2020 Form 10-K Financial Statement

#000156459021006939 Filed on February 19, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019 Q1
Revenue $604.0M $335.0M $376.0M
YoY Change -61.28% -3.18% -0.53%
Cost Of Revenue $55.00M $21.00M $21.00M
YoY Change -41.49% 10.53% 5.0%
Gross Profit $549.0M $314.0M $355.0M
YoY Change -62.55% -3.98% -0.84%
Gross Profit Margin 90.89% 93.73% 94.41%
Selling, General & Admin $489.0M $257.0M $220.0M
YoY Change -43.07% -5.86% -28.34%
% of Gross Profit 89.07% 81.85% 61.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $125.0M $34.00M $23.00M
YoY Change 34.41% 9.68% 15.0%
% of Gross Profit 22.77% 10.83% 6.48%
Operating Expenses $489.0M $291.0M $220.0M
YoY Change -43.07% -4.28% -34.33%
Operating Profit -$329.0M $23.00M $31.00M
YoY Change -275.94% 0.0% 34.78%
Interest Expense $35.00M -$2.000M $2.000M
YoY Change 400.0% -33.33%
% of Operating Profit -8.7% 6.45%
Other Income/Expense, Net -$40.00M $2.000M
YoY Change -671.43% -200.0%
Pretax Income -$369.0M $21.00M $33.00M
YoY Change -290.21% -8.7% 57.14%
Income Tax -$80.00M $5.000M $7.000M
% Of Pretax Income 23.81% 21.21%
Net Earnings -$289.0M $15.00M $26.00M
YoY Change -329.37% 114.29% 420.0%
Net Earnings / Revenue -47.85% 4.48% 6.91%
Basic Earnings Per Share -$2.14 $0.11 $0.19
Diluted Earnings Per Share -$2.14 $0.11 $0.18
COMMON SHARES
Basic Shares Outstanding 134.9M 138.4M
Diluted Shares Outstanding 134.9M 141.3M

Balance Sheet

Concept 2020 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $418.0M $319.0M $811.0M
YoY Change 31.03% -52.39% 24.77%
Cash & Equivalents $418.0M $319.0M $771.0M
Short-Term Investments $0.00 $40.00M
Other Short-Term Assets $22.00M $31.00M $35.00M
YoY Change -29.03% -6.06% -32.69%
Inventory
Prepaid Expenses
Receivables $83.00M $176.0M $227.0M
Other Receivables $50.00M $0.00 $0.00
Total Short-Term Assets $573.0M $533.0M $1.082B
YoY Change 7.5% -41.75% 10.07%
LONG-TERM ASSETS
Property, Plant & Equipment $294.0M $270.0M $257.0M
YoY Change -14.53% 6.72% -1.53%
Goodwill $840.0M
YoY Change 11.11%
Intangibles $110.0M
YoY Change -6.78%
Long-Term Investments $40.00M $55.00M
YoY Change -27.27%
Other Assets $114.0M $95.00M $100.0M
YoY Change 11.76% 10.47% 8.7%
Total Long-Term Assets $1.396B $1.451B $1.313B
YoY Change -3.79% 15.89% 4.46%
TOTAL ASSETS
Total Short-Term Assets $573.0M $533.0M $1.082B
Total Long-Term Assets $1.396B $1.451B $1.313B
Total Assets $1.969B $1.984B $2.395B
YoY Change -0.76% -8.44% 6.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.00M $11.00M $274.0M
YoY Change -68.24% -26.67% -0.72%
Accrued Expenses $154.0M $203.0M $150.0M
YoY Change -16.3% 34.44% 0.0%
Deferred Revenue $62.00M $63.00M
YoY Change -1.59% 6.78%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $14.00M $5.000M
YoY Change 0.0% -28.57%
Total Short-Term Liabilities $242.0M $435.0M $530.0M
YoY Change -44.37% 10.69% -0.75%
LONG-TERM LIABILITIES
Long-Term Debt $562.0M $78.00M $82.00M
YoY Change 620.51%
Other Long-Term Liabilities $269.0M $238.0M $254.0M
YoY Change -10.93% -15.6% -15.33%
Total Long-Term Liabilities $831.0M $238.0M $336.0M
YoY Change 118.68% -15.6% 12.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $242.0M $435.0M $530.0M
Total Long-Term Liabilities $831.0M $238.0M $336.0M
Total Liabilities $1.083B $823.0M $888.0M
YoY Change 31.59% 18.25% 4.47%
SHAREHOLDERS EQUITY
Retained Earnings $681.0M $1.072B
YoY Change -34.71%
Common Stock $1.150B $1.046B
YoY Change 10.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $607.0M $547.0M
YoY Change 10.97%
Treasury Stock Shares $14.12M
Shareholders Equity $886.0M $1.161B $1.507B
YoY Change
Total Liabilities & Shareholders Equity $1.969B $1.984B $2.395B
YoY Change -0.76% -8.44% 6.92%

Cashflow Statement

Concept 2020 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income -$289.0M $15.00M $26.00M
YoY Change -329.37% 114.29% 420.0%
Depreciation, Depletion And Amortization $125.0M $34.00M $23.00M
YoY Change 34.41% 9.68% 15.0%
Cash From Operating Activities -$194.0M $60.00M $182.0M
YoY Change -145.75% 93.55% 4.6%
INVESTING ACTIVITIES
Capital Expenditures $55.00M -$23.00M $17.00M
YoY Change -33.73% 43.75% 13.33%
Acquisitions $4.000M
YoY Change -96.36%
Other Investing Activities -$3.000M -$13.00M -$25.00M
YoY Change -96.77% -13.33% -158.14%
Cash From Investing Activities -$56.00M -$36.00M -$42.00M
YoY Change -68.18% 16.13% -250.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $115.0M
YoY Change 91.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 341.0M -550.0M -24.00M
YoY Change -158.79% 13650.0% -90.24%
NET CHANGE
Cash From Operating Activities -194.0M 60.00M 182.0M
Cash From Investing Activities -56.00M -36.00M -42.00M
Cash From Financing Activities 341.0M -550.0M -24.00M
Net Change In Cash 99.00M -526.0M 116.0M
YoY Change -129.46% 13050.0% -405.26%
FREE CASH FLOW
Cash From Operating Activities -$194.0M $60.00M $182.0M
Capital Expenditures $55.00M -$23.00M $17.00M
Free Cash Flow -$249.0M $83.00M $165.0M
YoY Change -173.02% 76.6% 3.77%

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CY2019 us-gaap Common Stock Dividends Per Share Declared
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140000000
CY2019Q4 us-gaap Stockholders Equity
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CY2020 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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124000000
CY2020Q4 us-gaap Stockholders Equity
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125000000
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116000000
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CY2019 us-gaap Provision For Doubtful Accounts
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CY2020 us-gaap Goodwill Impairment Loss
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CY2019 us-gaap Other Noncash Income Expense
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-124000000
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110000000
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24000000
CY2019 us-gaap Payments To Acquire Marketable Securities
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319000000
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418000000
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319000000
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100000000
CY2019 us-gaap Payments Of Dividends Common Stock
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CY2020 trip Payments Of Financing Costs For Amendments
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500000000
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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19000000
CY2018 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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13000000
CY2019 us-gaap Noncash Or Part Noncash Acquisition Investments Acquired1
NoncashOrPartNoncashAcquisitionInvestmentsAcquired1
41000000
CY2020Q4 trip Number Of Markets With Localized Websites
NumberOfMarketsWithLocalizedWebsites
48
CY2020Q4 trip Number Of Languages Worldwide
NumberOfLanguagesWorldwide
28
CY2020 trip Description Of User Generated Reviews And Opinions Across Broad Base Of Global Travel Related Brands
DescriptionOfUserGeneratedReviewsAndOpinionsAcrossBroadBaseOfGlobalTravelRelatedBrands
Tripadvisor features 884 million reviews and opinions on 7.9 million hotels and other accommodations, restaurants, experiences, airlines and cruises.
CY2020 trip Number Of Reviews And Opinions
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7900000
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Accounting Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We use estimates and assumptions in the preparation of our consolidated financial statements in accordance with GAAP. Our estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements. These estimates and assumptions also affect the reported amount of net income or loss during any period. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our consolidated financial statements include: (i) recognition and recoverability of goodwill, definite-lived intangibles and other long-lived assets; and (ii) accounting for income taxes. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business disruptions and </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">continue to </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">adversely </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and materially</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> impact our results of operations</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. As a result, </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">some</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may chang</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">e materially in future periods.</span></p>
CY2020 trip Weighted Average Maturity Of Portfolio Limit
WeightedAverageMaturityOfPortfolioLimit
P18M
CY2020 trip Maximum Maturity Period For Marketable Security
MaximumMaturityPeriodForMarketableSecurity
P3Y
CY2020 trip Customer Invoices Due Period
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P30D
CY2020 us-gaap Advertising Expense
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118000000
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AdvertisingExpense
423000000
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AdvertisingExpense
544000000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020 trip Cash And Cash Equivalents Maximum Maturity Period
CashAndCashEquivalentsMaximumMaturityPeriod
P90D
CY2020 trip Minimum Maturity Period For Short Term Securities
MinimumMaturityPeriodForShortTermSecurities
P90D
CY2020 trip Maximum Remaining Maturity Period For Short Term Securities
MaximumRemainingMaturityPeriodForShortTermSecurities
P12M
CY2020 trip Minimum Probability That Fair Value Of Reporting Unit Is Less Than Carrying Amount
MinimumProbabilityThatFairValueOfReportingUnitIsLessThanCarryingAmount
0.50
CY2020Q4 trip Deferred Customer Prepayments Current
DeferredCustomerPrepaymentsCurrent
36000000
CY2019Q4 trip Deferred Customer Prepayments Current
DeferredCustomerPrepaymentsCurrent
159000000
CY2020 trip Minimum Maturity Period At Purchase For Short Term Securities
MinimumMaturityPeriodAtPurchaseForShortTermSecurities
P90D
CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
5000000
CY2019 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2000000
CY2018 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-9000000
CY2019Q4 trip Securities Available For Sale
SecuritiesAvailableForSale
0
CY2020Q4 trip Securities Available For Sale
SecuritiesAvailableForSale
0
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Certain Risks and Concentrations </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition to the impact of COVID-19, which is discussed in “Note 1: <span style="font-style:italic;">Organization and Business Description”, </span>our business is subject to certain risks and concentrations, including a concentration related to dependence on our relationships with our customers. For the years ended December 31, 2020, 2019 and 2018 our two most significant travel partners, Expedia (and its subsidiaries) and Booking (and its subsidiaries), each accounted for 10% or more of our consolidated revenue and combined accounted for 25%, 33% and 37%, respectively, of our consolidated revenue, with nearly all of this revenue concentrated in our Hotels, Media &amp; Platform segment. Refer to “Note 4: <span style="font-style:italic;">Revenue Recognition” </span>and “Note 20: <span style="font-style:italic;">Segment and Geographic Information”</span> for information regarding other concentrations related to geographic and product revenues.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Financial instruments, which potentially subject us to concentration of credit risk at any point in time, generally consist, at any point in time, primarily of cash and cash equivalents, corporate debt securities, forward contracts, and accounts receivable. We maintain some cash and cash equivalents balances with financial institutions that are in excess of Federal Deposit Insurance Corporation insurance limits. Our cash and cash equivalents are primarily composed of bank account balances with financial institutions primarily denominated in U.S. dollars, Euros, British pounds, and Australian dollars. We invest in highly-rated corporate debt securities, and our investment policy limits the amount of credit exposure to any one issuer, industry group and currency. Our credit risk related to corporate debt securities is also mitigated by the relatively short maturity period required by our investment policy. Forward contracts are transacted with major international financial institutions with high credit standings, which to date, have typically had maturities of less than 90 days. Our overall credit risk related to accounts receivable is mitigated by the relatively short collection period. </p>
CY2020 trip Foreign Exchange Forward Contracts Maximum Maturity Period
ForeignExchangeForwardContractsMaximumMaturityPeriod
P90D
CY2020Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
0
CY2019Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
0
CY2019Q4 us-gaap Contract With Customer Refund Liability Current
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2000000
CY2019Q4 trip Accounts Receivable And Contract Assets Net Current
AccountsReceivableAndContractAssetsNetCurrent
183000000
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ContractWithCustomerLiabilityCurrent
62000000
CY2019Q1 us-gaap Contract With Customer Liability Current
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63000000
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
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51000000
CY2019 us-gaap Contract With Customer Liability Revenue Recognized
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61000000
CY2020Q4 us-gaap Contract With Customer Refund Liability Current
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11000000
CY2020 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2019 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2019Q4 us-gaap Equity Securities Fv Ni
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2000000
CY2020 us-gaap Number Of Reportable Segments
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2
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
604000000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1560000000
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RevenueFromContractWithCustomerExcludingAssessedTax
1615000000
CY2020Q4 us-gaap Accounts Receivable Net Current
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70000000
CY2019Q4 us-gaap Accounts Receivable Net Current
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176000000
CY2020Q4 us-gaap Contract With Customer Asset Net Current
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13000000
CY2019Q4 us-gaap Contract With Customer Asset Net Current
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7000000
CY2020Q4 trip Accounts Receivable And Contract Assets Net Current
AccountsReceivableAndContractAssetsNetCurrent
83000000
CY2020Q4 us-gaap Assets Fair Value Disclosure
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0
CY2020Q4 us-gaap Financial Liabilities Fair Value Disclosure
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0
CY2019Q4 us-gaap Assets Fair Value Disclosure
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0
CY2019Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
CY2020Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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418000000
CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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319000000
CY2020Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
0
CY2019Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
0
CY2020 us-gaap Derivative Instruments Not Designated As Hedging Instruments Purpose
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsPurpose
We generally use forward contracts to reduce the effects of foreign currency exchange rate fluctuations on our cash flows primarily for the Euro versus the U.S. Dollar. For the periods ended December 31, 2020, 2019 and 2018, respectively, our forward contracts have not been designated as hedges and generally had maturities of less than 90 days.
CY2020 trip Foreign Exchange Forward Contracts Maximum Maturity Period
ForeignExchangeForwardContractsMaximumMaturityPeriod
P90D
CY2019 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1000000
CY2020 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1000000
CY2018 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-3000000
CY2020 trip Outstanding Derivatives Not Designated As Hedging Instruments Maximum Maturity Period
OutstandingDerivativesNotDesignatedAsHedgingInstrumentsMaximumMaturityPeriod
P90D
CY2020 us-gaap Income Loss From Equity Method Investments
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-3000000
CY2019 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1000000
CY2020Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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2000000
CY2019Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
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14000000
CY2020Q2 us-gaap Redeemable Noncontrolling Interest Equity Common Redemption Value
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10000000
CY2020Q4 us-gaap Property Plant And Equipment Gross
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626000000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
589000000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
386000000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
319000000
CY2020Q4 us-gaap Property Plant And Equipment Net
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240000000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
270000000
CY2013Q2 us-gaap Area Of Real Estate Property
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280000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
95000000
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
105000000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
54000000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
74000000
CY2020Q4 trip Lease Assets Noncurrent
LeaseAssetsNoncurrent
149000000
CY2019Q4 trip Lease Assets Noncurrent
LeaseAssetsNoncurrent
179000000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
21000000
CY2019Q4 us-gaap Operating Lease Liability Current
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20000000
CY2020Q4 trip Lease Liabilities Current
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26000000
CY2019Q4 trip Lease Liabilities Current
LeaseLiabilitiesCurrent
25000000
CY2020Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
71000000
CY2019Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
78000000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
46000000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
64000000
CY2020Q4 trip Lease Liabilities Noncurrent
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