RESTRUCTURING, DISPOSAL, AND OTHER EXIT COSTS

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

RESTRUCTURING, DISPOSAL, AND OTHER EXIT COSTS

RESTRUCTURING, DISPOSAL, 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), during the year ended December 31, 2020, the Company took actions at all its brands to reduce the size of its workforce to optimize efficiency and reduce costs. During the three months ended March 31, 2021, the Company recorded restructuring expenses of $8 million.

In February 2022, the Company entered into an agreement to transfer certain customer service operations of Booking.com to Majorel Group Luxembourg S.A. ("Majorel"). The transaction is subject to customary closing conditions. The assets expected to be transferred to Majorel, with the related liabilities, are classified as held for sale as of March 31, 2022 and are stated at the lower of their carrying value and fair value less costs to sell resulting in a loss of $36 million which was recorded in "Restructuring, disposal and other exit costs" in the Unaudited Consolidated Statement of Operations for the three months ended March 31, 2022. "Other current assets" and "Accrued expenses and other current liabilities" in the Company's Unaudited Consolidated Balance Sheet as of March 31, 2022 includes held-for-sale assets of $10 million and related liabilities of $47 million, respectively. The carrying value of the assets and liabilities in the disposal group, before the allocation of the loss on classification as held for sale, includes lease assets and related lease liabilities of $23 million and accrued expenses of $15 million.