Tripadvisor (TRIP) 10-Q 23 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 16, 2015
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	TripAdvisor, Inc.
Trading Symbol	TRIP
Entity Central Index Key	1,526,520
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Common Stock, Unclassified
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		131,296,364
Class B Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		12,799,999

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenue		$ 405	$ 323	$ 768	$ 604
Costs and expenses:
Cost of revenue	[1]	16	9	29	17
Selling and marketing	[2]	192	127	350	228
Technology and content	[2]	50	41	99	79
General and administrative	[2]	44	32	77	58
Depreciation		15	11	28	21
Amortization of intangible assets		9	3	16	5
Total costs and expenses:		326	223	599	408
Operating income		79	100	169	196
Other income (expense):
Interest expense		(2)	(2)	(4)	(4)
Interest income and other, net		5		3
Total other expense, net		3	(2)	(1)	(4)
Income before income taxes		82	98	168	192
Provision for income taxes		(24)	(30)	(47)	(56)
Net income		$ 58	$ 68	$ 121	$ 136
Earnings per share attributable to common stockholders (Note 14):
Basic		$ 0.40	$ 0.48	$ 0.85	$ 0.95
Diluted		$ 0.40	$ 0.47	$ 0.83	$ 0.93
Weighted average common shares outstanding (Note 14):
Basic		143,709	142,701	143,427	142,550
Diluted		145,959	145,782	145,916	145,724
[1]	Excludes amortization as follows:
[2]	Includes stock-based compensation as follows:

Consolidated Statements of Ope3

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Costs and expenses:
Amortization of intangible assets	$ 9	$ 3	$ 16	$ 5
Depreciation	15	11	28	21
Amortization adjustment	13	7	24	13
Stock-based compensation:
Stock-based compensation	18	15	34	29
Acquired technology
Costs and expenses:
Amortization of intangible assets	3		5
Website development costs
Costs and expenses:
Depreciation	10	7	19	13
Selling and Marketing
Stock-based compensation:
Stock-based compensation	4	3	8	6
Technology and Content
Stock-based compensation:
Stock-based compensation	7	6	13	12
General and Administrative
Stock-based compensation:
Stock-based compensation	$ 7	$ 6	$ 13	$ 11

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income		$ 58	$ 68	$ 121	$ 136
Other comprehensive income (loss):
Foreign currency translation adjustments	[1]	9	(1)	(19)
Total other comprehensive income (loss)		9	(1)	(19)
Comprehensive income		$ 67	$ 67	$ 102	$ 136
[1]	Foreign currency translation adjustments exclude income taxes due to our practice and intention to indefinitely reinvest the earnings of our foreign subsidiaries in those operations.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 583	$ 455
Short-term marketable securities (Note 5)	128	108
Accounts receivable, net of allowance for doubtful accounts of $8 and $7 at June 30, 2015 and December 31, 2014, respectively	243	151
Taxes receivable	24
Prepaid expenses and other current assets	34	33
Total current assets	1,012	747
Long-term marketable securities (Note 5)	35	31
Property and equipment, net (Note 6)	247	195
Intangible assets, net (Note 7)	199	214
Goodwill (Note 7)	743	734
Other long-term assets	41	37
TOTAL ASSETS	2,277	1,958
Current liabilities:
Accounts payable	38	19
Deferred merchant payables	242	93
Deferred revenue	88	57
Current portion of debt (Note 8)	1	78
Taxes payable	5	20
Accrued expenses and other current liabilities (Note 10)	148	114
Total current liabilities	522	381
Deferred income taxes, net	49	39
Other long-term liabilities (Note 11)	178	154
Long-term debt (Note 8)	287	259
Total Liabilities	$ 1,036	$ 833
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.001 par value Authorized shares: 100,000,000 Shares issued and outstanding: 0 and 0
Additional paid-in capital	$ 687	$ 673
Retained earnings	749	628
Accumulated other comprehensive income (loss)	(50)	(31)
Treasury stock-common stock, at cost, 2,194,173 and 2,194,173 shares	(145)	(145)
Total Stockholders’ Equity	1,241	1,125
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,277	$ 1,958

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts	$ 8	$ 7
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,600,000,000	1,600,000,000
Common stock, shares issued	133,472,351	132,315,465
Common stock, shares outstanding	131,278,178	130,121,292
Treasury stock, shares	2,194,173	2,194,173
Class B Common Stock
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	12,799,999	12,799,999
Common stock, shares outstanding	12,799,999	12,799,999

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Millions	Total		Class B Common Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance at Dec. 31, 2014	$ 1,125				$ 673	$ 628	$ (31)	$ (145)
Beginning balance, shares at Dec. 31, 2014			12,799,999	132,315,465				(2,194,173)
Net income	121					121
Foreign currency translation adjustments	(19)	[1]					(19)
Issuance of common stock related to exercises of options and vesting of RSUs	$ 9				9
Issuance of common stock related to exercise of options and vesting of RSUs, shares	2,645,000	[2]		1,156,886
Tax benefits on equity awards, net	$ 29				29
Minimum withholding taxes on net share settlements of equity awards	(62)				(62)
Stock-based compensation	38				38
Ending balance at Jun. 30, 2015	$ 1,241				$ 687	$ 749	$ (50)	$ (145)
Ending balance, shares at Jun. 30, 2015			12,799,999	133,472,351				(2,194,173)
[1]	Foreign currency translation adjustments exclude income taxes due to our practice and intention to indefinitely reinvest the earnings of our foreign subsidiaries in those operations.
[2]	Inclusive of 1,706,170 options which were not converted into shares due to net share settlement in order to cover the aggregate exercise price and the minimum amount of required employee withholding taxes. Potential shares that had been convertible under stock options that were withheld under net share settlement remain in the authorized but unissued pool under the 2011 Incentive Plan and can be reissued by the Company. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited consolidated statements of cash flows.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income	$ 121	$ 136
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment, including amortization of internal-use software and website development	28	21
Stock-based compensation expense	34	29
Amortization of intangible assets	16	5
Deferred tax expense (benefit)	9	(3)
Excess tax benefits from stock-based compensation	(30)	(14)
Other, net		3
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable, prepaid expenses and other assets	(92)	(65)
Accounts payable, accrued expenses and other liabilities	33	35
Deferred merchant payables	149	79
Income taxes, net		25
Deferred revenue	31	16
Net cash provided by operating activities	299	267
Investing activities:
Acquisitions, net of cash acquired	(29)	(152)
Capital expenditures, including internal-use software and website development	(54)	(42)
Purchases of marketable securities	(92)	(219)
Sales of marketable securities	46	324
Maturities of marketable securities	22	79
Net cash used in investing activities	(107)	(10)
Financing activities:
Proceeds from credit facilities	287
Principal payments on term loan	(300)	(20)
Proceeds from exercise of stock options	9	2
Payment of minimum withholding taxes on net share settlements of equity awards	(62)	(23)
Excess tax benefits from stock-based compensation	30	14
Proceeds from lease incentives related to construction financing obligation on build to suit lease	12
Payments on construction financing obligation		(2)
Net cash used in financing activities	(61)	(24)
Effect of exchange rate changes on cash and cash equivalents	(3)	3
Net increase in cash and cash equivalents	128	236
Cash and cash equivalents at beginning of period	455	351
Cash and cash equivalents at end of period	583	587
Supplemental disclosure of non-cash investing and financing activities:
Capitalization of construction in-process related to build to suit lease	6	28
Capital expenditures incurred but not yet paid primarily related to build to suit lease	9
Chinese Credit Facilities
Financing activities:
Proceeds from credit facilities	4	8
Payments to credit facilities	$ (41)	$ (3)

Business Description and Basis

Business Description and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Business Description and Basis of Presentation	NOTE 1: BUSINESS DESCRIPTION AND BASIS OF PRESENTATION We refer to TripAdvisor, Inc. and our wholly-owned subsidiaries as “TripAdvisor,” “the Company,” “us,” “we” and “our” in these notes to the unaudited consolidated financial statements. Description of Business TripAdvisor is an online travel company, empowering users to plan and book the perfect trip. TripAdvisor’s travel research platform aggregates reviews and opinions of members about destinations, accommodations, activities and attractions, and restaurants throughout the world so that our users have access to trusted advice wherever their trips take them. Our platform not only helps users plan their trips with our unique user-generated content, but also enables users to compare real-time pricing and availability so that they can book hotels, vacation rentals, flights, activities and attractions, and restaurants. Our flagship brand is TripAdvisor. TripAdvisor-branded websites include tripadvisor.com in the United States and localized versions of the website in 45 countries worldwide. In addition to the flagship TripAdvisor brand, we manage and operate 24 other media brands, connected by the common goal of providing comprehensive travel planning resources across the travel sector, which include: www.airfarewatchdog.com, www.bookingbuddy.com, www.cruisecritic.com, www.everytrail.com, www.familyvacationcritic.com, www.flipkey.com, www.thefork.com (including www.lafourchette.com, www.eltenedor.com, www.iens.nl, www.besttables.com, and www.dimmi.com.au), www.gateguru.com, www.holidaylettings.co.uk, www.holidaywatchdog.com, www.independenttraveler.com, www.jetsetter.com, www.niumba.com, www.onetime.com, www.oyster.com, www.seatguru.com, www.smartertravel.com, www.tingo.com, www.travelpod.com, www.tripbod.com, www.vacationhomerentals.com, www.viator.com, www.virtualtourist.com, and www.kuxun.cn. We derive the substantial portion of our revenue through the sale of advertising, primarily through click-based advertising and, to a lesser extent, display-based advertising. In addition, we earn revenue from a combination of subscription-based and transaction-based offerings, including: Business Listings; subscription and commission-based offerings from our Vacation Rentals products; transaction revenue from selling room nights through our Jetsetter and Tingo brands; selling destination activities , primarily through Viator; fulfilling online restaurant reservations, primarily through Lafourchette; as well as other revenue including content licensing. We have two reportable segments: Hotel and Other. Our Other segment consists of the aggregation of three operating segments : our Attractions, Restaurants and Vacation Rentals businesses. Our operating segments are determined based on how our chief operating decision maker manages our business, regularly assesses information and evaluates performance for operating decision-making purposes, including allocation of resources. The chief operating decision maker for the Company is our Chief Executive Officer. For further information on our reportable segments see “Note 13 — Segment Information,” in these notes to our unaudited consolidated financial statements. Basis of Presentation The accompanying unaudited financial statements present our results of operations, financial position and cash flows on a consolidated basis. The accompanying unaudited consolidated financial statements include TripAdvisor, our wholly-owned subsidiaries, and entities we control, or in which we have a variable interest and are the primary beneficiary of expected cash profits or losses. We have eliminated significant intercompany transactions and accounts. Certain of our subsidiaries that operate in China have variable interests in affiliated entities in China in order to comply with Chinese laws and regulations, which restrict foreign investment in Internet content provision businesses. Although we do not own the capital stock of some of our Chinese affiliates, we consolidate their results as we are the primary beneficiary of the cash losses or profits of these variable interest affiliates and have the power to direct the activities of these affiliates. Our variable interest entities are not material for all periods presented. We have prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). We have included all adjustments necessary for a fair presentation of the results of the interim period. These adjustments consist of normal recurring items. We prepared the unaudited consolidated financial statements following the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, we have condensed or omitted certain footnotes or other financial information that are normally required by GAAP for annual financial statements. Our interim unaudited consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014, previously filed with the SEC. Reclassifications Pursuant to our disclosure in “Note 16— Segment and Geographic Information” in the notes to our consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014, management revised our reportable segments. All prior period disclosures have been reclassified to conform to the current reporting structure. These reclassifications had no effect on our unaudited consolidated financial statements. In addition, refer to our discussion in “Note 2— Significant Accounting Policies” below for a required prior period reclassification resulting from the adoption of new accounting guidance. All other reclassifications made to conform the prior period to the current presentation were not material and had no net effect on our unaudited consolidated financial statements. Accounting Estimates We use estimates and assumptions in the preparation of our unaudited 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 unaudited 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 unaudited consolidated financial statements include: (i) recoverability of intangible assets and goodwill, (ii) recoverability and useful life of long-lived assets, (iii) accounting for income taxes, (iv) purchase accounting for business combinations and (v) stock-based compensation. Seasonality The global travel market is large and traveler expenditures tend to follow a seasonal pattern. As such, expenditures by travel advertisers to market to potential travelers, and, therefore, our financial performance, tend to be seasonal as well. As a result, our third quarter tends to be our seasonal high, as it is a key period for travel research and trip-taking , and our seasonal low generally occurs in the first and/or fourth quarter. Significant shifts in our business mix or adverse economic conditions could influence the typical trend of our seasonality in the future.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2: SIGNIFICANT ACCOUNTING POLICIES Recently Adopted Accounting Pronouncements In April 2015, the FASB issued new accounting guidance which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The updated guidance will be applied on a retrospective basis. This guidance is effective for fiscal years, and the interim periods within those fiscal years, beginning after December 15, 2015, with early application permitted. The Company has early adopted this guidance during the three months ended June 30, 2015. The retrospective application of this guidance decreased “Other long-term assets” and “Long-term debt” by $ 1 million on the consolidated balance sheet as of December 31, 2014. Refer to “Note 8— Debt” below for the current year presentation. New Accounting Pronouncements Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of rev enue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a full retrospective approach or a modified retrospective approach, which requires the initial cumulative effect to be recognized at the date of initial application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is permitted for fiscal years beginning after December 15, 2016. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements or related disclosures. There have been no material changes to our significant accounting policies since December 31, 2014. For additional information about our critical accounting policies and estimates, refer to “Note 2— Significant Accounting Policies” , in the notes to our consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions	NOTE 3: ACQUISITIONS During the six months ended June 30, 2015, we completed three acquisitions for a total purchase price consideration of $28 million. The cash consideration was paid primarily from our international subsidiaries. We acquired 100 % of the outstanding shares of capital stock for the following companies : ZeTrip , a personal journal app that helps users log activities , including places they have visited and photos they have taken, purchased in January 2015 ; BestTables, a provider of an online and mobile reservations platform for restaurants in Portugal and Brazil , purchased in March 2015 ; and Dimmi, a provider of an online and mobile reservations platform for restaurants in Australia , purchased in May 2015 . These business combinations were accounted for as purchases of businesses under the acquisition method. The fair value of purchase consideration has been allocated to tangible and identifiable intangible assets acquired and liabilities assumed, based on their respective fair values on the acquisition date, with the remaining amount recorded to goodwill. Acquired goodwill represents the premium we paid over the fair value of the net tangible and intangible assets acquired. We paid a premium in these transactions for a number of reasons, but, primarily it was attributable to expected operational synergies, the assembled workforces, and the future development initiatives of the assembled workforces. The results of each of these acquired businesses have been included in the unaudited consolidated financial statements beginning on the respective acquisition dates. Pro-forma results of operations for all of these acquisitions have not been presented as the financial impact to our unaudited consolidated financial statements, both individually and in aggregate, are not material. During the six months ended June 30, 2015, acquisition-related costs were expensed as incurred and were $ 1 million and are included in general and administrative expenses on our unaudited consolidated statements of operations. The purchase price allocation of our 2015 acquisitions is preliminary and subject to revision as more information becomes available, but in any case will not be revised beyond twelve months after the acquisition date and any change to the fair value of assets acquired or liabilities assumed will lead to a corresponding change to the purchase price allocable to goodwill on a retroactive basis. The primary areas of the purchase price allocation that are not yet finalized are related to the fair values of intangibles assets and net assets for Dimmi and income tax - related balances for all 2015 acquisitions. Acquired goodwill related to our 2015 acquisitions was primarily allocated to our Other segment and was not deductible for tax purposes . The following table presents the purchase price allocations initially recorded on our unaudited consolidated balance sheet on June 30, 2015 for all 2015 acquisitions (in millions): Total Goodwill $ 17 Intangible assets (1) 12 Net tangible assets 1 Deferred tax liabilities, net (2 ) Total purchase price consideration (2) $ 28 (1) Identifiable definite-lived intangible assets acquired during 2015 were comprised of trade names of $3 million with a weighted average life of 9.9 years, customer lists and supplier relationships of $7 million with a weighted average life of 6.0 years and technology and other of $2 million with a weighted average life of 2.6 years. The overall weighted-average life of the identifiable definite-lived intangible assets acquired in the purchase of the companies during 2015 was 6.2 years, and will be amortized on a straight-line basis over their estimated useful lives from acquisition date. (2) Subject to adjustment based on (i) final working capital adjustment calculations to be determined for BestTables and Dimmi, and (ii) indemnification obligations for general representations and warranties of the acquired company stockholders.

Stock Based Awards and Other Eq

Stock Based Awards and Other Equity Instruments	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Awards and Other Equity Instruments	NOTE 4: STOCK BASED AWARDS AND OTHER EQUITY INSTRUMENTS Stock-Based Compensation Expense The following table presents the amount of stock-based compensation expense related to stock-based awards, primarily stock options and restricted stock units (“RSUs”), on our unaudited consolidated statements of operations during the periods presented: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 (in millions) (in millions) Selling and marketing $ 4 $ 3 $ 8 $ 6 Technology and content 7 6 13 12 General and administrative 7 6 13 11 Total stock-based compensation 18 15 34 29 Income tax benefit from stock-based compensation (6 ) (6 ) (12 ) (11 ) Total stock-based compensation, net of tax effect $ 12 $ 9 $ 22 $ 18 Stock-Based Award Activity and Valuation 2015 Stock Option Activity During the six months ended June 30, 2015, we issued 378,606 service-based non-qualified stock options under the Company’s 2011 Stock and Annual Incentive Plan, as amended (the “2011 Incentive Plan”). These stock options have a term of ten years from the date of grant and generally vest equitably over a four-year requisite service period. A summary of the status and activity for stock option awards relating to our common stock for the six months ended June 30, 2015, is presented below: Weighted Weighted Average Average Exercise Remaining Aggregate Options Price Per Contractual Intrinsic Outstanding Share Life Value (in thousands) (in years) (in millions) Options outstanding at January 1, 2015 8,651 $ 44.47 Granted 379 85.83 Exercised (1) (2,645 ) 34.11 Cancelled or expired (197 ) 51.33 Options outstanding at June 30, 2015 6,188 $ 51.21 6.0 $ 228 Exercisable as of June 30, 2015 2,606 $ 34.92 4.9 $ 137 Vested and expected to vest after June 30, 2015 6,040 $ 50.80 6.0 $ 225 (1) Inclusive of 1,706,170 options which were not converted into shares due to net share settlement in order to cover the aggregate exercise price and the minimum amount of required employee withholding taxes. Potential shares that had been convertible under stock options that were withheld under net share settlement remain in the authorized but unissued pool under the 2011 Incentive Plan and can be reissued by the Company. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited consolidated statements of cash flows. Aggregate intrinsic value represents the difference between the closing stock price of our common stock and the exercise price of outstanding, in-the-money options. Our closing stock price as reported on The NASDAQ Global Select Market as of June 30, 2015 was $87.14 . The total intrinsic value of stock options exercised for the six months ended June 30, 2015 and 2014 was $122 million and $51 million, respectively. The fair value of stock option grants under the 2011 Incentive Plan has been estimated at the date of grant using the Black–Scholes option pricing model with the following weighted average assumptions for the periods presented: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Risk free interest rate 1.55 % 1.98 % 1.52 % 1.97 % Expected term (in years) 5.24 6.25 5.21 6.38 Expected volatility 40.66 % 47.32 % 41.83 % 48.07 % Expected dividend yield — % — % — % — % The weighted-average grant date fair value of options granted was $33.68 and $47.25 for the six months ended June 30, 2015 and 2014, respectively. The total fair value of stock options vested for the six months ended June 30, 2015 and 2014 was $26 million and $24 million, respectively. 2015 RSU Activity During the six months ended June 30, 2015, we issued 606,471 RSUs under the 2011 Incentive Plan for which the fair value was measured based on the quoted price of our common stock on the date of grant. These RSUs generally vest over a four-year requisite service period. The following table presents a summary of our RSU activity during the six months ended June 30, 2015: Weighted Average Grant- Aggregate RSUs Date Fair Intrinsic Outstanding Value Per Share Value (in thousands) (in millions) Unvested RSUs outstanding as of January 1, 2015 1,448 $ 71.33 Granted 606 85.28 Vested and released (1) (320 ) 63.93 Cancelled (166 ) 70.22 Unvested RSUs outstanding as of June 30, 2015 1,568 $ 78.35 $ 137 (1) Inclusive of 99,976 RSUs withheld to satisfy employee minimum tax withholding requirements due to net share settlement. Potential shares which had been convertible under RSUs that were withheld under net share settlement remain in the authorized but unissued pool under the 2011 Incentive Plan and can be reissued by the Company. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited consolidated statements of cash flows. Unrecognized Stock-Based Compensation A summary of our remaining unrecognized stock-based compensation expense, net of estimated forfeitures, and the weighted average remaining amortization period at June 30, 2015 related to our non-vested stock options and RSU awards is presented below (in millions, except per year information): Stock Options RSUs Unrecognized compensation expense (net of forfeitures) $ 74 $ 92 Weighted average period remaining (in years) 2.6 3.0

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2015
Investments All Other Investments [Abstract]
Financial Instruments	NOTE 5: FINANCIAL INSTRUMENTS Cash, Cash Equivalents and Marketable Securities The following tables show our cash and available-for-sale securities’ amortized cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short and long-term marketable securities for the periods presented (in millions): June 30, 2015 Cash and Short-Term Long-Term Amortized Unrealized Unrealized Fair Cash Marketable Marketable Cost Gains Losses Value Equivalents Securities Securities Cash $ 582 $ - $ - $ 582 $ 582 $ - $ - Level 1: Money market funds 1 - - 1 1 - - Level 2: U.S. agency securities 39 - - 39 - 34 5 U.S treasury securities 15 - - 15 - 15 - Certificates of deposit 15 - - 15 - 11 4 Commercial paper 5 - - 5 - 5 - Corporate debt securities 89 - - 89 - 63 26 Subtotal 163 - - 163 - 128 35 Total $ 746 $ - $ - $ 746 $ 583 $ 128 $ 35 December 31, 2014 Cash and Short-Term Long-Term Amortized Unrealized Unrealized Fair Cash Marketable Marketable Cost Gains Losses Value Equivalents Securities Securities Cash $ 447 $ - $ - $ 447 $ 447 $ - $ - Level 1: Money market funds 8 - - 8 8 - - Level 2: U.S. agency securities 38 - - 38 - 35 3 Certificates of deposit 8 - - 8 - 8 - Commercial paper 1 - - 1 - 1 - Corporate debt securities 92 - - 92 - 64 28 Subtotal 139 - - 139 - 108 31 Total $ 594 $ - $ - $ 594 $ 455 $ 108 $ 31 Our cash and cash equivalents consist of cash on hand in global financial institutions, money market funds and marketable securities with maturities of 90 days or less at the date purchased. The remaining maturities of our long-term marketable securities range from one to three years and our short-term marketable securities include maturities that were greater than 90 days at the date purchased and have 12 months or less remaining at June 30, 2015. We classify our cash equivalents and marketable securities within Level 1 and Level 2 as we value our cash equivalents and marketable securities using quoted market prices (Level 1) or alternative pricing sources (Level 2). The valuation technique we used to measure the fair value of money market funds was derived from quoted prices in active markets for identical assets or liabilities. Fair values for Level 2 investments are considered “Level 2” valuations because they are obtained from independent pricing sources for identical or comparable instruments, rather than direct observations of quoted prices in active markets. Our procedures include controls to ensure that appropriate fair values are recorded, including comparing the fair values obtained from our independent pricing services against fair values obtained from another independent source. There were no material realized gains or losses related to sales of our marketable securities for the three and six months ended June 30, 2015 and 2014, respectively. We consider any individual investments in an unrealized loss position to be temporary in nature and do not consider any of our investments other-than-temporarily impaired. Derivative Financial Instruments Our current forward contracts are not designated as hedges and have current maturities of less than 90 days . Consequently, any gain or loss resulting from the change in fair value was recognized in our unaudited consolidated statement of operations. We recorded a net loss of $ 1 million and a net gain of $ 2 million for the three and six months ended June 30, 2015, respectively, related to our settled and outstanding forward contracts in our unaudited consolidated statement of operations in “O ther, net. ” All gains and losses for the three and six months ended June 30, 2014 were not material. The following tables show the fair value and notional principal amounts of our outstanding derivative instruments that are not designated as hedging instruments for the periods presented: Balance Sheet Caption June 30, 2015 Fair Value of Derivative (2) U.S. Dollar Notional Asset Liability (in millions) Foreign exchange-forward contracts (1) Accrued expenses and other current liabilities $ - $ 1 $ 40 Balance Sheet Caption December 31, 2014 Fair Value of Derivative (2) U.S. Dollar Notional Asset Liability (in millions) Foreign exchange-forward contracts (1) Prepaid expenses and other current assets $ - $ - $ 20 (1) Derivative contracts address foreign exchange fluctuations for the Euro versus the U.S. Dollar. (2) We measure the fair value of our outstanding or unsettled derivatives using Level 2 fair value inputs, as we use a pricing model that takes into account the contract terms as well as current foreign currency exchange rates in active markets. Counterparties to currency exchange derivatives consist of major international financial institutions. We monitor our positions and the credit ratings of the counterparties involved and, by policy limits, the amount of credit exposure to any one party. While we may be exposed to potential losses due to the credit risk of non-performance by these counterparties, losses are not anticipated and any credit risk amounts associated with our outstanding or unsettled derivative instruments are deemed to be not material for any period presented . Other Financial Instruments Other financial instruments not measured at fair value on a recurring basis include trade receivables, trade payables, deferred merchant payables, short-term debt, accrued and other current liabilities and long-term debt. With the exception of long-term debt, the carrying amount approximates fair value because of the short maturity of these instruments as reported on our unaudited consolidated balance sheets as of June 30, 2015 and December 31, 2014, respectively. The carrying value of the long-term debt from our 2015 Credit Facility and 2011 Credit Facility bears interest at a variable rate and therefore is also considered to approximate fair value. We did not have any Level 3 assets or liabilities at June 30, 2015 and December 31, 2014.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2015
Property Plant And Equipment [Abstract]
Property and Equipment, Net	NOTE 6: PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following for the periods presented: June 30, 2015 December 31, 2014 (in millions) Capitalized software and website development $ 125 $ 104 Building (1) 123 - Leasehold improvements 30 40 Computer equipment 36 31 Furniture, office equipment and other 16 11 330 186 Less: accumulated depreciation (83 ) (77 ) Construction in progress (1) - 86 Total $ 247 $ 195 (1) These amounts represent construction costs to date, incurred by the landlord and the Company, related to our new corporate headquarters in Needham, MA. During the six months ended June 30, 2015, we capitalized $ 6 million in non-cash construction costs which were incurred by the landlord, with a corresponding liability recorded in other long-term liabilities. Upon completion of construction at the end of the second quarter of 2015, this asset was reclassified to a building asset and will be depreciated over an estimated useful life of 40 years on a straight-line basis . Refer to “Note 12 – Commitments and Contingencies,” in the notes to our unaudited consolidated financial statements in this Quarterly Report on Form 10-Q for additional information on our corporate headquarters lease.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	6 Months Ended
	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	NOTE 7: GOODWILL AND INTANGIBLE ASSETS, NET The following table summarizes our goodwill activity by segment for the period presented: Hotel Other Consolidated (in millions) Beginning balance as of January 1, 2015 $ 442 $ 292 $ 734 Additions (1) 1 16 17 Other adjustments (2) - (8 ) (8 ) Ending balance as of June 30, 2015 $ 443 $ 300 $ 743 (1) Additions relate to our 2015 business acquisitions. (2) Other adjustments are primarily related to impact of changes in foreign exchange rates. Intangible assets, which were acquired in business combinations and recorded at fair value on the date of purchase, consist of the following for the periods presented: June 30, 2015 December 31, 2014 (in millions) Intangible assets with definite lives $ 203 $ 202 Less: accumulated amortization (34 ) (18 ) Intangible assets with definite lives, net 169 184 Intangible assets with indefinite lives 30 30 Total $ 199 $ 214 The following table presents the components of our intangible assets with definite lives for the periods presented: June 30, 2015 December 31, 2014 Weighted Average Gross Net Gross Net Remaining Life Carrying Accumulated Carrying Carrying Accumulated Carrying (in years) Amount Amortization Amount Amount Amortization Amount (in millions) (in millions) Trade names and trademarks 9.0 $ 54 $ (7 ) $ 47 $ 52 $ (5 ) $ 47 Customer lists and supplier relationships 6.1 83 (11 ) 72 77 (5 ) 72 Subscriber relationships 5.2 30 (7 ) 23 31 (4 ) 27 Technology and other 3.5 36 (9 ) 27 42 (4 ) 38 Total 6.4 $ 203 $ (34 ) $ 169 $ 202 $ (18 ) $ 184 Intangible assets with definite lives are amortized on a straight-line basis. The estimated amortization expense for intangible assets with definite lives for each of the next five years, and the expense thereafter, assuming no subsequent impairment of the underlying assets, is expected to be as follows (in millions): 2015 (remaining six months) $ 16 2016 30 2017 29 2018 26 2019 23 2020 and thereafter 45 Total $ 169

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	NOTE 8: DEBT The Company’s outstanding debt consist ed of the following for the periods presented: June 30, December 31, 2015 2014 (in millions) Short-Term Debt: Chinese Credit Facilities $ 1 $ 38 Term Loan - 40 Total Short-Term Debt $ 1 $ 78 Long-Term Debt: 2015 Credit Facility $ 290 $ - Term Loan - 260 Less: Unamortized discount and debt issuance costs (3 ) (1 ) Total Long-Term Debt $ 287 $ 259 2011 Credit Facility On December 20, 2011, we entered into a credit agreement, (the “ 2011 Credit Facility ”), which provided $ 600 million of borrowing including: — a term loan facility in an aggregate principal amount of $ 400 million with a term of five years due December 2016 (“Term Loan”); and — a revolving credit facility in an aggregate principal amount of $ 200 million available in U.S. dollars, Euros and British pound sterling with a term of five years expiring December 2016 (the “ 2011 Revolving Credit Facility”). On June 26, 2015, the entire outstanding principal on our Term Loan in the amount of $ 290 million was repaid with borrowings from our 2015 Credit Facility (described below) and the 2011 Credit Facility was subsequently terminated. The Company was able to repay the Term Loan debt and terminate the 2011 Credit Facility without premium or penalty. There was no resulting l oss on early extinguishment of this debt. During the three and six months ended June 30, 2015, we recorded total interest and commitment fees on our 2011 Credit Facility of $ 1 million and $ 3 million, respectively, to interest expense on our unaudited consolidated statements of operations. During the three and six months ended June 30, 2014, we recorded total interest and commitment fees on our 2011 Credit Facility of $ 2 million and $ 3 million, respectively, to interest expense on our unaudited consolidated statements of operations. There are no unpaid interest and commitment fee amounts as of June 30, 2015. 2015 Credit Facility On June 26, 2015 , we entered into a five year credit agreement with JPMorgan Chase Bank, N.A., as Administrative Agent; J.P. Morgan Europe Limited, as London Agent; Morgan Stanley Bank, N.A.; Bank of America, N.A.; BNP Paribas; SunTrust Bank; Wells Fargo Bank, National Association; Royal Bank of Canada; Barclays Bank PLC; U.S. Bank National Association; Citibank, N.A.; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; Goldman Sachs Bank USA; and Deutsche Bank AG New York Branch (the “ 2015 Credit Facility ”). The 2015 Credit Facility , among other things, provides for (i) a $ 1 billion unsecured revolving credit facility, (ii) an interest rate on borrowings and commitment fees based on the Company’s and its subsidiaries’ consolidated leverage ratio and (iii) uncommitted incremental revolving loan and term loan facilities, subject to compliance with a leverage covenant and other conditions. Any overdue amounts under or in respect of the revolving credit facility not paid when due shall bear interest at ( i ) in the case of principal, the applicable interest rate plus 2.00 % per annum, ( ii ) in the case of interest denominated in Sterling or Euro, the applicable rate plus 2.00 % per annum and ( ii ) in the case of interest denominated in US Dollars, 2.00 % per ann um plus the Alternate Base Rate plus the interest rate spread applicable to ABR loans . The Company may borrow from the revolving credit facility in U.S dollars, Euros and British pound sterling with a term of five years expiring June 26, 2020 . We immediately borrowed $ 290 million from th is revolving credit facility, which was used to repay all outstanding borrowings pursuant to the 2011 Credit Facility and is recorded in long term liabilities on our unaudited balance sheet as of June 30, 2015. There is no specific repayment date prior to the five-year maturity date for borrowings under this revolving credit facility. Based on the Company’s current leverage ratio, our borrowings bear interest at LIBOR plus 125 basis points , or the Eurocurrency Spread. The Company is currently borrowing under a one-month interest period of 1.44 % per annum, using a one-month interest period Eurocurrency Spread, which will reset periodically. Interest will be payable on a monthly basis while the Company is borrowing under the one-month interest rate period. We are also required to pay a quarterly commitment fee, on the daily unused portion of the revolving credit facility for each fiscal quarter and fees in connection with the issuance of letters of credit. Unused revolver capacity is currently subject to a commitment fee of 20.0 basis points, given the Company’s current leverage ratio. The 201 5 Credit Facility includes $ 40 million of borrowing capacity available for letters of credit and $ 40 million for borrowings on same-day notice. As of June 30, 2015, we had issued $ 2 million of outstanding letters of credit under the 2015 Credit Facility . During the three and six months ended June 30, 2015, total interest and commitment fees recorded under our 2015 Credit Facility to interest expense on our unaudited consolidated statements of operations were not material. All unpaid interest and commitment fee amounts as of June 30, 2015 were also not material. In connection with the 2015 Credit Facility , we incurred lender fees and debt financing costs totaling $ 3 million, which were recorded as a reduction of the 2015 Credit Facility borrowings and reported in l ong-term debt on the unaudited consolidated balance sheet as of June 30, 2015. These costs will be amortized over the term of the 2015 Credit Facility using the effective interest rate method and will be recorded to interest expense on our unaudited consolidated statements of operations. We may voluntarily repay any outstanding borrowing under the 2015 Credit Facility at any time without premium or penalty, other than customary breakage costs with respect to Eurocurrency loans. Certain wholly-owned domestic subsidiaries of the Company have agreed to guarantee the Company’s obligations under the 2015 Credit Facility . The 2015 Credit Facility contains a number of covenants that, among other things, restrict our ability to: incur additional indebtedness, create liens, enter into sale and leaseback transactions, engage in mergers or consolidations, sell or transfer assets, pay dividends and distributions, make investments, loans or advances, prepay certain subordinated indebtedness, make certain acquisitions, engage in certain transactions with affiliates, amend material agreements governing certain subordinated indebtedness, and change our fiscal year. The 2015 Credit Facility also requires us to maintain a maximum leverage ratio and contains certain customary affirmative covenants and events of default, including a change of control. If an event of default occurs, the lenders under the 2015 Credit Facility will be entitled to take various actions, including the acceleration of all amounts due under 2015 Credit Facility . As of June 30, 2015, we are in compliance with all of our debt covenants. The full text of the credit agreement entered into in connection with the 2015 Credit Facility is incorporated by reference in this Quarterly Report to Exhibit 10.1 of the Company’s current report on Form 8 - K filed June 30, 2015 . Chinese Credit Facilities In addition to our borrowings under the 2015 Credit Facility , we maintain our Chinese Credit Facilities. As of June 30, 2015 and December 31, 2014, we had short-term borrowings outstanding of $1 million and $ 38 million, respectively. Certain of our Chinese subsidiaries are entered into a RMB 189,000,000 (approximately $ 30 million), one -year revolving credit facility with Bank of America (the “Chinese Credit Facility—BOA”) that is currently subject to review on a periodic basis with no specific expiration period. Our Chinese Credit Facility—BOA currently bears interest at a rate based on 100 % of the People’s Bank of China’s base rate, which was 4.85 % as of June 30, 2015 . During the three months ended June 30, 2015, the Company made a $ 22 million repayment of our outstanding borrowings on our Chinese Credit Facilities - BOA. As of June 30, 2015, we had $ 1 million of outstanding borrowings from the Chinese Credit Facility—BOA. In addition, certain of our Chinese subsidiaries are entered into a RMB 125,000,000 (approximately $ 20 million) one -year revolving credit facility with J.P. Morgan Chase Bank (“Chinese Credit Facility—JPM”). Our Chinese Credit Facility—JPM currently also bears interest at a rate based on 100 % of the People’s Bank of China’s base rate, which was 4.85 % as of June 30, 2015 . During the three months ended June 30, 2015, the Company made a $ 19 million repayment of our outstanding borrowings on our Chinese Credit Facilities - JPM. As of June 30, 2015, there are no outstanding borrowings under our Chinese Credit Facility – JPM .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9: INCOME TAXES Each interim period is considered an integral part of the annual period and, accordingly, we measure our tax expense using an estimated annual effective tax rate. A company is required, at the end of each interim reporting period, to make its best estimate of the annual effective tax rate for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis, as adjusted for discrete taxable events that occur during the interim period. Our effective tax rate for the three and six months ended June 30, 2015 was 29.3 % and 28.0 %, respectively. Our effective tax rate for the three and six months ended June 30, 2014 was 30.6 % and 29.2 %, respectively. For the three and six months ended June 30, 2015, the effective tax rate is less than the federal statutory rate primarily due to earnings in jurisdictions outside the United States, where our effective tax rate is lower, which was partially offset by state income taxes, non-deductible stock compensation and accruals on uncertain tax positions. The decrease in the effective tax rate for 2015 compared to the 2014 effective tax rate was primarily due to a change in jurisdictional earnings. Our policy is to recognize accrued interest and penalties related to unrecognized tax benefits and income tax liabilities as part of our income tax expense. As of June 30, 2015, accrued interest is $ 3 million, net of federal benefit, and no penalties have been accrued. We do not anticipate any material releases in the next twelve months. We are under examination by the Internal Revenue Service (“IRS”) for the 2009 and 2010 tax years with respect to consolidated income tax returns previously filed with Expedia, Inc., and we have various ongoing state income tax audits. We are separately under examination by the IRS for the 2012 and 2013 tax years. These audits include questioning of the timing and the amount of income and deductions and the allocation of income among various tax jurisdictions. These examinations may lead to proposed or ordinary course adjustments to our taxes. We are no longer subject to tax examinations by tax authorities for years prior to 2007 . As of June 30, 2015, no material assessments have resulted. During the quarter ended June 30, 2015, we received notification of a proposed adjustment from the IRS for the 2009 and 2010 tax years and we anticipate receiving additional notices of proposed adjustments for the same years. These proposed adjustments are related to transfer pricing with our foreign subsidiaries, and will result in an increase to U.S. taxable income and federal tax expense for 2009 and 2010, subject to interest. Our policy is to review and update tax reserves as facts and circumstances change. Based on our interpretation of the regulations and available case law, we believe the position we have taken with regard to transfer pricing with our foreign subsidiaries is sustainable. We intend to defend our position through IRS administrative and, if necessary, judicial remedies .

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	NOTE 10: ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following for the periods presented: June 30, 2015 December 31, 2014 (in millions) Accrued salary, bonus, and related benefits $ 37 $ 41 Accrued marketing costs 49 24 Accrued charitable foundation payments 5 9 Other 57 40 Total $ 148 $ 114

Other Long-Term Liabilities

Other Long-Term Liabilities	6 Months Ended
	Jun. 30, 2015
Other Liabilities Noncurrent [Abstract]
Other Long-Term Liabilities	NOTE 11: OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following for the periods presented: June 30, 2015 December 31, 2014 (in millions) Unrecognized tax benefits (1) $ 78 $ 68 Construction financing obligation, net of current portion (2) 81 67 Other (3) 19 19 Total $ 178 $ 154 (1) Amount includes accrued interest related to this liability. (2) Refer to “Note 12 – Commitments and Contingencies,” in the notes to our unaudited consolidated financial statements for in this Quarterly Report on Form 10-Q for additional information on our corporate headquarters lease . (3) Amounts primarily consist of long term deferred rent balances related to operating leases for office space.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 12: COMMITMENTS AND CONTINGENCIES Transition to New Corporate Headquarters In June 2013, TripAdvisor LLC (“TA LLC”), our indirect, wholly owned subsidiary, entered into a lease, for a new corporate headquarters (the “Lease”) . Pursuant to the Lease, the landlord built an approximately 280,000 square foot rental building in Needham, Massachusetts (the “Premises”), and leased the Premises to TA LLC as our new corporate headquarters for an initial term of 15 years and 7 months or through December 2030 . Under the Lease, TA LLC is required to pay an initial base rent of $ 33.00 per square foot per year, increasing to $ 34.50 per square foot by the final year of the initial term, as well as all real estate taxes and other building operating costs. TA LLC also has an option to extend the term of the Lease for two consecutive terms of five years each. The aggregate future minimum lease payments are $ 143 million and are currently scheduled to be paid, beginning in November 2015, as follows: $ 1 million for 2015, $ 9 million for 2016, $ 9 million for 2017, $ 9 million for 2018, $ 9 million for 2019 and an aggregate of $ 106 million for 2020 and thereafter. The Lease has escalating rental payments and initial periods of free rent. TA LLC was also obligated to deliver a letter of credit to the Landlord in the amount of $ 1 million as security deposit, which amount is subject to increase under certain circumstances. Because we were involved in the construction project, including having responsibility to pay for a portion of the costs of normal finish work and structural elements of the Premises, the Company was deemed for accounting purposes to be the owner of the Premises during the construction period under build to suit lease accounting guidance under GAAP. Therefore, the Company recorded project construction costs incurred by the landlord as a construction-in-progress asset and a related construction financing obligation during the construction period on our consolidated balance sheets. The amounts that the Company has paid or incurred for normal tenant improvements and structural improvements have also been recorded to the construction-in-progress asset. Upon completion of construction at end of the second quarter of 2015, we evaluated the construction-in-progress asset and construction financing obligation for de-recognition under the criteria for “sale-leaseback” treatment under GAAP. We concluded that we have forms of continued economic involvement in the facility, and therefore did not meet the provisions for sale-leaseback accounting. This determination was based on the Company's continuing involvement with the property in the form of non-recourse financing to the lessor. Therefore, the Lease has been accounted for as a financing obligation. Accordingly, we will depreciate the building asset over its estimated useful life and incur interest expense related to the construction financing obligation using the effective interest rate method . We will bifurcate our lease payments pursuant to the Premises into (i) a portion that is allocated to the building (a reduction to the construction financing obligation) and; (ii) a portion that is allocated to the land on which the building was constructed. Although we will not begin making lease payments pursuant to the Lease until November 2015, the portion of the lease payments allocated to the land is being treated for accounting purposes as an operating lease that commenced in 2013. The construction financing obligation is considered a long-term finance lease obligation with the current portion recorded to “Accrued expenses and other” on our consolidated balance sheet. At the end of the lease term, the carrying value of the building asset and of the remaining construction financing obligation are expected to be equal, at which time we may either surrender the leased asset as settlement of the remaining construction financing obligation or extend the initial term of the lease for the continued use of the asset . Legal Proceedings In the ordinary course of business, we and our subsidiaries are parties to legal proceedings and claims arising out of our operations. These matters may involve claims involving alleged infringement of third-party intellectual property rights (including patent infringement), defamation, taxes, regulatory compliance privacy issues and other claims. Rules and regulations promulgated by the SEC require the description of material pending legal proceedings, other than ordinary, routine litigation incident to the registrant’s business, and advise that proceedings ordinarily need not be described if they primarily involve damages claims for amounts (exclusive of interest and costs) not individually exceeding 10 % of the current assets of the registrant and its subsidiaries on a consolidated basis. In the judgment of management, none of the pending litigation matters that the Company and its subsidiaries are defending involves or is likely to involve amounts of that magnitude. There may be claims or actions pending or threatened against us of which we are currently not aware and the ultimate disposition of which could have a material adverse effect on us. There have been no material changes to our commitments and contingencies since December 31, 2014, except as described in “Note 8— Debt” in the notes to our unaudited consolidated financial statements in this Quarterly Report on Form 10-Q regarding our 2011 Credit Facility and 2015 Credit Facility . Refer to “Note 12— Commitments and Contingencies,” in the notes to our consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014 .

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	NOTE 13: SEGMENT INFORMATION Our reporting structure includes two reportable segments: Hotel and Other. Hotel Our Hotel segment includes revenue generated from services related to hotels, including click-based and display-based advertising revenue from making hotel room reservations, airline reservations, and cruise reservations available for price comparison and booking, as well as subscription-based products such as Business Listings, transaction-based products such as Jetsetter and Tingo, and other hotel related revenue. Our chief operating decision maker, or CODM, is also the Hotel segment manager. Other Our Other segment consists of the aggregation of three operating segments : our Attractions, Restaurants and Vacation Rentals businesses. Attractions. We provide, primarily through Viator, information and services for researching and booking destination activities around the world. Viator works with local operators to provide travelers with access to tours and activities in popular destinations worldwide, earning a commission for such service. In addition to its consumer-direct business, Viator also provides local experiences to affiliate partners, including some of the world’s top airlines, hotels and travel agencies. Restaurants. This business is comprised of our websites that provide online and mobile reservation services that connect restaurants with diners. These websites are currently primarily focused on the European market, primarily through Lafourchette. Lafourchette is an online restaurant booking platform with a network of restaurant partners across Europe. Lafourchette also offers management soft ware solutions helping restaurants to maximize business by providing a flexible online booking, discount and data tool. Revenue is primarily generated by receiving a fee for each restaurant guest seated through the online reservation systems. Vacation Rentals . We offer individual property owners and property managers the ability to list their properties available for rental and connect with travelers using a subscription-based fee structure or a free-to-list, commission per booking based option. Our vacation rental inventory currently includes full home rentals, condos, villas, beach rentals, cabins, cottages, and many other accommodation types. These properties are listed across a number of platforms, including TripAdvisor Vacation Rentals, U.S.-based FlipKey, and European-based Holiday Lettings and Niumba. Each operating segment in our Other segment has a segment manager who is directly accountable to and maintains regular contact with our CODM to discuss operating activities, financial results, forecasts, and plans for the segment. We define Adjusted EBITDA as net income (loss) plus: (1) provision for income taxes; (2) other income (expense), net; (3) depreciation of property and equipment, including amortization of internal use software and website development; (4) amortization of intangible assets; (5) stock-based compensation and other stock-settled obligations; (6) goodwill, long-lived asset and intangible asset impairments; and (7) other non-recurring expenses. Adjusted EBITDA is the primary metric by which management evaluates the performance of its business and on which internal budgets are based. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis. We believe by excluding certain non-cash expenses, such as stock-based compensation, stock-settled obligations, asset impairments, and non-recurring expenses, Adjusted EBITDA corresponds more closely to the cash that operating income generated from our business and allows investors to gain an understanding of the factors and trends affecting the ongoing cash earnings capabilities of our business, from which capital investments are made and debt is serviced. The following tables present our segment information for the three and six months ended June 30, 2015 and 2014. We have recorded depreciation of property and equipment, including amortization of internal-use software and website development, amortization of intangible assets, stock-based compensation, other non-recurring expenses, other expenses, net, and income taxes, which are excluded from segment operating performance, in Corporate and unallocated. In addition, we do not report our assets or capital expenditures by segment as it would not be meaningful. We also do not regularly provide asset, capital expenditure or depreciation information by segment to our CODM. Our consolidated general and administrative expenses, excluding stock-based compensation costs, are shared by all operating segments. Each operating segment receives an allocated charge based on the segment’s percentage of the Company’s total personnel costs. Three months ended June 30, 2015 Hotel Other Corporate and unallocated Total (in millions) Revenue $ 343 $ 62 $ — $ 405 Adjusted EBITDA (1) 125 (2 ) — 123 Depreciation — — (15 ) (15 ) Amortization of intangible assets — — (9 ) (9 ) Stock-based compensation — — (18 ) (18 ) Other non-recurring expenses — — (2 ) (2 ) Operating income (loss) $ 125 $ (2 ) $ (44 ) 79 Other expense, net 3 Income before income taxes 82 Provision for income taxes (24 ) Net income 58 Three months ended June 30, 2014 Hotel Other Corporate and unallocated Total (in millions) Revenue $ 303 $ 20 $ — $ 323 Adjusted EBITDA (2) 130 (1 ) — 129 Depreciation — — (11 ) (11 ) Amortization of intangible assets — — (3 ) (3 ) Stock-based compensation — — (15 ) (15 ) Operating income (loss) $ 130 $ (1 ) $ (29 ) 100 Other expense, net (2 ) Income before income taxes 98 Provision for income taxes (30 ) Net income 68 Six months ended June 30, 2015 Hotel Other Corporate and unallocated Total (in millions) Revenue $ 663 $ 105 $ — $ 768 Adjusted EBITDA (1) 257 (8 ) — 249 Depreciation — — (28 ) (28 ) Amortization of intangible assets — — (16 ) (16 ) Stock-based compensation — — (34 ) (34 ) Other non-recurring expenses (2 ) (2 ) Operating income (loss) $ 257 $ (8 ) $ (80 ) 169 Other expense, net (1 ) Income before income taxes 168 Provision for income taxes (47 ) Net income 121 Six months ended June 30, 2014 Hotel Other Corporate and unallocated Total (in millions) Revenue $ 569 $ 35 $ — $ 604 Adjusted EBITDA (2) 254 (3 ) — 251 Depreciation — — (21 ) (21 ) Amortization of intangible assets — — (5 ) (5 ) Stock-based compensation — — (29 ) (29 ) Operating income (loss) $ 254 $ (3 ) $ (55 ) 196 Other expense, net (4 ) Income before income taxes 192 Provision for income taxes (56 ) Net income 136 (1) Includes allocated general and administrative expenses in our Hotel segment of $ 2 6 million and $ 46 million; and in our Other segment of $ 9 million and $ 15 million for the three and six months ended June 30, 2015, respectively. (2) Includes allocated general and administrative expenses in our Hotel segment of $ 22 million and $ 41 million; and in our Other segment of $ 4 million and $ 7 million for the three and six months ended June 30, 2014, respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 14: EARNINGS PER SHARE Basic Earnings Per Share Attributable to Common Stockholders We compute basic earnings per share (“Basic EPS”) by dividing net income by the weighted average number of common shares outstanding during the period. We compute the weighted average number of common shares outstanding during the reporting period using the total of common stock and Class B common stock outstanding as of the last day of the previous year end reporting period plus the weighted average of any additional shares issued and outstanding less the weighted average of any treasury shares repurchased during the reporting period. Diluted Earnings Per Share Attributable to Common Stockholders We compute diluted earnings per share (“Diluted EPS”) by dividing net income by the sum of the weighted average number of common and common equivalent shares outstanding during the period. We computed the weighted average number of common and common equivalent shares outstanding during the period using the sum of (i) the number of shares of common stock and Class B common stock used in the basic earnings per share calculation as indicated above, and (ii) if dilutive, the incremental weighted average common stock that we would issue upon the assumed exercise of outstanding common equivalent shares related to stock options and the vesting of restricted stock units using the treasury stock method, and (iii) if dilutive, performance based awards based on the number of shares that would be issuable as of the end of the reporting period assuming the end of the reporting period was also the end of the contingency period. Under the treasury stock method, the assumed proceeds calculation includes the actual proceeds to be received from the employee upon exercise, the average unrecognized compensation cost during the period and any tax benefits credited upon exercise to additional paid-in-capital. The treasury stock method assumes that a company uses the proceeds from the exercise of an award to repurchase common stock at the average market price for the period. Windfall tax benefits created upon the exercise of an award would be added to assumed proceeds, while shortfalls charged to additional paid-in-capital would be deducted from assumed proceeds. Any shortfalls not covered by the windfall tax pool would be charged to the income statement and would be excluded from the calculation of assumed proceeds, if any. Below is a reconciliation of the weighted average number of shares of common stock outstanding in calculating Basic and Diluted EPS (shares in thousands and U.S. dollars in millions, except per share amounts) for the periods presented: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income $ 58 $ 68 $ 121 $ 136 Denominator: Weighted average shares used to compute Basic EPS 143,709 142,701 143,427 142,550 Weighted average effect of dilutive securities: Stock options 2,019 2,777 2,218 2,831 RSUs 231 304 271 343 Weighted average shares used to compute Diluted EPS 145,959 145,782 145,916 145,724 Basic EPS $ 0.40 $ 0.48 $ 0.85 $ 0.95 Diluted EPS $ 0.40 $ 0.47 $ 0.83 $ 0.93 The following potential common shares related to stock options and RSUs were excluded from the calculation of Diluted EPS because their effect would have been anti-dilutive for the periods presented (in thousands): Three months ended Six months ended June 30, June 30, 2015(1) 2014(2) 2015(1) 2014(2) Stock options 2,107 1,689 2,124 1,688 RSUs 745 55 793 247 Total 2,852 1,744 2,917 1,935 (1) These totals do not include 66,666 performance based options and 12,799 performance based RSUs representing the right to acquire 79,465 shares of common stock for which all targets required to trigger vesting have not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods. (2) These totals do not include 66,666 performance based options and 44,000 performance based RSUs representing the right to acquire 110,666 shares of common stock for which all targets required to trigger vesting have not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods. The earnings per share amounts are the same for common stock and Class B common stock because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 15: RELATED PARTY TRANSACTIONS As of June 30, 2015, Liberty TripAdvisor Holdings, Inc. (“LTRIP”) beneficially owned 18,159,752 shares of our common stock and 12,799,999 shares of our Class B common stock, which shares constitute 13.8 % of the outstanding shares of common stock and 100 % of the outstanding shares of Class B common stock. Assuming the conversion of all of LTRIP’s shares of Class B common stock into common stock, LTRIP would beneficially own 21.5 % of the outstanding common stock. Because each share of Class B common stock generally is entitled to ten votes per share and each share of common stock is entitled to one vote per share , LTRIP may be deemed to beneficially own equity securities representing approximately 56.4 % of our voting power. We had no related party transactions with LTRIP during the three and six months ended June 30, 2015 and 2014.

Significant Accounting Polici24

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements present our results of operations, financial position and cash flows on a consolidated basis. The accompanying unaudited consolidated financial statements include TripAdvisor, our wholly-owned subsidiaries, and entities we control, or in which we have a variable interest and are the primary beneficiary of expected cash profits or losses. We have eliminated significant intercompany transactions and accounts. Certain of our subsidiaries that operate in China have variable interests in affiliated entities in China in order to comply with Chinese laws and regulations, which restrict foreign investment in Internet content provision businesses. Although we do not own the capital stock of some of our Chinese affiliates, we consolidate their results as we are the primary beneficiary of the cash losses or profits of these variable interest affiliates and have the power to direct the activities of these affiliates. Our variable interest entities are not material for all periods presented. We have prepared the accompanying unaudited consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”). We have included all adjustments necessary for a fair presentation of the results of the interim period. These adjustments consist of normal recurring items. We prepared the unaudited consolidated financial statements following the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, we have condensed or omitted certain footnotes or other financial information that are normally required by GAAP for annual financial statements. Our interim unaudited consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014, previously filed with the SEC.
Reclassifications	Reclassifications Pursuant to our disclosure in “Note 16— Segment and Geographic Information” in the notes to our consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2014, management revised our reportable segments. All prior period disclosures have been reclassified to conform to the current reporting structure. These reclassifications had no effect on our unaudited consolidated financial statements. In addition, refer to our discussion in “Note 2— Significant Accounting Policies” below for a required prior period reclassification resulting from the adoption of new accounting guidance. All other reclassifications made to conform the prior period to the current presentation were not material and had no net effect on our unaudited consolidated financial statements.
Accounting Estimates	Accounting Estimates We use estimates and assumptions in the preparation of our unaudited 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 unaudited 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 unaudited consolidated financial statements include: (i) recoverability of intangible assets and goodwill, (ii) recoverability and useful life of long-lived assets, (iii) accounting for income taxes, (iv) purchase accounting for business combinations and (v) stock-based compensation.
Seasonality	Seasonality The global travel market is large and traveler expenditures tend to follow a seasonal pattern. As such, expenditures by travel advertisers to market to potential travelers, and, therefore, our financial performance, tend to be seasonal as well. As a result, our third quarter tends to be our seasonal high, as it is a key period for travel research and trip-taking , and our seasonal low generally occurs in the first and/or fourth quarter. Significant shifts in our business mix or adverse economic conditions could influence the typical trend of our seasonality in the future.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In April 2015, the FASB issued new accounting guidance which requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The updated guidance will be applied on a retrospective basis. This guidance is effective for fiscal years, and the interim periods within those fiscal years, beginning after December 15, 2015, with early application permitted. The Company has early adopted this guidance during the three months ended June 30, 2015. The retrospective application of this guidance decreased “Other long-term assets” and “Long-term debt” by $ 1 million on the consolidated balance sheet as of December 31, 2014. Refer to “Note 8— Debt” below for the current year presentation.
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of rev enue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a full retrospective approach or a modified retrospective approach, which requires the initial cumulative effect to be recognized at the date of initial application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017 and early adoption is permitted for fiscal years beginning after December 15, 2016. We have not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements or related disclosures.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Summary of Purchase Price Allocation Initially Recorded on Unaudited Consolidated Balance Sheet for All Acquisitions	The following table presents the purchase price allocations initially recorded on our unaudited consolidated balance sheet on June 30, 2015 for all 2015 acquisitions (in millions): Total Goodwill $ 17 Intangible assets (1) 12 Net tangible assets 1 Deferred tax liabilities, net (2 ) Total purchase price consideration (2) $ 28 (1) Identifiable definite-lived intangible assets acquired during 2015 were comprised of trade names of $3 million with a weighted average life of 9.9 years, customer lists and supplier relationships of $7 million with a weighted average life of 6.0 years and technology and other of $2 million with a weighted average life of 2.6 years. The overall weighted-average life of the identifiable definite-lived intangible assets acquired in the purchase of the companies during 2015 was 6.2 years, and will be amortized on a straight-line basis over their estimated useful lives from acquisition date. (2) Subject to adjustment based on (i) final working capital adjustment calculations to be determined for BestTables and Dimmi, and (ii) indemnification obligations for general representations and warranties of the acquired company stockholders.

Stock Based Awards and Other 26

Stock Based Awards and Other Equity Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Amount of Stock-Based Compensation Expense Related to Stock-Based Awards, Primarily Stock Options and Restricted Stock Units (RSUs)	The following table presents the amount of stock-based compensation expense related to stock-based awards, primarily stock options and restricted stock units (“RSUs”), on our unaudited consolidated statements of operations during the periods presented: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 (in millions) (in millions) Selling and marketing $ 4 $ 3 $ 8 $ 6 Technology and content 7 6 13 12 General and administrative 7 6 13 11 Total stock-based compensation 18 15 34 29 Income tax benefit from stock-based compensation (6 ) (6 ) (12 ) (11 ) Total stock-based compensation, net of tax effect $ 12 $ 9 $ 22 $ 18
Summary of Stock Option	A summary of the status and activity for stock option awards relating to our common stock for the six months ended June 30, 2015, is presented below: Weighted Weighted Average Average Exercise Remaining Aggregate Options Price Per Contractual Intrinsic Outstanding Share Life Value (in thousands) (in years) (in millions) Options outstanding at January 1, 2015 8,651 $ 44.47 Granted 379 85.83 Exercised (1) (2,645 ) 34.11 Cancelled or expired (197 ) 51.33 Options outstanding at June 30, 2015 6,188 $ 51.21 6.0 $ 228 Exercisable as of June 30, 2015 2,606 $ 34.92 4.9 $ 137 Vested and expected to vest after June 30, 2015 6,040 $ 50.80 6.0 $ 225 (1) Inclusive of 1,706,170 options which were not converted into shares due to net share settlement in order to cover the aggregate exercise price and the minimum amount of required employee withholding taxes. Potential shares that had been convertible under stock options that were withheld under net share settlement remain in the authorized but unissued pool under the 2011 Incentive Plan and can be reissued by the Company. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited consolidated statements of cash flows.
Weighted-Average Assumptions of Estimated Fair Value of Stock Option Grants	The fair value of stock option grants under the 2011 Incentive Plan has been estimated at the date of grant using the Black–Scholes option pricing model with the following weighted average assumptions for the periods presented: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Risk free interest rate 1.55 % 1.98 % 1.52 % 1.97 % Expected term (in years) 5.24 6.25 5.21 6.38 Expected volatility 40.66 % 47.32 % 41.83 % 48.07 % Expected dividend yield — % — % — % — %
Summary of RSU Activity	The following table presents a summary of our RSU activity during the six months ended June 30, 2015: Weighted Average Grant- Aggregate RSUs Date Fair Intrinsic Outstanding Value Per Share Value (in thousands) (in millions) Unvested RSUs outstanding as of January 1, 2015 1,448 $ 71.33 Granted 606 85.28 Vested and released (1) (320 ) 63.93 Cancelled (166 ) 70.22 Unvested RSUs outstanding as of June 30, 2015 1,568 $ 78.35 $ 137 (1) Inclusive of 99,976 RSUs withheld to satisfy employee minimum tax withholding requirements due to net share settlement. Potential shares which had been convertible under RSUs that were withheld under net share settlement remain in the authorized but unissued pool under the 2011 Incentive Plan and can be reissued by the Company. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited consolidated statements of cash flows.
Summary of Unrecognized Stock-Based Compensation Expense, Net of Estimated Forfeitures and Weighted Average Period Remaining	A summary of our remaining unrecognized stock-based compensation expense, net of estimated forfeitures, and the weighted average remaining amortization period at June 30, 2015 related to our non-vested stock options and RSU awards is presented below (in millions, except per year information): Stock Options RSUs Unrecognized compensation expense (net of forfeitures) $ 74 $ 92 Weighted average period remaining (in years) 2.6 3.0

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments All Other Investments [Abstract]
Schedule of Cash, Cash Equivalents and Marketable Securities	The following tables show our cash and available-for-sale securities’ amortized cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short and long-term marketable securities for the periods presented (in millions): June 30, 2015 Cash and Short-Term Long-Term Amortized Unrealized Unrealized Fair Cash Marketable Marketable Cost Gains Losses Value Equivalents Securities Securities Cash $ 582 $ - $ - $ 582 $ 582 $ - $ - Level 1: Money market funds 1 - - 1 1 - - Level 2: U.S. agency securities 39 - - 39 - 34 5 U.S treasury securities 15 - - 15 - 15 - Certificates of deposit 15 - - 15 - 11 4 Commercial paper 5 - - 5 - 5 - Corporate debt securities 89 - - 89 - 63 26 Subtotal 163 - - 163 - 128 35 Total $ 746 $ - $ - $ 746 $ 583 $ 128 $ 35 December 31, 2014 Cash and Short-Term Long-Term Amortized Unrealized Unrealized Fair Cash Marketable Marketable Cost Gains Losses Value Equivalents Securities Securities Cash $ 447 $ - $ - $ 447 $ 447 $ - $ - Level 1: Money market funds 8 - - 8 8 - - Level 2: U.S. agency securities 38 - - 38 - 35 3 Certificates of deposit 8 - - 8 - 8 - Commercial paper 1 - - 1 - 1 - Corporate debt securities 92 - - 92 - 64 28 Subtotal 139 - - 139 - 108 31 Total $ 594 $ - $ - $ 594 $ 455 $ 108 $ 31
Fair Value and Notional Principal Amounts of Outstanding or Unsettled Derivative Instruments	The following tables show the fair value and notional principal amounts of our outstanding derivative instruments that are not designated as hedging instruments for the periods presented: Balance Sheet Caption June 30, 2015 Fair Value of Derivative (2) U.S. Dollar Notional Asset Liability (in millions) Foreign exchange-forward contracts (1) Accrued expenses and other current liabilities $ - $ 1 $ 40 Balance Sheet Caption December 31, 2014 Fair Value of Derivative (2) U.S. Dollar Notional Asset Liability (in millions) Foreign exchange-forward contracts (1) Prepaid expenses and other current assets $ - $ - $ 20 (1) Derivative contracts address foreign exchange fluctuations for the Euro versus the U.S. Dollar. (2) We measure the fair value of our outstanding or unsettled derivatives using Level 2 fair value inputs, as we use a pricing model that takes into account the contract terms as well as current foreign currency exchange rates in active markets.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Property Plant And Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consists of the following for the periods presented: June 30, 2015 December 31, 2014 (in millions) Capitalized software and website development $ 125 $ 104 Building (1) 123 - Leasehold improvements 30 40 Computer equipment 36 31 Furniture, office equipment and other 16 11 330 186 Less: accumulated depreciation (83 ) (77 ) Construction in progress (1) - 86 Total $ 247 $ 195 (1) These amounts represent construction costs to date, incurred by the landlord and the Company, related to our new corporate headquarters in Needham, MA. During the six months ended June 30, 2015, we capitalized $ 6 million in non-cash construction costs which were incurred by the landlord, with a corresponding liability recorded in other long-term liabilities. Upon completion of construction at the end of the second quarter of 2015, this asset was reclassified to a building asset and will be depreciated over an estimated useful life of 40 years on a straight-line basis . Refer to “Note 12 – Commitments and Contingencies,” in the notes to our unaudited consolidated financial statements in this Quarterly Report on Form 10-Q for additional information on our corporate headquarters lease.

Goodwill and Intangible Asset29

Goodwill and Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Changes in Goodwill	The following table summarizes our goodwill activity by segment for the period presented: Hotel Other Consolidated (in millions) Beginning balance as of January 1, 2015 $ 442 $ 292 $ 734 Additions (1) 1 16 17 Other adjustments (2) - (8 ) (8 ) Ending balance as of June 30, 2015 $ 443 $ 300 $ 743 (1) Additions relate to our 2015 business acquisitions. (2) Other adjustments are primarily related to impact of changes in foreign exchange rates.
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	Intangible assets, which were acquired in business combinations and recorded at fair value on the date of purchase, consist of the following for the periods presented: June 30, 2015 December 31, 2014 (in millions) Intangible assets with definite lives $ 203 $ 202 Less: accumulated amortization (34 ) (18 ) Intangible assets with definite lives, net 169 184 Intangible assets with indefinite lives 30 30 Total $ 199 $ 214
Components of Intangible Assets with Definite Lives	The following table presents the components of our intangible assets with definite lives for the periods presented: June 30, 2015 December 31, 2014 Weighted Average Gross Net Gross Net Remaining Life Carrying Accumulated Carrying Carrying Accumulated Carrying (in years) Amount Amortization Amount Amount Amortization Amount (in millions) (in millions) Trade names and trademarks 9.0 $ 54 $ (7 ) $ 47 $ 52 $ (5 ) $ 47 Customer lists and supplier relationships 6.1 83 (11 ) 72 77 (5 ) 72 Subscriber relationships 5.2 30 (7 ) 23 31 (4 ) 27 Technology and other 3.5 36 (9 ) 27 42 (4 ) 38 Total 6.4 $ 203 $ (34 ) $ 169 $ 202 $ (18 ) $ 184
Summary of Estimated Future Amortization Expense Related to Intangible Assets with Definite Lives	Intangible assets with definite lives are amortized on a straight-line basis. The estimated amortization expense for intangible assets with definite lives for each of the next five years, and the expense thereafter, assuming no subsequent impairment of the underlying assets, is expected to be as follows (in millions): 2015 (remaining six months) $ 16 2016 30 2017 29 2018 26 2019 23 2020 and thereafter 45 Total $ 169

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	The Company’s outstanding debt consist ed of the following for the periods presented: June 30, December 31, 2015 2014 (in millions) Short-Term Debt: Chinese Credit Facilities $ 1 $ 38 Term Loan - 40 Total Short-Term Debt $ 1 $ 78 Long-Term Debt: 2015 Credit Facility $ 290 $ - Term Loan - 260 Less: Unamortized discount and debt issuance costs (3 ) (1 ) Total Long-Term Debt $ 287 $ 259

Accrued Expenses and Other Cu31

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Details of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following for the periods presented: June 30, 2015 December 31, 2014 (in millions) Accrued salary, bonus, and related benefits $ 37 $ 41 Accrued marketing costs 49 24 Accrued charitable foundation payments 5 9 Other 57 40 Total $ 148 $ 114

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Other Liabilities Noncurrent [Abstract]
Schedule of Other Long-Term Liabilities	Other long-term liabilities consisted of the following for the periods presented: June 30, 2015 December 31, 2014 (in millions) Unrecognized tax benefits (1) $ 78 $ 68 Construction financing obligation, net of current portion (2) 81 67 Other (3) 19 19 Total $ 178 $ 154 (1) Amount includes accrued interest related to this liability. (2) Refer to “Note 12 – Commitments and Contingencies,” in the notes to our unaudited consolidated financial statements for in this Quarterly Report on Form 10-Q for additional information on our corporate headquarters lease . (3) Amounts primarily consist of long term deferred rent balances related to operating leases for office space.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Summary of Segment Information	The following tables present our segment information for the three and six months ended June 30, 2015 and 2014. Three months ended June 30, 2015 Hotel Other Corporate and unallocated Total (in millions) Revenue $ 343 $ 62 $ — $ 405 Adjusted EBITDA (1) 125 (2 ) — 123 Depreciation — — (15 ) (15 ) Amortization of intangible assets — — (9 ) (9 ) Stock-based compensation — — (18 ) (18 ) Other non-recurring expenses — — (2 ) (2 ) Operating income (loss) $ 125 $ (2 ) $ (44 ) 79 Other expense, net 3 Income before income taxes 82 Provision for income taxes (24 ) Net income 58 Three months ended June 30, 2014 Hotel Other Corporate and unallocated Total (in millions) Revenue $ 303 $ 20 $ — $ 323 Adjusted EBITDA (2) 130 (1 ) — 129 Depreciation — — (11 ) (11 ) Amortization of intangible assets — — (3 ) (3 ) Stock-based compensation — — (15 ) (15 ) Operating income (loss) $ 130 $ (1 ) $ (29 ) 100 Other expense, net (2 ) Income before income taxes 98 Provision for income taxes (30 ) Net income 68 Six months ended June 30, 2015 Hotel Other Corporate and unallocated Total (in millions) Revenue $ 663 $ 105 $ — $ 768 Adjusted EBITDA (1) 257 (8 ) — 249 Depreciation — — (28 ) (28 ) Amortization of intangible assets — — (16 ) (16 ) Stock-based compensation — — (34 ) (34 ) Other non-recurring expenses (2 ) (2 ) Operating income (loss) $ 257 $ (8 ) $ (80 ) 169 Other expense, net (1 ) Income before income taxes 168 Provision for income taxes (47 ) Net income 121 Six months ended June 30, 2014 Hotel Other Corporate and unallocated Total (in millions) Revenue $ 569 $ 35 $ — $ 604 Adjusted EBITDA (2) 254 (3 ) — 251 Depreciation — — (21 ) (21 ) Amortization of intangible assets — — (5 ) (5 ) Stock-based compensation — — (29 ) (29 ) Operating income (loss) $ 254 $ (3 ) $ (55 ) 196 Other expense, net (4 ) Income before income taxes 192 Provision for income taxes (56 ) Net income 136 (1) Includes allocated general and administrative expenses in our Hotel segment of $ 2 6 million and $ 46 million; and in our Other segment of $ 9 million and $ 15 million for the three and six months ended June 30, 2015, respectively. (2) Includes allocated general and administrative expenses in our Hotel segment of $ 22 million and $ 41 million; and in our Other segment of $ 4 million and $ 7 million for the three and six months ended June 30, 2014, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding	Below is a reconciliation of the weighted average number of shares of common stock outstanding in calculating Basic and Diluted EPS (shares in thousands and U.S. dollars in millions, except per share amounts) for the periods presented: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income $ 58 $ 68 $ 121 $ 136 Denominator: Weighted average shares used to compute Basic EPS 143,709 142,701 143,427 142,550 Weighted average effect of dilutive securities: Stock options 2,019 2,777 2,218 2,831 RSUs 231 304 271 343 Weighted average shares used to compute Diluted EPS 145,959 145,782 145,916 145,724 Basic EPS $ 0.40 $ 0.48 $ 0.85 $ 0.95 Diluted EPS $ 0.40 $ 0.47 $ 0.83 $ 0.93
Common Shares Related to Stock Options and RSUs Excluded from Calculated Diluted EPS	The following potential common shares related to stock options and RSUs were excluded from the calculation of Diluted EPS because their effect would have been anti-dilutive for the periods presented (in thousands): Three months ended Six months ended June 30, June 30, 2015(1) 2014(2) 2015(1) 2014(2) Stock options 2,107 1,689 2,124 1,688 RSUs 745 55 793 247 Total 2,852 1,744 2,917 1,935 (1) These totals do not include 66,666 performance based options and 12,799 performance based RSUs representing the right to acquire 79,465 shares of common stock for which all targets required to trigger vesting have not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods. (2) These totals do not include 66,666 performance based options and 44,000 performance based RSUs representing the right to acquire 110,666 shares of common stock for which all targets required to trigger vesting have not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.

Business Description and Basi35

Business Description and Basis of Presentation - Additional Information (Details) - Jun. 30, 2015	CountryBrandSegment
Description Of Business And Basis Of Presentation [Line Items]
Number of countries with localized versions of website | Country	45
Number of other media brands with websites | Brand	24
Number of reportable segment	2
Other Segment
Description Of Business And Basis Of Presentation [Line Items]
Number of operating segments	3

Significant Accounting Polici36

Significant Accounting Policies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2014USD ($)
Accounting Policies [Abstract]
Increase (decrease) in other long-term assets	$ (1)
Increase (decrease) in long-term debt	$ (1)

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - Jun. 30, 2015 $ in Millions	USD ($)Business
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of business acquired | Business	3
Total purchase price consideration	$ 28
Acquisition-related costs	$ 1
ZeTrip
Business Acquisition [Line Items]
Business acquisition percentage of outstanding shares of capital stock	100.00%
Date of acquisition	Jan. 31, 2015
BestTables
Business Acquisition [Line Items]
Business acquisition percentage of outstanding shares of capital stock	100.00%
Date of acquisition	Mar. 31, 2015
Dimmi
Business Acquisition [Line Items]
Business acquisition percentage of outstanding shares of capital stock	100.00%
Date of acquisition	May 31, 2015

Acquisitions - Summary of Purch

Acquisitions - Summary of Purchase Price Allocation Initially Recorded on Unaudited Consolidated Balance Sheet for all Acquisitions (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill		$ 743	$ 734
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Goodwill		17
Intangible assets	[1]	12
Net tangible assets (liabilities)		1
Deferred tax liabilities, net		(2)
Total purchase price consideration	[2]	$ 28
[1]	Identifiable definite-lived intangible assets acquired during 2015 were comprised of trade names of $3 million with a weighted average life of 9.9 years, customer lists and supplier relationships of $7 million with a weighted average life of 6.0 years and technology and other of $2 million with a weighted average life of 2.6 years. The overall weighted-average life of the identifiable definite-lived intangible assets acquired in the purchase of the companies during 2015 was 6.2 years, and will be amortized on a straight-line basis over their estimated useful lives from acquisition date.
[2]	Subject to adjustment based on (i) final working capital adjustment calculations to be determined for BestTables and Dimmi, and (ii) indemnification obligations for general representations and warranties of the acquired company stockholders.

Acquisitions - Summary of Pur39

Acquisitions - Summary of Purchase Price Allocation Initially Recorded on Unaudited Consolidated Balance Sheet for all Acquisitions (Parenthetical) (Details) - Jun. 30, 2015 - Series of Individually Immaterial Business Acquisitions - USD ($) $ in Millions		Total
Business Acquisition [Line Items]
Identifiable definite-lived intangible assets	[1]	$ 12
Weighted average life of identifiable definite-lived intangible assets acquired		6 years 2 months 12 days
Trade Names
Business Acquisition [Line Items]
Identifiable definite-lived intangible assets		$ 3
Weighted average life of identifiable definite-lived intangible assets acquired		9 years 10 months 24 days
Customer Lists and Supplier Relationships
Business Acquisition [Line Items]
Identifiable definite-lived intangible assets		$ 7
Weighted average life of identifiable definite-lived intangible assets acquired		6 years
Developed Technology and Other
Business Acquisition [Line Items]
Identifiable definite-lived intangible assets		$ 2
Weighted average life of identifiable definite-lived intangible assets acquired		2 years 7 months 6 days
[1]	Identifiable definite-lived intangible assets acquired during 2015 were comprised of trade names of $3 million with a weighted average life of 9.9 years, customer lists and supplier relationships of $7 million with a weighted average life of 6.0 years and technology and other of $2 million with a weighted average life of 2.6 years. The overall weighted-average life of the identifiable definite-lived intangible assets acquired in the purchase of the companies during 2015 was 6.2 years, and will be amortized on a straight-line basis over their estimated useful lives from acquisition date.

Stock Based Awards and Other 40

Stock Based Awards and Other Equity Instruments - Amount of Stock-Based Compensation Expense Related to Stock-Based Awards, Primarily Stock Options and Restricted Stock Units (RSUs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 18	$ 15	$ 34	$ 29
Income tax benefit from stock-based compensation	(6)	(6)	(12)	(11)
Total stock-based compensation, net of tax effect	12	9	22	18
Selling and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	4	3	8	6
Technology and Content
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	7	6	13	12
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 7	$ 6	$ 13	$ 11

Stock Based Awards and Other 41

Stock Based Awards and Other Equity Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options issued	379,000
Total intrinsic value	$ 122	$ 51
Total fair value of stock options vested	$ 26	$ 24
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing stock price	$ 87.14
Weighted-average grant date fair value of options granted	$ 33.68	$ 47.25
Stock Options | 2011 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options issued	378,606
Term of stock options, granted	10 years
Stock options vest period	4 years
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSU's issued under incentive plan	606,000
Restricted Stock Units | 2011 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options vest period	4 years
RSU's issued under incentive plan	606,471

Stock Based Awards and Other 42

Stock Based Awards and Other Equity Instruments - Summary of Stock Option (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, shares in Thousands, $ in Millions		Total
Options Outstanding
Options Outstanding, Beginning balance		8,651
Options Outstanding, Granted		379
Options Outstanding, Exercised	[1]	(2,645)
Options Outstanding, Cancelled or expired		(197)
Options Outstanding, Ending balance		6,188
Options Outstanding, Exercisable		2,606
Options Outstanding, Vested and expected to vest		6,040
Weighted Average Exercise Price per share
Options Outstanding, Weighted Average Exercise Price, Beginning Balance		$ 44.47
Options Granted, Weighted Average Exercise Price		85.83
Options Exercised, Weighted Average Exercise Price	[1]	34.11
Options Cancelled or expired, Weighted Average Exercise Price		51.33
Options Outstanding, Weighted Average Exercise Price, Ending balance		51.21
Options Exercisable, Weighted Average Exercise Price		34.92
Options Vested and expected to vest, Weighted Average Exercise Price		$ 50.80
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value
Options Outstanding, Weighted Average Remaining Contractual Life		6 years
Options Exercisable, Weighted Average Remaining Contractual Life		4 years 10 months 24 days
Options Vested and expected to vest, Weighted Average Remaining Contractual Life		6 years
Options Outstanding, Aggregate Intrinsic Value		$ 228
Options Exercisable, Aggregate Intrinsic Value		137
Options Vested and expected to vest, Aggregate Intrinsic Value		$ 225
[1]	Inclusive of 1,706,170 options which were not converted into shares due to net share settlement in order to cover the aggregate exercise price and the minimum amount of required employee withholding taxes. Potential shares that had been convertible under stock options that were withheld under net share settlement remain in the authorized but unissued pool under the 2011 Incentive Plan and can be reissued by the Company. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited consolidated statements of cash flows.

Stock Based Awards and Other 43

Stock Based Awards and Other Equity Instruments - Summary of Stock Option (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2015shares
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options non converted into shares due to net share settlement	1,706,170

Stock Based Awards and Other 44

Stock Based Awards and Other Equity Instruments - Weighted-Average Assumptions of Estimated Fair Value of Stock Option Grants (Details) - 2011 Incentive Plan	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk free interest rate	1.55%	1.98%	1.52%	1.97%
Expected term (in years)	5 years 2 months 27 days	6 years 3 months	5 years 2 months 16 days	6 years 4 months 17 days
Expected volatility	40.66%	47.32%	41.83%	48.07%

Stock Based Awards and Other 45

Stock Based Awards and Other Equity Instruments - Summary of RSU Activity (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock Units - USD ($) $ / shares in Units, $ in Millions		Total
RSUs outstanding
Unvested RSUs outstanding, Beginning balance		1,448,000
Unvested RSUs, Granted		606,000
Unvested RSUs, Vested and released	[1]	(320,000)
Unvested RSUs, Cancelled		(166,000)
Unvested RSUs outstanding, Ending balance		1,568,000
Weighted Average Grant-Date Fair Value Per Share
Unvested RSUs outstanding, Weighted Average Grant-Date Fair Value Per Share, Beginning balance		$ 71.33
Weighted Average Grant-Date Fair Value Per Share, Granted		85.28
Weighted Average Grant-Date Fair Value Per Share, Vested and released	[1]	63.93
Weighted Average Grant-Date Fair Value Per Share, Cancelled		70.22
Unvested RSUs outstanding, Weighted Average Grant-Date Fair Value Per Share, Ending balance		$ 78.35
Aggregate Intrinsic Value
Unvested RSUs outstanding, Aggregate Intrinsic Value		$ 137
[1]	Inclusive of 99,976 RSUs withheld to satisfy employee minimum tax withholding requirements due to net share settlement. Potential shares which had been convertible under RSUs that were withheld under net share settlement remain in the authorized but unissued pool under the 2011 Incentive Plan and can be reissued by the Company. Total payments for the employees’ tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited consolidated statements of cash flows.

Stock Based Awards and Other 46

Stock Based Awards and Other Equity Instruments - Summary of RSU Activity (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2015shares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs withheld to satisfy minimum tax withholding requirements	99,976

Stock Based Awards and Other 47

Stock Based Awards and Other Equity Instruments - Summary of Unrecognized Stock-Based Compensation Expense, Net of Estimated Forfeitures and Weighted Average Period Remaining (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense (net of forfeitures), Stock Options	$ 74
Period of recognition (in years)	2 years 7 months 6 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Period of recognition (in years)	3 years
Unrecognized compensation expense (net of forfeitures), RSUs	$ 92

Financial Instruments - Schedul

Financial Instruments - Schedule of Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 583	$ 455	$ 587	$ 351
Short-Term Marketable Securities	128	108
Long-Term Marketable Securities	35	31
Cash	582	447
Amortized Cost	746	594
Fair Value	746	594
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	1	8
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	163	139
Fair Value	163	139
Short-Term Marketable Securities	128	108
Long-Term Marketable Securities	35	31
Level 2 | U.S. Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	39	38
Fair Value	39	38
Short-Term Marketable Securities	34	35
Long-Term Marketable Securities	5	3
Level 2 | US treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	15
Fair Value	15
Short-Term Marketable Securities	15
Level 2 | Certificates of Deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	15	8
Fair Value	15	8
Short-Term Marketable Securities	11	8
Long-Term Marketable Securities	4
Level 2 | Commercial Paper
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	5	1
Fair Value	5	1
Short-Term Marketable Securities	5	1
Level 2 | Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	89	92
Fair Value	89	92
Short-Term Marketable Securities	63	64
Long-Term Marketable Securities	$ 26	$ 28

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total	Total
Investments Debt And Equity Securities [Abstract]
Financial instruments including money market funds maturities period		90 days
Maximum maturities period of long-term marketable securities		3 years
Minimum maturities period of long-term marketable securities		1 year
Maximum maturities period of short-term marketable securities		12 months
Minimum maturities period of short-term marketable securities		90 days
Net gain related to forward contracts	$ 1	$ 2
Derivative Instruments Not Designated as Hedging Instruments, Description of Terms		Our current forward contracts are not designated as hedges and have current maturities of less than 90 days

Financial Instruments - Fair Va

Financial Instruments - Fair Value and Notional Principal Amounts of Outstanding or Unsettled Derivative Instruments (Details) - Prepaid Expenses and Other Current Assets - Not Designated as Hedging Instrument - Foreign Exchange-forward Contracts - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Derivatives Fair Value [Line Items]
Fair Value of Derivative, Liability	[1],[2]	$ 1,000,000
Foreign exchange-forward contracts	[1]	$ 40,000,000	$ 20,000,000
[1]	Derivative contracts address foreign exchange fluctuations for the Euro versus the U.S. Dollar.
[2]	We measure the fair value of our outstanding or unsettled derivatives using Level 2 fair value inputs, as we use a pricing model that takes into account the contract terms as well as current foreign currency exchange rates in active markets.

Property and Equipment, Net - C

Property and Equipment, Net - Components of Property and Equipment (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
Property Plant And Equipment [Line Items]
Property and equipment, gross		$ 330	$ 186
Less: accumulated depreciation		(83)	(77)
Construction in progress	[1]		86
Total		247	195
Capitalized Software and Website Development
Property Plant And Equipment [Line Items]
Property and equipment, gross		125	104
Building
Property Plant And Equipment [Line Items]
Property and equipment, gross	[1]	123
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross		30	40
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross		36	31
Furniture, Office Equipment and Other
Property Plant And Equipment [Line Items]
Property and equipment, gross		$ 16	$ 11
[1]	These amounts represent construction costs to date, incurred by the landlord and the Company, related to our new corporate headquarters in Needham, MA. During the six months ended June 30, 2015, we capitalized $6 million in non-cash construction costs which were incurred by the landlord, with a corresponding liability recorded in other long-term liabilities. Upon completion of construction at the end of the second quarter of 2015, this asset was reclassified to a building asset and will be depreciated over an estimated useful life of 40 years on a straight-line basis. Refer to “Note 12 – Commitments and Contingencies,” in the notes to our unaudited consolidated financial statements in this Quarterly Report on Form 10-Q for additional information on our corporate headquarters lease.

Property and Equipment, Net -52

Property and Equipment, Net - Components of Property and Equipment (Parenthetical) (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Other Noncurrent Liabilities
Property Plant And Equipment [Line Items]
Capitalization of construction in-process related to build to suit lease obligation	$ 6
Building
Property Plant And Equipment [Line Items]
Property Plant And Equipment Useful Life	40 years

Goodwill and Intangible Asset53

Goodwill and Intangible Assets, Net - Summary of Changes in Goodwill (Details) $ in Millions		6 Months Ended
		Jun. 30, 2015USD ($)
Goodwill [Line Items]
Beginning balance		$ 734
Additions	[1]	17
Other adjustments	[2]	(8)
Ending balance		743
Hotel Segment
Goodwill [Line Items]
Beginning balance		442
Additions	[1]	1
Other adjustments	[2]	0
Ending balance		443
Other Segment
Goodwill [Line Items]
Beginning balance		292
Additions	[1]	16
Other adjustments	[2]	(8)
Ending balance		$ 300
[1]	Additions relate to our 2015 business acquisitions.
[2]	Other adjustments are primarily related to impact of changes in foreign exchange rates.

Goodwill and Intangible Asset54

Goodwill and Intangible Assets, Net - Summary of Intangible Assets Acquired in Business Combinations (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible assets with definite lives	$ 203	$ 202
Less: accumulated amortization	(34)	(18)
Intangible assets with definite lives, net	169	184
Intangible assets with indefinite lives	30	30
Total	$ 199	$ 214

Goodwill and Intangible Asset55

Goodwill and Intangible Assets, Net - Components of Intangible Assets with Definite Lives (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	6 years 4 months 24 days
Gross Carrying Amount	$ 203	$ 202
Less: accumulated amortization	(34)	(18)
Intangible assets with definite lives, net	$ 169	184
Trade Names and Trademarks
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	9 years
Gross Carrying Amount	$ 54	52
Less: accumulated amortization	(7)	(5)
Intangible assets with definite lives, net	$ 47	47
Customer Lists and Supplier Relationships
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	6 years 1 month 6 days
Gross Carrying Amount	$ 83	77
Less: accumulated amortization	(11)	(5)
Intangible assets with definite lives, net	$ 72	72
Subscriber Relationships
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	5 years 2 months 12 days
Gross Carrying Amount	$ 30	31
Less: accumulated amortization	(7)	(4)
Intangible assets with definite lives, net	$ 23	27
Technology and Other
Finite Lived Intangible Assets [Line Items]
Weighted Average Remaining Life (in years)	3 years 5 months
Gross Carrying Amount	$ 36	42
Less: accumulated amortization	(9)	(4)
Intangible assets with definite lives, net	$ 27	$ 38

Goodwill and Intangible Asset56

Goodwill and Intangible Assets, Net - Summary of Estimated Future Amortization Expense Related to Intangible Assets with Definite Lives (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Goodwill And Intangible Assets Disclosure [Abstract]
2015 (remaining six months)	$ 16
2,016	30
2,017	29
2,018	26
2,019	23
2020 and thereafter	45
Intangible assets with definite lives, net	$ 169	$ 184

Debt - Summary of Total Outstan

Debt - Summary of Total Outstanding Borrowings (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Short-Term Debt:
Short-Term Debt	$ 1	$ 78
Long-Term Debt:
Long-Term Debt	287	259
Less: Unamortized discount and debt issuance costs	(3)	(1)
Chinese Credit Facilities
Short-Term Debt:
Chinese Credit Facilities	1	38
Term Loan
Short-Term Debt:
Short-Term Debt		40
Long-Term Debt:
Long-Term Debt		$ 260
2015 Credit Facility
Long-Term Debt:
2015 Credit Facility	$ 290

Debt - Two Thousand Eleven Cred

Debt - Two Thousand Eleven Credit Facility - Additional Information (Details) - USD ($)	Jun. 30, 2015	Jun. 26, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Total interest and commitments fees			$ 2,000,000	$ 2,000,000	$ 4,000,000	$ 4,000,000
Term Loan
Debt Instrument [Line Items]
Term Loan Facility, principal amount	$ 400,000,000		400,000,000		400,000,000
Period of Term Loan Facility	5 years
Borrowings, maturity date	Dec. 31, 2016
Principal amount repaid		$ 290,000,000
Gains (losses) on extinguishment of debt					0
2011 Credit Facility
Debt Instrument [Line Items]
Maximum borrowing limits	$ 600,000,000		600,000,000		600,000,000
Total interest and commitments fees			1,000,000	$ 2,000,000	3,000,000	$ 3,000,000
Unpaid interest and commitment fees	0		0		0
2011 Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility	$ 200,000,000		$ 200,000,000		$ 200,000,000
Credit facility, expiration period	5 years
Credit facility, maturity date	Dec. 31, 2016

Debt - Two Thousand Fifteen Cre

Debt - Two Thousand Fifteen Credit Facility - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 26, 2015
Debt Instrument [Line Items]
Amount borrowed	$ 287,000,000
2015 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility		$ 1,000,000,000
Interest rate description	Any overdue amounts under or in respect of the revolving credit facility not paid when due shall bear interest at (i) in the case of principal, the applicable interest rate plus 2.00% per annum, (ii) in the case of interest denominated in Sterling or Euro, the applicable rate plus 2.00% per annum and (ii) in the case of interest denominated in US Dollars, 2.00% per annum plus the Alternate Base Rate plus the interest rate spread applicable to ABR loans
Basis spread on variable rate	2.00%
Credit facility, maturity date	Jun. 26, 2020
Credit facility, expiration period	5 years
Amount borrowed	$ 290,000,000
Lender fees and debt financing costs	$ 3,000,000
2015 Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Borrowings, interest rate description	borrowings bear interest at LIBOR plus 125 basis points
Borrowings, interest rate basis	1.44%
2015 Credit Facility | Revolving Credit Facility | Euro
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
2015 Credit Facility | Revolving Credit Facility | US Dollars
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
2015 Credit Facility | Term Loan And Revolving Credit Facility
Debt Instrument [Line Items]
Line Of Credit Facility Unused Capacity Commitment Fee Percentage	20.00%
2015 Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility	$ 40,000,000
Letters of credit outstanding amount	2,000,000
2015 Credit Facility | Borrowings On Same Day Notice
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility	$ 40,000,000

Debt - Chinese Credit Facilitie

Debt - Chinese Credit Facilities - Additional Information (Details) - Chinese Credit Facilities $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015CNY (¥)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Outstanding borrowings	$ 1	$ 1			$ 38
Repayments of outstanding borrowings		41	$ 3
Chinese Credit Facility Boa
Debt Instrument [Line Items]
Outstanding borrowings	1	1
Borrowing capacity under Credit Facility	$ 30	$ 30		¥ 189,000,000
Period of credit facility		1 year
Line of credit rate basis		100.00%
Line of credit, interest rate basis	4.85%	4.85%		4.85%
Interest rate description		Chinese Credit Facility—BOA currently bears interest at a rate based on 100% of the People’s Bank of China’s base rate, which was 4.85% as of June 30, 2015
Repayments of outstanding borrowings	$ 22
Chinese Credit Facility Jpm
Debt Instrument [Line Items]
Outstanding borrowings	0	$ 0
Borrowing capacity under Credit Facility	$ 20	$ 20		¥ 125,000,000
Period of credit facility		1 year
Line of credit rate basis		100.00%
Line of credit, interest rate basis	4.85%	4.85%		4.85%
Interest rate description		Chinese Credit Facility—JPM currently also bears interest at a rate based on 100% of the People’s Bank of China’s base rate, which was 4.85% as of June 30, 2015
Repayments of outstanding borrowings	$ 19

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Effective tax rate	29.30%	30.60%	28.00%	29.20%
Accrued interest	$ 3,000,000		$ 3,000,000
Accrued penalties	$ 0		$ 0

Accrued Expenses and Other Cu62

Accrued Expenses and Other Current Liabilities - Details of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Accrued salary, bonus, and related benefits	$ 37	$ 41
Accrued marketing costs	49	24
Accrued charitable foundation payments	5	9
Other	57	40
Total	$ 148	$ 114

Other Long-Term Liabilities - S

Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2014
Other Liabilities Noncurrent [Abstract]
Unrecognized tax benefits	[1]	$ 78	$ 68
Construction financing obligation, net of current portion	[2]	81	67
Other	[3]	19	19
Total other long term liabilities		$ 178	$ 154
[1]	Amount includes accrued interest related to this liability.
[2]	Refer to “Note 12 – Commitments and Contingencies,” in the notes to our unaudited consolidated financial statements for in this Quarterly Report on Form 10-Q for additional information on our corporate headquarters lease.
[3]	Amounts primarily consist of long term deferred rent balances related to operating leases for office space.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2013ft²$ / ft²	Jun. 30, 2015USD ($)
Commitment And Contingencies [Line Items]
Leased area | ft²	280,000
Criteria percentage of damages claims		10.00%
New Corporate Headquarters
Commitment And Contingencies [Line Items]
Lease expiration date	Dec. 1, 2030
Initial term of Lease	15 years 7 months
Initial base rent | $ / ft²	33
Increase in base rent | $ / ft²	34.50
Extended Lease Term	5 years
Aggregate future minimum lease payments, total		$ 143
Aggregate future minimum lease payments in 2015		1
Aggregate future minimum lease payments in 2016		9
Aggregate future minimum lease payments in 2017		9
Aggregate future minimum lease payments in 2018		9
Aggregate future minimum lease payments in 2019		9
Aggregate future minimum lease payments in 2020 and thereafter		106
Security Deposits		$ 1

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2015Segment
Segment Reporting Information [Line Items]
Number of reportable segment	2
Other Segment
Segment Reporting Information [Line Items]
Number of operating segments	3

Segment Information - Summary o

Segment Information - Summary of Segment Information (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014
Segment Reporting Information [Line Items]
Revenue	$ 405		$ 323		$ 768		$ 604
Adjusted EBITDA	123	[1]	129	[2]	249	[1]	251	[2]
Depreciation	(15)		(11)		(28)		(21)
Amortization of intangible assets	(9)		(3)		(16)		(5)
Stock-based compensation	(18)		(15)		(34)		(29)
Other non-recurring expenses	(2)				(2)
Operating income	79		100		169		196
Other expense, net	3		(2)		(1)		(4)
Income before income taxes	82		98		168		192
Provision for income taxes	(24)		(30)		(47)		(56)
Net income	58		68		121		136
Operating Segments | Hotel
Segment Reporting Information [Line Items]
Revenue	343		303		663		569
Adjusted EBITDA	125	[1]	130	[2]	257	[1]	254	[2]
Operating income	125		130		257		254
Operating Segments | Other Segment
Segment Reporting Information [Line Items]
Revenue	62		20		105		35
Adjusted EBITDA	(2)	[1]	(1)	[2]	(8)	[1]	(3)	[2]
Operating income	(2)		(1)		(8)		(3)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Depreciation	(15)		(11)		(28)		(21)
Amortization of intangible assets	(9)		(3)		(16)		(5)
Stock-based compensation	(18)		(15)		(34)		(29)
Other non-recurring expenses	(2)				(2)
Operating income	$ (44)		$ (29)		$ (80)		$ (55)
[1]	Includes allocated general and administrative expenses in our Hotel segment of $26 million and $46 million; and in our Other segment of $9 million and $15 million for the three and six months ended June 30, 2015, respectively.
[2]	Includes allocated general and administrative expenses in our Hotel segment of $22 million and $41 million; and in our Other segment of $4 million and $7 million for the three and six months ended June 30, 2014, respectively.

Segment Information - Summary67

Segment Information - Summary of Segment Information (Parenthetical) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
General and administrative expenses	[1]	$ 44	$ 32	$ 77	$ 58
Operating Segments | Hotel
Segment Reporting Information [Line Items]
General and administrative expenses		26	22	46	41
Operating Segments | Other Segment
Segment Reporting Information [Line Items]
General and administrative expenses		$ 9	$ 4	$ 15	$ 7
[1]	Includes stock-based compensation as follows:

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding In Calculating EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income	$ 58	$ 68	$ 121	$ 136
Denominator:
Weighted average shares used to compute Basic EPS	143,709	142,701	143,427	142,550
Weighted average effect of dilutive securities:
Stock options	2,019	2,777	2,218	2,831
RSUs	231	304	271	343
Weighted average shares used to compute Diluted EPS	145,959	145,782	145,916	145,724
Basic EPS	$ 0.40	$ 0.48	$ 0.85	$ 0.95
Diluted EPS	$ 0.40	$ 0.47	$ 0.83	$ 0.93

Earnings Per Share - Common Sha

Earnings Per Share - Common Shares Related to Stock Options and RSUs Excluded from Calculated Diluted EPS (Details) - shares shares in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2015	[1]	Jun. 30, 2014	[2]	Jun. 30, 2015	[1]	Jun. 30, 2014	[2]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,852		1,744		2,917		1,935
Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,107		1,689		2,124		1,688
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	745		55		793		247
[1]	These totals do not include 66,666 performance based options and 12,799 performance based RSUs representing the right to acquire 79,465 shares of common stock for which all targets required to trigger vesting have not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.
[2]	These totals do not include 66,666 performance based options and 44,000 performance based RSUs representing the right to acquire 110,666 shares of common stock for which all targets required to trigger vesting have not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.

Earnings Per Share - Common S70

Earnings Per Share - Common Shares Related to Stock Options and RSUs Excluded from Calculated Diluted EPS (Parenthetical) (Details) - shares	3 Months Ended				6 Months Ended
	Jun. 30, 2015	[1]	Jun. 30, 2014	[2]	Jun. 30, 2015		Jun. 30, 2014
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total Performance based options and restricted stock units, bearing right to acquire common stock					79,465		66,666
Antidilutive securities excluded from computation of earnings per share, amount	2,852,000		1,744,000		2,917,000	[1]	1,935,000	[2]
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	745,000		55,000		793,000	[1]	247,000	[2]
Restricted stock units, bearing right to acquire common stock					12,799		44,000
Performance Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount					66,666		110,666
[1]	These totals do not include 66,666 performance based options and 12,799 performance based RSUs representing the right to acquire 79,465 shares of common stock for which all targets required to trigger vesting have not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.
[2]	These totals do not include 66,666 performance based options and 44,000 performance based RSUs representing the right to acquire 110,666 shares of common stock for which all targets required to trigger vesting have not been achieved; therefore, such awards were excluded from the calculation of weighted average shares used to compute Diluted EPS for those reporting periods.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - LTRIP - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Beneficially ownership of shares of common stock			18,159,752
Percentage taken from outstanding shares of common stock			13.80%
Percentage of beneficially ownership of shares of common stock class B			21.50%
Right to voting			one vote per share
Beneficially ownership of equity securities			56.40%
Related party transactions	$ 0	$ 0	$ 0	$ 0
Class B Common Stock
Related Party Transaction [Line Items]
Beneficially ownership of shares of common stock			12,799,999
Percentage taken from outstanding shares of common stock			100.00%
Right to voting			Ten votes per share