RESTRUCTURING, DISPOSAL, AND OTHER EXIT COSTS

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021, the Company recorded restructuring expenses of $1 million and $9 million, respectively, in "Restructuring, disposal, and other exit costs" in the Unaudited Consolidated Statements of Operations.

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"). As of March 31, 2022, the assets expected to be transferred to Majorel, with the related liabilities, were classified as held for sale and were stated at the lower of their carrying value and fair

value less costs to sell. The transaction was completed during the three months ended June 30, 2022, resulting in losses recorded in "Restructuring, disposal, and other exit costs" in the Unaudited Consolidated Statements of Operations of $6 million and $42 million during the three and six months ended June 30, 2022, respectively.