OTHER (Notes)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Restricted Cash and Cash Equivalents

Restricted cash and cash equivalents at June 30, 2020 and December 31, 2019 principally relates to the minimum cash requirement for the Company's travel-related insurance business. The following table reconciles cash and cash equivalents and restricted cash and cash equivalents reported in the Consolidated Balance Sheets to the total amounts shown in the Unaudited Consolidated Statements of Cash Flows (in millions):


	June 30, 2020		December 31, 2019
	(Unaudited)
As included in the Consolidated Balance Sheets:
Cash and cash equivalents	$	10,404	$	6,312
Restricted cash and cash equivalents included in "Prepaid expenses and other current assets, net"	19		20
Total cash and cash equivalents and restricted cash and cash equivalents as shown in the Unaudited Consolidated Statements of Cash Flows	$	10,423	$	6,332

Income Taxes Prepayment and Refund

In the first quarter of 2020, the Company made a prepayment of the Netherlands income taxes of 660 million Euros ($717 million) to earn prepayment discounts. The Company requested a refund of this amount from the Dutch tax authorities and it was received in April 2020.

Restructuring and other Exit Costs

In response to the reduction in the Company's business volumes as a result of the impact of the COVID-19 pandemic (see Note 1), the Company has taken actions to reduce the size of its workforce to optimize efficiency. During the three months ended June 30, 2020, agoda, KAYAK and OpenTable initiated restructuring actions, as part of their respective restructuring plans, resulting in a reduction in the workforce of approximately 1,700 employees. In addition, in July 2020, the Company initiated restructuring actions at priceline.

The total pretax charges related to these restructuring actions initiated during the three months ended June 30, 2020, estimated at approximately $34 million, are primarily cash-based and consist of employee severance and other one-time termination benefits, and other costs. The Company expects the payments for these restructuring costs to be substantially completed by December 2020. During the three and six months ended June 30, 2020, the Company recorded expenses of $34 million, which are included in “Restructuring and other exit costs” in the Unaudited Consolidated Statements of Operations and made cash payments of $25 million. At June 30, 2020, restructuring liabilities of $7 million are included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets.

On August 4, 2020, the Company announced its intention to reduce Booking.com's global workforce by up to approximately 25% as a result of the impact of the COVID-19 pandemic on Booking.com and the travel industry. Booking.com is in the process of consulting with its works councils, employee representatives and other relevant organizations where applicable (including in the Netherlands) regarding the intended reduction in force and related cost reduction and restructuring actions. As the Company consults with works councils, employee representatives and other organizations regarding its intentions, the Company expects to develop more clarity on the timing, the number of affected employees, financial impact and other aspects of the contemplated cost reduction actions. The Company expects to finalize its plans and make relevant announcements to employees on a country-by-country basis, with the first countries starting in September 2020, and expects to complete all such announcements by the end of 2020.

Government Grants and other Assistance

Certain governments have passed or are considering modifying legislation to help businesses during the COVID-19 pandemic through loans, wage subsidies, tax relief or other financial aid, and some of these governments have extended or are considering extending these programs. The Company has participated in several of these programs, including the Netherlands' wage subsidy program, the United Kingdom's job retention scheme and certain other jurisdictions' programs. In addition, in certain countries, such as Singapore and China, the Company is also participating in programs where the government assistance is in the form of wage subsidies and reductions in wage-related employer taxes paid by the Company. During the three and six months ended June 30, 2020, the Company recognized government grants and other assistance benefit of $100 million, of which $84 million has been received as of June 30, 2020. The government grants and other assistance is recorded as a reduction of "Personnel" expense in the Unaudited Consolidated Statements of Operations. At June 30, 2020, the Company has recorded a receivable of $16 million, included in “Prepaid expenses and other current assets, net” in the Consolidated Balance Sheets, for payments expected to be received for the programs where it has met the qualifying requirements and it is probable that payment will be received. These payments are expected to be received in 2020.