 2006 through 2012                                                  
Commitments and Contingencies                                                  
Tax assessment                               $ 403 € 356                
Payment required to appeal a litigation matter                       $ 403 € 356                        
French Tax Audit | Tax Year 2013                                                  
Commitments and Contingencies                                                  
Tax assessment                   80 € 70                            
French Tax Audit | Tax Years 2016 through 2018                                                  
Commitments and Contingencies                                                  
Tax assessment 88 € 78                                              
Transfer Tax Assessments | Tax Year 2011 through 2015                                                  
Commitments and Contingencies                                                  
Tax assessment                   45 39                            
Italian Tax Audit                                                  
Commitments and Contingencies                                                  
Unrecognized tax benefits               $ 16                             € 13 5 4
Italian Tax Audit | Other assets, net                                                  
Commitments and Contingencies                                                  
Unrecognized tax benefits 6                                 6       € 5   $ 6 € 5
Italian Tax Audit | Tax Year 2015                                                  
Commitments and Contingencies                                                  
Tax assessment               $ 36 € 31                                
Italian Tax Audit | Tax Year 2013                                                  
Commitments and Contingencies                                                  
Tax assessment                           $ 54 € 48                    
Payment required to appeal a litigation matter                   11 10                            
Italian Tax Audit | Tax Year 2014                                                  
Commitments and Contingencies                                                  
Tax assessment                   $ 66 € 58                            
Italian Tax Audit | Tax Years 2016 through 2018                                                  
Commitments and Contingencies                                                  
Tax assessment       $ 130 € 114                                        
Italian Tax Audit | Tax Years 2014, 2015, and 2016 through 2018                                                  
Commitments and Contingencies                                                  
Expected required prepayment deposit or bank guarantees                                   $ 68 € 59            
Italian Tax Audit | Tax Years 2013 through 2019                                                  
Commitments and Contingencies                                                  
Loss contingency, tax, recommended assessment           $ 175 € 154                                    
Turkish Tax Audit                                                  
Commitments and Contingencies                                                  
Tax assessment                                       $ 61 ₺ 813        
Payment required to appeal a litigation matter $ 9   ₺ 118                                            
v3.22.0.1
COMMITMENTS AND CONTINGENCIES - Other Matters (Details) - Dec. 31, 2021
€ in Millions, $ in Millions
EUR (€)
USD ($)
Pension-Related Litigation    
Commitments and Contingencies    
Potential loss related to loss contingencies in excess of the accrued amount € 289 $ 328
v3.22.0.1
COMMITMENTS AND CONTINGENCIES - Building Construction (Details)
€ in Millions, $ in Millions
 1 Months Ended
Sep. 30, 2016
USD ($)
Sep. 30, 2016
EUR (€)
Dec. 31, 2021
USD ($)
Dec. 31, 2021
EUR (€)
Sep. 30, 2016
EUR (€)
Other Commitments [Line Items]          
Remaining lease obligations     $ 550    
Booking.com | Headquarters          
Other Commitments [Line Items]          
Contractual obligation $ 307   17 € 15 € 270
Acquisition of land use rights $ 48 € 43      
Booking.com | Headquarters | Vendors used to fit out and furnish office space          
Other Commitments [Line Items]          
Contractual obligation     23 20  
Booking.com | Headquarters | Ground Lease          
Other Commitments [Line Items]          
Remaining lease obligations     $ 77 € 68  
v3.22.0.1
COMMITMENTS AND CONTINGENCIES - Other Contractual Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Standby Letters of Credit    
Other Commitments [Line Items]    
Letters of credit outstanding $ 511 $ 138
v3.22.0.1
BENEFIT PLANS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Retirement Benefits [Abstract]      
Matching contributions $ 32 $ 33 $ 26
v3.22.0.1
GEOGRAPHIC INFORMATION - Geographic Information on Revenues (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Geographic Information      
Revenues $ 10,958 $ 6,796 $ 15,066
United States      
Geographic Information      
Revenues 1,434 783 1,537
The Netherlands      
Geographic Information      
Revenues 8,678 5,264 11,686
Other      
Geographic Information      
Revenues $ 846 $ 749 $ 1,843
v3.22.0.1
GEOGRAPHIC INFORMATION - Geographic Information on Property and Equipment, Excluding Capitalized Software, and Operating Lease Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Property and equipment (excluding capitalized software) and operating lease assets $ 1,009 $ 1,048
United States    
Property, Plant and Equipment [Line Items]    
Property and equipment (excluding capitalized software) and operating lease assets 175 186
The Netherlands    
Property, Plant and Equipment [Line Items]    
Property and equipment (excluding capitalized software) and operating lease assets 506 499
United Kingdom    
Property, Plant and Equipment [Line Items]    
Property and equipment (excluding capitalized software) and operating lease assets 115 85
Other    
Property, Plant and Equipment [Line Items]    
Property and equipment (excluding capitalized software) and operating lease assets $ 213 $ 278
v3.22.0.1
ACQUISITIONS AND DISPOSALS (Details)
€ in Billions, $ in Billions
 1 Months Ended
Dec. 31, 2021
USD ($)
Nov. 30, 2021
EUR (€)
Nov. 30, 2021
USD ($)
Etraveli Group      
Business Acquisition [Line Items]      
Business combination, pending not yet completed, acquisition amount   € 1.6 $ 1.9
Getaroom      
Business Acquisition [Line Items]      
Business combination, consideration transferred $ 1.3    
Payments to acquire businesses, net of cash acquired $ 1.2    
v3.22.0.1
ACQUISITIONS AND DISPOSALS - Allocation (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2019
Dec. 31, 2020
 [1]
Business Acquisition [Line Items]      
Goodwill $ 2,887 [1] $ 2,913 $ 1,895
Payments to settle contingent liabilities   $ 37  
Getaroom      
Business Acquisition [Line Items]      
Current assets [2] 174    
Identifiable intangible assets [3] 423    
Goodwill [4] 1,020    
Other noncurrent assets 10    
Current liabilities (198)    
Deferred income taxes (92)    
Other noncurrent liabilities [5] (41)    
Total consideration 1,296    
Cash acquired 116    
Getaroom | Travel Transaction Related Taxes      
Business Acquisition [Line Items]      
Other noncurrent liabilities (38)    
Getaroom | Technology      
Business Acquisition [Line Items]      
Identifiable intangible assets $ 124    
Weighted average useful life 4 years    
Getaroom | Supply and Distribution Agreements      
Business Acquisition [Line Items]      
Identifiable intangible assets $ 299    
Weighted average useful life 10 years    
[1] The balance of goodwill as of December 31, 2021 and 2020 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 $299 million and weighted-average useful life of 10 years and technology assets with an estimated value of $124 million and weighted-average useful life of 4 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 $38 million principally related to travel transaction taxes.
v3.22.0.1
RESTRUCTURING AND OTHER EXIT COSTS (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
country
Dec. 31, 2019
USD ($)
Restructuring Cost and Reserve [Line Items]      
Restructuring and other exit costs $ 13 $ 149 $ 0
Payments for Restructuring 38 108  
Noncash restructuring expenses and other adjustments 9 $ 4  
Minimum      
Restructuring Cost and Reserve [Line Items]      
Number of countries in which restructuring actions have taken place | country   60  
Accrued expenses and other current liabilities      
Restructuring Cost and Reserve [Line Items]      
Restructuring liabilities $ 3 $ 37  
v3.22.0.1
GOVERNMENT GRANTS AND OTHER ASSISTANCE (Details) - COVID-19 - 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 $ 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    
v3.22.0.1
OTHER INCOME (EXPENSE), NET (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Other Income and Expenses [Abstract]      
Interest and dividend income $ 16 $ 54 $ 152
Net (losses) gains on equity securities [1] (569) 1,813 745
Impairment of investment [1] 0 (100) 0
Foreign currency transaction gains (losses) [2] 111 (207) (31)
Loss on early extinguishment of debt [3] (242) 0 0
Other [4] (13) (6) 13
Other income (expense), net (697) 1,554 879
Foreign currency transaction gains (losses) related to Euro-denominated debt $ 135 $ (200) $ 7
[1] See Note 5 for additional information related to the net (losses) gains on equity securities and impairment of investment.
[2] Foreign currency transaction gains (losses) include gains of $135 million, losses of $200 million, and gains of $7 million, for the years ended December 31, 2021, 2020 and 2019, 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).