REVENUE

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

Disaggregation of Revenue

Geographic Information

The Company's revenue from its businesses outside of the U.S. consists of the results of Booking.com, agoda, and Rentalcars.com in their entirety and the 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 United States is part of the results of the Company's businesses outside of the U.S. The Company's geographic information is as follows (in millions):

			Outside of the U.S.
	United States		The Netherlands		Other		Total
Total revenues for the three months ended June 30,
2022	$	594	$	3,340	$	360	$	4,294
2021	$	393	$	1,601	$	166	$	2,160
Total revenues for the six months ended June 30,
2022	$	1,069	$	5,309	$	611	$	6,989
2021	$	590	$	2,412	$	299	$	3,301

Revenue by Type of Service

Approximately 88% and 87% of the Company's revenues for the three and six months ended June 30, 2022, respectively, and 83% and 84% of the Company's revenues for the three and six months ended June 30, 2021, respectively, relate to online accommodation reservation services. Revenue from all other sources of online travel reservation services and advertising and other revenues each individually represent less than 10% of the Company's total revenues for each period.

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 subject to refunds for cancellations. The Company expects to complete its performance obligations generally within one year from the reservation date.

Incentive Programs

The Company provides various incentive programs such as referral bonuses, rebates, credits, and discounts. In addition, the Company offers loyalty programs, such as OpenTable's loyalty program, 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. At June 30, 2022 and December 31, 2021, liabilities of $91 million and $58 million, respectively, for incentives granted and $12 million and $13 million, respectively, for the loyalty programs, were included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets.