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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 1-36691
Booking Holdings Inc.
(Exact name of registrant as specified in its charter)
Delaware06-1528493
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
800 Connecticut Avenue
Norwalk, Connecticut 06854
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 299-8000
Former name, former address and former fiscal year, if changed since last report: N/A
 _____________________________________________________________________________________________
 Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class: Trading Symbol(s)Name of each exchange on which registered:
Common Stock par value $0.008 per share BKNGThe NASDAQ Global Select Market
0.100% Senior Notes Due 2025BKNG 25The NASDAQ Stock Market LLC
4.000% Senior Notes Due 2026BKNG 26The NASDAQ Stock Market LLC
1.800% Senior Notes Due 2027BKNG 27The NASDAQ Stock Market LLC
0.500% Senior Notes Due 2028BKNG 28The NASDAQ Stock Market LLC
3.625% Senior Notes Due 2028BKNG 28AThe NASDAQ Stock Market LLC
4.250% Senior Notes Due 2029BKNG 29The NASDAQ Stock Market LLC
3.500% Senior Notes Due 2029BKNG 29AThe NASDAQ Stock Market LLC
4.500% Senior Notes Due 2031BKNG 31The NASDAQ Stock Market LLC
3.625% Senior Notes Due 2032BKNG 32The NASDAQ Stock Market LLC
4.125% Senior Notes Due 2033BKNG 33 The NASDAQ Stock Market LLC
4.750% Senior Notes Due 2034BKNG 34The NASDAQ Stock Market LLC
3.750% Senior Notes Due 2036BKNG 36The NASDAQ Stock Market LLC
4.000% Senior Notes Due 2044BKNG 44The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
Accelerated filer Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes No



Number of shares of Common Stock outstanding at October 23, 2024:
Common Stock, par value $0.008 per share33,096,713
(Class)(Number of Shares)



Booking Holdings Inc.
Form 10-Q
 
For the Three Months Ended September 30, 2024
 
PART I - FINANCIAL INFORMATION 
  
Item 1. Financial Statements
  
Consolidated Balance Sheets at September 30, 2024 (Unaudited) and December 31, 2023
Consolidated Statements of Operations (Unaudited) For the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Comprehensive Income (Unaudited) For the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) For the Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended September 30, 2024 and 2023
Notes to Unaudited Consolidated Financial Statements
  
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
  
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
Item 4. Controls and Procedures
  
PART II - OTHER INFORMATION 
  
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
  
SIGNATURES
3


PART I — FINANCIAL INFORMATION
Item 1.  Financial Statements

Booking Holdings Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
 September 30,
2024
December 31,
2023
(Unaudited)
ASSETS  
Current assets:  
Cash and cash equivalents$15,775 $12,107 
Short-term investments (Available-for-sale debt securities:
Amortized cost of $580 at December 31, 2023)
 576 
Accounts receivable, net (Allowance for expected credit losses of $131 and $137, respectively)
3,649 3,253 
Prepaid expenses, net490 644 
Other current assets615 454 
Total current assets20,529 17,034 
Property and equipment, net882 784 
Operating lease assets600 705 
Intangible assets, net1,450 1,613 
Goodwill2,838 2,826 
Long-term investments500 440 
Other assets, net1,179 940 
Total assets$27,978 $24,342 
LIABILITIES AND STOCKHOLDERS' DEFICIT  
Current liabilities:  
Accounts payable$4,065 $3,480 
Accrued expenses and other current liabilities5,287 4,635 
Deferred merchant bookings4,907 3,254 
Short-term debt2,419 1,961 
Total current liabilities16,678 13,330 
Deferred income taxes191 258 
Operating lease liabilities508 599 
Long-term U.S. transition tax liability257 515 
Other long-term liabilities204 161 
Long-term debt13,793 12,223 
Total liabilities31,631 27,086 
Commitments and contingencies (see Note 13)
Stockholders' deficit:  
Common stock, $0.008 par value,
Authorized shares: 1,000,000,000
Issued shares: 64,265,798 and 64,048,000, respectively
  
Treasury stock: 31,089,462 and 29,650,351 shares, respectively
(46,734)(41,426)
Additional paid-in capital7,635 7,175 
Retained earnings35,749 31,830 
Accumulated other comprehensive loss(303)(323)
Total stockholders' deficit(3,653)(2,744)
Total liabilities and stockholders' deficit$27,978 $24,342 
    
See Notes to Unaudited Consolidated Financial Statements.
4


Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share data)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Merchant revenues$4,972 $3,945 $10,806 $8,467 
Agency revenues2,753 3,135 6,660 7,346 
Advertising and other revenues269 261 802 768 
Total revenues7,994 7,341 18,268 16,581 
Operating expenses:  
Marketing expenses2,151 2,022 5,700 5,340 
Sales and other expenses872 807 2,370 2,094 
Personnel, including stock-based compensation of $148, $128, $432, and $369, respectively
868 788 2,501 2,262 
General and administrative575 305 873 821 
Information technology194 187 564 468 
Depreciation and amortization155 129 434 370 
Total operating expenses4,815 4,238 12,442 11,355 
Operating income3,179 3,103 5,826 5,226 
Interest expense(305)(254)(788)(689)
Interest and dividend income327 289 863 783 
Other income (expense), net(332)11 (173)(250)
Income before income taxes2,869 3,149 5,728 5,070 
Income tax expense352 638 914 1,003 
Net income$2,517 $2,511 $4,814 $4,067 
Net income applicable to common stockholders per basic common share$75.37 $70.62 $142.38 $111.09 
Weighted-average number of basic common shares outstanding (in 000's)33,401 35,570 33,814 36,615 
Net income applicable to common stockholders per diluted common share$74.34 $69.80 $140.45 $110.02 
Weighted-average number of diluted common shares outstanding (in 000's)33,864 35,987 34,278 36,971 

See Notes to Unaudited Consolidated Financial Statements.

5


Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Net income$2,517 $2,511 $4,814 $4,067 
Other comprehensive income (loss), net of tax (1)
21 6 20 (18)
Comprehensive income$2,538 $2,517 $4,834 $4,049 
(1)    Primarily consists of foreign currency translation adjustments (see Note 12).

See Notes to Unaudited Consolidated Financial Statements.
6


Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
(In millions, except share data)
 
Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTotal
Shares
(in 000's)
AmountShares
(in 000's)
Amount
Three Months Ended September 30, 2024
Balance, June 30, 202464,259 $ (30,623)$(44,958)$7,479 $33,527 $(324)$(4,276)
Net income— — — — — 2,517 — 2,517 
Other comprehensive income, net of tax— — — — — — 21 21 
Exercise of stock options and vesting of restricted stock units and performance share units7 — — — 2 — — 2 
Stock-based compensation— — — — 154 — — 154 
Repurchase of common stock— — (466)(1,776)— — — (1,776)
Dividends— — — — — (295)— (295)
Balance, September 30, 202464,266 $ (31,089)$(46,734)$7,635 $35,749 $(303)$(3,653)
Nine Months Ended September 30, 2024
Balance, December 31, 202364,048 $ (29,650)$(41,426)$7,175 $31,830 $(323)$(2,744)
Net income— — — — — 4,814 — 4,814 
Other comprehensive income, net of tax— — — — — — 20 20 
Exercise of stock options and vesting of restricted stock units and performance share units218 — — — 11 — — 11 
Stock-based compensation— — — — 449 — — 449 
Repurchase of common stock— — (1,439)(5,308)— — — (5,308)
Dividends— — — — — (895)— (895)
Balance, September 30, 202464,266 $ (31,089)$(46,734)$7,635 $35,749 $(303)$(3,653)
7


Common StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Loss
Shares
(in 000's)
AmountShares
(in 000's)
AmountTotal
Three Months Ended September 30, 2023
Balance, June 30, 202364,015 $ (27,974)$(36,319)$6,848 $29,097 $(291)$(665)
Net income— — — — — 2,511 — 2,511 
Other comprehensive income, net of tax— — — — — — 6 6 
Exercise of stock options and vesting of restricted stock units and performance share units17 — — — 13 — — 13 
Stock-based compensation— — — — 135 — — 135 
Repurchase of common stock— — (870)(2,625)— — — (2,625)
Balance, September 30, 202364,032 $ (28,844)$(38,944)$6,996 $31,608 $(285)$(625)
Nine Months Ended September 30, 2023
Balance, December 31, 202263,781 $ (25,918)$(30,983)$6,491 $27,541 $(267)$2,782 
Net income— — — — — 4,067 — 4,067 
Other comprehensive loss, net of tax— — — — — — (18)(18)
Exercise of stock options and vesting of restricted stock units and performance share units251 — — — 122 — — 122 
Stock-based compensation— — — — 383 — — 383 
Repurchase of common stock— — (2,926)(7,961)— — — (7,961)
Balance, September 30, 202364,032 $ (28,844)$(38,944)$6,996 $31,608 $(285)$(625)

See Notes to Unaudited Consolidated Financial Statements.

8


Booking Holdings Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 Nine Months Ended
September 30,
 20242023
OPERATING ACTIVITIES:
Net income$4,814 $4,067 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation and amortization434 370 
Provision for expected credit losses and chargebacks292 224 
Deferred income tax benefit(75)(409)
Net (gains) losses on equity securities(27)151 
Stock-based compensation expense432 369 
Operating lease amortization114 120 
Unrealized foreign currency transaction losses (gains) related to Euro-denominated debt108 (2)
Other 3 
Changes in assets and liabilities: 
Accounts receivable(651)(1,506)
Prepaid expenses and other current assets12 96 
Deferred merchant bookings and other current liabilities2,308 2,644 
Other(159)(129)
Net cash provided by operating activities7,602 5,998 
INVESTING ACTIVITIES: 
Proceeds from sale and maturity of investments590 1,785 
Additions to property and equipment(353)(251)
Other investing activities(33)(9)
Net cash provided by investing activities204 1,525 
FINANCING ACTIVITIES:
Proceeds from the issuance of long-term debt2,959 1,893 
Payment on maturity of debt(1,114)(500)
Payments for repurchase of common stock (5,282)(7,889)
Dividends paid(885) 
Proceeds from exercise of stock options11 122 
Other financing activities(36)(45)
Net cash used in financing activities(4,347)(6,419)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents214 (29)
Net increase in cash and cash equivalents and restricted cash and cash equivalents3,673 1,075 
Total cash and cash equivalents and restricted cash and cash equivalents, beginning of period 12,135 12,251 
Total cash and cash equivalents and restricted cash and cash equivalents, end of period $15,808 $13,326 

See Notes to Unaudited Consolidated Financial Statements.
9


Booking Holdings Inc.
Notes to Unaudited Consolidated Financial Statements
 
1.    BASIS OF PRESENTATION
 
Management of Booking Holdings Inc. (the "Company") is responsible for the Unaudited Consolidated Financial Statements included in this document, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results. The Company prepared the Unaudited Consolidated Financial Statements following the requirements of the Securities and Exchange Commission for interim reporting. As permitted under those rules, the Company condensed or omitted certain footnotes or other financial information that are normally required by U.S. GAAP for annual financial statements. These Unaudited Consolidated Financial Statements should be read in combination with the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
 
The Unaudited 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. The functional currency of the Company's subsidiaries is generally the respective local currency. For international operations, 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 accompanying Consolidated Balance Sheets. Foreign currency transaction gains and losses are included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations.
 
Revenues, expenses, assets, and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for any subsequent quarter or the full year.

Reclassification

Certain amounts from prior periods have been reclassified to conform to the current period presentation. These include the reclassification of certain indirect taxes, primarily digital services taxes, between "General and administrative" expenses and "Sales and other expenses" in the Unaudited Consolidated Statements of Operations. See Notes 2 and 21 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Recent Accounting Pronouncements

See "Recent Accounting Pronouncements Adopted" and "Other Recent Accounting Pronouncements" in Note 2 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Improved guidance to help determine transactions to be accounted for as share-based payment arrangements
    
In March 2024, the Financial Accounting Standards Board issued an Accounting Standards Update adding illustrative guidance to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of the Accounting Standards Codification ("ASC") 718, Compensation - Stock Compensation. The update is effective for annual and interim financial statements beginning with the fiscal year 2025. The Company is currently evaluating the impact of the update on its Consolidated Financial Statements.

10


2.    REVENUES

Disaggregation of Revenues

Geographic Information

The Company's revenues from its businesses outside of the U.S. consists of the results of Booking.com, Agoda, and Rentalcars.com in their entirety and the results of the KAYAK and OpenTable businesses located outside of the U.S. This classification is independent of where the consumer resides, where the consumer is physically located while using the Company's services, or the location of the travel service provider or restaurant. For example, a reservation made through Booking.com (which is domiciled in the Netherlands) at a hotel in New York by a consumer in the U.S. is part of the results of the Company's businesses outside of the U.S. The Company's geographic information on revenues is as follows (in millions):
Outside of the U.S.
U.S.The NetherlandsOtherTotal Company
Total revenues for the three months ended September 30,
2024$662 $6,614 $718 $7,994 
2023$633 $6,127 $581 $7,341 
Total revenues for the nine months ended September 30,
2024$1,857 $14,416 $1,995 $18,268 
2023$1,771 $13,326 $1,484 $16,581 

Revenues by Type of Service

Approximately 90% of the Company's revenues for the three and nine months ended September 30, 2024 and approximately 89% of the Company's revenues for the three and nine months ended September 30, 2023 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 period.

Consumer Incentive Programs

At September 30, 2024 and December 31, 2023, liabilities of $133 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 referral bonuses, rebates, credits, discounts, and loyalty programs.

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.

11


3.    STOCK-BASED COMPENSATION
 
The Company maintains equity incentive plans that include broad-based grants of restricted stock units, performance share units granted to officers and certain other employees, and stock options granted to certain employees.

Restricted stock units and performance share units granted by the Company during the nine months ended September 30, 2024 had an aggregate grant-date fair value of $627 million. Restricted stock units and performance share units that vested during the nine months ended September 30, 2024 had an aggregate fair value at vesting of $736 million. At September 30, 2024, there was $833 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 1.9 years.

The following table summarizes the activity in restricted stock units and performance share units for employees and non-employee directors during the nine months ended September 30, 2024: 
Restricted Stock UnitsPerformance Share Units
SharesWeighted-average Grant-date Fair ValueSharesWeighted-average Grant-date Fair Value
Unvested at December 31, 2023 (1)
291,404$2,404233,026$2,467
Granted (2)
141,702$3,51135,301$3,660
Vested(134,476)$2,328(76,070)$2,452
Performance shares adjustment (3)
2,124$3,899
Forfeited(13,019)$2,782(5,596)$2,617
Unvested at September 30, 2024285,611$2,972188,785$2,709
(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.
(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.

The following table summarizes the activity in stock options during the nine months ended September 30, 2024:
Employee Stock OptionsNumber of SharesWeighted-average Exercise PriceAggregate
 Intrinsic Value (in millions)
Weighted-average Remaining Contractual Term
(in years)
Balance, December 31, 202325,523 $1,411$55 6.4
Exercised
(7,906)$1,411$17 
Balance, September 30, 202417,617 $1,411$49 5.6
Exercisable at September 30, 202417,617 $1,411$49 5.6

12


4.    NET INCOME PER SHARE
 
The Company computes basic net income per share by dividing net income applicable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net income per share is based upon the weighted-average number of common and common equivalent shares outstanding during the period. Only dilutive common equivalent shares that decrease the net income per share are included in the computation of diluted net income per share.

Common equivalent shares related to stock options, restricted stock units, and performance share units are calculated using the treasury stock method. Performance share units are included in the weighted-average common equivalent shares based on the number of shares that would be issued if the end of the reporting period were the end of the performance period, if the result would be dilutive.

The Company's convertible senior notes have net share settlement features requiring the Company, upon conversion, to settle the principal amount of the debt for cash and the conversion premium for cash or shares of the Company's common stock, at the Company's option. If the conversion prices for the convertible senior notes exceed the Company's average stock price for the period, the convertible senior notes generally have no impact on diluted net income per share. The Company uses the if-converted method for the convertible senior notes in the calculation of 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 (in thousands):
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2024202320242023
Weighted-average number of basic common shares outstanding33,401 35,570 33,814 36,615 
Weighted-average dilutive stock options, restricted stock units, and performance share units
215 231 229 211 
Assumed conversion of convertible senior notes248 186 235 145 
Weighted-average number of diluted common and common equivalent shares outstanding
33,864 35,987 34,278 36,971 

13


5.    INVESTMENTS

The following table summarizes the Company's investments by major security type at September 30, 2024 and December 31, 2023 (in millions): 
 CostGross
Unrealized Gains /Upward Adjustments
Gross
Unrealized Losses /Downward Adjustments
Carrying Value
September 30, 2024
Long-term investments:
Equity securities with readily determinable fair values$715 $ $(360)$355 
Equity securities of private entities111 259 (225)145 
Total long-term investments$826 $259 $(585)$500 
December 31, 2023
Short-term investments:
Debt securities:
International government securities$63 $ $ $63 
U.S. government securities (1)
152  (1)151 
Corporate debt securities365  (3)362 
Total short-term investments$580 $ $(4)$576 
Long-term investments:
Equity securities with readily determinable fair values$715 $ $(404)$311 
Equity securities of private entities78 259 (208)129 
Total long-term investments$793 $259 $(612)$440 
(1)    Includes investments in U.S. municipal bonds.

The Company has classified its investments in debt securities as available-for-sale debt securities. The aggregate unrealized gains and losses on the available-for-sale debt securities, net of tax, are included in "Accumulated other comprehensive loss" in the Consolidated Balance Sheet at December 31, 2023.

Equity securities with readily determinable fair values include the Company's investments in DiDi Global Inc. and Grab Holdings Limited, with fair values of $185 million and $161 million, respectively, at September 30, 2024 and $155 million and $143 million, respectively, at December 31, 2023. Net unrealized gains related to these investments are included in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023. During the nine months ended September 30, 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 Unaudited Consolidated Statement of Operations for the nine months ended September 30, 2023. The cost basis of the Company's investment in Meituan was $450 million.

The Company's investments in equity securities of private entities at September 30, 2024 and December 31, 2023 include $51 million originally invested in Yanolja Co., Ltd. ("Yanolja"). The Company evaluated its investment in Yanolja for impairment as of June 30, 2023 and recognized an impairment charge of $24 million during the nine months ended September 30, 2023 (see Note 6). The carrying value of the Company's investment in Yanolja was $98 million at September 30, 2024 and December 31, 2023.

14


6.    FAIR VALUE MEASUREMENTS

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.

Financial assets and liabilities measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023 and nonrecurring basis, as applicable, are classified in the categories described in the table below (in millions):
 Level 1Level 2Level 3Total
September 30, 2024
Recurring fair value measurements
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments$14,258 $ $ $14,258 
Certificates of deposit95   95 
Long-term investments:
Equity securities355   355 
Derivatives:
Foreign currency exchange derivatives 114  114 
Total assets at fair value$14,708 $114 $ $14,822 
LIABILITIES:
Foreign currency exchange derivatives$ $65 $ $65 
December 31, 2023
Recurring fair value measurements
ASSETS:
Cash equivalents and restricted cash equivalents:
Money market fund investments$10,871 $ $ $10,871 
Certificates of deposit97   97 
Short-term investments:
International government securities 63  63 
U.S. government securities 151  151 
Corporate debt securities 362  362 
Long-term investments:
Equity securities311   311 
Derivatives:
Foreign currency exchange derivatives 62  62 
Total assets at fair value$11,279 $638 $ $11,917 
LIABILITIES:
Foreign currency exchange derivatives$ $36 $ $36 
Nonrecurring fair value measurements
Investment in equity securities of a private entity (1)
$ $ $98 $98 
(1)    During the year ended December 31, 2023, the investment in Yanolja was written down to its estimated fair value.

15


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.

As of June 30, 2023, 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 and recognized an impairment charge (see Note 5). 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, includes the weighted average cost of capital (10.5%-14.5%) 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

The Company reports the fair values of its derivative assets and liabilities on a gross basis in the Consolidated Balance Sheets in "Other current assets" and "Accrued expenses and other current liabilities," respectively. As of September 30, 2024 and December 31, 2023, the Company did not designate any derivatives as hedges for accounting purposes.

For the Company's foreign currency exchange derivatives outstanding as of September 30, 2024 and December 31, 2023, the notional amounts of the foreign currency purchases were $8.5 billion and $4.9 billion, respectively, and the notional amounts of the foreign currency sales were $4.3 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 sheets.

The effect of foreign currency exchange derivatives recorded in "Other income (expense), net" in the Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 is as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Gains (losses) on foreign currency exchange derivatives
$130 $(56)$(32)$(140)

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Other Financial Assets and Liabilities

At September 30, 2024 and December 31, 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 9 for the estimated fair value of the Company's outstanding senior notes, including the estimated fair value of the Company's convertible senior notes.

7.    ACCOUNTS RECEIVABLE AND OTHER FINANCIAL ASSETS
 
Accounts receivable in the Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 includes receivables from customers of $2.3 billion and $1.9 billion, respectively, and receivables from payment processors and networks of $1.3 billion. The remaining balance principally relates to receivables from marketing affiliates. 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, potential recession, 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 (in millions):
Nine Months Ended
September 30,
 20242023
Balance, beginning of year$137 $117 
Provision charged to earnings152 103 
Write-offs and other adjustments(158)(104)
Balance, end of period$131 $116 

8.    INTANGIBLE ASSETS AND GOODWILL

The Company's intangible assets at September 30, 2024 and December 31, 2023 consist of the following (in millions): 
September 30, 2024December 31, 2023
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
Amortization Period
Trade names$1,816 $(985)$831 $1,812 $(911)$901 
3 - 20 years
Supply and distribution agreements1,410 (832)578 1,402 (759)643 
3 - 20 years
Other intangible assets331 (290)41 330 (261)69 
Up to 20 years
Total intangible assets$3,557 $(2,107)$1,450 $3,544 $(1,931)$1,613 
 
Intangible assets are amortized on a straight-line basis. Amortization expense for the intangible assets was $55 million for the three months ended September 30, 2024 and 2023 and $166 million for the nine months ended September 30, 2024 and 2023.

The carrying value of the Company's goodwill at September 30, 2024 and December 31, 2023 was $2.8 billion and is stated net of cumulative impairment charges of $2.0 billion. The Company tests goodwill for impairment at the reporting unit level on an annual basis as of September 30 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. As of September 30, 2024, the Company performed its annual goodwill impairment test and concluded that there was no impairment of goodwill.

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9.    DEBT

Revolving Credit Facility

See Note 12 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for information related to the Company's unsecured revolving credit facility that extends a revolving line of credit of up to $2 billion to the Company. 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. At September 30, 2024 and December 31, 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 at September 30, 2024 and December 31, 2023 consists of the following (in millions): 
September 30, 2024December 31, 2023
Outstanding
 Principal 
Amount
Carrying
 Value (1)
Outstanding
 Principal 
Amount
Carrying
 Value (1)
2.375% (€1 Billion) Senior Notes due September 2024 (2)
$ $ $1,105 $1,104 
3.65% Senior Notes due March 2025 (3)
500 500 500 499 
0.1% (€950 Million) Senior Notes due March 2025 (3)
1,060 1,059 1,050 1,048 
0.75% Convertible Senior Notes due May 2025 (2) (3)
862 860 862 857 
3.6% Senior Notes due June 2026
1,000 999 1,000 998 
4.0% (€750 Million) Senior Notes due November 2026
837 835 828 825 
1.8% (€1 Billion) Senior Notes due March 2027
1,116 1,115 1,105 1,103 
3.55% Senior Notes due March 2028
500 499 500 499 
0.5% (€750 Million) Senior Notes due March 2028
837 835 828 825 
3.625% (€500 Million) Senior Notes due November 2028
558 556 552 549 
3.5% (€500 Million) Senior Notes due March 2029
558 556   
4.25% (€750 Million) Senior Notes due May 2029
837 832 828 823 
4.625% Senior Notes due April 2030
1,500 1,493 1,500 1,492 
4.5% (€1 Billion) Senior Notes due November 2031
1,116 1,109 1,105 1,098 
3.625% (€650 Million) Senior Notes due March 2032
725 720   
4.125% (€1.25 Billion) Senior Notes due May 2033
1,396 1,381 1,381 1,367 
4.75% (€1 Billion) Senior Notes due November 2034
1,116 1,108 1,105 1,097 
3.75% (€850 Million) Senior Notes due March 2036
949 934   
4.0% (€750 Million) Senior Notes due March 2044
837 821   
Total outstanding debt$16,304 $16,212 $14,249 $14,184 
Short-term debt$2,422 $2,419 $1,967 $1,961 
Long-term debt$13,882 $13,793 $12,282 $12,223 
(1)    The carrying values differ from the outstanding principal amounts due to unamortized debt discounts and debt issuance costs of $92 million and $65 million as of September 30, 2024 and December 31, 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 Unaudited Consolidated Balance Sheet as of September 30, 2024.
 
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Fair Value of Debt

At September 30, 2024 and December 31, 2023, the estimated fair value of outstanding debt was approximately $17.8 billion and $15.2 billion, respectively, and was considered a "Level 2" fair value measurement (see Note 6). Fair value was estimated based upon actual trades at the end of the reporting period or the most recent trade available as well as the Company's stock price at the end of the reporting period. The estimated fair value of the Company's debt in excess of the outstanding principal amount at September 30, 2024 and December 31, 2023 primarily relates to the conversion premium 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 $1,873 per share. The May 2025 Notes are convertible, at the option of the holder, prior to November 1, 2024, upon the occurrence of specific events, including but not limited to a change in control, or if the closing sales price of the Company's common stock for at least 20 trading days in the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is more than 130% of the conversion price in effect for the notes on the last trading day of the immediately preceding quarter. In the event that all or substantially all of the Company's common stock is acquired on or prior to the maturity of the May 2025 Notes in a transaction in which the consideration paid to holders of the Company's common stock consists of all or substantially all cash, the Company would be required to make additional payments in the form of additional shares of common stock to the holders of the May 2025 Notes in an aggregate value ranging from $0 to $235 million depending upon the date of the transaction and the then current stock price of the Company. Starting on November 1, 2024, holders will have the right to convert all or any portion of the May 2025 Notes, regardless of the Company's stock price. The May 2025 Notes may not be redeemed by the Company prior to maturity. The holders may require the Company to repurchase the May 2025 Notes for cash in certain circumstances. Interest on the May 2025 Notes is payable on May 1 and November 1 of each year. If the note holders exercise their option to convert, the Company delivers cash to repay the principal amount of the notes and delivers shares of common stock or cash, at its option, to satisfy the conversion value in excess of the principal amount. At September 30, 2024 and December 31, 2023, the estimated fair value of the May 2025 Notes was $1.9 billion and $1.6 billion, respectively, and was considered a "Level 2" fair value measurement (see Note 6). 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 and continue to be convertible during the fourth calendar quarter of 2024.

Other Senior Notes

The following table summarizes the information related to other senior notes issued in March 2024:
Other Senior Notes
Effective Interest Rate (1)
Timing of Interest Payments
3.5% Senior Notes due March 2029
3.61%Annually in March
3.625% Senior Notes due March 2032
3.71%Annually in March
3.75% Senior Notes due March 2036
3.92%Annually in March
4.0% Senior Notes due March 2044
4.15%Annually in March
(1)    Represents the coupon interest rate adjusted for deferred debt issuance costs and premiums or discounts existing at the origination of the debt.

The proceeds from the issuance of these senior notes are available for general corporate purposes, including to repurchase shares of the Company's common stock and to redeem or repay outstanding indebtedness.

In September 2024, the Company paid $1.1 billion on the maturity of the Senior Notes due September 2024. In March 2023, the Company paid $500 million on the maturity of the Senior Notes due March 2023. In addition, the Company paid the applicable accrued and unpaid interest relating to each of these senior notes.
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Interest expense related to other senior notes consists primarily of coupon interest expense of $137 million and $391 million for the three and nine months ended September 30, 2024, respectively, and $109 million and $301 million for the three and nine months ended September 30, 2023, respectively.

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 nine months ended September 30, 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 $5.9 billion to $8.4 billion, respectively.

10.    TREASURY STOCK AND DIVIDENDS
 
At December 31, 2023, the Company had a total remaining authorization of $13.7 billion 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. At September 30, 2024, the Company had a total remaining authorization of $8.8 billion to repurchase its 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. 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 three and nine months ended September 30, 2024 and 2023 (in millions, except for shares, which are reflected in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
SharesAmountSharesAmountSharesAmountSharesAmount
Authorized stock repurchase programs464 $1,767 867 $2,616 1,345 $4,978 2,856 $7,776 
General authorization for shares withheld on stock award vesting2 9 3 9 94 330 70 185 
Total466$1,776 870$2,625 1,439$5,308 2,926$7,961 

Stock repurchases of $20 million in September 2024 were settled in October 2024.

For the nine months ended September 30, 2024 and 2023, the Company remitted employee withholding taxes of $329 million and $185 million, respectively, to the tax authorities, which may differ from the aggregate cost of the shares withheld for taxes for each period due to the timing in remitting the taxes. The cash remitted to the tax authorities is included in financing activities in the Unaudited Consolidated Statements of Cash Flows.

The Company recorded an estimated excise tax liability for share repurchases of $141 million and $96 million as of September 30, 2024 and December 31, 2023, respectively. The excise tax liability is included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets.

During the nine months ended September 30, 2024, the Company paid cash dividends of $885 million. In October 2024, the Board declared a cash dividend of $8.75 per share of common stock, payable on December 31, 2024 to stockholders of record as of the close of business on December 6, 2024.

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11.    INCOME TAXES
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