Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Audit Information [Abstract] | |
| Auditor Name | DELOITTE & TOUCHE LLP |
| Auditor Location | Stamford, Connecticut |
| Auditor Firm ID | 34 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Amortized cost of available-for-sale debt securities, current | $ 580 | |
| Accounts receivable, net, allowance for expected credit losses, current | $ 146 | $ 137 |
| 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) | 64,276,130 | 64,048,000 |
| Treasury stock (in shares) | 31,329,265 | 29,650,351 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Statement [Abstract] | |||
| Stock-based compensation expense | $ 599 | $ 530 | $ 404 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||
| Statement of Comprehensive Income [Abstract] | |||||
| Net income | $ 5,882 | $ 4,289 | $ 3,058 | ||
| Other comprehensive loss, net of tax | [1] | (52) | (56) | (123) | |
| Comprehensive income | $ 5,830 | $ 4,233 | $ 2,935 | ||
| |||||
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| OPERATING ACTIVITIES: | |||
| Net income | $ 5,882 | $ 4,289 | $ 3,058 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 591 | 504 | 451 |
| Provision for expected credit losses and chargebacks | 412 | 330 | 232 |
| Deferred income tax expense (benefit) | 98 | (478) | (257) |
| Net (gains) losses on equity securities | (63) | 131 | 963 |
| Stock-based compensation expense | 599 | 530 | 404 |
| Operating lease amortization | 160 | 161 | 156 |
| Unrealized foreign currency transaction (gains) losses related to Euro-denominated debt | (526) | 163 | (46) |
| Loss related to the conversion option on convertible senior notes | 796 | 0 | 0 |
| Gain on sale and leaseback transaction | 0 | 0 | (240) |
| Other | 7 | 5 | 38 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (506) | (1,330) | (1,228) |
| Prepaid expenses and other current assets | (12) | 155 | (217) |
| Deferred merchant bookings and other current liabilities | 1,361 | 2,742 | 3,718 |
| Other | (476) | 142 | (478) |
| Net cash provided by operating activities | 8,323 | 7,344 | 6,554 |
| INVESTING ACTIVITIES: | |||
| Purchase of investments | (33) | (12) | (768) |
| Proceeds from sale and maturity of investments | 590 | 1,840 | 32 |
| Additions to property and equipment | (429) | (345) | (368) |
| Proceeds from sale and leaseback transaction | 0 | 0 | 601 |
| Other investing activities | 1 | 3 | (15) |
| Net cash provided by (used in) investing activities | 129 | 1,486 | (518) |
| FINANCING ACTIVITIES: | |||
| Proceeds from the issuance of long-term debt | 4,836 | 1,893 | 3,621 |
| Payments on maturity and conversion of debt | (1,312) | (500) | (1,880) |
| Payments for repurchase of common stock | (6,509) | (10,377) | (6,621) |
| Dividends paid | (1,174) | 0 | 0 |
| Proceeds from exercise of stock options | 14 | 134 | 7 |
| Other financing activities | (59) | (59) | (24) |
| Net cash used in financing activities | (4,204) | (8,909) | (4,897) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | (190) | (37) | (40) |
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 4,058 | (116) | 1,099 |
| Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 12,135 | 12,251 | 11,152 |
| Total cash and cash equivalents and restricted cash and cash equivalents, end of period | $ 16,193 | $ 12,135 | $ 12,251 |
BUSINESS DESCRIPTION |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| 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 five primary consumer-facing brands: Booking.com, Priceline, Agoda, 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.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Accounting Policies [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company's Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries, including acquired businesses from the dates of acquisition. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ significantly from those estimates. The estimates underlying the Company's Consolidated Financial Statements relate to, among other things, the valuation of goodwill and other long-lived tangible and intangible assets, the valuation of investments in private entities, income taxes, contingencies, stock-based compensation, the allowance for expected credit losses (also referred to as provision for bad debts or provision for uncollectible accounts), chargeback provisions, and the accrual of obligations for consumer incentive programs. Fair Value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels of inputs to valuation techniques used to measure fair value: Level 1: Quoted prices in active markets that are accessible by the Company at the measurement date for identical assets and liabilities. Level 2: Inputs that are observable, either directly or indirectly. Such prices may be based upon quoted prices for identical or comparable securities in active markets or inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. Cash and Cash Equivalents Cash and cash equivalents consists primarily of cash and highly liquid investment grade securities with an original maturity of three months or less. See Note 19 for information related to restricted cash and cash equivalents. Investments Debt Securities The Company has classified its investments in debt securities as available-for-sale securities. The aggregate unrealized gains and losses on available-for-sale debt securities, net of tax, are included in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. If the amortized cost basis of an available-for-sale security exceeds its fair value and if the Company has the intention to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, an impairment is recognized in the Consolidated Statements of Operations. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the decline in fair value below the amortized cost basis of an available-for-sale security is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance for expected credit losses along with the related expense in the Consolidated Statements of Operations. The allowance is measured as the amount by which the debt security's amortized cost basis exceeds the Company's best estimate of the present value of cash flows expected to be collected. The Company's investments in marketable debt securities are recognized based on the trade date. The cost of marketable debt securities sold is determined using a first-in and first-out method. The Company's investments in debt securities are assessed for classification in the Consolidated Balance Sheets as short-term or long-term at the individual security level. Classification as short-term or long-term is based on the maturities of the securities, as applicable, and the Company's expectations regarding the timing of sales and redemptions. 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 entities, over which the Company does not have the ability to exercise significant influence or control. These investments, which do not have readily determinable fair values, are measured at cost less impairment, if any. Such investments are also required to be measured at fair value as of the date of certain observable transactions for the identical or a similar investment of the same issuer. Accounts Receivable from Customers and Allowance for Expected Credit Losses Accounts receivable is reported net of expected credit losses. The Company estimates lifetime expected credit losses upon recognition of the financial assets. The Company identifies the relevant risk characteristics of its customers and the related receivables and prepayments, which include the following: size, type (alternative accommodations vs. hotels) or geographic location of the customer, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, the nature of competition, and industry-specific factors that could impact the Company's receivables. Additionally, external data and macroeconomic conditions are considered. This is assessed at each balance sheet date based on the Company's specific facts and circumstances. Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets or, when applicable, the lease term related to leasehold improvements, whichever is shorter. Website Costs and Internal-use Software 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 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 in "Information technology" expenses in the Company's Consolidated Statements of Operations. Leases The Company determines if an arrangement is a lease, or contains a lease, when a contract is signed. The Company determines if a lease is an operating or finance lease and records a lease asset and a lease liability upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The Company has operating leases for office space and data centers. For office space and data centers, the Company has elected to combine the fixed payments to lease the asset and any fixed non-lease payments (such as maintenance or utility charges) when determining its lease payments. The Company's finance leases are mainly for computer equipment. The Company uses its incremental borrowing rate as its discount rate to determine the present value of its remaining lease payments to calculate its lease assets and lease liabilities because the rate implicit in the lease is not readily determinable. The incremental borrowing rate approximates the rate the Company would pay to borrow in the currency of the lease payments on a collateralized basis for the weighted-average life of the lease. Operating lease assets also include any prepaid lease payments and lease incentives received prior to lease commencement. The Company recognizes operating lease costs and the amortization of finance lease assets on a straight-line basis over the lease term. The interest component of a finance lease is recognized using the effective interest method over the lease term. Certain of the Company's lease agreements include rent payments which are adjusted periodically based on an index or rate. Any change in payments due to such adjustments are recognized as variable lease expense as they are incurred. Variable lease expense also includes costs for property taxes, insurance, and services provided by the lessor which are charged based on usage or performance (such as maintenance or utility charges). Most leases have one or more options to renew beyond their initial term. The exercise of renewal options, mainly for office space and data centers, is at the Company's discretion and are included in the determination of the lease term for accounting purposes if they are reasonably certain to be exercised. Business Combinations, Goodwill, and Intangible Assets The Company accounts for acquired businesses using the acquisition method of accounting. The consideration transferred is allocated to the assets acquired and liabilities assumed based on their respective values at the acquisition date. The excess of the consideration transferred over the net of the amounts allocated to the identifiable assets acquired and liabilities assumed is recognized as goodwill. The Company generally recognizes and measures contract assets and contract liabilities in a business combination at amounts consistent with those recorded by the acquired business. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination. Goodwill is not subject to amortization and is tested for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company tests goodwill at a reporting unit level. The fair value of the reporting unit is compared to its carrying value, including goodwill. Fair values are determined using a combination of standard valuation techniques, including an income approach (discounted cash flows) and market approaches (e.g., earnings before interest, taxes, depreciation, and amortization ("EBITDA") multiples of comparable publicly traded companies) and based on market participant assumptions. A goodwill impairment loss is measured at the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. See Note 11 for additional information. Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives. Impairment of Long-lived Assets The Company reviews long-lived assets, including intangible assets and operating lease assets, whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The assessment of possible impairment is based upon the Company's ability to recover the carrying value of the assets from the estimated undiscounted future net cash flows, before interest and taxes, of the related asset group. The amount of impairment loss, if any, is measured as the excess of the carrying value of the asset over the present value of estimated future cash flows, using a discount rate commensurate with the risks involved and based on assumptions representative of market participants. Foreign Currency Translation The functional currency of the Company's subsidiaries is generally the respective local currency. For operations outside of the U.S., assets and liabilities are translated into U.S. Dollars at the rate of exchange existing at the balance sheet date. Income statement amounts are translated at monthly average exchange rates applicable for the period. Translation gains and losses are included as a component of "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets. Foreign currency transaction gains and losses are included in "Other income (expense), net" in the Company's Consolidated Statements of Operations. Derivatives As a result of the Company's operations outside of the U.S., it is exposed to various market risks that may affect its consolidated results of operations, cash flows, and financial position. These market risks include, but are not limited to, fluctuations in foreign currency exchange rates. For the Company's operations outside of the U.S., the primary foreign currency exposures are in Euros and British Pounds Sterling, the currencies in which the Company conducts a significant portion of its business activities. As a result, the Company faces exposure to adverse movements in foreign currency exchange rates as the financial results of its operations outside of the U.S. are translated from local currencies into U.S. Dollars upon consolidation. Additionally, foreign currency exchange rate fluctuations on transactions denominated in currencies other than the functional currency of an entity result in gains and losses that are reflected in net income. The Company may enter into derivative instruments to hedge certain net exposures of nonfunctional currency denominated assets and liabilities, even though it does not elect to apply hedge accounting or hedge accounting does not apply. These contracts are generally short-term in duration. Certain of the Company's derivative instruments have master netting arrangements, which reduce credit risk by permitting net settlement of transactions with the same counterparty. The Company is exposed to the risk that counterparties to derivative instruments may fail to meet their contractual obligations. The Company regularly reviews its credit exposure and assesses the creditworthiness of its counterparties. The Company reports the fair value of its derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets in "Other current assets" and "Accrued expenses and other current liabilities," respectively. Unless designated as hedges for accounting purposes, gains and losses resulting from changes in the fair value of derivative instruments are recognized in "Other income (expense), net" in the Consolidated Statements of Operations in the period that the changes occur and are classified within "Net cash provided by operating activities" or "Net cash used in financing activities," as appropriate, in the Consolidated Statements of Cash Flows. See Note 6 for additional information related to these derivative instruments. Contractual terms of debt arrangements, including embedded features such as conversion options, are evaluated and reassessed at each balance sheet date to determine whether they must be accounted for separately from the debt contract as derivative instruments under ASC 815. Embedded derivatives are measured at fair value, with changes in fair value recognized in the Consolidated Statement of Operations. Non-derivative Instrument Designated as Net Investment Hedge The foreign currency transaction gains or losses on the Company's Euro-denominated debt are measured based upon changes in spot rates. The foreign currency transaction gains or losses on the Euro-denominated debt that is designated as a hedging instrument for accounting purposes are recorded in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. The foreign currency transaction gains or losses on the Euro-denominated debt that is not designated as a hedging instrument are recognized in "Other income (expense), net" in the Consolidated Statements of Operations. See Notes 12 and 14 for additional information related to the net investment hedge. Revenue Recognition Online travel reservation services Substantially all of the Company's revenues are generated by providing online travel reservation services, which principally allows travelers to book travel reservations with travel service providers through the Company's platforms. While the Company generally refers to a consumer that books travel reservation services on the Company's platforms as its customer, for accounting purposes, the Company's customers are the travel service providers and, in certain merchant transactions, the travelers. The Company's contracts with travel service providers give them the ability to market their reservation availability without transferring to the Company the responsibility to deliver the travel services. Therefore, the Company's revenues are presented on a net basis in the Consolidated Statements of Operations. These contracts include payment terms and establish the consideration to which the Company is entitled, which includes either a commission or a margin on the travel transaction. Revenue is measured based on the expected consideration specified in the contract with the travel service provider, considering the effects of factors such as discounts and other sales incentives. Estimates for sales incentives are based on historical experience, current trends, and forecasts, as applicable. 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 revenues are classified into two categories: •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. These include transactions where travelers book accommodation, rental car, airline reservations, and other travel related services. Merchant revenues include travel reservation commissions and transaction net revenues (i.e., the amount charged to travelers, including the contra-revenue impact of merchandising, less the amount owed to travel service providers) in connection with the Company's merchant reservation services; revenues from facilitating payments, such as credit card processing rebates and customer processing fees; and ancillary fees, including travel-related insurance revenues. •Agency revenues are derived from the Company's commissions on travel-related transactions where the Company does not facilitate payments from travelers for the services provided. Advertising and Other Revenues Advertising and other revenues are derived primarily from revenues earned 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 restaurant reservation services (fees paid by restaurants when diners are seated through its online 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. Consumer Incentive Programs The Company provides various consumer incentive programs such as referral bonuses, rebates, credits, and discounts. In addition, the Company offers loyalty programs where participating consumers may be awarded loyalty points on current transactions that can be redeemed in the future. The estimated value of the incentives granted and the loyalty points expected to be redeemed is generally recognized as a reduction of revenue at the time they are granted. Deferred Merchant Bookings Cash payments received from travelers in advance of the Company completing its performance obligations are included in "Deferred merchant bookings" in the Company's Consolidated Balance Sheets and are comprised principally of amounts estimated to be payable to travel service providers as well as the Company's estimated future revenue for its commission or margin and fees. The amounts are mostly subject to refunds for cancellations. The Company expects to complete its performance obligations generally within one year from the reservation date. The increase in the Deferred Merchant Booking balance during the year ended December 31, 2024 was principally due to the increase in business volumes. Marketing Expenses The Company's advertising expenses are reported in "Marketing expenses" in the Consolidated Statements of Operations. Marketing expenses consist of performance marketing expenses and brand marketing expenses. These expenses consist primarily of the costs of: (1) search engine keyword purchases; (2) affiliate programs; (3) referrals from meta-search websites; (4) other performance-based marketing, including social media marketing; and (5) offline and online brand marketing. Performance marketing expenses are expenses generally measured by return on investment or an increase in bookings over a specified time period and are recognized as incurred. 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 card and other payment processing fees associated with merchant transactions; (2) fees paid to third parties that provide call center and other customer services; (3) digital services taxes and other similar taxes (4) chargeback provisions and fraud prevention expenses associated with merchant transactions; (5) provisions for expected credit losses, mostly related to accommodation commission receivables; and (6) customer relations costs. Personnel Expenses Personnel expenses consist of compensation to the Company's personnel, including salaries, bonuses, and stock-based compensation, payroll taxes, and employee health and other benefits. Stock-Based Compensation Stock-based compensation expense related to performance share units, restricted stock units and stock options is recognized based on fair value on a straight-line basis over the respective requisite service periods and forfeitures are accounted for when they occur. The fair value on the grant date of performance share units and restricted stock units is determined based on the number of units granted and the quoted price of the Company's common stock. For performance share units with market conditions, the effect of the market condition is also considered in the determination of fair value on the grant date using Monte Carlo simulations. The fair value of employee stock options is determined using the Black-Scholes model. The Company records stock-based compensation expense for performance-based awards using its estimate of the probable outcome at the end of the performance period (i.e., the estimated performance against the performance targets or performance goals, as applicable). The Company periodically adjusts the cumulative stock-based compensation expense recorded when the probable outcome for these performance-based awards is updated based upon changes in actual and forecasted operating results or expected achievement of performance goals, as applicable. The benefits of tax deductions in excess of recognized compensation costs are recognized in the Consolidated Statements of Operations as a discrete item when an option exercise or a vesting and release of shares occurs. Excess tax benefits are presented as operating cash flows and cash payments for employee statutory tax withholding related to vested stock awards are presented as financing cash flows in the Consolidated Statements of Cash Flows. General and Administrative Expenses General and administrative expenses consist primarily of fees for certain outside professionals, occupancy and office expenses, personnel-related expenses such as travel, relocation, recruiting, and training expenses, and certain travel transaction taxes. Information Technology Expenses Information technology expenses consist primarily of: (1) software license and system maintenance fees; (2) cloud computing costs and outsourced data center 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 non-current in the Consolidated Balance Sheets. The Company records deferred tax assets to the extent it believes these assets will more likely than not be realized. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences, the carryforward periods available for tax reporting purposes, and tax planning strategies. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, significant judgments, estimates, and interpretation of statutes are required. Deferred taxes are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date of such change. The Company recognizes liabilities when it believes that uncertain positions may not be fully sustained upon audit by the tax authorities. Liabilities recognized for uncertain tax positions are based on a two-step approach for recognition and measurement. First, the Company evaluates the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit based on its technical merits. Second, the Company measures the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. Interest and penalties attributable to uncertain tax positions, if any, are recognized as a component of income tax expense. The Company accounts for taxes on global intangible low-taxed income ("GILTI") introduced by the U.S. Tax Cuts and Jobs Act (the "Tax Act") as period costs. See Note 15 for further details related to income taxes. Contingencies Loss contingencies (other than income tax-related contingencies) arise from actual or possible claims and assessments and pending or threatened litigation that may be brought against the Company by individuals, governments or other entities. Based on the Company's assessment of loss contingencies at each balance sheet date, a loss is recorded in the financial statements if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Reclassification Certain amounts from prior periods have been reclassified to conform to the current period presentation. These include the reclassification in the Consolidated Balance Sheet as of December 31, 2023 of certain liabilities aggregating $106 million from "Accounts payable" to "Accrued expenses and other current liabilities" to better reflect the progress of the underlying transactions in the procure-to-pay process. Recent Accounting Pronouncements Adopted Accounting for Convertible Instruments and Contracts in an Entity's Own Equity On January 1, 2022, the Company adopted the accounting standards update relating to convertible instruments and contracts in an entity's own equity. Under the updated guidance, upon the initial recognition of convertible debt, the Company presents the entire amount attributable to the debt as a liability. The initial carrying amount of the convertible debt liability is reduced by any direct and incremental issuance costs paid to third parties that are associated with the convertible debt issuance. In calculating diluted earnings per share, the accounting standards update also requires the use of the if-converted method for the Company's convertible debt. See Note 8 for additional information on net income per share calculations. The Company adopted the accounting standards update on a modified retrospective basis applied to the 0.75% convertible senior notes due in May 2025 (see Note 12) resulting in an increase of $30 million to "Retained earnings" as of January 1, 2022. The significant corresponding balance sheet changes as of that date were an increase of $86 million to "Long-term debt" and decreases of $96 million to "Additional paid-in capital" and $21 million to "Deferred income taxes." Improvements to Reportable Segment Disclosures In fiscal 2024, the Company adopted the accounting standards update that requires additional reportable segment disclosures, including segment revenues, significant expenses, and segment profit or loss. See Note 17. Other Recent Accounting Pronouncements Expense Disaggregation Disclosures In November 2024, the Financial Accounting Standards Board ("FASB") issued an accounting standards update that requires the Company to disclose additional information about certain expense categories in the notes to financial statements at interim and annual reporting periods. The update is effective for annual financial statements beginning with the fiscal year 2027 and interim financial statements in the fiscal year 2028 onwards. The Company is currently evaluating the impact of the accounting standards update on its Consolidated Financial Statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued an accounting standards update related to income taxes that requires additional disclosures on the rate reconciliation and taxes paid. The update requires disclosure of additional categories of information in the tax rate reconciliation table about federal, state and foreign income taxes and more details about certain items that meet a quantitative threshold. Income taxes paid (net of refunds received) are required to be disclosed disaggregated by federal (national), state and foreign taxes and also by jurisdiction based on a quantitative threshold. The update is effective for annual financial statements beginning with the fiscal year 2025. In preparation for the adoption of the update, the Company is currently evaluating the impact to its Consolidated Financial Statements and establishing the related processes and internal controls.
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REVENUES |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| REVENUES | REVENUES Disaggregation of Revenues Revenues by Type of Service Approximately 89% of the Company's revenues for the years ended December 31, 2024, 2023, and 2022 relate to online accommodation reservation services. Revenues 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. The majority of the Company's merchant revenues and substantially all of its agency revenues are from Booking.com's accommodation reservations. Revenues by Geographic Area See Note 17 for the information related to revenues by geographic area. Consumer Incentive Programs At December 31, 2024 and 2023, liabilities of $150 million and $149 million, respectively, were included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets for incentives granted to consumers, including credits, loyalty programs, and discounts.
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STOCK-BASED COMPENSATION |
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| 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, 2024, there were approximately 828,000 shares of common stock available for future grants under the 1999 Plan. 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 $58 million, $52 million, and $40 million for the years ended December 31, 2024, 2023, and 2022, respectively. Restricted Stock Units and Performance Share Units The Company makes broad-based grants of restricted stock units that generally vest during a period of - to three-years, subject to certain exceptions for terminations other than for "cause," for "good reason," or on account of death or disability. 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), 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. Restricted stock units and performance share units granted by the Company during the years ended December 31, 2024, 2023, and 2022 had an aggregate grant-date fair value of $635 million, $586 million, and $490 million, respectively. Restricted stock units and performance share units that vested during the years ended December 31, 2024, 2023, and 2022 had an aggregate fair value at vesting of $778 million, $459 million, and $400 million, respectively. At December 31, 2024, there was $713 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. The following table summarizes the activity in restricted stock units and performance share units for employees and non-employee directors during the year ended December 31, 2024:
(1) Excludes 4,399 performance share units awarded during the year ended December 31, 2022 for which the grant date under ASC 718, Compensation - Stock Compensation, was not established as of December 31, 2023. 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) Includes 4,399 performance share units awarded during the year ended December 31, 2022 for which the grant date under ASC 718 was established during the year ended December 31, 2024. (3) 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, if any. Stock Options The following table summarizes the activity in stock options during the year ended December 31, 2024:
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INVESTMENTS |
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| Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENTS | INVESTMENTS The following table summarizes the Company's investments by major security type at December 31, 2024 and 2023:
(1) Includes investments in U.S. municipal bonds. The Company's investment policy seeks to preserve capital and maintain sufficient liquidity to meet operational and other needs of the business. The Company's investments in available-for-sale debt securities at December 31, 2023 had investment grade credit quality ratings and the investments in international government securities principally included debt securities issued by the governments of Germany, France, Norway, Canada, and Sweden. Equity securities with readily determinable fair values include the Company's investments in Grab Holdings Limited ("Grab") and DiDi Global Inc. ("DiDi"), with fair values of $200 million and $179 million, respectively, at December 31, 2024 and $143 million and $155 million, respectively, at December 31, 2023. During the year ended December 31, 2023, the Company sold its entire investment in Meituan for $1.7 billion, resulting in a loss of $149 million included in "Other income (expense), net" in the Consolidated Statement of Operations for the year ended December 31, 2023. The cost basis of the Company's investment in Meituan was $450 million. Equity securities with readily determinable fair values are included in "Long-term investments" in the Consolidated Balance Sheets. Net unrealized gains (losses) related to these investments included in "Other income (expense), net" in the Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 were as follows:
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FAIR VALUE MEASUREMENTS |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2024 and 2023 and nonrecurring basis, as applicable, are categorized below based on the level of inputs to the valuation techniques used to measure fair value (see Note 2):
(1) During the year ended December 31, 2023, the investment in Yanolja was written down to its estimated fair value. Investments See Note 5 for additional information related to the Company's investments. The Company's investments in debt securities are measured using "Level 2" inputs as 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. The Company's investments measured using Level 3 inputs primarily consist of investments in privately-held entities. Fair values of these securities are estimated using a variety of valuation methodologies, including both the market and income approaches. The Company uses valuation techniques appropriate for the type of investment and the information available about the investee as of the valuation date to determine fair value. Recent financing transactions in the investee are generally considered the best indication of the enterprise value and therefore used as a basis to estimate fair value. However, based on a number of factors, such as the proximity in timing to the valuation date or the volume or other terms of these financing transactions, the Company may also use other valuation techniques to supplement this data, including the income approach. When a financing transaction occurs and represents fair value, the Company also uses the calibration process, as appropriate, when estimating fair value on subsequent measurement dates. Calibration is the process of using observed transactions in the investee company's own instruments to ensure that the valuation techniques that will be employed to value the investee company investment on subsequent measurement dates begin with assumptions that are consistent with the original observed transaction as well as any more recent observed transactions in the instruments issued by the investee company. As of June 30, 2023 and 2022, the Company evaluated its investment in Yanolja for impairment using a combination of the market approach and the income approach in estimating the fair value of the investment as of those dates, and recognized impairment charges. The market approach estimates value using prices and other relevant information generated by market transactions involving comparable companies. The income approach estimates value based on the expectation of future cash flows that a company will generate. These future cash flows are discounted to their present values using a discount rate based on a company's weighted-average cost of capital adjusted to reflect the risks inherent in its cash flows. The key unobservable inputs and ranges used for the June 2023 impairment evaluation, primarily using the income approach, include the weighted average cost of capital (10.5%-14.5%) and the terminal EBITDA multiple (14x-16x). The key unobservable inputs and ranges used for the June 2022 impairment evaluation include, for the market approach, percentage decrease in the calibrated EBITDA multiple (36%) and for the income approach, the weighted average cost of capital (10%-14%) and the terminal EBITDA multiple (14x-16x). Significant changes in any of these inputs in isolation would result in significantly different fair value measurements. A change in the assumption used for EBITDA multiples would result in a directionally similar change in the fair value, and a change in the assumption used for weighted average cost of capital would result in a directionally opposite change in the fair value. The determination of the fair values of investments, where the Company is a minority shareholder and has access to limited information from the investee, reflects numerous assumptions that are subject to various risks and uncertainties, including key assumptions regarding the investee's expected growth rates and operating margin, as well as other key assumptions with respect to matters outside of the Company's control, such as discount rates and market comparables. It requires significant judgments and estimates and actual results could be materially different than those judgments and estimates utilized in the fair value measurement. Future events and changing market conditions may lead the Company to re-evaluate the assumptions reflected in the valuation which may result in a need to recognize additional impairment charges. Derivatives In the normal course of business, the Company is exposed to the impact of foreign currency fluctuations. The Company mitigates these risks by following established risk management policies and procedures, including the use of derivatives. The Company enters into foreign currency exchange contracts to hedge its exposure to the impact of movements in foreign currency exchange rates on its transactional balances denominated in currencies other than the functional currency. The Company does not use derivatives for trading or speculative purposes. The Company's derivative instruments are valued using pricing models. Pricing models take into account the contract terms as well as multiple inputs where applicable, such as interest rate yield curves, option volatility, and foreign currency exchange rates. The valuation of derivatives is considered "Level 2" fair value measurement. The Company's derivative instruments are typically short-term in nature. The Company reports the fair values of its derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets in "Other current assets" and "Accrued expenses and other current liabilities," respectively. See Note 12 for information on the embedded derivative liability related to the convertible senior notes due in May 2025. As of December 31, 2024 and 2023, the Company did not designate any derivatives as hedges for accounting purposes. Gains and losses resulting from changes in the fair values of derivative instruments are recognized in "Other income (expense), net" in the Consolidated Statements of Operations in the period that the changes occur and cash flow impacts, if any, are classified within "Net cash provided by operating activities" or "Net cash used in financing activities," as appropriate, in the Consolidated Statements of Cash Flows. For the Company's foreign currency exchange derivatives outstanding as of December 31, 2024 and 2023, the notional amounts of the foreign currency purchases were $8.2 billion and $4.9 billion, respectively, and the notional amounts of the foreign currency sales were $5.5 billion and $4.2 billion, respectively. The notional amount of a foreign currency exchange derivative contract is the contracted amount of foreign currency to be exchanged and is not recorded in the balance sheet. 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, 2024, 2023, and 2022 is as follows:
Other Financial Assets and Liabilities At December 31, 2024 and 2023, the Company's cash consisted of bank deposits. Cash equivalents principally include money market fund investments and certificates of deposit and their carrying value generally approximates the fair value as they are readily convertible to known amounts of cash. Other financial assets and liabilities, including restricted cash, accounts payable, accrued expenses, and deferred merchant bookings, are carried at cost which approximates their fair values because of the short-term nature of these items. Accounts receivable and other financial assets measured at amortized cost are carried at cost less an allowance for expected credit losses to present the net amount expected to be collected (see Note 7). See Note 12 for the estimated fair value of the Company's outstanding senior notes, including the estimated fair value of the Company's convertible senior notes.
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ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS |
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| Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS | ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS Accounts receivable in the Consolidated Balance Sheets at December 31, 2024 and 2023 includes receivables from customers of $2.0 billion and $1.9 billion, respectively, and receivables from payment processors and networks of $1.2 billion and $1.3 billion, respectively. The remaining balance principally relates to receivables from marketing affiliates. The Company's receivables are short-term in nature. The amounts mentioned above are stated on a gross basis, before deducting the allowance for expected credit losses. Significant judgments and assumptions are required to estimate the allowance for expected credit losses and such assumptions may change in future periods, particularly the assumptions related to the business prospects and financial condition of customers and marketing affiliates, including macroeconomic conditions, inflationary pressures, and the Company's ability to collect the receivable or recover prepayments. The following table summarizes the activity of the allowance for expected credit losses on receivables:
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NET INCOME PER SHARE |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NET INCOME PER SHARE | NET INCOME PER SHARE The Company computes basic net income per share by dividing net income applicable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is based upon the weighted-average number of common and common equivalent shares outstanding during the period. Only dilutive common equivalent shares that decrease the net income per share are included in the computation of diluted net income per share. Common equivalent shares related to stock options, restricted stock units, and performance share units are calculated using the treasury stock method. Performance share units are included in the weighted-average common equivalent shares based on the number of shares that would be issued if the end of the reporting period were the end of the performance period, if the result would be dilutive. See Note 12 for information on the convertible senior notes due in May 2025. For periods prior to the date of the Company's irrevocable election to settle the conversion premium in cash, the Company used the if-converted method to calculate the dilutive effect of the convertible senior notes. A reconciliation of the weighted-average number of shares outstanding used in calculating diluted net income per share is as follows:
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PROPERTY AND EQUIPMENT, NET |
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| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY AND EQUIPMENT, NET | PROPERTY AND EQUIPMENT, NET Property and equipment, net at December 31, 2024 and 2023 consist of the following:
Depreciation expense was $370 million, $282 million, and $227 million for the years ended December 31, 2024, 2023, and 2022, respectively. Additions to capitalized software during the years ended December 31, 2024, 2023, and 2022 were $212 million, $229 million, and $217 million, respectively.
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LEASES |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES | LEASES The Company has operating and finance leases for office space, data centers, and computer equipment. The Company recognized the following related to its leases in its Consolidated Balance Sheets:
The Company recognized the following costs related to its leases in its Consolidated Statements of Operations:
As of December 31, 2024, the future lease payments for operating and finance leases are as follows:
Supplemental cash flow information related to operating and finance leases is as follows:
"Operating lease amortization" presented in the operating activities section of the Consolidated Statements of Cash Flows reflects the portion of the operating lease cost from the amortization of the operating lease assets. At December 31, 2024 and 2023 the weighted-average lease term and discount rate for operating and finance leases are as follows:
In 2022, the Company entered into a sale and leaseback transaction whereby the Company transferred ownership of Booking.com's headquarters building in the Netherlands and related land lease rights to a subsidiary of Deka Immobilien Investment GmbH for an aggregate consideration of approximately $601 million. The Company concurrently entered into an agreement to lease the building from the purchaser for an initial term of 16.5 years, with up to five renewal options of five years each. The initial annual base rent under the lease was $26 million, which will increase annually based on the consumer price index, subject to a specified ceiling. The lease commenced in December 2022 and has been classified by the Company as an operating lease. The Company recognized a gain of $240 million on the sale and leaseback transaction, which was recorded in "Other operating expenses" in the Consolidated Statement of Operations for the year ended December 31, 2022.
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| LEASES | LEASES The Company has operating and finance leases for office space, data centers, and computer equipment. The Company recognized the following related to its leases in its Consolidated Balance Sheets:
The Company recognized the following costs related to its leases in its Consolidated Statements of Operations:
As of December 31, 2024, the future lease payments for operating and finance leases are as follows:
Supplemental cash flow information related to operating and finance leases is as follows:
"Operating lease amortization" presented in the operating activities section of the Consolidated Statements of Cash Flows reflects the portion of the operating lease cost from the amortization of the operating lease assets. At December 31, 2024 and 2023 the weighted-average lease term and discount rate for operating and finance leases are as follows:
In 2022, the Company entered into a sale and leaseback transaction whereby the Company transferred ownership of Booking.com's headquarters building in the Netherlands and related land lease rights to a subsidiary of Deka Immobilien Investment GmbH for an aggregate consideration of approximately $601 million. The Company concurrently entered into an agreement to lease the building from the purchaser for an initial term of 16.5 years, with up to five renewal options of five years each. The initial annual base rent under the lease was $26 million, which will increase annually based on the consumer price index, subject to a specified ceiling. The lease commenced in December 2022 and has been classified by the Company as an operating lease. The Company recognized a gain of $240 million on the sale and leaseback transaction, which was recorded in "Other operating expenses" in the Consolidated Statement of Operations for the year ended December 31, 2022.
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GOODWILL AND INTANGIBLE ASSETS |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS A substantial portion of the Company's intangible assets and goodwill relates to the acquisitions of KAYAK, OpenTable, and Getaroom. Goodwill The changes in the balance of goodwill for the years ended December 31, 2024 and 2023 consist of the following:
(1) The balance of goodwill as of December 31, 2024 and 2023 is stated net of cumulative impairment charges of $2 billion. At September 30, 2024, the Company performed its annual goodwill impairment test and concluded that there was no impairment of goodwill. Intangible Assets The Company's intangible assets consist of the following:
Amortization expense for intangible assets was $221 million, $222 million, and $224 million for the years ended December 31, 2024, 2023, and 2022, respectively. The estimated future annual amortization expense for the Company's intangible assets at December 31, 2024 is as follows:
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DEBT |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | DEBT Revolving Credit Facility In May 2023, the Company entered into a five-year unsecured revolving credit facility with a group of lenders. The revolving credit facility extends a revolving line of credit of up to $2 billion to the Company and provides for the issuance of up to $80 million of letters of credit, as well as up to $100 million of borrowings on same-day notice, referred to as swingline loans. Other than the swingline loans, which are available only in U.S. Dollars, the revolving loans and the letters of credit are available in U.S. Dollars, Euros, Pounds Sterling, and any other currency agreed to by the administrative agent and each of the lenders. The revolving credit facility contains a maximum leverage ratio covenant, compliance with which is a condition to the Company's ability to borrow. In May 2024, the Company extended the maturity date of the revolving credit facility from May 2028 to May 2029 pursuant to an extension request under the credit agreement. Borrowings under the revolving credit facility will bear interest at a rate determined by reference to benchmark rates plus an applicable spread (ranging from 0% to 1.375%) based on the Company's leverage or credit rating at the time of the borrowing. Undrawn balances available under the revolving credit facility are subject to commitment fees at the applicable rate determined by reference to the Company's leverage or credit rating. At December 31, 2024 and 2023, there were no borrowings outstanding and $26 million and $18 million, respectively, of letters of credit issued under the revolving credit facility. Outstanding Debt Outstanding debt consists of the following:
(1) The carrying values differ from the outstanding principal amounts due to unamortized debt discounts and debt issuance costs of $630 million and $65 million as of December 31, 2024 and 2023, respectively. (2) Included in "Short-term debt" in the Consolidated Balance Sheet as of December 31, 2023. (3) Included in "Short-term debt" in the Consolidated Balance Sheet as of December 31, 2024. Fair Value of Debt At December 31, 2024 and 2023, the estimated fair value of the outstanding debt was approximately $18.8 billion and $15.2 billion, respectively, and was considered a "Level 2" fair value measurement (see Note 2). The fair values were 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, 2024 and 2023 primarily relates to the conversion premium, which is the conversion value in excess of the principal amount, on the convertible senior notes due in May 2025. Convertible Senior Notes In April 2020, the Company issued $863 million aggregate principal amount of convertible senior notes due in May 2025 with an interest rate of 0.75% (the "May 2025 Notes"). The May 2025 Notes are convertible, subject to certain conditions, into the Company's common stock at a current conversion price of $1,869.86 per share. The May 2025 Notes were 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 was 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 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 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. Prior to November 2024, if the note holders exercised their option to convert, the Company delivered cash to repay the principal amount of the May 2025 Notes and had the option to deliver shares of the Company's common stock or cash, to satisfy the conversion premium. As of November 1, 2024, note holders are entitled to repayment of the principal amount of the May 2025 Notes in cash, and if they exercise their option to convert, the note holders are entitled to cash payment for the conversion premium, settled at maturity. Based on the closing sales prices of the Company's common stock for the prescribed measurement periods, the May 2025 Notes were convertible at the option of the holder starting the second calendar quarter of 2023 until November 1, 2024, when they became convertible regardless of the Company's stock price. The May 2025 Notes are classified as "Short-term debt" in the Consolidated Balance Sheets as of December 31, 2024 and 2023. At December 31, 2024 and 2023, the estimated fair value of the May 2025 Notes was $2.1 billion and $1.6 billion, respectively, and was considered a "Level 2" fair value measurement (see Note 2). For the years ended December 31, 2023, and 2022, the weighted-average effective interest rate related to the May 2025 Notes was 1.2%. During the year ended December 31, 2024, the Company paid $198 million in aggregate upon the conversion of the May 2025 Notes at the holders' option, to repay the principal amount of $78 million due upon conversion and an additional $120 million conversion premium. Upon issuance and subsequent balance sheet-date reassessments through September 30, 2024, the conversion option on the May 2025 Notes qualified for the equity scope exception under ASC 815 Derivatives and Hedging ("ASC 815") because the Company had the option to deliver either cash or shares of the Company's common stock to satisfy the conversion premium. Under such exception, the conversion option is not required to be accounted for as a separate instrument. On November 1, 2024, the Company irrevocably elected to settle the conversion premium in cash. Upon that election, the conversion option no longer qualified for the exception and was deemed to be an embedded derivative which required bifurcation from the debt contract. Upon bifurcation of the conversion option, the Company recorded an embedded derivative liability at fair value of $1.2 billion, a debt discount of $783 million reducing the carrying value of the May 2025 Notes to zero, and a loss of $428 million. The debt discount is amortized over the remaining term of the May 2025 Notes using the straight-line method. The fair value of the embedded derivative liability (considered a "Level 2" fair value measurement; see Note 2), was $1.3 billion at December 31, 2024 and is included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheet. The unamortized debt discount and debt issuance costs was $523 million at December 31, 2024. The Company recognized the following charges related to the conversion option on the May 2025 Notes in its Consolidated Statement of Operations:
Nonconvertible Senior Notes The following table summarizes the information related to nonconvertible senior notes outstanding at December 31, 2024:
(1) Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt. In 2024, the Company issued senior notes with varying maturities for aggregate cash proceeds of $4.8 billion. The proceeds from the issuance of the senior notes issued in 2024 are available for general corporate purposes, including to repurchase shares of the Company's common stock and to redeem or repay outstanding indebtedness. In 2024, the Company paid $1.1 billion on the maturity of the Senior Notes due September 2024. In 2023, the Company paid $500 million on the maturity of Senior Notes due March 2023. In 2022, the Company paid $778 million and $1.1 billion on the maturity of Senior Notes due November 2022 and March 2022, respectively. In addition, the Company paid the applicable accrued and unpaid interest relating to these senior notes. Interest expense related to nonconvertible senior notes consists primarily of coupon interest expense of $527 million, $409 million, and $241 million for the years ended December 31, 2024, 2023, and 2022, respectively. Debt discount and debt issuance costs for such notes are amortized using the effective interest rate method over the period from the origination date through the stated maturity date. "Interest expense" in the Consolidated Statements of Operations also includes interest expense related to the Company's cash management activities (with related income recorded in "Other income (expense), net" in the Consolidated Statements of Operations). Each of the Company's senior notes are unsecured and rank equally in right of payment with all of the Company's other senior unsecured notes. 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, 2024 and 2023, the carrying value of the portion of Euro-denominated debt, designated as a net investment hedge, ranged from $2.3 billion to $5.3 billion and from $3.1 billion to $8.4 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.
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TREASURY STOCK AND DIVIDENDS |
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| TREASURY STOCK AND DIVIDENDS | TREASURY STOCK AND DIVIDENDS At December 31, 2024 and 2023, the Company had a total remaining authorization of $7.7 billion and $13.7 billion, respectively, related to a program authorized by the Company's Board of Directors ("the Board") in 2023 to repurchase up to $20 billion of the Company's common stock. The Company expects to complete the share repurchases under the remaining authorization by the end of 2026, assuming no major downturn in the travel market. In January 2025, the Board authorized a program to repurchase up to an additional $20 billion of the Company's common stock. Additionally, the Board 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, 2024, 2023, and 2022:
Stock repurchases of $20 million in December 2024 were settled in January 2025. Stock repurchases of $40 million in December 2023 were settled in January 2024. For the years ended December 31, 2024, 2023, and 2022, the Company remitted employee withholding taxes of $345 million, $194 million, and $165 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. Effective January 1, 2023, the Inflation Reduction Act of 2022 has mandated a 1% excise tax on share repurchases. Excise tax obligations that result from the Company's share repurchases are accounted for as a cost of the treasury stock transaction. As of December 31, 2024 and 2023, the Company recorded estimated liabilities of $56 million and $96 million, respectively, related to excise taxes on share repurchases, which are included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets. During the year ended December 31, 2024, the Company remitted excise taxes of $96 million to the tax authorities, which is included in financing activities in the Consolidated Statement of Cash Flows. During 2024, the Board adopted a dividend policy pursuant to which the Company pays quarterly cash dividends on its common stock. Declaration of dividends will be subject to the Board's consideration of, among other things, the Company's financial performance, cash flows, capital needs, and liquidity. During the year ended December 31, 2024, the Board declared quarterly cash dividends of $8.75 per share of common stock and the Company paid cash dividends of $1.2 billion in total. In February 2025, the Board declared a cash dividend of $9.60 per share of common stock, payable on March 31, 2025 to stockholders of record as of the close of business on March 7, 2025.
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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT |
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| 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, 2024, 2023, and 2022:
(1) Net investment hedges balance at December 31, 2024 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). (2) 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.
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INCOME TAXES |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | INCOME TAXES The composition of pre-tax income (loss) for the years ended December 31, 2024, 2023, and 2022 is as follows:
Provision for Income Taxes The composition of income tax expense for the years ended December 31, 2024, 2023, and 2022 is as follows:
Income tax liabilities of $905 million and $1.0 billion are included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets at December 31, 2024 and 2023, respectively. U.S. Tax Reform In December 2017, the Tax Act was enacted into law in the U.S. 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 2024, the Company reduced its income tax expense that was recorded during the year ended December 31, 2018 by $416 million relating to its federal one-time deemed repatriation liability. The reduction in expense resulted from a recent U.S. Tax Court decision in Varian Medical Systems, Inc. vs. Commissioner. 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. Several countries outside the U.S. have adopted rules, effective January 1, 2024, that impose a 15% minimum global tax. This is in response to the framework set forth by the Organisation for Economic Co-operation and Development with respect to its base erosion and profit shifting project. The impact of these rules have been reflected in our 2024 income tax expense. 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, 2024, the Company had U.S. federal NOLs of $462 million, the majority of which do not have an expiration date, and U.S. state NOLs of $370 million, which mainly begin to expire in years ending December 31, 2032 and forward. In addition, at December 31, 2024, the Company had $796 million of non-U.S. NOLs, the majority of which do not have an expiration date, and $51 million of U.S. research tax credit and foreign tax credit carryforwards available to reduce future tax liabilities. The utilization of these NOLs and credits is dependent upon the Company's ability to generate sufficient future taxable income and the tax laws in the jurisdictions where the losses were generated. The Company periodically evaluates the likelihood of the realization of deferred tax assets, and reduces the carrying amount of these deferred tax assets by a valuation allowance to the extent it believes a portion will not be realized. The Company considers many factors when assessing the likelihood of future realization of the deferred tax assets, including its recent cumulative earnings experience by taxing jurisdiction, expectations of future income, tax planning strategies, the carryforward periods available for tax reporting purposes and other relevant factors. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows:
(1) Includes deferred tax assets of $662 million and $675 million at December 31, 2024 and 2023, respectively, included in "Other assets, net" in the Consolidated Balance Sheets. The valuation allowance on deferred tax assets at December 31, 2024 includes $31 million related to international operations and $80 million primarily related to certain unrealized losses on equity securities. The valuation allowance on deferred tax assets at December 31, 2023 includes $30 million related to international operations and $84 million primarily related to certain unrealized losses on equity securities. The decrease in the valuation allowance is primarily related to deferred tax assets generated from certain unrealized losses on equity securities. The Company does not intend to indefinitely reinvest its international earnings that were subject to U.S. taxation pursuant to the mandatory deemed repatriation or subject to U.S. taxation as GILTI. Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate A significant portion of the Company's taxable earnings is generated in the Netherlands. According to Dutch corporate income tax law, income generated from qualifying innovative activities is taxed at a rate of 9% ("Innovation Box Tax") rather than the Dutch statutory rate of 25.8%. A portion of Booking.com's earnings during the years ended December 31, 2024, 2023, and 2022 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, 2024, 2023, and 2022 as a result of the following items:
Uncertain Tax Positions The following is a reconciliation of the total beginning and ending amount of unrecognized tax benefits:
The increase in unrecognized tax benefits during the year ended December 31, 2024 primarily relates to certain 2018 U.S. federal taxes that are impacted by the recent U.S. Tax Court decision in Varian Medical Systems, Inc. vs. Commissioner. The majority of unrecognized tax benefits are included in "Other assets, net" in the Consolidated Balance Sheet as of December 31, 2024. The amount of unrecognized tax benefits, if recognized, that would affect the effective tax rate are $236 million as of December 31, 2024. It is reasonably possible that the balance of gross unrecognized tax benefits could change over the next 12 months. As of December 31, 2024 and 2023, total gross interest and penalties accrued was $6 million and $7 million, respectively. See Note 16 for more information regarding tax contingencies. The Company's major taxing jurisdictions include: the Netherlands, U.S., Singapore, and the United Kingdom (the "UK"). The statutes of limitations that remain open related to these major tax jurisdictions are: the Company's Netherlands returns for 2019 and forward, U.S. federal returns for 2018, as well as 2021 and forward, Singapore returns from 2019 and forward, and UK returns for 2021 and forward.
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COMMITMENTS AND CONTINGENCIES |
12 Months Ended |
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Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Competition and Consumer Protection Reviews Online travel platforms have been the subject of investigations or inquiries by national competition authorities ("NCAs") or other governmental authorities regarding competition law matters, consumer protection issues, and other areas. The Company is and has been involved in many such investigations. For example, the Company is involved in investigations related to whether Booking.com's contractual parity arrangements with accommodation providers are anti-competitive because they require partners to provide Booking.com with rates, conditions, and availability at least as favorable as those offered to other OTCs or by the partner itself. To resolve certain of the parity-related investigations, the Company has from time to time made commitments regarding future business practices or activities, such as agreeing to narrow the scope of its parity clauses. Some of these investigations have resulted in fines and the Company could incur additional fines and/or be restricted in certain of its business practices in the future. In 2024, the Comisión Nacional de los Mercados y la Competencia in Spain (the "CNMC") imposed a fine of 413 million Euros and decided to restrict certain of Booking.com's business practices such as those relating to parity provisions and the ranking criteria that Booking.com can use to determine how to rank hotels in its display to customers. Booking.com does not agree with the rationale stated in the decision and the restrictions imposed, and has filed an appeal. Although the Company disagrees with the rationale stated in the decision, the Company accrued a loss of 486 million Euros ($530 million) during the year ended December 31, 2023 (reflecting the initial fine amount in the CNMC's draft decision). As of June 30, 2024, to align with the CNMC's reduced final fine, the Company recorded a decrease of 72 million Euros ($78 million) in its accrual. The initial accrual and subsequent decrease are reflected in "General and administrative" expenses in the Consolidated Statements of Operations. The related liability is included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets as of December 31, 2024 and 2023. In September 2017, the Swiss Price Surveillance Office (the "Swiss PSO") opened an investigation into the level of commissions of Booking.com in Switzerland. Booking.com anticipates a negative decision ordering a reduction of commission in Switzerland. The exact scope, impact, and timing of its effects will depend on the order. Booking.com does not agree with the rationale underlying this expected negative decision and the restrictions expected to be imposed, and is continuing to engage with the Swiss PSO prior to the order being finalized. If the order were to become final, Booking.com plans to challenge aspects of it. In July 2023, the Polish Office of Competition and Consumer Protection opened an investigation into Booking.com's identification of private and professional hosts and its messaging in relation to obligations owed to consumers, and the investigation is ongoing. In 2024, the Italian Competition Authority (the "AGCM") investigated certain Booking.com business practices relating to hotels and other online travel agencies. Booking.com resolved the investigation by making certain commitments to the AGCM regarding its future business practices. If any of the investigations were to find that Booking.com practices violated the respective laws, or as part of a negotiated resolution, Booking.com may face significant fines, restrictions on its business practices, and/or be required to make other commitments. The Company is and has been involved in investigations or inquiries by NCAs or other governmental authorities involving consumer protection matters. The Company has previously made certain voluntary commitments to 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, adjusting how discounts and statements concerning popularity or availability are shown, and displaying additional customer service details. It is possible new jurisdictions could negotiate with the Company to implement changes to its business. The Company is unable to predict what, if any, effect any future such commitments will have on its business. To the extent that 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 Between December 2018 and August 2021, the Italian tax authorities issued assessments on Booking.com's Italian subsidiary totaling approximately 251 million Euros ($260 million) for the tax years 2013 through 2018, asserting that its transfer pricing policies were inadequate. The Company believes Booking.com has been and continues to be in compliance with Italian tax law. In September 2020, the Italian tax authorities approved the opening of a mutual agreement procedure ("MAP") between Italy and the Netherlands for the 2013 tax year and the Italian tax authorities subsequently approved the inclusion of the tax years 2014 through 2018 in the MAP. Based on the Company's expectation that the Italian assessments for 2013 through 2018, and any transfer pricing assessments received for subsequent open years, will be settled through the MAP process, and after considering potential resolution amounts, 33 million Euros ($34 million) have been reflected in net unrecognized tax benefits, the majority of which is recorded to "Other assets, net" in the Consolidated Balance Sheets at December 31, 2024 and 2023. This unrecognized tax benefit is partially offset by a deferred income tax benefit of 15 million Euros ($16 million). As of December 31, 2024, the Company made prepayments of 74 million Euros ($77 million) to the Italian tax authorities to forestall collection enforcement pending the appeal phase of the case. The payments do 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. The payments are included in "Other assets, net" in the Consolidated Balance Sheets at December 31, 2024 and 2023. In June 2024, the Guardia di Finanza ("GdF") of Rome issued a tax audit report to Booking.com, proposing a tax assessment to the Italian Tax Authorities ("ITA") of 396 million Euros ($410 million), excluding penalties and interest, for June 2017 through December 2023. The GdF alleged that a 2017 law (the "STR Law") obliged Booking.com to withhold and remit 21% of the total transaction value for the income tax liabilities of certain short-term rental partners in Italy for the period under audit. While the Company believes that Booking.com has been and continues to be in compliance with Italian tax laws, in November 2024, the Company entered into a settlement agreement with the ITA without admitting liability and paid 313 million Euros ($332 million) to resolve the matter. The settlement is reflected in "General and administrative" expenses in the Consolidated Statement of Operations for the year ended December 31, 2024. The Company is also involved in other tax-related audits, investigations, and litigation relating to income taxes, value-added taxes, travel transaction taxes (e.g., hotel occupancy taxes), withholding taxes, and other taxes. Any taxes or assessments in excess of the Company's tax provisions, including the resolution of any tax proceedings or litigation, could have a material adverse impact on the Company's results of operations, cash flows, and financial condition. In some cases, assessments may be significantly in excess of the Company's tax provisions, particularly in instances where the Company does not agree with the tax authority's assessment of how the tax laws may apply to the Company's business. Other Matters Beginning in 2014, Booking.com B.V. received several letters from the Netherlands Pension Fund for the Travel Industry (Reiswerk) ("BPF") claiming that it was 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 it is currently participating. BPF instituted legal proceedings 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 did 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 B.V. met 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 B.V. 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 to assess the other defenses brought forward by the Company. In January 2024, that Court of Appeal ruled that Booking.com B.V. is required to participate in the mandatory pension scheme of the BPF with retroactive effect to 1999. The Company has filed an appeal of the decision to the Netherlands Supreme Court. Although the Company disagrees with the decision, it accrued a loss of 253 million Euros ($276 million), included in "Personnel" expenses in the Consolidated Statement of Operations for the year ended December 31, 2023. During the year ended December 31, 2024, the Company recorded additional estimated expenses of 72 million Euros ($77 million) included in "Personnel" expenses in the Consolidated Statements of Operations. The related liability is included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets as of December 31, 2024 and 2023. On a go-forward basis, Booking.com B.V. expects to begin paying pension premiums to the BPF scheme or to increase contributions to the benefit of employees under its existing pension scheme. From time to time, the Company notifies the competent data protection authority, such as the Dutch data protection authority in accordance with its obligations under the General Data Protection Regulation, of certain data security incidents. Should, for example, the Dutch data protection authority decide these incidents were the result of inadequate technical and organizational security measures or practices, it may impose a fine or require other commitments. 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 could result in the expenditure of significant financial and managerial resources, divert management's attention, and adversely affect the Company's business, reputation, results of operations, and cash flows. The Company accrues for certain other legal contingencies where it is probable that a loss has been incurred and the amount can be reasonably estimated. Such accrued amounts are not material to the Company's balance sheets and provisions recorded have not been material to the Company's results of operations or cash flows. Other Contractual Obligations and Contingencies The Company had $650 million and $533 million of standby letters of credit and bank guarantees issued on behalf of the Company as of December 31, 2024 and 2023, respectively, including those issued under the revolving credit facility. These were obtained primarily for regulatory purposes. See Note 12 for information related to letters of credit issued under the revolving credit facility. Booking.com offers partner liability insurance that provides protection to certain accommodation partners ("home partners") in instances where a reservation has been made via Booking.com. The partner liability insurance may provide those home partners (both owners and property managers) coverage up to $1 million equivalent per occurrence, subject to limitations and exclusions, against third-party lawsuits claims for bodily injury, or third party personal property damage that occurred during a stay booked through Booking.com. Booking.com retains certain financial risks related to this insurance offering, which is underwritten by third party insurance companies.
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SEGMENT REPORTING AND GEOGRAPHIC INFORMATION |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT REPORTING AND GEOGRAPHIC INFORMATION | SEGMENT REPORTING AND GEOGRAPHIC INFORMATION See Note 1 for a description of the Company's business. The Company's portfolio of brands is organized into four operating segments. The Company determined its operating segments based on how its chief operating decision maker ("CODM"), who is the Chief Executive Officer and President, manages the business, makes operating decisions, and evaluates operating performance. The operating segments are 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. The CODM reviews revenues and an adjusted measure of earnings before interest, taxes, depreciation, and amortization less additions to property and equipment ("Adjusted EBITDA less Capex") for each operating segment. The following table presents information for the Company's reportable segment. Other segment items include operating expenses such as general and administrative and information technology. See Note 2 for additional information on these expenses.
Decisions to allocate resources to each operating segment are made predominantly through the budgeting and forecasting process. The CODM reviews budget-to-actual variances for revenues and Adjusted EBITDA less Capex to assess performance of the operating segments. The information is also used as a basis for determining compensation for certain employees. Estimates and judgments are made in allocating certain revenues and Adjusted EBITDA less Capex to operating segments due to the integrated nature of the operating segments in the underlying transactions. The allocation process is consistent with the manner in which the CODM assesses the performance of the operating segments. Information on segment assets is not presented as depreciation and amortization is not included in measuring Adjusted EBITDA less Capex. The following table presents the reconciliation of the Company's segment Adjusted EBITDA less Capex to Income before income taxes:
(1) See Note 16 for additional information. (2) See Note 22 for additional information. (3) See Consolidated Statements of Operations. (4) See Note 20 for additional information. (5) See Note 21 for additional information. (6) See Note 18 for additional information. (7) See Note 12 for additional information. (8) Primarily consists of the expenses of corporate headquarters and certain other functional departments. Stock-based compensation included in the determination of segment Adjusted EBITDA less Capex was $522 million, $447 million, and $347 million for the years ended December 31, 2024, 2023, and 2022, respectively. Geographic Information The Company's revenues from its businesses outside of the U.S. consists of the results of Booking.com and Agoda in their entirety and the results of the KAYAK and OpenTable businesses located outside of the U.S. This classification is independent of where the consumer resides, where the consumer is physically located while using the Company's services, or the location of the travel service provider or restaurant. For example, a reservation made through Booking.com at a hotel in New York by a consumer in the U.S. is part of the results of the Company's businesses outside of the U.S. The Company's geographic information on revenues for the years ended December 31, 2024, 2023, and 2022 is as follows:
(1) Includes $18.6 billion, $17.0 billion, and $13.4 billion for the years ended December 31, 2024, 2023, and 2022, respectively, attributed to an entity domiciled in the Netherlands. 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, 2024 and 2023:
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OTHER INCOME (EXPENSE), NET |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER INCOME (EXPENSE), NET | OTHER INCOME (EXPENSE), NET The components of other income (expense), net included the following:
(1) Foreign currency transaction gains (losses) include gains of $526 million, losses of $163 million, and gains of $46 million for the years ended December 31, 2024, 2023, and 2022, respectively, related to Euro-denominated debt and accrued interest that were not designated as net investment hedges (see Note 12). (2) See Note 5 for additional information related to net gains (losses) on equity securities. (3) See Note 12 for additional information.
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SUPPLEMENTAL CASH FLOW INFORMATION |
12 Months Ended |
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Dec. 31, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION As of December 31, 2024 and December 31, 2023, cash and cash equivalents reported in the Consolidated Balance Sheets differ from the amounts of total cash and cash equivalents and restricted cash and cash equivalents as shown in the Consolidated Statements of Cash Flows due to restricted cash and cash equivalents, which are included in "Other current assets" in the Consolidated Balance Sheets, primarily related to the Company's travel-related insurance business. Noncash investing activity related to additions to property and equipment, including stock-based compensation and accrued liabilities, was $55 million, $50 million, and $48 million for the years ended December 31, 2024, 2023, and 2022, respectively. See Note 13 for additional information on noncash financing activity related to the excise tax on share repurchases. During the years ended December 31, 2024, 2023, and 2022, the Company made income tax payments of $1.9 billion, $1.8 billion, and $600 million, respectively, and interest payments of $953 million, $842 million, and $380 million, respectively.
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TRANSFORMATION COSTS |
12 Months Ended |
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Dec. 31, 2024 | |
| Restructuring and Related Activities [Abstract] | |
| TRANSFORMATION COSTS | TRANSFORMATION COSTSIn November 2024, the Company announced its intention to implement certain organizational changes that are expected to improve operating expense efficiency, increase organizational agility, free up resources that can be reinvested into further improving its offering to travelers and partners, and better position the Company for the long term (the "Transformation Program"). The Company currently expects that restructuring costs and accelerated investments related to the Transformation Program will be incurred in the next to three years and anticipates these costs to primarily relate to expected workforce reductions, technology investments, and professional fees. The details of the Transformation Program are not yet final and remain subject to consultation with works councils, employee representative bodies, and other relevant organizations, legal requirements in multiple jurisdictions, and the Company completing its analysis of overall Transformation Program costs. For the year ended December 31, 2024, the Transformation Program related costs are recorded in "Transformation costs" in the Consolidated Statement of Operations and primarily consist of professional fees. |
OTHER OPERATING EXPENSES |
12 Months Ended |
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Dec. 31, 2024 | |
| Other Operating Expenses [Abstract] | |
| OTHER OPERATING EXPENSES | OTHER OPERATING EXPENSES During the year ended December 31, 2022, the Company transferred certain customer service operations of Booking.com to Majorel Group Luxembourg S.A. resulting in a loss of $41 million included in "" in the Consolidated Statement of Operations for the year ended December 31, 2022. See Note 10 for information on the gain recognized during the year ended December 31, 2022 related to the sale and leaseback transaction for the Booking.com's headquarters building in the Netherlands.
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OTHER |
12 Months Ended |
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Dec. 31, 2024 | |
| Supplemental Cash Flow Information [Abstract] | |
| OTHER | OTHER Terminated Acquisition In November 2021, the Company entered into an agreement to acquire global flight booking provider Etraveli Group. The completion of the acquisition was subject to certain closing conditions, including regulatory approvals. In September 2023, the European Commission announced its decision to prohibit the acquisition and consequently a termination fee of 85 million Euros ($90 million) was paid by the Company in October 2023 and is recorded in "General and administrative" expenses in the Consolidated Statement of Operations for the year ended December 31, 2023. Benefit Plans The Company maintains a defined contribution 401(k) savings plan covering certain U.S. employees and participates in certain defined contribution plans outside of the U.S. for which it provides contributions for eligible employees. The Company's contributions to the defined contribution plans during the years ended December 31, 2024, 2023, and 2022 were $59 million, $55 million, and $40 million, respectively. See Note 16 for information on accruals related to the Netherlands pension fund matter. Accrued expenses and other current liabilities Included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets at December 31, 2024 and 2023 are accrued liabilities of $597 million and $587 million, respectively, related to marketing expenses and $611 million and $634 million, respectively, related to personnel expenses. In addition, "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets at December 31, 2024 and 2023 include accruals of $336 million and $276 million, respectively, related to the Netherlands pension fund matter (see Note 16).
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Schedule I - Condensed Financial Information of Parent |
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule I - Condensed Financial Information of Parent |
See Notes to Condensed Financial Statements. Booking Holdings Inc. Schedule I - Condensed Financial Information of Parent (Booking Holdings Inc.) CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In millions)
See Notes to Condensed Financial Statements Booking Holdings Inc. Schedule I - Condensed Financial Information of Parent (Booking Holdings Inc.) CONDENSED STATEMENTS OF CASH FLOWS (In millions)
See Notes to Condensed Financial Statements. Booking Holdings Inc. Schedule I - Condensed Financial Information of Parent (Booking Holdings Inc.) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. BASIS OF PRESENTATION These condensed parent company-only financial statements of Booking Holdings Inc. (the "Parent"), are prepared on a "parent company-only" basis and have been derived from and should be read in conjunction with the consolidated financial statements and related notes of Booking Holdings Inc. and subsidiaries included in Part IV, Item 15 of this Annual Report on Form 10-K (the "Consolidated Financial Statements"). Under a parent company-only presentation, investments in the parent's subsidiaries are accounted for under the equity method of accounting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. 2. DEBT See Note 12 to the Consolidated Financial Statements for additional information on the Parent's revolving credit facility and outstanding debt. 3. DIVIDENDS FROM SUBSIDIARIES Cash dividends paid to the Parent by the subsidiaries were $7.2 billion, $7.3 billion, and $7.3 billion for the years ended December 31, 2024 and 2023, and 2022, respectively, and are classified within "Net cash provided by operating activities" or "Net cash provided by (used in) investing activities," as appropriate, in the Condensed Statements of Cash Flows. 4. GUARANTEES The Parent had $721 million and $389 million of guarantees issued on behalf of the Parent's subsidiaries as of December 31, 2024 and 2023, respectively, which are primarily related to arrangements with payment processors and networks.
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Insider Trading Arrangements |
3 Months Ended | 12 Months Ended |
|---|---|---|
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Dec. 31, 2024
shares
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Dec. 31, 2024
shares
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| Trading Arrangements, by Individual | ||
| Non-Rule 10b5-1 Arrangement Adopted | false | |
| Rule 10b5-1 Arrangement Terminated | false | |
| Non-Rule 10b5-1 Arrangement Terminated | false | |
| Glenn D. Fogel [Member] | ||
| Trading Arrangements, by Individual | ||
| Material Terms of Trading Arrangement | On December 9, 2024, Glenn D. Fogel, Director, Chief Executive Officer, and President, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) to sell a designated percentage of the net number of the shares resulting from the vesting of his Performance Share Units and Restricted Stock Units. The trading plan will be effective on May 15, 2025 and end on April 15, 2026.
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|
| Name | Glenn D. Fogel | |
| Title | Director, Chief Executive Officer, and President | |
| Rule 10b5-1 Arrangement Adopted | true | |
| Adoption Date | December 9, 2024 | |
| Expiration Date | April 15, 2026 | |
| Arrangement Duration | 335 days | |
| Peter J. Millones [Member] | ||
| Trading Arrangements, by Individual | ||
| Material Terms of Trading Arrangement | On November 26, 2024, Peter J. Millones, Executive Vice President and General Counsel, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 6,502 shares of the Company's common stock with sales starting on May 26, 2026 and ending on May 31, 2027.
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| Name | Peter J. Millones | |
| Title | Executive Vice President and General Counsel | |
| Rule 10b5-1 Arrangement Adopted | true | |
| Adoption Date | November 26, 2024 | |
| Expiration Date | May 31, 2027 | |
| Arrangement Duration | 735 days | |
| Aggregate Available | 6,502 | 6,502 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | The Cyber Risk Management Policy (the "Policy") establishes the framework for our cybersecurity risk management and governance. Our security teams operationalize the Policy across the Company and conduct cyber risk identification, assessment, management, and reporting. Our privacy teams are responsible for identifying, assessing, managing, and reporting on data protection risks. We leverage the National Institute of Standards and Technology (NIST) frameworks for cybersecurity and privacy. We annually measure our security and privacy program maturity against the NIST frameworks, and engage a third-party every other year to assess the current state against these frameworks. The results of these assessments are discussed with the Board and the Cybersecurity Subcommittee of the Audit Committee. As part of the Company's risk management strategy, we require that all employees complete regular data security and privacy trainings, and conduct phishing tests and specialized training such as secure coding training for our developers. Our security teams have established procedures for identifying, assessing, and managing, cybersecurity incidents. A cross-functional working group of security, privacy, and legal personnel review potentially significant incidents. If an incident could be deemed material, it is escalated, and we consult with outside counsel as appropriate. Our internal audit function performs its own cybersecurity and privacy audits and reviews certain related practices as part of their assessment of our internal control over financial reporting. From time to time we have taken steps to improve our practices and remedy deficiencies that have been identified. Our enterprise-wide information security program is also independently assessed every other year by a third party as part of our enterprise risk management, and the Cybersecurity Subcommittee reviews the findings. We rely on certain third-party computer systems and third-party service providers, including global distribution systems ("GDSs") and computerized central travel reservation systems in connection with providing some of our services. We also depend upon various third parties to process payments for certain transactions. These third-party business partners, service providers, and consultants need to access our customer and other data, and connect to our computer networks. We define confidentiality, security, and privacy requirements through our contracting processes and perform third-party cyber risk assessments to monitor such third parties as needed.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Identifying, assessing, and managing cybersecurity risk is generally integrated into our overall risk management processes. The Company's internal audit function, with primary oversight by the Audit Committee, assesses key risks facing the organization, which are reviewed and discussed by the Company's management-level risk committee (a multi-disciplinary committee including representation from senior management in the finance, internal audit, and legal functions, among others). The risk committee is tasked with ensuring risks, including those related to cybersecurity, are managed and aligning strategic objectives with an appropriate level of risk tolerance.
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Board and Audit Committee are responsible for oversight related to cybersecurity, privacy, and data protection and security. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Cybersecurity Subcommittee of the Audit Committee oversees management's efforts and processes to identify, assess, and manage significant cybersecurity and privacy risks and regulatory developments in this area. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Cybersecurity Subcommittee of the Audit Committee oversees management's efforts and processes to identify, assess, and manage significant cybersecurity and privacy risks and regulatory developments in this area. The cybersecurity and privacy leaders meet with the Cybersecurity Subcommittee to discuss the Company's cybersecurity and data protection risk exposures, including steps management has taken to assess and manage such exposures and their potential impact on the Company's business, operations, and reputation. The Cybersecurity Subcommittee reports periodically on these matters to the Audit Committee and the Board. |
| Cybersecurity Risk Role of Management [Text Block] | The Cybersecurity Subcommittee of the Audit Committee oversees management's efforts and processes to identify, assess, and manage significant cybersecurity and privacy risks and regulatory developments in this area. The cybersecurity and privacy leaders meet with the Cybersecurity Subcommittee to discuss the Company's cybersecurity and data protection risk exposures, including steps management has taken to assess and manage such exposures and their potential impact on the Company's business, operations, and reputation. The Cybersecurity Subcommittee reports periodically on these matters to the Audit Committee and the Board. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Cybersecurity Subcommittee of the Audit Committee oversees management's efforts and processes to identify, assess, and manage significant cybersecurity and privacy risks and regulatory developments in this area. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The individuals serving in the roles of chief security officer and chief privacy officer have enterprise-wide responsibility for assessing and managing cybersecurity, data protection and security, and privacy risks, respectively. These leaders collectively have over 25 years of relevant work experience in public companies and extensive industry expertise.
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| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The Cybersecurity Subcommittee of the Audit Committee oversees management's efforts and processes to identify, assess, and manage significant cybersecurity and privacy risks and regulatory developments in this area. The cybersecurity and privacy leaders meet with the Cybersecurity Subcommittee to discuss the Company's cybersecurity and data protection risk exposures, including steps management has taken to assess and manage such exposures and their potential impact on the Company's business, operations, and reputation. The Cybersecurity Subcommittee reports periodically on these matters to the Audit Committee and the Board. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| 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.
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ significantly from those estimates. The estimates underlying the Company's Consolidated Financial Statements relate to, among other things, the valuation of goodwill and other long-lived tangible and intangible assets, the valuation of investments in private entities, income taxes, contingencies, stock-based compensation, the allowance for expected credit losses (also referred to as provision for bad debts or provision for uncollectible accounts), chargeback provisions, and the accrual of obligations for consumer incentive programs.
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| Fair Value | Fair Value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There are three levels of inputs to valuation techniques used to measure fair value: Level 1: Quoted prices in active markets that are accessible by the Company at the measurement date for identical assets and liabilities. Level 2: Inputs that are observable, either directly or indirectly. Such prices may be based upon quoted prices for identical or comparable securities in active markets or inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available.
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| Cash and Cash Equivalents | 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. See Note 19 for information related to restricted cash and cash equivalents.
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| Investments | Investments Debt Securities The Company has classified its investments in debt securities as available-for-sale securities. The aggregate unrealized gains and losses on available-for-sale debt securities, net of tax, are included in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. If the amortized cost basis of an available-for-sale security exceeds its fair value and if the Company has the intention to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis, an impairment is recognized in the Consolidated Statements of Operations. If the Company does not have the intention to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of the amortized cost basis and the Company determines that the decline in fair value below the amortized cost basis of an available-for-sale security is entirely or partially due to credit-related factors, the credit loss is measured and recognized as an allowance for expected credit losses along with the related expense in the Consolidated Statements of Operations. The allowance is measured as the amount by which the debt security's amortized cost basis exceeds the Company's best estimate of the present value of cash flows expected to be collected. The Company's investments in marketable debt securities are recognized based on the trade date. The cost of marketable debt securities sold is determined using a first-in and first-out method. The Company's investments in debt securities are assessed for classification in the Consolidated Balance Sheets as short-term or long-term at the individual security level. Classification as short-term or long-term is based on the maturities of the securities, as applicable, and the Company's expectations regarding the timing of sales and redemptions. 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 entities, 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.
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| Accounts Receivable from Customers and Allowance for Expected Credit Losses | Accounts Receivable from Customers and Allowance for Expected Credit Losses Accounts receivable is reported net of expected credit losses. The Company estimates lifetime expected credit losses upon recognition of the financial assets. The Company identifies the relevant risk characteristics of its customers and the related receivables and prepayments, which include the following: size, type (alternative accommodations vs. hotels) or geographic location of the customer, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Company considers the historical credit loss experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit loss analysis include customer demographics, payment terms offered in the normal course of business to customers, the nature of competition, and industry-specific factors that could impact the Company's receivables. Additionally, external data and macroeconomic conditions are considered. This is assessed at each balance sheet date based on the Company's specific facts and circumstances.
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| 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 lease term related to leasehold improvements, whichever is shorter.
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| Website and Internal-use Software Capitalization | Website Costs and Internal-use Software 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.
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| Cloud Computing Arrangements | Cloud Computing Arrangements The Company utilizes various third-party computer systems and third-party service providers, including global distribution systems 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 in "Information technology" expenses in the Company's Consolidated Statements of Operations.
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| Leases | Leases The Company determines if an arrangement is a lease, or contains a lease, when a contract is signed. The Company determines if a lease is an operating or finance lease and records a lease asset and a lease liability upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The Company has operating leases for office space and data centers. For office space and data centers, the Company has elected to combine the fixed payments to lease the asset and any fixed non-lease payments (such as maintenance or utility charges) when determining its lease payments. The Company's finance leases are mainly for computer equipment. The Company uses its incremental borrowing rate as its discount rate to determine the present value of its remaining lease payments to calculate its lease assets and lease liabilities because the rate implicit in the lease is not readily determinable. The incremental borrowing rate approximates the rate the Company would pay to borrow in the currency of the lease payments on a collateralized basis for the weighted-average life of the lease. Operating lease assets also include any prepaid lease payments and lease incentives received prior to lease commencement. The Company recognizes operating lease costs and the amortization of finance lease assets on a straight-line basis over the lease term. The interest component of a finance lease is recognized using the effective interest method over the lease term. Certain of the Company's lease agreements include rent payments which are adjusted periodically based on an index or rate. Any change in payments due to such adjustments are recognized as variable lease expense as they are incurred. Variable lease expense also includes costs for property taxes, insurance, and services provided by the lessor which are charged based on usage or performance (such as maintenance or utility charges). Most leases have one or more options to renew beyond their initial term. The exercise of renewal options, mainly for office space and data centers, is at the Company's discretion and are included in the determination of the lease term for accounting purposes if they are reasonably certain to be exercised
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| Business Combinations, Goodwill, and Intangible Assets | Business Combinations, Goodwill, and Intangible Assets The Company accounts for acquired businesses using the acquisition method of accounting. The consideration transferred is allocated to the assets acquired and liabilities assumed based on their respective values at the acquisition date. The excess of the consideration transferred over the net of the amounts allocated to the identifiable assets acquired and liabilities assumed is recognized as goodwill. The Company generally recognizes and measures contract assets and contract liabilities in a business combination at amounts consistent with those recorded by the acquired business. Goodwill is assigned to reporting units that are expected to benefit from the synergies of the business combination. Goodwill is not subject to amortization and is tested for impairment on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company tests goodwill at a reporting unit level. The fair value of the reporting unit is compared to its carrying value, including goodwill. Fair values are determined using a combination of standard valuation techniques, including an income approach (discounted cash flows) and market approaches (e.g., earnings before interest, taxes, depreciation, and amortization ("EBITDA") multiples of comparable publicly traded companies) and based on market participant assumptions. A goodwill impairment loss is measured at the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. See Note 11 for additional information. Intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives.
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| 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.
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| 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.
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| Derivatives | Derivatives As a result of the Company's operations outside of the U.S., it is exposed to various market risks that may affect its consolidated results of operations, cash flows, and financial position. These market risks include, but are not limited to, fluctuations in foreign currency exchange rates. For the Company's operations outside of the U.S., the primary foreign currency exposures are in Euros and British Pounds Sterling, the currencies in which the Company conducts a significant portion of its business activities. As a result, the Company faces exposure to adverse movements in foreign currency exchange rates as the financial results of its operations outside of the U.S. are translated from local currencies into U.S. Dollars upon consolidation. Additionally, foreign currency exchange rate fluctuations on transactions denominated in currencies other than the functional currency of an entity result in gains and losses that are reflected in net income. The Company may enter into derivative instruments to hedge certain net exposures of nonfunctional currency denominated assets and liabilities, even though it does not elect to apply hedge accounting or hedge accounting does not apply. These contracts are generally short-term in duration. Certain of the Company's derivative instruments have master netting arrangements, which reduce credit risk by permitting net settlement of transactions with the same counterparty. The Company is exposed to the risk that counterparties to derivative instruments may fail to meet their contractual obligations. The Company regularly reviews its credit exposure and assesses the creditworthiness of its counterparties. The Company reports the fair value of its derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets in "Other current assets" and "Accrued expenses and other current liabilities," respectively. Unless designated as hedges for accounting purposes, gains and losses resulting from changes in the fair value of derivative instruments are recognized in "Other income (expense), net" in the Consolidated Statements of Operations in the period that the changes occur and are classified within "Net cash provided by operating activities" or "Net cash used in financing activities," as appropriate, in the Consolidated Statements of Cash Flows. See Note 6 for additional information related to these derivative instruments. Contractual terms of debt arrangements, including embedded features such as conversion options, are evaluated and reassessed at each balance sheet date to determine whether they must be accounted for separately from the debt contract as derivative instruments under ASC 815. Embedded derivatives are measured at fair value, with changes in fair value recognized in the Consolidated Statement of Operations.
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| Non-derivative Instrument Designated as Net Investment Hedge | Non-derivative Instrument Designated as Net Investment Hedge The foreign currency transaction gains or losses on the Company's Euro-denominated debt are measured based upon changes in spot rates. The foreign currency transaction gains or losses on the Euro-denominated debt that is designated as a hedging instrument for accounting purposes are recorded in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. The foreign currency transaction gains or losses on the Euro-denominated debt that is not designated as a hedging instrument are recognized in "Other income (expense), net" in the Consolidated Statements of Operations. See Notes 12 and 14 for additional information related to the net investment hedge.
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| 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 to the Company the responsibility to deliver the travel services. Therefore, the Company's revenues are presented on a net basis in the Consolidated Statements of Operations. These contracts include payment terms and establish the consideration to which the Company is entitled, which includes either a commission or a margin on the travel transaction. Revenue is measured based on the expected consideration specified in the contract with the travel service provider, considering the effects of factors such as discounts and other sales incentives. Estimates for sales incentives are based on historical experience, current trends, and forecasts, as applicable. 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 revenues are classified into two categories: •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. These include transactions where travelers book accommodation, rental car, airline reservations, and other travel related services. Merchant revenues include travel reservation commissions and transaction net revenues (i.e., the amount charged to travelers, including the contra-revenue impact of merchandising, less the amount owed to travel service providers) in connection with the Company's merchant reservation services; revenues from facilitating payments, such as credit card processing rebates and customer processing fees; and ancillary fees, including travel-related insurance revenues. •Agency revenues are derived from the Company's commissions on travel-related transactions where the Company does not facilitate payments from travelers for the services provided. Advertising and Other Revenues Advertising and other revenues are derived primarily from revenues earned 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 restaurant reservation services (fees paid by restaurants when diners are seated through its online 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. Consumer Incentive Programs The Company provides various consumer incentive programs such as referral bonuses, rebates, credits, and discounts. In addition, the Company offers loyalty programs where participating consumers may be awarded loyalty points on current transactions that can be redeemed in the future. The estimated value of the incentives granted and the loyalty points expected to be redeemed is generally recognized as a reduction of revenue at the time they are granted. Deferred Merchant Bookings Cash payments received from travelers in advance of the Company completing its performance obligations are included in "Deferred merchant bookings" in the Company's Consolidated Balance Sheets and are comprised principally of amounts estimated to be payable to travel service providers as well as the Company's estimated future revenue for its commission or margin and fees. The amounts are mostly subject to refunds for cancellations. The Company expects to complete its performance obligations generally within one year from the reservation date. The increase in the Deferred Merchant Booking balance during the year ended December 31, 2024 was principally due to the increase in business volumes.
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| Marketing 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. These expenses consist primarily of the costs of: (1) search engine keyword purchases; (2) affiliate programs; (3) referrals from meta-search websites; (4) other performance-based marketing, including social media marketing; and (5) offline and online brand marketing. Performance marketing expenses are expenses generally measured by return on investment or an increase in bookings over a specified time period and are recognized as incurred. 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.
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| Sales and Other Expenses | Sales and Other Expenses Sales and other expenses are generally variable in nature and consist primarily of: (1) credit card and other payment processing fees associated with merchant transactions; (2) fees paid to third parties that provide call center and other customer services; (3) digital services taxes and other similar taxes (4) chargeback provisions and fraud prevention expenses associated with merchant transactions; (5) provisions for expected credit losses, mostly related to accommodation commission receivables; and (6) customer relations costs.
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| Personnel Expenses | Personnel Expenses Personnel expenses consist of compensation to the Company's personnel, including salaries, bonuses, and stock-based compensation, payroll taxes, and employee health and other benefits.
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| 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. |
| General and Administrative Expenses | General and Administrative Expenses General and administrative expenses consist primarily of fees for certain outside professionals, occupancy and office expenses, personnel-related expenses such as travel, relocation, recruiting, and training expenses, and certain travel transaction taxes.
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| Information Technology Expenses | Information Technology Expenses Information technology expenses consist primarily of: (1) software license and system maintenance fees; (2) cloud computing costs and outsourced data center costs; (3) payments to contractors; and (4) data communications and other expenses associated with operating the Company's services.
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| Restructuring and Other Exit Costs | 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.
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| Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. The Company records the estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the Consolidated Balance Sheets, as well as operating loss and tax credit carryforwards. Deferred taxes are classified as non-current in the Consolidated Balance Sheets. The Company records deferred tax assets to the extent it believes these assets will more likely than not be realized. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences, the carryforward periods available for tax reporting purposes, and tax planning strategies. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. In determining the future tax consequences of events that have been recognized in the financial statements or tax returns, significant judgments, estimates, and interpretation of statutes are required. Deferred taxes are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date of such change. The Company recognizes liabilities when it believes that uncertain positions may not be fully sustained upon audit by the tax authorities. Liabilities recognized for uncertain tax positions are based on a two-step approach for recognition and measurement. First, the Company evaluates the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit based on its technical merits. Second, the Company measures the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. Interest and penalties attributable to uncertain tax positions, if any, are recognized as a component of income tax expense. The Company accounts for taxes on global intangible low-taxed income ("GILTI") introduced by the U.S. Tax Cuts and Jobs Act (the "Tax Act") as period costs. See Note 15 for further details related to income taxes.
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| 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.
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| Reclassification | Reclassification Certain amounts from prior periods have been reclassified to conform to the current period presentation. These include the reclassification in the Consolidated Balance Sheet as of December 31, 2023 of certain liabilities aggregating $106 million from "Accounts payable" to "Accrued expenses and other current liabilities" to better reflect the progress of the underlying transactions in the procure-to-pay process.
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| Recent Accounting Pronouncements Adopted and Other Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted Accounting for Convertible Instruments and Contracts in an Entity's Own Equity On January 1, 2022, the Company adopted the accounting standards update relating to convertible instruments and contracts in an entity's own equity. Under the updated guidance, upon the initial recognition of convertible debt, the Company presents the entire amount attributable to the debt as a liability. The initial carrying amount of the convertible debt liability is reduced by any direct and incremental issuance costs paid to third parties that are associated with the convertible debt issuance. In calculating diluted earnings per share, the accounting standards update also requires the use of the if-converted method for the Company's convertible debt. See Note 8 for additional information on net income per share calculations. The Company adopted the accounting standards update on a modified retrospective basis applied to the 0.75% convertible senior notes due in May 2025 (see Note 12) resulting in an increase of $30 million to "Retained earnings" as of January 1, 2022. The significant corresponding balance sheet changes as of that date were an increase of $86 million to "Long-term debt" and decreases of $96 million to "Additional paid-in capital" and $21 million to "Deferred income taxes." Improvements to Reportable Segment Disclosures In fiscal 2024, the Company adopted the accounting standards update that requires additional reportable segment disclosures, including segment revenues, significant expenses, and segment profit or loss. See Note 17. Other Recent Accounting Pronouncements Expense Disaggregation Disclosures In November 2024, the Financial Accounting Standards Board ("FASB") issued an accounting standards update that requires the Company to disclose additional information about certain expense categories in the notes to financial statements at interim and annual reporting periods. The update is effective for annual financial statements beginning with the fiscal year 2027 and interim financial statements in the fiscal year 2028 onwards. The Company is currently evaluating the impact of the accounting standards update on its Consolidated Financial Statements. Improvements to Income Tax Disclosures In December 2023, the FASB issued an accounting standards update related to income taxes that requires additional disclosures on the rate reconciliation and taxes paid. The update requires disclosure of additional categories of information in the tax rate reconciliation table about federal, state and foreign income taxes and more details about certain items that meet a quantitative threshold. Income taxes paid (net of refunds received) are required to be disclosed disaggregated by federal (national), state and foreign taxes and also by jurisdiction based on a quantitative threshold. The update is effective for annual financial statements beginning with the fiscal year 2025. In preparation for the adoption of the update, the Company is currently evaluating the impact to its Consolidated Financial Statements and establishing the related processes and internal controls.
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| Fair Value Measurements | Investments See Note 5 for additional information related to the Company's investments. The Company's investments in debt securities are measured using "Level 2" inputs as 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. The Company's investments measured using Level 3 inputs primarily consist of investments in privately-held entities. Fair values of these securities are estimated using a variety of valuation methodologies, including both the market and income approaches. The Company uses valuation techniques appropriate for the type of investment and the information available about the investee as of the valuation date to determine fair value. Recent financing transactions in the investee are generally considered the best indication of the enterprise value and therefore used as a basis to estimate fair value. However, based on a number of factors, such as the proximity in timing to the valuation date or the volume or other terms of these financing transactions, the Company may also use other valuation techniques to supplement this data, including the income approach. When a financing transaction occurs and represents fair value, the Company also uses the calibration process, as appropriate, when estimating fair value on subsequent measurement dates. Calibration is the process of using observed transactions in the investee company's own instruments to ensure that the valuation techniques that will be employed to value the investee company investment on subsequent measurement dates begin with assumptions that are consistent with the original observed transaction as well as any more recent observed transactions in the instruments issued by the investee company. As of June 30, 2023 and 2022, the Company evaluated its investment in Yanolja for impairment using a combination of the market approach and the income approach in estimating the fair value of the investment as of those dates, and recognized impairment charges. The market approach estimates value using prices and other relevant information generated by market transactions involving comparable companies. The income approach estimates value based on the expectation of future cash flows that a company will generate. These future cash flows are discounted to their present values using a discount rate based on a company's weighted-average cost of capital adjusted to reflect the risks inherent in its cash flows. The key unobservable inputs and ranges used for the June 2023 impairment evaluation, primarily using the income approach, include the weighted average cost of capital (10.5%-14.5%) and the terminal EBITDA multiple (14x-16x). The key unobservable inputs and ranges used for the June 2022 impairment evaluation include, for the market approach, percentage decrease in the calibrated EBITDA multiple (36%) and for the income approach, the weighted average cost of capital (10%-14%) and the terminal EBITDA multiple (14x-16x). Significant changes in any of these inputs in isolation would result in significantly different fair value measurements. A change in the assumption used for EBITDA multiples would result in a directionally similar change in the fair value, and a change in the assumption used for weighted average cost of capital would result in a directionally opposite change in the fair value. The determination of the fair values of investments, where the Company is a minority shareholder and has access to limited information from the investee, reflects numerous assumptions that are subject to various risks and uncertainties, including key assumptions regarding the investee's expected growth rates and operating margin, as well as other key assumptions with respect to matters outside of the Company's control, such as discount rates and market comparables. It requires significant judgments and estimates and actual results could be materially different than those judgments and estimates utilized in the fair value measurement. Future events and changing market conditions may lead the Company to re-evaluate the assumptions reflected in the valuation which may result in a need to recognize additional impairment charges.
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| Net Income Per Share | The Company computes basic net income per share by dividing net income applicable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is based upon the weighted-average number of common and common equivalent shares outstanding during the period. Only dilutive common equivalent shares that decrease the net income per share are included in the computation of diluted net income per share. Common equivalent shares related to stock options, restricted stock units, and performance share units are calculated using the treasury stock method. Performance share units are included in the weighted-average common equivalent shares based on the number of shares that would be issued if the end of the reporting period were the end of the performance period, if the result would be dilutive. See Note 12 for information on the convertible senior notes due in May 2025. For periods prior to the date of the Company's irrevocable election to settle the conversion premium in cash, the Company used the if-converted method to calculate the dilutive effect of the convertible senior notes.
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| Segment Reporting | See Note 1 for a description of the Company's business. The Company's portfolio of brands is organized into four operating segments. The Company determined its operating segments based on how its chief operating decision maker ("CODM"), who is the Chief Executive Officer and President, manages the business, makes operating decisions, and evaluates operating performance. The operating segments are 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.
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STOCK-BASED COMPENSATION (Tables) |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Activity for restricted stock units and performance share units | The following table summarizes the activity in restricted stock units and performance share units for employees and non-employee directors during the year ended December 31, 2024:
(1) Excludes 4,399 performance share units awarded during the year ended December 31, 2022 for which the grant date under ASC 718, Compensation - Stock Compensation, was not established as of December 31, 2023. 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) Includes 4,399 performance share units awarded during the year ended December 31, 2022 for which the grant date under ASC 718 was established during the year ended December 31, 2024. (3) 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, if any.
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| Activity for stock options | The following table summarizes the activity in stock options during the year ended December 31, 2024:
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INVESTMENTS (Tables) |
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| Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | The following table summarizes the Company's investments by major security type at December 31, 2024 and 2023:
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| Unrealized Gain (Loss) on Investments | Net unrealized gains (losses) related to these investments included in "Other income (expense), net" in the Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 were as follows:
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FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial assets and liabilities carried at fair value and nonrecurring fair value measurements | Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2024 and 2023 and nonrecurring basis, as applicable, are categorized below based on the level of inputs to the valuation techniques used to measure fair value (see Note 2):
(1) During the year ended December 31, 2023, the investment in Yanolja was written down to its estimated fair value.
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| Schedule of derivative instruments | 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, 2024, 2023, and 2022 is as follows:
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ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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:
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NET INCOME PER SHARE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of the weighted average number of shares outstanding used in calculating diluted net income per share | A reconciliation of the weighted-average number of shares outstanding used in calculating diluted net income per share is as follows:
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PROPERTY AND EQUIPMENT, NET (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and equipment, net | Property and equipment, net at December 31, 2024 and 2023 consist of the following:
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LEASES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating and finance leases | The Company recognized the following related to its leases in its Consolidated Balance Sheets:
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| Lease cost | The Company recognized the following costs related to its leases in its Consolidated Statements of Operations:
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| Lease maturities | As of December 31, 2024, the future lease payments for operating and finance leases are as follows:
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| Lease supplemental cash flow information | Supplemental cash flow information related to operating and finance leases is as follows:
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| Lease term and discount rate | At December 31, 2024 and 2023 the weighted-average lease term and discount rate for operating and finance leases are as follows:
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | The changes in the balance of goodwill for the years ended December 31, 2024 and 2023 consist of the following:
(1) The balance of goodwill as of December 31, 2024 and 2023 is stated net of cumulative impairment charges of $2 billion.
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| Intangible assets | The Company's intangible assets consist of the following:
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| 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, 2024 is as follows:
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DEBT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of outstanding debt | Outstanding debt consists of the following:
(1) The carrying values differ from the outstanding principal amounts due to unamortized debt discounts and debt issuance costs of $630 million and $65 million as of December 31, 2024 and 2023, respectively. (2) Included in "Short-term debt" in the Consolidated Balance Sheet as of December 31, 2023. (3) Included in "Short-term debt" in the Consolidated Balance Sheet as of December 31, 2024.
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| Schedule of charges related to the conversion option on convertible debt | The Company recognized the following charges related to the conversion option on the May 2025 Notes in its Consolidated Statement of Operations:
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| Schedule of nonconvertible senior notes | The following table summarizes the information related to nonconvertible senior notes outstanding at December 31, 2024:
(1) Represents the coupon interest rate adjusted for deferred debt issuance costs, premiums or discounts existing at the origination of the debt.
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TREASURY STOCK AND DIVIDENDS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of stock repurchase activities | The following table summarizes the Company's stock repurchase activities during the years ended December 31, 2024, 2023, and 2022:
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CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2024, 2023, and 2022:
(1) Net investment hedges balance at December 31, 2024 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). (2) 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.
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INCOME TAXES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of composition of pre-tax income (loss) | The composition of pre-tax income (loss) for the years ended December 31, 2024, 2023, and 2022 is as follows:
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| Income tax expense (benefit) | The composition of income tax expense for the years ended December 31, 2024, 2023, and 2022 is as follows:
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| 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, 2024 and 2023 are as follows:
(1) Includes deferred tax assets of $662 million and $675 million at December 31, 2024 and 2023, respectively, included in "Other assets, net" in the Consolidated Balance Sheets.
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| 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, 2024, 2023, and 2022 as a result of the following items:
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| Reconciliation of unrecognized tax benefits | The following is a reconciliation of the total beginning and ending amount of unrecognized tax benefits:
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SEGMENT REPORTING AND GEOGRAPHIC INFORMATION (Tables) |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | The following table presents information for the Company's reportable segment. Other segment items include operating expenses such as general and administrative and information technology. See Note 2 for additional information on these expenses.
The following table presents the reconciliation of the Company's segment Adjusted EBITDA less Capex to Income before income taxes:
(1) See Note 16 for additional information. (2) See Note 22 for additional information. (3) See Consolidated Statements of Operations. (4) See Note 20 for additional information. (5) See Note 21 for additional information. (6) See Note 18 for additional information. (7) See Note 12 for additional information. (8) Primarily consists of the expenses of corporate headquarters and certain other functional departments.
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| Geographic information on revenues | The Company's geographic information on revenues for the years ended December 31, 2024, 2023, and 2022 is as follows:
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| 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, 2024 and 2023:
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OTHER INCOME (EXPENSE), NET (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of other income (expense), net | The components of other income (expense), net included the following:
(1) Foreign currency transaction gains (losses) include gains of $526 million, losses of $163 million, and gains of $46 million for the years ended December 31, 2024, 2023, and 2022, respectively, related to Euro-denominated debt and accrued interest that were not designated as net investment hedges (see Note 12). (2) See Note 5 for additional information related to net gains (losses) on equity securities. (3) See Note 12 for additional information.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2021 |
Apr. 30, 2020 |
|
| Accounting Policies [Line Items] | ||||
| Prior Period Reclassification Adjustment | $ 106 | |||
| Retained earnings | $ 36,525 | 31,830 | ||
| Long-term debt | 14,853 | 12,223 | ||
| Additional paid-in capital | (7,707) | (7,175) | ||
| Deferred income taxes | $ (289) | $ (258) | ||
| Online Travel Reservation Services | ||||
| Accounting Policies [Line Items] | ||||
| Time period from the reservation date that performance obligations are expected to be completed | one year | |||
| 0.75% Convertible Senior Notes due May 2025 (2)(3) | ||||
| Accounting Policies [Line Items] | ||||
| Stated interest rate | 0.75% | |||
| Accounting Standards Update 2020-06 | ||||
| Accounting Policies [Line Items] | ||||
| Retained earnings | $ 30 | |||
| Long-term debt | 86 | |||
| Additional paid-in capital | 96 | |||
| Deferred income taxes | $ 21 | |||
| Convertible Senior Notes | 0.75% Convertible Senior Notes due May 2025 (2)(3) | ||||
| Accounting Policies [Line Items] | ||||
| Stated interest rate | 0.75% | 0.75% | ||
REVENUES - Disaggregation of Revenue (Details) - Product Concentration Risk - Revenue Benchmark |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Online accommodation reservation services | |||
| Disaggregation of Revenue [Line Items] | |||
| Concentration Risk, Percentage | 89.00% | 89.00% | 89.00% |
| 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% |
REVENUES - Incentives and Loyalty Programs (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Incentives and Loyalty Programs | Accrued expenses and other current liabilities | ||
| Disaggregation of Revenue [Line Items] | ||
| Liabilities for incentives and loyalty programs | $ 150 | $ 149 |
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Tax benefit related to stock-based compensation | $ 58 | $ 52 | $ 40 |
| Restricted stock units and performance share units aggregate grant-date fair value | 635 | 586 | 490 |
| Aggregate fair value of performance share units and restricted stock units vested during the period | 778 | 459 | $ 400 |
| Aggregate intrinsic value of stock options exercised | $ 24 | $ 124 | |
| Restricted Stock Units | Minimum | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Vesting period | 1 year | ||
| Restricted Stock Units | Maximum | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Vesting period | 3 years | ||
| Performance Share Units | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Vesting period | 3 years | ||
| 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 | $ 713 | ||
| Total future compensation cost related to unvested share-based awards, expected period of recognition | 1 year 9 months 18 days | ||
| 1999 Plan | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Shares available to be issued under the plan (in shares) | 828,000 | ||
STOCK-BASED COMPENSATION - Summary of the Activity of Restricted Stock Units for Employees and Non-Employee Directors (Details) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2022 |
|
| Restricted Stock Units | ||
| Shares | ||
| Unvested, beginning of period (in shares) | 291,404 | |
| Granted (in shares) | 143,377 | |
| Vested (in shares) | (140,299) | |
| Forfeited (in shares) | (15,759) | |
| Unvested, end of period (in shares) | 278,723 | |
| Weighted-average Grant-date Fair Value | ||
| Unvested, beginning of period (in dollars per share) | $ 2,404 | |
| Granted (in dollars per share) | 3,530 | |
| Vested (in dollars per share) | 2,335 | |
| Forfeited (in dollars per share) | 2,830 | |
| Unvested, end of period (in dollars per share) | $ 2,994 | |
| Performance Share Units | ||
| Shares | ||
| Unvested, beginning of period (in shares) | 233,026 | |
| Granted (in shares) | 35,301 | |
| Vested (in shares) | (78,692) | |
| Performance Share Adjustment (in dollars per share) | $ 3,688 | |
| Performance Shares Adjustment (in shares) | 16,113 | |
| Forfeited (in shares) | (5,594) | |
| Unvested, end of period (in shares) | 200,154 | |
| Weighted-average Grant-date Fair Value | ||
| Unvested, beginning of period (in dollars per share) | $ 2,467 | |
| Granted (in dollars per share) | 3,660 | |
| Vested (in dollars per share) | 2,450 | |
| Forfeited (in dollars per share) | 2,617 | |
| Unvested, end of period (in dollars per share) | $ 2,779 | |
| Performance Share Units | Performance Share Units 2022 Grants | ||
| Weighted-average Grant-date Fair Value | ||
| Performance share units awarded during the period where a grant date was not yet established. (in shares) | 4,399 | |
| Performance share units awarded during the period where a grant date was established. (in shares) | 4,399 | |
STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Number of Shares | ||
| Balance, beginning of period (in shares) | 25,523 | |
| Exercised (in shares) | (9,834) | |
| Balance, end of period (in shares) | 15,689 | 25,523 |
| Exercisable, (in shares) | 15,689 | |
| Weighted-average Exercise Price | ||
| Balance, beginning of period (in dollars per share) | $ 1,411 | |
| Exercised (in dollars per share) | 1,411 | |
| Balance, end of period (in dollars per share) | 1,411 | $ 1,411 |
| Exercisable (in dollars per share) | $ 1,411 | |
| Aggregate Intrinsic Value | ||
| Balance | $ 56 | $ 55 |
| Exercisable | $ 56 | |
| Weighted-average Remaining Contractual Term (in years) | ||
| Balance | 5 years 4 months 24 days | 6 years 4 months 24 days |
| Exercisable | 5 years 4 months 24 days | |
INVESTMENTS - Summary of Investments by Major Security Type (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Long-term investments: | ||
| Cost | $ 826 | $ 793 |
| Gross Unrealized Gains /Upward Adjustments | 259 | 259 |
| Gross Unrealized Losses /Downward Adjustments | (549) | (612) |
| Carrying Value | 536 | 440 |
| Short-term investments, cost | 580 | |
| Short-term investments, gross unrealized gain | 0 | |
| Short-term investments, gross unrealized loss | (4) | |
| Short-Term Investments | 0 | 576 |
| International government securities | Short-term Investments | ||
| Debt securities: | ||
| Cost | 63 | |
| Gross Unrealized Gains /Upward Adjustments | 0 | |
| Gross Unrealized Losses /Downward Adjustments | 0 | |
| Carrying Value | 63 | |
| U.S. government securities | Short-term Investments | ||
| Debt securities: | ||
| Cost | 152 | |
| Gross Unrealized Gains /Upward Adjustments | 0 | |
| Gross Unrealized Losses /Downward Adjustments | (1) | |
| Carrying Value | 151 | |
| Corporate debt securities | Short-term Investments | ||
| Debt securities: | ||
| Cost | 365 | |
| Gross Unrealized Gains /Upward Adjustments | 0 | |
| Gross Unrealized Losses /Downward Adjustments | (3) | |
| Carrying Value | 362 | |
| Equity securities with readily determinable fair values | Long-term Investments | ||
| Equity securities with readily determinable fair values | ||
| Cost | 715 | 715 |
| Gross Unrealized Gains /Upward Adjustments | 0 | 0 |
| Gross Unrealized Losses /Downward Adjustments | (324) | (404) |
| Carrying Value | 391 | 311 |
| Equity securities of private entities | Long-term Investments | ||
| Equity securities of private entities | ||
| Cost | 111 | 78 |
| Gross Unrealized Gains /Upward Adjustments | 259 | 259 |
| Gross Unrealized Losses /Downward Adjustments | (225) | (208) |
| Carrying Value | $ 145 | $ 129 |
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Schedule of Investments [Line Items] | ||||
| Proceeds from sale and maturity of investments | $ 590 | $ 1,840 | $ 32 | |
| Meituan | ||||
| Schedule of Investments [Line Items] | ||||
| Proceeds from sale and maturity of investments | 1,700 | |||
| Equity Securities, FV-NI, Realized Gain (Loss) | (149) | |||
| Equity security at cost | 450 | |||
| Grab Holdings Limited | ||||
| Schedule of Investments [Line Items] | ||||
| Equity securities, noncurrent | 200 | 143 | ||
| Didi Global Inc. | ||||
| Schedule of Investments [Line Items] | ||||
| Equity securities, noncurrent | 179 | 155 | ||
| Equity securities of private entities | Yanolja Co., Ltd | ||||
| Schedule of Investments [Line Items] | ||||
| Investment in equity securities of private companies | 51 | 51 | ||
| Fair value of investment in equity securities of private companies | $ 98 | $ 306 | ||
| Equity securities without readily determinable fair value, impairment loss, annual amount | $ 24 | $ 184 | ||
INVESTMENTS - Summary of Net Unrealized Gains (Losses) Related to Investments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Grab Holdings Limited | |||
| Schedule of Investments [Line Items] | |||
| Unrealized gain (loss) equity securities | $ 57 | $ 7 | $ (165) |
| Didi Global Inc. | |||
| Schedule of Investments [Line Items] | |||
| Unrealized gain (loss) equity securities | 24 | 30 | (70) |
| Meituan | |||
| Schedule of Investments [Line Items] | |||
| Unrealized gain (loss) equity securities | $ 0 | $ 0 | $ (526) |
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Recurring fair value measurements | Foreign currency exchange derivatives | Not designated as hedging instrument | ||
| ASSETS: | ||
| Total assets at fair value | $ 70 | $ 62 |
| LIABILITIES: | ||
| Total liabilities at fair value | 93 | 36 |
| Recurring fair value measurements | Embedded derivative liability | Not designated as hedging instrument | ||
| LIABILITIES: | ||
| Total liabilities at fair value | 1,300 | |
| Recurring fair value measurements | Money market fund investments | Cash equivalents and restricted cash equivalents | ||
| ASSETS: | ||
| Total assets at fair value | 14,806 | 10,871 |
| Recurring fair value measurements | Certificates of deposit | Cash equivalents and restricted cash equivalents | ||
| ASSETS: | ||
| Total assets at fair value | 120 | 97 |
| Recurring fair value measurements | International government securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 63 | |
| Recurring fair value measurements | U.S. government securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 151 | |
| Recurring fair value measurements | Corporate debt securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 362 | |
| Recurring fair value measurements | Equity securities | Long-term investments | ||
| ASSETS: | ||
| Total assets at fair value | 391 | 311 |
| 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 | Embedded derivative liability | Not designated as hedging instrument | ||
| LIABILITIES: | ||
| Total liabilities at fair value | 0 | |
| Recurring fair value measurements | Level 1 | Money market fund investments | Cash equivalents and restricted cash equivalents | ||
| ASSETS: | ||
| Total assets at fair value | 14,806 | 10,871 |
| Recurring fair value measurements | Level 1 | Certificates of deposit | Cash equivalents and restricted cash equivalents | ||
| ASSETS: | ||
| Total assets at fair value | 120 | 97 |
| Recurring fair value measurements | Level 1 | International government securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 0 | |
| Recurring fair value measurements | Level 1 | U.S. government securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 0 | |
| Recurring fair value measurements | Level 1 | Corporate debt securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 0 | |
| Recurring fair value measurements | Level 1 | Equity securities | Long-term investments | ||
| ASSETS: | ||
| Total assets at fair value | 391 | 311 |
| Recurring fair value measurements | Level 2 | Foreign currency exchange derivatives | Not designated as hedging instrument | ||
| ASSETS: | ||
| Total assets at fair value | 70 | 62 |
| LIABILITIES: | ||
| Total liabilities at fair value | 93 | 36 |
| Recurring fair value measurements | Level 2 | Embedded derivative liability | Not designated as hedging instrument | ||
| LIABILITIES: | ||
| Total liabilities at fair value | 1,300 | |
| 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 | Certificates of deposit | Cash equivalents and restricted cash equivalents | ||
| ASSETS: | ||
| Total assets at fair value | 0 | 0 |
| Recurring fair value measurements | Level 2 | International government securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 63 | |
| Recurring fair value measurements | Level 2 | U.S. government securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 151 | |
| Recurring fair value measurements | Level 2 | Corporate debt securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 362 | |
| 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 | 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 | Embedded derivative liability | Not designated as hedging instrument | ||
| LIABILITIES: | ||
| Total liabilities at fair value | 0 | |
| Recurring fair value measurements | Level 3 | Money market fund investments | Cash equivalents and restricted cash equivalents | ||
| ASSETS: | ||
| Total assets at fair value | 0 | 0 |
| Recurring fair value measurements | Level 3 | Certificates of deposit | Cash equivalents and restricted cash equivalents | ||
| ASSETS: | ||
| Total assets at fair value | 0 | 0 |
| Recurring fair value measurements | Level 3 | International government securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 0 | |
| Recurring fair value measurements | Level 3 | U.S. government securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 0 | |
| Recurring fair value measurements | Level 3 | Corporate debt securities | Short-term Investments | ||
| ASSETS: | ||
| Total assets at fair value | 0 | |
| Recurring fair value measurements | Level 3 | Equity securities | Long-term investments | ||
| ASSETS: | ||
| Total assets at fair value | $ 0 | 0 |
| Nonrecurring fair value measurements | Equity securities of private entities | Long-term investments | ||
| ASSETS: | ||
| Total assets at fair value | 98 | |
| Nonrecurring fair value measurements | Level 1 | Equity securities of private entities | Long-term investments | ||
| ASSETS: | ||
| Total assets at fair value | 0 | |
| Nonrecurring fair value measurements | Level 2 | Equity securities of private entities | Long-term investments | ||
| ASSETS: | ||
| Total assets at fair value | 0 | |
| Nonrecurring fair value measurements | Level 3 | Equity securities of private entities | Long-term investments | ||
| ASSETS: | ||
| Total assets at fair value | $ 98 |
FAIR VALUE MEASUREMENTS - Investments Narrative (Details) - Yanolja Co., Ltd |
Jun. 30, 2023 |
Jun. 30, 2022
yr
|
|---|---|---|
| EBITDA Multiple Decrease | Valuation, Market Approach | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Equity securities measured at fair value | 0.36 | |
| Discount Rate | Valuation, Income Approach | Minimum | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Equity securities measured at fair value | 0.105 | 0.10 |
| Discount Rate | Valuation, Income Approach | Maximum | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Equity securities measured at fair value | 0.145 | 0.14 |
| EBITDA Multiple | Valuation, Income Approach | Minimum | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Equity securities measured at fair value | 14 | 14 |
| EBITDA Multiple | Valuation, Income Approach | Maximum | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Equity securities measured at fair value | 16 | 16 |
FAIR VALUE MEASUREMENTS - Estimated Fair Values and Notional Amounts of Derivatives (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Derivative [Line Items] | |||
| Losses on foreign currency exchange derivatives | $ (156) | $ (106) | $ (52) |
| Foreign currency purchases | Not Designated as Hedging Instrument | Foreign currency exchange derivatives | |||
| Derivative [Line Items] | |||
| Derivative, notional amount | 8,200 | 4,900 | |
| Foreign currency sales | Not Designated as Hedging Instrument | Foreign currency exchange derivatives | |||
| Derivative [Line Items] | |||
| Derivative, notional amount | $ 5,500 | $ 4,200 | |
ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS - Narrative (Details) - USD ($) $ in Billions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Accounts receivable | ||
| Receivables from customers, gross, current | $ 2.0 | $ 1.9 |
| Receivables from payment processors and networks, gross, current | $ 1.2 | $ 1.3 |
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, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
| Balance, beginning of year | $ 137 | $ 117 | $ 101 |
| Provision charged to earnings | 222 | 169 | 130 |
| Write-offs and other adjustments | (213) | (149) | (114) |
| Balance, end of year | $ 146 | $ 137 | $ 117 |
NET INCOME PER SHARE (Details) - shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings Per Share [Abstract] | |||
| Weighted-average number of basic common shares outstanding (in shares) | 33,622 | 36,140 | 39,872 |
| Weighted-average dilutive stock options, restricted stock units and performance share units (in shares) | 242 | 228 | 151 |
| Assumed conversion of convertible senior notes (in shares) | 200 | 162 | 29 |
| Weighted-average number of diluted common and common equivalent shares outstanding (in shares) | 34,064 | 36,530 | 40,052 |
PROPERTY AND EQUIPMENT, NET - Summary of Property and Equipment, Net (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Total | $ 2,224 | $ 2,003 |
| Less: Accumulated depreciation | (1,392) | (1,219) |
| Property and equipment, net | 832 | 784 |
| Capitalized software | ||
| Property, Plant and Equipment [Line Items] | ||
| Total | $ 1,249 | 1,096 |
| Capitalized software | Minimum | ||
| Property, Plant and Equipment [Line Items] | ||
| Estimated Useful Lives (years) | 1 year | |
| Capitalized software | Maximum | ||
| Property, Plant and Equipment [Line Items] | ||
| Estimated Useful Lives (years) | 7 years | |
| Computer equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Total | $ 694 | 608 |
| 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) | 5 years | |
| Leasehold improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Total | $ 216 | 228 |
| 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] | ||
| Total | $ 65 | $ 71 |
| Office equipment, furniture, and fixtures | Minimum | ||
| Property, Plant and Equipment [Line Items] | ||
| Estimated Useful Lives (years) | 1 year | |
| Office equipment, furniture, and fixtures | Maximum | ||
| Property, Plant and Equipment [Line Items] | ||
| Estimated Useful Lives (years) | 10 years |
PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Property, Plant and Equipment [Line Items] | |||
| Depreciation expense | $ 370 | $ 282 | $ 227 |
| Capitalized software | |||
| Property, Plant and Equipment [Line Items] | |||
| Additions to property and equipment | $ 212 | $ 229 | $ 217 |
LEASES - Leases Recognized in the Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Abstract] | ||
| Operating lease assets | $ 559 | $ 705 |
| Operating lease liabilities: | ||
| Current operating lease liabilities | $ 122 | $ 152 |
| Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
| Non-current operating lease liabilities | $ 483 | $ 599 |
| Total operating lease liabilities | 605 | 751 |
| Finance lease assets | $ 35 | $ 70 |
| Property and equipment, net | Property and equipment, net | Property and equipment, net |
| Finance lease liabilities: | ||
| Current finance lease liabilities | $ 26 | $ 34 |
| Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
| Non-current finance lease liabilities | $ 7 | $ 34 |
| Other long-term liabilities | Other long-term liabilities | Other long-term liabilities |
| Total finance lease liabilities | $ 33 | $ 68 |
LEASES - Lease Costs Recognized in the Statement of Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Finance lease cost | $ 37 | $ 28 | $ 9 |
| Operating lease cost | 174 | 180 | 160 |
| Variable lease cost | 78 | 82 | 45 |
| Other | 4 | (4) | (5) |
| Total lease cost | $ 293 | $ 286 | $ 209 |
LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Operating Leases | ||
| 2025 | $ 142 | |
| 2026 | 99 | |
| 2027 | 80 | |
| 2028 | 60 | |
| 2029 | 50 | |
| Thereafter | 291 | |
| Total future lease payments | 722 | |
| Less: Imputed interest | (117) | |
| Total lease liabilities | 605 | $ 751 |
| Finance Leases | ||
| 2025 | 27 | |
| 2026 | 7 | |
| 2027 | 0 | |
| 2028 | 0 | |
| 2029 | 0 | |
| Thereafter | 0 | |
| Total future lease payments | 34 | |
| Less: Imputed interest | (1) | |
| Total lease liabilities | $ 33 | $ 68 |
LEASES - Supplemental Cash Flow Information Related To Operating Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Operating cash flows from operating leases | $ 184 | $ 172 | $ 175 |
| Financing cash flows from finance leases | 36 | 31 | 9 |
| Operating lease assets obtained in exchange for new operating lease liabilities | 75 | 200 | 392 |
| Finance lease assets obtained in exchange for new finance lease liabilities | $ 2 | $ 44 | $ 50 |
LEASES - Term and Discount Rate (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Operating leases: | ||
| Weighted-average remaining lease term | 9 years 2 months 12 days | 8 years 8 months 12 days |
| Weighted-average discount rate | 3.90% | 4.00% |
| Finance leases: | ||
| Weighted-average remaining lease term | 1 year 2 months 12 days | 2 years 1 month 6 days |
| Weighted-average discount rate | 3.50% | 3.10% |
LEASES - Narrative (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
renewal_terms
|
|
| Leases [Abstract] | |||
| Proceeds from sale and leaseback transaction | $ 0 | $ 0 | $ 601 |
| Initial lease term of sale leaseback operating lease | 16.5 years | ||
| Sale leaseback transaction, renewal terms | renewal_terms | 5 | ||
| Sale leaseback transaction, renewal term | 5 years | ||
| Sale leaseback transaction, annual rental payments | $ 26 | ||
| Gain on sale-leaseback transaction | $ 0 | $ 0 | $ 240 |
GOODWILL AND INTANGIBLE ASSETS - Changes in the Balance of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill [Roll Forward] | ||
| Balance, beginning of year | $ 2,826 | $ 2,807 |
| Foreign currency translation adjustments | (27) | 19 |
| Balance, end of year | 2,799 | 2,826 |
| Cumulative impairment charges | $ 2,000 | $ 2,000 |
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Finite-lived intangible assets | ||
| Gross Carrying Amount | $ 3,505 | $ 3,544 |
| Accumulated Amortization | (2,123) | (1,931) |
| Net Carrying Amount | 1,382 | 1,613 |
| Trade names | ||
| Finite-lived intangible assets | ||
| Gross Carrying Amount | 1,802 | 1,812 |
| Accumulated Amortization | (1,000) | (911) |
| Net Carrying Amount | $ 802 | 901 |
| Trade names | Minimum | ||
| Finite-lived intangible assets | ||
| Amortization Period | 3 years | |
| Trade names | Maximum | ||
| Finite-lived intangible assets | ||
| Amortization Period | 20 years | |
| Supply and distribution agreements | ||
| Finite-lived intangible assets | ||
| Gross Carrying Amount | $ 1,377 | 1,402 |
| Accumulated Amortization | (830) | (759) |
| Net Carrying Amount | $ 547 | 643 |
| 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 | |
| Other intangible assets | ||
| Finite-lived intangible assets | ||
| Gross Carrying Amount | $ 326 | 330 |
| Accumulated Amortization | (293) | (261) |
| Net Carrying Amount | $ 33 | $ 69 |
| Other intangible assets | Maximum | ||
| Finite-lived intangible assets | ||
| Amortization Period | 20 years |
GOODWILL AND INTANGIBLE ASSETS - Annual Estimated Amortization Expense for Intangible Assets (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2025 | $ 213 |
| 2026 | 179 |
| 2027 | 168 |
| 2028 | 168 |
| 2029 | 159 |
| Thereafter | $ 495 |
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||
| Impairment of goodwill | $ 0 | |||
| Intangible assets amortization expense | $ 221 | $ 222 | $ 224 | |
DEBT - Narrative (Details) $ / shares in Units, € in Millions |
1 Months Ended | 12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 30, 2024
USD ($)
|
May 31, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Nov. 30, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Apr. 30, 2020
USD ($)
day
$ / shares
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2024
EUR (€)
|
Nov. 01, 2024
USD ($)
|
Dec. 31, 2021 |
|
| Debt Instrument [Line Items] | ||||||||||||
| Letters of credit outstanding | $ 650,000,000 | $ 533,000,000 | ||||||||||
| Proceeds from Issuance of Senior Long-Term Debt | 4,800,000,000 | |||||||||||
| Embedded derivative liability | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Derivative Liability | 1,300,000,000 | $ 1,200,000,000 | ||||||||||
| Convertible Senior Notes | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Debt Instrument, Unamortized Discount | 523,000,000 | $ 783,000,000 | ||||||||||
| Senior Notes | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Interest expense, excluding amortization | $ 527,000,000 | $ 409,000,000 | $ 241,000,000 | |||||||||
| 0.75% Convertible Senior Notes due May 2025 (2)(3) | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Stated interest rate | 0.75% | 0.75% | ||||||||||
| 0.75% Convertible Senior Notes due May 2025 (2)(3) | Convertible Senior Notes | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Face amount of debt | $ 863,000,000 | |||||||||||
| Stated interest rate | 0.75% | 0.75% | ||||||||||
| Conversion price (in dollars per share) | $ / shares | $ 1,869.86 | |||||||||||
| Ratio of closing share price to conversion price as a condition for conversion of the convertible notes | 130.00% | |||||||||||
| Interest rate | 1.20% | 1.20% | ||||||||||
| Repayments of Convertible Debt | $ 198,000,000 | |||||||||||
| Repayments Of Debt Upon Conversion Of Convertible Debt | 78,000,000 | |||||||||||
| Debt Instrument, Convertible, Conversion Premium | $ 120,000,000 | |||||||||||
| 4.0% (€750 Million) Senior Notes due November 2026 | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Face amount of debt | € | € 750 | |||||||||||
| Stated interest rate | 4.00% | 4.00% | ||||||||||
| 4.25% (€750 Million) Senior Notes due May 2029 | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Face amount of debt | € | € 750 | |||||||||||
| Stated interest rate | 4.25% | 4.25% | ||||||||||
| 4.5% (€1 Billion) Senior Notes due November 2031 | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Face amount of debt | € | € 1,000 | |||||||||||
| Stated interest rate | 4.50% | 4.50% | ||||||||||
| 4.75% (€1 Billion) Senior Notes due November 2034 | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Face amount of debt | € | € 1,000 | |||||||||||
| Stated interest rate | 4.75% | 4.75% | ||||||||||
| 2.15% Senior Notes Due November 2022 | Senior Notes | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Repayments of senior debt | $ 778,000,000 | |||||||||||
| 0.8% Senior Notes Due March 2022 | Senior Notes | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Repayments of senior debt | $ 1,100,000,000 | |||||||||||
| 0.1% (€950 Million) Senior Notes due March 2025 (3) | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Face amount of debt | € | € 950 | |||||||||||
| Stated interest rate | 0.10% | 0.10% | ||||||||||
| 0.5% (€750 Million) Senior Notes due March 2028 | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Face amount of debt | € | € 750 | |||||||||||
| Stated interest rate | 0.50% | 0.50% | ||||||||||
| 4.625% Senior Notes due April 2030 | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Stated interest rate | 4.625% | 4.625% | ||||||||||
| 2.75% Senior Notes Due March 2023 | Senior Notes | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Repayments of senior debt | $ 500,000,000 | |||||||||||
| 2.375% (€1 Billion) Senior Notes due September 2024 (2) | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Face amount of debt | € | € 1,000 | |||||||||||
| Stated interest rate | 2.375% | 2.375% | ||||||||||
| 2.375% (€1 Billion) Senior Notes due September 2024 (2) | Senior Notes | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Repayments of senior debt | $ 1,100,000,000 | |||||||||||
| Level 2 | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Estimated market value of outstanding senior notes | $ 18,800,000,000 | $ 15,200,000,000 | ||||||||||
| Level 2 | 0.75% Convertible Senior Notes due May 2025 (2)(3) | Convertible Senior Notes | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Estimated market value of outstanding senior notes | 2,100,000,000 | 1,600,000,000 | ||||||||||
| Minimum | 0.75% Convertible Senior Notes due May 2025 (2)(3) | 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 | 2,300,000,000 | 3,100,000,000 | ||||||||||
| Maximum | 0.75% Convertible Senior Notes due May 2025 (2)(3) | 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 | 5,300,000,000 | 8,400,000,000 | ||||||||||
| Revolving Credit Facility | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Term of revolving credit facility | 5 years | |||||||||||
| Mximum borrowing capacity | 2,000,000,000 | |||||||||||
| Long-Term Line of Credit | 0 | 0 | ||||||||||
| Revolving Credit Facility | Minimum | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Revolving credit facility interest rate | 0.00% | |||||||||||
| Revolving Credit Facility | Maximum | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Revolving credit facility interest rate | 1.375% | |||||||||||
| Letter of Credit | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Mximum borrowing capacity | $ 80,000,000 | |||||||||||
| Letters of credit outstanding | $ 26,000,000 | $ 18,000,000 | ||||||||||
| Swingline Loans | ||||||||||||
| Debt Instrument [Line Items] | ||||||||||||
| Mximum borrowing capacity | $ 100,000,000 | |||||||||||
DEBT - Schedule of Outstanding Debt (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
Dec. 31, 2024
EUR (€)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2021 |
Apr. 30, 2020
USD ($)
|
|---|---|---|---|---|---|
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 17,228 | $ 14,249 | |||
| Unamortized debt discount and debt issuance costs | (630) | (65) | |||
| Short-term debt | 1,745 | 1,961 | |||
| Long-term debt | 14,853 | 12,223 | |||
| Carrying value of long-term debt | 16,598 | 14,184 | |||
| Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | 2,268 | 1,967 | |||
| Short-term debt | 1,745 | 1,961 | |||
| Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | 14,960 | 12,282 | |||
| Long-term debt | $ 14,853 | 12,223 | |||
| 2.375% (€1 Billion) Senior Notes due September 2024 (2) | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 2.375% | 2.375% | |||
| Face amount of debt | € | € 1,000,000,000 | ||||
| 2.375% (€1 Billion) Senior Notes due September 2024 (2) | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 0 | 1,105 | |||
| Short-term debt | $ 0 | 1,104 | |||
| 3.65% Senior Notes due March 2025 (3) | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 3.65% | 3.65% | |||
| 3.65% Senior Notes due March 2025 (3) | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 500 | ||||
| Short-term debt | $ 500 | ||||
| 3.65% Senior Notes due March 2025 (3) | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | 500 | ||||
| Long-term debt | 499 | ||||
| 0.1% (€950 Million) Senior Notes due March 2025 (3) | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 0.10% | 0.10% | |||
| Face amount of debt | € | € 950,000,000 | ||||
| 0.1% (€950 Million) Senior Notes due March 2025 (3) | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 984 | ||||
| Short-term debt | $ 984 | ||||
| 0.1% (€950 Million) Senior Notes due March 2025 (3) | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | 1,050 | ||||
| Long-term debt | 1,048 | ||||
| 0.75% Convertible Senior Notes due May 2025 (2)(3) | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 0.75% | 0.75% | |||
| 0.75% Convertible Senior Notes due May 2025 (2)(3) | Convertible Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 784 | 862 | |||
| Short-term debt | $ 261 | 857 | |||
| 0.75% Convertible Senior Notes due May 2025 (2)(3) | Convertible Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 0.75% | 0.75% | |||
| Face amount of debt | $ 863 | ||||
| 3.6% Senior Notes due June 2026 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 3.60% | 3.60% | |||
| 3.6% Senior Notes due June 2026 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 1,000 | 1,000 | |||
| Long-term debt | $ 999 | 998 | |||
| 4.0% (€750 Million) Senior Notes due November 2026 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 4.00% | 4.00% | |||
| Face amount of debt | € | € 750,000,000 | ||||
| 4.0% (€750 Million) Senior Notes due November 2026 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 777 | 828 | |||
| Long-term debt | $ 775 | 825 | |||
| 1.8% (€1 Billion) Senior Notes due March 2027 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 1.80% | 1.80% | |||
| Face amount of debt | € | € 1,000,000,000 | ||||
| 1.8% (€1 Billion) Senior Notes due March 2027 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 1,035 | 1,105 | |||
| Long-term debt | $ 1,034 | 1,103 | |||
| 3.55% Senior Notes due March 2028 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 3.55% | 3.55% | |||
| 3.55% Senior Notes due March 2028 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 500 | 500 | |||
| Long-term debt | $ 499 | 499 | |||
| 0.5% (€750 Million) Senior Notes due March 2028 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 0.50% | 0.50% | |||
| Face amount of debt | € | € 750,000,000 | ||||
| 0.5% (€750 Million) Senior Notes due March 2028 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 777 | 828 | |||
| Long-term debt | $ 774 | 825 | |||
| 3.625% (€500 Million) Senior Notes due November 2028 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 3.625% | 3.625% | |||
| Face amount of debt | € | € 500,000,000 | ||||
| 3.625% (€500 Million) Senior Notes due November 2028 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 518 | 552 | |||
| Long-term debt | $ 516 | 549 | |||
| 3.5% (€500 Million) Senior Notes due March 2029 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 3.50% | 3.50% | |||
| Face amount of debt | € | € 500,000,000 | ||||
| 3.5% (€500 Million) Senior Notes due March 2029 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 518 | 0 | |||
| Long-term debt | $ 516 | 0 | |||
| 4.25% (€750 Million) Senior Notes due May 2029 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 4.25% | 4.25% | |||
| Face amount of debt | € | € 750,000,000 | ||||
| 4.25% (€750 Million) Senior Notes due May 2029 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 777 | 828 | |||
| Long-term debt | $ 772 | 823 | |||
| 4.625% Senior Notes due April 2030 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 4.625% | 4.625% | |||
| 4.625% Senior Notes due April 2030 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 1,500 | 1,500 | |||
| Long-term debt | $ 1,494 | 1,492 | |||
| 4.5% (€1 Billion) Senior Notes due November 2031 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 4.50% | 4.50% | |||
| Face amount of debt | € | € 1,000,000,000 | ||||
| 4.5% (€1 Billion) Senior Notes due November 2031 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 1,035 | 1,105 | |||
| Long-term debt | $ 1,030 | 1,098 | |||
| 3.625% (€650 Million) Senior Notes due March 2032 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 3.625% | 3.625% | |||
| Face amount of debt | € | € 650,000,000 | ||||
| 3.625% (€650 Million) Senior Notes due March 2032 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 673 | 0 | |||
| Long-term debt | $ 669 | 0 | |||
| 3.25% (€600 Million) Senior Notes due November 2032 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 3.25% | 3.25% | |||
| Face amount of debt | € | € 600,000,000 | ||||
| 3.25% (€600 Million) Senior Notes due November 2032 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 621 | 0 | |||
| Long-term debt | $ 614 | 0 | |||
| 4.125% (€1.25 Billion) Senior Notes due May 2033 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 4.125% | 4.125% | |||
| Face amount of debt | € | € 1,250,000,000 | ||||
| 4.125% (€1.25 Billion) Senior Notes due May 2033 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 1,294 | 1,381 | |||
| Long-term debt | $ 1,282 | 1,367 | |||
| 4.75% (€1 Billion) Senior Notes due November 2034 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 4.75% | 4.75% | |||
| Face amount of debt | € | € 1,000,000,000 | ||||
| 4.75% (€1 Billion) Senior Notes due November 2034 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 1,035 | 1,105 | |||
| Long-term debt | $ 1,028 | 1,097 | |||
| 3.75% (€850 Million) Senior Notes due March 2036 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 3.75% | 3.75% | |||
| Face amount of debt | € | € 850,000,000 | ||||
| 3.75% (€850 Million) Senior Notes due March 2036 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 880 | 0 | |||
| Long-term debt | $ 866 | 0 | |||
| 3.75% (€500 Million) Senior Notes due November 2037 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 3.75% | 3.75% | |||
| Face amount of debt | € | € 500,000,000 | ||||
| 3.75% (€500 Million) Senior Notes due November 2037 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 518 | 0 | |||
| Long-term debt | $ 514 | 0 | |||
| 4.0% (€750 Million) Senior Notes due March 2044 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 4.00% | 4.00% | |||
| Face amount of debt | € | € 750,000,000 | ||||
| 4.0% (€750 Million) Senior Notes due March 2044 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 777 | 0 | |||
| Long-term debt | $ 762 | 0 | |||
| 3.875% (€700 Million) Senior Notes due March 2045 | |||||
| Debt Instrument [Line Items] | |||||
| Stated interest rate | 3.875% | 3.875% | |||
| Face amount of debt | € | € 700,000,000 | ||||
| 3.875% (€700 Million) Senior Notes due March 2045 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Total outstanding debt | $ 725 | 0 | |||
| Long-term debt | $ 709 | $ 0 |
DEBT - Summary of Conversion Option Charges (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Nov. 01, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Debt Instrument [Line Items] | ||||
| Change in fair value of the embedded derivative, including loss on bifurcation | $ 517 | $ 0 | $ 0 | |
| Loss related to the conversion option on convertible senior notes | 796 | $ 0 | $ 0 | |
| Convertible Senior Notes | ||||
| Debt Instrument [Line Items] | ||||
| Change in fair value of the embedded derivative, including loss on bifurcation | $ 428 | 517 | ||
| Amortization of debt discount | 261 | |||
| Other | 18 | |||
| Loss related to the conversion option on convertible senior notes | $ 796 | |||
DEBT - Summary of Information Related to Other Senior Notes Outstanding (Details) |
Dec. 31, 2024 |
Nov. 30, 2024 |
Mar. 31, 2024 |
May 31, 2023 |
Nov. 30, 2022 |
Mar. 31, 2021 |
Apr. 30, 2020 |
Aug. 31, 2017 |
May 31, 2016 |
Mar. 31, 2015 |
|---|---|---|---|---|---|---|---|---|---|---|
| 3.65% Senior Notes due March 2025 (3) | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 3.65% | |||||||||
| 0.1% (€950 Million) Senior Notes due March 2025 (3) | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 0.10% | |||||||||
| 3.6% Senior Notes due June 2026 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 3.60% | |||||||||
| 4.0% (€750 Million) Senior Notes due November 2026 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 4.00% | |||||||||
| 1.8% (€1 Billion) Senior Notes due March 2027 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 1.80% | |||||||||
| 3.55% Senior Notes due March 2028 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 3.55% | |||||||||
| 0.5% (€750 Million) Senior Notes due March 2028 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 0.50% | |||||||||
| 3.625% (€500 Million) Senior Notes due November 2028 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 3.625% | |||||||||
| 3.5% (€500 Million) Senior Notes due March 2029 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 3.50% | |||||||||
| 4.25% (€750 Million) Senior Notes due May 2029 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 4.25% | |||||||||
| 4.625% Senior Notes due April 2030 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 4.625% | |||||||||
| 4.5% (€1 Billion) Senior Notes due November 2031 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 4.50% | |||||||||
| 3.625% (€650 Million) Senior Notes due March 2032 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 3.625% | |||||||||
| 3.25% (€600 Million) Senior Notes due November 2032 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 3.25% | |||||||||
| 4.125% (€1.25 Billion) Senior Notes due May 2033 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 4.125% | |||||||||
| 4.75% (€1 Billion) Senior Notes due November 2034 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 4.75% | |||||||||
| 3.75% (€850 Million) Senior Notes due March 2036 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 3.75% | |||||||||
| 3.75% (€500 Million) Senior Notes due November 2037 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 3.75% | |||||||||
| 4.0% (€750 Million) Senior Notes due March 2044 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 4.00% | |||||||||
| 3.875% (€700 Million) Senior Notes due March 2045 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Stated interest rate | 3.875% | |||||||||
| Senior Notes | 3.65% Senior Notes due March 2025 (3) | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 3.76% | |||||||||
| Senior Notes | 0.1% (€950 Million) Senior Notes due March 2025 (3) | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 0.30% | |||||||||
| Senior Notes | 3.6% Senior Notes due June 2026 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 3.70% | |||||||||
| Senior Notes | 4.0% (€750 Million) Senior Notes due November 2026 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 4.08% | |||||||||
| Senior Notes | 1.8% (€1 Billion) Senior Notes due March 2027 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 1.86% | |||||||||
| Senior Notes | 3.55% Senior Notes due March 2028 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 3.63% | |||||||||
| Senior Notes | 0.5% (€750 Million) Senior Notes due March 2028 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 0.63% | |||||||||
| Senior Notes | 3.625% (€500 Million) Senior Notes due November 2028 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 3.74% | |||||||||
| Senior Notes | 3.5% (€500 Million) Senior Notes due March 2029 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 3.61% | |||||||||
| Senior Notes | 4.25% (€750 Million) Senior Notes due May 2029 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 4.35% | |||||||||
| Senior Notes | 4.625% Senior Notes due April 2030 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 4.72% | |||||||||
| Senior Notes | 4.5% (€1 Billion) Senior Notes due November 2031 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 4.57% | |||||||||
| Senior Notes | 3.625% (€650 Million) Senior Notes due March 2032 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 3.71% | |||||||||
| Senior Notes | 3.25% (€600 Million) Senior Notes due November 2032 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 3.41% | |||||||||
| Senior Notes | 4.125% (€1.25 Billion) Senior Notes due May 2033 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 4.26% | |||||||||
| Senior Notes | 4.75% (€1 Billion) Senior Notes due November 2034 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 4.81% | |||||||||
| Senior Notes | 3.75% (€850 Million) Senior Notes due March 2036 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 3.92% | |||||||||
| Senior Notes | 3.75% (€500 Million) Senior Notes due November 2037 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 3.81% | |||||||||
| Senior Notes | 4.0% (€750 Million) Senior Notes due March 2044 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 4.15% | |||||||||
| Senior Notes | 3.875% (€700 Million) Senior Notes due March 2045 | ||||||||||
| Debt Instrument [Line Items] | ||||||||||
| Effective interest rate | 4.03% |
TREASURY STOCK AND DIVIDENDS - Summary of Stock Repurchase Activities (Details) - USD ($) shares in Thousands, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Equity, Class of Treasury Stock [Line Items] | |||
| Repurchases (in shares) | 1,679 | 3,732 | 3,400 |
| Total Repurchases | $ 6,451 | $ 10,443 | $ 6,693 |
| General authorization for shares withheld on stock award vesting (in shares) | 98 | 72 | 80 |
| General authorization for shares withheld on stock award vesting | $ 347 | $ 194 | $ 167 |
| Authorized stock repurchase programs | |||
| Equity, Class of Treasury Stock [Line Items] | |||
| Repurchases (in shares) | 1,581 | 3,660 | 3,320 |
| Total Repurchases | $ 6,104 | $ 10,249 | $ 6,526 |
TREASURY STOCK AND DIVIDENDS - Narrative (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Feb. 20, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jan. 31, 2025 |
Feb. 23, 2023 |
|
| Equity, Class of Treasury Stock [Line Items] | ||||||||
| Treasury stock repurchased but unsettled by period end amount | $ 20,000,000 | $ 40,000,000 | ||||||
| Remittances of employee withholding taxes | $ 345,000,000 | $ 194,000,000 | $ 165,000,000 | |||||
| Share Repurchase Program, Excise Tax, Payable | 56,000,000 | 96,000,000 | $ 56,000,000 | 96,000,000 | ||||
| Dividends per share declared | $ 8.75 | |||||||
| Payments of Dividends | $ (1,174,000,000) | 0 | $ 0 | |||||
| Payment Of Excise Taxes On Share Repurchases | 96,000,000 | |||||||
| Subsequent Event | ||||||||
| Equity, Class of Treasury Stock [Line Items] | ||||||||
| Dividends per share declared | $ 9.60 | |||||||
| 2023 Share Repurchase Program | ||||||||
| Equity, Class of Treasury Stock [Line Items] | ||||||||
| Remaining authorization to repurchase common stock | $ 7,700,000,000 | $ 13,700,000,000 | $ 7,700,000,000 | $ 13,700,000,000 | ||||
| Amount of common stock repurchases authorized | $ 20,000,000,000 | |||||||
| 2025 Share Repurchase Program | Subsequent Event | ||||||||
| Equity, Class of Treasury Stock [Line Items] | ||||||||
| Amount of common stock repurchases authorized | $ 20,000,000,000 | |||||||
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||
| Total, net of tax | |||||
| Balance | $ (2,744) | $ 2,782 | $ 6,178 | ||
| Other comprehensive loss, net of tax | [1] | (52) | (56) | (123) | |
| Balance | (4,020) | (2,744) | 2,782 | ||
| Foreign currency translation adjustments | |||||
| Total, net of tax | |||||
| Balance | (320) | (257) | (146) | ||
| Other comprehensive loss, net of tax | (55) | (63) | (111) | ||
| Balance | (375) | (320) | (257) | ||
| Foreign currency translation adjustments | Foreign Exchange Forward | Net Investment Hedging | |||||
| Before tax | |||||
| Balance, beginning of period | (53) | (53) | (53) | ||
| Balance, end of period | (53) | (53) | (53) | ||
| Total, net of tax | |||||
| Balance | (35) | (35) | (35) | ||
| Balance | (35) | (35) | (35) | ||
| Foreign Currency Translation Adjustments - Foreign Currency Translation | |||||
| Before tax | |||||
| Balance, beginning of period | (537) | (579) | (276) | ||
| OCI for the period | (232) | 42 | (303) | ||
| Balance, end of period | (769) | (537) | (579) | ||
| Tax | |||||
| Balance, beginning of period | 94 | 93 | 67 | ||
| OCI for the period | 36 | 1 | 26 | ||
| Balance, end of period | 130 | 94 | 93 | ||
| Foreign Currency Translation Adjustments - Net Investment Hedges | |||||
| Before tax | |||||
| Balance, beginning of period | 171 | 310 | 91 | ||
| OCI for the period | 185 | (139) | 219 | ||
| Balance, end of period | 356 | 171 | 310 | ||
| Tax | |||||
| Balance, beginning of period | (48) | (81) | (28) | ||
| OCI for the period | (44) | 33 | (53) | ||
| Balance, end of period | (92) | (48) | (81) | ||
| Net unrealized gains (losses) on available-for-sale securities | |||||
| Before tax | |||||
| Balance, beginning of period | (4) | (13) | 3 | ||
| OCI for the period | 4 | 9 | (16) | ||
| Balance, end of period | 0 | (4) | (13) | ||
| Tax | |||||
| Balance, beginning of period | 1 | 3 | (1) | ||
| OCI for the period | (1) | (2) | 4 | ||
| Balance, end of period | 0 | 1 | 3 | ||
| Total, net of tax | |||||
| Balance | (3) | (10) | 2 | ||
| Other comprehensive loss, net of tax | 3 | 7 | (12) | ||
| Balance | 0 | (3) | (10) | ||
| Total AOCI, net of tax | |||||
| Total, net of tax | |||||
| Balance | (323) | (267) | (144) | ||
| Other comprehensive loss, net of tax | (52) | (56) | (123) | ||
| Balance | $ (375) | $ (323) | $ (267) | ||
| |||||
INCOME TAXES - Pre-tax income (loss) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| International | $ 8,029 | $ 6,119 | $ 4,717 |
| U.S. | (737) | (638) | (794) |
| Income before income taxes | $ 7,292 | $ 5,481 | $ 3,923 |
INCOME TAXES - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Current income tax expense (benefit): | |||
| International | $ 1,545 | $ 1,371 | $ 1,145 |
| U.S. Federal | (235) | 291 | (8) |
| U.S. State | 2 | 8 | (15) |
| Current income tax expense (benefit): | 1,312 | 1,670 | 1,122 |
| Deferred income tax expense (benefit): | |||
| International | 25 | (47) | (61) |
| U.S. Federal | 51 | (411) | (172) |
| U.S. State | 22 | (20) | (24) |
| Deferred income tax expense (benefit) | 98 | (478) | (257) |
| Income tax expense | $ 1,410 | $ 1,192 | $ 865 |
INCOME TAXES - Net Deferred Tax Assets/(Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred tax assets: | ||
| Net operating loss carryforward — U.S. | $ 117 | $ 89 |
| Net operating loss carryforward — International | 156 | 200 |
| Accrued expenses | 83 | 70 |
| Stock-based compensation | 55 | 47 |
| Unrealized losses on investments | 67 | 83 |
| Foreign currency translation adjustments | 103 | 66 |
| Tax credits | 45 | 39 |
| Operating lease liabilities | 22 | 20 |
| Property and equipment | 234 | 195 |
| Embedded derivative liability | 123 | 0 |
| Other | 0 | 16 |
| Total deferred tax assets | 1,005 | 825 |
| Valuation allowance on deferred tax assets | (111) | (114) |
| Deferred tax assets, net | 894 | 711 |
| Deferred tax liabilities: | ||
| Debt discount on convertible notes | (123) | 0 |
| Intangible assets and other | (110) | (140) |
| Euro-denominated debt | (144) | (11) |
| Operating lease assets | (22) | (19) |
| Installment sale liability | (118) | (118) |
| Other | (4) | (6) |
| Deferred tax liabilities | (521) | (294) |
| Net deferred tax assets (liabilities) | 373 | 417 |
| Other assets, net | ||
| Deferred tax assets: | ||
| Deferred tax assets, net | $ 662 | $ 675 |
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| 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 | $ 1,531 | $ 1,151 | $ 824 |
| Adjustment due to: | |||
| Foreign rate differential | 386 | 307 | 264 |
| Innovation Box Tax benefit | (607) | (544) | (452) |
| Stock-based compensation | 73 | 59 | 42 |
| Federal GILTI | 82 | 24 | 10 |
| State income tax benefit | 19 | (9) | (31) |
| Valuation allowance | (5) | (4) | 87 |
| Uncertain tax positions | 189 | 14 | 72 |
| Fines and penalties | 0 | 144 | 2 |
| Loss related to the conversion option on convertible senior notes | 167 | 0 | 0 |
| Tax Act - U.S. transition tax | (416) | 1 | 0 |
| Other | (9) | 49 | 47 |
| Income tax expense | $ 1,410 | $ 1,192 | $ 865 |
| Statutory rate (as a percent) | 21.00% | 21.00% | 21.00% |
INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Unrecognized tax benefits | |||
| Unrecognized tax benefit — January 1 | $ 67 | $ 184 | $ 120 |
| Gross increases — tax positions in current period | 5 | 16 | 3 |
| Gross increases — tax positions in prior periods | 193 | 22 | 94 |
| Gross decreases — tax positions in prior periods | 4 | 5 | 33 |
| Reduction due to lapse in statute of limitations | 0 | 3 | 0 |
| Reduction due to settlements during the current period | 1 | 147 | 0 |
| Unrecognized tax benefit — December 31 | 260 | $ 67 | $ 184 |
| Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 236 | ||
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Contingency [Line Items] | |||
| Reduction of Net Tax Expense | $ 416 | $ (1) | $ 0 |
| Global Minimum Tax Percentage | 15.00% | ||
| Valuation allowance on deferred tax assets | $ 111 | $ 114 | |
| Statutory rate (as a percent) | 21.00% | 21.00% | 21.00% |
| Gross interest and penalties accrued | $ 6 | $ 7 | |
| Domestic Tax Jurisdiction | |||
| Income Tax Contingency [Line Items] | |||
| NOLs utilized in period | 309 | ||
| Operating loss carryforwards | 462 | ||
| Valuation allowance on deferred tax assets | 80 | 84 | |
| State and Local Jurisdiction | |||
| Income Tax Contingency [Line Items] | |||
| Operating loss carryforwards | 370 | ||
| Foreign Tax Jurisdiction | |||
| Income Tax Contingency [Line Items] | |||
| Operating loss carryforwards | 796 | ||
| Valuation allowance on deferred tax assets | $ 31 | $ 30 | |
| The Netherlands | |||
| Income Tax Contingency [Line Items] | |||
| Innovation box tax rate | 9.00% | 9.00% | |
| Statutory rate (as a percent) | 25.80% | ||
| Research Tax Credit and Foreign Tax Credit Carryforwards | Domestic Tax Jurisdiction | |||
| Income Tax Contingency [Line Items] | |||
| Tax credit carryforward | $ 51 | ||
| Accrued expenses and other current liabilities | |||
| Income Tax Contingency [Line Items] | |||
| Income taxes liability | $ 905 | $ 1,000 | |
COMMITMENTS AND CONTINGENCIES - Competition and Consumer Protection Reviews (Details) - CNMC Matter € in Millions, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 31, 2024
EUR (€)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
EUR (€)
|
Dec. 31, 2023
USD ($)
|
Jan. 31, 2024
EUR (€)
|
|
| Commitments and Contingencies | |||||
| Accruals for loss contingencies | € 413 | ||||
| Accruals for loss contingencies | € (72) | $ (78) | € 486 | $ 530 | |
COMMITMENTS AND CONTINGENCIES - Tax Matters (Details) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | 33 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Nov. 30, 2024
USD ($)
|
Nov. 30, 2024
EUR (€)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2024
EUR (€)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2024
EUR (€)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Aug. 31, 2021
USD ($)
|
Aug. 31, 2021
EUR (€)
|
Dec. 31, 2024
EUR (€)
|
Dec. 31, 2021
USD ($)
|
|
| Commitments and Contingencies | ||||||||||||
| Unrecognized tax benefits | $ 260 | $ 67 | $ 184 | $ 120 | ||||||||
| Deferred income tax expense (benefit) | 98 | $ (478) | $ (257) | |||||||||
| Italian Tax Audit | ||||||||||||
| Commitments and Contingencies | ||||||||||||
| Unrecognized tax benefits | 34 | € 33 | ||||||||||
| Deferred income tax expense (benefit) | (16) | € (15) | ||||||||||
| Payment required to appeal a litigation matter | $ 77 | € 74 | ||||||||||
| Italian Tax Audit | Tax Year 2013 through 2018 | ||||||||||||
| Commitments and Contingencies | ||||||||||||
| Tax assessment | $ 260 | € 251 | ||||||||||
| Guardia di Finanza of Rome Tax Audit | Tax Periods June 2017 through December 2023 | ||||||||||||
| Commitments and Contingencies | ||||||||||||
| Loss contingency, tax, proposed assessment | $ 410 | € 396 | ||||||||||
| Loss contingency accrual, payments | $ 332 | € 313 | ||||||||||
COMMITMENTS AND CONTINGENCIES - Other Matters (Details) € in Millions, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2024
EUR (€)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
EUR (€)
|
Dec. 31, 2023
USD ($)
|
|
| Pension-Related Litigation | ||||
| Commitments and Contingencies | ||||
| Loss Contingency Accrual, Provision | € 72 | $ 77 | € 253 | $ 276 |
COMMITMENTS AND CONTINGENCIES - Other Contractual Obligations (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Letters of credit outstanding | $ 650 | $ 533 |
| Partner liability insurance maximum | $ 1 |
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Narrative (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
segment
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Segment Reporting Information [Line Items] | |||
| Number of operating segments | 4 | ||
| Number of reportable segments | 1 | ||
| Reportable Segment | |||
| Segment Reporting Information [Line Items] | |||
| Stock-based compensation included in the determination of segment Adjusted EBITDA less Capex | $ | $ 522 | $ 447 | $ 347 |
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Adjusted EBITDA less Capex (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information [Line Items] | |||
| Total revenues | $ 23,739 | $ 21,365 | $ 17,090 |
| Marketing expenses | 7,278 | 6,773 | 5,993 |
| Sales and other expenses | 3,120 | 2,744 | 1,986 |
| Personnel expenses | 3,354 | 3,294 | 2,465 |
| Reportable Segment | Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Total revenues | 23,739 | 21,365 | 17,090 |
| Marketing expenses | 7,278 | 6,773 | 5,993 |
| Sales and other expenses | 3,104 | 2,744 | 1,986 |
| Personnel expenses | 3,133 | 2,818 | 2,310 |
| Other segment items | 2,045 | 2,010 | 1,694 |
| Segment Adjusted EBITDA less Capex | $ 8,179 | $ 7,020 | $ 5,107 |
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Reconciliation of Adjusted EBITDA less Capex to Income before income taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Segment Reporting Information [Line Items] | |||
| Depreciation and amortization | $ (591) | $ (504) | $ (451) |
| Transformation costs | (34) | 0 | 0 |
| Gain on sale-leaseback transaction | 0 | 0 | 240 |
| Interest expense | (1,295) | (897) | (391) |
| Interest and dividend income | 1,114 | 1,020 | 219 |
| Net gains (losses) on equity securities | 63 | (131) | (963) |
| Foreign currency transaction (losses) gains on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments | 383 | (348) | (43) |
| Income before income taxes | 7,292 | 5,481 | 3,923 |
| Reportable Segment | Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Segment Adjusted EBITDA less Capex | 8,179 | 7,020 | 5,107 |
| Additions to property and equipment | 445 | 395 | 435 |
| Termination fee related to an acquisition agreement | 0 | (90) | 0 |
| Depreciation and amortization | (591) | (504) | (451) |
| Transformation costs | (34) | 0 | 0 |
| Loss on assets classified as held for sale | 0 | 0 | (36) |
| Gain on sale-leaseback transaction | 0 | 0 | 240 |
| Interest expense | (1,295) | (897) | (391) |
| Interest and dividend income | 1,114 | 1,020 | 219 |
| Net gains (losses) on equity securities | 63 | (131) | (963) |
| Foreign currency transaction (losses) gains on the remeasurement of certain Euro-denominated debt and accrued interest and debt-related foreign currency derivative instruments | 539 | (163) | 56 |
| Loss related to the conversion option on convertible senior notes | (535) | 0 | 0 |
| Other | (334) | (301) | (247) |
| Income before income taxes | 7,292 | 5,481 | 3,923 |
| Reportable Segment | Netherlands Pension Fund Matter | Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Accruals for loss contingencies | 0 | (276) | 0 |
| Reportable Segment | Spanish Competition Authority Fine | Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Accruals for loss contingencies | 78 | (530) | 0 |
| Reportable Segment | Indirect Tax Matter Settlements | Operating Segments | |||
| Segment Reporting Information [Line Items] | |||
| Accruals for loss contingencies | $ (337) | $ (62) | $ (46) |
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Geographic Information on Revenues (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Geographic Information | |||
| Total revenues | $ 23,739 | $ 21,365 | $ 17,090 |
| U.S. | |||
| Geographic Information | |||
| Total revenues | 2,485 | 2,327 | 2,205 |
| Non-US | |||
| Geographic Information | |||
| Total revenues | 21,254 | 19,038 | 14,885 |
| The Netherlands | |||
| Geographic Information | |||
| Total revenues | $ 18,600 | $ 17,000 | $ 13,400 |
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION - Geographic Information on Property and Equipment, Excluding Capitalized Software, and Operating Lease Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment (excluding capitalized software) and operating lease assets | $ 945 | $ 1,041 |
| U.S. | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment (excluding capitalized software) and operating lease assets | 129 | 127 |
| The Netherlands | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment (excluding capitalized software) and operating lease assets | 405 | 476 |
| United Kingdom | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment (excluding capitalized software) and operating lease assets | 168 | 209 |
| Other | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment (excluding capitalized software) and operating lease assets | $ 243 | $ 229 |
OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Other Income and Expenses [Abstract] | |||
| Foreign currency transaction (losses) gains | $ 383 | $ (348) | $ (43) |
| Net (losses) gains on equity securities | 63 | (131) | (963) |
| Loss related to the conversion option on convertible senior notes (3) | (517) | 0 | 0 |
| Other | (11) | 2 | (1) |
| Other income (expense), net | (82) | (477) | (1,007) |
| Foreign currency transaction gains (losses) related to Euro-denominated debt | $ 526 | $ (163) | $ 46 |
SUPPLEMENTAL CASH FLOW INFORMATION - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Noncash investing activity related to additions to property and equipment, including stock-based compensation and accrued liabilities, amount | $ 55 | $ 50 | $ 48 |
| Cash paid during the period for income taxes | 1,900 | 1,800 | 600 |
| Cash paid during the period for interest | $ 953 | $ 842 | $ 380 |
TRANSFORMATION COSTS - Narrative (Details) |
Dec. 31, 2024 |
|---|---|
| Minimum | |
| Restructuring Cost and Reserve [Line Items] | |
| Transformation costs, expected period of recognition | 2 years |
| Maximum | |
| Restructuring Cost and Reserve [Line Items] | |
| Transformation costs, expected period of recognition | 3 years |
OTHER OPERATING EXPENSES - Narrative (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| Other Operating Expenses [Abstract] | |
| Loss on disposal | $ 41 |
| Other operating expenses | Other Operating Income (Expense), Net |
OTHER - Narrative (Details) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2023
EUR (€)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Business Acquisition [Line Items] | ||||
| Matching contributions | $ 59 | $ 55 | $ 40 | |
| Accrued performance marketing liabilities | 597 | 587 | ||
| Accrued compensation liabilities | 611 | 634 | ||
| Pension-Related Litigation | ||||
| Business Acquisition [Line Items] | ||||
| Accruals for loss contingencies | $ 336 | 276 | ||
| Etraveli Group | ||||
| Business Acquisition [Line Items] | ||||
| Termination fee related to an acquisition agreement | € 85 | $ 90 | ||
Schedule I - Condensed Financial Information of Parent - Condensed Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Current assets: | ||||
| Cash and cash equivalents | $ 16,164 | $ 12,107 | ||
| Receivables from subsidiaries | 3,199 | 3,253 | ||
| Other current assets | 541 | 454 | ||
| Total current assets | 20,491 | 17,034 | ||
| Investment in subsidiaries | 536 | 440 | ||
| Other assets, net | 1,109 | 940 | ||
| Total assets | 27,708 | 24,342 | ||
| Current liabilities: | ||||
| Accounts payable | 3,824 | 3,374 | ||
| Accrued expenses and other current liabilities | 6,047 | 4,741 | ||
| Short-term debt | 1,745 | 1,961 | ||
| Total current liabilities | 15,647 | 13,330 | ||
| Other long-term liabilities | 199 | 161 | ||
| Long-term debt | 14,853 | 12,223 | ||
| Total liabilities | 31,728 | 27,086 | ||
| Commitments and contingencies | ||||
| Stockholders' deficit: | ||||
| Total stockholders' deficit | (4,020) | (2,744) | $ 2,782 | $ 6,178 |
| Total liabilities and stockholders' deficit | 27,708 | 24,342 | ||
| Parent Company | ||||
| Current assets: | ||||
| Cash and cash equivalents | 4,173 | 1,752 | ||
| Receivables from subsidiaries | 296 | 106 | ||
| Other current assets | 18 | 22 | ||
| Total current assets | 4,487 | 1,880 | ||
| Loans receivable from subsidiaries | 982 | 1,119 | ||
| Investment in subsidiaries | 10,586 | 10,294 | ||
| Other assets, net | 52 | 29 | ||
| Total assets | 16,107 | 13,322 | ||
| Current liabilities: | ||||
| Accounts payable | 23 | 19 | ||
| Accrued expenses and other current liabilities | 1,674 | 336 | ||
| Short-term debt | 1,745 | 1,961 | ||
| Total current liabilities | 3,442 | 2,316 | ||
| Loans payable to subsidiaries | 1,533 | 1,404 | ||
| Other long-term liabilities | 299 | 123 | ||
| Long-term debt | 14,853 | 12,223 | ||
| Total liabilities | 20,127 | 16,066 | ||
| Commitments and contingencies | ||||
| Stockholders' deficit: | ||||
| Total stockholders' deficit | (4,020) | (2,744) | ||
| Total liabilities and stockholders' deficit | $ 16,107 | $ 13,322 |
Schedule I - Condensed Financial Information of Parent - Condensed Statements of Operations (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||
| Condensed Income Statements, Captions [Line Items] | |||||
| Total revenues | $ 23,739 | $ 21,365 | $ 17,090 | ||
| Operating expenses: | |||||
| Total operating expenses | 16,184 | 15,530 | 11,988 | ||
| Operating income | 7,555 | 5,835 | 5,102 | ||
| Interest and dividend income | 1,114 | 1,020 | 219 | ||
| Other income (expense), net | (82) | (477) | (1,007) | ||
| Income before income taxes | 7,292 | 5,481 | 3,923 | ||
| Income tax expense | 1,410 | 1,192 | 865 | ||
| Net income | 5,882 | 4,289 | 3,058 | ||
| Other comprehensive loss, net of tax | [1] | (52) | (56) | (123) | |
| Comprehensive income | 5,830 | 4,233 | 2,935 | ||
| Parent Company | |||||
| Condensed Income Statements, Captions [Line Items] | |||||
| Total revenues | 0 | 0 | 0 | ||
| Operating expenses: | |||||
| Total operating expenses | 341 | 299 | 225 | ||
| Operating income | (341) | (299) | (225) | ||
| Interest expense | (880) | (495) | (284) | ||
| Interest and dividend income | 200 | 166 | 58 | ||
| Other income (expense), net | 4 | (166) | 58 | ||
| Equity in earnings (losses) of subsidiaries, net of tax | 7,061 | 5,074 | 3,442 | ||
| Income before income taxes | 6,044 | 4,280 | 3,049 | ||
| Income tax expense | 162 | (9) | (9) | ||
| Net income | 5,882 | 4,289 | 3,058 | ||
| Other comprehensive loss, net of tax | (52) | (56) | (123) | ||
| Comprehensive income | $ 5,830 | $ 4,233 | $ 2,935 | ||
| |||||
Schedule I - Condensed Financial Information of Parent - Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| OPERATING ACTIVITIES: | |||
| Net cash provided by operating activities | $ 8,323 | $ 7,344 | $ 6,554 |
| INVESTING ACTIVITIES: | |||
| Other investing activities | 1 | 3 | (15) |
| Net cash provided by (used in) investing activities | 129 | 1,486 | (518) |
| FINANCING ACTIVITIES: | |||
| Proceeds from the issuance of long-term debt | 4,836 | 1,893 | 3,621 |
| Payments on maturity and conversion of debt | (1,312) | (500) | (1,880) |
| Payments for repurchase of common stock | 6,509 | 10,377 | 6,621 |
| Dividends paid | (1,174) | 0 | 0 |
| Proceeds from exercise of stock options | 14 | 134 | 7 |
| Other financing activities | (59) | (59) | (24) |
| Net cash used in financing activities | (4,204) | (8,909) | (4,897) |
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 4,058 | (116) | 1,099 |
| Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 12,135 | 12,251 | 11,152 |
| Total cash and cash equivalents and restricted cash and cash equivalents, end of period | 16,193 | 12,135 | 12,251 |
| Parent Company | |||
| OPERATING ACTIVITIES: | |||
| Net cash provided by operating activities | 6,414 | 6,464 | 3,695 |
| INVESTING ACTIVITIES: | |||
| Proceeds from internal transfers of subsidiaries | 0 | 0 | 174 |
| Dividends received | 139 | 107 | 3,087 |
| Other investing activities | (37) | (128) | (102) |
| Net cash provided by (used in) investing activities | 102 | (21) | 3,159 |
| FINANCING ACTIVITIES: | |||
| Proceeds from the issuance of long-term debt | 4,836 | 1,893 | 3,621 |
| Payments on maturity and conversion of debt | (1,312) | (500) | (1,880) |
| Payments for repurchase of common stock | 6,509 | 10,377 | 6,621 |
| Dividends paid | (1,174) | 0 | 0 |
| Proceeds from exercise of stock options | 14 | 134 | 7 |
| Other financing activities | 50 | 49 | 47 |
| Net cash used in financing activities | (4,095) | (8,801) | (4,826) |
| Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 2,421 | (2,358) | 2,028 |
| Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period | 1,752 | 4,110 | 2,082 |
| Total cash and cash equivalents and restricted cash and cash equivalents, end of period | $ 4,173 | $ 1,752 | $ 4,110 |
Schedule I - Condensed Financial Information of Parent - Narrative (Details) - Parent - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Condensed Financial Statements, Captions [Line Items] | |||
| Cash dividends paid to the Parent by the subsidiaries | $ 7,200 | $ 7,300 | $ 7,300 |
| Guarantees issued | $ 721 | $ 389 | |