Tripadvisor (TRIP) 10-Q 6 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	TRIPADVISOR, INC.
Trading Symbol	TRIP
Entity Central Index Key	0001526520
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-35362
Entity Tax Identification Number	80-0743202
Entity Address, Address Line One	400 1st Avenue
Entity Address, City or Town	Needham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02494
City Area Code	781
Local Phone Number	800-5000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Common Stock, Unclassified
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		124,109,641
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,799,999

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue (Note 3)	[1]	$ 123	$ 278
Costs and expenses:
Cost of revenue	[2]	12	19
Selling and marketing	[3]	73	125
Technology and content	[3]	55	69
General and administrative	[3]	38	51
Depreciation and amortization		29	32
Restructuring and other related reorganization costs			9
Total costs and expenses		207	305
Operating income (loss)		(84)	(27)
Other income (expense):
Interest expense		(11)	(2)
Interest income			1
Other income (expense), net		(1)	1
Total other income (expense), net		(12)
Income (loss) before income taxes		(96)	(27)
(Provision) benefit for income taxes (Note 6)		16	11
Net income (loss)		$ (80)	$ (16)
Earnings (loss) per share attributable to common stockholders (Note 10):
Basic		$ (0.59)	$ (0.12)
Diluted		$ (0.59)	$ (0.12)
Weighted average common shares outstanding (Note 10):
Basic		135,746	136,240
Diluted		135,746	136,240
[1]	Our revenue is recognized primarily at a point in time for all reported segments.
[2]	Excludes amortization as follows:
[3]	Includes stock-based compensation expense as follows (Note 8):

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Costs and expenses:
Amortization adjustment	$ 17	$ 18
Stock-based compensation:
Stock-based compensation	29	26
Selling and Marketing
Stock-based compensation:
Stock-based compensation	4	4
Technology and Content
Stock-based compensation:
Stock-based compensation	12	11
General and Administrative
Stock-based compensation:
Stock-based compensation	13	11
Acquired Technology
Costs and expenses:
Amortization of intangible assets	1	1
Website Development Costs
Costs and expenses:
Depreciation	$ 16	$ 17

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)		$ (80)	$ (16)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net of tax	[1]	(12)	(17)
Total other comprehensive income (loss), net of tax		(12)	(17)
Comprehensive income (loss)		$ (92)	$ (33)
[1]	Deferred income tax liabilities related to these amounts are not material.

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents (Note 4)	$ 674	$ 418
Accounts receivable and contract assets, net of allowance for credit losses of $34 and $33, respectively (Note 3)	97	83
Income taxes receivable	50	50
Prepaid expenses and other current assets	24	22
Total current assets	845	573
Property and equipment, net of accumulated depreciation of $398 and $386, respectively	229	240
Operating lease right-of-use assets	50	54
Intangible assets, net of accumulated amortization of $208 and $206, respectively	80	86
Goodwill	852	862
Non-marketable investments (Note 4)	39	40
Deferred income taxes, net	33	10
Other long-term assets, net of allowance for credit losses of $5 and $5, respectively	104	104
TOTAL ASSETS	2,232	1,969
Current liabilities:
Accounts payable	13	18
Deferred merchant payables	71	36
Deferred revenue (Note 3)	38	28
Accrued expenses and other current liabilities	155	160
Total current liabilities	277	242
Long-term debt (Note 5)	831	491
Finance lease obligation, net of current portion	70	71
Operating lease liabilities, net of current portion	41	46
Deferred income taxes, net	2	10
Other long-term liabilities	226	223
Total Liabilities	1,447	1,083
Commitments and contingencies (Note 7)
Stockholders’ equity: (Note 9)
Preferred stock, $0.001 par value Authorized shares: 100,000,000 Shares issued and outstanding: 0 and 0
Additional paid-in capital	1,244	1,253
Retained earnings	309	389
Accumulated other comprehensive income (loss)	(46)	(34)
Treasury stock-common stock, at cost, 18,844,614 and 18,844,614 shares, respectively	(722)	(722)
Total Stockholders’ Equity	785	886
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 2,232	$ 1,969

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Allowance for credit losses	$ 34	$ 33
Property and equipment, net, accumulated depreciation	398	386
Intangible assets, accumulated amortization	208	206
Other long-term assets, allowance for credit losses	$ 5	$ 5
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	142,914,851	140,775,221
Common stock, shares outstanding	124,070,237	121,930,607
Treasury stock, shares	18,844,614	18,844,614
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

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, AdjustmentRevision of Prior Period, Adjustment	Class B Common Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, AdjustmentRevision of Prior Period, Adjustment	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance at Dec. 31, 2019	$ 1,161				$ 1,150	$ 681		$ (63)	$ (607)
Beginning balance, shares at Dec. 31, 2019			12,799,999	138,698,307					(14,116,534)
Net income (loss)	(16)					(16)
Cumulative effect adjustment from adoption of new accounting guidance at Dec. 31, 2019		$ (3)					$ (3)
Other comprehensive loss	(17)							(17)
Issuance of common stock related to exercises of options and vesting of RSUs, shares				1,411,374
Repurchase of common stock (Note 9)	$ (115)								$ (115)
Repurchase of common stock, shares	(4,707,450)								(4,707,450)
Withholding taxes on net share settlements of equity awards	$ (14)				(14)
Stock-based compensation	31				31
Ending balance at Mar. 31, 2020	1,027				1,167	662		(80)	$ (722)
Ending balance, shares at Mar. 31, 2020			12,799,999	140,109,681					(18,823,984)
Beginning balance at Dec. 31, 2020	$ 886				1,253	389		(34)	$ (722)
Beginning balance, shares at Dec. 31, 2020	121,930,607		12,799,999	140,775,221					(18,844,614)
Net income (loss)	$ (80)					(80)
Cumulative effect adjustment from adoption of new accounting guidance at Dec. 31, 2020	389
Other comprehensive loss	(12)							(12)
Issuance of common stock related to exercises of options and vesting of RSUs	$ 7				7
Issuance of common stock related to exercises of options and vesting of RSUs, shares				2,139,630
Repurchase of common stock, shares	0
Purchase of capped calls, net of tax of $9 million (Note 5)	$ (26)				(26)
Withholding taxes on net share settlements of equity awards	(23)				(23)
Stock-based compensation	33				33
Ending balance at Mar. 31, 2021	$ 785				$ 1,244	$ 309		$ (46)	$ (722)
Ending balance, shares at Mar. 31, 2021	124,070,237		12,799,999	142,914,851					(18,844,614)

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Statement Of Stockholders Equity [Abstract]
Net of tax from purchase of capped calls	$ 9

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income (loss)	$ (80)	$ (16)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	29	32
Stock-based compensation expense (Note 8)	29	26
Deferred income tax expense (benefit)	(22)	9
Provision for expected credit losses	2	5
Other, net	4	(2)
Changes in operating assets and liabilities, net of effects from acquisitions and other investments:
Accounts receivable and contract assets, prepaid expenses and other assets	(21)	14
Accounts payable, accrued expenses and other liabilities	(11)	(21)
Deferred merchant payables	36	(86)
Income tax receivables/payables, net	6	(30)
Deferred revenue	9	(1)
Net cash provided by (used in) operating activities	(19)	(70)
Investing activities:
Capital expenditures, including internal-use software and website development	(10)	(20)
Net cash provided by (used in) investing activities	(10)	(20)
Financing activities:
Repurchase of common stock (Note 9)		(115)
Proceeds from issuance of 2026 Senior Notes, net of financing costs (Note 5)	340
Purchase of capped calls in connection with 2026 Senior Notes (Note 5)	(35)
Proceeds from exercise of stock options	7
Payment of withholding taxes on net share settlements of equity awards	(23)	(14)
Payments of finance lease obligation and other financing activities, net	(2)	(1)
Net cash provided by (used in) financing activities	287	570
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2)	(1)
Net increase in cash, cash equivalents and restricted cash	256	479
Cash, cash equivalents and restricted cash at beginning of period	418	319
Cash, cash equivalents and restricted cash at end of period	$ 674	798
2015 Credit Facility
Financing activities:
Proceeds from 2015 Credit Facility (Note 5)		$ 700

Business Description and Basis

Business Description and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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 condensed consolidated financial statements. Description of Business Tripadvisor is a leading online travel company and our mission is to help people around the world plan, book and experience the perfect trip. We operate a global travel guidance platform that connects the world’s largest audience of prospective travelers with travel partners through rich content, price comparison tools, and online reservation and related services for destinations, accommodations, travel activities and experiences, and restaurants . Under our flagship brand, Tripadvisor, we launched www.tripadvisor.com in the U.S. in 2000. In addition to the flagship Tripadvisor brand, which now operates in localized versions in approximately 50 markets worldwide, we also own and operate a portfolio of travel media brands and businesses, operating under various websites. Basis of Presentation The accompanying unaudited condensed consolidated financial statements present our results of operations, financial position and cash flows on a consolidated basis. The unaudited condensed 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. All inter-company accounts and transactions have been eliminated in consolidation. One of our subsidiaries that operates in China has 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 these 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 activity of these affiliates. Our variable interest entities’ financial results were not material for all periods presented. Investments in entities in which we do not have a controlling financial interest are accounted for under the equity method, the fair value option, as available-for-sale securities or at cost adjusted for observable price changes and impairments, as appropriate. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results. Our interim unaudited condensed 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 condensed 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, 2020, previously filed with the SEC. The unaudited condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures including notes required by GAAP. As of March 31, 2021, Liberty Tripadvisor Holdings, Inc. (“LTRIP”) beneficially owned approximately 16.4 million shares of our common stock and 12.8 million shares of our Class B common stock, which constitute 13.3% 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 21.4% of the outstanding common stock. Because each share of Class B common stock 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 57.3% of our voting power. We had no related party transactions with LTRIP during the three months ended March 31, 2021 and 2020, respectively. Risks and Uncertainties We continue to be subject to risks and uncertainties as a result of the COVID-19 pandemic. While we have seen varying degrees of containment of the virus in certain countries and some signs of travel recovery, the degree of containment and the recovery in travel has varied both region-to-region on a global basis, as well as state-to-state in the U.S. For example, when COVID-19 cases resurged during the fourth quarter of 2020, government restrictions and mandates were reinstated in certain geographies globally. We do not know the future path or rate of global or regional COVID-19 transmission, nor do we have visibility into when In the fourth quarter of 2020, multiple COVID-19 vaccines were approved for widespread distribution throughout various parts of the world, including the United States and in Europe, and in the first quarter of 2021, vaccination distribution programs were initiated around the world. Vaccine programs in our largest markets, the U.S. and U.K., appear to be progressing well, and we expect the same for mainland Europe in the near future. We are encouraged by these developments, however the timing of widespread vaccine distributions, efficacy against variants of COVID-19, whether there will be resurgences of the virus and subsequent government restrictions, and whether consumers demand for travel and hospitality services will continue to be negatively impacted remain uncertain. Therefore, the continuing extent of the impact of the COVID-19 pandemic on our business, results of operations, liquidity and financial condition remains uncertain and is dependent on future developments that cannot be accurately predicted at this time, such as the continued transmission rate of COVID-19, additional resurgences, if any, the extent and effectiveness of containment actions taken, and the ultimate impact of these and other factors on consumer demand for travel and usage patterns on our platform. We continue to believe the travel, hospitality, restaurant, and leisure industry, and consequently our business, will continue to be adversely and materially affected while the pandemic continues and travel bans and other government restrictions and mandates continue to remain in place or be reinstated, all of which negatively impact consumer demand, sentiment and discretionary spending patterns. Accounting Estimates We use estimates and assumptions in the preparation of our unaudited condensed 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 condensed 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 condensed consolidated financial statements include: (i) recognition and recoverability of goodwill, and (ii) accounting for income taxes. The COVID-19 pandemic has created significant uncertainty in macroeconomic conditions, which may cause further business disruptions and continue to adversely and materially impact our results of operations. As a result, some of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change materially in future periods. Seasonality Consumers’ travel expenditures have historically followed a seasonal pattern. Correspondingly, travel partners’ advertising investments, and therefore our revenue and profits, have also historically followed a seasonal pattern. Our financial performance tends to be seasonally highest in the second and third quarters of a given year, which includes the seasonal peak in consumer demand, traveler hotel and rental stays, and travel activities and experiences taken, compared to the first and fourth quarters, which represent seasonal low points . Due to the impact of COVID-19 on our business, however, we did not experience our typical seasonal pattern for revenue and profit during the calendar quarters within the year ended December 31, 2020, which generally has continued in the three months ended March 31, 2021. COVID-19 also contributed significantly to unfavorable working capital trends and material negative operating cash flow during the year ended December 31, 2020, and that trend, although improved since 2020 has continued in the three months ending March 31, 2021. Therefore, it is difficult to predict the seasonality for the upcoming quarters, given the continued uncertainty related to the ultimate extent and duration of the economic and consumer demand impact from COVID-19, the successful widespread distribution and execution of vaccination programs in our key markets, and the shape and timing of a recovery. In addition, significant shifts in our business mix or adverse economic conditions could result in future seasonal patterns that are different from historical trends.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2: SIGNIFICANT ACCOUNTING POLICIES In August 2020, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which simplifies the accounting for convertible debt instruments by reducing the number of accounting models and embedded conversion features that could be recognized separately from the primary contract. The new accounting guidance requires a convertible debt instrument to be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. The new accounting guidance requires an entity to use the if-converted method in the diluted earnings per share calculation for convertible instruments. This guidance is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted, including adoption in any interim period. We early adopted this new guidance in the first quarter of 2021 and there was no impact to any prior periods. Refer to “Note 5: Debt There have been no other significant changes to our accounting policies since December 31, 2020, as described under “Note 2: Significant Accounting Policies

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Revenue Recognition	NOTE 3: REVENUE RECOGNITION We generate all of our revenue from contracts with customers. We recognize revenue when we satisfy a performance obligation by transferring control of the promised services to a customer in an amount that reflects the consideration that we expect to receive in exchange for those services. When we act as an agent in the transaction, we recognize revenue for only our commission on the arrangement. We determine revenue recognition through the following steps: (1) Identification of the contract, or contracts, with a customer (2) Identification of the performance obligations in the contract (3) Determination of the transaction price (4) Allocation of the transaction price to the performance obligations in the contract (5) Recognition of revenue when, or as, we satisfy a performance obligation At contract inception, we assess the services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a service (or bundle of services) that is distinct. To identify the performance obligations, we consider all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. We have provided qualitative information about our performance obligations for our principal revenue streams discussed below. There was no significant revenue recognized in the three months ended March 31, 2021 and 2020, respectively, related to performance obligations satisfied in prior periods. We have applied a practical expedient and do not disclose the value of unsatisfied performance obligations that have an original expected duration of less than one year, and we do not have any material unsatisfied performance obligations over one year. The value related to our remaining or partially satisfied performance obligations relates to subscription services that are satisfied over time or services that are recognized at a point in time, but not yet achieved. Our timing of services, invoicing and payments are discussed in more detail below and do not include a significant financing component. Our customer invoices are generally due 30 days from the time of invoicing. The application of our revenue recognition policies and a description of our principal activities, organized by segment, from which we generate our revenue, are presented below. Hotels, Media & Platform Segment Tripadvisor-branded Hotels Revenue . Our largest source of Hotels, Media & Platform segment revenue is generated from click-based advertising on Tripadvisor-branded websites, which is primarily comprised of contextually-relevant booking links to our travel partners’ websites. Our click-based travel partners are predominantly OTAs and hotels. Click-based advertising is generally priced on a cost-per-click, or “CPC”, basis, with payments from travel partners determined by the number of travelers who click on a link multiplied by the CPC rate for each specific click. CPC rates are determined in a dynamic, competitive auction process, also known as hotel auction revenue, where our travel partner CPC bids for rates and availability to be listed on our site are submitted. When a CPC bid is submitted, the travel partner agrees to pay us the bid amount each time a traveler clicks on the link to that travel partner’s websites. Bids can be submitted periodically – as often as daily – on a property-by-property basis. We record click-based advertising revenue as the click occurs and traveler leads are sent to the travel partner websites as our performance obligation is fulfilled at that time. Click-based revenue is generally billed to our travel partners on a monthly basis consistent with the timing of the service. In addition, we offer subscription-based advertising to hotels, owners of B&Bs and other specialty lodging properties. Our performance obligation is generally to enable subscribers to advertise their businesses on our website, as well as to manage and promote their website URL, email address, phone number, special offers and other information related to their business. Subscription-based advertising services are predominantly sold for a flat fee for a contracted period of time of one year or less and revenue is recognized on a straight-line basis over the period of the subscription service as efforts are expended evenly throughout the contract period. Subscription-based advertising services are generally billed at the inception of the service. When prepayments are received, we recognize deferred revenue for the amount of prepayment in excess of revenue recognized until the performance obligation is satisfied . We also generate revenue from our cost-per-action, or “CPA” model, which consists of contextually-relevant booking links to our travel partners’ websites which are advertised on our platform. We earn a commission from our travel partners, based on a pre-determined contractual commission rate, for each traveler who clicks to and books a hotel reservation on the travel partners’ website, which results in a traveler stay. CPA revenue is billable only upon the completion of each traveler’s stay resulting from a hotel reservation. The travel partners provide the service to the travelers and we act as an agent under ASC 606 – Revenue from Contracts with Customers Tripadvisor-branded Display and Platform Revenue . We offer travel partners the ability to promote their brands through display-based advertising placements on our websites across all of our segments and business units. Our display-based advertising clients are predominantly direct suppliers of hotels, airlines and cruises, as well as destination marketing organizations. We also sell display-based advertising to OTAs and other travel related businesses, as well as advertisers from non-travel categories. Display-based advertising is sold predominantly on a cost per thousand impressions, or CPM, basis. The performance obligation in our display-based advertising arrangements is to display a number of advertising impressions on our websites and we recognize revenue for impressions as they are delivered. Services are generally billed monthly. We have applied the practical expedient to measure progress toward completion, as we have the right to invoice the customer in an amount that directly corresponds with the value to the customer of our performance to date, which is measured based on impressions delivered. Experiences & Dining Segment We provide information and services that allow consumers to research and book tours, activities and experiences in popular travel destinations both through Viator, our dedicated Experiences offering, and on our Tripadvisor website and mobile apps. We also power travel tours, activities and experiences booking capabilities to consumers on affiliate partner websites, including some of the world’s top airlines, hotel chains, and online and offline travel agencies. We work with local tour or travel activities/experiences operators (“the suppliers”) to provide consumers the ability to book tours, activities and experiences (“the activities”) in popular destinations worldwide. We generate commissions for each booking transaction we facilitate through our online reservation system. We provide post-booking service to the customer until the time of the activity, which is the completion of the performance obligation. Revenue is recognized at the time that the activity occurs. We generally do not control the activity before the We do not control the service and act as an agent for these transactions under ASC 606. We also provide information and services for consumers to research and book restaurant reservations in popular travel destinations through our dedicated online restaurant reservations offering, TheFork, and on our Tripadvisor-branded websites and mobile apps. We primarily generate transaction fees (or per seated diner fees) that are paid by our restaurant customers for diners seated primarily from bookings through TheFork’s online reservation system. The transaction fee is recognized as revenue after the reservation is fulfilled, or as diners are seated by our restaurant customers. We invoice restaurants monthly for transaction fees. To a lesser extent, we also generate subscription fees for subscription-based advertising to restaurants, access to certain online reservation management services, marketing analytic tools, and menu syndication services provided by TheFork and Tripadvisor. As the performance obligation is to provide restaurants with access to these services over the subscription period , subscription fee revenue is recognized over the period of the subscription service on a straight-line basis as efforts are expended evenly throughout the contract period. Subscription fees are generally billable in advance of service. When prepayments are received, we recognize deferred revenue for the amount of prepayment in excess of revenue recognized until the performance obligation is satisfied. In addition, we also offer restaurant partners the opportunity to advertise and promote their business through restaurant media advertising placements on our website. This service is generally priced on a CPC basis, with payments from restaurant partners determined by the number of consumers who click on the sponsored link multiplied by the CPC rate for each specific click. CPC rates for media advertising placements that our restaurant partners pay are based on a pre-determined contractual rate. We record this click-based advertising revenue as the click occurs and diner leads are sent to the restaurant partner as our performance obligation is fulfilled at that time. Click-based revenue is generally billed to our restaurant partners on a monthly basis consistent with the timing of the service. Other We provide information and services that allow travelers to research and book vacation and short-term rental properties, including full homes, condominiums, villas, beach properties, cabins and cottages. Our Rentals offering generates revenue primarily by offering individual property owners and managers the ability to list their properties on our websites and mobile apps thereby connecting with travelers through a free-to-list, commission-based option or, to a lesser extent, by an annual subscription-based fee structure. These properties are listed on www.flipkey.com, www.holidaylettings.co.uk, www.housetrip.com, www.niumba.com, and www.vacationhomerentals.com, and on our Tripadvisor-branded websites and mobile apps. We earn commissions associated with rental transactions through our free-to-list model from both the traveler, and the property owner or manager. We provide post-booking service to the travelers, property owners and managers until the time the rental commences, which is the time the performance obligation is completed. Revenue from transaction fees is recognized at the time that the rental commences. We act as an agent, under ASC 606, in the transactions as we do not control any properties before the property owner provides the accommodation to the traveler and do not have inventory risk. In addition, We disaggregate revenue from contracts with customers into major products/revenue sources. We have determined that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. As noted in “Note 11: Segment Information, (1) Hotels, Media & Platform; and (2) Experiences & Dining Three months ended March 31, 2021 2020 Major products/revenue sources (1): (in millions) Hotels, Media & Platform Tripadvisor-branded hotels $ 74 $ 137 Tripadvisor-branded display and platform 14 32 Total Hotels, Media & Platform 88 169 Experiences & Dining 28 83 Other 7 26 Total Revenue $ 123 $ 278 (1) Our revenue is recognized primarily at a point in time for all reported segments. The following table provides information about the opening and closing balances of accounts receivable and contract assets from contracts with customers (in millions): March 31, 2021 December 31, 2020 Accounts receivable 73 70 Contract assets 24 13 Total $ 97 $ 83 Accounts receivable are recognized when the right to consideration becomes unconditional. Contract assets are rights to consideration in exchange for services that we have transferred to a customer when that right is conditional on something other than the passage of time, such as commission payments that are contingent upon the completion of the service by the principal in the transaction. The difference between the opening and closing balances of our contract assets primarily results from the timing difference between when we satisfy our performance obligations and the time when the principal completes the service in the transaction. Contract liabilities generally include payments received in advance of performance under the contract, and are realized as revenue as the performance obligation to the customer is satisfied, which we present as deferred revenue on our consolidated balance sheets. As of January 1, 2021 and 2020, we had $28 million and $62 million, respectively, recorded as deferred revenue on our unaudited condensed consolidated balance sheets, of which $11 million and $32 million, respectively, was recognized in revenue and $2 million and $6 million, respectively, was refunded due to cancellations by travelers during the three months ended March 31, 2021 and 2020, respectively. The difference between the opening and closing balances of our deferred revenue primarily results from the timing differences between when we receive customer payments and the time in which we satisfy our performance obligations. There were no significant changes in contract assets or deferred revenue during the three months ended March 31, 2021 and 2020 related to business combinations, impairments, cumulative catch-ups or other material adjustments. However, to the extent the COVID-19 pandemic continues, we may incur additional significant and unanticipated cancellations by consumers related to future travel, accommodations and tour bookings, which have been reserved by travelers and recorded as deferred revenue on our unaudited condensed consolidated balance sheet as of March 31, 2021.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Investments All Other Investments [Abstract]
Financial Instruments and Fair Value Measurements	NOTE 4: FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels: Level 1—Valuations are based on quoted market prices for identical assets and liabilities in active markets. Level 2—Valuations are based on observable inputs other than quoted market prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3—Valuations are based on unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. We had no material financial assets or liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020. Cash and Cash Equivalents As of March 31, 2021 and December 31, 2020, we had $674 million and $418 million, respectively, of cash and cash equivalents, which consisted of available on demand cash deposits in global financial institutions. We generally classify cash equivalents and marketable securities, if any, within Level 1 and Level 2 as we value these financial instruments using quoted market prices (Level 1) or alternative pricing sources (Level 2). The valuation technique we use to measure the fair value of money market funds is 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. Derivative Financial Instruments We generally use forward contracts to reduce the effects of foreign currency exchange rate fluctuations on our cash flows primarily for the Euro versus the U.S. Dollar. For the three months ended March 31, 2021 and 2020, our forward contracts have not been designated as hedges and generally had maturities of less than 90 days. 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. We recognize any gain or loss resulting from the change in fair value of our foreign currency forward contracts in other income (expense), net on our unaudited condensed consolidated statement of operations, which was not material for the three months ended March 31, 2021. For the three months ended March 31, 2020, we recorded a net gain of $1 million related to our forward contracts. The following table shows the net notional principal amounts of our outstanding derivative instruments as of the periods presented: March 31, 2021 December 31, 2020 (in millions) Foreign currency exchange-forward contracts (1) (2) $ 9 $ 3 (1) Derivative contracts address foreign currency exchange fluctuations for the Euro versus the U.S. dollar. These outstanding derivatives are not designated as hedging instruments and have an original maturity period of 90 days or less. (2) The fair value of our outstanding derivatives as of March 31, 2021 and December 31, 2020, respectively, was not material. The notional amount of a forward contract is the contracted amount of foreign currency to be exchanged and is not recorded on the balance sheet. Counterparties to our outstanding forward contracts consist of major global 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. We do not use derivatives for trading or speculative purposes. We did not enter into any cash flow, fair value or net investment hedges as of March 31, 2021 or December 31, 2020. Other Financial Assets and Liabilities As of March 31, 2021 and December 31, 2020, financial instruments not measured at fair value on a recurring basis including accounts payable, accrued expenses and other current liabilities, and deferred merchant bookings, were carried at cost on our consolidated balance sheets, which approximates their fair values because of the short-term nature of these items. Accounts receivable and contract assets, on our consolidated balance sheets, as well as certain other financial assets, were measured at amortized cost and are carried at cost less an allowance for expected credit losses to present the net amount expected to be collected. The following table shows the aggregate principal and fair value amount of our outstanding 2025 Senior Notes and 2026 Senior Notes as of the periods presented, classified as long-term debt on our unaudited condensed consolidated balance sheets, Note 5: Debt ” for additional information on our 2025 Senior Notes and 2026 Senior Notes. March 31, 2021 December 31, 2020 (in millions) 2025 Senior Notes Aggregate principal amount $ 500 $ 500 Carrying value amount (1) 492 491 Fair value amount (2) 541 542 2026 Senior Notes Aggregate principal amount $ 345 $ — Carrying value amount (3) 339 — Fair value amount (2) 364 — (1) Net of $8 million and $9 million of unamortized debt issuance costs as of March 31, 2021 and December 31, 2020, respectively. (2) We estimate the fair value of our outstanding 2025 Senior Notes and 2026 Senior Notes based on recently reported market transactions and/or prices for identical or similar financial instruments obtained from a third-party pricing source. (3) Net of $6 million in unamortized debt issuance costs. Risks and Concentrations In addition to the impact of COVID-19, which is discussed in “Note 1: Business Description and Basis of Presentation”, Financial instruments, which potentially subject us to concentration of credit risk, generally consist, at any point in time, primarily of cash and cash equivalents, corporate debt securities, forward contracts, capped calls, and accounts receivable. We maintain cash and cash equivalents balances with financial institutions that are in excess of Federal Deposit Insurance Corporation insurance limits. Our cash and cash equivalents are primarily composed of bank account balances with financial institutions primarily denominated in U.S. dollars, Euros, British pounds, and Australian dollars. We invest in highly-rated corporate debt securities, and our investment policy limits the amount of credit exposure to any one issuer, industry group and currency. Our credit risk related to corporate debt securities, if any, is also mitigated by the relatively short maturity period required by our investment policy. Forward contracts and capped calls are transacted with major international financial institutions with high credit standings. Forward contracts typically have maturities of less than 90 days which also mitigates credit risk. Our overall credit risk related to accounts receivable is mitigated by the relatively short collection period. Assets Measured at Fair Value on a Non-recurring Basis Non-Marketable Investments Equity Securities Accounted for under the Equity Method The Company owns a 40% equity investment in Chelsea Investment Holding Company PTE Ltd, which is majority owned by Ctrip Investment Holding Ltd, a majority-owned subsidiary of Trip.com Group Limited. The Company accounts for this minority investment under the equity method, given it has the ability to exercise significant influence, but not control, over the investee. The carrying value of this minority investment was $37 million and $38 million as of March 31, 2021 and December 31, 2020, respectively, and is included in non-marketable investments on our unaudited condensed consolidated balance sheets. During both the three months ended March 31, 2021 and 2020, we recognized $1 million, representing our share of the investee’s net loss in other income (expenses), net within the unaudited condensed consolidated statements of operations. The Company maintains various commercial agreements with Chelsea Investment Holding Company PTE Ltd. and/or its subsidiaries. Transactions under these agreements are considered related-party transactions, and were not material during the three months ended March 31, 2021 and 2020. Other Long-Term Assets The Company holds collateralized notes (the “Notes Receivable”) with a total principal amount of $20 million from a privately-held company. The Company has classified the Notes Receivable as held-to-maturity, as the Company has concluded it has the positive intent and ability to hold the Notes Receivable until maturity, with 50% due in 5 years and the remaining 50% due in 10 years from issuance date. As of March 31, 2021 and December 31, 2020, the carrying value of the Notes Receivable was $14 million, net of accumulated allowance for credit losses, and is classified in other long-term assets, net on our unaudited condensed consolidated balance sheet at amortized cost. On a quarterly basis, we perform a qualitative assessment considering impairment indicators to evaluate whether the Notes Receivable are impaired and monitor for changes to our allowance for credit losses.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	NOTE 5: DEBT The Company’s outstanding debt consisted of the following for the periods presented: March 31, 2021 Outstanding Principal Amount Unamortized Debt Issuance Costs Carrying Value (in millions) Long-Term Debt: 2025 Senior Notes $ 500 $ (8 ) $ 492 2026 Senior Notes 345 (6 ) 339 Total Long-Term Debt $ 845 $ (14 ) $ 831 December 31, 2020 Outstanding Principal Amount Unamortized Debt Issuance Costs Carrying Value (in millions) Long-Term Debt: 2025 Senior Notes $ 500 $ (9 ) $ 491 Total Long-Term Debt $ 500 $ (9 ) $ 491 2015 Credit Facility We are party to a credit agreement with a group of lenders initially entered in June 2015 (as amended, the “Credit Agreement”), which, among other things, provides for a $500 million unsecured revolving credit facility (the “2015 Credit Facility”) with a maturity date of May 12, 2024. The 2015 Credit Facility, among other things, requires us to maintain a maximum leverage ratio and contains certain customary affirmative covenants and events of default, including a change of control. We amended the 2015 Credit Facility in May 2020 and December 2020 to, among other things: • suspend the leverage ratio covenant for quarterly testing of compliance beginning in the second quarter of 2020 until the earlier of (a) the first day after June 30, 2021 through maturity on which borrowings and other revolving credit utilizations under the revolving commitments exceed $200 million, and (b) the election of the Company, at which time the leverage ratio covenant will be reinstated (the “Leverage Covenant Holiday”), and replace it with a minimum liquidity covenant during the Leverage Covenant Holiday, that requires us to maintain $150 million of unrestricted cash, cash equivalents and short-term investments less deferred merchant payables plus available revolver capacity; • decrease the aggregate amount of revolving loan commitments available to $500 million from $1.2 billion; • extend the maturity date of the 2015 Credit Facility from May 12, 2022 to May 12, 2024; and • secure the obligations under the agreement. During the Leverage Covenant Holiday, any outstanding or future borrowings under the 2015 Credit Facility will bear interest at LIBOR plus a 2.25% margin with a LIBOR floor of 1% per annum. We are required to pay a quarterly commitment fee, at an applicable rate of 0.5%, on the daily unused portion of the revolving credit facility for each fiscal quarter during the Leverage Covenant Holiday and also additional fees in connection with the issuance of letters of credit. The Company may borrow from the 2015 Credit Facility in U.S. dollars, Euros and British pounds. In addition, our 2015 Credit Facility includes $15 million of borrowing capacity available for letters of credit and $40 million for Swing Line borrowings on same-day notice. As of March 31, 2021, we had issued $4 million of outstanding letters of credit under the 2015 Credit Facility. As of March 31, 2021 and December 31, 2020, the Company had no outstanding borrowings under the 2015 Credit Facility. For both the three months ended March 31, 2021 and 2020, we recorded total interest expense and commitment fees on our 2015 Credit Facility of $1 million to interest expense on our unaudited condensed consolidated statements of operations. During the three months ended March 31, 2020, the Company borrowed $700 million under the 2015 Credit Facility. These funds were drawn down as a precautionary measure to reinforce the Company’s liquidity position and preserve financial flexibility in light of uncertainty in the global markets resulting from COVID-19 and repaid by the Company during 2020. The Credit Agreement 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 Credit Agreement also limits the Company from repurchasing shares of its common stock and paying dividends, among other restrictions, during the Leverage Covenant Holiday. In addition, to secure the obligations under the Credit Agreement, the Company and certain subsidiaries have granted security interests and liens in and on substantially all of their assets as well as pledged shares of certain of the Company’s subsidiaries. 2025 Senior Notes On July 9, 2020, the Company completed the sale of $500 million aggregate principal amount of 7.0% Senior Notes due 2025 (the “2025 Senior Notes”), pursuant to a purchase agreement, dated July 7, 2020, among the Company, the guarantors party thereto and the initial purchasers party thereto The 2025 Senior Notes are senior unsecured obligations of the Company and are guaranteed by certain of the Company’s domestic subsidiaries. The Company has the option to redeem all or a portion of the 2025 Senior Notes at any time on or after July 15, 2022 at the redemption prices set forth in the 2025 Indenture, plus accrued and unpaid interest, if any. The Company may also redeem all or any portion of the 2025 Senior Notes at any time prior to July 15, 2022, at a price equal to 100% of the aggregate principal amount thereof plus a make-whole premium and accrued and unpaid interest, if any. In addition, before July 15, 2022, the Company may redeem up to 40% of the aggregate principal amount of the 2025 Senior Notes with the net proceeds of certain equity offerings at the redemption price set forth in the 2025 Indenture, provided that certain conditions are met. Subject to certain limitations, in the event of a Change of Control Triggering Event (as defined in the 2025 Indenture), the Company will be required to make an offer to purchase the 2025 Senior Notes at a price equal to 101% of the aggregate principal amount of the 2025 Senior Notes repurchased, plus accrued and unpaid interest, if any, to the date of repurchase. These features have been evaluated as embedded derivatives under GAAP; however, the Company has concluded they do not meet the requirements to be accounted for separately. As of March 31, 2021, unpaid interest on our 2025 Senior Notes totaled approximately $8 million and is included in accrued expenses and other current liabilities on our unaudited condensed consolidated balance sheet, and was recorded as interest expense on our unaudited condensed consolidated statement of operations for the three months ended March 31, 2021. The 2025 Indenture contains covenants that, among other things and subject to certain exceptions and qualifications, restrict the ability of the Company and the ability of certain of its subsidiaries to incur or guarantee additional indebtedness or issue disqualified stock or certain preferred stock; pay dividends and make other distributions or repurchase stock; make certain investments; create or incur liens; sell assets; create restrictions affecting the ability of restricted subsidiaries to make distributions, loans or advances or transfer assets to the Company or the restricted subsidiaries; enter into certain transactions with the Company’s affiliates; designate restricted subsidiaries as unrestricted subsidiaries; and merge, consolidate or transfer or sell all or substantially all of the Company’s assets. 2026 Senior Notes On March 25, 2021, we entered into a purchase agreement for the sale of $300 million aggregate principal amount of 0.25% Convertible 2026 Senior Notes due 2026 (the “2026 Senior Notes”) in a private offering to qualified institutional buyers. The 2026 Senior Notes included of an over-allotment option that provided the initial purchasers of the 2026 Senior Notes with the option to purchase an additional $45 million aggregate principal amount of the 2026 Senior Notes; such over-allotment option was fully exercised. In connection with the issuance of the 2026 Senior Notes, the Company entered into an Indenture, dated March 25, 2021 (the “2026 Indenture”), among the Company, the guarantors party thereto and the trustee. The terms of the 2026 Senior Notes are governed by the 2026 Indenture. The 2026 Senior Notes mature on April 1, 2026, unless earlier converted, redeemed or repurchased. The 2026 Senior Notes are senior unsecured obligations of the Company, although guaranteed by certain domestic subsidiaries , with interest payable semiannually in arrears on April 1 and October 1 of each year, beginning on October 1 , 2021 , at a rate of 0.25 % per annum. The 2026 Senior Notes will be redeemable, in whole or in part, at our option at any time, and from time to time, on or after April 1, 2024 and on or before the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the 2026 Senior Notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related redemption notice; and (2) the trading day immediately before the date we send such notice. In addition, calling any such note for redemption will constitute a make-whole fundamental change with respect to that note, in which case the conversion rate applicable to the conversion of that note will be increased in certain circumstances if it is converted after it is called for redemption. The 2026 Senior Notes are unconditionally guaranteed, on a joint and several basis, by the guarantors on a senior, unsecured basis. The 2026 Senior Notes are our general senior unsecured obligations and rank equally in right of payment with all of our existing and future senior indebtedness, and senior in right of payment to all of our future subordinated indebtedness. The 2026 Senior Notes will be effectively subordinated to any of our existing and future secured indebtedness, including borrowings under our 2015 Credit Facility and our 2025 Senior Notes, to the extent of the value of the assets securing such indebtedness. Holders may convert their 2026 Senior Notes under the following conditions at any time prior to the close of business on the business day immediately preceding January 1, 2026 in multiples of $1,000 principal amount, only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2026 Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; or • upon the occurrence of specified corporate events as described in the 2026 Indenture. In addition, holders may convert their 2026 Senior Notes, in multiples of $1,000 principal amount, at their option at any time beginning on or after January 1, 2026, and prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date of the 2026 Senior Notes, without regard to the foregoing circumstances. The initial conversion rate for the 2026 Senior Notes is 13.5483 shares of common stock per $1,000 principal amount of 2026 Senior Notes, which is equivalent to an initial conversion price of approximately $73.81 per share of common stock, or approximately 4.7 million shares of common stock, subject to adjustment upon the occurrence of certain specified events as set forth in the 2026 Indenture. Upon conversion, the Company may choose to pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock. The Company accounts for the 2026 Senior Notes as a liability measured at its amortized cost, and no other features of the 2026 Senior Notes are bifurcated and recognized as a derivative he Company intends to use the remainder of the net proceeds from this offering for general corporate purposes, which may include repayment of debt, including the partial redemption of our 2025 Senior Notes due 2025 prior to maturity. five-year . The 2026 Senior Notes are unsecured and do not contain any financial covenants, restrictions on dividends, incurrence of senior debt or other indebtedness, or restrictions on the issuance or repurchase of securities by the Company. Capped Call Transactions In connection with the issuance of the 2026 Senior Notes, the Company entered into privately negotiated capped call transactions (the “Capped Calls”) with certain of the initial purchasers of the 2026 Senior Notes and/or their respective affiliates and/or other financial institutions (the “Option Counterparties”) at a cost of approximately $ 35 million. The Capped Calls are separate transactions entered into by the Company with each Option Counterparty, and are not part of the terms of the 2026 Senior Notes and will not affect any noteholder’s rights under the 2026 Senior Notes. Noteholders will not have any rights with respect to the Capped Calls. The Capped Calls cover, subject to anti-dilution adjustments, substantially similar to those applicable to the conversion rate of the 2026 Senior Notes, the number of shares of common stock initially underlying the 2026 Senior Notes, or up to approximately 4.7 million shares of our common stock. The Capped Calls are expected generally to reduce potential dilution to the common stock upon any conversion of 2026 Senior Notes and/or offset any potential cash payments the Company is required to make in excess of the principal amount of such converted 2026 Senior Notes, as the case may be, with such reduction and/or offset subject to a cap. The strike price of the Capped Calls is $73.81, while the cap price of the Capped Calls will initially be $107.36 per share of our common stock, which represents a premium of 100% over the close price of our common stock of $53.68 per share on March 22, 2021, and is subject to certain customary adjustments under the terms of the Capped Calls. The Capped Calls are considered indexed to our own stock and are considered equity classified under GAAP, and included as a reduction to additional paid-in-capital within shareholders’ equity on the unaudited condensed consolidated balance sheet as of March 31, 2021. The Capped Calls are not accounted for as derivatives and not remeasured each reporting period. In addition, we recorded a deferred tax asset of $9 million during the three months ended March 31, 2021, as we made an income tax election allowable under Internal Revenue Service (the “IRS”) regulations in order to recover the cost of the Capped Calls as interest expense for income tax purposes over the term of the 2026 Senior Notes.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 6: INCOME TAXES Each interim period is considered an integral part of the annual period; accordingly, we measure our income tax expense using an estimated annual effective tax rate. An enterprise 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. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). The CARES Act made tax law changes to provide financial relief to companies as a result of the business impacts of COVID-19. Key income tax provisions of the CARES Act include changes in net operating losses (“NOL”) carryback and carryforward rules, increase of the net interest expense deduction limit, and immediate write-off of qualified improvement property. The CARES Act allowed us to carryback our U.S. federal NOL incurred in 2020, generating a $48 million income tax refund, which is recorded in income taxes receivable on our unaudited condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively, and is expected to be received during 2021. We also reduced our long-term transition tax payable related to the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) by $28 million as a result of the NOL carryback during the year ended December 31, 2020. In addition, certain governments have passed legislation to help businesses during the COVID-19 pandemic through loans, wage subsidies, wage tax relief or other financial aid. Some of these governments have extended or are considering extending these programs. We have participated in several of these programs, including the CARES Act in the U.S., the United Kingdom's job retention scheme, as well as programs in other jurisdictions'. In addition, in certain countries, such as within the European Union, Singapore, Australia, and other jurisdictions, we are also participating in programs where government assistance is in the form of wage subsidies and reductions in wage-related employer taxes paid by us. During the three months ended March 31, 2021, we recognized non-income tax related government grants and other assistance benefits of $3 million, of which $2 million in cash has been received as of March 31, 2021. These amounts were recorded as a reduction of personnel and overhead costs in the consolidated statements of operations. As of March 31, 2021 and December 31, 2020, we had a receivable remaining of $3 million and $2 million, included in prepaid expenses and other current assets on our unaudited condensed consolidated balance sheet, for payments expected to be received in 2021, which was related to qualified payroll tax credits under the CARES Act . We had income tax benefits of $16 million and $11 million for the three months ended March 31, 2021 and 2020, respectively. The increase in our income tax benefit during the three months ended March 31, 2021, when compared to the same period in 2020, was primarily due to an increase in pretax losses recognized as of March 31, 2021, partially offset by the 2020 NOL carryback rate benefit recorded in the same period last year. 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 March 31, 2021, we had an accrued interest liability of $37 million and no penalties have been accrued. By virtue of consolidated income tax returns previously filed with Expedia, we are currently under an IRS audit for the 2009, 2010 and short-period 2011 tax years. We are separately under examination by the IRS for the short-period 2011, 2012 through 2016, and 2018 tax years, under an employment tax audit by the IRS for the 2015 through 2017 tax years, and have various ongoing audits for foreign tax years, as well as state income tax audits . These audits include questioning the timing and 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 2009. As of March 31, 2021 , no material assessments have resulted, except as noted below regarding our 2009, 2010, and 2011 IRS audit with Expedia , our 2012 through 2016 standalone IRS audit , and our 2012 through 2016 HM Revenue & Customs (“HMRC”) audit . In January 2017 and April 2019, as part of the IRS audit of Expedia, we received Notices of Proposed Adjustment from the IRS for the 2009, 2010, and 2011 tax years. Subsequently, in September 2019, as part of our standalone audit, we received Notices of Proposed Adjustment from the IRS for the 2012 and 2013 tax years; and in August 2020, we received Notices of Proposed Adjustment from the IRS for the 2014, 2015, and 2016 tax years. These proposed adjustments are related to certain transfer pricing arrangements with our foreign subsidiaries, and would result in an increase to our worldwide income tax expense in an estimated range of $95 million to $105 million at the close of the audit if the IRS prevails, which includes $20 million to $30 million related to the 2009 through 2011 pre Spin-Off tax years. The estimated range takes into consideration competent authority relief and transition tax regulations, and is exclusive of deferred tax consequences and interest expense, which would be significant. We disagree with the proposed adjustments and we intend to defend our position through applicable administrative and, if necessary, judicial remedies. 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. In addition to the risk of additional tax for 2009 through 2016 transactions, if the IRS were to seek transfer pricing adjustments of a similar nature for transactions in subsequent years, we would be subject to significant additional tax liabilities. We have requested competent authority assistance under the Mutual Agreement Procedure (“MAP”) for tax years 2009 through 2016. We expect the competent authorities to present a resolution for the 2009 through 2011 tax years in the near future. Upon receipt, we will assess the resolution provided by the competent authorities as well as its impact on our existing income tax reserves for all open subsequent years. In January 2021, we received from HMRC an issue closure notice relating to adjustments for 2012 through 2016 tax years. These proposed adjustments are related to certain transfer pricing arrangements with our foreign subsidiaries and would result in an increase to our worldwide income tax expense in an estimated range of $45 million to $55 million, exclusive of interest expense, at the close of the audit if HMRC prevails. We disagree with the proposed adjustments and we intend to defend our position through applicable administrative and, if necessary, judicial remedies. 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 7: COMMITMENTS AND CONTINGENCIES As of March 31, 2021, with the exception of expected interest payments related to the issuance of our 2026 Senior Notes, as discussed above in “Note 5: Debt Commitments and Contingencies Legal Proceedings In the ordinary course of business, we are party to regulatory and legal matters, including threats thereof, arising out of, or in connection with our operations. These matters may involve claims involving intellectual property rights (including alleged infringement of third-party intellectual property rights), tax matters (including value-added, excise, transient occupancy and accommodation taxes), regulatory compliance (including competition and consumer protection matters), defamation and reputational claims, personal injury claims, labor and employment matters and commercial disputes. Periodically, we review the status of all significant outstanding matters to assess any potential financial exposure. We record the estimated loss in our consolidated statements of operations when (i) it is probable that an asset has been impaired or a liability has been incurred; and (ii) the amount of the loss can be reasonably estimated. We provide disclosures in the notes to the consolidated financial statements for loss contingencies that do not meet both of these conditions if there is a reasonable possibility that a loss may have been incurred that would be material to the consolidated financial statements. We base accruals on the best information available at the time which can be highly subjective. Although occasional adverse decisions or settlements may occur, we do not believe that the final disposition of any of these matters will have a material adverse effect on our business. However, the final outcome of these matters could vary significantly from our estimates. Finally, 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. All legal fees incurred by the Company related to any regulatory and legal matters are expensed in the period incurred. Income and Non-Income Taxes We are under audit by the IRS and various other domestic and foreign tax authorities with regards to income tax and non-income tax matters. We have reserved for potential adjustments that may result from examinations by, or any negotiated agreements with, these tax authorities. Although we believe our tax estimates are reasonable, the final determination of audits could be materially different from our historical tax provisions and accruals. The results of an audit could have a material effect on our financial position, results of operations, or cash flows in the period for which that determination is made. Refer to “Note 6: Income Taxes

Stock Based Awards and Other Eq

Stock Based Awards and Other Equity Instruments	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Awards and Other Equity Instruments	NOTE 8: 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 on our unaudited condensed consolidated statements of operations during the periods presented: Three months ended March 31, 2021 2020 (in millions) Selling and marketing $ 4 $ 4 Technology and content 12 11 General and administrative 13 11 Total stock-based compensation 29 26 Income tax benefit from stock-based compensation (5 ) (6 ) Total stock-based compensation, net of tax effect $ 24 $ 20 We capitalized $3 million and $4 million of stock-based compensation expense as internal-use software and website development costs during the three months ended March 31, 2021 and 2020, respectively. During the three months ended March 31, 2020, the Company reversed $3 million of previously recorded stock-based compensation expense related to certain performance-based RSUs. As of March 31, 2020, the Company concluded that performance metrics required to be met in order for these awards to fully vest were no longer expected to be achievable, due to COVID-19’s impact on our business. Stock-Based Award Activity and Valuation 2021 Stock Option Activity A summary of our stock option activity, consisting primarily of service-based non-qualified stock options during the three months ended March 31, 2021, 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 December 31, 2020 5,615 $ 46.31 Granted 699 45.92 Exercised (1) (628 ) 34.70 Cancelled or expired (94 ) 40.93 Options outstanding at March 31, 2021 5,592 $ 47.66 5.6 $ 62 Exercisable as of March 31, 2021 3,203 $ 55.64 3.7 $ 22 Vested and expected to vest after March 31, 2021 (2) 5,592 $ 47.66 5.6 $ 62 (1) Inclusive of 357,148 stock options which were not converted into shares due to net share settlement in order to cover the aggregate exercise price and the required amount of employee withholding taxes. Potential shares which were withheld in connection with exercised stock options due to net share settlement to satisfy required employee tax withholding requirements and payment of the aggregate exercise price remain in the authorized but unissued pool under the Tripadvisor, Inc. 2018 Stock and Annual Incentive Plan (the “2018 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 condensed consolidated statements of cash flows. ( 2 ) The Company accounts for forfeitures as they occur, rather than estimate expected forfeitures as allowed under GAAP and therefore do not include a forfeiture rate in our vested and expected to vest calculation unless necessary for a performance condition award. 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 Nasdaq as of March 31, 2021 was $53.79. The total intrinsic value of stock options exercised for the three months ended March 31, 2021 was $8 million. This amount was not material for the three months ended March 31, 2020. The fair value of stock option grants 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 March 31, 2021 2020 Risk free interest rate 0.65 % 1.18 % Expected term (in years) 5.33 5.30 Expected volatility 49.69 % 42.64 % Expected dividend yield — % — % Weighted-average grant date fair value $ 20.35 $ 10.18 Our stock options generally have a term of ten years from the date of grant and typically vest equally over a four-year 2021 RSU Activity A summary of our activity with respect to restricted stock units (“RSUs”), consisting primarily of service-based vesting terms, during the three months ended March 31, 2021 is presented below: Weighted Average Grant- Aggregate RSUs Date Fair Intrinsic Outstanding Value Per Share Value (in thousands) (in millions) Unvested RSUs outstanding as of December 31, 2020 8,111 $ 32.29 Granted 2,078 45.79 Vested and released (1) (2,360 ) 33.94 Cancelled (307 ) 32.14 Unvested RSUs outstanding as of March 31, 2021 7,522 $ 35.50 $ 405 (1) Inclusive of 534,159 RSUs withheld due to net share settlement to satisfy required employee tax withholding requirements. Potential shares which were withheld in connection with settlement of RSUs to satisfy required employee tax withholding requirements remain in the authorized but unissued pool under the 2018 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 condensed consolidated statements of cash flows. We amortize the grant-date fair value of RSUs as stock-based compensation expense over the vesting term, which is typically over a four-year A summary of our activity related to market-based RSUs (“MSUs”) during the three months ended March 31, 2021 is presented below: Weighted Average Grant- Aggregate MSUs Date Fair Intrinsic Outstanding Value Per Share Value (in thousands) (in millions) Unvested MSUs outstanding as of December 31, 2020 174 $ 37.29 Granted ― ― Vested and released ― ― Cancelled ― ― Unvested MSUs outstanding as of March 31, 2021 174 $ 37.29 $ 9 Total current income tax benefits associated with the exercise or settlement of Tripadvisor stock-based awards held by our employees was $9 million and $12 million during the three months ended March 31, 2021 and 2020, respectively. Unrecognized Stock-Based Compensation A summary of our remaining unrecognized stock-based compensation expense and the weighted average remaining amortization period at March 31, 2021 related to our non-vested equity awards is presented below (in millions, except in years information): Stock Options RSUs/MSUs Unrecognized compensation expense $ 28 $ 212 Weighted average period remaining (in years) 2.6 2.5

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	NOTE 9: STOCKHOLDERS’ EQUITY On January 31, 2018, our Board of Directors authorized the repurchase of up to $250 million of our shares of common stock under a share repurchase program. This share repurchase program has no expiration date but may be suspended or terminated by our Board of Directors at any time. During the three months ended March 31, 2021, the Company did not repurchase any shares of outstanding common stock under the share repurchase program. During the three months ended March 31, 2020, we repurchased 4,707,450 shares of our outstanding common stock at an average share price of $24.32 per share, exclusive of fees and commissions, or $115 million in the aggregate. As of March 31, 2021 and December 31, 2020, we had $75 million remaining available to repurchase shares of our common stock under this share repurchase program and 18,844,614 shares of the Company’s common stock held in treasury with an aggregate cost of $722 million. Our Board of Directors authorized and directed management, working with the Executive Committee of our Board of Directors, to affect the share repurchase programs discussed above in compliance with applicable legal requirements. While the Board of Directors has not suspended or terminated the share repurchase program, the terms of the 2015 Credit Facility currently limit the Company from engaging in share repurchases during the Leverage Covenant Holiday and the terms of our 2025 Indenture impose certain limitations and restrictions on share repurchases. Refer to “Note 5: Debt our 2025 Indenture.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 10: EARNINGS PER SHARE Basic Earnings Per Share Attributable to Common Stockholders We compute basic earnings per share, or Basic EPS, by dividing net income (loss) 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 common shares repurchased during the reporting period. Diluted Earnings Per Share Attributable to Common Stockholders Diluted earnings per share, or Diluted EPS, includes the potential dilution of common equivalent shares outstanding that could occur from stock-based awards and other stock-based commitments using the treasury stock method. We compute Diluted EPS by dividing net income (loss) 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 EPS 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, primarily related to stock options and the vesting of restricted stock units using the treasury stock method; and (iii) if dilutive, performance-based and market-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 of outstanding equity awards and the average unrecognized compensation cost during the period. The treasury stock method assumes that a company uses the proceeds from the exercise of an equity award to repurchase common stock at the average market price for the reporting period. In periods of net income, shares of our common stock subject to the potential conversion of the 2026 Senior Notes outstanding during the period is also included in our weighted average number of shares outstanding used to calculate Diluted EPS using the if-converted method under GAAP, as share settlement is presumed. The Capped Calls are excluded from the calculation of Diluted EPS, as they would be antidilutive. However, upon conversion of the 2026 Senior Notes, unless the market price of our common stock exceeds the cap price, an exercise of the Capped Calls would generally offset any dilution from the 2026 Senior Notes from the conversion price up to the cap price. As of March 31, 2021, the market price of a share of our common stock did not exceed the $107.36 cap price. In periods of a net loss, common equivalent shares are excluded from the calculation of Diluted EPS as their inclusion would have an antidilutive effect. Accordingly, for periods in which we report a net loss, such as for the three months ended March 31, 2021 and 2020, respectively, Diluted EPS is the same as Basic EPS, since dilutive common equivalent shares are not assumed to have been issued if their effect is antidilutive. Below is a reconciliation of the weighted average number of shares of common stock outstanding in calculating Diluted EPS (shares in thousands and dollars in millions, except per share amounts) for the periods presented: Three months ended March 31, 2021 2020 Numerator: Net income (loss) $ (80 ) $ (16 ) Denominator: Weighted average shares used to compute Basic EPS 135,746 136,240 Weighted average effect of dilutive securities: Stock options — — RSUs/MSUs — — 2026 Senior Notes (Note 5) — — Weighted average shares used to compute Diluted EPS 135,746 136,240 Basic EPS $ (0.59 ) $ (0.12 ) Diluted EPS $ (0.59 ) $ (0.12 ) Potential common shares, consisting of outstanding stock options, service and performance-based RSUs, MSUs, and those issuable under the 2026 Senior Notes, totaling approximately 17.8 million shares and 17.0 million shares for the three months ended March 31, 2021 and 2020, respectively, have been excluded from the calculation of Diluted EPS because their effect would have been antidilutive. In addition, potential common shares from certain performance-based awards of approximately 0.1 million shares and 0.8 million shares for three months ended March 31, 2021 and 2020, respectively, for which all targets required to trigger vesting had not been achieved, were also excluded from the calculation of weighted average shares used to compute Diluted EPS. 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. In addition, our non-vested RSUs and MSUs are entitled to dividend equivalents, which will be payable to the holder subject to, and only upon vesting of, the underlying awards and are therefore forfeitable. Given such dividend equivalents are forfeitable, we do not consider them to be participating securities and, consequently, they are not subject to the two‑class method of determining earnings per share.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	NOTE 11: SEGMENT INFORMATION We have two reportable segments: (1) Hotels, Media & Platform; and (2) Experiences & Dining. Our Hotels, Media & Platform reportable segment includes the following revenue sources: (1) Tripadvisor-branded hotels revenue – primarily consisting of hotel auction revenue, subscription-based advertising, and hotel sponsored placements revenue; and (2) Tripadvisor-branded display and platform revenue – consisting of display-based advertising revenue. Our Experiences & Dining reportable segment includes an aggregation of our Experiences and Dining operating segments. All remaining business units, including Rentals, Flights & Car, and Cruises have been combined into and reported as “Other”, which does not constitute a reportable segment, as none of these businesses meet the quantitative thresholds and other criteria to qualify as reportable segments. The nature of the services provided and revenue recognition policies are summarized by reported segment in “Note 3 : Revenue Recognition .” Our operating segments are determined based on how our chief operating decision maker manages our business, regularly accesses information and evaluates performance for operating decision-making purposes, including allocation of resources . All direct general and administrative costs are included in the applicable segments and business units; however, all corporate general and administrative costs are included in the Hotels, Media & Platform reportable segment. In addition, the Hotels, Media & Platform reportable segment includes all Tripadvisor-related brand advertising expenses (primarily television advertising), technical infrastructure, and other costs supporting the Tripadvisor platform. Adjusted EBITDA is our segment profit measure and a key measure used by our management and Board of Directors to understand and evaluate the operating performance of our business and on which internal budgets and forecasts are based and approved. We define Adjusted EBITDA as net income (loss) plus: (1) (provision) benefit for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation and other stock-settled obligations; (5) goodwill, intangible asset, and long-lived asset impairments; (6) legal reserves and settlements; (7) restructuring and other related reorganization costs; and (8) non-recurring expenses and income. The following tables present our segment information for the three months ended March 31, 2021 and 2020 and includes a reconciliation of Adjusted EBITDA to Net income (loss). We record depreciation and amortization, stock-based compensation and other stock-settled obligations, goodwill, intangible asset, and long-lived asset impairments, legal reserves and settlements, restructuring and other related reorganization costs, and other non-recurring expenses and income, net, which are excluded from segment operating performance, in corporate and unallocated. In addition, we do not report our assets, capital expenditures and related depreciation expense by segment as our CODM does not use this information to evaluate operating segments. Accordingly, we do not regularly provide such information by segment to our CODM. Intersegment revenue is not material and is included and eliminated in Other. Three months ended March 31, 2021 Hotels, Media & Platform (1) Experiences & Dining Other Corporate and Unallocated Total (in millions) Revenue $ 88 $ 28 $ 7 $ — $ 123 Adjusted EBITDA (3 ) (24 ) 1 — (26 ) Depreciation and amortization (29 ) (29 ) Stock-based compensation (29 ) (29 ) Operating income (loss) (84 ) Other income (expense), net (12 ) Income (loss) before income taxes (96 ) (Provision) benefit for income taxes 16 Net income (loss) (80 ) Three months ended March 31, 2020 Hotels, Media & Platform (1) Experiences & Dining Other Corporate and Unallocated Total (in millions) Revenue $ 169 $ 83 $ 26 $ — $ 278 Adjusted EBITDA 53 (19 ) 6 — 40 Depreciation and amortization (32 ) (32 ) Stock-based compensation (26 ) (26 ) Restructuring and other related reorganization costs (9 ) (9 ) Operating income (loss) (27 ) Other income (expense), net — Income (loss) before income taxes (27 ) (Provision) benefit for income taxes 11 Net income (loss) (16 ) (1) Includes allocated corporate general and administrative costs of $ 16 million and $ million and Trip a dvisor-branded advertising expenses (primarily television advertising) of $ 1 million and $ 4 million for the three months ended March 31, 20 2 1 and 20 20 , respectively. Customer Concentrations Refer to “Note 4: Financial Instruments and Fair Value Measurements

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements present our results of operations, financial position and cash flows on a consolidated basis. The unaudited condensed 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. All inter-company accounts and transactions have been eliminated in consolidation. One of our subsidiaries that operates in China has 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 these 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 activity of these affiliates. Our variable interest entities’ financial results were not material for all periods presented. Investments in entities in which we do not have a controlling financial interest are accounted for under the equity method, the fair value option, as available-for-sale securities or at cost adjusted for observable price changes and impairments, as appropriate. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results. Our interim unaudited condensed 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 condensed 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, 2020, previously filed with the SEC. The unaudited condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures including notes required by GAAP. As of March 31, 2021, Liberty Tripadvisor Holdings, Inc. (“LTRIP”) beneficially owned approximately 16.4 million shares of our common stock and 12.8 million shares of our Class B common stock, which constitute 13.3% 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 21.4% of the outstanding common stock. Because each share of Class B common stock 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 57.3% of our voting power. We had no related party transactions with LTRIP during the three months ended March 31, 2021 and 2020, respectively.
Risks and Uncertainties	Risks and Uncertainties We continue to be subject to risks and uncertainties as a result of the COVID-19 pandemic. While we have seen varying degrees of containment of the virus in certain countries and some signs of travel recovery, the degree of containment and the recovery in travel has varied both region-to-region on a global basis, as well as state-to-state in the U.S. For example, when COVID-19 cases resurged during the fourth quarter of 2020, government restrictions and mandates were reinstated in certain geographies globally. We do not know the future path or rate of global or regional COVID-19 transmission, nor do we have visibility into when In the fourth quarter of 2020, multiple COVID-19 vaccines were approved for widespread distribution throughout various parts of the world, including the United States and in Europe, and in the first quarter of 2021, vaccination distribution programs were initiated around the world. Vaccine programs in our largest markets, the U.S. and U.K., appear to be progressing well, and we expect the same for mainland Europe in the near future. We are encouraged by these developments, however the timing of widespread vaccine distributions, efficacy against variants of COVID-19, whether there will be resurgences of the virus and subsequent government restrictions, and whether consumers demand for travel and hospitality services will continue to be negatively impacted remain uncertain. Therefore, the continuing extent of the impact of the COVID-19 pandemic on our business, results of operations, liquidity and financial condition remains uncertain and is dependent on future developments that cannot be accurately predicted at this time, such as the continued transmission rate of COVID-19, additional resurgences, if any, the extent and effectiveness of containment actions taken, and the ultimate impact of these and other factors on consumer demand for travel and usage patterns on our platform. We continue to believe the travel, hospitality, restaurant, and leisure industry, and consequently our business, will continue to be adversely and materially affected while the pandemic continues and travel bans and other government restrictions and mandates continue to remain in place or be reinstated, all of which negatively impact consumer demand, sentiment and discretionary spending patterns.
Accounting Estimates	Accounting Estimates We use estimates and assumptions in the preparation of our unaudited condensed 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 condensed 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 condensed consolidated financial statements include: (i) recognition and recoverability of goodwill, and (ii) accounting for income taxes. The COVID-19 pandemic has created significant uncertainty in macroeconomic conditions, which may cause further business disruptions and continue to adversely and materially impact our results of operations. As a result, some of our estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change materially in future periods.
Seasonality	Seasonality Consumers’ travel expenditures have historically followed a seasonal pattern. Correspondingly, travel partners’ advertising investments, and therefore our revenue and profits, have also historically followed a seasonal pattern. Our financial performance tends to be seasonally highest in the second and third quarters of a given year, which includes the seasonal peak in consumer demand, traveler hotel and rental stays, and travel activities and experiences taken, compared to the first and fourth quarters, which represent seasonal low points . Due to the impact of COVID-19 on our business, however, we did not experience our typical seasonal pattern for revenue and profit during the calendar quarters within the year ended December 31, 2020, which generally has continued in the three months ended March 31, 2021. COVID-19 also contributed significantly to unfavorable working capital trends and material negative operating cash flow during the year ended December 31, 2020, and that trend, although improved since 2020 has continued in the three months ending March 31, 2021. Therefore, it is difficult to predict the seasonality for the upcoming quarters, given the continued uncertainty related to the ultimate extent and duration of the economic and consumer demand impact from COVID-19, the successful widespread distribution and execution of vaccination programs in our key markets, and the shape and timing of a recovery. In addition, significant shifts in our business mix or adverse economic conditions could result in future seasonal patterns that are different from historical trends.
Recently Adopted Accounting Pronouncements	In August 2020, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance which simplifies the accounting for convertible debt instruments by reducing the number of accounting models and embedded conversion features that could be recognized separately from the primary contract. The new accounting guidance requires a convertible debt instrument to be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. The new accounting guidance requires an entity to use the if-converted method in the diluted earnings per share calculation for convertible instruments. This guidance is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted, including adoption in any interim period. We early adopted this new guidance in the first quarter of 2021 and there was no impact to any prior periods. Refer to “Note 5: Debt
Significant Accounting Policies	There have been no other significant changes to our accounting policies since December 31, 2020, as described under “Note 2: Significant Accounting Policies

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Reconciliation of Disaggregated Revenue to Segment Revenue	A reconciliation of disaggregated revenue to segment revenue is also included below. Other consists of a combination of business units, and does not constitute a reportable segment. Three months ended March 31, 2021 2020 Major products/revenue sources (1): (in millions) Hotels, Media & Platform Tripadvisor-branded hotels $ 74 $ 137 Tripadvisor-branded display and platform 14 32 Total Hotels, Media & Platform 88 169 Experiences & Dining 28 83 Other 7 26 Total Revenue $ 123 $ 278 (1) Our revenue is recognized primarily at a point in time for all reported segments.
Summary of Balances of Accounts Receivable and Contract Assets from Contracts with Customers	The following table provides information about the opening and closing balances of accounts receivable and contract assets from contracts with customers (in millions): March 31, 2021 December 31, 2020 Accounts receivable 73 70 Contract assets 24 13 Total $ 97 $ 83

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Investments All Other Investments [Abstract]
Net Notional Principal Amounts of Outstanding Derivative Instruments	The following table shows the net notional principal amounts of our outstanding derivative instruments as of the periods presented: March 31, 2021 December 31, 2020 (in millions) Foreign currency exchange-forward contracts (1) (2) $ 9 $ 3 (1) Derivative contracts address foreign currency exchange fluctuations for the Euro versus the U.S. dollar. These outstanding derivatives are not designated as hedging instruments and have an original maturity period of 90 days or less. (2) The fair value of our outstanding derivatives as of March 31, 2021 and December 31, 2020, respectively, was not material. The notional amount of a forward contract is the contracted amount of foreign currency to be exchanged and is not recorded on the balance sheet.
Schedule of Aggregate Principal and Fair Value Amount of Outstanding 2025 Senior Notes and 2026 Senior Notes	The following table shows the aggregate principal and fair value amount of our outstanding 2025 Senior Notes and 2026 Senior Notes as of the periods presented, classified as long-term debt on our unaudited condensed consolidated balance sheets, Note 5: Debt ” for additional information on our 2025 Senior Notes and 2026 Senior Notes. March 31, 2021 December 31, 2020 (in millions) 2025 Senior Notes Aggregate principal amount $ 500 $ 500 Carrying value amount (1) 492 491 Fair value amount (2) 541 542 2026 Senior Notes Aggregate principal amount $ 345 $ — Carrying value amount (3) 339 — Fair value amount (2) 364 — (1) Net of $8 million and $9 million of unamortized debt issuance costs as of March 31, 2021 and December 31, 2020, respectively. (2) We estimate the fair value of our outstanding 2025 Senior Notes and 2026 Senior Notes based on recently reported market transactions and/or prices for identical or similar financial instruments obtained from a third-party pricing source. (3) Net of $6 million in unamortized debt issuance costs.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Summary of Outstanding Debt	The Company’s outstanding debt consisted of the following for the periods presented: March 31, 2021 Outstanding Principal Amount Unamortized Debt Issuance Costs Carrying Value (in millions) Long-Term Debt: 2025 Senior Notes $ 500 $ (8 ) $ 492 2026 Senior Notes 345 (6 ) 339 Total Long-Term Debt $ 845 $ (14 ) $ 831 December 31, 2020 Outstanding Principal Amount Unamortized Debt Issuance Costs Carrying Value (in millions) Long-Term Debt: 2025 Senior Notes $ 500 $ (9 ) $ 491 Total Long-Term Debt $ 500 $ (9 ) $ 491

Stock Based Awards and Other _2

Stock Based Awards and Other Equity Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Amount of Stock-Based Compensation Expense Related to Stock-Based Awards	The following table presents the amount of stock-based compensation expense related to stock-based awards on our unaudited condensed consolidated statements of operations during the periods presented: Three months ended March 31, 2021 2020 (in millions) Selling and marketing $ 4 $ 4 Technology and content 12 11 General and administrative 13 11 Total stock-based compensation 29 26 Income tax benefit from stock-based compensation (5 ) (6 ) Total stock-based compensation, net of tax effect $ 24 $ 20
Summary of Stock Option Activity	A summary of our stock option activity, consisting primarily of service-based non-qualified stock options during the three months ended March 31, 2021, 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 December 31, 2020 5,615 $ 46.31 Granted 699 45.92 Exercised (1) (628 ) 34.70 Cancelled or expired (94 ) 40.93 Options outstanding at March 31, 2021 5,592 $ 47.66 5.6 $ 62 Exercisable as of March 31, 2021 3,203 $ 55.64 3.7 $ 22 Vested and expected to vest after March 31, 2021 (2) 5,592 $ 47.66 5.6 $ 62 (1) Inclusive of 357,148 stock options which were not converted into shares due to net share settlement in order to cover the aggregate exercise price and the required amount of employee withholding taxes. Potential shares which were withheld in connection with exercised stock options due to net share settlement to satisfy required employee tax withholding requirements and payment of the aggregate exercise price remain in the authorized but unissued pool under the Tripadvisor, Inc. 2018 Stock and Annual Incentive Plan (the “2018 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 condensed consolidated statements of cash flows. ( 2 ) The Company accounts for forfeitures as they occur, rather than estimate expected forfeitures as allowed under GAAP and therefore do not include a forfeiture rate in our vested and expected to vest calculation unless necessary for a performance condition award.
Weighted-Average Assumptions of Estimated Fair Value of Stock Option Grants	The fair value of stock option grants 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 March 31, 2021 2020 Risk free interest rate 0.65 % 1.18 % Expected term (in years) 5.33 5.30 Expected volatility 49.69 % 42.64 % Expected dividend yield — % — % Weighted-average grant date fair value $ 20.35 $ 10.18
Summary of RSU Activity	A summary of our activity with respect to restricted stock units (“RSUs”), consisting primarily of service-based vesting terms, during the three months ended March 31, 2021 is presented below: Weighted Average Grant- Aggregate RSUs Date Fair Intrinsic Outstanding Value Per Share Value (in thousands) (in millions) Unvested RSUs outstanding as of December 31, 2020 8,111 $ 32.29 Granted 2,078 45.79 Vested and released (1) (2,360 ) 33.94 Cancelled (307 ) 32.14 Unvested RSUs outstanding as of March 31, 2021 7,522 $ 35.50 $ 405 (1) Inclusive of 534,159 RSUs withheld due to net share settlement to satisfy required employee tax withholding requirements. Potential shares which were withheld in connection with settlement of RSUs to satisfy required employee tax withholding requirements remain in the authorized but unissued pool under the 2018 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 condensed consolidated statements of cash flows.
Summary of Unrecognized Stock-Based Compensation Expense and Weighted Average Period Remaining	A summary of our remaining unrecognized stock-based compensation expense and the weighted average remaining amortization period at March 31, 2021 related to our non-vested equity awards is presented below (in millions, except in years information): Stock Options RSUs/MSUs Unrecognized compensation expense $ 28 $ 212 Weighted average period remaining (in years) 2.6 2.5
MSUs
Summary of RSU Activity	A summary of our activity related to market-based RSUs (“MSUs”) during the three months ended March 31, 2021 is presented below: Weighted Average Grant- Aggregate MSUs Date Fair Intrinsic Outstanding Value Per Share Value (in thousands) (in millions) Unvested MSUs outstanding as of December 31, 2020 174 $ 37.29 Granted ― ― Vested and released ― ― Cancelled ― ― Unvested MSUs outstanding as of March 31, 2021 174 $ 37.29 $ 9

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 Diluted EPS (shares in thousands and dollars in millions, except per share amounts) for the periods presented: Three months ended March 31, 2021 2020 Numerator: Net income (loss) $ (80 ) $ (16 ) Denominator: Weighted average shares used to compute Basic EPS 135,746 136,240 Weighted average effect of dilutive securities: Stock options — — RSUs/MSUs — — 2026 Senior Notes (Note 5) — — Weighted average shares used to compute Diluted EPS 135,746 136,240 Basic EPS $ (0.59 ) $ (0.12 ) Diluted EPS $ (0.59 ) $ (0.12 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Segment Information	Three months ended March 31, 2021 Hotels, Media & Platform (1) Experiences & Dining Other Corporate and Unallocated Total (in millions) Revenue $ 88 $ 28 $ 7 $ — $ 123 Adjusted EBITDA (3 ) (24 ) 1 — (26 ) Depreciation and amortization (29 ) (29 ) Stock-based compensation (29 ) (29 ) Operating income (loss) (84 ) Other income (expense), net (12 ) Income (loss) before income taxes (96 ) (Provision) benefit for income taxes 16 Net income (loss) (80 ) Three months ended March 31, 2020 Hotels, Media & Platform (1) Experiences & Dining Other Corporate and Unallocated Total (in millions) Revenue $ 169 $ 83 $ 26 $ — $ 278 Adjusted EBITDA 53 (19 ) 6 — 40 Depreciation and amortization (32 ) (32 ) Stock-based compensation (26 ) (26 ) Restructuring and other related reorganization costs (9 ) (9 ) Operating income (loss) (27 ) Other income (expense), net — Income (loss) before income taxes (27 ) (Provision) benefit for income taxes 11 Net income (loss) (16 ) (1) Includes allocated corporate general and administrative costs of $ 16 million and $ million and Trip a dvisor-branded advertising expenses (primarily television advertising) of $ 1 million and $ 4 million for the three months ended March 31, 20 2 1 and 20 20 , respectively.

Business Description and Basi_2

Business Description and Basis of Presentation - Additional Information (Details) shares in Millions	3 Months Ended
	Mar. 31, 2021USD ($)MarketVote / sharesshares	Mar. 31, 2020USD ($)
Description Of Business And Basis Of Presentation [Line Items]
Number of markets with localized versions of website | Market	50
Restructuring and other related reorganization costs		$ 9,000,000
Liberty Tripadvisor Holdings, Inc.
Description Of Business And Basis Of Presentation [Line Items]
Beneficially ownership of shares of common stock | shares	16.4
Percentage taken from outstanding shares of common stock	13.30%
Percentage of beneficially ownership of shares of common stock class B	21.40%
Right to voting	one vote per share
Vote per common stock share | Vote / shares	1
Beneficially ownership of equity securities	57.30%
Related party transactions	$ 0	0
Liberty Tripadvisor Holdings, Inc. | Class B Common Stock
Description Of Business And Basis Of Presentation [Line Items]
Beneficially ownership of shares of common stock | shares	12.8
Percentage taken from outstanding shares of common stock	100.00%
Right to voting	ten votes per share
Vote per common stock share | Vote / shares	10
Selling and Marketing Expense
Description Of Business And Basis Of Presentation [Line Items]
Restructuring and other related reorganization costs		4,000,000
Technology and Content Expense
Description Of Business And Basis Of Presentation [Line Items]
Restructuring and other related reorganization costs		4,000,000
General and Administrative Expense
Description Of Business And Basis Of Presentation [Line Items]
Restructuring and other related reorganization costs		$ 1,000,000

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)Segment	Mar. 31, 2020USD ($)	Jan. 01, 2021USD ($)	Dec. 31, 2020USD ($)	Jan. 01, 2020USD ($)
Disaggregation Of Revenue [Line Items]
Number of reportable segment | Segment	2
Deferred revenue	$ 38		$ 28	$ 28	$ 62
Revenue recognized	11	$ 32
Contract with customer revenue refunded due to cancellations	$ 2	$ 6
ASC 606
Disaggregation Of Revenue [Line Items]
Customer invoices due period	30 days

Revenue Recognition - Reconcili

Revenue Recognition - Reconciliation of Disaggregated Revenue to Segment Revenue (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Total Revenue	[1]	$ 123	$ 278
Hotels, Media & Platform
Disaggregation Of Revenue [Line Items]
Total Revenue	[1]	88	169
Experiences & Dining Segment
Disaggregation Of Revenue [Line Items]
Total Revenue	[1]	28	83
Other
Disaggregation Of Revenue [Line Items]
Total Revenue	[1]	7	26
Tripadvisor-Branded Hotels | Hotels, Media & Platform
Disaggregation Of Revenue [Line Items]
Total Revenue	[1]	74	137
Tripadvisor-Branded Display and Platform | Hotels, Media & Platform
Disaggregation Of Revenue [Line Items]
Total Revenue	[1]	$ 14	$ 32
[1]	Our revenue is recognized primarily at a point in time for all reported segments.

Revenue Recognition - Summary o

Revenue Recognition - Summary of Balances of Accounts Receivable and Contract Assets from Contracts with Customers (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Accounts receivable	$ 73	$ 70
Contract assets	24	13
Total	$ 97	$ 83

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial assets measured at fair value on a recurring basis	$ 0		$ 0
Financial liabilities measured at fair value on a recurring basis	0		0
Cash and cash equivalents, consisted of cash deposits	$ 674,000,000		418,000,000
Derivative instruments not designated as hedging instruments, description of terms	We generally use forward contracts to reduce the effects of foreign currency exchange rate fluctuations on our cash flows primarily for the Euro versus the U.S. Dollar. For the three months ended March 31, 2021 and 2020, our forward contracts have not been designated as hedges and generally had maturities of less than 90 days.
Foreign currency exchange contracts maturity period, maximum	90 days
Net gain (loss) related to forward contracts		$ 1,000,000
Earnings (losses) from equity method investment, net	$ (1,000,000)	(1,000,000)
Other Long-Term Assets
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Redeemable noncontrolling interest, settlement amount	$ 20,000,000
Percentage of notes receivable due in 5 years	50.00%
Percentage of notes receivable due in 10 years	50.00%
Net of accumulated allowance for credit losses, Carrying value	$ 14,000,000		14,000,000
Chelsea Investment Holding Company PTE, Ltd
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity method investment, ownership percentage	40.00%
Impairment loss on equity method investments	$ 0	$ 0
Chelsea Investment Holding Company PTE, Ltd | Non-Marketable Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity method investments	$ 37,000,000		$ 38,000,000
Customer Concentration Risk | Sales | Expedia
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Customer concentration risk			10.00%
Customer Concentration Risk | Sales | Booking
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Customer concentration risk			10.00%
Customer Concentration Risk | Sales | Expedia and Booking
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Customer concentration risk			25.00%

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Net Notional Principal Amounts of Outstanding Derivative Instruments (Details) - USD ($)		Mar. 31, 2021	Dec. 31, 2020
Not Designated as Hedging Instrument | Foreign Exchange-forward Contracts
Derivatives Fair Value [Line Items]
Foreign currency exchange-forward contracts	[1],[2]	$ 9,000,000	$ 3,000,000
[1]	Derivative contracts address foreign currency exchange fluctuations for the Euro versus the U.S. dollar. These outstanding derivatives are not designated as hedging instruments and have an original maturity period of 90 days or less.
[2]	The fair value of our outstanding derivatives as of March 31, 2021 and December 31, 2020, respectively, was not material. The notional amount of a forward contract is the contracted amount of foreign currency to be exchanged and is not recorded on the balance sheet.

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Net Notional Principal Amounts of Outstanding Derivative Instruments (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Maximum maturity period of outstanding derivatives are not designated as hedging instruments	90 days

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Schedule of Aggregate Principal and Fair Value Amount of Outstanding 2025 Senior Notes and 2026 Senior Notes (Details) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Carrying value amount		$ 831	$ 491
Level 2 | 2025 Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		500	500
Carrying value amount	[1]	492	491
Fair value amount	[2]	541	$ 542
Level 2 | 2026 Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		345
Carrying value amount	[3]	339
Fair value amount	[2]	$ 364
[1]	Net of $8 million and $9 million of unamortized debt issuance costs as of March 31, 2021 and December 31, 2020, respectively.
[2]	We estimate the fair value of our outstanding 2025 Senior Notes and 2026 Senior Notes based on recently reported market transactions and/or prices for identical or similar financial instruments obtained from a third-party pricing source.
[3]	Net of $6 million in unamortized debt issuance costs.

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Schedule of Aggregate Principal and Fair Value Amount of Outstanding 2025 Senior Notes and 2026 Senior Notes (Parenthetical) (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
2025 Senior Notes
Debt Instrument [Line Items]
Debt instrument, issuances costs	$ 8	$ 9
2026 Senior Notes
Debt Instrument [Line Items]
Debt instrument, issuances costs	$ 6

Debt - Summary of Outstanding D

Debt - Summary of Outstanding Debt (Details) - Long-Term Debt - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding Principal Amount	$ 845	$ 500
Unamortized Debt Issuance Costs	(14)	(9)
Carrying Value	831	491
2025 Senior Notes
Debt Instrument [Line Items]
Outstanding Principal Amount	500	500
Unamortized Debt Issuance Costs	(8)	(9)
Carrying Value	492	$ 491
2026 Senior Notes
Debt Instrument [Line Items]
Outstanding Principal Amount	345
Unamortized Debt Issuance Costs	(6)
Carrying Value	$ 339

Debt - Two Thousand Fifteen Cre

Debt - Two Thousand Fifteen Credit Facility - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jul. 01, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total interest expense and commitments fees	$ 11,000,000	$ 2,000,000
2015 Credit Facility
Debt Instrument [Line Items]
Total interest expense and commitments fees	1,000,000	1,000,000
2015 Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility	$ 500,000,000
Credit facility, maturity date	May 12, 2024
Line Of Credit Facility Unused Capacity Commitment Fee Percentage	0.50%
Outstanding borrowings	$ 0			$ 0
Amount borrowed		700,000,000
2015 Credit Facility | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Floor Interest Rate	1.00%
2015 Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility	$ 15,000,000
Letters of credit outstanding amount	4,000,000
2015 Credit Facility | Borrowings On Same Day Notice
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility	$ 40,000,000
2015 Credit Facility | Amended 2015 Credit Facility in May 2020 and December 2020 | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility, maturity date	May 12, 2022
Minimum liquidity required	$ 150,000,000
Credit facility, extended maturity date	May 12, 2024
Credit Facility, description	We amended the 2015 Credit Facility in May 2020 and December 2020 to, among other things:   • suspend the leverage ratio covenant for quarterly testing of compliance beginning in the second quarter of 2020 until the earlier of (a) the first day after June 30, 2021 through maturity on which borrowings and other revolving credit utilizations under the revolving commitments exceed $200 million, and (b) the election of the Company, at which time the leverage ratio covenant will be reinstated (the “Leverage Covenant Holiday”), and replace it with a minimum liquidity covenant during the Leverage Covenant Holiday, that requires us to maintain $150 million of unrestricted cash, cash equivalents and short-term investments less deferred merchant payables plus available revolver capacity;   • decrease the aggregate amount of revolving loan commitments available to $500 million from $1.2 billion;   • extend the maturity date of the 2015 Credit Facility from May 12, 2022 to May 12, 2024; and   • secure the obligations under the agreement.
2015 Credit Facility | Amended 2015 Credit Facility in May 2020 and December 2020 | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility	$ 500,000,000
2015 Credit Facility | Amended 2015 Credit Facility in May 2020 and December 2020 | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Borrowing capacity under Credit Facility		$ 1,200,000,000
2015 Credit Facility | Amended 2015 Credit Facility in May 2020 and December 2020 | Revolving Credit Facility | Scenario Forecast
Debt Instrument [Line Items]
Maximum borrowings allowed under minimum liquidity covenant			$ 200,000,000

Debt - Two Thousand Twenty Five

Debt - Two Thousand Twenty Five Senior Notes - Additional Information (Details) - USD ($)	Jul. 09, 2020	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Interest expense		$ 11,000,000	$ 2,000,000
7.000% senior notes due July 15, 2025
Debt Instrument [Line Items]
Debt instrument, issuance date	Jul. 9, 2020
Debt instrument, aggregate principal amount	$ 500,000,000
Debt instrument, interest rate	7.00%
Debt Instrument, date of first required payment of interest	Jan. 15, 2021
Debt Instrument, maturity date	Jul. 15, 2025
Debt instruments purchase agreement date	Jul. 7, 2020
Debt instrument, redemption, description		The Company has the option to redeem all or a portion of the 2025 Senior Notes at any time on or after July 15, 2022 at the redemption prices set forth in the 2025 Indenture, plus accrued and unpaid interest, if any. The Company may also redeem all or any portion of the 2025 Senior Notes at any time prior to July 15, 2022, at a price equal to 100% of the aggregate principal amount thereof plus a make-whole premium and accrued and unpaid interest, if any. In addition, before July 15, 2022, the Company may redeem up to 40% of the aggregate principal amount of the 2025 Senior Notes with the net proceeds of certain equity offerings at the redemption price set forth in the 2025 Indenture, provided that certain conditions are met.
Percentage of principal amount to be paid in event of an optional redemption	100.00%
Debt instruments offer to purchase percentage of principal amount repurchased	101.00%
Unpaid interest in accrued expenses and other current liabilities		$ 8,000,000
Interest expense		$ 8,000,000
7.000% senior notes due July 15, 2025 | Before July 15, 2022
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	40.00%

Debt - Two Thousand Twenty Six

Debt - Two Thousand Twenty Six Senior Notes - Additional Information (Details)	Mar. 25, 2021USD ($)	Mar. 22, 2021$ / shares	Mar. 31, 2021USD ($)TradingDay$ / shares
Debt Instrument [Line Items]
Capped call transactions cost			$ 35,000,000
0.250% Senior Notes due April 1, 2026
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount	$ 300,000,000
Debt instrument, interest rate	0.25%		0.60%
Debt Instrument, date of first required payment of interest	Oct. 1, 2021
Debt Instrument, maturity date	Apr. 1, 2026
Debt instruments purchase agreement date	Mar. 25, 2021
Debt instrument, frequency of interest payment	semiannually
Debt instrument, redemption, description			The 2026 Senior Notes will be redeemable, in whole or in part, at our option at any time, and from time to time, on or after April 1, 2024 and on or before the 30th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the 2026 Senior Notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price per share of our common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related redemption notice; and (2) the trading day immediately before the date we send such notice.
Debt instrument, convertible, threshold percentage of stock price trigger			130.00%
Debt Instrument, convertible, threshold trading days | TradingDay			20
Debt Instrument, convertible, threshold consecutive trading days | TradingDay			30
Debt instrument, convertible, principal amount			$ 1,000
Debt instrument, initial conversion rate			13.5483
Debt instrument, initial conversion price | $ / shares			$ 73.81
Proceeds from debt, net of issuance costs			$ 340,000,000
Debt issuance costs			$ 5,000,000
Debt instrument maturity period			5 years
Capped call transactions cost			$ 35,000,000
Cap price for convertible debt instrument | $ / shares		107.36
Debt instrument, convertible, capped call transactions, percentage of common stock sale price		100.00%
Common stock sale price | $ / shares		$ 53.68
Deferred tax asset			9,000,000
0.250% Senior Notes due April 1, 2026 | Common Stock
Debt Instrument [Line Items]
Common stock shares covered under capped call transactions			$ 4,700,000
0.250% Senior Notes due April 1, 2026 | Debt Instrument, Conversion, Period One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger			130.00%
Debt Instrument, convertible, threshold trading days | TradingDay			20
Debt Instrument, convertible, threshold consecutive trading days | TradingDay			30
Debt instrument, conversion, description			• during any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;   • during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2026 Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; or   • upon the occurrence of specified corporate events as described in the 2026 Indenture.
0.250% Senior Notes due April 1, 2026 | Debt Instrument, Conversion, Period Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger			98.00%
Debt Instrument, convertible, threshold consecutive trading days | TradingDay			5
Debt instrument, convertible, principal amount			$ 1,000
Debt instrument, convertible, consecutive business days immediately following threshold consecutive trading days | TradingDay			5
0.250% Senior Notes due April 1, 2026 | Over-allotment Option
Debt Instrument [Line Items]
Debt instrument, aggregate principal amount	$ 45,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Taxes [Line Items]
Income tax refund		$ 48,000,000		$ 48,000,000
Reduction in long-term transition tax payable			$ 28,000,000
Income tax benefit		16,000,000	$ 11,000,000
Accrued interest liability		37,000,000
Accrued penalties		0
Minimum | HMRC | Tax Years 2012 Through 2016
Income Taxes [Line Items]
Increase in income tax expense due to proposed adjustments related to transfer pricing with foreign subsidiary, estimated	$ 45,000,000
Minimum | Expedia | IRS | Tax Years 2009 through 2016
Income Taxes [Line Items]
Increase in income tax expense due to proposed adjustments related to transfer pricing with foreign subsidiary, estimated		95,000,000
Minimum | Expedia | IRS | 2009 through 2011 Pre Spin-Off Tax Years
Income Taxes [Line Items]
Increase in income tax expense due to proposed adjustments related to transfer pricing with foreign subsidiary, estimated		20,000,000
Maximum | HMRC | Tax Years 2012 Through 2016
Income Taxes [Line Items]
Increase in income tax expense due to proposed adjustments related to transfer pricing with foreign subsidiary, estimated	$ 55,000,000
Maximum | Expedia | IRS | Tax Years 2009 through 2016
Income Taxes [Line Items]
Increase in income tax expense due to proposed adjustments related to transfer pricing with foreign subsidiary, estimated		105,000,000
Maximum | Expedia | IRS | 2009 through 2011 Pre Spin-Off Tax Years
Income Taxes [Line Items]
Increase in income tax expense due to proposed adjustments related to transfer pricing with foreign subsidiary, estimated		30,000,000
COVID-19 Pandemic
Income Taxes [Line Items]
Government grants and other assistance benefits recognized		3,000,000
Government grants and other assistance benefits received		2,000,000
COVID-19 Pandemic | Prepaid Expenses and Other Current Assets
Income Taxes [Line Items]
Government grants and other assistance benefits receivable		$ 3,000,000		$ 2,000,000

Stock Based Awards and Other _3

Stock Based Awards and Other Equity Instruments - Amount of Stock-Based Compensation Expense Related to Stock-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 29	$ 26
Income tax benefit from stock-based compensation	(5)	(6)
Total stock-based compensation, net of tax effect	24	20
Selling and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	4	4
Technology and Content
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	12	11
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 13	$ 11

Stock Based Awards and Other _4

Stock Based Awards and Other Equity Instruments - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Capitalized stock based compensation as internal-use software and website development costs	$ 3	$ 4
Income tax benefits from exercise or settlement of stock-based awards	$ 9	12
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing stock price	$ 53.79
Total intrinsic value	$ 8
Term of stock options, granted	10 years
Stock options vest period	4 years
Total fair value of stock options vested	$ 8	$ 8
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options vest period	4 years

Stock Based Awards and Other _5

Stock Based Awards and Other Equity Instruments - Summary of Stock Option Activity (Details) - Stock Options $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Options Outstanding
Options Outstanding, Beginning balance | shares	5,615
Options Outstanding, Granted | shares	699
Options Outstanding, Exercised | shares	(628)	[1]
Options Outstanding, Cancelled or expired | shares	(94)
Options Outstanding, Ending balance | shares	5,592
Options Outstanding, Exercisable | shares	3,203
Options Outstanding, Vested and expected to vest | shares	5,592	[2]
Weighted Average Exercise Price per share
Options Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 46.31
Options Granted, Weighted Average Exercise Price | $ / shares	45.92
Options Exercised, Weighted Average Exercise Price | $ / shares	34.70	[1]
Options Cancelled or expired, Weighted Average Exercise Price | $ / shares	40.93
Options Outstanding, Weighted Average Exercise Price, Ending balance | $ / shares	47.66
Options Exercisable, Weighted Average Exercise Price | $ / shares	55.64
Options Vested and expected to vest, Weighted Average Exercise Price | $ / shares	$ 47.66	[2]
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 7 months 6 days
Options Exercisable, Weighted Average Remaining Contractual Life	3 years 8 months 12 days
Options Vested and expected to vest, Weighted Average Remaining Contractual Life	5 years 7 months 6 days	[2]
Options Outstanding, Aggregate Intrinsic Value | $	$ 62
Options Exercisable, Aggregate Intrinsic Value | $	22
Options Vested and expected to vest, Aggregate Intrinsic Value | $	$ 62	[2]
[1]	Inclusive of 357,148 stock options which were not converted into shares due to net share settlement in order to cover the aggregate exercise price and the required amount of employee withholding taxes. Potential shares which were withheld in connection with exercised stock options due to net share settlement to satisfy required employee tax withholding requirements and payment of the aggregate exercise price remain in the authorized but unissued pool under the Tripadvisor, Inc. 2018 Stock and Annual Incentive Plan (the “2018 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 condensed consolidated statements of cash flows.
[2]	The Company accounts for forfeitures as they occur, rather than estimate expected forfeitures as allowed under GAAP and   therefore do not include a forfeiture rate in our vested and expected to vest calculation unless necessary for a performance condition award.

Stock Based Awards and Other _6

Stock Based Awards and Other Equity Instruments - Summary of Stock Option Activity (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2021shares
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options non converted into shares due to net share settlement	357,148

Stock Based Awards and Other _7

Stock Based Awards and Other Equity Instruments - Weighted-Average Assumptions of Estimated Fair Value of Stock Option Grants (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk free interest rate	0.65%	1.18%
Expected term (in years)	5 years 3 months 29 days	5 years 3 months 18 days
Expected volatility	49.69%	42.64%
Weighted-average grant date fair value	$ 20.35	$ 10.18

Stock Based Awards and Other _8

Stock Based Awards and Other Equity Instruments - Summary of RSU Activity (Details) - Restricted Stock Units $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
RSUs outstanding
Unvested outstanding, Beginning balance | shares	8,111
Unvested RSUs, Granted | shares	2,078
Unvested RSUs, Vested and released | shares	(2,360)	[1]
Unvested RSUs, Cancelled | shares	(307)
Unvested outstanding, Ending balance | shares	7,522
Weighted Average Grant-Date Fair Value Per Share
Unvested outstanding, Weighted Average Grant-Date Fair Value Per Share, Beginning balance | $ / shares	$ 32.29
Weighted Average Grant-Date Fair Value Per Share, Granted | $ / shares	45.79
Weighted Average Grant-Date Fair Value Per Share, Vested and released | $ / shares	33.94	[1]
Weighted Average Grant-Date Fair Value Per Share, Cancelled | $ / shares	32.14
Unvested outstanding, Weighted Average Grant-Date Fair Value Per Share, Ending balance | $ / shares	$ 35.50
Aggregate Intrinsic Value
Unvested RSUs outstanding, Aggregate Intrinsic Value | $	$ 405
[1]	Inclusive of 534,159 RSUs withheld due to net share settlement to satisfy required employee tax withholding requirements. Potential shares which were withheld in connection with settlement of RSUs to satisfy required employee tax withholding requirements remain in the authorized but unissued pool under the 2018 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 condensed consolidated statements of cash flows.

Stock Based Awards and Other _9

Stock Based Awards and Other Equity Instruments - Summary of RSU Activity (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2021shares
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RSUs withheld to satisfy withholding tax requirements	534,159

Stock Based Awards and Other_10

Stock Based Awards and Other Equity Instruments - Summary of MSUs Activity (Details) - MSUs $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
MSUs outstanding
Unvested outstanding, Beginning balance | shares	174
Unvested outstanding, Ending balance | shares	174
Weighted Average Grant-Date Fair Value Per Share
Unvested outstanding, Weighted Average Grant-Date Fair Value Per Share, Beginning balance | $ / shares	$ 37.29
Unvested outstanding, Weighted Average Grant-Date Fair Value Per Share, Ending balance | $ / shares	$ 37.29
Aggregate Intrinsic Value
Unvested RSUs outstanding, Aggregate Intrinsic Value | $	$ 9
Unvested MSUs outstanding, Aggregate Intrinsic Value | $	$ 9

Stock Based Awards and Other_11

Stock Based Awards and Other Equity Instruments -Summary of Unrecognized Stock-Based Compensation Expense and Weighted Average Period Remaining (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 28
Weighted average period remaining (in years)	2 years 7 months 6 days
RSUs/MSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average period remaining (in years)	2 years 6 months
Unrecognized compensation expense	$ 212

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jan. 31, 2018
Schedule Of Capitalization Equity [Line Items]
Repurchase of common stock, shares	0	4,707,450
Aggregate cost of shares repurchased, common stock		$ 115,000,000
Average price of shares repurchased, common stock		$ 24.32
Remaining authorized share repurchased amount	$ 75,000,000		$ 75,000,000
Treasury stock, shares	18,844,614		18,844,614
Aggregate cost of treasury stock	$ 722,000,000		$ 722,000,000
Maximum
Schedule Of Capitalization Equity [Line Items]
Repurchase of shares of common stock authorized				$ 250,000,000

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - Stock Options, RSUs and MSUs shares in Millions	3 Months Ended
	Mar. 31, 2021shares	Mar. 31, 2020shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	17.8	17
Certain Performance-Based Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0.1	0.8
2026 Senior Notes | Maximum
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Cap price	107.36

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
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income (loss)	$ (80)	$ (16)
Denominator:
Weighted average shares used to compute Basic EPS	135,746	136,240
Weighted average effect of dilutive securities:
Weighted average shares used to compute Diluted EPS	135,746	136,240
Basic EPS	$ (0.59)	$ (0.12)
Diluted EPS	$ (0.59)	$ (0.12)

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021Segment
Segment Reporting [Abstract]
Number of reportable segment	2

Segment Information - Summary o

Segment Information - Summary of Segment Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenue	[1]	$ 123	$ 278
Adjusted EBITDA		(26)	40
Depreciation and amortization		(29)	(32)
Stock-based compensation		(29)	(26)
Operating income (loss)		(84)	(27)
Other income (expense), net		(12)
Income (loss) before income taxes		(96)	(27)
Income tax benefit		16	11
Net income (loss)		(80)	(16)
Restructuring and other related reorganization costs			(9)
Hotels, Media & Platform
Segment Reporting Information [Line Items]
Revenue	[1]	88	169
Experiences & Dining Segment
Segment Reporting Information [Line Items]
Revenue	[1]	28	83
Other
Segment Reporting Information [Line Items]
Revenue		7	26
Adjusted EBITDA		1	6
Reportable Segments | Hotels, Media & Platform
Segment Reporting Information [Line Items]
Revenue	[2]	88	169
Adjusted EBITDA	[2]	(3)	53
Reportable Segments | Experiences & Dining Segment
Segment Reporting Information [Line Items]
Revenue		28	83
Adjusted EBITDA		(24)	(19)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Depreciation and amortization		(29)	(32)
Stock-based compensation		$ (29)	(26)
Restructuring and other related reorganization costs			$ (9)
[1]	Our revenue is recognized primarily at a point in time for all reported segments.
[2]	Includes allocated corporate general and administrative costs of $ 16 million and $ million and Trip a dvisor-branded advertising expenses (primarily television advertising) of $ 1 million and $ 4 million for the three months ended March 31, 20 2 1 and 20 20 , respectively.

Segment Information - Summary_2

Segment Information - Summary of Segment Information (Parenthetical) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
General and administrative	[1]	$ 38	$ 51
Reportable Segments | Hotels, Media & Platform
Segment Reporting Information [Line Items]
General and administrative		16	18
Advertising expense		$ 1	$ 4
[1]	Includes stock-based compensation expense as follows (Note 8):